Blackstone funds cut Finance of America (NYSE: FOA) holdings in sale

Rhea-AI Filing Summary

Finance of America Companies Inc. reported significant insider activity by entities affiliated with Blackstone. On February 27, 2026, Urban Holdings LLC, Urban Holdings II LP and BFTO LP, each indirectly associated with the reporting persons, executed open-market sales of LLC Units of Finance of America Equity Capital LLC and Class A and Class B common stock.

These transactions totaled 4,014,910 securities sold, with reported sale prices of $10.00 per unit or share for the LLC units and Class A common stock. After these sales, the Form 4 shows zero remaining holdings for the reported securities for the relevant entities, and the footnotes state that most Blackstone-affiliated reporting persons disclaim beneficial ownership except to the extent of their pecuniary interest.

Insights

Institutional ownership analyst

Blackstone-affiliated entities reported net sales of 4.0M FOA-linked securities.

Entities tied to Blackstone’s Tactical Opportunities platform, including Urban Holdings LLC, Urban Holdings II LP and BFTO LP, reported open-market sales of LLC units and Class A/B stock of Finance of America. The combined transactions totaled 4,014,910 securities, mostly at $10.00 per unit or share.

Form 4 data indicate zero securities remaining for the specific holdings reported, suggesting a full exit from those particular positions. Footnotes clarify a complex chain of funds and general partners and emphasize that most reporting persons disclaim beneficial ownership beyond their pecuniary interest, which limits direct inferences about each entity’s economic exposure.

The filing signals a sizeable net-sell action by institutional holders associated with Blackstone on February 27, 2026. Subsequent company disclosures may provide additional context on overall ownership structure and any strategic implications of these transactions.

SEC Form 4

FORM 4

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

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0287
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X

Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

Blackstone Tactical Opportunities Fund - U - NQ L.L.C.

(Last) (First) (Middle)

C/O BLACKSTONE INC.

345 PARK AVENUE

(Street)

NEW YORK NY 10154

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
Finance of America Companies Inc. [ FOA ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

	Director	X	10% Owner
	Officer (give title below)		Other (specify below)

3. Date of Earliest Transaction (Month/Day/Year)
02/27/2026

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

	Form filed by One Reporting Person
X	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Class A Common Stock	02/27/2026		S(1)		385,855	D	$10	0	I	By Urban Holdings LLC(3)(6)(7)(8)(11)(12)
Class A Common Stock	02/27/2026		S(1)		2,161	D	$10	0	I	By BFTO LP(4)(9)(11)(12)
Class A Common Stock	02/27/2026		S(1)		1,208,126	D	$10	0	I	By Urban Holdings II LP(5)(10)(11)(12)
Class B Common Stock	02/27/2026		S(1)		1	D	$0	0	I	See(3)(6)(7)(8)(11)(12)
Class B Common Stock	02/27/2026		S(1)		1	D	$0	0	I	See(4)(9)(11)(12)

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares
LLC Units of Finance of America Equity Capital LLC	(2)	02/27/2026		S(1)			2,404,961	(2)	(2)	Class A Common Stock	2,404,961	$10	0	I	By Urban Holdings LLC(3)(6)(7)(8)(11)(12)
LLC Units of Finance of America Equity Capital LLC	(2)	02/27/2026		S(1)			13,805	(2)	(2)	Class A Common Stock	13,805	$10	0	I	By BFTO LP(4)(9)(11)(12)

1. Name and Address of Reporting Person^*

Blackstone Tactical Opportunities Fund - U - NQ L.L.C.

(Last) (First) (Middle)

C/O BLACKSTONE INC.

345 PARK AVENUE

(Street)

NEW YORK NY 10154

(City) (State) (Zip)

Relationship of Reporting Person(s) to Issuer

	Director	X	10% Owner
	Officer (give title below)		Other (specify below)

1. Name and Address of Reporting Person^*

Blackstone Tactical Opportunities Fund - T - NQ L.P.

(Last) (First) (Middle)

C/O BLACKSTONE INC.

