Company: FOACW
Filing Date: 2025-03-14
Form Type: 10-K
Source: 0001828937-25-000009
Chunk: 115

Company: Finance of America Companies Inc.
Filing Date: 2025-03-14
Form: 10-K
Item: Item 8
Chunk 115
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 in the Senior Secured Notes section above. (2) In conjunction with a previous business combination, the Company was required to adjust the liabilities assumed to fair value, resulting in a premium on the 2025 Unsecured Notes and the elimination of the previously recognized debt issuance costs.  (3) In conjunction with the exchange of the 2025 Unsecured Notes and Secured Notes, the Company initially recorded the Secured Notes at fair value, which resulted in a debt discount of $56.2 million. As of December 31, 2024, the Senior Secured Notes and Exchangeable Secured Notes, respectively, had $39.7 million and $20.7 million of unamortized debt discount and issuance costs.    

149

Finance of America Companies Inc.Notes to Consolidated Financial Statements

Non-funding interest expense consisted of the following (in thousands): For the year ended December 31, 2024For the year ended December 31, 2023Senior secured notesContractually stated$2,543 $— Amortization of debt discount and issuance costs2,360 — Total senior secured notes4,903 — Exchangeable secured notesContractually stated2,231 — Amortization of debt discount and issuance costs639 — Total exchangeable secured notes2,870 — Unsecured notes22,319 26,731 Working capital notes11,319 4,158 Non-funding interest expense$41,411 $30,889 As of December 31, 2024, the effective interest rate for our Senior Secured Notes and Exchangeable Secured Notes was 19.1% and 13.7%, respectively, which includes amortization of debt discount and issuance costs. As of December 31, 2024, the maturities of notes payable are as follows (in thousands):Year Ending December 31,Amount2025$137,4082026150,754(1)2027—2028—2029146,793Less unamortized debt discount and issuance costs(60,444)Total notes payable, net$374,511

(1) At the election of the Company, the maturity date may be extended to November 2027 as discussed in the Senior Secured Notes section above. 

18.    Litigation The Company’s business is subject to legal proceedings, examinations, investigations, and reviews by various federal, state, and local regulatory and enforcement agencies