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SharkNinja Appoints Kleona Mack as Shark Beauty™ Chief Marketing Officer

Veteran beauty executive joins the company to accelerate bold, consumer-obsessed marketing strategy for Shark Beauty™

NEEDHAM, Mass.–(BUSINESS WIRE)–
SharkNinja, Inc. (NYSE: SN), a global product design and technology company, announced it has appointed Kleona Mack as Chief Marketing Officer of Shark Beauty™. Mack, a seasoned marketing executive with more than 15 years of experience in the beauty and fashion industry, most recently served as CMO at Glossier and previously held several leadership roles at L’Oréal.

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Mack will lead all marketing for Shark’s innovative hair care and skincare tools portfolio, reporting directly to Neil Shah, Chief Commercial Officer.

“Kleona is a consumer-obsessed marketer—she puts the consumer at the center of everything she creates,” said Shah. “Her ability to translate real-time consumer feedback into product innovation and compelling brand moments, paired with her strategic use of social platforms and powerful partnerships, has transformed how beauty brands show up in culture. She brings a uniquely innovative approach to marketing—constantly pushing boundaries, testing new formats, and turning emerging trends into lasting brand impact.”

As CMO, Mack will champion the growth of the Shark Beauty business, collaborate with product design and engineering to provide input on the product roadmap, and ensure that the voice of the consumer is consistently injected into marketing.

“I’m thrilled to join the SharkNinja team at such a pivotal point in the brand’s journey,” said Mack. “Shark is redefining the beauty category – not just with groundbreaking, high-performance devices, but with a bold, consumer-first approach that’s setting a new standard for how brands engage with consumers. There’s an incredible energy here, driven by innovation, and a deep understanding of what today’s consumers truly want.”

Mack joined Glossier in 2021 and played a pivotal role in shaping the brand’s direction. This included expanding Glossier from a direct-to-consumer brand to launching retail partnerships with Sephora and Space NK, and influencing Glossier’s product line, including the relaunch of the brand’s beloved Balm Dotcom lip balm and driving success of the brand’s viral fragrance, Glossier You. Mack played a key role in forging groundbreaking partnerships, championing Glossier as the first-ever beauty brand to partner with the WNBA and the 2024 USA Women’s Basketball team for the Olympics, as well as signing Olivia Rodrigo as the first celebrity ambassador of the brand, and launching the brand’s first-ever product collaboration, Swiss Miss Balm Dotcom. She also led the evolution of Glossier’s social strategy, shifting its focus from an Instagram-first approach to driving product virality and cultural relevance on TikTok.

Before her tenure at Glossier, Mack spent seven years at L’Oréal, where she held various leadership roles, including Vice President, CMO Strategic Projects. She also contributed to the growth of Tarte Cosmetics and worked in merchandise planning and analytics at L Brands.

Mack’s innovative approach to marketing and brand development has earned her recognition as an Ad Age Breakout Brand Leader, Business Insider CMO to Watch, Glossy 50 Groundbreaker, and inclusion on the Campaign US CMO 50 list.

About SharkNinja

SharkNinja is a global product design and technology company, with a diversified portfolio of 5-star rated lifestyle solutions that positively impact people’s lives in homes around the world. Powered by two trusted, global brands, Shark and Ninja, the company has a proven track record of bringing disruptive innovation to market and developing one consumer product after another has allowed SharkNinja to enter multiple product categories, driving significant growth and market share gains. Headquartered in Needham, Massachusetts with more than 3,600 associates, the company’s products are sold at key retailers, online and offline, and through distributors around the world. For more information, please visit SharkNinja.com.

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SharkNinja Contacts

Public Relations: [email protected]

Investor Relations: [email protected]

KEYWORDS: United States North America Massachusetts

INDUSTRY KEYWORDS: Technology Marketing Communications Specialty Digital Marketing Social Media Cosmetics Retail Consumer Electronics Online Retail

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SharkNinja Appoints Kleona Mack as Shark Beauty™ Chief Marketing Officer

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Mediacom Communications and CSG Usher in the Next Era of Customer Retention, Celebrating Nearly 30 Years Together

Showcases CSG’s broadband technology leadership and success in helping operators elevate customer engagement, strengthen loyalty and accelerate revenue growth

DENVER–(BUSINESS WIRE)–Mediacom Communications, the fifth largest cable provider in the United States, leads with a customer-centric approach, meeting market needs with future-ready solutions. To continue to deliver empathetic, effortless experiences, Mediacom and CSG^® (NASDAQ: CSGS) today extend their nearly 30-year relationship by five years. This extension enables Mediacom to swiftly bring new innovations to the market, grow customer lifetime value and build sustainable growth momentum.

“Today’s consumers and businesses expect faster and more reliable connectivity, as well as intuitive digital experiences,” said Tapan Dandnaik, SVP of Operations, Product Strategy and Consumer Experience at Mediacom. “As we expand the reach of one of rural America’s most robust multi-gig broadband platforms, we trust CSG to help us deliver seamless, effortless service that makes our customers feel truly valued. These enhancements ensure that rural households and businesses gain access to cutting-edge broadband technology, positioning Mediacom to proactively address evolving connectivity demands and deliver exceptional customer experiences.”

CSG’s solutions help Mediacom deliver consistent experiences that build loyalty and long-term value throughout the customer lifecycle. With a unified view across all touchpoints and business lines, Mediacom can anticipate customer needs, bring new offerings to the market faster and create more relevant, personalized interactions. In turn, customer-first optimizations drive tangible business value: improved order accuracy, proactive bill explanations and stronger data security reduce churn risk, decrease call volumes and drive on-time payments. This foundation positions Mediacom to meet and exceed expectations today and in the future with clear, connected experiences.

“In a fierce market, service providers need to do it all—wow and win new subscribers with innovative offerings while deepening trust with existing subscribers,” said Mike Woods, EVP and President, North America Communications, Media and Technology, CSG. “Mediacom is a standout example of a provider that balances innovation with empathetic customer care. It’s rewarding to work with a brand that shares CSG’s people-first culture and passion for exceptional customer experiences. That’s why our relationship has endured since just two years after Mediacom was founded in 1995.”

Learn why broadband leaders like Mediacom lean on CSG Advanced Convergent Platform to boost efficiency and revenue growth, and on CSG Bill Explainer to eliminate bill confusion and generate value with proactive, personalized outreach. Or, get the facts on the CSG Experience to Value™ framework and how it can help drive profitability by building loyal B2B and B2C customer relationships.

About CSG

CSG empowers companies to build unforgettable experiences, making it easier for people and businesses to connect with, use and pay for the services they value most. Our customer experience, billing and payments solutions help companies of any size make money and make a difference. With our SaaS solutions, company leaders can take control of their future and tap into guidance along the way from our fiercely committed and forward-thinking CSGers around the world.

