Welcome to our dedicated page for Finance Of America Companies news (Ticker: FOA), a resource for investors and traders seeking the latest updates and insights on Finance Of America Companies stock.
Finance of America Companies Inc (FOA) provides innovative retirement-focused home financing solutions and portfolio management services through its integrated technology platform. This news hub delivers timely updates on FOA's strategic initiatives, financial performance, and market developments.
Investors and industry professionals will find comprehensive coverage of earnings reports, product launches, regulatory filings, and leadership updates. The curated collection serves as a centralized resource for tracking FOA's progress in mortgage innovation and capital markets execution.
Key updates include quarterly financial results, strategic partnerships, retirement product enhancements, and portfolio management milestones. All content is verified through primary sources to ensure accuracy and relevance for financial decision-making.
Bookmark this page for direct access to FOA's official communications and market analyses. Regularly updated content supports informed monitoring of the company's position in mortgage financing and retirement solutions sectors.
Finance of America (NYSE: FOA) reported strong financial results for Q4 and full year 2024, marking a return to profitability. The company achieved $40 million in net income from continuing operations ($1.78 basic EPS) and $14 million in adjusted net income ($0.60 adjusted EPS) for the year.
Key highlights include:
- Adjusted EBITDA of $60 million for the year
- Reverse mortgage funded volume increased 19% with $534 million in Q4 production
- Total equity grew from $272 million to $316 million
- Tangible net worth improved 421% from $19 million to $99 million
The Retirement Solutions segment posted pre-tax income of $11 million and adjusted net income of $38 million, with total revenue increasing 38% year-over-year. The Portfolio Management segment achieved pre-tax income of $84 million and adjusted net income of $42 million in 2024.
Finance of America (NYSE: FOA) has announced two strategic executive appointments to drive digital transformation in its reverse mortgage business. Brian Conneen joins as Chief Information Officer, bringing extensive fintech experience from Best Egg where he helped scale operations to serve over two million customers. Karime Benaissa takes the role of Chief Customer Officer, leveraging his digital operations expertise from Amazon, Petco, and Neiman Marcus.
The appointments align with FOA's strategy to modernize the reverse mortgage market through technological innovation. Conneen will focus on implementing scalable solutions for consumers and lender partners, while Benaissa will lead a comprehensive digital transformation to improve customer experience for older homeowners seeking financial flexibility.
Finance of America (NYSE: FOA), a leading provider of home equity-based financing solutions for modern retirement, has scheduled its Fourth Quarter and Full Year 2024 earnings release for March 11, 2025, after market close.
The company will host a webcast and conference call at 5:00 pm Eastern Time on the same day to discuss the results. Management will make available the press release and investor presentation under the 'Investors' section of the company website prior to the call.
Investors can access the audio webcast through the company's website or join via phone using the following dial-in numbers:
- Domestic: 1-800-715-9871
- International: 1-646-307-1963
- Conference ID: 5706924
Horizon Media Holdings has appointed Bob Lord as its first President, reporting to CEO Bill Koenigsberg. Lord brings over three decades of experience in marketing, media, and technology, including roles as IBM's first Chief Digital Officer and AOL's President. In his new role, Lord will oversee the company's diversified businesses, focusing on integrating advanced technologies and leading international strategy.
Lord's previous achievements include revolutionizing IBM's go-to-market strategy, launching the Call for Code initiative, and leading The Weather Company. At AOL, he developed a leading programmatic media platform, and as Global CEO of Razorfish, he oversaw its transformation into a digital marketing leader.
The appointment aligns with Horizon's focus on enterprise innovation and technology transformation. Lord currently serves on several boards, including Integral Ad Science (IAS) and Finance of America, and is an Executive Fellow at Harvard Business School.
Finance of America (NYSE: FOA) reported strong Q3 2024 results with net income from continuing operations of $204 million or $8.48 basic earnings per share. The company achieved adjusted net income of $15 million ($0.67 per share) and adjusted EBITDA of $32 million. Total funded volume increased 15% quarter-over-quarter to $513 million. Book equity rose to $456 million ($20 per diluted share). The company completed a reverse stock split in July 2024 to maintain NYSE compliance and successfully closed an exchange offer with nearly 98% participation from senior unsecured note holders.
Finance of America has enhanced its HomeSafe Second reverse mortgage product by reducing the interest rate from 9.99% to 9.49% and expanding availability to four new states: Arizona, Nevada, Oregon, and Utah. The second-lien loan, designed for homeowners aged 55+, allows borrowing up to $1 million without monthly payments while keeping existing primary mortgages intact. Loan qualification is primarily based on age and home equity rather than annual income. The product is currently available in ten states, with plans for further expansion.
Finance of America (NYSE: FOA) announces a 97.892% participation rate in its Exchange Offer for 7.875% Senior Notes due 2025, with holders of $342,622,000 aggregate principal amount electing to participate. The company has extended the Exchange Offer and Consent Solicitation deadline to October 29, 2024, and modified the amortization payment due November 15, 2025, to $0.23 per $1.00 initial principal amount of New Senior Secured Notes. The settlement is expected on October 31, 2024, subject to conditions.
Finance of America (NYSE: FOA) has announced it will release its third quarter 2024 financial results on Wednesday, November 6, 2024, after market close. The company will host a webcast and conference call at 5:00 pm Eastern Time on the same day to discuss the quarterly results. Management will make available a press release and investor presentation prior to the call in the Investors section of the company's website. The conference call can be accessed via webcast or by phone, with replay options available until November 20, 2024.
Finance of America Companies Inc. (NYSE: FOA) has announced an exchange offer and consent solicitation for its outstanding 7.875% Senior Notes due 2025. The exchange offer, initiated by subsidiary FOA Funding, proposes to swap the 2025 Unsecured Notes for:
- Up to $200 million in 7.875% Senior Secured Notes due 2026
- Up to $150 million in 10.000% Exchangeable Senior Secured Notes due 2029
- A cash fee of 0.25% of the exchanged notes' principal amount
Notably, holders representing at least 94% of the outstanding 2025 Unsecured Notes have agreed or indicated their intent to participate in the exchange offer and consent solicitation.
Finance of America Companies Inc. (NYSE: FOA) reported its Q2 2024 results:
- Net loss from continuing operations of $5 million or $0.20 basic loss per share
- Adjusted EBITDA of $9 million, first positive quarter since 2022
- Announced Exchange Offer Support Agreement with over 99% of senior unsecured note holders intending to participate
- Completed reverse stock split in July 2024, bringing FOA back into NYSE compliance
- Funded volume increased 5% quarter-over-quarter to $447 million
- Total revenue up 5% quarter-over-quarter to $79 million
- Retirement Solutions segment saw 15% year-over-year revenue increase
- Portfolio Management segment reported pre-tax income of $22 million
The company highlighted improved operating performance and fundamentals across the business.
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