Finance of America Companies Inc.

Listed Company

FOACIK 0001828937NYSEAcceleratedSmaller ReportingMortgage Bankers & Loan CorrespondentsDelawareFY ends Dec 31

Period

FY 2025

Revenue

$497.43M

Net Income

$45.23M

Total Assets

$30.73B

Equity

$395.63M

Shares Out

62.64M

Op. Cash Flow

$-429.75M

Business

Finance of America Companies Inc. is a financial services holding company that provides home equity-based financing solutions focused on modern retirement. It offers reverse mortgage loan products, including FHA-insured HECM and non-agency reverse mortgages such as a second-lien product, and provides capital markets, securitization, loan sales, and portfolio management services. The company operates through two reportable segments: Retirement Solutions (origination and acquisition of reverse mortgage loans) and Portfolio Management (securitization, sales, servicing oversight, and asset management). It distributes loans across the U.S. via a centralized retail platform and a network of mortgage brokers (TPO channel), supported by digital and broker-facing platforms.

Summary from filing dated 2025-03-14

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2020 2020-12-31
Interest income	1,920	1,905	1,629	6	43
Interest expense	−1,659	−1,637	−1,361	—	—
NET PORTFOLIO INTEREST INCOME	261	268	268	−113	−80
Net origination gains	226	180	122	—	—
Gains on securitization of home equity conversion mortgage (HECM) tails, net	45	46	26	—	—
Fair value changes from model amortization	−154	−201	−228	—	—
Fair value changes from market inputs or model assumptions	147	56	59	—	—
Net fair value changes on loans and related obligations	265	80	−22	—	—
Fee income	29	30	43	82	390
Non-funding interest income (expense), net	−58	17	—	—	—
NET OTHER INCOME (EXPENSE)	237	126	−34	—	—
TOTAL REVENUES	497	394	234	53	1,800
Salaries, benefits, and related expenses	146	138	178	207	868
Loan production and portfolio related expenses	54	36	26	52	—
Loan servicing expenses	31	31	31	33	—
Marketing and advertising expenses	49	39	32	13	—
Amortization and depreciation	39	39	42	42	—
General and administrative expenses	51	59	82	71	396
TOTAL EXPENSES	370	344	392	418	1,294
IMPAIRMENT OF OTHER ASSETS	0	−891,000	—	—	—
OTHER, NET	−15	−7	211,000	32	−6
NET INCOME FROM CONTINUING OPERATIONS BEFORE INCOME TAXES	113	43	−167	−343	500
Provision for income taxes from continuing operations	4	2	−593,000	−17	2
NET INCOME FROM CONTINUING OPERATIONS	110	40	−166	−326	—
NET LOSS FROM DISCONTINUED OPERATIONS	−7	−5	−52	−390	—
NET INCOME	103	36	−218	−716	498
Net income from continuing operations attributable to noncontrolling interest	61	23	−105	−261	—
Net loss from discontinued operations attributable to noncontrolling interest	−4	−3	−33	−263	—
NET INCOME FROM CONTINUING OPERATIONS ATTRIBUTABLE TO CONTROLLING INTEREST	48	17	−61	−64	—
NET LOSS FROM DISCONTINUED OPERATIONS ATTRIBUTABLE TO CONTROLLING INTEREST	−3	−2	−19	−126	—
NET INCOME ATTRIBUTABLE TO CONTROLLING INTEREST	45	15	−80	−191	518
Preferred Stock dividends	196,000	0	—	—	—
NET INCOME FROM CONTINUING OPERATIONS ATTRIBUTABLE TO HOLDERS OF CLASS A COMMON STOCK	48	17	—	—	—
Basic weighted average shares outstanding (in shares)	10	10	8	62	—
Basic earnings per share from continuing operations (in USD per share)	5.04	1.78	−7.48	−1.03	—
Basic earnings per share (in USD per share)	4.72	1.57	−9.77	−3.06	—
Diluted weighted average shares outstanding (in shares)	27	23	8	188	—
Diluted earnings per share from continuing operations (in USD per share)	3.94	1.36	−7.48	−1.58	—
Diluted earnings per share (in USD per share)	3.74	1.18	−9.77	−3.12	—

