Finance of America Reports Second Quarter 2026 Results

⁽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.

(unaudited)

Second Quarter and Year-to-Date 2026 Financial Summary of Continuing Operations

($ amounts in millions, except per share data)

Variance (%)

Variance (%)

Variance (%)

Q2'26

Q1'26

Q2'26 vs Q1'26

Q2'25

Q2'26 vs Q2'25

YTD 2026

YTD 2025

2026 vs

2025

Funded volume

$

730

$

596

22

%

$

602

21

%

$

1,326

$

1,163

14

%

Total revenues

62

120

(48

)%

177

(65

)%

183

343

(47

)%

Total expenses and other, net

134

84

60

%

95

41

%

217

179

21

%

Pre-tax income (loss) from continuing operations

(71

)

36

(297

)%

82

(187

)%

(35

)

164

(121

)%

Net income (loss) from continuing operations

(29

)

35

(183

)%

80

(136

)%

6

160

(96

)%

Adjusted net income⁽¹⁾

19

26

(27

)%

14

36

%

45

27

67

%

Adjusted EBITDA⁽¹⁾

35

44

(20

)%

30

17

%

79

59

34

%

Basic earnings per share

$

0.10

$

1.93

(95

)%

$

3.16

(97

)%

$

1.99

$

6.33

(69

)%

Diluted earnings (loss) per share⁽²⁾

$

(1.28

)

$

0.88

(245

)%

$

2.13

(160

)%

$

0.41

$

4.69

(91

)%

Adjusted earnings per share⁽¹⁾

$

0.84

$

1.10

(24

)%

$

0.55

53

%

$

1.94

$

1.07

81

%

⁽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⁾

June 30,

March 31,

Variance (%)

June 30,

Variance (%)

2026

2026

Q2'26 vs Q1'26

2025

Q2'26 vs Q2'25

Cash and cash equivalents

$

85

$

108

(21

)%

$

46

85

%

Securitized loans held for investment (HMBS & nonrecourse)

35,973

30,090

20

%

28,747

25

%

Total assets

37,317

31,328

19

%

30,147

24

%

Total liabilities

36,910

30,890

19

%

29,674

24

%

Total equity

407

438

(7

)%

473

(14

)%

Tangible equity⁽²⁾

246

268

(8

)%

275

(11

)%

⁽¹⁾

Numbers may not foot due to rounding.

⁽²⁾

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.

(unaudited)

Variance (%)

Variance (%)

Variance (%)

($ amounts in millions)

Q2'26

Q1'26

Q2'26 vs Q1'26

Q2'25

Q2'26 vs Q2'25

YTD 2026

YTD 2025

2026 vs

2025

Funded volume

$

730

$

596

22

%

$

602

21

%

$

1,326

$

1,163

14

%

Total revenue

74

67

10

%

62

19

%

140

114

23

%

Pre-tax income

10

10

—

%

10

—

%

20

14

43

%

Adjusted net income⁽¹⁾

15

14

7

%

15

—

%

29

24

21

%

⁽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.

Variance (%)

Variance (%)

Variance (%)

($ amounts in millions)

Q2'26

Q1'26

Q2'26 vs Q1'26

Q2'25

Q2'26 vs Q2'25

YTD 2026

YTD 2025

2026 vs

2025

Assets under management

$

37,042

$

31,052

19

%

$

29,907

24

%

$

37,042

$

29,907

24

%

Assets excluding HMBS and nonrecourse obligations

1,683

1,513

11

%

1,838

(8

)%

1,683

1,838

(8

)%

Total revenue

1

66

(98

)%

130

(99

)%

67

259

(74

)%

Pre-tax income (loss)

(26

)

36

(172

)%

108

(124

)%

10

213

(95

)%

Adjusted net income⁽¹⁾

18

28

(36

)%

16

13

%

46

37

24

%

⁽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.

Finance of America Companies Inc.

