| Nonrecourse Debt, at Fair Value |
18.
Nonrecourse Debt, at Fair Value Nonrecourse debt, at fair value, consisted of the following (in thousands):
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Issue Date |
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Final
Maturity
Date
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Interest
Rate |
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Original
Issue
Amount |
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December 31, 2021 |
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December 31, 2020 |
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Successor |
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Predecessor |
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| Securitization of nonperforming HECM loans |
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February 2020 - February 2021 |
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February 2030 - February 2031 |
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0.88% -
9.00% |
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$ |
1,539,531 |
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$ |
775,030 |
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| Securitization of non-agency reverse loans |
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May 2018 - December 2021 |
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April 2023 - November
2069 |
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1.25% -
4.50% |
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6,150,643 |
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4,037,184 |
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| Securitization of Fix & Flip loans |
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September
2018 - April 2021 |
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May 2022
- May 2025 |
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2.10% -
8.00% |
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1,002,424 |
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342,793 |
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Total consolidated VIE nonrecourse debt UPB |
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5,155,007 |
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Nonrecourse MSR financing liability, at fair value |
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14,088 |
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Nonrecourse Commercial loan financing liability (1)
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— |
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Fair value adjustments |
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102,747 |
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Total nonrecourse debt, at fair value |
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$ |
5,271,842 |
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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 |
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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 December 31, 2021, estimated maturities for nonrecourse debt, at fair value, for the next five years and thereafter are as follows (in thousands):
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| 2022 |
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$ |
2,027,877 |
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| 2023 |
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1,983,871 |
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| 2024 |
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1,917,680 |
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| Thereafter |
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— |
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| Total payments on nonrecourse debt |
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$ |
5,929,428 |
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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 mortgage servicing rights and no contractual maturity date is applicable. |
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