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Use of Special Purpose Entities and Variable Interest Entities (Tables)
 3 Months Ended
Mar. 31, 2023
Use of Special Purpose Entities and Variable Interest Entities  
Schedule of key details related to securitization transactions
The following table summarizes the key details of the Company’s consolidated loan securitization transactions currently outstanding as of March 31, 2023 and December 31, 2022:
(Dollars in Thousands)March 31, 2023December 31, 2022
Aggregate unpaid principal balance of residential whole loans sold$6,747,911 $6,079,749 
Face amount of Senior Bonds issued by the VIE and purchased by third-party investors$5,856,311 $5,333,090 
Outstanding amount of Senior Bonds, at carrying value$889,928 (1)$922,220 (1)
Outstanding amount of Senior Bonds, at fair value$2,940,381 $2,435,370 
Outstanding amount of Senior Bonds, total$3,830,309 $3,357,590 
Weighted average fixed rate for Senior Bonds issued2.96 %(2)3.38 %(2)
Weighted average contractual maturity of Senior Bonds37 years(2)38 years(2)
Face amount of Senior Support Certificates received by the Company (3)
$857,176 $715,640 
Cash received$5,807,409 $5,286,305 
(1)Net of $2.3 million and $2.9 million of deferred financing costs at March 31, 2023 and December 31, 2022, respectively.
(2)At March 31, 2023 and December 31, 2022, $2.4 billion and $1.9 million, respectively, of Senior Bonds sold in securitization transactions contained a contractual coupon step-up feature whereby the coupon increases by either 100, 200, or 300 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.