Finance of America Companies Inc. Annual report pursuant to Section 13 and 15(d)

Business Segment Reporting (Tables)

12 Months Ended

Dec. 31, 2021

The following tables are a presentation of financial information by segment for the periods indicated (in thousands):


	April 1, 2021 to December 31, 2021
	Successor
	Mortgage Originations			Reverse Originations			Commercial Originations			Lender Services			Portfolio Management			Total Operating Segments			Corporate and Other			Elim			Total
REVENUES
Gain on sale and other income from loans held for sale, net	$	542,951		$	—		$	—		$	—		$	39,950		$	582,901		$	—		$	(18,376	)	$	564,525
Net fair value gains on loans and related obligations		—			317,138			37,720			—			(30,738	)		324,120			—			17,630			341,750
Fee income		88,399			3,274			43,015			252,268			30,455			417,411			—			(31,346	)		386,065
Net interest income (expense)
Interest income		42,555			—			—			68			1,027			43,650			275			—			43,925
Interest expense		(34,569	)		—			—			(260	)		(52,625	)		(87,454	)		(20,240	)		—			(107,694	)
Net interest income (expense)		7,986			—			—			(192	)		(51,598	)		(43,804	)		(19,965	)		—			(63,769	)

Total revenues		639,336			320,412			80,735			252,076			(11,931	)		1,280,628			(19,965	)		(32,092	)		1,228,571
Total expenses		639,196			122,389			64,026			229,227			92,197			1,147,035			74,535			(37,814	)		1,183,756
Goodwill and intangible asset impairment expense		(774,524	)		(408,241	)		(75,768	)		(110,188	)		(11,909	)		(1,380,630	)		—			—			(1,380,630	)
Other, net		—			248			423			3,040			1,170			4,881			15,193			(5,932	)		14,142

Net (loss) income before taxes	$	(774,384	)	$	(209,970	)	$	(58,636	)	$	(84,299	)	$	(114,867	)	$	(1,242,156	)	$	(79,307	)	$	(210	)	$	(1,321,673	)

Depreciation and amortization	$	9,147		$	29,006		$	1,909		$	8,681		$	132		$	48,875		$	1,130		$	—		$	50,005
Total assets		2,148,504			359,896			41,470			227,966			18,974,389			21,752,225			994,074			(957,353	)		21,788,946


	January 1, 2021 to March 31, 2021
	Predecessor
	Mortgage Originations			Reverse Originations		Commercial Originations		Lender Services			Portfolio Management			Total Operating Segments			Corporate and Other			Elim			Total
REVENUES
Gain on sale and other income from loans held for sale, net	$	286,481		$	—	$	—	$	—		$	5,065		$	291,546		$	—		$	(212	)	$	291,334
Net fair value gains on loans and related obligations		—			68,449		5,431		—			2,750			76,630			—			33			76,663
Fee income		32,731			524		8,930		76,383			36,191			154,759			—			6,612			161,371
Net interest income (expense)
Interest income		12,483			—		—		28			138			12,649			12			—			12,661
Interest expense		(11,592	)		—		—		(64	)		(14,954	)		(26,610	)		(7,756	)		—			(34,366	)
Net interest income (expense)		891			—		—		(36	)		(14,816	)		(13,961	)		(7,744	)		—			(21,705	)

Total revenues		320,103			68,973		14,361		76,347			29,190			508,974			(7,744	)		6,433			507,663
Total expenses		224,246			23,693		13,391		62,970			24,406			348,706			18,683			5,925			373,314
Other, net		—			34		149		2			895			1,080			(9,464	)		(508	)		(8,892	)

Net income (loss) before taxes	$	95,857		$	45,314	$	1,119	$	13,379		$	5,679		$	161,348		$	(35,891	)	$	—		$	125,457

Depreciation and amortization	$	1,423		$	151	$	125	$	1,268		$	146		$	3,113		$	371		$	—		$	3,484
Total assets		2,425,529			35,861		82,375		125,317			17,378,088			20,047,170			379,562			(326,313	)		20,100,419


	For the year ended December 31, 2020
	Predecessor
	Mortgage Originations			Reverse Originations		Commercial Originations			Lender Services			Portfolio Management			Total Operating Segments			Corporate and Other			Elim			Total
REVENUES
Gain on sale and other income from loans held for sale, net	$	1,171,368		$	—	$	—		$	—		$	10,192			1,181,560		$	—		$	(2,565	)	$	1,178,995
Net fair value gains on loans and related obligations		—			192,257		13,350			—			103,872			309,479			—			2,219			311,698
Fee income		118,237			1,837		23,862			205,197			28,002			377,135			3,117			9,617			389,869
Net interest income (expense)
Interest income		41,688			—		—			174			714			42,576			8			—			42,584
Interest expense		(39,792	)		—		—			(255	)		(73,877	)		(113,924	)		(8,945	)		(132	)		(123,001	)
Net interest income (expense)		1,896			—		—			(81	)		(73,163	)		(71,348	)		(8,937	)		(132	)		(80,417	)

Total revenues		1,291,501			194,094		37,212			205,116			68,903			1,796,826			(5,820	)		9,139			1,800,145
Total expenses		831,563			87,219		41,341			185,361			90,854			1,236,338			48,280			9,139			1,293,757
Other, net		—			—		—			—			—			—			(6,131	)		—			(6,131	)

Net income (loss) before taxes	$	459,938		$	106,875	$	(4,129	)	$	19,755		$	(21,951	)	$	560,488		$	(60,231	)	$	—		$	500,257

Depreciation and amortization	$	5,951		$	897	$	568		$	4,810		$	130			12,356		$	1,515		$	—		$	13,871
Total assets		2,362,159			25,841		82,436			117,254			16,895,820			19,483,510			81,645			—		$	19,565,155


	For the year ended December 31, 2019
	Predecessor
	Mortgage Originations			Reverse Originations		Commercial Originations		Lender Services			Portfolio Management			Total Operating Segments			Corporate and Other			Elim			Total
REVENUES
Gain on sale and other income from loans held for sale, net	$	462,700		$	—	$	—	$	—		$	9,303			472,003		$	—		$	(7,695	)	$	464,308
Net fair value gains on loans and related obligations		—			141,022		30,512		—			151,679			323,213			—			6,313			329,526
Fee income		64,372			3,478		36,094		110,046			7,923			221,913			(2,529	)		(20,285	)		199,099
Net interest income (expense)
Interest income		36,673			—		—		213			414			37,300			23			—			37,323
Interest expense		(37,076	)		—		—		(183	)		(96,108	)		(133,367	)		(5,167	)		(197	)		(138,731	)
Net interest income (expense)		(403	)		—		—		30			(95,694	)		(96,067	)		(5,144	)		(197	)		(101,408	)

Total revenues		526,669			144,500		66,606		110,076			73,211			921,062			(7,673	)		(21,864	)		891,525
Total expenses		506,894			79,522		51,882		105,203			63,907			807,408			35,137			(24,267	)		818,278
Other, net		—			—		—		—			—			—			4,332			—			4,332

Net income (loss) before taxes	$	19,775		$	64,978	$	14,724	$	4,873		$	9,304		$	113,654		$	(38,478	)	$	2,403		$	77,579

Depreciation and amortization	$	5,954		$	481	$	616	$	4,169		$	170			11,390		$	1,718		$	—		$	13,108
Total assets		1,321,342			91,892		114,943		86,070			15,102,567			16,716,814			504,882			(637,595	)	$	16,584,101