Company: FOACW
Filing Date: 2025-03-14
Form Type: 10-K
Source: 0001828937-25-000009
Chunk: 106

Company: Finance of America Companies Inc.
Filing Date: 2025-03-14
Form: 10-K
Item: Item 8
Chunk 106
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 balance of the loans. Upon expiration, management believes it will either renew its existing facilities or obtain sufficient additional lines of credit.

143

Finance of America Companies Inc.Notes to Consolidated Financial Statements

The following summarizes the components of other financing lines of credit (in thousands):Outstanding borrowings atMaturity DateInterest RateCollateral PledgedTotal Capacity(1)December 31, 2024December 31, 2023Reverse Lines:April 2025 - October 2026Secured Overnight Financing Rate (“SOFR”) + applicable marginFirst and Second Lien Mortgages$1,080,000 $438,328 $432,918 Various(2)Bond accrual rate/SOFR + applicable marginMortgage Related Assets381,034 356,915 344,367 October 2027SOFR + applicable marginHECM MSR70,000 69,231 69,231 October 2025SOFR + applicable marginUnsecuritized Tails40,000 19,947 23,620 Subtotal reverse lines of credit1,571,034 884,421 870,136 Mortgage Lines:Various(2)Bond accrual rate + applicable marginMortgage Related Assets33,826 33,826 36,208 N/AN/AFirst Lien Mortgages— — 2,135 Subtotal mortgage lines of credit33,826 33,826 38,343 Commercial Lines:N/AN/AMortgage Related Assets— — 20,000 Total other financing lines of credit$1,604,860 $918,247 $928,479 (1)Capacity is dependent upon maintaining compliance with, or obtaining waivers of, the terms, conditions, and covenants of the respective agreements, including asset-eligibility requirements. Capacity amounts presented are as of December 31, 2024. The lines of credit with no capacity are terminated as of December 31, 2024.(2)These lines of credit are tied to the maturity date of the underlying mortgage related assets that have been pledged as collateral.As of December 31, 2024 and December 31, 2023, the weighted average interest rate on outstanding financing lines of credit of the Company was 7.14% and 6.90%, respectively.The Company’s financing arrangements and credit facilities contain various financial covenants, which primarily relate to required tangible net worth amounts,