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Finance of America Companies Inc. Class A (FOA-0.49%) has submitted its 10-K filing for the fiscal year ended December 31, 2024.
The filing reports total revenues of $338.2 million, an increase from $234.3 million in the previous year, primarily driven by higher net origination gains and gains on securitization of HECM tails.
Net income from continuing operations was $40.4 million, compared to a net loss of $166.2 million in the previous year. This improvement was attributed to increased revenues and a gain on the extinguishment of debt.
The company reported a decrease in total expenses to $343.7 million from $392.0 million, reflecting cost-cutting measures and a reduction in salaries, benefits, and related expenses.
Finance of America Companies Inc. Class A's balance sheet showed total assets of $29.2 billion, with total liabilities of $28.8 billion, leading to total equity of $315.7 million.
The company highlighted its strategic shift towards a unified modern retirement solutions platform, exiting multiple business lines and focusing on reverse mortgage loans.
The filing also disclosed compliance with financial covenants and a waiver obtained from Ginnie Mae regarding tangible net worth requirements.
Finance of America Companies Inc. Class A's liquidity was supported by cash and cash equivalents of $47.4 million and restricted cash of $254.6 million as of December 31, 2024.
The company outlined its risk factors, including interest rate risk, competition, regulatory compliance, and reliance on third-party subservicers.
Finance of America Companies Inc. Class A continues to focus on expanding its core retirement solutions business and leveraging its portfolio management segment to optimize loan distribution.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Finance of America Companies Inc. Class A annual 10-K report dated March 14, 2025. To report an error, please email earnings@qz.com.