Company: FOACW
Filing Date: 2025-05-20
Form Type: 10-Q
Source: 0001828937-25-000033
Chunk: 107

Company: Finance of America Companies Inc.
Filing Date: 2025-05-20
Form: 10-Q
Item: Item 2
Chunk 107
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 ended March 31, 2025 and 2024.

Consolidated Results

The following table summarizes our consolidated operating results from continuing operations (in thousands):

For the three months ended March 31, 2025For the three months ended March 31, 2024Portfolio interest income:Interest income$480,602 $463,979 Interest expense(410,167)(393,804)Net portfolio interest income70,435 70,175 Other income (expense):Net origination gains46,038 39,657 Gain on securitization of HECM tails, net10,481 10,726 Fair value changes from model amortization(40,956)(57,608)Fair value changes from market inputs or model assumptions88,263 13,562 Net fair value changes on loans and related obligations103,826 6,337 Fee income6,346 6,322 Non-funding interest expense, net(14,912)(8,152)Net other income (expense)95,260 4,507 Total revenues165,695 74,682 ExpensesSalaries, benefits, and related expenses33,930 39,023 Loan production and portfolio related expenses11,330 8,613 Loan servicing expenses7,741 8,218 Marketing and advertising expenses10,731 8,512 Depreciation and amortization9,658 9,678 General and administrative expenses12,979 17,271 Total expenses86,369 91,315 Impairment of other assets— (600)Other, net2,367 1,453 NET INCOME (LOSS) FROM CONTINUING OPERATIONS BEFORE INCOME TAXES$81,693 $(15,780)

Net interest income

All of our financial instruments, with the exception of our notes payable, are either recorded at fair value or the carrying value approximated fair value. The interest recognized on these financial instruments is recorded in Interest income or Interest expense in the Condensed Consolidated Statements of Operations. The interest on our notes payable is recorded in Non-funding interest expense, net, in the Condensed Consolidated Statements of Operations. We evaluate net interest income through an evaluation of all components of interest income and interest expense.

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The following table provides an analysis of all components of net interest income (in thousands):

For the three months ended March 31, 2025For the three months