Selected Financial Information

Condensed Consolidated Statements of Financial Condition

(in thousands, except share data)

(unaudited)

June 30, 2026

March 31, 2026

ASSETS

Cash and cash equivalents

$

85,278

$

107,656

Restricted cash

255,187

268,950

Loans held for investment, subject to HMBS related obligations, at fair value

25,044,536

19,321,265

Loans held for investment, subject to nonrecourse debt, at fair value

10,928,261

10,769,209

Loans held for investment, at fair value

516,892

454,245

Intangible assets, net

161,020

170,318

Other assets, net (includes $188,635 and $119,654 at fair value)

325,589

236,496

TOTAL ASSETS

$

37,316,763

$

31,328,139

LIABILITIES AND EQUITY

HMBS related obligations, at fair value

$

24,717,687

$

19,087,650

Nonrecourse debt, at fair value

10,641,380

10,450,834

Other financing lines of credit

1,054,766

899,338

Notes payable (includes $61,156 and $36,889 at fair value, and includes $87,126 due to a related party as of both June 30, 2026 and March 31, 2026)

347,029

317,811

Payables and other liabilities (includes $4,221 and $4,524 at fair value)

149,196

134,392

TOTAL LIABILITIES

36,910,058

30,890,025

EQUITY

Preferred Stock, $0.0001 par value; 600,000,000 shares authorized; 50,000 shares issued and outstanding as of both June 30, 2026 and March 31, 2026

—

—

Class A Common Stock, $0.0001 par value; 6,000,000,000 shares authorized; 9,362,420 and 8,977,781 shares issued, and 8,936,570 and 8,551,931 shares outstanding

1

1

Class B Common Stock, $0.0001 par value; 1,000,000 shares authorized; 12 shares issued and outstanding as of both June 30, 2026 and March 31, 2026

—

—

Additional paid-in capital

981,042

984,134

Accumulated deficit

(634,101

)

(636,153

)

Accumulated other comprehensive loss

(285

)

(285

)

Noncontrolling interest

60,048

90,417

TOTAL EQUITY

406,705

438,114

TOTAL LIABILITIES AND EQUITY

$

37,316,763

$

31,328,139

Finance of America Companies Inc.

Selected Financial Information

Condensed Consolidated Statements of Operations

(in thousands, except share data)

(unaudited)

Q2'26

Q1'26

Q2'25

YTD 2026

YTD 2025

PORTFOLIO INTEREST INCOME

Interest income

$

490,075

$

467,603

$

481,800

$

957,678

$

962,402

Interest expense

(435,160

)

(401,333

)

(422,336

)

(836,493

)

(832,503

)

NET PORTFOLIO INTEREST INCOME

54,915

66,270

59,464

121,185

129,899

OTHER INCOME (EXPENSE)

Net origination gains

66,576

60,887

56,058

127,463

102,096

Gains on securitization of HECM tails, net

13,620

11,667

10,855

25,287

21,336

Fair value changes from model amortization

(36,199

)

(32,020

)

(35,456

)

(68,219

)

(76,412

)

Fair value changes from market inputs or model assumptions

(31,543

)

19,924

94,939

(11,619

)

183,202

Net fair value changes on loans and related obligations

12,454

60,458

126,396

72,912

230,222

Fee income

7,454

6,112

6,739

13,566

13,085

Non-funding interest expense, net

(12,342

)

(12,698

)

(15,223

)

(25,040

)

(30,135

)

NET OTHER INCOME (EXPENSE)

7,566

53,872

117,912

61,438

213,172

TOTAL REVENUES

62,481

120,142

177,376

182,623

343,071

EXPENSES

Salaries, benefits, and related expenses

42,267

42,604

36,974

84,871

70,904

Loan production and portfolio related expenses

15,034

17,666

9,462

32,700

20,792

Loan servicing expenses

7,743

7,446

7,525

15,189

15,266

Marketing and advertising expenses

17,214

13,339

12,265

30,553

22,996

Amortization and depreciation

9,929

9,852

9,654

19,781

19,312

General and administrative expenses

13,902

14,459

13,180

28,361

26,159

TOTAL EXPENSES

106,089

105,366

89,060

211,455

175,429

OTHER, NET

(27,448

)

21,481

(6,361

)

(5,967

)

(3,994

)

NET INCOME (LOSS) FROM CONTINUING OPERATIONS BEFORE INCOME TAXES

(71,056

)

