Annual report pursuant to Section 13 and 15(d)

Subsequent Events

v3.24.0.1
Subsequent Events
 12 Months Ended
Dec. 31, 2023
Subsequent Events [Abstract]  
Subsequent Events
34. Subsequent Events
The Company has evaluated subsequent events from the date of the consolidated financial statements of December 31, 2023 through March 15, 2024, the date these consolidated financial statements were issued. No events or transactions were identified that would have an impact on the financial position as of December 31, 2023 or results of operations of the Company for the year ended December 31, 2023, except as follows:
Promissory Notes
On January 30, 2024, FoA Equity and a wholly-owned subsidiary of FoA Equity entered into an omnibus amendment (the “Amendment”) to its Revolving Working Capital Promissory Notes dated June 14, 2019 (as amended from time to time, the “Original Promissory Notes”) with certain funds affiliated with Blackstone Inc. and an entity controlled by Brian L. Libman. The Amendment to the Original Promissory Notes, among other things, increases the aggregate commitments for revolving borrowings under the Original Promissory Notes from $60.0 million to $85.0 million and extends their maturity date from November 30, 2024 to May 25, 2025 (the Original Promissory Notes as amended by the Amendment, the “Amended Promissory Notes”). The Amended Promissory Notes continue to bear interest at a rate per annum equal to 10.0% increasing to 15.0% per annum, effective May 15, 2024.
In addition, the Amended Promissory Notes have the benefit of a new guarantee and security agreement and include certain restrictive covenants and mandatory prepayment events.