Company: FOACW
Filing Date: 2025-03-14
Form Type: 10-K
Source: 0001828937-25-000009
Chunk: 187

Company: Finance of America Companies Inc.
Filing Date: 2025-03-14
Form: 10-K
Item: Item 3
Chunk 187
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 have 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 December 31, 2024.  Refer to Note 17 - Notes Payable, Net, in the Notes to Consolidated Financial Statements for discussion of collateral for the Secured Notes and additional information.

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 and mature in May 2025.

90

Contractual Obligations and Commitments

The following table provides a summary of contractual obligations as of December 31, 2024 (in thousands): 

TotalLess than 1 year1- 3 years3 - 5 yearsMore than 5 yearsContractual cash obligations:Nonrecourse debt$9,363,919 $1,894,677 $5,185,863 $727,448 $1,555,931 Warehouse lines of credit438,328 417,435 20,893 — — Other secured lines of credit479,919 30,828 69,231 — 379,860 Notes payable(1)434,955 137,408 150,754 146,793 — Operating leases36,921 5