| 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:
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| For the three months ended September 30, 2023 |
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Total |
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Net fair value losses on loans and related obligations |
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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 |
|
$ |
(70,440) |
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$ |
(53,135) |
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$ |
13,201
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$ |
(6,984) |
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$ |
4,443
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$ |
(27,965) |
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| Reconciliation to current presentation: |
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| PORTFOLIO INTEREST INCOME |
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| Interest income |
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443,999
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|
439,881 |
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— |
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— |
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4,118 |
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— |
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| Interest expense |
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(372,459) |
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|
(352,161) |
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— |
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— |
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— |
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(20,298) |
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| NET PORTFOLIO INTEREST INCOME |
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71,540
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|
87,720 |
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— |
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— |
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4,118 |
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(20,298) |
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| OTHER INCOME (EXPENSE) |
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| Net origination gains |
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31,376
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31,376 |
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— |
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— |
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— |
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— |
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| Gain on securitization of HECM tails, net |
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7,100
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|
7,100 |
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— |
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— |
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— |
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— |
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| Fair value changes from model amortization |
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(56,882) |
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|
(56,882) |
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— |
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— |
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— |
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— |
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| Fair value changes from market inputs or model assumptions |
|
(122,449) |
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|
(122,449) |
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— |
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— |
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— |
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— |
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| Net fair value changes on loans and related obligations |
|
(140,855) |
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|
(140,855) |
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— |
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— |
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— |
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— |
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| Fee income |
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13,201
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— |
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|
13,201 |
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— |
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— |
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— |
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| Loss on sale and other income from loans held for sale, net |
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(6,984) |
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— |
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— |
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|
(6,984) |
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— |
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— |
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| Non-funding interest expense, net |
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(7,342) |
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— |
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— |
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— |
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|
325 |
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|
(7,667) |
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| NET OTHER INCOME (EXPENSE) |
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(141,980) |
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|
(140,855) |
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|
13,201 |
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|
(6,984) |
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|
325 |
|
|
(7,667) |
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| TOTALS |
|
$ |
(70,440) |
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$ |
(53,135) |
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|
$ |
13,201 |
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|
$ |
(6,984) |
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$ |
4,443 |
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$ |
(27,965) |
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| For the nine months ended September 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 |
|
$ |
(41,482) |
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|
$ |
30,126
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$ |
33,377
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$ |
(23,464) |
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$ |
9,734
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|
$ |
(91,255) |
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| Reconciliation to current presentation: |
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| PORTFOLIO INTEREST INCOME |
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| Interest income |
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1,169,624
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|
|
1,160,836 |
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|
— |
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— |
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|
8,788 |
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— |
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| Interest expense |
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(970,428) |
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|
(902,028) |
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— |
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— |
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— |
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|
(68,400) |
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| NET PORTFOLIO INTEREST INCOME |
|
199,196
|
|
|
258,808 |
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|
— |
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— |
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|
8,788 |
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(68,400) |
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| OTHER INCOME (EXPENSE) |
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|
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| Net origination gains |
|
88,777
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|
|
88,777 |
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|
— |
|
|
— |
|
|
— |
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|
— |
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| Gain on securitization of HECM tails, net |
|
17,095
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|
|
17,095 |
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|
— |
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— |
|
|
— |
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— |
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| Fair value changes from model amortization |
|
(162,386) |
|
|
(162,386) |
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|
— |
|
|
— |
|
|
— |
|
|
— |
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| Fair value changes from market inputs or model assumptions |
|
(172,168) |
|
|
(172,168) |
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|
— |
|
|
— |
|
|
— |
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|
— |
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| Net fair value changes on loans and related obligations |
|
(228,682) |
|
|
(228,682) |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
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| Fee income |
|
33,377
|
|
|
— |
|
|
33,377 |
|
|
— |
|
|
— |
|
|
— |
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| Loss on sale and other income from loans held for sale, net |
|
(23,464) |
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|
— |
|
|
— |
|
|
(23,464) |
|
|
— |
|
|
— |
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| Non-funding interest expense, net |
|
(21,909) |
|
|
— |
|
|
— |
|
|
— |
|
|
946 |
|
|
(22,855) |
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| NET OTHER INCOME (EXPENSE) |
|
(240,678) |
|
|
(228,682) |
|
|
33,377 |
|
|
(23,464) |
|
|
946 |
|
|
(22,855) |
|
|
|
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|
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| TOTALS |
|
$ |
(41,482) |
|
|
$ |
30,126 |
|
|
$ |
33,377 |
|
|
$ |
(23,464) |
|
|
$ |
9,734 |
|
|
$ |
(91,255) |
|
|