Want to be future-ready and a change-maker like the global brands that trust CSG? Visit csgi.com to learn more.

About Mediacom Communications

Mediacom Communications Corporation is the 5th largest cable operator in the United States and the leading gigabit broadband provider to smaller markets primarily in the Midwest and Southeast. Through its fiber-rich network, Mediacom offers high-speed data, video, phone, and mobile services to over 3 million households and businesses across 22 states. The company delivers scalable broadband solutions to commercial and public-sector customers of all sizes through Mediacom Business and sells advertising and production services under the OnMedia brand. More information about Mediacom is available at mediacomcable.com.

View source version on businesswire.com: https://www.businesswire.com/news/home/20250506039721/en/

CSG Contacts:

Julia Dakhlia

Public Relations

+1 (402) 431-7376

[email protected]

John Rea

Investor Relations

+1 (210) 687-4409

[email protected]

Davis Barker

Investor Relations

+1 (303) 884-4506

[email protected]

Mediacom Contact:

Phil Skinner

VP, Government & Public Relations

(515) 318-2558

[email protected]

KEYWORDS: United States North America Colorado

INDUSTRY KEYWORDS: Other Professional Services Telecommunications Software Internet Marketing Communications Professional Services Technology

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ICE Expands Fixed Income Liquidity Offering With Launch of Price Improvement Volume Clearing

Builds on success of ICE Bonds’ daily sweep auctions for corporate bonds

Helps uncover residual interest, improve pricing on previously matched trades and execute additional volume

ATLANTA & NEW YORK–(BUSINESS WIRE)–
Intercontinental Exchange, Inc. (NYSE: ICE), a leading global provider of technology and data, today announced a key enhancement to the ICE Bonds’ Risk Matching Auction (RMA) protocol for corporate bond trading, with the introduction of Price Improvement Volume Clearing – a patent-pending innovation designed to deepen liquidity and enhance pricing outcomes for market participants.

The RMA protocol, which is part of the ICE Bonds’ suite of trading solutions, conducts multiple dealer-to-dealer sweep auctions weekly. It has seen strong adoption, with over 66 registered firms and 700+ users actively participating. In the RMA, traders simply upload bond inventories, and the ICE Bonds’ proprietary algorithm matches buyers and sellers of the same securities. Pricing suggestions are generated using ICE’s Continuous Evaluated Pricing (CEP™) and can be affirmed or rejected on a line-item or bulk basis, giving participants a powerful mechanism to reduce risk and access liquidity efficiently.

Building on this success, ICE Bonds is launching Price Improvement Volume Clearing (PIVC) – a new follow-on auction session that allows dealers to increase their volume in names that traded during the initial RMA session, along with the opportunity to improve prices for bonds that did not trade in the initial session, encouraging tighter spreads and deeper participation. This innovative extension of the trading session helps participants uncover residual interest, improve pricing on previously matched trades, and execute additional volume, enhancing overall trading efficiency, further enhancing ICE’s suite of electronic protocols.

“We continue to invest in tools that help our customers manage risk and access liquidity across a wide range of fixed income instruments,” said Peter Borstelmann, President of ICE Bonds. “The launch of PIVC is a direct result of market feedback and our drive to deliver intelligent, intuitive solutions that optimize execution quality. We’re excited about the impact PIVC can have as it brings new optionality and innovation to the market.”

ICE Bonds provides access to diverse liquidity pools and a broad range of trading protocols, including click-to-trade, request-for-quote, sweeps, portfolio auctions, and now PIVC. ICE’s evaluated pricing and analytics power these protocols, offering transparency and support across pre-trade, trade, and post-trade workflows. Trading on ICE Bonds continued at record levels in the first quarter of 2025, with record notional volume of $62 billion for corporate bonds, up 27% since Q1 2024 and record notional volume of $48 billion for muni bonds, up 26% since Q1 2024.

“The introduction of PIVC reflects our commitment to evolving the fixed income market structure with unique, data-driven solutions,” said Chris Edmonds, President of Fixed Income and Data Services at ICE. “It’s a powerful example of how execution and data can come together to create measurable benefits for our clients.”

To learn more about ICE Bonds and the RMA + PIVC solution, please visit https://www.theice.com/fixed-income/ice-bonds.

About ICE Bonds

Trading and execution services are offered through ICE Bonds Securities Corporation or ICE Bonds, member FINRA, MSRB and SIPC. The information found herein, has been prepared solely for informational purposes and should not be considered investment advice, is neither an offer to sell nor a solicitation of an offer to buy any financial product(s), is intended for institutional customers only and is not intended for retail customer use.

Continuous Evaluated Pricing (CEP™) are provided in the US through ICE Data Pricing & Reference Data, LLC and internationally through ICE Data Services entities in Europe and Asia Pacific. ICE Data Pricing & Reference Data, LLC is a registered investment adviser with the US Securities and Exchange Commission. Additional information about ICE Data Pricing & Reference Data, LLC is available on the SEC’s website at www.adviserinfo.sec.gov.

About Intercontinental Exchange

Intercontinental Exchange, Inc. (NYSE: ICE) is a Fortune 500 company that designs, builds, and operates digital networks that connect people to opportunity. We provide financial technology and data services across major asset classes helping our customers access mission-critical workflow tools that increase transparency and efficiency. ICE’s futures, equity, and options exchanges — including the New York Stock Exchange — and clearing houses help people invest, raise capital and manage risk. We offer some of the world’s largest markets to trade and clear energy and environmental products. Our fixed income, data services and execution capabilities provide information, analytics and platforms that help our customers streamline processes and capitalize on opportunities. At ICE Mortgage Technology, we are transforming U.S. housing finance, from initial consumer engagement through loan production, closing, registration and the long-term servicing relationship. Together, ICE transforms, streamlines, and automates industries to connect our customers to opportunity.

Trademarks of ICE and/or its affiliates include Intercontinental Exchange, ICE, ICE block design, NYSE and New York Stock Exchange. Information regarding additional trademarks and intellectual property rights of Intercontinental Exchange, Inc. and/or its affiliates is located here. Key Information Documents for certain products covered by the EU Packaged Retail and Insurance-based Investment Products Regulation can be accessed on the relevant exchange website under the heading “Key Information Documents (KIDS).”

Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995 — Statements in this press release regarding ICE’s business that are not historical facts are “forward-looking statements” that involve risks and uncertainties. For a discussion of additional risks and uncertainties, which could cause actual results to differ from those contained in the forward-looking statements, see ICE’s Securities and Exchange Commission (SEC) filings, including, but not limited to, the risk factors in ICE’s Annual Report on Form 10-K for the year ended December 31, 2024, as filed with the SEC on February 6, 2025.

