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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
_________________________
FORM 10-Q
_________________________
(Mark One)
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended September 30, 2023
OR
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from to

Commission file number 001-40308
_________________________
FINANCE OF AMERICA COMPANIES INC.
(Exact name of registrant as specified in its charter)
_________________________
Delaware
85-3474065
(State or other jurisdiction of incorporation or organization)
(I.R.S. Employer Identification No.)
5830 Granite Parkway, Suite 400
 Plano, Texas
75024
(Address of Principal Executive Offices)
(Zip Code)
(877) 202-2666
Registrant's telephone number, including area code
_________________________
Securities registered pursuant to Section 12(b) of the Act:
Title of each class
Trading Symbol(s)
Name of each exchange on which registered
Class A Common Stock, par value $0.0001 per share
FOA
The New York Stock Exchange
Warrants to purchase shares of Class A Common Stock
FOA.WS
The New York Stock Exchange

Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports); and (2) has been subject to such filing requirements for the past 90 days. Yes x No o

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the Registrant was required to submit such files). Yes x No o

1


Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filer
Accelerated filer
x
Non-accelerated filer
Smaller reporting company
x
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act). Yes o No x

As of November 3, 2023, there were issued and outstanding 87,943,931 shares of the registrant’s Class A Common Stock, par value $0.0001, and 15 shares of the registrant's Class B Common Stock, par value $0.0001.

2

Finance of America Companies Inc. and Subsidiaries
Quarterly Report on Form 10-Q
Table of Contents
Page
PART I - Financial Information
Item 1. Financial Statements
Item 2.Management's Discussion and Analysis of Financial Condition and Results of Operations
Item 3. Quantitative and Qualitative Disclosures about Market Risk
Item 4.Controls and Procedures
PART II - Other Information
Item 1. Legal Proceedings
Item 1A. Risk Factors
Item 2.
Unregistered Sales of Equity Securities and Use of Proceeds
Item 3.
Defaults Upon Senior Securities
Item 4.Mine Safety Disclosures
Item 5.Other Information
Item 6.Exhibits
Signatures

3


Forward-Looking Statements
This report includes “forward-looking statements” within the meaning of the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements are not historical facts or statements of current conditions, but instead represent only management’s beliefs regarding future events, many of which, by their nature, are inherently uncertain and outside of Finance of America Companies Inc.'s (the “Company”) control. It is possible that our actual results, financial condition, and liquidity may differ, possibly materially, from the anticipated results, financial condition, and liquidity in these forward-looking statements. The Company’s actual results may differ from its expectations, estimates, and projections and, consequently, you should not rely on these forward-looking statements as predictions of future events. Words such as “expect,” “estimate,” “project,” “budget,” “forecast,” “anticipate,” “intend,” “plan,” “may,” “will,” “could,” “should,” “believes,” “predicts,” “potential,” “continue,” and similar expressions (or the negative versions of such words or expressions) are intended to identify such forward-looking statements. The Company cautions readers not to place undue reliance upon any forward-looking statements, which are current only as of the date of this report. Results for any specified quarter are not necessarily indicative of the results that may be expected for the full year or any future period. The Company does not undertake or accept any obligation or undertaking to release publicly any updates or revisions to any forward-looking statements to reflect any change in its expectations or any change in events, conditions, or circumstances on which any such statement is based, except as required by law. All subsequent written and oral forward-looking statements concerning the Company or other matters and attributable to the Company or any person acting on its behalf are expressly qualified in their entirety by the cautionary statements above. Readers are cautioned not to place undue reliance upon any forward-looking statements, which speak only as of the date made. A number of important factors exist that could cause future results to differ materially from historical performance and these forward-looking statements. Factors that might cause such a difference include, but are not limited to:

