Company: FOACW
Filing Date: 2025-11-13
Form Type: 10-Q
Source: 0001628280-25-052025
Chunk: 89

Company: Finance of America Companies Inc.
Filing Date: 2025-11-13
Form: 10-Q
Item: Item 1
Chunk 89
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    Related Party TransactionsPromissory NotesOn 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 in accordance with the terms of the Working Capital Promissory Notes. The Working Capital Promissory Notes had outstanding amounts of $85.0 million as of December 31, 2024, recorded within Notes payable in the Condensed Consolidated Statements of Financial Condition. Additionally, the Company paid $4.0 million and $8.5 million of interest related to the Working Capital Promissory Notes during the three and nine months ended September 30, 2025, respectively, and paid $2.0 million and $4.8 million of interest during the three and nine months ended September 30, 2024, respectively.Additionally, on August 4, 2025, FAR entered into the unsecured 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. The LFH Promissory Note did not have an outstanding balance as of September 30, 2025. The Company paid $0.3 million of interest related to the LFH Promissory Note during the three months ended September 30, 2025.Secured Notes and 2025 Unsecured NotesIn November 2020, LFH purchased a portion of the 2025 Unsecured Notes. In October 2024, the related party exchanged all of their 2025 Unsecured Notes for Secured Notes. The Company had $77.3 million of Secured Notes due to LFH as of both September 30, 2025 and December 31, 2024, recorded within Notes payable in the Condensed Consolidated Statements of Financial Condition. Additionally, the Company paid $3.4 million of interest to LFH related to the Secured Notes during the nine months ended September 30, 2025, and paid $3.0 million of interest related to the 2025 Unsecured Notes during the nine months ended September 30, 2024. There was no interest paid to LFH related to the Secured Notes or the 2025 Unsecured Notes