Category: Fixed Income and Data Services

SOURCE: Intercontinental Exchange

ICE-CORP

View source version on businesswire.com: https://www.businesswire.com/news/home/20250506128757/en/

ICE Media Contact:

Damon Leavell

[email protected]

(212) 323-8587

[email protected]

ICE Investor Contact:

Katia Gonzalez

[email protected]

(678) 981-3882

[email protected]

KEYWORDS: United States North America New York Georgia

INDUSTRY KEYWORDS: Accounting Technology Professional Services Other Technology Data Analytics Software Other Professional Services Internet Fintech Mobile/Wireless Finance

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MFA Financial, Inc. Announces First Quarter 2025 Financial Results

NEW YORK–(BUSINESS WIRE)–
MFA Financial, Inc. (NYSE:MFA) today provided its financial results for the first quarter ended March 31, 2025:

• MFA generated GAAP net income to common stockholders and participating securities for the first quarter of $33.0 million, or $0.32 per basic and $0.31 per diluted common share.
• Distributable earnings, a non-GAAP financial measure, were $30.6 million, or $0.29 per basic common share. MFA paid an increased regular cash dividend of $0.36 per common share on April 30, 2025.
• GAAP book value at March 31, 2025 was $13.28 per common share. Economic book value, a non-GAAP financial measure, was $13.84 per common share.
• Total economic return was 1.9% for the first quarter.
• MFA closed the quarter with unrestricted cash of $253.7 million.

“We are pleased to report a 1.9% total economic return for the opening quarter of 2025,” said Craig Knutson, MFA’s Chief Executive Officer. “Our recent dividend increase reflects our confidence in the earnings power of our $10.7 billion investment portfolio. During the quarter, we were able to source $875 million of residential loans and securities in our target asset classes. This included $383 million of Non-QM loans at an average coupon of 7.8% and average LTV of 65%. Lima One originated $213 million of new business purpose loans and is poised for growth with the addition of several key hires. We grew our Agency MBS position to $1.6 billion as spreads remain historically wide. We also issued our 17^th Non-QM securitization during the quarter and sold $70 million of newly-originated SFR loans at attractive levels.”

“Despite the market volatility since quarter-end, we believe we are well-situated to take advantage of opportunities that may arise in 2025 and beyond,” added Mr. Knutson.

Q1 2025 Portfolio Activity

• Non-QM loan acquisitions totaled $383.4 million, bringing MFA’s Non-QM portfolio to $4.5 billion at March 31, 2025.
• Lima One funded $122.3 million of new business purpose loans with a maximum loan amount of $212.8 million. Further, $101.2 million of draws were funded on previously originated Transitional loans. Lima One generated $5.4 million of mortgage banking income.
• MFA added $267.6 million of Agency MBS during the quarter, bringing its Agency MBS portfolio to $1.6 billion.
• Portfolio runoff was $645.0 million. Asset dispositions included $69.7 million of newly-originated SFR loans. MFA also sold 94 REO properties in the first quarter for aggregate proceeds of $24.2 million.
• 60+ day delinquencies (measured as a percentage of UPB) for MFA’s residential loan portfolio were unchanged at 7.5%.
• MFA completed one loan securitization during the quarter, collateralized by $305.0 million of Non-QM loans, bringing its total securitized debt to approximately $5.9 billion.
• MFA added $602.1 million of interest rate swaps and $550.0 million of swaps matured, bringing its swap position to a notional amount of $3.4 billion. At March 31, 2025, these swaps had a weighted average fixed pay interest rate of 2.66% and a weighted average variable receive interest rate of 4.41%.
• MFA estimates the net effective duration of its investment portfolio at March 31, 2025 declined to 0.96 from 1.02 at December 31, 2024.
• MFA’s Debt/Net Equity Ratio was 5.1x while recourse leverage was 1.8x at March 31, 2025.

Webcast

MFA Financial, Inc. plans to host a live audio webcast of its investor conference call on Tuesday, May 6, 2025, at 11:00 a.m. (Eastern Time) to discuss its first quarter 2025 financial results. The live audio webcast will be accessible to the general public over the internet at http://www.mfafinancial.com. Earnings presentation materials will be posted on the MFA website prior to the conference call and an audio replay will be available on the website following the call.

About MFA Financial, Inc.

MFA Financial, Inc. (NYSE: MFA) is a leading specialty finance company that invests in residential mortgage loans, residential mortgage-backed securities and other real estate assets. Through its wholly-owned subsidiary, Lima One Capital, MFA also originates and services business purpose loans for real estate investors. MFA has distributed $4.9 billion in dividends to stockholders since its initial public offering in 1998. MFA is an internally-managed, publicly-traded real estate investment trust.

The following table presents MFA’s asset allocation as of March 31, 2025, and the first quarter 2025 yield on average interest-earning assets, average cost of funds and net interest rate spread for the various asset types.

Table 1 – Asset Allocation

At March 31, 2025		Business purpose loans (1)				Non-QM loans				Legacy RPL/NPL loans				Securities, at fair value				Other, net (2)				Total
(Dollars in Millions)
Asset Amount		$	3,137			$	4,539			$	1,055			$	1,790			$	716			$	11,237
Receivable/(Payable) for Unsettled Transactions			—				—				—				(31	)			—				(31	)
Financing Agreements with Non-mark-to-market Collateral Provisions			(417	)			—				—				—				—				(417	)
Financing Agreements with Mark-to-market Collateral Provisions			(583	)			(650	)			(50	)			(1,544	)			(66	)			(2,893	)
Securitized Debt			(1,613	)			(3,358	)			(900	)			—				(3	)			(5,874	)
Senior Notes			—				—				—				—				(184	)			(184	)
Net Equity Allocated		$	524			$	531			$	105			$	215			$	463			$	1,838
Debt/Net Equity Ratio (3)		5.0		x		7.5		x		9.0		x		7.3		x						5.1		x
For the Quarter Ended March 31, 2025
Yield on Average Interest Earning Assets (4)			8.09	%			5.78	%			7.01	%			6.07	%							6.52	%
Less Average Cost of Funds (5)			(5.70	)			(4.31	)			(3.93	)			(3.50	)							(4.68	)
Net Interest Rate Spread			2.39	%			1.47	%			3.08	%			2.57	%							1.84	%

