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Finance of America (NYSE: FOA) 2025 earnings surge on home equity growth

Filing Impact
(High)
Filing Sentiment
(Neutral)
Form Type
8-K

Rhea-AI Filing Summary

Finance of America Companies Inc. reported a sharp turnaround in 2025, with $110 million in net income from continuing operations and basic earnings per share of $5.04, a 175% increase from 2024. Adjusted net income rose to $74 million and adjusted earnings per share reached $3.04, above the stated guidance range.

Full-year funded volume grew 24% to $2.4 billion, driving a 23% revenue increase in the Retirement Solutions segment and a 318% jump in its pre-tax income to $46 million. Portfolio Management pre-tax income rose 136% to $198 million. Cash and cash equivalents increased to $90 million and total equity to $396 million. The company announced an agreement to acquire PHH Mortgage’s reverse mortgage servicing portfolio, a $2.5 billion strategic partnership and $50 million preferred equity investment from Blue Owl, repaid higher-cost working capital facilities, and repurchased $80 million of Blackstone’s equity interest.

Positive

  • Profitability inflection: Net income from continuing operations rose to $110 million with basic EPS of $5.04, a 175% year-over-year increase, while adjusted EPS climbed to $3.04 from $0.60.
  • Growth in core business: Funded volume reached $2.4 billion in 2025, up 24% from 2024, supporting a 23% revenue increase and 318% pre-tax income growth in the Retirement Solutions segment.
  • Stronger portfolio earnings: Portfolio Management pre-tax income increased 136% year over year to $198 million, with adjusted net income rising to $77 million from $42 million.
  • Balance sheet and capital actions: Cash grew to $90 million and total equity to $396 million; the company received a $50 million preferred equity investment from Blue Owl and repurchased $80 million of Blackstone’s equity stake after paying down higher-cost facilities.

Negative

  • Quarterly volatility: Despite strong full-year results, Q4 2025 showed a net loss from continuing operations of $21 million and adjusted net income declining to $14 million from $33 million in Q3, indicating near-term earnings variability.

Insights

2025 earnings and balance sheet improved materially, supported by growth in home equity lending and portfolio performance.

Finance of America delivered strong full-year results. Net income from continuing operations rose to $110 million, while adjusted net income reached $74 million. Funded volume increased 24% to $2.4 billion, supporting higher revenue and operating leverage.

The Retirement Solutions segment grew revenue to $253 million and pre-tax income to $46 million, indicating better scalability. Portfolio Management pre-tax income increased to $198 million, helped by favorable fair value adjustments and higher accreted yield on residual interests.

Liquidity and capital strengthened, with cash of $90 million and total equity of $396 million. A $2.5 billion strategic partnership and $50 million preferred equity from Blue Owl, plus repayment of higher-cost facilities and an $80 million buyback of Blackstone’s equity interest, reshape the capital structure and ownership mix.

Item 2.02 Results of Operations and Financial Condition Financial
Disclosure of earnings results, typically an earnings press release or preliminary financials.
Item 9.01 Financial Statements and Exhibits Exhibits
Financial statements, pro forma financial information, and exhibit attachments filed with this report.

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FAQ

How did Finance of America (FOA) perform financially in 2025?
Finance of America posted strong 2025 results with $110 million in net income from continuing operations and basic earnings per share of $5.04. Adjusted net income reached $74 million and adjusted earnings per share were $3.04, both significantly higher than 2024 levels.

What drove Finance of America’s revenue and volume growth in 2025?
Growth was driven mainly by higher home equity-based lending. Funded volume increased 24% to $2.4 billion, supporting a 23% revenue increase in the Retirement Solutions segment to $253 million and a 318% rise in its pre-tax income to $46 million compared with 2024.

How did the Portfolio Management segment of FOA perform in 2025?
The Portfolio Management segment reported 2025 pre-tax income of $198 million, up 136% year over year. Adjusted net income increased to $77 million from $42 million, reflecting positive fair value adjustments on retained interests and higher accreted yield on portfolio assets.

What capital and strategic transactions did Finance of America complete?
Finance of America announced a $2.5 billion strategic partnership and received a $50 million preferred equity investment from funds managed by Blue Owl. It also repaid higher-cost working capital facilities and repurchased $80 million of Blackstone’s equity interest in the company.

How did FOA’s balance sheet change by December 31, 2025?
By December 31, 2025, Finance of America’s cash and cash equivalents rose to $90 million from $47 million a year earlier. Total equity increased to $396 million from $316 million, reflecting stronger profitability and the impact of the Blue Owl preferred equity investment and equity repurchase.
0001828937falseCHX00018289372026-03-102026-03-100001828937exch:XNYS2026-03-102026-03-100001828937exch:XCHI2026-03-102026-03-10

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM 8-K

CURRENT REPORT
Pursuant to Section 13 or 15(d)
of The Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): March 10, 2026

FINANCE OF AMERICA COMPANIES INC.
(Exact name of registrant as specified in its charter)
Delaware
001-40308
85-3474065
(State or other jurisdiction of incorporation)
(Commission File Number)
(IRS Employer Identification No.)
5830 Granite Parkway, Suite 400
Plano, Texas 75024
(Address of principal executive offices, including Zip Code)
(877) 202-2666
(Registrant’s telephone number, including area code)
Not Applicable
(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol(s)Name of each exchange on which registered
Class A Common Stock, par value $0.0001 per shareFOANew York Stock Exchange
NYSE Texas, Inc.

