Quarterly report pursuant to Section 13 or 15(d)

Nonrecourse Debt, at Fair Value

v3.23.1
Nonrecourse Debt, at Fair Value
 3 Months Ended
Mar. 31, 2023
Debt Disclosure [Abstract]  
Nonrecourse Debt At Fair Value
16. 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, 2023 December 31, 2022
Securitization of performing / nonperforming HECM loans July 2020 - August 2022 July 2030 - August 2032
2.69% - 9.32%
 $ 1,679,106  $ 924,776  $ 953,336 
Securitization of non-agency reverse loans May 2018 -February 2023 March 2050 - November 2069
1.25% - 4.50%
 8,799,462  6,945,852  6,598,145 
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 8,139,139  7,819,992 
Nonrecourse MSR financing liability, at fair value 988  60,562 
Nonrecourse reverse loan financing liability(1)
321,708  — 
Nonrecourse commercial loan financing liability(2)
74,604  105,291 
Fair value adjustments (503,887) (642,668)
Total nonrecourse debt, at fair value $ 8,032,552  $ 7,343,177 
(1)Nonrecourse reverse loan financing liability is comprised of the balance of the nonrecourse debt for the applicable period associated with a non-agency securitization. As the 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 5 - Variable Interest Entities and Securitizations 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 5 - 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, 2023, estimated maturities for nonrecourse debt for the next five years and thereafter are as follows (in thousands):
Year Ending December 31, Estimated Maturities
2023 $ 1,717,377 
2024 2,814,270 
2025 1,026,598 
2026 590,687 
2027 2,386,519 
Thereafter — 
Nonrecourse MSR financing liability(1)
988 
Total payments on nonrecourse debt $ 8,536,439 
(1) Nonrecourse MSR financing liability is listed separately as the timing of the payments of the nonrecourse MSR financing liability is dependent on the payments received on the underlying MSR, and no contractual maturity date is applicable.