Company: FOACW
Filing Date: 2025-03-14
Form Type: 10-K
Source: 0001828937-25-000009
Chunk: 83

Company: Finance of America Companies Inc.
Filing Date: 2025-03-14
Form: 10-K
Item: Item 8
Chunk 83
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 on sale and other income from loans held for sale, net— (2,222)Net other income (expense)— 66,224 Total revenues— 66,082 ExpensesSalaries, benefits, and related expenses— 51,780 Loan production and portfolio related expenses— 1,224 Marketing and advertising expenses— 1,042 Depreciation and amortization— 5,176 General and administrative expenses1,622 54,070 Total expenses1,622 113,292 Impairment of intangibles and other assets(1)— (4,455)Other, net(2)(3,105)(1,444)Net loss from discontinued operations before income taxes(4,727)(53,109)Benefit for income taxes from discontinued operations— (1,200)Net loss from discontinued operations(4,727)(51,909)Net loss from discontinued operations attributable to noncontrolling interest (2,719)(33,108)Net loss from discontinued operations attributable to controlling interest $(2,008)$(18,801)(1) The Company evaluates the carrying value of long-lived assets, including intangible assets, fixed assets, and ROU assets, when indicators of impairment exist in accordance with ASC 360. Based on the analyses, the Company recognized impairment charges for the year ended December 31, 2023 related to the sales of the previously reported Lender Services and Commercial Originations segments.

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Finance of America Companies Inc.Notes to Consolidated Financial Statements

(2) Amount includes gains on disposals of $0.3 million for the year ended December 31, 2023. The gains on disposals consist of a $12.8 million gain on the sale of the remaining assets of the Lender Services segment, a $11.7 million loss on the sale of our commercial originations operational assets, and a $0.8 million loss on the sale of ANTIC and BNT. There were no material cash flow activities related to discontinued operations for the year ended December 31, 2024. The Consolidated Statement of Cash Flows for the year ended December 31, 2023 included the following material activities related to discontinued operations (in thousands): For the year ended December 31, 2023Loss on sale and other income from loans held for sale, net$(2,222)Unrealized fair value changes on loans, related obligations, and derivatives