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

Company: Finance of America Companies Inc.
Filing Date: 2025-05-20
Form: 10-Q
Item: Item 1
Chunk 10
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 months ended March 31, 2024 (in thousands):For the three months ended March 31, 2024As Previously ReportedAdjustmentsAs RestatedInvesting ActivitiesProceeds/payments on loans held for investment, subject to nonrecourse debt$188,219 $35,680 $223,899 Net cash provided by investing activities49,473 35,680 85,153 Financing ActivitiesProceeds from issuance of nonrecourse debt128,185 401,312 529,497 Payments on nonrecourse debt(181,113)(436,992)(618,105)Net cash provided by financing activities101,564 (35,680)65,884 Variable Interest Entities and SecuritizationsThe following table presents the effect of the restatement on the Company’s previously reported amount of outstanding principal balances paid off as part of our redemptions of securitized notes within Note 4 - Variable Interest Entities and Securitizations for the three months ended March 31, 2024 (in millions):Three months ended March 31, 2024As Previously ReportedAdjustmentsAs RestatedOutstanding principal balance$424.7 $(24.3)$400.4 Fair ValueThe following tables present the effect of the restatement on the Company’s previously reported Level 3 assets and liabilities measured at fair value on a recurring basis using significant unobservable inputs within Note 5 - Fair Value for the three months ended March 31, 2024 (in thousands):Loans held for investment, subject to nonrecourse debtThree months ended March 31, 2024As Previously ReportedAdjustmentsAs RestatedTotal gain included in earnings$23,599 $35,680 $59,279 Sales and settlements(188,219)(35,680)(223,899)Nonrecourse debt in consolidated VIE trusts and reverse loan financing liabilityThree months ended March 31, 2024As Previously ReportedAdjustmentsAs RestatedTotal loss included in earnings$(55,487)$(35,680)$(91,167)Purchases and additions(128,185)(401,312)(529,497)Settlements177,132 436,992 614,124 

14

Finance of America Companies Inc.Notes to Condensed Consolidated Financial Statements (Unaudited)

2.    Summary of Significant Accounting PoliciesBasis of PresentationThe accompanying unaudited condensed consolidated financial statements comprise the financial statements