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐



Item 2.02. Results of Operations and Financial Condition.

On March 10, 2026, Finance of America Companies Inc. (the “Company”) issued a press release announcing its financial results for the fourth quarter and full year ended December 31, 2025. A copy of the press release is attached as Exhibit 99.1 and incorporated herein by reference.

The information furnished pursuant to this Item 2.02, including Exhibit 99.1, shall not be deemed to be “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing made by the Company under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such filing.

Item 9.01. Financial Statements and Exhibits.
(d) Exhibits.
Exhibit Number  Exhibit Description
 99.1*
  
Press Release, dated March 10, 2026
104Cover Page Interactive Data File (embedded within the Inline XBRL document)
* Furnished Herewith



SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
 
Finance of America Companies Inc.
Date:March 10, 2026By:
/s/ Matthew A. Engel
Name: Matthew A. Engel
     
Title: Chief Financial Officer




FINANCE OF AMERICA REPORTS FOURTH QUARTER AND FULL YEAR 2025 RESULTS
– $5.04 in basic earnings per share or $110 million of net income from continuing operations for the year, up 175% year over year –
– $3.04 in adjusted earnings per share(1) or $74 million of adjusted net income(1) for the year, up 429% year over year –
– Funded volume of $2.4 billion for the year, representing a 24% increase from 2024 –

Plano, Texas (March 10, 2026): Finance of America Companies Inc. (“Finance of America” or the “Company”) (NYSE: FOA), a leading provider of home equity-based financing solutions for a modern retirement, reported financial results for the quarter and year ended December 31, 2025.

Fourth Quarter and Full Year 2025 Highlights(2)
•Funded volume of $619 million for the quarter, consistent with expectations and brings funded volume for the year to $2.4 billion, representing a 24% increase from 2024.
•$5.04 in basic earnings per share or $110 million of net income from continuing operations for the year, a 175% increase compared to 2024. This improvement was driven by higher funded volume, improved operating leverage, and favorable fair value adjustments during the year.
•Adjusted net income(1) of $74 million during 2025, an improvement of 429% compared to 2024, driven by improved origination gains, improved operating leverage, and increased capital markets activity, generating $3.04 in adjusted earnings per share(1), above the stated guidance range.
•Announced an agreement to acquire the reverse mortgage servicing portfolio and related assets from PHH Mortgage, expanding our servicing platform and enhancing our origination capabilities.
•Announced a $2.5 billion strategic partnership, and received a $50 million equity investment from funds managed by Blue Owl, supporting continued growth initiatives.
•Paid off higher cost working capital facilities in August 2025 and completed the repurchase of Blackstone’s equity interest in Finance of America as of February 2026.
(1) See the sections titled “Reconciliation to GAAP” and “Non-GAAP Financial Measures” for reconciliations to the most directly comparable GAAP measures and other important disclosures.
(2) The financial information presented in the highlights is for the Company’s continuing operations.

Graham A. Fleming, Chief Executive Officer commented, “Finance of America delivered significant year over year growth in 2025, reflecting improved scalability across our platform and stronger conversion of volume into profitability. We believe demographic trends continue to support long-term demand for responsible home equity solutions. The progress we’ve made across our platform, products and capital structure have positioned FOA to build on this momentum in 2026 and beyond.”

1    



(unaudited)
Fourth Quarter and Full Year Financial Summary of Continuing Operations
($ amounts in millions, except per share data)
Variance (%)Variance (%)Variance (%)
Q4'25Q3'25Q4'25 vs Q3'25Q4'24Q4'25 vs Q4'24202520242025 vs 2024
Funded volume$619 $603 3 %$534 16 %$2,385 $1,918 24 %
Total revenues74 81 (9)%(49)251 %497 394 26 %
Total expenses and other, net96 109 (12)%96 — %384 351 9 %
Pre-tax income (loss) from continuing operations(22)(29)24 %(146)85 %113 43 163 %
Net income (loss) from continuing operations(21)(29)28 %(143)85 %110 40 175 %
Adjusted net income(1)
14 33 (58)%5 180 %74 14 429 %
Adjusted EBITDA(1)
28 55 (49)%18 56 %143 60 138 %
Basic earnings (loss) per share$(1.30)$(0.98)(33)%$(5.95)78 %$5.04 $1.78 183 %
Diluted earnings (loss) per share(2)
$(1.30)$(1.22)(7)%$(5.95)78 %$3.94 $1.36 190 %
Adjusted earnings per share(1)
$0.69 $1.33 (48)%$0.21 229 %$3.04 $0.60 407 %
(1) See the sections titled “Reconciliation to GAAP” and “Non-GAAP Financial Measures” for reconciliations to the most directly comparable GAAP measures and other important disclosures.
(2) Calculated using the treasury stock, if-converted, or two-class method, except when anti-dilutive.

