Finance of America Reports Third 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)

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

($ amounts in millions, except per share data)⁽¹⁾

Variance
(%)
Q3'26 vs Q2'26

Variance
(%)
Q3'26 vs Q3'25

Variance
(%)
2026 vs 2025

Q3'26

Q2'26

Q3'25

YTD 2026

YTD 2025

Funded volume

$

748

$

730

2

%

$

603

24

%

$

2,074

$

1,766

17

%

Total revenues

(58

)

62

(194

)%

81

(172

)%

125

424

(71

)%

Total expenses and other, net

72

134

(46

)%

109

(34

)%

289

289

—

%

Pre-tax income (loss) from continuing operations

(130

)

(71

)

(83

)%

(29

)

(348

)%

(165

)

135

(222

)%

Net income (loss) from continuing operations

(110

)

(29

)

(279

)%

(29

)

(279

)%

(103

)

131

(179

)%

Adjusted total revenues⁽²⁾

89

105

(15

)%

107

(17

)%

305

276

11

%

Adjusted net income⁽²⁾

6

19

(68

)%

33

(82

)%

51

60

(15

)%

Adjusted EBITDA⁽²⁾

17

35

(51

)%

55

(69

)%

95

114

(17

)%

Basic earnings (loss) per share

$

(5.24

)

$

0.10

(5340

)%

$

(0.98

)

(435

)%

$

(3.49

)

$

5.78

(160

)%

Diluted earnings (loss) per share

$

(6.05

)

$

(1.28

)

(373

)%

$

(1.22

)

(396

)%

$

(5.45

)

$

4.26

(228

)%

Adjusted earnings per share⁽²⁾

$

0.28

$

0.84

(67

)%

$

1.33

(79

)%

$

2.26

$

2.33

(3

)%

⁽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.

Balance Sheet Highlights

($ amounts in millions)⁽¹⁾

September 30, 2026

June 30, 2026

Variance (%) Q3'26 vs Q2'26

September 30, 2025

Variance (%) Q3'26 vs Q3'25

Cash and cash equivalents

$

118

$

85

39

%

$

110

7

%

Securitized loans held for investment (HMBS & nonrecourse)

35,843

35,973

—

%

29,451

22

%

Total assets

37,731

37,317

1

%

30,657

23

%

Total liabilities

37,424

36,910

1

%

30,291

24

%

Total equity

307

407

(25

)%

366

(16

)%

Tangible equity⁽²⁾

155

246

(37

)%

177

(12

)%

⁽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.

Variance (%)
Q3'26 vs Q2'26

Variance (%)
Q3'26 vs Q3'25

Variance (%)
2026 vs 2025

($ amounts in millions)

Q3'26

Q2'26

Q3'25

YTD 2026

YTD 2025

Funded volume

$

748

$

730

2

%

$

603

24

%

$

2,074

$

1,766

17

%

Total revenues

67

74

(9

)%

68

(1

)%

208

182

14

%

Pre-tax income

3

10

(70

)%

17

(82

)%

23

31

(26

)%

Adjusted net income⁽¹⁾

9

15

(40

)%

20

(55

)%

38

44

(14

)%

⁽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 (%)
Q3'26 vs Q2'26

Variance (%)
Q3'26 vs Q3'25

Variance (%)
2026 vs 2025

($ amounts in millions)

Q3'26

Q2'26

Q3'25

YTD 2026

YTD 2025

Assets under management

$

37,426

$

37,042

1

%

$

30,362

23

%

$

37,426

$

30,362

23

%

Assets excluding HMBS and nonrecourse obligations

1,711

1,683

2

%

1,447

18

%

1,711

1,447

18

%

Total revenues

(112

)

1

(11300

)%

27

(515

)%

(45

)

287

(116

)%

Adjusted total revenues⁽¹⁾

31

39

(21

)%

49

(37

)%

122

126

(3

)%

Pre-tax income (loss)

(138

)

(26

)

(431

)%

(11

)

(1155

)%

(128

)

202

(163

)%

Adjusted net income⁽¹⁾

11

18

(39

)%

30

(63

)%

57

66

(14

)%

⁽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)

September 30, 2026

June 30, 2026

ASSETS

Cash and cash equivalents

$

118,385

$

85,278

Restricted cash

682,622

255,187

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

25,157,687

25,044,536

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

10,685,569

10,928,261

Loans held for investment, at fair value

525,374

516,892

Intangible assets, net

151,723

161,020

Other assets, net (includes $252,069 and $188,635 at fair value)

409,825

325,589

TOTAL ASSETS

$

37,731,185

$

37,316,763

LIABILITIES AND EQUITY

HMBS related obligations, at fair value

$

24,848,685

$

24,717,687

Nonrecourse debt, at fair value

10,866,225

10,641,380

Other financing lines of credit

1,272,254

1,054,766

Notes payable (includes $23,284 and $61,156 at fair value, and includes $87,126 due to a related party as of both September 30, 2026 and June 30, 2026)

