Company: FOACW
Filing Date: 2025-08-11
Form Type: 10-Q
Source: 0001828937-25-000061
Chunk: 112

Company: Finance of America Companies Inc.
Filing Date: 2025-08-11
Form: 10-Q
Item: Item 1
Chunk 112
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unding interest expense, net, increased $6.0 million during the three months ended June 30, 2025 compared to the 2024 period primarily due to the discount amortization expense related to the exchange of our senior notes that occurred on October 31, 2024, as well as increased cost of funds on our working capital promissory notes. 

Total expenses decreased $1.6 million or 9.9% as a result of the following:

•General and administrative expenses, net of shared services allocations, decreased $1.4 million or 22.3% primarily due to continued cost-cutting initiatives that align expenses with our unified modern retirement solutions platform during the three months ended June 30, 2025 when compared to the 2024 period.

Other, net, changed $8.6 million primarily due to valuation changes in certain non-operating assets and deferred purchase price liabilities. 

For the six months ended June 30, 2025 versus the six months ended June 30, 2024

Total revenues worsened by $12.7 million as a result of the following:

•Non-funding interest expense, net, increased $12.7 million during the six months ended June 30, 2025 compared to the 2024 period primarily due to the discount amortization expense related to the exchange of our senior notes that occurred on October 31, 2024, as well as increased cost of funds on our working capital promissory notes.

Total expenses decreased $6.6 million or 18.4% as a result of the following:

•Salaries, benefits, and related expenses, net of shared services allocations, decreased $4.7 million or 20.3% for the six months ended June 30, 2025 when compared to the 2024 period as the Company continued our focus on cost-cutting initiatives that align expenses with our unified modern retirement solutions platform. Average onshore headcount declined from 267 for the six months ended June 30, 2024 to 239 for the six months ended June 30, 2025.

•General and administrative expenses, net of shared services allocations, decreased $2.1 million or 16.8% primarily due to continued cost-cutting initiatives that align expenses with our unified modern retirement solutions platform during the six months ended June 30, 2025 when compared to the 2024 period.

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Other, net, changed $7.9 million primarily due to