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Use of Special Purpose Entities and Variable Interest Entities (Tables)
 6 Months Ended
Jun. 30, 2024
Use of Special Purpose Entities and Variable Interest Entities  
Schedule of Loan Securitization Transaction
The following table summarizes the key details of the Company’s consolidated loan securitization transactions currently outstanding as of June 30, 2024 and December 31, 2023:
(Dollars in Thousands)June 30, 2024December 31, 2023
Aggregate unpaid principal balance of residential whole loans sold$8,664,831 $8,241,053 
Face amount of Senior Bonds issued by the VIE and purchased by third-party investors$7,567,271 $7,152,213 
Outstanding amount of Senior Bonds, at carrying value$632,912 (1)$765,433 (1)
Outstanding amount of Senior Bonds, at fair value$4,414,701 $3,985,372 
Outstanding amount of Senior Bonds, total$5,047,613 $4,750,805 
Weighted average fixed rate for Senior Bonds issued4.88 %(2)4.51 %(2)
Weighted average contractual maturity of Senior Bonds34 years(2)36 years(2)
Face amount of Senior Support Certificates received by the Company (3)
$1,083,414 $1,047,297 
Cash received$7,504,463 $7,089,575 
(1)Net of $1.3 million and $1.5 million of deferred financing costs at June 30, 2024 and December 31, 2023, respectively.
(2)At June 30, 2024 and December 31, 2023, $3.7 billion and $3.4 billion, respectively, of Senior Bonds sold in securitization transactions contained a contractual coupon step-up feature whereby the coupon increases by either 100, 150, or 200 basis points or more at defined dates ranging from 24 months, up to 48 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.