Quarterly report pursuant to Section 13 or 15(d)

Other Financing Lines of Credit (Tables)

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Other Financing Lines of Credit (Tables)
 6 Months Ended
Jun. 30, 2024
Debt Disclosure [Abstract]  
Summary of components of other financing lines of credit
The following summarizes the components of other financing lines of credit (in thousands):
Outstanding borrowings at
Maturity Date Interest Rate Collateral Pledged
Total Capacity(1)
June 30, 2024 December 31, 2023
Reverse Lines:
July 2024(2) - October 2026
Secured Overnight Financing Rate (“SOFR”) + applicable margin First Lien Mortgages $ 1,018,000  $ 567,539  $ 432,918 
Various(3)
Bond accrual rate/SOFR + applicable margin Mortgage Related Assets 392,670  375,524  344,367 
October 2027 SOFR + applicable margin HECM MSR 70,000  69,231  69,231 
October 2024 SOFR + applicable margin Unsecuritized Tails 40,000  25,778  23,620 
Subtotal reverse lines of credit $ 1,520,670  $ 1,038,072  $ 870,136 
Mortgage Lines:
October 2024 SOFR + applicable margin First Lien Mortgages $ 2,000  $ 678  $ 2,135 
Various(3)
Bond accrual rate + applicable margin Mortgage Related Assets 35,094  35,094  36,208 
Subtotal mortgage lines of credit $ 37,094  $ 35,772  $ 38,343 
Commercial Lines:
N/A N/A Mortgage Related Assets $ —  $ —  $ 20,000 
Total other financing lines of credit $ 1,557,764  $ 1,073,844  $ 928,479 
(1)Capacity is dependent upon maintaining compliance with, or obtaining waivers of, the terms, conditions, and covenants of the respective agreements, including asset-eligibility requirements. Capacity amounts presented are as of June 30, 2024. The lines of credit with no capacity are terminated as of June 30, 2024.
(2)The other financing line of credit with a maturity date in July 2024 has been paid off subsequent to June 30, 2024.
(3)These lines of credit are tied to the maturity date of the underlying mortgage related assets that have been pledged as collateral.
Summary of maximum allowable distributions available to the Company based on the most restrictive of such financial covenant ratios
As of June 30, 2024, the maximum allowable distributions available to the Company based on the most restrictive of such financial covenant ratios is presented in the table below (in thousands, except for ratios):
Financial Covenants  Requirement June 30, 2024
Maximum Allowable Distribution(1)
FAR
Adjusted Tangible Net Worth $ 250,000  $ 483,758  $ 233,758 
Liquidity 40,000  43,793  3,793 
Leverage Ratio
6:1
3.1:1
 237,262 
FAH
Adjusted Tangible Net Worth $ 200,000  $ 459,959  $ 259,959 
Liquidity 40,000  46,390  6,390 
Leverage Ratio
10:1
3.6:1
 292,511 
(1) The Maximum Allowable Distribution for any of the originations subsidiaries is the lowest of the amounts shown for the particular originations subsidiary.

As of December 31, 2023, the maximum allowable distributions available to the Company based on the most restrictive of such financial covenant ratios is presented in the table below (in thousands, except for ratios):
Financial Covenants  Requirement December 31, 2023
Maximum Allowable Distribution(1)
FAM
Adjusted Tangible Net Worth $ 10,000  $ 15,264  $ 5,264 
Liquidity 1,000  2,254  1,254 
FAR
Adjusted Tangible Net Worth $ 250,000  $ 447,571  $ 197,571 
Liquidity 40,000  41,656  1,656 
Leverage Ratio
6:1
3.0:1
 223,460 
FAH
Adjusted Tangible Net Worth $ 220,000  $ 446,321  $ 226,321 
Liquidity 40,000  45,282  5,282 
Leverage Ratio
10:1
3.3:1
 297,445 
(1) The Maximum Allowable Distribution for any of the originations subsidiaries is the lowest of the amounts shown for the particular originations subsidiary.