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Cash and cash equivalents	90	47	46	61	141
Restricted cash	235	255	178	180	322
Loans held for investment, subject to Home Equity Conversion Mortgage-Backed Securities (HMBS) related obligations, at fair value	19,135	18,670	17,549	—	—
Loans held for investment, subject to nonrecourse debt, at fair value	10,026	9,288	8,272	—	—
Loans held for investment, at fair value	870	520	575	—	—
Intangible assets, net	180	216	254	297	603
Other assets, net (includes $76,146 and $43,861 at fair value)	197	157	226	371	358
Assets of discontinued operations	0	2	7	313	—
TOTAL ASSETS	30,733	29,156	27,108	20,873	21,789
HMBS related obligations, at fair value	18,912	18,444	17,354	10,997	—
Nonrecourse debt, at fair value	9,736	8,954	7,904	7,343	6,111
Other financing lines of credit	1,188	918	928	1,328	3,347
Notes payable (includes $53,800 and $0 at fair value, and includes amounts due to related parties of $87,126 and $162,283)	330	375	411	399	353
Payables and other liabilities (includes $12,547 and $16,684 at fair value)	131	138	220	174	472
Repurchase Agreement obligation	41	0	—	—	—
Liabilities of discontinued operations	0	12	18	227	—
TOTAL LIABILITIES	30,338	28,841	26,835	20,468	20,706
Commitments and Contingencies (Note 15)	—	—	—	—	—
Preferred Stock, $0.0001 par value; 600,000,000 shares authorized; 50,000 and 0 shares issued and outstanding	0	0	—	—	—
Additional paid-in capital	978	954	947	888	832
Accumulated deficit	−654	−699	−714	−634	−444
Accumulated other comprehensive loss	−285,000	−276,000	−249,000	−273,000	−110,000
Noncontrolling interest	72	60	40	151	695
TOTAL EQUITY	396	316	272	405	1,083
TOTAL LIABILITIES AND EQUITY	30,733	29,156	27,108	20,873	21,789

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2020 2020-12-31
Change in fair value of loans and related obligations	−584	−409	—	—	—
Amortization and depreciation	39	39	48	65	19
Amortization of debt discount and issuance costs on notes payable	19	3	—	—	—
Deferred income taxes	−4	−2	—	—	—
Change in fair value of deferred purchase price liabilities	−3	8	—	—	—
Change in fair value of convertible notes	14	0	—	—	—
Equity-based compensation	10	9	25	48	0
Originations/purchases of loans held for sale	−75	−10	−211	−14,313	−29,408
Proceeds from sale of loans held for sale	54	11	531	16,174	29,628
Gain on the exchange of senior notes	0	−56	—	—	—
Other assets, net	6	33	34	421	18
Payables and accrued expenses	−11	−96	−32	−162	4
Other operating activities, net	3	9	−2	—	—
Net cash used in operating activities	−430	−424	−72	1,408	−686
Purchases and originations of loans held for investment	−3,322	−2,871	−3,054	−6,165	−3,637
Proceeds/payments received on loans held for investment	3,122	2,256	1,928	2,178	1,822
Purchases and originations of loans held for investment, subject to nonrecourse debt	−25	−41	−76	−117	−45
Proceeds/payments on loans held for investment, subject to nonrecourse debt	1,085	988	1,350	1,847	914
Proceeds on sale of mortgage servicing rights (MSR)	0	6	86	474	0
Proceeds from sale of businesses	0	3	71	0	—
Other investing activities, net	−5	−298,000	−5	−16	−8
Net cash provided by investing activities	855	341	158	−1,819	−875
Proceeds from issuance of HMBS related obligations	2,006	2,003	2,141	2,864	2,052
Payments on HMBS related obligations	−2,655	−2,253	−1,924	−2,325	—
Proceeds from issuance of nonrecourse debt	4,991	3,177	1,729	3,418	3,074
Payments on nonrecourse debt	−4,943	−2,772	−1,598	−1,879	−1,638
Proceeds from other financing lines of credit	5,440	5,833	4,592	21,474	35,230
Payments on other financing lines of credit	−5,171	−5,843	−5,119	−23,366	−34,969
Proceeds from notes payable	40	26	12	47	350
Payments on notes payable	−117	0	—	−41	−47
Repurchase of Class A Common Stock and Class A LLC Units	−40	0	—	—	—
Proceeds from issuance of Preferred Stock, net of issuance costs	49	0	—	—	—
Dividends paid on Preferred Stock	−196,000	0	—	—	—
Other financing activities, net	−4	−10	−3	−7	−11
Net cash provided by (used in) financing activities	−402	160	−139	225	1,718
Effect of exchange rate changes on cash and cash equivalents	−9,000	−27,000	24,000	−163,000	34,000
Net increase in cash and cash equivalents and restricted cash	23	77	−53	−186	157
Cash paid for interest	625	433	308	269	169
Loans transferred to loans held for sale, at fair value, from loans held for investment, subject to nonrecourse debt, at fair value	134	0	—	—	—
Loans transferred to loans held for sale, at fair value, from loans held for investment, at fair value	52	5	5	12	12

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