Company: FOACW
Filing Date: 2025-11-13
Form Type: 10-Q
Source: 0001628280-25-052025
Chunk: 137

Company: Finance of America Companies Inc.
Filing Date: 2025-11-13
Form: 10-Q
Item: Item 1
Chunk 137
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 holder into shares of Class A Common Stock at $18.00 per share for the first year following the issuance date or $19.00 per share starting one year from the issuance date, in each case, subject to customary adjustments. If neither the Company nor the holder elects to convert the Convertible Notes into shares of Class A Common Stock, the $40 million will be payable on the maturity date. The Company has elected to account for the Convertible Notes at fair value under the fair value option.

Other Promissory Notes

On August 4, 2025, the Company’s two outstanding working capital promissory notes with BTO Urban Holdings L.L.C. and Libman Family Holdings, LLC (“LFH”), which are deemed affiliates of the Company, were repaid and terminated in full.

Additionally, on August 4, 2025, FAR entered into an unsecured revolving working capital promissory note with LFH (the “LFH Promissory Note”), which provides for an uncommitted revolving facility of up to $20.0 million. The LFH Promissory Note accrues interest monthly at a rate of 10% per annum and matures on August 4, 2026.

As of September 30, 2025, the Company was in compliance with all required covenants of our notes payable.

Refer to Note 10 - Notes Payable and Note 16 - Related Party Transactions in the Notes to Condensed Consolidated Financial Statements for additional information. 

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Contractual Obligations and Commitments

The following table provides a summary of contractual obligations as of September 30, 2025 (in thousands): 

TotalLess than 1 year1 - 3 years3 - 5 yearsMore than 5 yearsContractual cash obligations:Nonrecourse debt$10,467,868 $3,012,399 $2,984,842 $1,573,667 $2,896,960 Warehouse lines of credit335,651 286,622 49,029 — — Other secured lines of credit473,712 20,395 69,231 — 384,086 Notes payable(1)389,955 52,408 190,754 146,793 — Repurchase Agreement80,298 80,298 — — — Operating leases33,345 5,332 8,974 6,696 12,343 Total