Annual report pursuant to Section 13 and 15(d)

Payables and Other Liabilities

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Payables and Other Liabilities
 12 Months Ended
Dec. 31, 2023
Payables and Accruals [Abstract]  
Payables and Other Liabilities
17. Payables and Other Liabilities
Payables and other liabilities related to continuing operations consisted of the following (in thousands). Refer to Note 2 - Summary of Significant Accounting Policies for additional information on our accounting policies related to certain of these liabilities.
December 31, 2023 December 31, 2022
Accrued and other liabilities $ 93,318  $ 57,574 
Ginnie Mae reverse mortgage buyout payable 67,991  41,768 
Lease liabilities (Note 18 - Leases)
 31,250  34,391 
Accrued compensation expense 13,080  19,333 
Deferred purchase price liabilities(1)
12,780  3,918 
Warrant liability (Note 6 - Fair Value)
 1,150  1,117 
Liability for loans eligible for repurchase from Ginnie Mae —  15,631 
Total payables and other liabilities $ 219,569  $ 173,732 
(1) As of December 31, 2023, the Company had deferred purchase price liabilities of $8.1 million related to the closing of the AAG Transaction. Refer to Note 3 - Acquisitions for additional detail.

Warrants
As of both December 31, 2023 and December 31, 2022, there were 14,375,000 public warrants (the “Warrants”) outstanding. Each Warrant is now exercisable for a share of FoA Class A Common Stock.
The Warrants will expire April 1, 2026. The Company may call the Warrants for redemption:
•in whole and not in part;
•at a price of $0.01 per warrant;
•upon a minimum of 30 days prior written notice of redemption;
•if, and only if, the last reported closing price of the Class A Common Stock equals or exceeds $18.00 per share for any 20 trading days within a 30-trading day period ending on the third trading day prior to the date on which the Company sends the notice of redemption to the warrant holders.
Each Warrant entitles the holder to purchase one ordinary share at a price of $11.50 per share, subject to adjustment for reorganization and/or an extraordinary dividends event, as described in the warrant agreement.
If the Company calls the Warrants for redemption, management will have the option to require all holders that wish to exercise the Warrants to do so on a “cashless basis,” as described in the warrant agreement.
The Company has determined that the Warrants are subject to treatment as a liability. As of December 31, 2023 and December 31, 2022, the Warrants had a fair value of $1.2 million and $1.1 million, respectively. These liability-classified Warrants are anti-dilutive and thus have no impact on diluted EPS.