Balance Sheet Highlights
($ amounts in millions)(1)
December 31,December 31,Variance (%)
202520242025 vs 2024
Cash and cash equivalents$90 $47 91 %
Securitized loans held for investment (HMBS & nonrecourse)29,162 27,958 4 %
Total assets30,733 29,156 5 %
Total liabilities30,338 28,841 5 %
Total equity396 316 25 %
(1) Numbers may not foot due to rounding.

•As of December 31, 2025, the Company held $90 million in cash and cash equivalents, a 91% increase from December 31, 2024, maintaining strong liquidity through year-end.
•For the year, total equity increased from $316 million as of December 31, 2024 to $396 million as of December 31, 2025, driven by strong profitability and the $50 million preferred equity investment from funds managed by Blue Owl, partially offset by the $80 million repurchase of Blackstone’s equity interest.






2    



(unaudited)
Segment Results

Retirement Solutions
The Retirement Solutions segment generates revenue from fees earned at the time of loan origination as well as from the initial estimate of net origination gains, with all originated loans accounted for at fair value.

Variance (%)Variance (%)Variance (%)
($ amounts in millions)
Q4'25Q3'25Q4'25 vs Q3'25Q4'24Q4'25 vs Q4'24202520242025 vs 2024
Funded volume$619 $603 3 %$534 16 %$2,385 $1,918 24 %
Total revenue71 68 4 %49 45 %253 206 23 %
Pre-tax income15 17 (12)%1 1400 %46 11 318 %
Adjusted net income(1)
18 20 (10)%8 125 %63 38 66 %
(1) See the sections titled “Reconciliation to GAAP” and “Non-GAAP Financial Measures” for reconciliations to the most directly comparable GAAP measures and other important disclosures.
•For the year, funded volume increased 24% to $2.4 billion compared to $1.9 billion in 2024, reflecting continued demand for home equity solutions.
•Total revenue increased by 23% year over year to $253 million, in line with increased funded volume in 2025.
•Profitability increased significantly as operating leverage improved with scale. Pre-tax income increased to $46 million from $11 million in 2024, a 318% improvement, while adjusted net income increased to $63 million from $38 million in 2024, a 66% improvement.

Portfolio Management
The Portfolio Management segment primarily generates revenue in the form of net interest income and fair value changes on our portfolio assets, monetized through securitization, sale, or other financing of those assets.

