Finance of America Companies Inc. Quarterly report pursuant to Section 13 or 15(d)

Quarterly report pursuant to Section 13 or 15(d)

Business Segment Reporting (Tables)

Business Segment Reporting (Tables)

9 Months Ended

Sep. 30, 2021

Segment Reporting [Abstract]

Summary of Financial Information By Segment

The following tables are a presentation of financial information by segment for the periods indicated (in thousands):


		For the three months ended September 30, 2021
		Successor
		Mortgage Originations				Reverse Originations				Commercial Originations				Lender Services				Portfolio Managemen t				Total Operating Segments				Corporate and Other				Elim				Total
REVENUES
Gain on sale of loans, net		$	200,294			$	—			$	—			$	—			$	13,664			$	213,958			$	—			$	(3,863	)		$	210,095
Net fair value gains (losses)			1,145				109,408				13,604				—				(448	)			123,709				—				(1,200	)			122,509
Fee income			30,827				1,022				14,252				87,592				14,937				148,630				—				(2,905	)			145,725
Net interest income (expense)			2,807				—				—				(77	)			(17,799	)			(15,069	)			(6,720	)			(40	)			(21,829	)

Total revenues			235,073				110,430				27,856				87,515				10,354				471,228				(6,720	)			(8,008	)			456,500
Total expenses			220,331				41,354				21,678				78,688				30,068				392,119				28,672				(8,913	)			411,878
Other, net			—				221				133				22				252				628				10,205				(905	)			9,928

Net income (loss) before taxes		$	14,742			$	69,297			$	6,311			$	8,849			$	(19,462	)		$	79,737			$	(25,187	)		$	—			$	54,550

Depreciation and amortization		$	2,822			$	9,970			$	638			$	2,892			$	18			$	16,340			$	152			$	—			$	16,492
Total assets			2,978,565				789,351				120,116				358,684				18,429,429				22,676,145				964,815				(972,867	)			22,668,093


		April 1, 2021 to September 30, 2021
		Successor
		Mortgage Originations				Reverse Originations				Commercial Originations				Lender Services				Portfolio Management				Total Operating Segments				Corporate and Other				Elim				Total
REVENUES
Gain on sale of loans, net		$	385,680			$	—			$	—			$	—			$	21,412			$	407,092			$	—			$	(9,420	)		$	397,672
Net fair value gains			1,145				203,944				24,425				—				10,776				240,290				—				13,370				253,660
Fee income			61,172				1,976				26,376				168,722				18,514				276,760				—				(40,171	)			236,589
Net interest income (expense)			4,783				(9	)			—				(92	)			(33,650	)			(28,968	)			(13,287	)			(49	)			(42,304	)

Total revenues			452,780				205,911				50,801				168,630				17,052				895,174				(13,287	)			(36,270	)			845,617
Total expenses			444,522				83,600				41,727				151,962				63,325				785,136				64,669				(37,175	)			812,630
Other, net			—				325				273				105				8				711				8,019				(905	)			7,825

Net income (loss) before taxes		$	8,258			$	122,636			$	9,347			$	16,773			$	(46,265	)		$	110,749			$	(69,937	)		$	—			$	40,812

Depreciation and amortization		$	4,255			$	9,819			$	1,059			$	5,710			$	(89	)		$	20,754			$	12,199			$	—			$	32,953
Total assets			2,978,565				789,351				120,116				358,684				18,429,429				22,676,145				964,815				(972,867	)			22,668,093


		January 1, 2021 to March 31, 2021
		Predecessor
		Mortgage Originations				Reverse Originations				Commercial Originations				Lender Services				Portfolio Management				Total Operating Segments				Corporate and Other				Elim				Total
REVENUES
Gain on sale of loans, net		$	286,481			$	—			$	—			$	—			$	5,065			$	291,546			$	—			$	(212	)		$	291,334
Net fair value gains			—				68,449				5,431				—				2,750				76,630				—				33				76,663
Fee income			32,731				524				8,930				76,383				36,191				154,759				—				6,612				161,371
Net interest expense			891				—				—				(36	)			(14,816	)			(13,961	)			(7,744	)			—				(21,705	)