(1)		Includes $1.0 billion of Single-family transitional loans, $0.8 billion of Multifamily transitional loans and $1.3 billion of Single-family rental loans.
(2)		Includes $253.7 million of cash and cash equivalents, $219.6 million of restricted cash, $53.1 million of Other loans and $17.5 million of capital contributions made to loan origination partners, as well as other assets and other liabilities.
(3)		Total Debt/Net Equity ratio represents the sum of borrowings under our financing agreements as a multiple of net equity allocated.
(4)		Yields reported on our interest earning assets are calculated based on the interest income recorded and the average amortized cost for the quarter of the respective asset. At March 31, 2025, the amortized cost of our Securities, at fair value, was $1.8 billion. In addition, the yield for residential whole loans was 6.76%, net of one basis point of servicing fee expense incurred during the quarter. For GAAP reporting purposes, such expenses are included in Loan servicing and other related operating expenses in our statement of operations.
(5)		Average cost of funds includes interest on financing agreements, 8.875% Senior Notes, 9.00% Senior Notes, and securitized debt. Cost of funding also includes the impact of the net carry (the difference between swap interest income received and swap interest expense paid) on our interest rate swap agreements (or Swaps). While we have not elected hedge accounting treatment for Swaps and accordingly net carry is not presented in interest expense in our consolidated statement of operations, we believe it is appropriate to allocate net carry to the cost of funding to reflect the economic impact of our Swaps on the funding costs shown in the table above. For the quarter ended March 31, 2025, this decreased the overall funding cost by 66 basis points for our overall portfolio, 60 basis points for our Residential whole loans, 45 basis points for our Business purpose loans, 77 basis points for our Non-QM loans, and 31 basis points for our Legacy RPL/NPL loans, and 108 basis points for our Securities, at fair value.

The following table presents the activity for our residential mortgage asset portfolio for the three months ended March 31, 2025:

Table 2 – Investment Portfolio Activity Q1 2025

(In Millions)		December 31, 2024			Runoff (1)				Acquisitions & Originations (2)			Other (3)				March 31, 2025			Change
Residential whole loans and REO		$	8,942		$	(613	)		$	607		$	(21	)		$	8,915		$	(27	)
Securities, at fair value			1,538			(32	)			268			16				1,790			252
Totals		$	10,480		$	(645	)		$	875		$	(5	)		$	10,705		$	225

(1)		Primarily includes principal repayments and sales of REO.
(2)		Includes draws on previously originated Transitional loans.
(3)		Primarily includes sales, changes in fair value and changes in the allowance for credit losses.

The following tables present information on our investments in residential whole loans:

Table 3 – Portfolio Composition/Residential Whole Loans

		Held at Carrying Value								Held at Fair Value						Total
(Dollars in Thousands)		March 31, 2025				December 31, 2024				March 31, 2025			December 31, 2024			March 31, 2025				December 31, 2024
Business purpose loans:
Single-family transitional loans (1)		$	15,593			$	22,430			$	975,425		$	1,078,425		$	991,018			$	1,100,855
Multifamily transitional loans			—				—				835,049			938,926			835,049				938,926
Single-family rental loans			104,123				108,203				1,208,870			1,248,197			1,312,993				1,356,400
Total Business purpose loans		$	119,716			$	130,633			$	3,019,344		$	3,265,548		$	3,139,060			$	3,396,181
Non-QM loans			695,523				722,392				3,845,030			3,568,694			4,540,553				4,291,086
Legacy RPL/NPL loans			447,246				457,654				614,556			624,895			1,061,802				1,082,549
Other loans			—				—				53,137			52,073			53,137				52,073
Allowance for Credit Losses			(10,194	)			(10,665	)			—			—			(10,194	)			(10,665	)
Total Residential whole loans		$	1,252,291			$	1,300,014			$	7,532,067		$	7,511,210		$	8,784,358			$	8,811,224
Number of loans			5,430				5,582				18,586			18,588			24,016				24,170

(1)

Includes $397.7 million and $442.4 million of loans collateralized by new construction projects at origination as of March 31, 2025 and December 31, 2024, respectively.

Table 4 – Yields and Average Balances/Residential Whole Loans

		For the Three-Month Period Ended
		March 31, 2025									December 31, 2024									March 31, 2024
(Dollars in Thousands)		Interest			Average Balance			Average Yield			Interest			Average Balance			Average Yield			Interest			Average Balance			Average Yield
Business purpose loans:
Single-family transitional loans		$	25,818		$	1,056,813		9.77	%		$	26,733		$	1,125,631		9.50	%		$	28,018		$	1,239,558		9.04	%
Multifamily transitional loans			19,954			920,372		8.67	%			20,474			1,040,093		7.87	%			25,198			1,209,393		8.33	%
Single-family rental loans			22,397			1,395,001		6.42	%			23,124			1,474,552		6.27	%			27,102			1,746,058		6.21	%
Total business purpose loans		$	68,169		$	3,372,186		8.09	%		$	70,331		$	3,640,276		7.73	%		$	80,318		$	4,195,009		7.66	%
Non-QM loans			65,264			4,516,610		5.78	%			62,885			4,464,657		5.63	%			55,861			4,149,257		5.39	%
Legacy RPL/NPL loans			17,379			991,086		7.01	%			19,085			1,014,917		7.52	%			20,969			1,100,553		7.62	%
Other loans			498			65,130		3.06	%			467			66,186		2.82	%			517			68,490		3.02	%
Total Residential whole loans		$	151,310		$	8,945,012		6.77	%		$	152,768		$	9,186,036		6.65	%		$	157,665		$	9,513,309		6.63	%

Table 5 – Net Interest Spread/Residential Whole Loans

		For the Three-Month Period Ended
		March 31, 2025		December 31, 2024		March 31, 2024
Business Purpose Loans
Net Yield (1)		8.09%		7.73%		7.66%
Cost of Funding (2)		5.70%		5.59%		5.67%
Net Interest Spread		2.39%		2.14%		1.99%
Non-QM Loans
Net Yield (1)		5.78%		5.63%		5.39%
Cost of Funding (2)		4.31%		3.76%		3.44%
Net Interest Spread		1.47%		1.87%		1.95%
Legacy RPL/NPL Loans
Net Yield (1)		7.01%		7.52%		7.62%
Cost of Funding (2)		3.93%		4.04%		3.44%
Net Interest Spread		3.08%		3.48%		4.18%
Total Residential Whole Loans
Net Yield (1)		6.77%		6.65%		6.63%
Cost of Funding (2)		4.76%		4.50%		4.43%
Net Interest Spread		2.01%		2.15%		2.20%

(1)		Reflects annualized interest income on Residential whole loans divided by average amortized cost of Residential whole loans. Excludes servicing costs.
(2)		Reflects annualized interest expense divided by average balance of agreements with mark-to-market collateral provisions (repurchase agreements), agreements with non-mark-to-market collateral provisions, and securitized debt. Cost of funding shown in the table above includes the impact of the net carry (the difference between swap interest income received and swap interest expense paid) on our Swaps. While we have not elected hedge accounting treatment for Swaps, and, accordingly, net carry is not presented in interest expense in our consolidated statement of operations, we believe it is appropriate to allocate net carry to the cost of funding to reflect the economic impact of our Swaps on the funding costs shown in the table above. For the quarter ended March 31, 2025, this decreased the overall funding cost by 60 basis points for our Residential whole loans, 45 basis points for our Business purpose loans, 77 basis points for our Non-QM loans, and 31 basis points for our Legacy RPL/NPL loans. For the quarter ended December 31, 2024, this decreased the overall funding cost by 101 basis points for our Residential whole loans, 80 basis points for our Business purpose loans, 136 basis points for our Non-QM loans, and 19 basis points for our Legacy RPL/NPL loans. For the quarter ended March 31, 2024, this decreased the overall funding cost by 132 basis points for our Residential whole loans, 99 basis points for our Business purpose loans, 168 basis points for our Non-QM loans, and 107 basis points for our Legacy RPL/NPL loans.

