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Use of Special Purpose Entities and Variable Interest Entities (Tables) | 9 Months Ended
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Sep. 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 September 30, 2024 and December 31, 2023:
(Dollars in Thousands) |  | September 30, 2024 |  | December 31, 2023 |
Aggregate unpaid principal balance of residential whole loans sold |  | $ | 9,056,652 |  |  | $ | 8,241,053 |  |
Face amount of Senior Bonds issued by the VIE and purchased by third-party investors |  | $ | 7,908,296 |  |  | $ | 7,152,213 |  |
Outstanding amount of Senior Bonds, at carrying value |  | $ | 608,382 |  | (1) | $ | 765,433 |  | (1)
Outstanding amount of Senior Bonds, at fair value |  | $ | 4,680,615 |  |  | $ | 3,985,372 |  |
Outstanding amount of Senior Bonds, total |  | $ | 5,288,997 |  |  | $ | 4,750,805 |  |
Weighted average fixed rate for Senior Bonds issued |  | 4.89 | % | (2) | 4.51 | % | (2)
Weighted average contractual maturity of Senior Bonds |  | 36 years | (2) | 36 years | (2)
Face amount of Senior Support Certificates received by the Company (3) |  | $ | 1,134,940 |  |  | $ | 1,047,297 |  |
Cash received |  | $ | 7,827,356 |  |  | $ | 7,089,575 |  |
(1)Net of $1.2 million and $1.5 million of deferred financing costs at September 30, 2024 and December 31, 2023, respectively. (2)At September 30, 2024 and December 31, 2023, $3.6 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.

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