Quarterly report pursuant to Section 13 or 15(d)

Subsequent Events

v3.24.3
Subsequent Events
 9 Months Ended
Sep. 30, 2024
Subsequent Events [Abstract]  
Subsequent Events
21. Subsequent Events
2025 Unsecured Notes Exchange
On October 31, 2024, FoA Equity, FOAF, and certain of their respective direct and indirect subsidiaries who act as guarantors completed an exchange with certain existing noteholders of FOAF’s 2025 Unsecured Notes. Existing noteholders, representing 97.892% of the aggregate principal amount outstanding of the 2025 Unsecured Notes, exchanged their respective 2025 Unsecured Notes in consideration for (i) the issuance of (a) $195,783,947 of FOAF’s new 7.875% Senior Secured Notes due 2026, with FOAF’s option to extend until 2027, (b) $146,793,000 of FOAF’s new 10.000% Exchangeable Senior Secured Notes due 2029, and (ii) cash consideration of $856,555. Further, such existing noteholders consented to an amendment of the indenture governing the 2025 Unsecured Notes which eliminated substantially all of the restrictive covenants, certain events of default, and certain other provisions contained in the 2025 Unsecured Notes.
Deferred equity related to AAG Transaction
Pursuant to the terms of the asset purchase agreement relating to the AAG Transaction, FoA Equity was required to issue certain Class A LLC Units to AAG/Bloom upon the satisfaction of certain control conditions which consisted of various regulatory approvals and consents. Such control conditions were satisfied on October 29, 2024 and on such date, FoA Equity issued 705,841 Class A LLC Units to AAG/Bloom in accordance with the terms of the asset purchase agreement relating to the AAG Transaction. Refer to Note 3 - Acquisitions for additional information.