Table 6 – Credit-related Metrics/Residential Whole Loans

March 31, 2025

		Asset Amount			Fair Value			Unpaid Principal Balance (“UPB”)			Weighted Average Coupon (1)			Weighted Average Term to Maturity (Months)		Weighted Average LTV Ratio (2)			Weighted Average Original FICO (3)		Aging by UPB												60+ DQ %			60+ LTV (4)
																								Past Due Days
(Dollars In Thousands)																					Current				30-59			60-89		90+
Business purpose loans:
Single-family transitional (4)		$	990,153		$	990,158		$	1,006,280		10.43	%		5		69	%		749		$	871,466		$	17,161		$	11,546		$	106,107		11.7	%		91	%
Multifamily transitional (4)			835,049			835,049			875,125		9.53	%		5		65	%		750			775,895			21,128			10,448			67,654		8.9	%		80	%
Single-family rental			1,312,013			1,313,854			1,355,621		6.35	%		318		68	%		739			1,281,803			19,248			5,376			49,194		4.0	%		99	%
Total business purpose loans		$	3,137,215		$	3,139,061		$	3,237,026		8.48	%				67	%				$	2,929,164		$	57,537		$	27,370		$	222,955		7.7	%
Non-QM loans			4,538,626			4,513,712			4,607,963		6.59	%		338		64	%		736			4,296,899			133,178			54,605			123,281		3.9	%		66	%
Legacy RPL/NPL loans			1,055,380			1,072,144			1,196,206		5.14	%		250		55	%		647			802,461			136,363			41,766			215,616		21.5	%		63	%
Other loans			53,137			53,137			63,214		3.44	%		317		64	%		758			63,214			—			—			—		—	%		—	%
Residential whole loans, total or weighted average		$	8,784,358		$	8,778,054		$	9,104,409		7.07	%				64	%				$	8,091,738		$	327,078		$	123,741		$	561,852		7.5	%

(1)		Weighted average is calculated based on the interest bearing principal balance of each loan within the related category. For loans acquired with servicing rights released by the seller, interest rates included in the calculation do not reflect loan servicing fees. For loans acquired with servicing rights retained by the seller, interest rates included in the calculation are net of servicing fees.
(2)		LTV represents the ratio of the total unpaid principal balance of the loan to the estimated value of the collateral securing the related loan as of the most recent date available, which may be the origination date. Excluded from the calculation of weighted average are certain low value loans secured by vacant lots, for which the LTV ratio is not meaningful.
(3)		Excludes loans for which no Fair Isaac Corporation (“FICO”) score is available.
(4)		For Single-family and Multifamily transitional loans, the LTV presented is the ratio of the maximum unpaid principal balance of the loan, including unfunded commitments, to the estimated “after repaired” value of the collateral securing the related loan, where available. At March 31, 2025, for certain Single-family and Multifamily Transitional loans totaling $468.4 million and $223.0 million, respectively, an after repaired valuation was not available. For these loans, the weighted average LTV is calculated based on the current unpaid principal balance and the as-is value of the collateral securing the related loan.

Table 7 – Shock Table

The information presented in the following “Shock Table” projects the potential impact of sudden parallel changes in interest rates on our portfolio, including the impact of Swaps and securitized debt and other fixed rate debt, based on the assets in our investment portfolio as of March 31, 2025. All changes in value are measured as the percentage change from the projected portfolio value under the base interest rate scenario as of March 31, 2025.

Change in Interest Rates		Percentage Change in Portfolio Value			Percentage Change in Total Stockholders’ Equity
+100 Basis Point Increase		(1.26	)%		(8.02	)%
+ 50 Basis Point Increase		(0.56	)%		(3.53	)%
Actual as of March 31, 2025		—	%		—	%
– 50 Basis Point Decrease		0.40	%		2.57	%
-100 Basis Point Decrease		0.66	%		4.19	%

MFA FINANCIAL, INC.

CONSOLIDATED BALANCE SHEETS

(In Thousands, Except Per Share Amounts)		March 31, 2025				December 31, 2024
		(Unaudited)
Assets:
Residential whole loans, net ($7,532,067 and $7,511,210 held at fair value, respectively) (1)		$	8,784,358			$	8,811,224
Securities, at fair value			1,790,285				1,537,513
Cash and cash equivalents			253,713				338,931
Restricted cash			219,581				262,381
Other assets			471,569				459,555
Total Assets		$	11,519,506			$	11,409,604
Liabilities:
Financing agreements ($5,512,962 and $5,516,005 held at fair value, respectively)		$	9,367,218			$	9,155,461
Other liabilities			313,884				412,351
Total Liabilities		$	9,681,102			$	9,567,812
Stockholders’ Equity:
Preferred stock, $0.01 par value; 7.5% Series B cumulative redeemable; 8,050 shares authorized; 8,000 shares issued and outstanding ($200,000 aggregate liquidation preference)		$	80			$	80
Preferred stock, $0.01 par value; 6.5% Series C fixed-to-floating rate cumulative redeemable; 12,650 shares authorized; 11,000 shares issued and outstanding ($275,000 aggregate liquidation preference)			110				110
Common stock, $0.01 par value; 874,300 and 874,300 shares authorized; 102,653 and 102,083 shares issued and outstanding, respectively			1,027				1,021
Additional paid-in capital, in excess of par			3,712,924				3,711,046
Accumulated deficit			(1,883,953	)			(1,879,941	)
Accumulated other comprehensive income			8,216				9,476
Total Stockholders’ Equity		$	1,838,404			$	1,841,792
Total Liabilities and Stockholders’ Equity		$	11,519,506			$	11,409,604

(1)

Includes approximately $7.0 billion and $6.9 billion of Residential whole loans transferred to consolidated variable interest entities (“VIEs”) at March 31, 2025 and December 31, 2024, respectively. Such assets can be used only to settle the obligations of each respective VIE.

MFA FINANCIAL, INC.

