Company: FOACW
Filing Date: 2025-03-14
Form Type: 10-K
Source: 0001828937-25-000009
Chunk: 16

Company: Finance of America Companies Inc.
Filing Date: 2025-03-14
Form: 10-K
Item: Item 7
Chunk 16
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 31, 2023

Total expenses decreased $13.9 million or 6.7% as a result of the following:

•Total salaries, benefits, and related expenses decreased $13.1 million or 13.6% primarily due to a decrease in average headcount for the year ended December 31, 2024 at 482 compared to 579 for the 2023 period related to continued cost-cutting measures, as well as lower compensation cost associated with the Replacement RSUs and Earnout Right RSUs, partially offset by increased expenses associated with the onboarding of our retail loan originations platform acquired from AAG/Bloom in the 2023 period.

•Marketing and advertising expenses increased $7.7 million or 24.2% primarily within our retail loan originations platform acquired from AAG/Bloom.

•General and administrative expenses decreased $3.9 million or 13.0% primarily due to continued cost-cutting measures, partially offset by increases in various expenses from the onboarded infrastructure of our retail loan originations platform acquired from AAG/Bloom for the year ended December 31, 2024 when compared to the 2023 period.

74

Portfolio Management Segment

The following table summarizes our Portfolio Management segment’s results (in thousands):

For the year ended December 31, 2024For the year ended December 31, 2023Portfolio interest income:Interest income$1,905,214 $1,628,877 Interest expense(1,637,286)(1,360,998)Net portfolio interest income267,928 267,879 Other income (expense):Gain on securitization of HECM tails, net45,535 25,583 Fair value changes from model amortization(201,101)(228,391)Fair value changes from market inputs or model assumptions55,924 58,696 Net fair value changes on loans and related obligations(99,642)(144,112)Fee income3,183 10,283 Gain (loss) on sale and other income from loans held for sale, net378 (18,691)Net other income (expense)(96,081)(152,520)Total revenues171,847 115,359 Total expenses87,449 84,023 Impairment of intangible assets— (6,400)NET INCOME BEFORE INCOME TAXES$84,398 $24,936