Finance Of America Companies Inc. (NYSE:FOA) Q3 2023 Earnings Call Transcript

Graham Fleming: So the fair value at the end of — on our jumbo residuals was under $40 million at the end of the quarter. So we’ve had — so there’s two things at play here, right? One as we have to make adjustments to the fair value, you’re also impairing the GAAP earnings, because you don’t have a yield on the residual to recognize as well Stephen. So not only do you have the right down, but then you’re also — you’ve got a lower residual that you’re recognizing the yield on. So I would — we can have this conversation, I would call it maybe the top of where it is in, and hopefully we do see an end to these fair value marks running through the P&L going forward.

Stephen Laws: Got it. I appreciate the comments this afternoon, Graham. Thank you.

Graham Fleming: Thanks, Stephen.

Operator: There are no further questions at this time. I will now turn the call over to Graham Fleming.

Graham Fleming: All right. Thank you everybody for joining the call. As you can see, we’re making tremendous strides towards our strategic initiatives and we look forward to updating everybody on our next call towards the end of Q1 2024. Thank you everybody and have a good evening.

Operator: This concludes today’s conference call. You may now disconnect.