Company: FOACW
Filing Date: 2025-03-14
Form Type: 10-K
Source: 0001828937-25-000009
Chunk: 102

Company: Finance of America Companies Inc.
Filing Date: 2025-03-14
Form: 10-K
Item: Item 8
Chunk 102
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 The activity in the MSR asset consisted of the following (in thousands):For the year ended December 31, 2024For the year ended December 31, 2023Beginning balance$6,436 $95,096 Originations— 405 Sales(5,516)(86,483)Changes in fair value due to:Changes in market inputs or assumptions used in valuation model(852)(1,014)Changes in fair value due to portfolio runoff and other(68)(1,568)Ending balance$— $6,436 

The value of the MSR was driven by the net cash flows associated with servicing activities. The cash flows included contractually specified servicing fees, late fees, and other ancillary servicing revenue. The fees were $0.3 million and $2.9 million for the years ended December 31, 2024 and 2023, respectively. These fees and changes in fair value of the MSR are recorded within Fee income in the Consolidated Statements of Operations. 

140

Finance of America Companies Inc.Notes to Consolidated Financial Statements

10.    Intangible Assets, NetIntangible assets, net, consisted of the following (in thousands):December 31, 2024Amortization Period (Years)CostAccumulated AmortizationImpairmentNetNon-amortizing intangiblesTrade nameN/A$21,100 $— $— $21,100 Amortizing intangiblesBroker/customer relationships9334,700 (139,458)— 195,242 Total intangibles$355,800 $(139,458)$— $216,342 December 31, 2023Amortization Period (Years)CostAccumulated AmortizationImpairmentNetNon-amortizing intangiblesTrade nameN/A$27,500 $— $(6,400)$21,100 Amortizing intangiblesBroker/customer relationships9 334,700 (102,269)— 232,431 Total intangibles$362,200 $(102,269)$(6,400)$253,531 There was no intangible asset impairment for the year ended December 31, 2024. Based on the annual impairment testing in the fourth quarter of 2023, the Company recognized an indefinite-lived intangible asset impairment of $6.4 million for the year ended December 31, 2023 at the Portfolio Management reporting