Quarterly report pursuant to Section 13 or 15(d)

Nonrecourse Debt, at Fair Value

v3.22.1
Nonrecourse Debt, at Fair Value
 3 Months Ended
Mar. 31, 2022
Debt Instruments [Abstract]  
Nonrecourse Debt, at Fair Value
15.
Nonrecourse Debt, at Fair Value
Nonrecourse debt, at fair value, consisted of the following (in thousands):

 
 
  
Issue Date
  
Final
Maturity
Date
  
Interest
Rate
 
  
Original Issue
Amount
 
  
March 31,
2022
 
 
December 31,
2021
 
Securitization of performing / nonperforming HECM loans
    July
2020 -
February
2022		    July 2030
- February
2032		     
 		 0.88%
-
9.32%		  
 
 		      $1,805,528     
 
$1,026,869
 
     $922,970  
Securitization of
non-agency
reverse loans
    May
2018 -
February
2022		    May 2023
-
November
2069		     
 		 1.25%
-
4.50%		  
 
 		      6,345,967     
 
4,857,333
 
     4,630,203  
Securitization of Fix & Flip loans
    April
2021		    November
2024 -
May 2025		     
 		 2.10%
-
5.40%		  
 
 		      268,511     
 
268,511
 
     268,511  
Total consolidated VIE nonrecourse debt UPB
 
   
 
6,152,713
 
     5,821,684  
Nonrecourse MSR financing liability, at fair value
 
   
 
163,981
 
     142,435  
Nonrecourse commercial loan financing liability
(1)
 
   
 
123,900
 
     107,744  
Fair value adjustments
 
   
 
(116,817
) 
     39,379  
      
 
 
    
 
 
  
Total nonrecourse debt, at fair value
 
   
$
6,323,777
 
  
$
6,111,242
 
      
 
 
    
 
 
  
(1)
Nonrecourse commercial loan financing liability, comprise the balance of the nonrecourse debt for the applicable period associated with the CAPT securitization. As the CAPT securitization was determined to be an unconsolidated VIE and failed sale treatment, the associated nonrecourse debt is accounted for by FoA and presented separately from the other nonrecourse debts. Refer to Note 3—Variable Interest Entities and Securitizations for additional information.
Future repayment of nonrecourse debt issued by securitization trusts is dependent on the receipt of cash flows from the corresponding encumbered loans receivable. As of March 31, 2022, estimated maturities for nonrecourse debt, at fair value, for the next five years and thereafter are as follows (in thousands):
 
Year Ending December 31,
   
Estimated
Maturities
(1)
  
2022
   
$
1,242,161
 
2023
   
 
2,644,434
 
2024
   
 
2,088,782
 
2025
   
 
301,236
 
Thereafter
   
 
—
 
    
 
 
  
Total payments on nonrecourse debt
   
$
6,276,613
 
    
 
 
  
 
(1)
Nonrecourse MSR financing liability is excluded from this balance, as the timing of the payments of the nonrecourse MSR financing liability is dependent on the payments received on the underlying MSRs and no contractual maturity date is applicable.