the transformation of our business from a vertically-integrated, diversified lending platform to a modern retirement solutions platform, with access to an innovative range of retirement offerings centered on the home;
our ability to obtain sufficient capital and liquidity to meet the financing and operational requirements of our business, and our ability to comply with our debt agreements and pay down our substantial debt;
our recently closed asset acquisition from American Advisors Group and sale of our Commercial Originations and Lender Services businesses, and their respective expected benefits and increased liquidity, anticipated cost savings, and financial and accounting impact;
our ability to successfully and timely integrate the business of American Advisors Group into the legacy business of the Company;
the possibility that the Company may be adversely affected by other economic, business or competitive factors in our business markets and worldwide financial markets, including a sustained period of higher interest rates and increased instability in the banking sector as a result of several recent bank failures;
our ability to respond to significant changes in prevailing interest rates and to resume profitable business operations;
our ability to manage disruptions in the secondary home loan market, including the mortgage-backed securities market;
our ability to finance and recover costs of our reverse servicing operations;
our ability to manage changes in our licensing status, business relationships, or servicing guidelines with the Government National Mortgage Association, the United States Department of Housing and Urban Development, or other governmental entities;
our geographic market concentration if the economic conditions in our current markets should decline or as a result of natural disasters;
our use of estimates in measuring or determining the fair value of the majority of our financial assets and liabilities, which may require us to write down the value of these assets or write up the value of these liabilities if they prove to be incorrect;
our ability to manage various legal proceedings and compliance matters, federal or state governmental examinations, and enforcement investigations we are subject to from time to time, including consumer protection laws applicable to reverse mortgage lenders, which may be highly complex and slow to develop, and results are difficult to predict or estimate;
our ability to prevent cyber intrusions and mitigate cyber risks;
4


our ability to compete with national banks, which are not subject to state licensing and operational requirements;
our holding company status and dependency on distributions from Finance of America Equity Capital LLC;
our “controlled company” status under New York Stock Exchange rules, which exempts us from certain corporate governance requirements and affords stockholders fewer protections; and
our common stock trading history has been characterized by low trading volume, which may result in an inability to sell your shares at a desired price, if at all.
All of these factors are difficult to predict, contain uncertainties that may materially affect actual results and may be beyond our control. New factors emerge from time to time, and it is not possible for our management to predict all such factors or to assess the effect of each such new factor on our business. Although we believe that the assumptions underlying the forward-looking statements contained herein are reasonable, any of the assumptions could be inaccurate, and any of these statements included herein may prove to be inaccurate. Given the significant uncertainties inherent in the forward-looking statements included herein, the inclusion of such information should not be regarded as a representation by us or any other person that the results or conditions described in such statements, or our objectives and plans will be achieved. Please refer to Item 1A. Risk Factors and Management’s Discussion and Analysis of Financial Condition and Results of Operations, included in this report, and in our Annual Report on Form 10-K for the year ended December 31, 2022, filed with the U.S Securities and Exchange Commission (the "SEC") on March 16, 2023, for further information on these and other risk factors affecting us, as such factors may be amended and updated from time to time in the Company’s subsequent periodic filings with the SEC, which are accessible on the SEC’s website at www.sec.gov.
5



Part I - Financial Information

6


Item 1. Financial Statements
7












Condensed Consolidated Financial Statements (Unaudited)

