Company: FOACW
Filing Date: 2025-03-14
Form Type: 10-K
Source: 0001828937-25-000009
Chunk: 232

Company: Finance of America Companies Inc.
Filing Date: 2025-03-14
Form: 10-K
Item: Item 3
Chunk 232
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 into an agreement to sell certain commercial originations operational assets of FAM, operating under the brand FACo. This transaction closed on March 14, 2023 for consideration of $2.5 million, of which $0.5 million is cash consideration. The Company historically included the commercial originations operations of FACo in its previously reported Commercial Originations segment. In connection with the transaction, the Company discontinued the operations of and wound-down its Commercial Originations segment.

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Finance of America Companies Inc.Notes to Consolidated Financial Statements

The following table summarizes the major classes of assets and liabilities classified as discontinued operations as of December 31, 2024 and December 31, 2023 (in thousands):December 31, 2024December 31, 2023AssetsOther assets, net$2,451 $6,721 LiabilitiesPayables and other liabilities11,677 18,304 The following table summarizes the major components of net loss from discontinued operations (in thousands):For the year ended December 31, 2024For the year ended December 31, 2023Portfolio interest incomeInterest income$— $824 Interest expense— (966)Net portfolio interest income (expense)— (142)Other income (expense)Net origination gains— 308 Net fair value changes on loans and related obligations— 308 Fee income— 68,138 Loss on sale and other income from loans held for sale, net— (2,222)Net other income (expense)— 66,224 Total revenues— 66,082 ExpensesSalaries, benefits, and related expenses— 51,780 Loan production and portfolio related expenses— 1,224 Marketing and advertising expenses— 1,042 Depreciation and amortization— 5,176 General and administrative expenses1,622 54,070 Total expenses1,622 113,292 Impairment of intangibles and other assets(1)— (4,455)Other, net(2)(3,105)(1,444)Net loss from discontinued operations before income taxes(4,727)(53,109)Benefit for income taxes from discontinued operations— (1,200)Net loss from discontinued operations(4,727)(51,909)Net loss from discontinued operations attributable to noncontrolling interest (2,719)(33,108)Net loss from discontinued operations attributable to controlling