Company: FOACW
Filing Date: 2025-11-13
Form Type: 10-Q
Source: 0001628280-25-052025
Chunk: 54

Company: Finance of America Companies Inc.
Filing Date: 2025-11-13
Form: 10-Q
Item: Item 1
Chunk 54
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 and contract assets. For the year ending December 31, 2026 and interim reporting periods beginning in 2026.The Company does not expect this ASU will have a material impact on our consolidated financial statements.Adoption of this ASU should be applied on a prospective basis.ASU 2025-06, Intangibles - Goodwill and Other - Internal-Use Software (Subtopic 350-40): Targeted Improvements to the Accounting for Internal-Use SoftwareIn September 2025, the FASB issued ASU 2025-06 which amends guidance related to accounting for the development costs of internal-use software.The Company plans to early adopt on January 1, 2026, using a prospective transition approach.The Company does not expect this ASU will have a material impact on our consolidated financial statements. 

3.    Discontinued OperationsDuring the fourth quarter of 2022 and calendar year 2023, the Company entered into a series of transactions, discontinuing certain business lines while enhancing our reverse mortgage loan business, in order to transform our business from a vertically integrated lending and complementary services platform to a unified modern retirement solutions platform. This constituted a strategic shift that has had or will have a major effect on our operations and financial results.The following table presents the major classes of assets and liabilities from discontinued operations (in thousands):September 30, 2025December 31, 2024AssetsOther assets, net$942 $2,451 LiabilitiesPayables and other liabilities1,610 11,677 

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Finance of America Companies Inc.Notes to Condensed Consolidated Financial Statements (Unaudited)

The following table presents the major components of net loss from discontinued operations (in thousands):Three months endedNine months endedSeptember 30,September 30,2025202420252024ExpensesGeneral and administrative expenses$1,172 $— $5,922 $1,622 Other, net— — — (3,105)Net loss from discontinued operations before and after income taxes(1,172)— (5,922)(4,727)Net loss from discontinued operations attributable to noncontrolling interest (535)— (3,257)(2,719)Net loss from discontinued operations attributable to controlling interest $(637)$— $(2,665)$(2,008)

There were no material cash flow activities related to discontinued operations for the nine months ended September 30, 2025 and 202