36,257

81,955

(34,799

)

163,648

Provision (benefit) for income taxes from continuing operations

(42,204

)

1,093

2,132

(41,111

)

4,075

NET INCOME (LOSS) FROM CONTINUING OPERATIONS

(28,852

)

35,164

79,823

6,312

159,573

NET LOSS FROM DISCONTINUED OPERATIONS

—

—

—

—

(4,750

)

NET INCOME (LOSS)

(28,852

)

35,164

79,823

6,312

154,823

Noncontrolling interest

(30,904

)

17,657

44,900

(13,247

)

89,691

NET INCOME ATTRIBUTABLE TO CONTROLLING INTEREST

2,052

17,507

34,923

19,559

65,132

Preferred Stock dividends

1,125

1,125

—

2,250

—

NET INCOME ATTRIBUTABLE TO HOLDERS OF CLASS A COMMON STOCK

$

927

$

16,382

$

34,923

$

17,309

$

65,132

EARNINGS PER SHARE

Basic weighted average shares outstanding

8,911,666

8,500,966

11,041,337

8,707,450

10,611,689

Basic earnings per share from continuing operations

$

0.10

$

1.93

$

3.16

$

1.99

$

6.33

Basic earnings per share

$

0.10

$

1.93

$

3.16

$

1.99

$

6.14

Diluted weighted average shares outstanding

17,000,600

19,237,695

30,137,247

22,499,174

30,152,054

Diluted earnings (loss) per share from continuing operations

$

(1.28

)

$

0.88

$

2.13

$

0.41

$

4.69

Diluted earnings (loss) per share

$

(1.28

)

$

0.88

$

2.13

$

0.41

$

4.56

(unaudited)

Reconciliation to GAAP

Q2'26

Q1'26

Q2'25

YTD 2026

YTD 2025

Reconciliation of net income (loss) from continuing operations to adjusted net income and adjusted EBITDA

Net income (loss) from continuing operations

$

(29

)

$

35

$

80

$

6

$

160

Add back: (Provision) benefit for income taxes

42

(1

)

(2

)

41

(4

)

Net income (loss) from continuing operations before taxes

(71

)

36

82

(35

)

164

Adjustments for:

Changes in fair value⁽²⁾

84

(15

)

(76

)

69

(151

)

Amortization of intangible assets

9

9

9

19

19

Equity-based compensation⁽³⁾

3

3

3

7

5

Certain non-recurring costs⁽⁴⁾

1

1

1

2

1

Adjusted net income before income taxes

26

35

19

62

37

Provision for income taxes⁽⁵⁾

(7

)

(9

)

(5

)

(16

)

(10

)

Adjusted net income

19

26

14

45

27

Provision for income taxes⁽⁵⁾

7

9

5

16

10

Depreciation

1

1

—

1

1

Interest expense on non-funding debt

8

8

11

16

22

Adjusted EBITDA

$

35

$

44

$

30

$

79

$

59

($ amounts in millions except shares and $ per share)

Q2'26

Q1'26

Q2'25

YTD 2026

YTD 2025

GAAP PER SHARE MEASURES

Net income from continuing operations attributable to holders of Class A Common Stock

$

1

$

16

$

35

$

17

$

67

Weighted average outstanding share count

8,911,666

8,500,966

11,041,337

8,707,450

10,611,689

Basic earnings per share from continuing operations

$

0.10

$

1.93

$

3.16

$

1.99

$

6.33

If-converted method net income (loss) from continuing operations

$

(22

)

$

17

$

64

$

9

$

141

Weighted average diluted share count

17,000,600

19,237,695

30,137,247

22,499,174

30,152,054

Diluted earnings (loss) per share from continuing operations⁽⁶⁾

$

(1.28

)

$

0.88

$

2.13

$

0.41

$

4.69

NON-GAAP PER SHARE MEASURES

Adjusted net income

$

19

$

26

$

14

$

45

$

27

Exchangeable secured notes interest expense⁽⁷⁾

3

3

3

5

5

Total

$

22

$

29

$

17

$

51

$

32

Weighted average share count

26,294,139

26,004,194

30,137,247

26,149,967

30,152,054

Adjusted earnings per share

$

0.84

$

1.10

$

0.55

$

1.94

$

1.07

(unaudited)