CONSOLIDATED STATEMENTS OF OPERATIONS

		Three Months Ended March 31,
(In Thousands, Except Per Share Amounts)		2025				2024
		(Unaudited)				(Unaudited)
Interest Income:
Residential whole loans		$	151,310			$	157,665
Securities, at fair value			24,670				12,992
Other interest-earning assets			398				1,163
Cash and cash equivalent investments			4,127				5,011
Interest Income		$	180,505			$	176,831
Interest Expense:
Asset-backed and other collateralized financing arrangements		$	118,431			$	123,442
Other interest expense			4,537				5,575
Interest Expense		$	122,968			$	129,017
Net Interest Income		$	57,537			$	47,814
Reversal/(Provision) for Credit Losses on Residential Whole Loans		$	(145	)		$	460
Reversal/(Provision) for Credit Losses on Other Assets			—				(1,109	)
Net Interest Income after Reversal/(Provision) for Credit Losses		$	57,392			$	47,165
Other Income/(Loss), net:
Net gain/(loss) on residential whole loans measured at fair value through earnings		$	54,380			$	(11,513	)
Impairment and other net gain/(loss) on securities and other portfolio investments			21,179				(4,776	)
Net gain/(loss) on real estate owned			(1,508	)			991
Net gain/(loss) on derivatives used for risk management purposes			(31,055	)			49,941
Net gain/(loss) on securitized debt measured at fair value through earnings			(21,931	)			(22,462	)
Lima One mortgage banking income			5,437				7,928
Net realized gain/(loss) on residential whole loans held at carrying value			(539	)			418
Other, net			(1,451	)			1,875
Other Income/(Loss), net		$	24,512			$	22,402
Operating and Other Expense:
Compensation and benefits		$	23,257			$	25,468
Other general and administrative expense			10,291				11,995
Loan servicing, financing and other related costs			7,252				7,042
Amortization of intangible assets			800				800
Operating and Other Expense		$	41,600			$	45,305
Income/(loss) before income taxes		$	40,304			$	24,262
Provision for/(benefit from) income taxes		$	(872	)		$	1,049
Net Income/(Loss)		$	41,176			$	23,213
Less Preferred Stock Dividend Requirement		$	8,219			$	8,219
Net Income/(Loss) Available to Common Stock and Participating Securities		$	32,957			$	14,994
Basic Earnings/(Loss) per Common Share		$	0.32			$	0.14
Diluted Earnings/(Loss) per Common Share		$	0.31			$	0.14

Segment Reporting

At March 31, 2025, the Company’s reportable segments include (i) mortgage-related assets and (ii) Lima One. The Corporate column in the table below primarily consists of corporate cash and related interest income, investments in loan originators and related economics, general and administrative expenses not directly attributable to Lima One, interest expense on unsecured convertible senior notes, securitization issuance costs, and preferred stock dividends.

The following tables summarize segment financial information, which in total reconciles to the same data for the Company as a whole:

(In Thousands)		Mortgage- Related Assets				Lima One				Corporate				Total
Three months ended March 31, 2025
Interest Income		$	112,767			$	65,272			$	2,466			$	180,505
Interest Expense			77,361				41,070				4,537				122,968
Net Interest Income/(Expense)		$	35,406			$	24,202			$	(2,071	)		$	57,537
Reversal/(Provision) for Credit Losses on Residential Whole Loans			(145	)			—				—				(145	)
Reversal/(Provision) for Credit Losses on Other Assets			—				—				—				—
Net Interest Income/(Expense) after Reversal/(Provision) for Credit Losses		$	35,261			$	24,202			$	(2,071	)		$	57,392
Net gain/(loss) on residential whole loans measured at fair value through earnings		$	48,663			$	5,717			$	—			$	54,380
Impairment and other net gain/(loss) on securities and other portfolio investments			20,435				(9	)			753				21,179
Net gain on real estate owned			69				(1,577	)			—				(1,508	)
Net gain/(loss) on derivatives used for risk management purposes			(25,562	)			(5,493	)			—				(31,055	)
Net gain/(loss) on securitized debt measured at fair value through earnings			(17,149	)			(4,782	)			—				(21,931	)
Lima One mortgage banking income			—				5,437				—				5,437
Net realized gain/(loss) on residential whole loans held at carrying value			(539	)			—				—				(539	)
Other, net			(745	)			(1,996	)			1,290				(1,451	)
Other Income/(Loss), net		$	25,172			$	(2,703	)		$	2,043			$	24,512
Compensation and benefits		$	—			$	9,793			$	13,464			$	23,257
Other general and administrative expense			8				4,376				5,907				10,291
Loan servicing, financing and other related costs			4,243				1,148				1,861				7,252
Amortization of intangible assets			—				800				—				800
Income/(loss) before income taxes		$	56,182			$	5,382			$	(21,260	)		$	40,304
Provision for/(benefit from) income taxes			—				—				(872	)			(872	)
Net Income/(Loss)		$	56,182			$	5,382			$	(20,388	)		$	41,176
Less Preferred Stock Dividend Requirement		$	—			$	—			$	8,219			$	8,219
Net Income/(Loss) Available to Common Stock and Participating Securities		$	56,182			$	5,382			$	(28,607	)		$	32,957

(Dollars in Thousands)		Mortgage- Related Assets			Lima One			Corporate			Total
March 31, 2025
Total Assets		$	7,874,033		$	3,332,561		$	312,912		$	11,519,506
December 31, 2024
Total Assets		$	7,395,925		$	3,632,472		$	381,207		$	11,409,604

Reconciliation of GAAP Net Income to non-GAAP Distributable Earnings

“Distributable earnings” is a non-GAAP financial measure of our operating performance, within the meaning of Regulation G and Item 10(e) of Regulation S-K, as promulgated by the Securities and Exchange Commission. Distributable earnings is determined by adjusting GAAP net income/(loss) by removing certain unrealized gains and losses, primarily on residential mortgage investments, associated debt, and hedges that are, in each case, accounted for at fair value through earnings, certain realized gains and losses, as well as certain non-cash expenses and securitization-related transaction costs. Realized gains and losses arising from loans sold to third-parties by Lima One shortly after the origination of such loans are included in Distributable earnings. The transaction costs are primarily comprised of costs only incurred at the time of execution of our securitizations and include costs such as underwriting fees, legal fees, diligence fees, bank fees and other similar transaction related expenses. These costs are all incurred prior to or at the execution of our securitizations and do not recur. Recurring expenses, such as servicing fees, custodial fees, trustee fees and other similar ongoing fees are not excluded from Distributable earnings. Management believes that the adjustments made to GAAP earnings result in the removal of (i) income or expenses that are not reflective of the longer term performance of our investment portfolio, (ii) certain non-cash expenses, and (iii) expense items required to be recognized solely due to the election of the fair value option on certain related residential mortgage assets and associated liabilities. Distributable earnings is one of the factors that our Board of Directors considers when evaluating distributions to our shareholders. Accordingly, we believe that the adjustments to compute Distributable earnings specified below provide investors and analysts with additional information to evaluate our financial results.