314,188

347,029

Payables and other liabilities (includes $1,782 and $4,221 at fair value)

122,837

149,196

TOTAL LIABILITIES

37,424,189

36,910,058

EQUITY

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

—

—

Class A Common Stock, $0.0001 par value; 5,951,000,000 and 6,000,000,000 shares authorized; 9,643,806 and 9,362,420 shares issued, and 9,217,956 and 8,936,570 shares outstanding

1

1

Class B Common Stock, $0.0001 par value; 50,000,000 and 1,000,000 shares authorized; 8,088,934 and 12 shares issued and outstanding

1

—

Additional paid-in capital

990,361

981,042

Accumulated deficit

(681,254

)

(634,101

)

Accumulated other comprehensive loss

(285

)

(285

)

Noncontrolling interest

(1,828

)

60,048

TOTAL EQUITY

306,996

406,705

TOTAL LIABILITIES AND EQUITY

$

37,731,185

$

37,316,763

Finance of America Companies Inc.

Selected Financial Information

Condensed Consolidated Statements of Operations
(in thousands, except share data)

(unaudited)

Q3'26

Q2'26

Q3'25

YTD 2026

YTD 2025

PORTFOLIO INTEREST INCOME

Interest income

$

589,379

$

490,075

$

482,132

$

1,547,057

$

1,444,534

Interest expense

(527,785

)

(435,160

)

(404,031

)

(1,364,278

)

(1,236,534

)

NET PORTFOLIO INTEREST INCOME

61,594

54,915

78,101

182,779

208,000

OTHER INCOME (EXPENSE)

Net origination gains

59,451

66,576

59,933

186,914

162,029

Gains on securitization of HECM tails, net

19,456

13,620

11,654

44,743

32,990

Fair value changes from model amortization

(51,999

)

(36,199

)

(41,293

)

(120,218

)

(117,705

)

Fair value changes from market inputs or model assumptions

(141,879

)

(31,543

)

(21,872

)

(153,498

)

161,330

Net fair value changes on loans and related obligations

(114,971

)

12,454

8,422

(42,059

)

238,644

Fee income

7,918

7,454

8,813

21,484

21,898

Non-funding interest expense, net

(12,489

)

(12,342

)

(14,488

)

(37,529

)

(44,623

)

NET OTHER INCOME (EXPENSE)

(119,542

)

7,566

2,747

(58,104

)

215,919

TOTAL REVENUES

(57,948

)

62,481

80,848

124,675

423,919

EXPENSES

Salaries, benefits, and related expenses

44,430

42,267

37,245

129,301

108,149

Loan production and portfolio related expenses

12,655

15,034

25,527

45,355

46,319

Loan servicing expenses

9,310

7,743

8,168

24,499

23,434

Marketing and advertising expenses

14,428

17,214

11,231

44,981

34,227

Amortization and depreciation

9,980

9,929

9,643

29,761

28,955

General and administrative expenses

13,675

13,902

12,780

42,036

38,939

TOTAL EXPENSES

104,478

106,089

104,594

315,933

280,023

OTHER, NET

32,667

(27,448

)

(4,809

)

26,700

(8,803

)

NET INCOME (LOSS) FROM CONTINUING OPERATIONS BEFORE INCOME TAXES

(129,759

)

(71,056

)

(28,555

)

(164,558

)

135,093

Provision (benefit) for income taxes from continuing operations

(20,089

)

(42,204

)

130

(61,200

)

4,205

NET INCOME (LOSS) FROM CONTINUING OPERATIONS

(109,670

)

(28,852

)

(28,685

)

(103,358

)

130,888

NET LOSS FROM DISCONTINUED OPERATIONS

—

—

(1,172

)

—

(5,922

)

NET INCOME (LOSS)

(109,670

)

(28,852

)

(29,857

)

(103,358

)

124,966

Noncontrolling interest

(62,517

)

(30,904

)

(20,342

)

(75,764

)

69,349

NET INCOME (LOSS) ATTRIBUTABLE TO CONTROLLING INTEREST

(47,153

)

2,052

(9,515

)

(27,594

)

55,617

Preferred Stock dividends

1,125

1,125

—

3,375

—

NET INCOME (LOSS) ATTRIBUTABLE TO HOLDERS OF CLASS A COMMON STOCK

$

(48,278

)

$

927

$

(9,515

)

$

(30,969

)

$

55,617

EARNINGS (LOSS) PER SHARE

Basic weighted average shares outstanding

9,217,211

8,911,666

9,066,190

8,879,238

10,090,861

Basic earnings (loss) per share from continuing operations

$

(5.24

)

$

0.10

$

(0.98

)

$

(3.49

)

