v3.26.1
Use of Special Purpose Entities and Variable Interest Entities (Tables)
 3 Months Ended
Mar. 31, 2026
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 March 31, 2026 and December 31, 2025:
(Dollars in Thousands)March 31, 2026December 31, 2025
Aggregate unpaid principal balance of residential whole loans sold$11,398,498 $11,489,998 
Face amount of Senior Bonds issued by the VIE and purchased by third-party investors$10,166,134 $10,142,071 
Outstanding amount of Senior Bonds, at carrying value (1)
$465,386 $489,718 
Outstanding amount of Senior Bonds, at fair value$5,805,738 $5,846,744 
Outstanding amount of Senior Bonds, total$6,271,124 $6,336,462 
Weighted average rate for Senior Bonds issued (2) (3)
5.03 %5.07 %
Weighted average contractual maturity of Senior Bonds (3)
38 years37 years
Face amount of Senior Support Certificates received by the Company (4)
$1,194,304 $1,307,153 
Cash received$10,088,396 $10,061,131 
(1)Net of $0.8 million and $0.9 million of deferred financing costs at March 31, 2026 and December 31, 2025, respectively.
(2)At March 31, 2026, 99.1% and 0.9% of Senior Bonds had a fixed and variable rate, respectively. At December 31, 2025, 99.6% and 0.4% of Senior Bonds had a fixed and variable rate, respectively.
(3)At March 31, 2026 and December 31, 2025, $4.6 billion and $4.7 billion, 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 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.