($ amounts in millions except shares and $ per share)⁽¹⁾

June 30, 2026

March 31, 2026

June 30, 2025

GAAP Book Value Per Common Share

Total equity

$

407

$

438

$

473

Less: Preferred Stock

50

50

—

Less: Noncontrolling interest

60

90

148

Total equity attributable to common stock

$

297

$

298

$

325

Class A Common Stock outstanding

8,936,570

8,551,931

11,076,638

Book value per common share

$

33.20

$

34.81

$

29.36

Non-GAAP Tangible Equity Per Share

Total equity

$

407

$

438

$

473

Less: Intangible assets, net

161

170

198

Tangible equity

$

246

$

268

$

275

Class A Common Stock outstanding

8,936,570

8,551,931

11,076,638

Class A LLC Units (if-converted to Class A Common Stock)

8,088,934

8,088,934

13,219,354

Preferred Stock (if-converted to Class A Common Stock)

1,428,571

1,428,571

—

Adjusted Class A Common Stock outstanding

18,454,075

18,069,436

24,295,992

Tangible equity per share

$

13.31

$

14.82

$

11.33

⁽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, and convertible notes, and amortization of the discount on senior notes resulting from the fair value measurement at issuance.

⁽³⁾

Includes all equity-based compensation.

⁽⁴⁾

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.

⁽⁵⁾

Income tax provision adjustments to apply an effective combined federal and state corporate tax rate to adjusted net income before taxes.

⁽⁶⁾

Calculated using the treasury stock, if-converted, or two-class method, except when anti-dilutive.

⁽⁷⁾

Represents interest expense on our exchangeable secured notes, excluding the amortization of the discount on the exchangeable secured notes. The adjustment is presented net of the related income tax benefit, calculated using our effective combined federal and state corporate tax rate, if dilutive for adjusted earnings per share.

(unaudited)

Adjusted Net Income (Loss) by Segment (Continuing Operations)

For the three months ended June 30, 2026

($ amounts in millions except shares and $ per share)⁽¹⁾

Retirement Solutions

Portfolio Management

Corporate & Other

FOA

Pre-tax income (loss)

$

10

$

(26

)

$

(55

)

$

(71

)

Adjustments for:

Changes in fair value⁽²⁾

—

50

34

84

Amortization of intangible assets

9

—

—

9

Equity-based compensation⁽³⁾

—

—

3

3

Certain non-recurring costs⁽⁴⁾

—

—

—

1

Adjusted net income (loss) before taxes

$

20

$

24

$

(18

)

$

26

Benefit (provision) for income taxes⁽⁵⁾

(5

)

(6

)

5

(7

)

Adjusted net income (loss)

$

15

$

18

$

(13

)

$

19

Exchangeable secured notes interest expense⁽⁶⁾

—

—

3

3

Total

$

15

$

18

$

(10

)

$

22

Weighted average share count

26,294,139

26,294,139

26,294,139

26,294,139

Adjusted earnings (loss) per share

$

0.56

$

0.68

$

(0.39

)

$

0.84

For the three months ended March 31, 2026

($ amounts in millions except shares and $ per share)⁽¹⁾

Retirement Solutions

Portfolio Management

Corporate & Other

FOA

Pre-tax income (loss)

$

10

$

36

$

(10

)

$

36

Adjustments for:

Changes in fair value⁽²⁾

—

2

(17

)

(15

)

Amortization of intangible assets

9

—

—

9

Equity-based compensation⁽³⁾

—

—

3

3

Certain non-recurring costs⁽⁴⁾

—

—

1

1

Adjusted net income (loss) before taxes

$

20

$

39

$

(23

)

$

35

Benefit (provision) for income taxes⁽⁵⁾

(5

)

(10

)

6

(9

)

Adjusted net income (loss)

$

14

$

28

$

(17

)

$

26

Exchangeable secured notes interest expense⁽⁶⁾

—

—

3

3

Total

$

14

$

28

$

(14

)

