Company: FOACW
Filing Date: 2025-03-14
Form Type: 10-K
Source: 0001828937-25-000009
Chunk: 39

Company: Finance of America Companies Inc.
Filing Date: 2025-03-14
Form: 10-K
Item: Item 7
Chunk 39
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15.

In November 2020, Libman Family Holdings, LLC, purchased a portion of the 2025 Unsecured Notes. In October 2024, the related party exchanged all of their 2025 Unsecured Notes for Secured Notes.

Working Capital Promissory Notes

The Company has two Revolving Working Capital Promissory Note Agreements (the “Working Capital Promissory Notes”) outstanding with BTO Urban Holdings L.L.C. and Libman Family Holdings, LLC, which are deemed affiliates of the Company. Amounts under the Working Capital Promissory Notes may be re-borrowed and repaid from time to time until the related maturity date. The Working Capital Promissory Notes accrue interest monthly at a rate of 15.0% per annum and mature in May 2025.

90

Contractual Obligations and Commitments

The following table provides a summary of contractual obligations as of December 31, 2024 (in thousands): 

TotalLess than 1 year1- 3 years3 - 5 yearsMore than 5 yearsContractual cash obligations:Nonrecourse debt$9,363,919 $1,894,677 $5,185,863 $727,448 $1,555,931 Warehouse lines of credit438,328 417,435 20,893 — — Other secured lines of credit479,919 30,828 69,231 — 379,860 Notes payable(1)434,955 137,408 150,754 146,793 — Operating leases36,921 5,312 9,963 6,783 14,863 Total$10,754,042 $2,485,660 $5,436,704 $881,024 $1,950,654 

(1) Amounts exclude the unamortized debt discount and issuance costs.   

In addition to the above contractual obligations, we have also been involved with several securitizations of HECM loans, which were structured as secured borrowings. These structures resulted in us carrying the securitized loans in the Consolidated Statements of Financial Condition and recognizing the asset-backed certificates acquired by third parties as HMBS related obligations. The timing of the principal payments on this nonrecourse debt is dependent on the payments received on the underlying mortgage loans and liquidation of real estate owned properties. The outstanding principal balance of loans held