345 PARK AVENUE

(Street)

NEW YORK NY 10154

(City) (State) (Zip)

Relationship of Reporting Person(s) to Issuer

	Director	X	10% Owner
	Officer (give title below)		Other (specify below)

1. Name and Address of Reporting Person^*

Blackstone Tactical Opportunities Fund II - C - NQ L.P.

(Last) (First) (Middle)

C/O BLACKSTONE INC.

345 PARK AVENUE

(Street)

NEW YORK NY 10154

(City) (State) (Zip)

Relationship of Reporting Person(s) to Issuer

	Director	X	10% Owner
	Officer (give title below)		Other (specify below)

1. Name and Address of Reporting Person^*

BTAS NQ Holdings L.L.C.

(Last) (First) (Middle)

C/O BLACKSTONE INC.

345 PARK AVENUE

(Street)

NEW YORK NY 10154

(City) (State) (Zip)

Relationship of Reporting Person(s) to Issuer

	Director	X	10% Owner
	Officer (give title below)		Other (specify below)

1. Name and Address of Reporting Person^*

BTAS Associates-NQ L.L.C.

(Last) (First) (Middle)

C/O BLACKSTONE INC.

345 PARK AVENUE

(Street)

NEW YORK NY 10154

(City) (State) (Zip)

Relationship of Reporting Person(s) to Issuer

	Director	X	10% Owner
	Officer (give title below)		Other (specify below)

1. Name and Address of Reporting Person^*

Blackstone Family Tactical Opportunities Investment Partnership SMD L.P.

(Last) (First) (Middle)

C/O BLACKSTONE INC.

345 PARK AVENUE

(Street)

NEW YORK NY 10154

(City) (State) (Zip)

Relationship of Reporting Person(s) to Issuer

	Director	X	10% Owner
	Officer (give title below)		Other (specify below)

1. Name and Address of Reporting Person^*

BLACKSTONE FAMILY GP LLC

(Last) (First) (Middle)

C/O BLACKSTONE INC.

345 PARK AVENUE

(Street)

NEW YORK NY 10154

(City) (State) (Zip)

Relationship of Reporting Person(s) to Issuer

	Director	X	10% Owner
	Officer (give title below)		Other (specify below)

1. Name and Address of Reporting Person^*

Blackstone Inc.

(Last) (First) (Middle)

C/O BLACKSTONE INC.

345 PARK AVENUE

(Street)

NEW YORK NY 10154

(City) (State) (Zip)

Relationship of Reporting Person(s) to Issuer

	Director	X	10% Owner
	Officer (give title below)		Other (specify below)

1. Name and Address of Reporting Person^*

Blackstone Group Management L.L.C.

(Last) (First) (Middle)

C/O BLACKSTONE INC.

345 PARK AVENUE

(Street)

NEW YORK NY 10154

(City) (State) (Zip)

Relationship of Reporting Person(s) to Issuer

	Director	X	10% Owner
	Officer (give title below)		Other (specify below)

1. Name and Address of Reporting Person^*

SCHWARZMAN STEPHEN A

(Last) (First) (Middle)

C/O BLACKSTONE INC.

345 PARK AVENUE

(Street)

NEW YORK NY 10154

(City) (State) (Zip)

Relationship of Reporting Person(s) to Issuer

	Director	X	10% Owner
	Officer (give title below)		Other (specify below)

Explanation of Responses:

1. The reported securities were repurchased by the Issuer pursuant to that certain Amended and Restated Repurchase Agreement dated as of November 13, 2025, by and among the Issuer, BTO Urban Holdings L.L.C., ("Urban Holdings LLC"), Blackstone Family Tactical Opportunities Investment Partnership - NQ - ESC L.P. ("BFTO LP"), BTO Urban Holdings II L.P. ("Urban Holdings II LLC") and Blackstone Tactical Opportunities Associates - NQ L.L.C.

2. Pursuant to the terms of an exchange agreement, dated as of April 1, 2021, limited liability company units of Finance of America Equity Capital LLC ("FOA Units") held by the Reporting Persons were exchangeable for shares of the Issuer's Class A common stock ("Class A Common Stock") on a one-for-one basis. These exchange rights had no expiration date.

