Company: FOACW
Filing Date: 2025-03-14
Form Type: 10-K
Source: 0001828937-25-000009
Chunk: 21

Company: Finance of America Companies Inc.
Filing Date: 2025-03-14
Form: 10-K
Item: Item 7
Chunk 21
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 within Corporate and Other.

78

The following table summarizes Corporate and Other results (in thousands):

For the year ended December 31, 2024For the year ended December 31, 2023Fee income$— $8,125 Non-funding interest expense, net(39,498)(29,619)Total revenues(39,498)(21,494)Total expenses61,825 107,273 Impairment of other assets(600)(2,896)Gain on extinguishment of debt56,193 — Other, net(6,757)136 NET LOSS BEFORE INCOME TAXES$(52,487)$(131,527)

In the table below is a summary of the components of Corporate and Other total expenses (in thousands):

For the year ended December 31, 2024For the year ended December 31, 2023Salaries and bonuses$52,539 $74,548 Other salary related expenses8,942 16,315 Shared services - payroll allocations(22,082)(28,992)Total salaries, benefits, and related expenses39,399 61,871 Marketing and advertising expenses51 204 Depreciation and amortization1,119 1,691 Communications and data processing and other expenses24,215 44,034 Professional and consulting fees11,795 19,409 Shared services - general and administrative allocations(14,754)(19,936)Total general and administrative expenses21,256 43,507 Total expenses$61,825 $107,273 

For the year ended December 31, 2024 versus the year ended December 31, 2023

Total revenues decreased $18.0 million primarily as a result of the following:

•Fee income decreased $8.1 million related to the decline in services provided by the Company’s operational fulfillment services team. As of September 30, 2023, the Company ceased the operations of the offshore fulfillment services team.

•Non-funding interest expense, net, increased $9.9 million due to increases in outstanding amounts and interest rates on our working capital promissory notes, as well as increased expense related to the exchange of our senior notes during the year ended December 31, 2024.

Total expenses decreased $45.4 million or 42.4% as a result of the following:

•Salaries, benefits, and related expenses, net of shared services allocations, decreased