| Schedule of Change in Presentation |
As a result of the change, the Company’s previously reported revenues have been recast to reflect the updated presentation as follows: Reconciliation of the previously reported Condensed Consolidated Statements of Operations captions to the current presentation:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| For the three months ended June 30, 2023 |
|
Total |
|
Net fair value losses on loans and related obligations |
|
Fee income |
|
Loss on sale and other income from loans held for sale, net |
|
Interest income |
|
Interest expense |
| Finance of America Companies Inc. as previously reported |
|
$ |
(111,897) |
|
|
$ |
(93,133) |
|
|
$ |
13,824
|
|
|
$ |
(4,054) |
|
|
$ |
3,200
|
|
|
$ |
(31,734) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Reconciliation to current presentation: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| PORTFOLIO INTEREST INCOME |
|
|
|
|
|
|
|
|
|
|
|
|
| Interest income |
|
414,661
|
|
|
411,461 |
|
|
— |
|
|
— |
|
|
3,200 |
|
|
— |
|
| Interest expense |
|
(349,582) |
|
|
(325,476) |
|
|
— |
|
|
— |
|
|
— |
|
|
(24,106) |
|
| NET PORTFOLIO INTEREST INCOME |
|
65,079
|
|
|
85,985 |
|
|
— |
|
|
— |
|
|
3,200 |
|
|
(24,106) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| OTHER INCOME (EXPENSE) |
|
|
|
|
|
|
|
|
|
|
|
|
| Net origination gains |
|
32,926
|
|
|
32,926 |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
| Gain on securitization of HECM tails, net |
|
5,604
|
|
|
5,604 |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
| Fair value changes from model amortization |
|
(55,238) |
|
|
(55,238) |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
| Fair value changes from market inputs or model assumptions |
|
(162,410) |
|
|
(162,410) |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
| Net fair value changes on loans and related obligations |
|
(179,118) |
|
|
(179,118) |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
| Fee income |
|
13,824
|
|
|
— |
|
|
13,824 |
|
|
— |
|
|
— |
|
|
— |
|
| Loss on sale and other income from loans held for sale, net |
|
(4,054) |
|
|
— |
|
|
— |
|
|
(4,054) |
|
|
— |
|
|
— |
|
| Non-funding interest expense, net |
|
(7,628) |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
(7,628) |
|
| NET OTHER INCOME (EXPENSE) |
|
(176,976) |
|
|
(179,118) |
|
|
13,824 |
|
|
(4,054) |
|
|
— |
|
|
(7,628) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| TOTALS |
|
$ |
(111,897) |
|
|
$ |
(93,133) |
|
|
$ |
13,824 |
|
|
$ |
(4,054) |
|
|
$ |
3,200 |
|
|
$ |
(31,734) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| For the six months ended June 30, 2023 |
|
Total |
|
Net fair value gains on loans and related obligations |
|
Fee income |
|
Loss on sale and other income from loans held for sale, net |
|
Interest income |
|
Interest expense |
| Finance of America Companies Inc. as previously reported |
|
$ |
28,958
|
|
|
$ |
83,261
|
|
|
$ |
20,176
|
|
|
$ |
(16,480) |
|
|
$ |
5,291
|
|
|
$ |
(63,290) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Reconciliation to current presentation: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| PORTFOLIO INTEREST INCOME |
|
|
|
|
|
|
|
|
|
|
|
|
| Interest income |
|
725,625
|
|
|
720,955 |
|
|
— |
|
|
— |
|
|
4,670 |
|
|
— |
|
| Interest expense |
|
(597,969) |
|
|
(549,867) |
|
|
— |
|
|
— |
|
|
— |
|
|
(48,102) |
|
| NET PORTFOLIO INTEREST INCOME |
|
127,656
|
|
|
171,088 |
|
|
— |
|
|
— |
|
|
4,670 |
|
|
(48,102) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| OTHER INCOME (EXPENSE) |
|
|
|
|
|
|
|
|
|
|
|
|
| Net origination gains |
|
57,401
|
|
|
57,401 |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
| Gain on securitization of HECM tails, net |
|
9,995
|
|
|
9,995 |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
| Fair value changes from model amortization |
|
(105,504) |
|
|
(105,504) |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
| Fair value changes from market inputs or model assumptions |
|
(49,719) |
|
|
(49,719) |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
| Net fair value changes on loans and related obligations |
|
(87,827) |
|
|
(87,827) |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
| Fee income |
|
20,176
|
|
|
— |
|
|
20,176 |
|
|
— |
|
|
— |
|
|
— |
|
| Loss on sale and other income from loans held for sale, net |
|
(16,480) |
|
|
— |
|
|
— |
|
|
(16,480) |
|
|
— |
|
|
— |
|
| Non-funding interest expense, net |
|
(14,567) |
|
|
— |
|
|
— |
|
|
— |
|
|
621 |
|
|
(15,188) |
|
| NET OTHER INCOME (EXPENSE) |
|
(98,698) |
|
|
(87,827) |
|
|
20,176 |
|
|
(16,480) |
|
|
621 |
|
|
(15,188) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| TOTALS |
|
$ |
28,958
|
|
|
$ |
83,261 |
|
|
$ |
20,176 |
|
|
$ |
(16,480) |
|
|
$ |
5,291 |
|
|
$ |
(63,290) |
|
|