3. Reflects securities previously held directly by Urban Holdings LLC.

4. Reflects securities previously held directly by BFTO LP.

5. Reflects securities previously held directly by Urban Holdings II LP.

6. Urban Holdings LLC is owned by Blackstone Tactical Opportunities Fund - NQ L.P., Blackstone Tactical Opportunities Fund II - NQ L.P., Blackstone Tactical Opportunities Fund - A (RA) - NQ L.P., Blackstone Tactical Opportunities Fund - I - NQ L.P., Blackstone Tactical Opportunities Fund - S - NQ L.P., Blackstone Tactical Opportunities Fund - C - NQ L.P., Blackstone Tactical Opportunities Fund - L - NQ L.P., Blackstone Tactical Opportunities Fund - O - NQ L.P., Blackstone Tactical Opportunities Fund - N - NQ L.P., Blackstone Tactical Opportunities Fund - U - NQ L.L.C., Blackstone Tactical Opportunities Fund II - C - NQ L.P., Blackstone Tactical Opportunities Fund - T - NQ L.P. (collectively, each of the Blackstone Tactical Opportunities Funds described in this paragraph shall be referred to as the "Blackstone Tactical Opportunities Funds"), (continued in footnote (7)).

7. BTAS NQ Holdings L.L.C. and Blackstone Family Tactical Opportunities Investment Partnership SMD L.P. The general partner of each of the Blackstone Tactical Opportunities Funds is Blackstone Tactical Opportunities Associates - NQ L.L.C. The sole member of Blackstone Tactical Opportunities Associates - NQ L.L.C. is BTOA - NQ L.L.C. The managing member of BTOA - NQ L.L.C. is Blackstone Holdings II L.P. The managing member of BTAS NQ Holdings L.L.C. is BTAS Associates - NQ L.L.C. The managing member of BTAS Associates - NQ L.L.C. is Blackstone Holdings II L.P.

8. The general partner of Blackstone Family Tactical Opportunities Investment Partnership SMD L.P. is Blackstone Family GP LLC. Blackstone Family GP LLC is wholly owned by Blackstone Inc.'s senior managing directors and controlled by its founder, Mr. Schwarzman.

9. The general partner of BFTO LP is BTO - NQ Side-by-Side GP L.L.C. The sole member of BTO - NQ Side-by-Side GP L.L.C. is Blackstone Holdings II L.P.

10. The general partner of Urban Holdings II LP is Blackstone Tactical Opportunities Associates - NQ L.L.C. The sole member of Blackstone Tactical Opportunities Associates - NQ L.L.C. is BTOA - NQ L.L.C. The managing member of BTOA - NQ L.L.C. is Blackstone Holdings II L.P. The general partner of Blackstone Holdings II L.P. is Blackstone Holdings I/II GP L.L.C.

11. Blackstone Inc. is the sole member of Blackstone Holdings I/II GP L.L.C. The sole holder of the Series II preferred stock of Blackstone Inc. is Blackstone Group Management L.L.C. Blackstone Group Management L.L.C. is wholly owned by Blackstone's senior managing directors and controlled by its founder, Stephen A. Schwarzman.

12. Information with respect to each of the Reporting Persons is given solely by such Reporting Person, and no Reporting Person has responsibility for the accuracy or completeness of information supplied by another Reporting Person. Each of the Reporting Persons (other than to the extent it directly holds securities reported herein) disclaims beneficial ownership of the securities held by the other Reporting Persons, except to the extent of such Reporting Person's pecuniary interest therein, and, pursuant to Rule 16a-1(a)(4) under the Securities Exchange Act of 1934, each of the Reporting Persons (other than to the extent it directly holds securities reported herein) states that the inclusion of these securities in this report shall not be deemed an admission of beneficial ownership of all of the reported securities for purposes of Section 16 or for any other purpose.

Remarks:

Due to the limitations of the electronic filing system, certain Reporting Persons are filing a separate Form 4.