Variance (%)Variance (%)Variance (%)
($ amounts in millions)Q4'25Q3'25Q4'25 vs Q3'25Q4'24Q4'25 vs Q4'24202520242025 vs 2024
Assets under management$30,459 $30,362 — %$28,877 5 %$30,459 $28,877 5 %
Assets excluding HMBS and nonrecourse obligations1,810 1,447 25 %1,479 22 %1,810 1,479 22 %
Total revenue16 27 (41)%(142)111 %303 172 76 %
Pre-tax income (loss)(4)(11)64 %(168)98 %198 84 136 %
Adjusted net income(1)
11 30 (63)%13 (15)%77 42 83 %
(1) See the sections titled “Reconciliation to GAAP” and “Non-GAAP Financial Measures” for reconciliations to the most directly comparable GAAP measures and other important disclosures.
•Pre-tax income increased 136% year over year to $198 million, reflecting positive fair value adjustments on retained interests in securitizations combined with higher accreted yield on the Company’s residual interests.
•Adjusted net income increased 83% to $77 million compared to $42 million in 2024, reflecting improved portfolio economics and higher accreted yield.
3    
Finance of America Companies Inc.
Selected Financial Information
Consolidated Statements of Financial Condition
(in thousands, except share data)
(unaudited)
December 31, 2025December 31, 2024
ASSETS
Cash and cash equivalents$89,503 $47,383 
Restricted cash235,143 254,585 
Loans held for investment, subject to HMBS related obligations, at fair value19,135,403 18,669,962 
Loans held for investment, subject to nonrecourse debt, at fair value10,026,177 9,288,403 
Loans held for investment, at fair value870,081 520,103 
Intangible assets, net179,615 216,342 
Other assets, net (includes $76,146 and $43,861 at fair value)
197,376 157,261 
Assets of discontinued operations— 2,451 
TOTAL ASSETS$30,733,298 $29,156,490 
LIABILITIES AND EQUITY
HMBS related obligations, at fair value$18,912,226 $18,444,370 
Nonrecourse debt, at fair value9,736,493 8,954,068 
Other financing lines of credit1,187,699 918,247 
Notes payable (includes $53,800 and $0 at fair value, and includes amounts due to related parties of $87,126 and $162,283)
329,929 374,511 
Payables and other liabilities (includes $12,547 and $16,684 at fair value)
130,729 137,953 
Repurchase agreement obligation40,595 — 
Liabilities of discontinued operations — 11,677 
TOTAL LIABILITIES30,337,671 28,840,826 
EQUITY
Preferred Stock, $0.0001 par value; 600,000,000 shares authorized; 50,000 and 0 shares issued and outstanding
— — 
Class A Common Stock, $0.0001 par value; 6,000,000,000 shares authorized; 9,921,336 and 10,360,299 shares issued, and 7,899,344 and 9,934,449 shares outstanding
1 1 
Class B Common Stock, $0.0001 par value; 1,000,000 shares authorized; 14 and 15 shares issued, and 12 and 15 shares outstanding
— — 
Additional paid-in capital977,816 954,469 
Accumulated deficit(653,660)(698,895)
Accumulated other comprehensive loss(285)(276)
Noncontrolling interest71,755 60,365 
TOTAL EQUITY395,627 315,664 
TOTAL LIABILITIES AND EQUITY$30,733,298 $29,156,490 
4    
Finance of America Companies Inc.
Selected Financial Information
Consolidated Statements of Operations
(in thousands, except share data)
(unaudited)
Q4'25Q3'25Q4'2420252024
PORTFOLIO INTEREST INCOME
Interest income$475,436 $482,132 $473,244 $1,919,970 $1,905,214 
Interest expense(422,676)(404,031)(404,025)(1,659,210)(1,637,286)
NET PORTFOLIO INTEREST INCOME52,760 78,101 69,219 260,760 267,928 
OTHER INCOME (EXPENSE)
Net origination gains64,039 59,933 42,704 226,068 179,837 
Gains on securitization of HECM tails, net12,375 11,654 13,218 45,365 45,535 
Fair value changes from model amortization(35,951)(41,293)(51,927)(153,656)(201,101)
Fair value changes from market inputs or model assumptions(14,367)(21,872)(173,052)146,963 55,924 
Net fair value changes on loans and related obligations26,096 8,422 (169,057)264,740 80,195 
Fee income7,596 8,813 7,074 29,494 29,546 
Non-funding interest income (expense), net(12,939)(14,488)43,334 (57,562)16,695 
NET OTHER INCOME (EXPENSE)20,753 2,747 (118,649)236,672 126,436 
TOTAL REVENUES73,513 80,848 (49,430)497,432 394,364 
EXPENSES
Salaries, benefits, and related expenses37,621 37,245 33,201 145,770 138,360 
Loan production and portfolio related expenses7,984 25,527 14,984 54,303 36,205 
Loan servicing expenses7,728 8,168 7,701 31,162 31,323 
Marketing and advertising expenses14,381 11,231 9,886 48,608 39,429 
Amortization and depreciation9,640 9,643 9,739 38,595 38,947 
General and administrative expenses12,154 12,780 11,545 51,093 59,462 
TOTAL EXPENSES89,508 104,594 87,056 369,531 343,726 
IMPAIRMENT OF OTHER ASSETS— — (291)— (891)
OTHER, NET(6,001)(4,809)(9,032)(14,804)(6,931)
NET INCOME (LOSS) FROM CONTINUING OPERATIONS BEFORE INCOME TAXES(21,996)(28,555)(145,809)113,097 42,816 
Provision (benefit) for income taxes from continuing operations(686)130 (3,180)3,519 2,398 
NET INCOME (LOSS) FROM CONTINUING OPERATIONS(21,310)(28,685)(142,629)109,578 40,418 
NET LOSS FROM DISCONTINUED OPERATIONS(617)(1,172)— (6,539)(4,727)
NET INCOME (LOSS)(21,927)(29,857)(142,629)103,039 35,691 
Noncontrolling interest(11,545)(20,342)(83,541)57,804 20,203 
NET INCOME (LOSS) ATTRIBUTABLE TO CONTROLLING INTEREST(10,382)(9,515)(59,088)45,235 15,488 
Preferred Stock dividends196 — — 196 — 
NET INCOME (LOSS) ATTRIBUTABLE TO HOLDERS OF CLASS A COMMON STOCK$(10,578)$(9,515)$(59,088)$45,039 $15,488 
5    
Finance of America Companies Inc.
Selected Financial Information
Consolidated Statements of Operations
(in thousands, except share data)
(unaudited)
Q4'25Q3'25Q4'2420252024
EARNINGS (LOSS) PER SHARE
Basic weighted average shares outstanding7,894,417 9,066,190 9,930,520 9,537,237 9,850,903 
Basic earnings (loss) per share from continuing operations$(1.30)$(0.98)$(5.95)$5.04 $1.78 
Basic earnings (loss) per share$(1.34)$(1.05)$(5.95)$4.72 $1.57 
Diluted weighted average shares outstanding7,894,417 19,235,795 9,930,520 26,930,745 23,406,233 
Diluted earnings (loss) per share from continuing operations$(1.30)$(1.22)$(5.95)$3.94 $1.36 
Diluted earnings (loss) per share$(1.34)$(1.27)$(5.95)$3.74 $1.18 
6    



