Company: FOACW
Filing Date: 2025-03-14
Form Type: 10-K
Source: 0001828937-25-000009
Chunk: 158

Company: Finance of America Companies Inc.
Filing Date: 2025-03-14
Form: 10-K
Item: Item 3
Chunk 158
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 other office related expenses, and other expenses. Refer to Note 22 - General and Administrative Expenses in the Notes to Consolidated Financial Statements for additional information.

Impairment of Intangibles and Other Assets

Impairment of intangibles and other assets includes impairment charges recognized on indefinite-lived intangible assets and other long-lived assets.

Gain on Extinguishment of Debt

Gain on extinguishment of debt includes the gain recognized as a result of the exchange of senior notes. Refer to Note 17 - Notes Payable, Net, in the Notes to Consolidated Financial Statements for additional information.

Other, Net

Other, net, primarily includes gains or losses on non-operating assets and liabilities. 

Income Taxes

FOA is taxed as a corporation and is subject to U.S. federal, state, and local taxes on the income allocated to it from FOA Equity based upon FOA’s economic interest in FOA Equity as well as any stand-alone income it generates. Refer to Note 23 - Income Taxes in the Notes to Consolidated Financial Statements for additional information.

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Results of Operations

Overview

The following tables present selected financial data for the years ended December 31, 2024 and 2023.

Consolidated Results

The following table summarizes our consolidated operating results from continuing operations (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):Net origination gains179,837 121,646 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 obligations80,195 (22,466)Fee income29,244 43,450 Gain (loss) on sale and other income from loans held for sale, net302 (24,994)Non-funding interest expense, net(39,498)(29,619)Net other income (expense)70,243 (33,629)Total revenues338,171 234,250 ExpensesSalaries, benefits, and related expenses138