Total revenues			320,103				68,973				14,361				76,347				29,190				508,974				(7,744	)			6,433				507,663
Total expenses			224,246				23,693				13,391				62,970				24,406				348,706				18,683				5,955				373,344
Other, net			—				34				149				2				895				1,080				(9,464	)			(478	)			(8,862	)

Net income (loss) before taxes		$	95,857			$	45,314			$	1,119			$	13,379			$	5,679			$	161,348			$	(35,891	)		$	—			$	125,457

Depreciation and amortization		$	1,423			$	151			$	125			$	1,268			$	146			$	3,113			$	371			$	—			$	3,484
Total assets			2,425,529				35,861				82,375				125,317				17,378,088				20,047,170				379,562				(326,313	)			20,100,419


		For the three months ended September 30, 2020
		Predecessor
		Mortgage Originations				Reverse Originations				Commercial Originations				Lender Services				Portfolio Management				Total Operating Segments				Corporate and Other				Elim				Total
REVENUES
Gain on sale of loans, net		$	407,248			$	—			$	—			$	—			$	706			$	407,954			$	—			$	(28	)		$	407,926
Net fair value gains			—				48,251				1,357				—				46,261				95,869				—				86				95,955
Fee income			36,080				366				3,369				53,249				10,965				104,029				2,471				12,875				119,375
Net interest expense			451				—				—				(48	)			(15,999	)			(15,596	)			(385	)			(17	)			(15,998	)

Total revenues			443,779				48,617				4,726				53,201				41,933				592,256				2,086				12,916				607,258
Total expenses			239,847				24,634				7,064				45,304				22,989				339,838				9,615				12,916				362,369

Other, net			—				—				—				—				—				—				(2,470	)			—				(2,470	)

Net income (loss) before taxes		$	203,932			$	23,983			$	(2,338	)		$	7,897			$	18,944			$	252,418			$	(9,999	)		$	—			$	242,419

Depreciation and amortization		$	1,440			$	269			$	143			$	1,067			$	12			$	2,931			$	436			$	—			$	3,367
Total assets			2,170,342				15,163				57,432				103,755				16,639,324				18,986,016				351,841				(315,842	)			19,022,015


		For the nine months ended September 30, 2020
		Predecessor
		Mortgage Originations				Reverse Originations				Commercial Originations				Lender Services				Portfolio Management				Total Operating Segments				Corporate and Other				Elim				Total
REVENUES
Gain on sale of loans, net		$	832,872			$	—			$	—			$	—			$	6,323				839,195			$	—			$	(2,294	)		$	836,901
Net fair value gains			—				137,529				9,939				—				72,142				219,610				—				2,028				221,638
Fee income			90,402				1,478				14,555				138,819				13,357				258,611				2,514				4,877				266,002
Net interest expense			1,715				—				—				(81	)			(60,480	)			(58,846	)			(4,605	)			(99	)			(63,550	)

Total revenues			924,989				139,007				24,494				138,738				31,342				1,258,570				(2,091	)			4,512				1,260,991
Total expenses			593,996				65,374				29,506				123,453				61,735				874,064				32,837				4,512				911,413

Other, net			—				—				—				—				—				—				(2,514	)			—				(2,514	)

Net income (loss) before taxes		$	330,993			$	73,633			$	(5,012	)		$	15,285			$	(30,393	)		$	384,506			$	(37,442	)		$	—			$	347,064

Depreciation and amortization		$	4,527			$	724			$	449			$	3,172			$	35				8,907			$	1,417			$	—			$	10,324
Total assets			2,170,342				15,163				57,432				103,755				16,639,324				18,986,016				351,841				(315,842	)		$	19,022,015