(unaudited)
Reconciliation to GAAP
($ amounts in millions)(1)
Q4'25Q3'25Q4'2420252024
Reconciliation of net income (loss) from continuing operations to adjusted net income and adjusted EBITDA
Net income (loss) from continuing operations$(21)$(29)$(143)$110 $40 
Add back: Benefit (provision) for income taxes1 — 3 (4)(2)
Net income (loss) from continuing operations before taxes (22)(29)(146)113 43 
Adjustments for:
Changes in fair value(2)
29 60 141 (62)(75)
Amortization or impairment of intangibles and impairment of other assets(3)
9 9 10 37 38 
Equity-based compensation(4)
3 3 2 10 9 
Certain non-recurring costs(5)
1 1 — 3 4 
Adjusted net income before taxes20 45 7 101 19 
Provision for income taxes(6)
(5)(12)(2)(27)(5)
Adjusted net income14 33 5 74 14 
Provision for income taxes(6)
5 12 2 27 5 
Depreciation— — — 1 2 
Interest expense on non-funding debt8 10 11 40 39 
Adjusted EBITDA$28 $55 $18 $143 $60 
($ amounts in millions except shares and $ per share)Q4'25Q3'25Q4'2420252024
GAAP PER SHARE MEASURES
Net income (loss) from continuing operations attributable to holders of Class A Common Stock$(10)$(9)$(59)$48 $17 
Weighted average outstanding share count7,894,417 9,066,190 9,930,520 9,537,237 9,850,903 
Basic earnings (loss) per share from continuing operations$(1.30)$(0.98)$(5.95)$5.04 $1.78 
If-converted method net income (loss) from continuing operations$(10)$(23)$(59)$106 $32 
Weighted average diluted share count7,894,417 19,235,795 9,930,520 26,930,745 23,406,233 
Diluted earnings (loss) per share from continuing operations(7)
$(1.30)$(1.22)$(5.95)$3.94 $1.36 
NON-GAAP PER SHARE MEASURES
Adjusted net income$14 $33 $5 $74 $14 
Exchangeable senior secured notes interest expense(8)
3 3 — 11 — 
Total$17 $36 $5 $85 $14 
Weighted average share count24,795,846 26,615,234 24,429,615 27,910,523 23,406,233 
Adjusted earnings per share$0.69 $1.33 $0.21 $3.04 $0.60 

($ amounts in millions)(1)
December 31, 2025December 31, 2024
Total equity$396 $316 
Less: Intangible assets, net180 216 
Tangible equity$216 $99 
7    



(unaudited)

(1) Totals may not foot due to rounding.
(2) Changes in fair value include changes in fair value of loans, retained bonds, and related obligations due to market inputs or model assumptions, deferred purchase price liabilities, warrant liability, convertible notes, and the exchange of our senior notes.
(3) Includes amortization or impairment of intangibles and impairment of certain other long-lived assets.
(4) Includes all equity-based compensation, excluding forfeitures and accelerations associated with restructuring activities, which are included in certain non-recurring costs.
(5) Reflects certain non-recurring costs and adjustments that management believes should be excluded as these do not relate to a recurring part of the core business operations. These items include amounts recognized for settlement of legal and regulatory matters, acquisition or divestiture-related expenses, and other one-time charges.
(6) Income tax provision adjustments to apply an effective combined federal and state corporate tax rate to adjusted net income before taxes.
(7) Calculated using the treasury stock, if-converted, or two-class method, except when anti-dilutive.
(8) Interest expense on the exchangeable senior secured notes, net of a tax effect, if dilutive, is added to adjusted net income to calculate adjusted earnings per share.
8    



