Company: FOACW
Filing Date: 2025-05-20
Form Type: 10-Q
Source: 0001828937-25-000033
Chunk: 28

Company: Finance of America Companies Inc.
Filing Date: 2025-05-20
Form: 10-Q
Item: Item 1
Chunk 28
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159 

27

Finance of America Companies Inc.Notes to Condensed Consolidated Financial Statements (Unaudited)

December 31, 2024Estimated Fair ValueUnpaid Principal BalanceAssets at fair value under the fair value optionLoans held for investment, subject to HMBS related obligations$18,669,962 $17,652,495 Loans held for investment, subject to nonrecourse debt:Reverse mortgage loans9,268,866 9,186,447 Commercial mortgage loans19,537 32,250 Loans held for investment520,103 503,949 Other assets:Loans held for sale - residential mortgage loans3,454 4,331 Liabilities at fair value under the fair value optionHMBS related obligations18,444,370 17,652,495 Nonrecourse debt:Nonrecourse debt in consolidated VIE trusts and reverse loan financing liability8,950,445 9,351,132 Nonrecourse commercial loan financing liability3,623 12,787 Fair Value of Other Financial InstrumentsAs of March 31, 2025 and December 31, 2024, all financial instruments were either recorded at fair value or the carrying value approximated fair value with the exception of notes payable, net. Notes payable, net, includes our senior unsecured notes due 2025 (the “2025 Unsecured Notes”), senior secured notes due 2026 (the “Senior Secured Notes”), exchangeable senior secured notes due 2029 (the “Exchangeable Secured Notes”) (the Senior Secured Notes and the Exchangeable Secured Notes collectively, the “Secured Notes”), and the revolving working capital promissory note agreements (the “Working Capital Promissory Notes”), recorded at the carrying value of $379.2 million and $374.5 million as of March 31, 2025 and December 31, 2024, respectively, and which have a fair value of $448.6 million and $467.9 million as of March 31, 2025 and December 31, 2024, respectively. The Senior Secured Notes have a fair value of $185.4 million and $185.6 million as of March 31, 2025 and December 31, 2024, respectively, and the Exchangeable Secured Notes have a fair value of $171.9 million and $191.1 million