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Finance of America Companies Inc. (FOA-1.22%) has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing includes financial statements for the quarter, showing an increase in net income from continuing operations to $208,173,000, compared to a net loss of $172,571,000 in the same quarter the previous year. This improvement is attributed to favorable changes in fair value of loans and related obligations.
Interest income for the quarter was $489,900,000, up from $443,999,000 in the previous year. Interest expense also increased to $426,839,000 from $372,459,000.
The company reported a net portfolio interest income of $63,061,000, compared to $71,540,000 in the previous year, with the decrease due to higher average cost of funds.
Net origination gains increased to $57,216,000 from $31,376,000, driven by higher reverse mortgage loan origination volumes and margins.
Fee income decreased to $8,054,000 from $13,201,000, primarily due to a decline in fees associated with the previous operations of the home improvement lending business.
Total expenses for the quarter were $80,308,000, down from $105,426,000 in the previous year, reflecting reduced salaries and general administrative expenses.
The filing also details the company's focus on growing its core retirement solutions business and its strategy to monetize loans through securitization and sales.
Finance of America continues to manage its portfolio through its Portfolio Management segment, which reported improved net fair value changes on loans and related obligations.
The company completed a 1-for-10 reverse stock split on July 25, 2024, affecting the number of shares and earnings per share calculations.
Finance of America is actively monitoring economic impacts, including interest rate changes by the U.S. Federal Reserve, which may affect future operations and financial results.
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 quarterly 10-Q report dated November 8, 2024. To report an error, please email earnings@qz.com.