(unaudited)
Adjusted Net Income (Loss) by Segment (Continuing Operations)
For the three months ended December 31, 2025
($ amounts in millions except shares and $ per share)(1)
Retirement
Solutions		Portfolio
Management		Corporate
& Other		FOA
Pre-tax income (loss)$15 $(4)$(33)$(22)
Adjustments for:
Changes in fair value(2)
— 18 11 29 
Amortization or impairment of intangibles and impairment of other assets(3)
9 — — 9 
Equity-based compensation(4)
— — 2 3 
Certain non-recurring costs(5)
— — — 1 
Adjusted net income (loss) before taxes$25 $14 $(20)$20 
Benefit (provision) for income taxes(6)
(7)(4)5 (5)
Adjusted net income (loss)$18 $11 $(15)$14 
Exchangeable senior secured notes interest expense(7)
— — 3 3 
Total$18 $11 $(12)$17 
Weighted average share count24,795,846 24,795,846 24,795,846 24,795,846 
Adjusted earnings (loss) per share$0.74 $0.43 $(0.48)$0.69 
For the three months ended September 30, 2025
($ amounts in millions except shares and $ per share)(1)
Retirement
Solutions		Portfolio
Management		Corporate
& Other		FOA
Pre-tax income (loss)$17 $(11)$(35)$(29)
Adjustments for:
Changes in fair value(2)
— 51 9 60 
Amortization or impairment of intangibles and impairment of other assets(3)
9 — — 9 
Equity-based compensation(4)
— — 2 3 
Certain non-recurring costs(5)
— — 1 1 
Adjusted net income (loss) before taxes$27 $40 $(23)$45 
Benefit (provision) for income taxes(6)
(7)(11)6 (12)
Adjusted net income (loss)$20 $30 $(17)$33 
Exchangeable senior secured notes interest expense(7)
— — 3 3 
Total$20 $30 $(14)$36 
Weighted average share count26,615,234 26,615,234 26,615,234 26,615,234 
Adjusted earnings (loss) per share$0.75 $1.11 $(0.53)$1.33 
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(unaudited)
For the three months ended December 31, 2024
($ amounts in millions except shares and $ per share)(1)
Retirement
Solutions		Portfolio
Management		Corporate
& Other		FOA
Pre-tax income (loss)$1 $(168)$22 $(146)
Adjustments for:
Changes in fair value(2)
— 185 (44)141 
Amortization or impairment of intangibles and impairment of other assets(3)
10 — — 10 
Equity-based compensation(4)
— — 2 2 
Adjusted net income (loss) before taxes$10 $17 $(21)$7 
Benefit (provision) for income taxes(6)
(3)(5)6 (2)
Adjusted net income (loss)$8 $13 $(15)$5 
Weighted average share count24,429,615 24,429,615 24,429,615 24,429,615 
Adjusted earnings (loss) per share$0.31 $0.52 $(0.61)$0.21 
For the year ended December 31, 2025
($ amounts in millions except shares and $ per share)(1)
Retirement
Solutions		Portfolio
Management		Corporate
& Other		FOA
Pre-tax income (loss)$46 $198 $(131)$113 
Adjustments for:
Changes in fair value(2)
— (95)32 (62)
Amortization or impairment of intangibles and impairment of other assets(3)
37 — — 37 
Equity-based compensation(4)
1 — 9 10 
Certain non-recurring costs(5)
1 — 2 3 
Adjusted net income (loss) before taxes$85 $104 $(88)$101 
Benefit (provision) for income taxes(6)
(22)(27)23 (27)
Adjusted net income (loss)$63 $77 $(65)$74 
Exchangeable senior secured notes interest expense(7)
— — 11 11 
Total$63 $77 $(55)$85 
Weighted average share count27,910,523 27,910,523 27,910,523 27,910,523 
Adjusted earnings (loss) per share$2.24 $2.75 $(1.96)$3.04 
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(unaudited)
For the year ended December 31, 2024
($ amounts in millions except shares and $ per share)(1)
Retirement
Solutions		Portfolio
Management		Corporate
& Other		FOA
Pre-tax income (loss)$11 $84 $(52)$43 
Adjustments for:
Changes in fair value(2)
— (28)(47)(75)
Amortization or impairment of intangibles and impairment of other assets(3)
37 — 1 38 
Equity-based compensation(4)
1 1 7 9 
Certain non-recurring costs(5)
2 — 2 4 
Adjusted net income (loss) before taxes$51 $57 $(89)$19 
Benefit (provision) for income taxes(6)
(13)(15)23 (5)
Adjusted net income (loss)$38 $42 $(66)$14 
Weighted average share count23,406,233 23,406,233 23,406,233 23,406,233 
Adjusted earnings (loss) per share$1.62 $1.79 $(2.82)$0.60 
(1) Totals may not foot due to rounding.
(2) Changes in fair value include changes in fair value of loans, retained bonds, and related obligations due to market inputs or model assumptions, deferred purchase price liabilities, warrant liability, convertible notes, and the exchange of our senior notes.
(3) Includes amortization or impairment of intangibles and impairment of certain other long-lived assets.
(4) Includes all equity-based compensation, excluding forfeitures and accelerations associated with restructuring activities, which are included in certain non-recurring costs.
(5) Reflects certain non-recurring costs and adjustments that management believes should be excluded as these do not relate to a recurring part of the core business operations. These items include amounts recognized for settlement of legal and regulatory matters, acquisition or divestiture-related expenses, and other one-time charges.
(6) Income tax benefit (provision) adjustments to apply an effective combined federal and state corporate tax rate to adjusted net income (loss) before taxes.
(7) Interest expense on the exchangeable senior secured notes, net of a tax effect, if dilutive, is added to adjusted net income (loss) to calculate adjusted earnings (loss) per share.
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Webcast and Conference Call
Management will host a webcast and conference call on Tuesday, March 10th at 5:00 pm Eastern Time to discuss the Company’s results for the fourth quarter and full year ended December 31, 2025. A copy of this press release and related presentation will be posted prior to the call under the “Investors” section on Finance of America’s website at https://ir.financeofamericacompanies.com/.
To listen to the audio webcast of the conference call, please visit the “Investors” section of the Company’s website at https://ir.financeofamericacompanies.com/. The conference call can also be accessed by dialing the following:
a.1-800-715-9871 (Domestic)
b.1-646-307-1963 (International)
c.Conference ID: 5706924

Replay
A replay of the call will also be available on the Company’s website approximately two hours after the conclusion of the conference call until March 24, 2026. To access the replay, visit the “Investors” section of the Company’s website at https://ir.financeofamericacompanies.com/. The replay can also be accessed by dialing 1-800-770-2030 (United States) or 1-609-800-9909 (International). The replay pin number is 5706924.

About Finance of America
Finance of America (NYSE: FOA) is a leading provider of home equity-based financing solutions for a modern retirement. In addition, Finance of America offers capital markets and portfolio management capabilities primarily to optimize the distribution of its originated loans to investors. Finance of America is headquartered in Plano, Texas.
To learn more about Finance of America Companies Inc., please visit our investor-oriented website at www.financeofamericacompanies.com and our consumer-oriented website at www.financeofamerica.com.

