Company: FOACW
Filing Date: 2025-03-14
Form Type: 10-K
Source: 0001828937-25-000009
Chunk: 164

Company: Finance of America Companies Inc.
Filing Date: 2025-03-14
Form: 10-K
Item: Item 3
Chunk 164
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In the table below is a summary of the components of our Retirement Solutions segment’s total expenses (in thousands):

For the year ended December 31, 2024For the year ended December 31, 2023Salaries$54,674 $64,753 Commissions and bonuses18,770 22,717 Other salary related expenses10,004 9,104 Total salaries, benefits, and related expenses83,448 96,574 Loan production expenses7,887 9,555 Marketing and advertising expenses39,337 31,668 Depreciation and amortization37,751 40,571 General and administrative expenses26,521 30,468 Total expenses$194,944 $208,836 

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

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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