Quarterly report pursuant to Section 13 or 15(d)

Nonrecourse Debt, at Fair Value

v3.22.2.2
Nonrecourse Debt, at Fair Value
 9 Months Ended
Sep. 30, 2022
Debt Disclosure [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 September 30, 2022 December 31, 2021
Securitization of performing / nonperforming HECM loans July 2020 - August 2022 July 2030 - August 2032
2.69% - 9.32%
 $ 2,250,554  $ 994,563  $ 922,970 
Securitization of non-agency reverse loans May 2018 - June 2022 March 2050 - November 2069
1.25% - 4.50%
 7,537,674  5,851,878  4,630,203 
Securitization of Fix & Flip loans April 2021 May 2025
2.10% - 5.40%
 $ 268,511  268,511  268,511
Total consolidated VIE nonrecourse debt UPB 7,114,952  5,821,684 
Nonrecourse MSR financing liability, at fair value(1)
59,800  142,435 
Nonrecourse commercial loan financing liability(2)
153,770  107,744 
Fair value adjustments (582,996) 39,379 
Total nonrecourse debt, at fair value $ 6,745,526  $ 6,111,242 
(1) As of December 31, 2021, the financing liability is due to a related party. Refer to Note 23 - Related Party Transactions for additional information.
(2) Nonrecourse commercial loan financing liability is comprised of 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 September 30, 2022, estimated maturities for nonrecourse debt for the next five years and thereafter are as follows (in thousands):

Year Ending December 31,
Estimated Maturities(1)
Remainder of 2022 $ 309,549 
2023 1,660,548 
2024 1,977,994 
2025 262,030 
2026 3,058,601 
Thereafter — 
Total payments on nonrecourse debt $ 7,268,722 
(1) Nonrecourse MSR financing liability is excluded from this balance, because 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.