Company: FOACW
Filing Date: 2025-03-14
Form Type: 10-K
Source: 0001828937-25-000009
Chunk: 169

Company: Finance of America Companies Inc.
Filing Date: 2025-03-14
Form: 10-K
Item: Item 3
Chunk 169
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 or 67.2% due to the increased volume of securitizations of assets into nonrecourse securitizations during the year ended December 31, 2024 compared to the 2023 period.

•General and administrative expenses decreased $4.2 million or 25.5% primarily due to continued cost-cutting measures associated with the wind-down of business lines that are not part of our unified modern retirement solutions platform during the year ended December 31, 2024 when compared to the 2023 period.

Corporate and Other

Corporate and Other consists of our corporate services groups. These groups support our operating segments, and the cost of services directly supporting the operating segments are allocated to those operating segments on a cost-of-service basis. Enterprise-focused Corporate and Other expenses that are not incurred in direct support of the operating segments are kept unallocated within Corporate and Other.

78

The following table summarizes Corporate and Other results (in thousands):

For the year ended December 31, 2024For the year ended December 31, 2023Fee income$— $8,125 Non-funding interest expense, net(39,498)(29,619)Total revenues(39,498)(21,494)Total expenses61,825 107,273 Impairment of other assets(600)(2,896)Gain on extinguishment of debt56,193 — Other, net(6,757)136 NET LOSS BEFORE INCOME TAXES$(52,487)$(131,527)

In the table below is a summary of the components of Corporate and Other total expenses (in thousands):

For the year ended December 31, 2024For the year ended December 31, 2023Salaries and bonuses$52,539 $74,548 Other salary related expenses8,942 16,315 Shared services - payroll allocations(22,082)(28,992)Total salaries, benefits, and related expenses39,399 61,871 Marketing and advertising expenses51 204 Depreciation and amortization1,119 1,691 Communications and data processing and other expenses24,215 44,034 Professional and consulting fees11,795 19,409 Shared services - general and administrative allocations(14,754)(19,936)Total general and administrative expenses21,256 43,507 Total expenses$61,825 $107,273 

For the year ended December 31