Use of Special Purpose Entities and Variable Interest Entities (Tables)

9 Months Ended

Sep. 30, 2018

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 loan securitization transactions the Company has been involved in to date:

(Dollars in Thousands)	September 30, 2018				December 31, 2017
Aggregate unpaid principal balance of residential whole loans sold	$	1,290,029			$	620,924
Face amount of Senior Bonds issued by the VIE and purchased by third-party investors	$	802,817			$	382,847
Outstanding amount of Senior Bonds	$	714,203		(1)	$	363,944		(1)
Weighted average fixed rate for Senior Bonds issued	3.65		%	(2)	3.14		%	(2)
Face amount of Senior Support Certificates received by the Company (3)	$	275,174			$	127,001
Cash received	$	802,815			$	382,845

(1) Net of $4.1 million and $2.3 million of deferred financing costs at September 30, 2018 and December 31, 2017, respectively.

(2) At September 30, 2018 and December 31, 2017, $604.7 million and $233.7 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.