Company: FOACW
Filing Date: 2025-05-20
Form Type: 10-Q
Source: 0001828937-25-000033
Chunk: 134

Company: Finance of America Companies Inc.
Filing Date: 2025-05-20
Form: 10-Q
Item: Item 2
Chunk 134
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 the right to exchange all or any portion of their Exchangeable Secured Notes at their option, at any time prior to the close of business on the second scheduled trading day immediately preceding November 30, 2029. The Exchangeable Secured Notes will not be redeemable at FOAF’s option at any time, except in certain limited circumstances.

The Company was in compliance with all required covenants related to the Secured Notes as of March 31, 2025.

2025 Unsecured Notes

The 2025 Unsecured Notes bear interest at a rate of 7.875% per year, payable semi-annually in arrears on May 15 and November 15.

In November 2020, Libman Family Holdings, LLC, purchased a portion of the 2025 Unsecured Notes. In October 2024, the related party exchanged all of their 2025 Unsecured Notes for Secured Notes.

Working Capital Promissory Notes

The Company has two Revolving Working Capital Promissory Note Agreements (the “Working Capital Promissory Notes”) outstanding with BTO Urban Holdings L.L.C. and Libman Family Holdings, LLC, which are deemed affiliates of the Company. Amounts under the Working Capital Promissory Notes may be re-borrowed and repaid from time to time until the related maturity date. The Working Capital Promissory Notes accrue interest monthly at a rate of 15.0% per annum. On April 28, 2025, the Working Capital Promissory Notes were amended to extend the maturity date from May 25, 2025 to August 1, 2025. Refer to Note 19 - Subsequent Events in the Notes to Condensed Consolidated Financial Statements for additional information. 

Contractual Obligations and Commitments

The following table provides a summary of contractual obligations as of March 31, 2025 (in thousands): 

TotalLess than 1 year1 - 3 years3 - 5 yearsMore than 5 yearsContractual cash obligations:Nonrecourse debt$9,548,811 $2,567,083 $4,710,853 $874,476 $1,396,399 Warehouse lines of credit513,357 482,412 30,945 — — Other secured lines of credit495,537 37,036 69,231 — 389,270 Notes payable(1)434,955 137