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Use of Special Purpose Entities and Variable Interest Entities (Tables)
 3 Months Ended
Mar. 31, 2021
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 currently outstanding as of March 31, 2021 and December 31, 2020:
(Dollars in Thousands)March 31, 2021December 31, 2020
Aggregate unpaid principal balance of residential whole loans sold (1)
$2,108,950 $2,232,561 
Face amount of Senior Bonds issued by the VIE and purchased by third-party investors$1,853,013 $1,862,068 
Outstanding amount of Senior Bonds, at carrying value$795,912 (2)$645,027 (2)
Outstanding amount of Senior Bonds, at fair value$753,008 $869,482 
Outstanding amount of Senior Bonds, total$1,548,920 $1,514,509 
Weighted average fixed rate for Senior Bonds issued1.71 %(3)2.11 %(3)
Weighted average contractual maturity of Senior Bonds42 years(3)41 years(3)
Face amount of Senior Support Certificates received by the Company (4)
$225,729 $268,548 
Cash received$1,852,989 $1,853,408 
(1)Excludes $41.6 million of unpaid principal balances associated with certain REO properties securitized in the quarter ended March 31, 2021. Such amount represents the unpaid principal balance of the related loans immediately prior to conversion to REO.
(2)Net of $4.1 million and $3.2 million of deferred financing costs at March 31, 2021 and December 31, 2020, respectively.
(3)At March 31, 2021 and December 31, 2020, $505.1 million and $568.7 million, respectively, of Senior Bonds sold in securitization transactions contained a contractual coupon step-up feature whereby the coupon increases by either 100 or 300 basis points or more at 36 months from issuance if the bond is not redeemed before such date.
(4)Provides credit support to the Senior Bonds sold to third-party investors in the securitization transactions.