Forward-Looking Statements
This release includes forward-looking statements within the meaning of the “safe harbor” provisions of the United States of America (the “U.S.”) Private Securities Litigation Reform Act of 1995. Forward-looking statements are not historical facts or statements of current conditions, but instead represent only the Company’s beliefs regarding future events, many of which, by their nature, are inherently uncertain and outside of the Company’s control. These statements include, but are not limited to, statements related to our expectations regarding the performance of our business, our financial results, our liquidity and capital resources, and other non-historical statements. In some cases, you can identify these forward-looking statements by the use of words such as “outlook,” “believes,” “expects,” “potential,” “continues,” “may,” “will,” “should,” “could,” “seeks,” “projects,” “predicts,” “intends,” “plans,” “estimates,” “budgets,” “forecasts,” “anticipates,” or the negative version of these words or other comparable words. Such forward-looking statements are subject to various risks and uncertainties that could cause actual outcomes or results to differ materially from those indicated in these statements, including those risks described below. Given the significant uncertainties inherent in the forward-looking statements included herein, the inclusion of such information should not be regarded as a representation by the Company or any other person that the results or conditions described in such statements or the Company’s objectives and plans will be achieved. The Company cautions readers not to place undue reliance upon any forward-looking statements, which are current only as of the date of this release. Results for any specified quarter are not necessarily indicative of the results that may be expected for the full year or any future period. The Company does not undertake or accept any obligation or undertaking to release publicly any
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updates or revisions to any forward-looking statements to reflect any change in its expectations or any change in events, conditions, or circumstances on which any such statement is based, except as required by law. All subsequent written and oral forward-looking statements concerning the Company or other matters and attributable to the Company or any person acting on its behalf are expressly qualified in their entirety by the cautionary statements above. A number of important factors exist that could cause future results to differ materially from historical performance and these forward-looking statements. Factors that might cause such a difference include, but are not limited to, those factors indicated in the Company’s filings with the U.S. Securities and Exchange Commission (the “SEC”).
All of these factors are difficult to predict, contain uncertainties that may materially affect actual results, and may be beyond our control. New factors emerge from time to time, and it is not possible for our management to predict all such factors or to assess the effect of each such new factor on our business. Although we believe that the assumptions underlying the forward-looking statements contained herein are reasonable, any of the assumptions could be inaccurate, and any of these statements included herein may prove to be inaccurate. Please refer to “Risk Factors” included in our Annual Report on Form 10-K for the year ended December 31, 2024, filed with the SEC on March 14, 2025, as amended by Amendment No. 1 to our Annual Report on Form 10-K/A, filed with the SEC on May 20, 2025, for further information on risk factors affecting us, as such factors may be amended and updated from time to time in the Company’s subsequent periodic filings with the SEC, which are accessible on the SEC’s website at www.sec.gov.
Factors Affecting the Comparability of our Consolidated Statements of Operations
Beginning with the Company’s first quarter of 2025, the presentation of the Consolidated Statements of Operations was reclassified to combine the previously reported Gain on extinguishment of debt of $56 million for the three months and year ended December 31, 2024 with Non-funding interest income (expense), net.