	BLACKSTONE TACTICAL, OPPORTUNITIES FUND - U, NQ L.L.C. By: Blackstone Tactical, Opportunities Associates - NQ, L.L.C., its G.P. By: BTOA - NQ, L.L.C., its sole member By: /s/, Christopher J. James, Name: Christopher J. James, Title: Authorized Signatory	03/02/2026
	BLACKSTONE TACTICAL OPPORTUNITIES FUND II - C - NQ L.P. By: Blackstone Tactical Opportunities Associates - NQ L.L.C., its G.P. By: BTOA - NQ L.L.C., its sole member By: /s/ Christopher J. James, Name: Christopher J. James, Title: Authorized Signatory	03/02/2026
	BLACKSTONE TACTICAL OPPORTUNITIES FUND - T - NQ L.P. By: Blackstone Tactical Opportunities Associates - NQ L.L.C., its G.P. By: BTOA - NQ L.L.C., its sole member By: /s/ Christopher J. James, Name: Christopher J. James, Title: Authorized Signatory	03/02/2026
	BTAS NQ HOLDINGS L.L.C., By: BTAS Associates - NQ L.L.C., its managing member, By: Blackstone Holdings II L.P., its managing member, By: Blackstone Holdings I/II GP L.L.C., its G.P., By: /s/ Anna Guerin, Name: Anna Guerin, Title: Authorized Signatory	03/02/2026
	BTAS ASSOCIATES - NQ L.L.C., By: Blackstone Holdings II L.P., its managing member, By: Blackstone Holdings I/II GP L.L.C., its general partner, By: /s/ Anna Guerin, Name: Anna Guerin, Title: Authorized Signatory	03/02/2026
	BLACKSTONE FAMILY TACTICAL OPPORTUNITIES INVESTMENT PARTNERSHIP SMD L.P., By: Blackstone Family GP LLC, its general partner, By: /s/ Christopher J. James, Name: Christopher J. James, Title: Authorized Signatory	03/02/2026
	BLACKSTONE FAMILY GP LLC, By: /s/ Victoria Portnoy, Name: Victoria Portnoy, Title: Managing Director - Assistant Secretary	03/02/2026
	BLACKSTONE INC., By: /s/ Victoria Portnoy, Name: Victoria Portnoy, Title: Managing Director - Assistant Secretary	03/02/2026
	BLACKSTONE GROUP MANAGEMENT L.L.C., By: /s/ Victoria Portnoy, Name: Victoria Portnoy, Title: Managing Director - Assistant Secretary	03/02/2026
	/s/ Stephen A. Schwarzman	03/02/2026
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.

FAQ

What insider transactions involving FOA did Blackstone-affiliated entities report?

Blackstone-affiliated entities reported selling 4,014,910 Finance of America securities. The Form 4 shows open-market sales of LLC units and Class A and B common stock on February 27, 2026, by Urban Holdings LLC, Urban Holdings II LP and BFTO LP as indirect holders.

Which Finance of America securities were sold in the latest FOA Form 4?

The filing reports sales of LLC Units of Finance of America Equity Capital LLC and Class A and Class B common stock. These securities were held indirectly through entities such as Urban Holdings LLC, Urban Holdings II LP and BFTO LP, all linked to Blackstone-related investment structures.

How many FOA-related securities did Blackstone-linked entities sell and at what price?

They sold a total of 4,014,910 securities tied to Finance of America. Reported sale prices were $10.00 per LLC unit and $10.00 per share for the Class A common stock, based on open-market or private sale transactions executed on February 27, 2026.

Were the FOA securities held directly by Blackstone, or through affiliated entities?

The securities were held indirectly through affiliated entities, including Urban Holdings LLC, Urban Holdings II LP, BFTO LP and related partnerships and LLCs. Footnotes describe a layered structure of funds and general partners within Blackstone’s Tactical Opportunities platform and associated investment vehicles.

Do Blackstone reporting persons claim full beneficial ownership of the FOA securities sold?

No. The footnotes state that each reporting person, except where it directly holds securities, disclaims beneficial ownership of securities held by others. They acknowledge only pecuniary interests and state that inclusion of securities in the report is not an admission of beneficial ownership under Section 16.

What does the FOA Form 4 indicate about remaining holdings after the Blackstone-related sales?

For each reported line item, the Form 4 lists total shares following the transaction as zero. This indicates that the specific LLC units and Class A and B shares described were fully sold by the indirect holding entities referenced in the filing as of February 27, 2026.