MFA Financial, Inc. is a self-advised real estate investment trust (REIT) primarily engaged in the business of investing, on a leveraged basis, in residential mortgage-backed securities (MBS). The Company invests in residential MBS that are issued or guaranteed as to principal and/or interest by a federally chartered corporation or agency of the United States government (e.g., Fannie Mae, Freddie Mac or Ginnie Mae), which it refers to as Agency MBS, and residential MBS that are not guaranteed by any United States government agency or any federally-chartered corporation, which it refer to as Non-Agency MBS. The Company�s MBS are primarily secured by pools of hybrid and adjustable-rate mortgage loans (ARMs) on single family residences. The mortgages collateralizing the Company�s MBS portfolio are predominantly Hybrids, ARMs and 15-year fixed-rate mortgages. The Hybrids collateralizing the Company�s MBS typically have initial fixed-rate periods generally ranging from 3 to 10 years.