Quarterly report pursuant to Section 13 or 15(d)

Nonrecourse Debt, at Fair Value

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Nonrecourse Debt, at Fair Value
 3 Months Ended
Mar. 31, 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 March 31, 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  $ 623,988  $ 672,911 
Securitization of non-agency reverse loans May 2018 - February 2024 May 2050 - February 2074
1.25% - 4.50%
 9,192,451  7,430,291  7,331,305 
Securitization of commercial loans April 2021 May 2025
2.10% - 5.40%
 $ 268,511  48,051  83,237
Total consolidated VIE nonrecourse debt UPB 8,102,330  8,087,453 
Nonrecourse reverse loan financing liability(1)
345,287  341,682 
Nonrecourse commercial loan financing liability(2)
22,295  26,661 
Fair value adjustments (572,016) (551,596)
Total nonrecourse debt, at fair value $ 7,897,896  $ 7,904,200 
(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 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 March 31, 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 $ 1,277,278 
2025 1,539,192 
2026 2,825,222 
2027 304,009 
2028 298,924 
Thereafter 2,225,287 
Total payments on nonrecourse debt $ 8,469,912