Company: FOACW
Filing Date: 2025-03-14
Form Type: 10-K
Source: 0001828937-25-000009
Chunk: 255

Company: Finance of America Companies Inc.
Filing Date: 2025-03-14
Form: 10-K
Item: Item 3
Chunk 255
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2029202,745 Thereafter1,555,931 Total payments on nonrecourse debt$9,363,919 

14.    Other Financing Lines of CreditThese facilities are generally structured as master repurchase agreements under which ownership of the related eligible loans is temporarily transferred to a lender, as participation arrangements pursuant to which the lender acquires a participation interest in the related eligible loans, or as loan and security agreements under which eligible loans are pledged to the lender as collateral. The funds advanced to us are generally repaid using the proceeds from the sale or securitization of the loans to, or pursuant to, programs sponsored by Ginnie Mae or private secondary market investors, although prior payment may be required based on, among other things, certain breaches of representations and warranties or other events of default.When we draw on these facilities, we generally must transfer and/or pledge eligible loans to the lender and comply with various financial and other covenants. Under the facilities, loans are generally transferred and/or pledged at an advance rate less than the principal balance of the loans, which serves as the primary credit enhancement for the lender. Since the advances to us are generally for less than 100% of the principal balance of the loans, we are required to use working capital to fund the remaining portion of the principal balance of the loans. The amount of the advance that is provided under the various facilities typically ranges from 50% to 100% of the principal balance of the loans. Upon expiration, management believes it will either renew its existing facilities or obtain sufficient additional lines of credit.

143

Finance of America Companies Inc.Notes to Consolidated Financial Statements

The following summarizes the components of other financing lines of credit (in thousands):Outstanding borrowings atMaturity DateInterest RateCollateral PledgedTotal Capacity(1)December 31, 2024December 31, 2023Reverse Lines:April 2025 - October 2026Secured Overnight Financing Rate (“SOFR”) + applicable marginFirst and Second Lien Mortgages$1,080,000 $438,328 $432,918 Various(2)Bond accrual rate/SOFR + applicable marginMortgage Related Assets381,034 356,915 344,367 October 2027SOFR + applicable marginHECM MSR70,000 69,231 69,231 October 2025SOFR + applicable marginUnsecuritized Tails40,000 19,947 23,620