v3.25.2
Use of Special Purpose Entities and Variable Interest Entities (Tables)
 6 Months Ended
Jun. 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 June 30, 2025 and December 31, 2024:
(Dollars in Thousands)June 30, 2025December 31, 2024
Aggregate unpaid principal balance of residential whole loans sold$10,548,125 $9,924,643 
Face amount of Senior Bonds issued by the VIE and purchased by third-party investors$9,229,705 $8,655,017 
Outstanding amount of Senior Bonds, at carrying value (1)
$529,714 $583,597 
Outstanding amount of Senior Bonds, at fair value$5,374,319 $5,211,380 
Outstanding amount of Senior Bonds, total$5,904,033 $5,794,977 
Weighted average fixed rate for Senior Bonds issued (2)
5.11 %5.02 %
Weighted average contractual maturity of Senior Bonds (2)
36 years36 years
Face amount of Senior Support Certificates received by the Company (3)
$1,270,750 $1,222,029 
Cash received$9,148,754 $8,574,069 
(1)Net of $1.0 million and $1.1 million of deferred financing costs at June 30, 2025 and December 31, 2024, respectively.
(2)At June 30, 2025 and December 31, 2024, $4.4 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 or more at defined dates ranging from 30 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.