Quarterly report pursuant to Section 13 or 15(d)

Nonrecourse Debt, at Fair Value

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Nonrecourse Debt, at Fair Value
6 Months Ended
Jun. 30, 2024
Debt Disclosure [Abstract]  
Nonrecourse Debt At Fair Value
10. 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 June 30, 2024 December 31, 2023
Securitization of performing/nonperforming HECM loans February 2022 - August 2022 February 2032 - August 2032
2.69% - 9.32%
$ 1,084,935  $ 581,266  $ 672,911 
Securitization of non-agency reverse loans May 2018 - April 2024 May 2050 - April 2074
1.25% - 4.50%
9,427,228  7,583,326  7,331,305 
Securitization of commercial loans(1)
May 2024 May 2026
9.49%
$ 39,016  35,356  83,237
Total consolidated VIE nonrecourse debt UPB 8,199,948  8,087,453 
Nonrecourse reverse loan financing liability(2)
353,102  341,682 
Nonrecourse commercial loan financing liability(3)
19,527  26,661 
Fair value adjustments (521,869) (551,596)
Total nonrecourse debt, at fair value $ 8,050,708  $ 7,904,200 
(1) In May 2024, the Company redeemed outstanding securitized notes related to commercial mortgage loans held at December 31, 2023. The Company also issued a new securitization related to commercial mortgage loans. Refer to Note 5 - Variable Interest Entities and Securitizations for additional information.
(2) 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.
(3) Nonrecourse commercial loan financing liability is comprised of the balance of the nonrecourse debt for the applicable period associated with a commercial mortgage 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.
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 June 30, 2024, estimated maturities for nonrecourse debt for the next five years and thereafter are as follows (in thousands):
Year Ending December 31, Estimated Maturities
Remainder of 2024 $ 1,245,864 
2025 1,354,165 
2026 2,891,740 
2027 1,055,379 
2028 242,224 
Thereafter 1,783,205 
Total payments on nonrecourse debt $ 8,572,577