Distributable earnings should be used in conjunction with results presented in accordance with GAAP. Distributable earnings does not represent and should not be considered as a substitute for net income or cash flows from operating activities, each as determined in accordance with GAAP, and our calculation of this measure may not be comparable to similarly titled measures reported by other companies.

The following table provides a reconciliation of our GAAP net income/(loss) used in the calculation of basic EPS to our non-GAAP Distributable earnings for the quarterly periods below:

		Quarter Ended
(In Thousands, Except Per Share Amounts)		March 31, 2025				December 31, 2024				September 30, 2024				June 30, 2024				March 31, 2024
GAAP Net income/(loss) used in the calculation of basic EPS		$	32,751			$	(2,396	)		$	39,870			$	33,614			$	14,827
Adjustments:
Unrealized and realized gains and losses on:
Residential whole loans held at fair value			(54,380	)			102,339				(143,416	)			(16,430	)			11,513
Securities held at fair value			(20,201	)			26,273				(17,107	)			4,026				4,776
Residential whole loans and securities at carrying value			305				—				(7,324	)			(2,668	)			(418	)
Interest rate swaps			44,842				(46,632	)			84,629				10,237				(23,182	)
Securitized debt held at fair value			18,575				(47,267	)			71,475				7,597				20,169
Other portfolio investments			(744	)			(94	)			1,503				1,484				—
Expense items:
Amortization of intangible assets			800				800				800				800				800
Equity based compensation			6,052				1,637				2,104				3,899				6,243
Securitization-related transaction costs			1,696				5,252				3,485				3,009				1,340
Depreciation			879				938				2,604				822				889
Total adjustments			(2,176	)			43,246				(1,247	)			12,776				22,130
Distributable earnings		$	30,575			$	40,850			$	38,623			$	46,390			$	36,957
GAAP earnings/(loss) per basic common share		$	0.32			$	(0.02	)		$	0.38			$	0.32			$	0.14
Distributable earnings per basic common share		$	0.29			$	0.39			$	0.37			$	0.45			$	0.36
Weighted average common shares for basic earnings per share			103,777				103,675				103,647				103,446				103,175

Reconciliation of GAAP Book Value per Common Share to non-GAAP Economic Book Value per Common Share

“Economic book value” is a non-GAAP financial measure of our financial position. To calculate our Economic book value, our portfolios of Residential whole loans and securitized debt held at carrying value are adjusted to their fair value, rather than the carrying value that is required to be reported under the GAAP accounting model applied to these financial instruments. These adjustments are also reflected in the table below in our end of period stockholders’ equity. Management considers that Economic book value provides investors with a useful supplemental measure to evaluate our financial position as it reflects the impact of fair value changes for all of our investment activities, irrespective of the accounting model applied for GAAP reporting purposes. Economic book value does not represent and should not be considered as a substitute for Stockholders’ Equity, as determined in accordance with GAAP, and our calculation of this measure may not be comparable to similarly titled measures reported by other companies.

The following table provides a reconciliation of our GAAP book value per common share to our non-GAAP Economic book value per common share as of the quarterly periods below:

		Quarter Ended:
(In Millions, Except Per Share Amounts)		March 31, 2025				December 31, 2024				September 30, 2024				June 30, 2024				March 31, 2024
GAAP Total Stockholders’ Equity		$	1,838.4			$	1,841.8			$	1,880.5			$	1,883.2			$	1,884.2
Preferred Stock, liquidation preference			(475.0	)			(475.0	)			(475.0	)			(475.0	)			(475.0	)
GAAP Stockholders’ Equity for book value per common share			1,363.4				1,366.8				1,405.5				1,408.2				1,409.2
Adjustments:
Fair value adjustment to Residential whole loans, at carrying value			(6.3	)			(15.3	)			6.7				(26.8	)			(35.4	)
Fair value adjustment to Securitized debt, at carrying value			63.1				70.3				64.3				82.3				88.4
Stockholders’ Equity including fair value adjustments to Residential whole loans and Securitized debt held at carrying value (Economic book value)		$	1,420.2			$	1,421.8			$	1,476.5			$	1,463.7			$	1,462.2
GAAP book value per common share		$	13.28			$	13.39			$	13.77			$	13.80			$	13.80
Economic book value per common share		$	13.84			$	13.93			$	14.46			$	14.34			$	14.32
Number of shares of common stock outstanding			102.7				102.1				102.1				102.1				102.1

