Annual report pursuant to Section 13 and 15(d)

Condensed Financial Information of Registrant

v3.22.4
Condensed Financial Information of Registrant
 12 Months Ended
Dec. 31, 2022
Condensed Financial Information Disclosure [Abstract]  
Condensed Financial Information of Registrant 35. 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, 2022 December 31, 2021
ASSETS
Investment in subsidiaries $ 259,895  $ 446,517 
TOTAL ASSETS $ 259,895  $ 446,517 
LIABILITIES AND EQUITY
Payables and other liabilities 5,784  58,538 
TOTAL LIABILITIES $ 5,784  $ 58,538 
EQUITY
Class A Common Stock, $0.0001 par value; 6,000,000,000 shares authorized; 67,681,856 and 65,013,569 shares issued, respectively, and 63,423,356 and 60,755,069 shares outstanding, respectively
 6  6 
Additional paid-in capital 888,488  831,620 
Accumulated deficit (634,295) (443,613)
Accumulated other comprehensive loss (88) (34)
TOTAL EQUITY 254,111  387,979 
TOTAL LIABILITIES AND EQUITY $ 259,895  $ 446,517 
Finance of America Companies Inc.
(Parent Company Only)
Condensed Statements of Operations and Comprehensive Income
(In thousands)
For the year ended December 31, 2022 For the nine months ended December 31, 2021 For the three months ended March 31, 2021 For the year ended December 31, 2020
Successor Predecessor
REVENUES
Interest income $ —  $ —  $ —  $ 164 
Interest expense —  —  (46) (3,669)
Net interest expense —  —  (46) (3,505)
TOTAL REVENUES —  —  (46) (3,505)
EXPENSES
Salaries, benefits, and related expenses —  —  4,041  7,710 
Occupancy, equipment rentals, and other office related expenses —  —  161  632 
General and administrative expenses —  —  357  1,292 
TOTAL EXPENSES —  —  4,559  9,634 
OTHER, NET 40,163  15,042  —  — 
NET INCOME (LOSS) BEFORE INCOME TAXES 40,163  15,042  (4,605) (13,139)
Benefit for income taxes applicable to parent (17,524) (23,748) —  — 
NET INCOME (LOSS) 57,687  38,790  (4,605) (13,139)
Equity (deficit) in undistributed income from subsidiaries (248,369) (410,590) 124,464  531,527 
NET INCOME (LOSS) ATTRIBUTABLE TO CONTROLLING INTEREST (190,682) (371,800) 119,859  518,388 
Other comprehensive income (loss) (54) (34) (11) 60 
COMPREHENSIVE INCOME (LOSS) ATTRIBUTABLE TO CONTROLLING INTEREST $ (190,736) $ (371,834) $ 119,848  $ 518,448 

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, 2022 or December 31, 2021. 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 Successor year ended December 31, 2022 or for the nine months ended December 31, 2021. There were $75.0 million and $380.4 million in cash dividends paid to the parent from the Company's consolidated subsidiaries in the Predecessor three months ended March 31, 2021 and for the year ended December 31, 2020, respectively.