Company: FOACW
Filing Date: 2025-03-14
Form Type: 10-K
Source: 0001828937-25-000009
Chunk: 274

Company: Finance of America Companies Inc.
Filing Date: 2025-03-14
Form: 10-K
Item: Item 3
Chunk 274
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,628,877 Interest expense:Interest expense on HMBS and nonrecourse obligations(1)(1,559,341)(1,273,159)Interest expense on other financing lines of credit(77,945)(87,839)Total portfolio interest expense(1,637,286)(1,360,998)Net portfolio interest income267,928 267,879 Non-portfolio interest income1,913 1,270 Non-funding interest expense (Note 17 - Notes Payable, Net)(41,411)(30,889)Non-funding interest expense, net(39,498)(29,619)Net interest income$228,430 $238,260 (1) Amounts include interest income and expense on all loans held for investment, subject to HMBS related obligations, loans held for investment, subject to nonrecourse debt, other loans held for investment, HMBS related obligations, and nonrecourse debt.

22.    General and Administrative ExpensesGeneral and administrative expenses related to continuing operations consisted of the following (in thousands):For the year ended December 31, 2024For the year ended December 31, 2023Communications and data processing$22,745 $32,947 Professional and consulting fees20,480 24,790 Occupancy, equipment rentals, and other office related expenses4,904 8,743 Other expenses11,333 15,724 Total general and administrative expenses$59,462 $82,204 

23.    Income TaxesThe provision (benefit) for income taxes related to continuing operations consisted of the following (in thousands): For the year ended December 31, 2024For the year ended December 31, 2023Current expense (benefit)Federal$(13)$85 Deferred expense (benefit)Federal2,010 (508)State401 (170)Subtotal2,411 (678)Provision (benefit) for income taxes$2,398 $(593)

156

Finance of America Companies Inc.Notes to Consolidated Financial Statements

The following table presents a reconciliation of the applicable statutory U.S. federal income tax rate to the effective tax rate (dollars in thousands):For the year ended December 31, 2024For the year ended December 31, 2023Tax provision (benefit) at federal statutory rate$8,991 $(35,037)Effect of:Noncontrolling