Company: FOACW
Filing Date: 2025-05-20
Form Type: 10-K/A
Source: 0001828937-25-000032
Chunk: 205

Company: Finance of America Companies Inc.
Filing Date: 2025-05-20
Form: 10-K/A
Chunk 205
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     |                          |      9,247 |
| Liabilities at fair value under the fair value option                            |     |                      |            |     |                          |            |
| HMBS related obligations                                                         |     |                      | 17,353,720 |     |                          | 16,875,437 |
| Nonrecourse debt:                                                                |     |                      |            |     |                          |            |
| Nonrecourse debt in consolidated VIE trusts and reverse loan financing liability |     |                      |  7,876,932 |     |                          |  8,429,135 |
| Nonrecourse commercial loan financing liability                                  |     |                      |     27,268 |     |                          |     26,661 |

Fair Value of Other Financial Instruments

As of December 31, 2024 and December 31, 2023, 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 notes and working capital promissory notes, recorded at the carrying value of $ 374.5million and $ 410.9million as of December 31, 2024 and December 31, 2023, respectively, and have a fair value of $ 467.9million and $ 345.6million as of December 31, 2024 and December 31, 2023, respectively. The senior secured notes and the exchangeable senior secured notes have a fair value of $ 185.6million and $ 191.1million as of December 31, 2024, respectively. The fair value for notes payable, net, was determined using quoted market prices adjusted for accrued interest, which is considered to be a Level 2 input. Refer to Note 17 - Notes Payable, Net, for additional information.

#### 140
| Finance of America Companies Inc.          
 Notes to Consolidated Financial Statements |

For other financial instruments that were not recorded at fair value, such as cash and cash equivalents including restricted cash, promissory notes receivable, and other financing lines of credit, the carrying value approximates fair value due to the short-term nature of such instruments. The fair value of assets and liabilities whose carrying value approximates fair value is determined using Level 3 inputs, with the exception of cash and cash equivalents, including restricted cash, which are Level 1 inputs.

7. Reverse Mortgage Portfolio Composition

The table below