Annual report pursuant to Section 13 and 15(d)

Condensed Financial Information of Registrant

v3.24.0.1
Condensed Financial Information of Registrant
 12 Months Ended
Dec. 31, 2023
Condensed Financial Information Disclosure [Abstract]  
Condensed Financial Information of Registrant
31. Condensed Financial Information of Registrant
Finance of America Companies Inc.
(Parent Company Only)
Condensed Statements of Financial Condition
(In thousands, except share data)
December 31, 2023 December 31, 2022
ASSETS
Investment in subsidiaries $ 238,372  $ 259,895 
TOTAL ASSETS $ 238,372  $ 259,895 
LIABILITIES AND EQUITY
Payables and other liabilities $ 5,895  $ 5,784 
TOTAL LIABILITIES 5,895  5,784 
EQUITY
Class A Common Stock, $0.0001 par value; 6,000,000,000 shares authorized; 100,599,241 and 67,681,856 shares issued, respectively, and 96,340,741 and 63,423,356 shares outstanding, respectively
 10  6 
Additional paid-in capital 946,929  888,488 
Accumulated deficit (714,383) (634,295)
Accumulated other comprehensive loss (79) (88)
TOTAL EQUITY 232,477  254,111 
TOTAL LIABILITIES AND EQUITY $ 238,372  $ 259,895 

Finance of America Companies Inc.
(Parent Company Only)
Condensed Statements of Operations and Comprehensive Loss
(In thousands)
For the year ended December 31, 2023 For the year ended December 31, 2022
OTHER, NET $ (788) $ 40,163 
NET INCOME (LOSS) BEFORE INCOME TAXES (788) 40,163 
Benefit for income taxes applicable to parent (677) (17,524)
NET INCOME (LOSS) (111) 57,687 
Deficit in undistributed loss from subsidiaries (79,977) (248,369)
NET LOSS ATTRIBUTABLE TO CONTROLLING INTEREST (80,088) (190,682)
Other comprehensive income (loss) 9  (54)
COMPREHENSIVE LOSS ATTRIBUTABLE TO CONTROLLING INTEREST $ (80,079) $ (190,736)

As disclosed in Note 1 - Organization and Description of Business, FoA is a holding company and has a controlling interest in FoA Equity. FoA did not have any cash as of December 31, 2023 or December 31, 2022. Therefore, Condensed Statements of Cash Flows have not been presented. Management determined which assets and liabilities were to be used by the operating subsidiaries, and these amounts have been appropriately excluded from the parent company Condensed Statements of Financial Condition of FoA presented above. Changes in these balances are
reflected as additional contributions and distributions from FoA Equity in the period in which they occur, and had no impact on any cash balances that may have otherwise been maintained at FoA.
Basis of Presentation
The parent company financial statements should be read in conjunction with the Company’s consolidated financial statements and the accompanying notes thereto. The parent company follows the same accounting policies as disclosed in Note 2 - Summary of Significant Accounting Policies to the Company’s consolidated financial statements. For purposes of this condensed financial information, the Company’s consolidated subsidiaries are recorded based upon its proportionate share of the subsidiaries net assets (similar to presenting them on the equity method).
Since restricted net assets of FoA and its subsidiaries exceed 25% of the consolidated net assets of the Company and its subsidiaries, the accompanying condensed parent company financial statements have been prepared in accordance with Rule 12-04 Schedule 1 of Regulation S-X.
Dividends from Subsidiaries
There were no cash dividends paid to the parent from the Company’s consolidated subsidiaries for the years ended December 31, 2023 and 2022.