8

Finance of America Companies Inc. and Subsidiaries
Condensed Consolidated Statements of Financial Condition
(In thousands, except share data)
September 30, 2023December 31, 2022
(unaudited)
ASSETS
Cash and cash equivalents$66,341 $61,149 
Restricted cash216,273 179,764 
Loans held for investment, subject to Home Equity Conversion Mortgage-Backed Securities ("HMBS") related obligations, at fair value17,185,552 11,114,100 
Loans held for investment, subject to nonrecourse debt, at fair value7,912,759 7,454,638 
Loans held for investment, at fair value467,319 907,998 
Loans held for sale, at fair value23,956 173,984 
Mortgage servicing rights ("MSR"), at fair value, $0 and $60,562 subject to nonrecourse MSR financing liability, respectively
7,944 95,096 
Fixed assets and leasehold improvements, net8,055 9,131 
Intangible assets, net269,228 297,119 
Other assets, net231,679 266,316 
Assets of discontinued operations8,356 313,360 
TOTAL ASSETS$26,397,462 $20,872,655 
LIABILITIES AND EQUITY
HMBS related obligations, at fair value$16,978,168 $10,996,755 
Nonrecourse debt, at fair value
7,812,570 7,343,177 
Other financing lines of credit852,813 1,327,634 
Payables and other liabilities220,818 173,732 
Notes payable, net (includes amounts due to related parties of $59,130 and $46,790, respectively)
411,124 399,402 
Liabilities of discontinued operations18,360 227,114 
TOTAL LIABILITIES26,293,853 20,467,814 
Commitments and Contingencies (Note 18)
EQUITY (Note 24)
Class A Common Stock, $0.0001 par value; 6,000,000,000 shares authorized; 92,038,371 and 67,681,856 shares issued, respectively, and 87,779,871 and 63,423,356 shares outstanding, respectively
9 6 
Class B Common Stock, $0.0001 par value; 1,000,000 shares authorized; 15 and 14 shares issued and outstanding, respectively
  
Additional paid-in capital940,717 888,488 
Accumulated deficit(775,744)(634,295)
Accumulated other comprehensive loss(221)(273)
Noncontrolling interest(61,152)150,915 
TOTAL EQUITY103,609 404,841 
TOTAL LIABILITIES AND EQUITY$26,397,462 $20,872,655 
See accompanying notes to unaudited condensed consolidated financial statements

9

Finance of America Companies Inc. and Subsidiaries
Condensed Consolidated Statements of Financial Condition
(In thousands)
The following table presents the assets and liabilities of the Company's consolidated variable interest entities ("VIEs"), which are included in the Condensed Consolidated Statements of Financial Condition above, and excludes retained bonds and beneficial interests that eliminate in consolidation.

September 30, 2023December 31, 2022
(unaudited)
ASSETS
Restricted cash$202,047 $173,714 
Loans held for investment, subject to nonrecourse debt, at fair value7,525,331 7,340,528 
Other assets, net74,724 75,977 
TOTAL ASSETS$7,802,102 $7,590,219 
LIABILITIES
Nonrecourse debt, at fair value$7,443,603 $7,175,857 
Payables and other liabilities588 757 
TOTAL LIABILITIES$7,444,191 $7,176,614 
NET CARRYING VALUE OF ASSETS SUBJECT TO NONRECOURSE DEBT$357,911 $413,605 

See accompanying notes to unaudited condensed consolidated financial statements
10

