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Use of Special Purpose Entities and Variable Interest Entities (Tables)
 9 Months Ended
Sep. 30, 2020
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 as of September 30, 2020 and December 31, 2019:
(Dollars in Thousands)September 30, 2020December 31, 2019
Aggregate unpaid principal balance of residential whole loans sold$1,681,500 $1,290,029 
Face amount of Senior Bonds issued by the VIE and purchased by third-party investors$1,202,616 $802,817 
Outstanding amount of Senior Bonds, at carrying value$448,893 (1)$570,952 (1)
Outstanding amount of Senior Bonds, at fair value$388,790 $— 
Outstanding amount of Senior Bonds, total$837,683 $570,952 
Weighted average fixed rate for Senior Bonds issued2.93 %(2)3.68 %(2)
Weighted average contractual maturity of Senior Bonds36 years(2)30 years(2)
Face amount of Senior Support Certificates received by the Company (3)
$266,355 $275,174 
Cash received$1,193,969 $802,815 
(1)Net of $2.2 million and $2.9 million of deferred financing costs at September 30, 2020 and December 31, 2019, respectively.
(2)At September 30, 2020 and December 31, 2019, $743.9 million and $493.2 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.
(3)Provides credit support to the Senior Bonds sold to third-party investors in the securitization transactions.