Non-GAAP Financial Measures
The Company’s management evaluates performance of the Company through the use of certain financial measures that are not prepared in accordance with U.S. generally accepted accounting principles (“GAAP”), including adjusted net income (loss), adjusted earnings before interest, taxes, depreciation, and amortization (“EBITDA”), adjusted earnings (loss) per share, and tangible equity.
The presentation of non-GAAP measures is used to enhance investors’ understanding of certain aspects of our financial performance. This discussion is not meant to be considered in isolation, superior to, or as a substitute for the directly comparable financial measures prepared in accordance with U.S. GAAP. Management believes these key financial measures provide an additional view of our performance over the long-term and provide useful information that we use in order to maintain and grow our business.
These non-GAAP financial measures should not be considered as an alternative to net income (loss), operating cash flows, or any other performance measures determined in accordance with U.S. GAAP. Adjusted net income (loss), adjusted EBITDA, adjusted earnings (loss) per share, and tangible equity have important limitations as analytical tools and should not be considered in isolation or as a substitute for analysis of our results as reported under U.S. GAAP. Some of the limitations of these metrics are: (i) cash expenditures for future contractual commitments; (ii) cash requirements for working capital needs; (iii) cash requirements for certain tax payments; and (iv) all non-cash income/expense items.
Because of these limitations, adjusted net income (loss), adjusted EBITDA, adjusted earnings (loss) per share, and tangible equity should not be considered as measures of discretionary cash available to us to invest in the growth of our business or distribute to shareholders. We compensate for these limitations by relying primarily on our U.S. GAAP results and using our non-GAAP financial measures only as a supplement. Users of our consolidated financial statements are cautioned not to place undue reliance on our non-GAAP financial measures.
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Adjusted Net Income (Loss)
We define adjusted net income (loss) as net income (loss) from continuing operations adjusted for:
1.Income taxes
2.Changes in fair value of loans, retained bonds, and related obligations due to market inputs or model assumptions, deferred purchase price liabilities, warrant liability, convertible notes, and the exchange of our senior notes.
3.Amortization or impairment of intangibles and impairment of certain other long-lived assets.
4.Equity-based compensation, excluding forfeitures and accelerations associated with restructuring activities, which are included in certain non-recurring costs.
5.Certain non-recurring costs and adjustments that management believes should be excluded as these do not relate to a recurring part of the core business operations. These items include amounts recognized for settlement of legal and regulatory matters, acquisition or divestiture-related expenses, and other one-time charges.
6.Income tax provision or benefit adjustments to apply an effective combined federal and state corporate tax rate to adjusted net income (loss) before income taxes.
Management considers adjusted net income (loss) important in evaluating our Company as a whole. This supplemental metric is utilized by our management team to assess the underlying key drivers and operational performance of the continuing operations of the business. In addition, analysts, investors, and creditors may use this measure when analyzing our operating performance and comparability to peers. Adjusted net income (loss) is not a presentation made in accordance with U.S. GAAP, and our definition and use of this measure may vary from other companies in our industry.
Adjusted net income (loss) provides visibility to the underlying operating performance by excluding the impact of certain items that management does not believe are representative of our core earnings. Adjusted net income (loss) may also include other adjustments, as applicable, based upon facts and circumstances, consistent with our intent of providing a supplemental means of evaluating our operating performance.
Adjusted EBITDA
We define adjusted EBITDA as net income (loss) from continuing operations adjusted for:
1.Income taxes
2.Changes in fair value of loans, retained bonds, and related obligations due to market inputs or model assumptions, deferred purchase price liabilities, warrant liability, convertible notes, and the exchange of our senior notes.
3.Amortization or impairment of intangibles and impairment of certain other long-lived assets.
4.Equity-based compensation, excluding forfeitures and accelerations associated with restructuring activities, which are included in certain non-recurring costs.
5.Certain non-recurring costs and adjustments that management believes should be excluded as these do not relate to a recurring part of the core business operations. These items include amounts recognized for settlement of legal and regulatory matters, acquisition or divestiture-related expenses, and other one-time charges.
6.Depreciation
7.Interest expense on non-funding debt, excluding amortization of the discount related to our senior notes.
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Management considers adjusted EBITDA important in evaluating the Company as a whole. This supplemental metric is utilized by our management team to assess the underlying key drivers and operational performance of the continuing operations of the business. In addition, analysts, investors, and creditors may use this measure when analyzing our operating performance and comparability to peers. Adjusted EBITDA is not a presentation made in accordance with U.S. GAAP, and our definition and use of this measure may vary from other companies in our industry.
Adjusted EBITDA provides visibility to the underlying operating performance by excluding the impact of certain items that management does not believe are representative of our core earnings. Adjusted EBITDA may also include other adjustments, as applicable, based upon facts and circumstances, consistent with our intent of providing a supplemental means of evaluating our operating performance.
Adjusted Earnings (Loss) Per Share
We define adjusted earnings (loss) per share as adjusted net income (loss) (defined above) plus interest expense on the exchangeable senior secured notes, net of a tax effect, if dilutive for adjusted earnings (loss) per share, divided by the weighted average shares outstanding, which includes outstanding Class A Common Stock plus the Class A Units of Finance of America Equity Capital owned by the noncontrolling interest on an if-converted basis, the exchange of the exchangeable senior secured notes on an if-converted basis if they are dilutive for adjusted earnings (loss) per share, the conversion of the convertible notes on an if-converted basis, the conversion of the preferred stock on an if-converted basis, and any shares under the treasury stock method.
Management considers adjusted earnings (loss) per share important in evaluating the Company as a whole. This supplemental metric is utilized by our management team to assess the underlying key drivers and operational performance of the continuing operations of the business. In addition, analysts, investors, and creditors may use this measure when analyzing our operating performance and comparability to peers. Adjusted earnings (loss) per share is not a presentation made in accordance with U.S. GAAP, and our definition and use of this measure may vary from other companies in our industry.
A reconciliation of our forward-looking adjusted earnings per share outlook to U.S. GAAP earnings per share cannot be provided without unreasonable effort because of the inherent difficulty of accurately forecasting the occurrence and financial impact of the various adjusted items necessary for such reconciliation that have not yet occurred, are out of our control, or cannot be reasonably predicted. For the same reasons, the company is unable to assess the probable significance of the unavailable information, which could have a material impact on its future U.S. GAAP financial results.
Tangible Equity
We define tangible equity as total equity less intangible assets, net. Management uses this metric to evaluate the Company’s capital strength exclusive of intangible assets. We believe this measure is useful to analysts, investors, and creditors as it provides additional insight into the underlying equity position of the business. Tangible equity is not a presentation made in accordance with U.S. GAAP, and our definition and use of this measure may vary from other companies in our industry.
Tangible equity provides visibility to the underlying capital position by excluding the impact of certain items that management does not believe are representative of our core equity base. Tangible equity may also include other adjustments, as applicable, based upon facts and circumstances, consistent with our intent of providing a supplemental means of evaluating our financial strength.

Contacts
For Finance of America Media: pr@financeofamerica.com
For Finance of America Investor Relations: ir@financeofamerica.com
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Source: View Original Filing on SEC EDGAR

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