Company: FOACW
Filing Date: 2025-05-20
Form Type: 10-Q
Source: 0001828937-25-000033
Chunk: 58

Company: Finance of America Companies Inc.
Filing Date: 2025-05-20
Form: 10-Q
Item: Item 1
Chunk 58
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 of credit, was combined with the interest income and interest expense that was previously reported within net fair value gains on loans and related obligations, excluding non-portfolio interest income and the interest expense associated with the Company’s non-funding debt, which is now reported separately as non-funding interest expense, net. In addition, beginning with the Company’s current Form 10-Q, gain on sale and other income from loans held for sale, net, was combined with fee income due to minimal activity related to the wind-down of business lines that are not part of our unified modern retirement solutions platform. As a result of the changes, the Company’s previously reported revenues have been reclassified to reflect the updated presentation. Refer to Note 2 - Summary of Significant Accounting Policies in the Notes to Condensed Consolidated Financial Statements for additional information.

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Results of Operations

Overview

The following tables present selected financial data for the three months ended March 31, 2025 and 2024.

Consolidated Results

The following table summarizes our consolidated operating results from continuing operations (in thousands):

For the three months ended March 31, 2025For the three months ended March 31, 2024Portfolio interest income:Interest income$480,602 $463,979 Interest expense(410,167)(393,804)Net portfolio interest income70,435 70,175 Other income (expense):Net origination gains46,038 39,657 Gain on securitization of HECM tails, net10,481 10,726 Fair value changes from model amortization(40,956)(57,608)Fair value changes from market inputs or model assumptions88,263 13,562 Net fair value changes on loans and related obligations103,826 6,337 Fee income6,346 6,322 Non-funding interest expense, net(14,912)(8,152)Net other income (expense)95,260 4,507 Total revenues165,695 74,682 ExpensesSalaries, benefits, and related expenses33,930 39,023 Loan production and portfolio related expenses11,330 8,613 Loan servicing expenses7,741 8,218 Marketing and advertising expenses10,731 8,512 Depreciation and amortization9,658 9,678 General and administrative expenses12,979 17,271 Total expenses86,369 91,315 Impair