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Use of Special Purpose Entities and Variable Interest Entities (Tables) | 9 Months Ended
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Sep. 30, 2025
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, 2025 and December 31, 2024:
(Dollars in Thousands) |  | September 30, 2025 |  | December 31, 2024
Aggregate unpaid principal balance of residential whole loans sold |  | $ | 11,269,588 |  |  | $ | 9,924,643 |
Face amount of Senior Bonds issued by the VIE and purchased by third-party investors |  | $ | 9,902,550 |  |  | $ | 8,655,017 |
Outstanding amount of Senior Bonds, at carrying value (1) |  | $ | 506,727 |  |  | $ | 583,597 |
Outstanding amount of Senior Bonds, at fair value |  | $ | 5,847,247 |  |  | $ | 5,211,380 |
Outstanding amount of Senior Bonds, total |  | $ | 6,353,974 |  |  | $ | 5,794,977 |
Weighted average rate for Senior Bonds issued (2) (3) |  | 5.16 | % |  | 5.02 | %
Weighted average contractual maturity of Senior Bonds (3) |  | 36 years |  | 36 years
Face amount of Senior Support Certificates received by the Company (4) |  | $ | 1,319,362 |  |  | $ | 1,222,029 |
Cash received |  | $ | 9,821,597 |  |  | $ | 8,574,069 |
(1)Net of $0.9 million and $1.1 million of deferred financing costs at September 30, 2025 and December 31, 2024, respectively. (2)At September 30, 2025, 99.6% and 0.4% of Senior Bonds had a fixed and variable rate, respectively. At December 31, 2024, all Senior Bonds had a fixed rate. (3)At September 30, 2025 and December 31, 2024, $4.8 billion and $4.2 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 300 basis points at defined dates ranging from 30 months, up to 48 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.

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