Related Party Transactions |
6 Months Ended |
|---|---|
Jun. 30, 2026 | |
| Related Party Transactions [Abstract] | |
| Related Party Transactions | 15. Related Party Transactions Promissory Notes On August 4, 2025, FAR entered into an unsecured working capital promissory note with Libman Family Holdings, LLC (the “LFH Promissory Note”), an affiliate of the Company, which provides for an uncommitted revolving facility of up to $20.0 million. The LFH Promissory Note accrues interest at a rate of 10% per annum and matures on August 4, 2026. The LFH Promissory Note had an outstanding amount of $20.0 million as of both June 30, 2026 and December 31, 2025, recorded in Notes payable in the Condensed Consolidated Statements of Financial Condition. The Company paid $0.4 million and $0.9 million of interest related to the LFH Promissory Note during the three and six months ended June 30, 2026, respectively. The LFH Promissory Note was amended and restated subsequent to June 30, 2026 to extend its maturity date to August 4, 2027. Refer to Note 17 - Subsequent Events for additional information. Additionally, on August 4, 2025, the Company repaid and terminated its two outstanding working capital promissory notes with Libman Family Holdings, LLC (“LFH”) and BTO Urban Holdings L.L.C., which was an affiliate of the Company. For the three and six months ended June 30, 2025, the Company paid $2.1 million and $4.5 million, respectively, of interest related to these promissory notes. Secured Notes The Company had $67.1 million of secured notes payable to LFH as of both June 30, 2026 and December 31, 2025, recorded in Notes payable in the Condensed Consolidated Statements of Financial Condition. The Company paid $3.2 million of interest to LFH related to the secured notes during the three and six months ended June 30, 2026, compared to $3.4 million during the three and six months ended June 30, 2025. Repurchase Agreement On August 4, 2025, the Company entered into a repurchase agreement (the “Repurchase Agreement”) with FOA Equity, Blackstone Tactical Opportunities Associates - NQ L.L.C., BTO Urban Holdings L.L.C., Blackstone Family Tactical Opportunities Investment Partnership - NQ ESC L.P., and BTO Urban Holdings II L.P. (collectively, the “Blackstone Investor”), which were deemed affiliates of the Company. Pursuant to the Repurchase Agreement, the Company agreed to purchase (the “Repurchase”) all of the Blackstone Investor’s shares of Class A Common Stock of the Company, Class B Common Stock of the Company (the “Class B Common Stock”), Class A LLC Units, and rights to receive shares of Class A Common Stock and Class A LLC Units pursuant to the Transaction Agreement, dated as of October 12, 2020 (the “Earnout Rights” and, together with such shares of Class A Common Stock, shares of Class B Common Stock, and Class A LLC Units, the “Sold Equity”), and the Tax Receivable Agreement, dated April 1, 2021 (the “Blackstone Tax Receivable Agreement”), between the Company and the Blackstone Investor was to be terminated. Each share of Class A Common Stock and each Class A LLC Unit was to be purchased for $10.00 per share or Class A LLC Unit, and the shares of Class B Common Stock and Earnout Rights were to be purchased for no additional consideration, for total consideration of $80,298,170. On November 13, 2025, the Company entered into an amended and restated version of the Repurchase Agreement with FOA Equity and the Blackstone Investor (the “Amended and Restated Repurchase Agreement”). Pursuant to the Amended and Restated Repurchase Agreement, the Repurchase was completed in two closings on December 4, 2025 and February 27, 2026, with the price for the Class A Common Stock and Class A LLC Units purchased at the second closing increased by a fixed rate per annum equal to 15.00% accruing monthly from the date of the first closing. The Company repurchased the Sold Equity from the Blackstone Investor for total consideration of $81.7 million, reflecting the contractual increase in consideration applicable to the second closing. In connection with the closings, the repurchased Class A Common Stock and Class B Common Stock were retired, the Blackstone Tax Receivable Agreement was terminated, and the Blackstone Investor was no longer a related party of the Company.
|