Cautionary Note Regarding Forward-Looking Statements

When used in this press release or other written or oral communications, statements that are not historical in nature, including those containing words such as “will,” “believe,” “expect,” “anticipate,” “estimate,” “plan,” “continue,” “intend,” “should,” “could,” “would,” “may,” the negative of these words or similar expressions, are intended to identify “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and, as such, may involve known and unknown risks, uncertainties and assumptions. These forward-looking statements include information about possible or assumed future results with respect to MFA’s business, financial condition, liquidity, results of operations, plans and objectives. Among the important factors that could cause our actual results to differ materially from those projected in any forward-looking statements that we make are: general economic developments and trends, including the current tensions in international trade, and the performance of the labor, housing, real estate, mortgage finance and broader financial markets; inflation, increases in interest rates and changes in the market (i.e., fair) value of MFA’s residential whole loans, MBS, securitized debt and other assets, as well as changes in the value of MFA’s liabilities accounted for at fair value through earnings; the effectiveness of hedging transactions; changes in the prepayment rates on residential mortgage assets, an increase of which could result in a reduction of the yield on certain investments in its portfolio and could require MFA to reinvest the proceeds received by it as a result of such prepayments in investments with lower coupons, while a decrease in which could result in an increase in the interest rate duration of certain investments in MFA’s portfolio making their valuation more sensitive to changes in interest rates and could result in lower forecasted cash flows; credit risks underlying MFA’s assets, including changes in the default rates and management’s assumptions regarding default rates and loss severities on the mortgage loans in MFA’s residential whole loan portfolio; MFA’s ability to borrow to finance its assets and the terms, including the cost, maturity and other terms, of any such borrowings; implementation of or changes in government regulations or programs affecting MFA’s business (including as a result of the current U.S. Presidential administration); MFA’s estimates regarding taxable income, the actual amount of which is dependent on a number of factors, including, but not limited to, changes in the amount of interest income and financing costs, the method elected by MFA to accrete the market discount on residential whole loans and the extent of prepayments, realized losses and changes in the composition of MFA’s residential whole loan portfolios that may occur during the applicable tax period, including gain or loss on any MBS disposals or whole loan modifications, foreclosures and liquidations; the timing and amount of distributions to stockholders, which are declared and paid at the discretion of MFA’s Board of Directors and will depend on, among other things, MFA’s taxable income, its financial results and overall financial condition and liquidity, maintenance of its REIT qualification and such other factors as MFA’s Board of Directors deems relevant; MFA’s ability to maintain its qualification as a REIT for federal income tax purposes; MFA’s ability to maintain its exemption from registration under the Investment Company Act of 1940, as amended (or the “Investment Company Act”), including statements regarding the concept release issued by the Securities and Exchange Commission (“SEC”) relating to interpretive issues under the Investment Company Act with respect to the status under the Investment Company Act of certain companies that are engaged in the business of acquiring mortgages and mortgage-related interests; MFA’s ability to continue growing its residential whole loan portfolio, which is dependent on, among other things, the supply of loans offered for sale in the market; targeted or expected returns on our investments in recently-originated mortgage loans, the performance of which is, similar to our other mortgage loan investments, subject to, among other things, differences in prepayment risk, credit risk and financing costs associated with such investments; risks associated with the ongoing operation of Lima One Holdings, LLC (including, without limitation, industry competition, unanticipated expenditures relating to or liabilities arising from its operation (including, among other things, a failure to realize management’s assumptions regarding expected growth in business purpose loan (BPL) origination volumes and credit risks underlying BPLs, including changes in the default rates and management’s assumptions regarding default rates and loss severities on the BPLs originated by Lima One)); expected returns on MFA’s investments in nonperforming residential whole loans (“NPLs”), which are affected by, among other things, the length of time required to foreclose upon, sell, liquidate or otherwise reach a resolution of the property underlying the NPL, home price values, amounts advanced to carry the asset (e.g., taxes, insurance, maintenance expenses, etc. on the underlying property) and the amount ultimately realized upon resolution of the asset; risks associated with our investments in MSR-related assets, including servicing, regulatory and economic risks; risks associated with our investments in loan originators; risks associated with investing in real estate assets generally, including changes in business conditions and the general economy; and other risks, uncertainties and factors, including those described in the annual, quarterly and current reports that we file with the SEC. These forward-looking statements are based on beliefs, assumptions and expectations of MFA’s future performance, taking into account information currently available. Readers and listeners are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date on which they are made. New risks and uncertainties arise over time and it is not possible to predict those events or how they may affect MFA. Except as required by law, MFA is not obligated to, and does not intend to, update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

Category: Earnings

View source version on businesswire.com: https://www.businesswire.com/news/home/20250506774039/en/

INVESTOR CONTACT:

[email protected]
212-207-6488

www.mfafinancial.com


MEDIA CONTACT:

H/Advisors Abernathy

Tom Johnson

212-371-5999

KEYWORDS: United States North America New York

INDUSTRY KEYWORDS: REIT Finance Professional Services Residential Building & Real Estate Construction & Property

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SLB Introduces Digitally Enabled Electric Well Solutions That Maximize Production and Recovery

New well completions tech shifts production economics with fewer requirements for costly well interventions

HOUSTON–(BUSINESS WIRE)–
Global energy technology company SLB (NYSE: SLB) today launched Electris™ — a portfolio of digitally enabled electric well completions technologies that boost production and recovery while reducing the total cost of ownership of an asset.

This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20250506243550/en/

Electris completions digitalize control of the entire productive area of the wellbore, providing real-time production intelligence across the reservoir. This enables operators to predict, adapt and act with confidence in response to dynamic production conditions — improving reservoir management over the life of the well and accessing reserves that conventional systems leave behind.

“Electris completions take reservoir management to the next level — making it possible for operators to get more out of their assets with fewer requirements for costly well interventions,” said Paul Sims, president, Production Systems. “With much of the ‘easy’ oil already produced, operators are encountering more and more complex reservoirs. Electris completions can help shift the production economics in these reservoirs — resulting in higher recovery factors that maximize return on investment from the asset.”

There have been more than 100 installations of Electris completions technologies across five countries. In Norway, Electris completions were deployed offshore to enhance oil production in an extended-reach well. The operator is using intelligence from the system to determine which zones are contributing to production to optimize oil output and minimize produced water. Controlling water production with Electris completions has decreased the energy needed to lift and then pump treated water back into the reservoir.

Today’s announcement was made at the Offshore Technology Conference, which is taking place this week in Houston, Texas.

For more information about SLB’s Electris electric completions technologies, visit www.slb.com/Electris.

About SLB

SLB (NYSE: SLB) is a global technology company that drives energy innovation for a balanced planet. With a global footprint in more than 100 countries and employees representing almost twice as many nationalities, we work each day on innovating oil and gas, delivering digital at scale, decarbonizing industries, and developing and scaling new energy systems that accelerate the energy transition. Find out more at slb.com.

Cautionary Statement Regarding Forward-Looking Statements:

This press release contains “forward-looking statements” within the meaning of the U.S. federal securities laws — that is, statements about the future, not about past events. Such statements often contain words such as “expect,” “may,” “can,” “estimate,” “intend,” “anticipate,” “will,” “potential,” “projected” and other similar words. Forward-looking statements address matters that are, to varying degrees, uncertain, such as forecasts or expectations regarding the deployment of, or anticipated benefits of, SLB’s new technologies and partnerships; statements about goals, plans and projections with respect to sustainability and environmental matters; forecasts or expectations regarding energy transition and global climate change; and improvements in operating procedures and technology. These statements are subject to risks and uncertainties, including, but not limited to, the inability to achieve net-negative carbon emissions goals; the inability to recognize intended benefits of SLB’s strategies, initiatives or partnerships; legislative and regulatory initiatives addressing environmental concerns, including initiatives addressing the impact of global climate change; the timing or receipt of regulatory approvals and permits; and other risks and uncertainties detailed in SLB’s most recent Forms 10-K, 10-Q and 8-K filed with or furnished to the U.S. Securities and Exchange Commission. If one or more of these or other risks or uncertainties materialize (or the consequences of such a development changes), or should underlying assumptions prove incorrect, actual outcomes may vary materially from those reflected in our forward-looking statements. The forward-looking statements speak only as of the date of this press release, and SLB disclaims any intention or obligation to update publicly or revise such statements, whether as a result of new information, future events or otherwise.

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Media

Josh Byerly – SVP of Communications

Moira Duff – Director of External Communications

SLB

Tel: +1 (713) 375-3407

[email protected]

Investors

James R. McDonald – SVP of Investor Relations & Industry Affairs

Joy V. Domingo – Director of Investor Relations

SLB

Tel: +1 (713) 375-3535

[email protected]

KEYWORDS: United States North America Texas

INDUSTRY KEYWORDS: Environment Technology Other Energy Other Technology Oil/Gas Software Sustainability Green Technology Energy Hardware

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Electris completions digitalize control of the entire productive area of the wellbore, providing real-time production intelligence across the reservoir.

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