Quarterly report pursuant to Section 13 or 15(d)

Nonrecourse Debt, at Fair Value

v3.23.3
Nonrecourse Debt, at Fair Value
 9 Months Ended
Sep. 30, 2023
Debt Disclosure [Abstract]  
Nonrecourse Debt At Fair Value
14. 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 September 30, 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  $ 723,315  $ 953,336 
Securitization of non-agency reverse loans May 2018 - August 2023 May 2050 - August 2073
1.25% - 4.50%
 9,083,888  7,336,875  6,598,145 
Securitization of Fix & Flip loans April 2021 May 2025
2.10% - 5.40%
 $ 268,511  155,892  268,511
Total consolidated VIE nonrecourse debt UPB 8,216,082  7,819,992 
Nonrecourse MSR financing liability, at fair value —  60,562 
Nonrecourse reverse loan financing liability(1)
334,658  — 
Nonrecourse commercial loan financing liability(2)
30,927  105,291 
Fair value adjustments (769,097) (642,668)
Total nonrecourse debt, at fair value $ 7,812,570  $ 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 September 30, 2023, 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 2023 $ 669,045 
2024 1,679,891 
2025 1,108,565 
2026 1,640,382 
2027 472,396 
Thereafter 3,011,388 
Total payments on nonrecourse debt $ 8,581,667