Quarterly report pursuant to Section 13 or 15(d)

Nonrecourse Debt, at Fair Value (Tables)

v3.22.2
Nonrecourse Debt, at Fair Value (Tables)
6 Months Ended
Jun. 30, 2022
Debt Instruments [Abstract]  
Summary of 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
    
June 30, 2022
   
December 31,

2021
 
Securitization of performing / nonperforming HECM loans
   July 2020 -
February
2022
   July 2030 -
February
2032
     0.88% -
9.32%  
 
 
   $ 1,805,528     
$
929,541
 
  $ 922,970  
Securitization of
non-agency
reverse loans
   May 2018 -
February
2022
   May 2023 -
November
2069
     1.25% -
4.50%  
 
 
     7,205,543     
 
5,575,261
 
    4,630,203  
Securitization of Fix & Flip loans
   April 2021    November
2024 - May
2025
     2.10% -
5.40%  
 
 
   $ 268,511     
 
268,511
 
    268,511  
                                
 
 
   
 
 
 
Total consolidated VIE nonrecourse debt UPB
 
  
 
6,773,313
 
    5,821,684  
Nonrecourse MSR financing liability, at fair value
 
  
 
142,382
 
    142,435  
Nonrecourse commercial loan financing liability
(1)
 
  
 
158,659
 
    107,744  
Fair value adjustments
 
  
 
(322,270
    39,379  
      
 
 
   
 
 
 
Total nonrecourse debt, at fair value
 
  
$
6,752,084
 
 
$
6,111,242
 
      
 
 
   
 
 
 
 
(1)
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.
Summary Of Estimated Maturities For Nonrecourse Debt Fair Value As of June 30, 2022, estimated maturities for nonrecourse debt, at fair value, for the next five years and thereafter are as follows (in thousands):
 
Year Ending December 31,
  
Estimated

Maturities
(1)
 
2022
  
$
851,396
 
2023
  
 
2,925,814
 
2024
  
 
2,440,206
 
2025
  
 
714,556
 
Thereafter
  
 
—  
 
    
 
 
 
Total payments on nonrecourse debt
  
$
6,931,972
 
    
 
 
 
 
(1)
 
Nonrecourse MSR financing liability is excluded from this balance, because the timing of the payments of the nonrecourse MSR financing liability is dependent on the payments received on the underlying MSRs, and no contractual maturity date is applicable.