Company: FOACW
Filing Date: 2025-03-14
Form Type: 10-K
Source: 0001828937-25-000009
Chunk: 109

Company: Finance of America Companies Inc.
Filing Date: 2025-03-14
Form: 10-K
Item: Item 8
Chunk 109
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 and short-term lease cost6,255 7,384 Variable lease cost649 694 Sublease income(2,150)(546)Net lease cost$4,754 $7,532 The table below summarizes other information related to the Company’s operating leases in continuing operations (in thousands):For the year ended December 31, 2024For the year ended December 31, 2023Cash paid for amounts included in the measurement of lease liabilities:Operating cash flows from operating leases$5,796 $6,297 Leased assets obtained in exchange for new operating lease liabilities1,322 388 The following table presents a maturity analysis of operating leases and a reconciliation of the undiscounted cash flows to lease liabilities as of December 31, 2024 (in thousands):Year Ending December 31,Amount2025$5,312 20265,149 20274,814 20283,505 20293,278 Thereafter14,863 Total undiscounted lease payments36,921 Less: Amounts representing interest(8,447)Total lease liabilities$28,474 

146

Finance of America Companies Inc.Notes to Consolidated Financial Statements

17.    Notes Payable, NetSenior Notes ExchangeOn November 5, 2020, FOAF issued $350 million aggregate principal amount of senior unsecured notes due November 15, 2025 (the “2025 Unsecured Notes”). On October 31, 2024 (the “Issue Date”), FOAF completed an exchange with certain existing noteholders of the 2025 Unsecured Notes. Existing noteholders, representing 97.892% of the aggregate principal amount outstanding of the 2025 Unsecured Notes, exchanged their respective 2025 Unsecured Notes in consideration for (i) the issuance of (a) $195,783,947 of FOAF’s new 7.875% Senior Secured Notes due November 30, 2026 (the “Senior Secured Notes”), with FOAF’s option to extend until November 30, 2027, (b) $146,793,000 of FOAF’s new 10.000% Exchangeable Senior Secured Notes due November 30, 2029 (the “Exchangeable Secured Notes”) (collectively, the “Secured Notes”), and (ii) cash consideration of $856,555. We concluded that the exchanged 2025 Unsecured Notes and Sec