Annual report pursuant to Section 13 and 15(d)

Nonrecourse Debt, at Fair Value

v3.24.0.1
Nonrecourse Debt, at Fair Value
 12 Months Ended
Dec. 31, 2023
Debt Disclosure [Abstract]  
Nonrecourse Debt At Fair Value
15. 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, 2023 December 31, 2022
Securitization of performing/nonperforming HECM loans February 2022 - August 2022 February 2032 - August 2032
2.69% - 9.32%
 $ 1,084,935  $ 672,911  $ 953,336 
Securitization of non-agency reverse loans May 2018 - December 2023 May 2050 - August 2073
1.25% - 4.50%
 9,114,051  7,331,305  6,598,145 
Securitization of commercial loans April 2021 May 2025
2.10% - 5.40%
 $ 268,511  83,237  268,511
Total consolidated VIE nonrecourse debt UPB 8,087,453  7,819,992 
Nonrecourse MSR financing liability, at fair value —  60,562 
Nonrecourse reverse loan financing liability(1)
341,682  — 
Nonrecourse commercial loan financing liability(2)
26,661  105,291 
Fair value adjustments (551,596) (642,668)
Total nonrecourse debt, at fair value $ 7,904,200  $ 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 December 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
2024 $ 1,791,249 
2025 1,703,967 
2026 2,715,438 
2027 251,079 
2028 246,166 
Thereafter 1,747,897 
Total payments on nonrecourse debt $ 8,455,796