Company: FOACW
Filing Date: 2025-08-11
Form Type: 10-Q
Source: 0001828937-25-000061
Chunk: 13

Company: Finance of America Companies Inc.
Filing Date: 2025-08-11
Form: 10-Q
Item: Item 2
Chunk 13
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5 versus the six months ended June 30, 2024

Total expenses increased $2.2 million or 2.2% as a result of the following:

•Total salaries, benefits, and related expenses increased $3.1 million or 7.4% primarily due to increases in variable compensation as a result of higher loan production and increases in technology resources, partially offset by a decrease in average headcount during the six months ended June 30, 2025 when compared to the 2024 period.

•Marketing and advertising expenses increased $3.8 million related to brand marketing and our digital innovation strategy, which was partially offset by a decrease in General and administrative expenses of $3.1 million primarily due to continued cost-cutting measures during the six months ended June 30, 2025 when compared to the 2024 period. 

Portfolio Management Segment

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

For the three months ended June 30, 2025For the three months ended June 30, 2024For the six months ended June 30, 2025For the six months ended June 30, 2024Portfolio interest income:Interest income$481,800 $478,091 $962,402 $942,070 Interest expense(422,336)(412,618)(832,503)(806,422)Net portfolio interest income59,464 65,473 129,899 135,648 Other income (expense):Gain on securitization of HECM tails, net10,855 11,031 21,336 21,757 Fair value changes from model amortization(35,456)(47,813)(76,412)(105,421)Fair value changes from market inputs or model assumptions94,939 11,260 183,202 24,822 Net fair value changes on loans and related obligations70,338 (25,522)128,126 (58,842)Fee income573 1,325 1,359 1,718 Net other income (expense)70,911 (24,197)129,485 (57,124)Total revenues130,375 41,276 259,384 78,524 Total expenses22,271 19,762 46,002 42,515 NET INCOME BEFORE INCOME TAXES$108,104 $21,