$

29

Weighted average share count

26,004,194

26,004,194

26,004,194

26,004,194

Adjusted earnings (loss) per share

$

0.56

$

1.09

$

(0.55

)

$

1.10

(unaudited)

For the three months ended June 30, 2025

($ amounts in millions except shares and $ per share)⁽¹⁾

Retirement Solutions

Portfolio Management

Corporate & Other

FOA

Pre-tax income (loss)

$

10

$

108

$

(37

)

$

82

Adjustments for:

Changes in fair value⁽²⁾

—

(86

)

11

(76

)

Amortization of intangible assets

9

—

—

9

Equity-based compensation⁽³⁾

—

—

2

3

Certain non-recurring costs⁽⁴⁾

—

—

1

1

Adjusted net income (loss) before taxes

$

20

$

22

$

(23

)

$

19

Benefit (provision) for income taxes⁽⁵⁾

(5

)

(6

)

6

(5

)

Adjusted net income (loss)

$

15

$

16

$

(17

)

$

14

Exchangeable secured notes interest expense⁽⁶⁾

—

—

3

3

Total

$

15

$

16

$

(14

)

$

17

Weighted average share count

30,137,247

30,137,247

30,137,247

30,137,247

Adjusted earnings (loss) per share

$

0.49

$

0.54

$

(0.47

)

$

0.55

For the six months ended June 30, 2026

($ amounts in millions except shares and $ per share)⁽¹⁾

Retirement Solutions

Portfolio Management

Corporate & Other

FOA

Pre-tax income (loss)

$

20

$

10

$

(65

)

$

(35

)

Adjustments for:

Changes in fair value⁽²⁾

—

52

17

69

Amortization of intangible assets

19

—

—

19

Equity-based compensation⁽³⁾

—

—

6

7

Certain non-recurring costs⁽⁴⁾

—

—

1

2

Adjusted net income (loss) before taxes

$

40

$

63

$

(41

)

$

62

Benefit (provision) for income taxes⁽⁵⁾

(10

)

(16

)

11

(16

)

Adjusted net income (loss)

$

29

$

46

$

(30

)

$

45

Exchangeable secured notes interest expense⁽⁶⁾

—

—

5

5

Total

$

29

$

46

$

(25

)

$

51

Weighted average share count

26,149,967

26,149,967

26,149,967

26,149,967

Adjusted earnings (loss) per share

$

1.12

$

1.77

$

(0.94

)

$

1.94

(unaudited)

For the six months ended June 30, 2025

($ amounts in millions except shares and $ per share)⁽¹⁾

Retirement Solutions

Portfolio Management

Corporate & Other

FOA

Pre-tax income (loss)

$

14

$

213

$

(63

)

$

164

Adjustments for:

Changes in fair value⁽²⁾

—

(164

)

13

(151

)

Amortization of intangible assets

19

—

—

19

Equity-based compensation⁽³⁾

—

—

4

5

Certain non-recurring costs⁽⁴⁾

—

—

1

1

Adjusted net income (loss) before taxes

$

33

$

50

$

(46

)

$

37

Benefit (provision) for income taxes⁽⁵⁾

(9

)

(13

)

12

(10

)

Adjusted net income (loss)

$

24

$

37

$

(34

)

$

27

Exchangeable secured notes interest expense⁽⁶⁾

—

—

5

5

Total

$

24

$

37

$

(29

)

$

32

Weighted average share count

30,152,054

30,152,054

30,152,054

30,152,054

Adjusted earnings (loss) per share

$

0.80

$

1.21

$

(0.95

)

$

1.07

⁽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, and convertible notes, and amortization of the discount on senior notes resulting from the fair value measurement at issuance.

⁽³⁾

Includes all equity-based compensation.

⁽⁴⁾

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.

⁽⁵⁾

Income tax benefit (provision) adjustments to apply an effective combined federal and state corporate tax rate to adjusted net income (loss) before taxes.

⁽⁶⁾

Represents interest expense on our exchangeable secured notes, excluding the amortization of the discount on the exchangeable secured notes. The adjustment is presented net of the related income tax benefit, calculated using our effective combined federal and state corporate tax rate, if dilutive for adjusted earnings (loss) per share.