Company: FOACW
Filing Date: 2025-05-20
Form Type: 10-K/A
Source: 0001828937-25-000032
Chunk: 245

Company: Finance of America Companies Inc.
Filing Date: 2025-05-20
Form: 10-K/A
Chunk 245
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     |     |                10 | % |     |     |                 9 | % |
| California   |     |     |                 9 | % |     |     |                 9 | % |
| Florida      |     |     |                 7 | % |     |     |                 6 | % |
| Puerto Rico  |     |     |                 6 | % |     |     |                12 | % |
| Pennsylvania |     |     |                 5 | % |     |     |                 4 | % |
| Other        |     |     |                40 | % |     |     |                38 | % |
| Total        |     |     |               100 | % |     |     |               100 | % |

27. Related Party Transactions

Working Capital Promissory Notes

The Company has twoWorking 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 relate d maturity date. The Working Capital Promissory Notes accrue interest monthly at a rate of 15.0% per annum and mature in May 2025. These notes had outstanding amounts of $ 85.0million and $ 59.1million as of December 31, 2024 and December 31, 2023, respectively, recorded within Notes payable, net, in the Consolidated Statements of Financial Condition. Additionally, the Company paid $ 11.7million and $ 2.3million of interest related to the Working Capital Promissory Notes for the years ended December 31, 2024 and 2023, respectively.

Secured Notes and 2025 Unsecured Notes

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. The Company recognized a $ 12.7million gain on extinguishment for the notes exchanged with Libman Family Holdings, LLC, which is included in Gain on extinguishment of debt in the Consolidated Statements of Operations.

The Company had $ 77.3million of Secured Notes and 2025 Unsecured Notes due to Libman Family Holdings, LLC, as of both December