Finance of America Companies Inc. and Subsidiaries
Condensed Consolidated Statements of Operations (Unaudited)
(In thousands, except share data)
For the three months ended September 30, 2023For the three months ended September 30, 2022For the nine months ended September 30, 2023For the nine months ended September 30, 2022
REVENUES
Loss on sale and other income from loans held for sale, net$(6,984)$(6,508)$(23,464)$(242)
Net fair value gains (losses) on loans and related obligations(53,135)(10,244)30,126 (5,109)
Fee income13,201 10,212 33,377 72,225 
Net interest expense:
Interest income4,443 2,527 9,734 5,320 
Interest expense(27,965)(33,534)(91,255)(84,039)
Net interest expense(23,522)(31,007)(81,521)(78,719)
TOTAL REVENUES(70,440)(37,547)(41,482)(11,845)
EXPENSES
Salaries, benefits, and related expenses48,557 45,788 140,469 163,691 
Occupancy, equipment rentals, and other office related expenses2,097 1,576 6,560 5,465 
General and administrative expenses54,772 44,987 152,179 148,042 
TOTAL EXPENSES105,426 92,351 299,208 317,198 
IMPAIRMENT OF INTANGIBLES AND OTHER ASSETS(558)(3,800)(558)(3,800)
OTHER, NET3,853 20,468 2,852 37,606 
NET LOSS FROM CONTINUING OPERATIONS BEFORE INCOME TAXES(172,571)(113,230)(338,396)(295,237)
Benefit for income taxes from continuing operations(103)(8,491)(786)(18,414)
NET LOSS FROM CONTINUING OPERATIONS(172,468)(104,739)(337,610)(276,823)
NET LOSS FROM DISCONTINUED OPERATIONS(2,464)(196,961)(45,211)(256,695)
NET LOSS(174,932)(301,700)(382,821)(533,518)
Net loss attributable to noncontrolling interest from continuing operations (107,940)(89,148)(212,190)(226,772)
Net loss attributable to noncontrolling interest from discontinued operations(1,629)(128,066)(29,182)(173,087)
NET LOSS FROM CONTINUING OPERATIONS ATTRIBUTABLE TO CONTROLLING INTEREST(64,528)(15,591)(125,420)(50,051)
NET LOSS FROM DISCONTINUED OPERATIONS ATTRIBUTABLE TO CONTROLLING INTEREST(835)(68,895)(16,029)(83,608)
NET LOSS ATTRIBUTABLE TO CONTROLLING INTEREST$(65,363)$(84,486)$(141,449)$(133,659)
EARNINGS PER SHARE (Note 23)
Basic weighted average shares outstanding87,726,231 62,804,809 79,804,493 61,993,353 
Basic net loss per share from continuing operations$(0.74)$(0.25)$(1.57)$(0.81)
Basic net loss per share$(0.75)$(1.35)$(1.77)$(2.16)
Diluted weighted average shares outstanding87,726,231 187,877,936 79,804,493 188,375,945 
Diluted net loss per share from continuing operations$(0.74)$(0.46)$(1.57)$(1.21)
Diluted net loss per share$(0.75)$(1.34)$(1.77)$(2.34)
See accompanying notes to unaudited condensed consolidated financial statements
11

Finance of America Companies Inc. and Subsidiaries
Condensed Consolidated Statements of Comprehensive Loss (Unaudited)
(In thousands)
For the three months ended September 30, 2023For the three months ended September 30, 2022For the nine months ended September 30, 2023For the nine months ended September 30, 2022
NET LOSS$(174,932)$(301,700)$(382,821)$(533,518)
COMPREHENSIVE INCOME (LOSS) ITEM:
Impact of foreign currency translation adjustment33 (105)52 (257)
TOTAL COMPREHENSIVE LOSS(174,899)(301,805)(382,769)(533,775)
Less: Comprehensive loss attributable to noncontrolling interest (109,548)(217,285)(241,339)(400,033)
COMPREHENSIVE LOSS ATTRIBUTABLE TO CONTROLLING INTEREST$(65,351)$(84,520)$(141,430)$(133,742)

See accompanying notes to unaudited condensed consolidated financial statements


12

Finance of America Companies Inc. and Subsidiaries
Condensed Consolidated Statements of Equity (Unaudited)
(In thousands, except share data)

Class A Common StockClass B Common StockNoncontrolling Interest
SharesAmountSharesAmountAdditional Paid-in CapitalAccumulated DeficitAccumulated Other Comprehensive Income (Loss)
Class A LLC Units
AmountTotal Equity
Balance at June 30, 2023
87,627,918 $9 15 $ $935,911 $(710,381)$(254)141,543,623 $48,450 $273,735 
Net loss     (65,363)  (109,569)(174,932)
Equity-based compensation, net    4,976     4,976 
Conversion of LLC Units for Class A Common Stock (Note 24 - Equity)
771       (771)  
Settlement of long-term incentive plan ("LTIP") restricted stock units ("RSUs"), net (Note 24 - Equity)
182,461    32   (182,461)(33)(1)
Settlement of other RSUs82,456          
Cancellation of shares to fund employee tax withholdings (Note 24 - Equity)
(113,735)   (202)    (202)
Foreign currency translation adjustment      33   33 
Balance at September 30, 2023
87,779,871 $9 15 $ $940,717 $(775,744)$(221)141,360,391 $(61,152)$103,609 

