Company: FOACW
Filing Date: 2025-05-20
Form Type: 10-K/A
Source: 0001828937-25-000032
Chunk: 102

Company: Finance of America Companies Inc.
Filing Date: 2025-05-20
Form: 10-K/A
Chunk 102
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 1 - Organization and Description of Business in the Notes to Consolidated Financial Statements in this Form 10-K/A, in May 2025, errors were identified in the classification and presentation of amounts associated with certain nonrecourse securitization transactions in the Company’s Consolidated Statements of Cash Flows and the related disclosures within the Notes to Consolidated Financial Statements for the year ended December 31, 2024, and quarterly unaudited condensed consolidated financial statements for the quarterly periods ended September 30, 2024, June 30, 2024, and March 31, 2024. Due to the material errors in the classification and presentation of the Company’s Consolidated Statements of Cash Flows and the related disclosures within the Notes to Consolidated Financial Statements, management concluded that a material weakness in our internal control over financial reporting existed as of December 31, 2024. A material weakness is a deficiency, or a combination of deficiencies, in internal controls over financial reporting such that a reasonable possibility exists that a material misstatement of our annual or interim financial statements will not be prevented or detected on a timely basis. As described in further detail in Part II, Item 9A. Controls and Procedures herein, management has developed a plan to remediate the material weakness and will continually assess the effectiveness of the remediation efforts and modify or supplement the remediation plan as necessary. However, if we are unable to remediate such material weakness, or any new material weaknesses are identified in the future, we could be limited in our ability to prevent or detect a misstatement of our accounts or disclosures, which could result in a material misstatement of our annual or interim financial statements. In such case, we may be unable to maintain compliance with securities law requirements regarding timely filing of periodic reports in addition to applicable stock exchange listing requirements, investors may lose confidence in our financial reporting, and the

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price of our securities may decline as a result. We cannot assure you that the measures we have taken to date, or any measures we may take in the future, will be sufficient to avoid potential future material weaknesses.

Our restatement of prior consolidated financial statements will result in increased costs and may adversely impact investor confidence and the price of our securities.

As discussed in further detail under the heading “Explanatory Note” and in Note 1 - Organization and Description of Business in the Notes to Consolidated Financial Statements in this Form 10-K/A, in May 2025, errors were identified in the classification and