AAG 2022 net loss $98.9M, debt covenant violations; FOA acquisition closed

Finance of America Companies Inc.

AAG net loss $98.9M in 2022 vs $8.0M loss in 2021; revenue fell to $360M from $703M.
AAG total assets $5.22B, liabilities $5.19B, equity $31.5M at Dec 31, 2022.
AAG was in violation of debt covenants at Dec 31, 2022; auditor included going-concern emphasis.
FOA acquired substantial majority of AAG assets for $46.6M (stock, note, cash) on March 31, 2023.
Unaudited pro forma condensed financials filed to reflect the AAG Transaction.

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