Use of Special Purpose Entities and Variable Interest Entities (Tables)

12 Months Ended

Dec. 31, 2017

Use of Special Purpose Entities and Variable Interest Entities

Summary of key details related to securitization transactions

The following table summarizes the key details of the loan securitization transactions the Company has been involved in to date:

(Dollars in Thousands)	December 2017				June 2017
Name of Trust (Consolidated as a VIE)	MFA 2017-NPL1, LLC				MFA 2017-RPL 1
Aggregate unpaid principal balance of residential whole loans sold	$	401,076			$	219,848
Face amount of Senior Bonds issued by the VIE and purchased by third-party investors	$	235,000			$	147,847
Outstanding amount of Senior Bonds at December 31, 2017	$	233,683			$	132,602
Weighted average fixed rate for Senior Bonds issued	3.35		%	(1)	2.753		%
Face amount of Senior Support Certificates received by the Company (2)	$	55,000			$	72,001
Cash received	$	235,000			$	147,845

(1) The Senior Bond sold in connection with this securitization transaction contains a contractual coupon step-up feature whereby the coupon increases by 300 basis points at 36 months from issuance if the bond is not redeemed before such date.

(2) Provides credit support to the Senior Bonds sold to third-party investors in the securitization transactions.