Company: FOACW
Filing Date: 2025-03-14
Form Type: 10-K
Source: 0001828937-25-000009
Chunk: 98

Company: Finance of America Companies Inc.
Filing Date: 2025-03-14
Form: 10-K
Item: Item 8
Chunk 98
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 the carrying value of $374.5 million and $410.9 million as of December 31, 2024 and December 31, 2023, respectively, and have a fair value of $467.9 million and $345.6 million 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 $185.6 million and $191.1 million 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. 

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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 CompositionThe table below summarizes the composition and the outstanding UPB of the reverse mortgage loan portfolio serviced by the Company (in thousands):December 31, 2024December 31, 2023Reverse mortgage loans held for investment, subject to HMBS related obligations$17,652,495 $16,875,437 Reverse mortgage loans held for investment, subject to nonrecourse debt:Non-agency reverse mortgages8,567,792 7,631,601 Performing HECM buyouts210,041 216,184 Nonperforming HECM buyouts408,614 409,965 Total reverse mortgage loans held for investment, subject to nonrecourse debt9,186,447 8,257,750 Reverse mortgage loans held for investment:Non-agency reverse mortgages270,956 241,424 HECM loans not securitized(1)101,100 101,820 Unpoolable HECM loans(2)131,671 215,333 Total reverse mortgage loans held for investment503,727 558,577 Total owned reverse mortgage portfolio