Annual report pursuant to Section 13 and 15(d)

Nonrecourse Debt, at Fair Value

v3.22.4
Nonrecourse Debt, at Fair Value
 12 Months Ended
Dec. 31, 2022
Debt Disclosure [Abstract]  
Nonrecourse Debt At Fair Value
17. 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 December 31, 2022 December 31, 2021
Securitization of performing / nonperforming HECM loans July 2020 - August 2022 July 2030 - August 2032
0.88% - 9.32%
 $ 2,250,554  $ 953,336  $ 922,970 
Securitization of non-agency reverse loans May 2018 - December 2022 March 2050 - November 2069
1.75% - 4.50%
 8,363,562  6,598,145  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 7,819,992  5,821,684 
Nonrecourse MSR financing liability, at fair value(1)
60,562  142,435 
Nonrecourse commercial loan financing liability(2)
105,291  107,744 
Fair value adjustments (642,668) 39,379 
Total nonrecourse debt, at fair value $ 7,343,177  $ 6,111,242 
(1) As of December 31, 2021, the financing liability is due to a related-party. Refer to Note 34 - Related-Party Transactions for additional information regarding the financing liability due to a related-party.
(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 December 31, 2022, estimated maturities for nonrecourse debt for the next five years and thereafter are as follows (in thousands):

Year Ending December 31, Estimated Maturities
2023 $ 1,685,944 
2024 2,248,967 
2025 884,036 
2026 359,841 
2027 2,746,495 
Thereafter — 
Nonrecourse MSR financing liability(1)
60,562 
Total payments on nonrecourse debt $ 7,985,845 
(1) Nonrecourse MSR financing liability is excluded from this estimated maturities table, because 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.