See accompanying notes to unaudited condensed consolidated financial statements














13

Finance of America Companies Inc. and Subsidiaries
Condensed Consolidated Statements of Equity (Unaudited)
(In thousands, except share data)
Class A Common StockClass B Common StockNoncontrolling Interest
SharesAmountSharesAmountAdditional Paid-in CapitalAccumulated DeficitAccumulated Other Comprehensive Loss
Class A LLC Units
AmountTotal Equity
Balance at June 30, 2022
62,474,553 $6 15 $ $860,232 $(492,786)$(262)125,413,507 $496,010 $863,200 
Net loss— — — — — (84,486)— — (217,214)(301,700)
Noncontrolling interest distributions— — — — — — — — (56)(56)
Equity-based compensation, net— — — — 15,735 — — — — 15,735 
Conversion of LLC Units for Class A Common Stock (Note 24 - Equity)
3,096 — — — 42 — — (3,096)(12)30 
Settlement of LTIP RSUs, net (Note 24 - Equity)
576,810 — — — 2,075 — — (576,810)(2,149)(74)
Settlement of other RSUs252,678 — — — — — — — — — 
Cancellation of shares to fund employee tax withholdings (Note 24 - Equity)
(347,861)— — — (1,944)— — — — (1,944)
Foreign currency translation adjustment— — — — — — (105)— — (105)
Balance at September 30, 2022
62,959,276 $6 15 $ $876,140 $(577,272)$(367)124,833,601 $276,579 $575,086 

See accompanying notes to unaudited condensed consolidated financial statements
14

Finance of America Companies Inc. and Subsidiaries
Condensed Consolidated Statements of Equity (Unaudited)
(In thousands, except share data)
Class A Common StockClass B Common StockNoncontrolling Interest
SharesAmountSharesAmountAdditional Paid-in CapitalAccumulated DeficitAccumulated Other Comprehensive Income (Loss)
Class A LLC Units
AmountTotal Equity
Balance at December 31, 2022
63,423,356 $6 14 $ $888,488 $(634,295)$(273)124,453,301 $150,915 $404,841 
Net loss     (141,449)  (241,372)(382,821)
Equity-based compensation, net    20,337     20,337 
Conversion of LLC Units for Class A Common Stock (Note 24 - Equity)
4,852    4   (4,852)(4) 
Settlement of LTIP RSUs, net (Note 24 - Equity)
2,781,048 1   3,951   (2,781,048)(3,863)89 
Settlement of other RSUs1,385,262          
Cancellation of shares to fund employee tax withholdings (Note 24 - Equity)
(1,553,779)   (2,061)    (2,061)
Issuance of shares (Note 22 - Related-Party Transactions and Note 24 - Equity)
21,739,132 2   29,998     30,000 
Issuance of units (Note 3 - Acquisitions and Note 24 - Equity)
  1     19,692,990 33,172 33,172 
Foreign currency translation adjustment      52   52 
Balance at September 30, 2023
87,779,871 $9 15 $ $940,717 $(775,744)$(221)141,360,391 $(61,152)$103,609 
See accompanying notes to unaudited condensed consolidated financial statements
15

Finance of America Companies Inc. and Subsidiaries
Condensed Consolidated Statements of Equity (Unaudited)
(In thousands, except share data)
Class A Common StockClass B Common StockNoncontrolling Interest
SharesAmountSharesAmountAdditional Paid-in CapitalAccumulated DeficitAccumulated Other Comprehensive Loss
Class A LLC Units
AmountTotal Equity
Balance at December 31, 2021
60,755,069 $6 15 $ $831,620 $(443,613)$(110)128,693,867 $695,107 $1,083,010 
Net loss— — — — — (133,659)— — (399,859)(533,518)
Noncontrolling interest contributions— — — — — — — — 42 42 
Noncontrolling interest distributions— — — — — — — — (248)(248)
Equity-based compensation, net— — — — 36,618 — — — — 36,618 
Conversion of LLC Units for Class A Common Stock (Note 24 - Equity)
111,209 — — — 466 — — (111,209)(552)(86)
Settlement of LTIP RSUs, net (Note 24 - Equity)
3,749,057 — — — 13,086 —