Company: FOACW
Filing Date: 2025-05-20
Form Type: 10-Q
Source: 0001828937-25-000033
Chunk: 68

Company: Finance of America Companies Inc.
Filing Date: 2025-05-20
Form: 10-Q
Item: Item 1
Chunk 68
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For the three months ended March 31, 2025For the three months ended March 31, 2024Salaries and bonuses$12,772 $14,728 Other salary related expenses2,130 3,308 Shared services - payroll allocations(6,456)(5,210)Total salaries, benefits, and related expenses8,446 12,826 Marketing and advertising expenses1 6 Depreciation and amortization310 182 Communications and data processing and other expenses5,645 7,140 Professional and consulting fees3,233 2,661 Shared services - general and administrative allocations(3,336)(3,540)Total general and administrative expenses5,542 6,261 Total expenses$14,299 $19,275 

For the three months ended March 31, 2025 versus the three months ended March 31, 2024

Total revenues worsened by $6.8 million primarily as a result of the following:

•Non-funding interest expense, net, increased $6.8 million during the three months ended March 31, 2025 compared to the 2024 period primarily due to the discount amortization expense related to the exchange of our senior notes that occurred on October 31, 2024.

Total expenses decreased $5.0 million or 25.8% as a result of the following:

•Salaries, benefits, and related expenses, net of shared services allocations, decreased $4.4 million or 34.1% due to decreases in salaries and bonuses and other salary related expenses of $2.0 million and $1.2 million, respectively, for the three months ended March 31, 2025 when compared to the 2024 period as the Company continued our focus on cost-cutting initiatives related to the wind-down of business lines that are not part of our unified modern retirement solutions platform. In addition, there was a reduction in compensation cost associated with the Replacement RSUs and Earnout Right RSUs which expired in 2024. Average onshore headcount declined from 278 for the three months ended March 31, 2024 to 235 for the three months ended March 31, 2025. Additionally, shared services allocations increased $1.2 million due to 

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increased Corporate support of our unified modern solutions platform during the three months ended March 31, 2025. 

•General and administrative expenses, net