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Use of Special Purpose Entities and Variable Interest Entities (Tables) | 3 Months Ended
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Mar. 31, 2020
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 Company’s loan securitization transactions as of March 31, 2020 and December 31, 2019:
(Dollars in Thousands) |  | March 31, 2020 |  | December 31, 2019 |
Aggregate unpaid principal balance of residential whole loans sold |  | $ | 1,290,029 |  |  | $ | 1,290,029 |  |
Face amount of Senior Bonds issued by the VIE and purchased by third-party investors |  | $ | 802,817 |  |  | $ | 802,817 |  |
Outstanding amount of Senior Bonds |  | $ | 533,733 |  | (1) | $ | 570,952 |  | (1)
Weighted average fixed rate for Senior Bonds issued |  | 3.68 | % | (2) | 3.68 | % | (2)
Weighted average contractual maturity of Senior Bonds |  | 29 years |  | (2) | 30 years |  | (2)
Face amount of Senior Support Certificates received by the Company (3) |  | $ | 275,174 |  |  | $ | 275,174 |  |
Cash received |  | $ | 802,815 |  |  | $ | 802,815 |  |
(1) | Net of $2.7 million and $2.9 million of deferred financing costs at March 31, 2020 and December 31, 2019, respectively.
(2) | At March 31, 2020 and December 31, 2019, $459.6 million and $493.2 million, respectively, of Senior Bonds sold in securitization transactions contained 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.
(3) Provides credit support to the Senior Bonds sold to third-party investors in the securitization transactions.

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