$

5.78

Basic earnings (loss) per share

$

(5.24

)

$

0.10

$

(1.05

)

$

(3.49

)

$

5.51

Diluted weighted average shares outstanding

19,250,589

17,000,600

19,235,795

18,997,028

28,488,038

Diluted earnings (loss) per share from continuing operations

$

(6.05

)

$

(1.28

)

$

(1.22

)

$

(5.45

)

$

4.26

Diluted earnings (loss) per share

$

(6.05

)

$

(1.28

)

$

(1.27

)

$

(5.45

)

$

4.08

(unaudited)

Reconciliation to GAAP

($ amounts in millions)⁽¹⁾

Q3'26

Q2'26

Q3'25

YTD 2026

YTD 2025

Reconciliation of total revenues to adjusted total revenues

Total revenues

$

(58

)

$

62

$

81

$

125

$

424

Adjustments for:

Changes in fair value of portfolio assets and liabilities

143

38

22

167

(161

)

Amortization of the discount on senior notes

5

4

4

13

13

Adjusted total revenues

$

89

$

105

$

107

$

305

$

276

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

Net income (loss) from continuing operations

$

(110

)

$

(29

)

$

(29

)

$

(103

)

$

131

Add back: (Provision) benefit for income taxes

20

42

—

61

(4

)

Net income (loss) from continuing operations before income taxes

(130

)

(71

)

(29

)

(165

)

135

Adjustments for:

Changes in fair value⁽²⁾

125

84

60

193

(91

)

Amortization of intangible assets

9

9

9

28

28

Equity-based compensation⁽³⁾

3

3

3

10

7

Certain non-recurring costs⁽⁴⁾

—

1

1

2

2

Adjusted net income before income taxes

8

26

45

69

81

Provision for income taxes⁽⁵⁾

(2

)

(7

)

(12

)

(18

)

(22

)

Adjusted net income

6

19

33

51

60

Provision for income taxes⁽⁵⁾

2

7

12

18

22

Depreciation

1

1

—

2

1

Interest expense on non-funding debt

8

8

10

24

32

Adjusted EBITDA

$

17

$

35

$

55

$

95

$

114

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

Q3'26

Q2'26

Q3'25

YTD 2026

YTD 2025

GAAP Per Share Measures

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

$

(48

)

$

1

$

(9

)

$

(31

)

$

58

Basic weighted average shares outstanding

9,217,211

8,911,666

9,066,190

8,879,238

10,090,861

Basic earnings (loss) per share from continuing operations

$

(5.24

)

$

0.10

$

(0.98

)

$

(3.49

)

$

5.78

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

$

(116

)

$

(22

)

$

(23

)

$

(104

)

$

121

Diluted weighted average shares outstanding

19,250,589

17,000,600

19,235,795

18,997,028

28,488,038

Diluted earnings (loss) per share from continuing operations

$

(6.05

)

$

(1.28

)

$

(1.22

)

$

(5.45

)

$

4.26

Q3'26

Q2'26

Q3'25

YTD 2026

YTD 2025

Non-GAAP Per Share Measures

Adjusted net income

$

6

$

19

$

33

$

51

$

60

Exchangeable secured notes interest expense⁽⁶⁾

—

3

3

8

8

Total

$

6

$

22

$

36

$

59

$

68

Weighted average shares outstanding

21,056,469

26,294,139

26,615,234

26,232,338

28,960,158

Adjusted earnings per share

$

0.28

$

0.84

$

1.33

$

2.26

$

2.33

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

September 30, 2026

June 30, 2026

September 30, 2025

GAAP Book Value Per Common Share

Total equity

$

307

$

407

$

366

Less: Preferred Stock

50

50

—

Less: Noncontrolling interest

(2

)

60

83

Total equity attributable to common stock

$

259

$

297

$

283

Class A Common Stock outstanding

9,217,956

8,936,570

7,886,986

Book value per common share

$

28.08

$

33.20

$

35.91

Non-GAAP Tangible Equity Per Share

Total equity

$

307

$

407

$

366

Less: Intangible assets, net

152

161

189

Tangible equity

$

155

$

246

$

177

Class A Common Stock outstanding

9,217,956

8,936,570

7,886,986

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

8,088,934

8,088,934

8,381,821

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

1,428,571

1,428,571

—

Adjusted Class A Common Stock outstanding

18,735,461

18,454,075

16,268,807

Tangible equity per share

$

8.29

$

13.31

$

10.87

⁽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 income 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 per share.

(unaudited)

Adjusted Total Revenues and Adjusted Net Income (Loss) by Segment (Continuing Operations)

For the three months ended September 30, 2026

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

Retirement

Solutions

Portfolio

Management

Corporate

& Other

FOA

Total revenues

$

67

$

(112

)

$

(13

)

$

(58

)

Adjustments for:

Changes in fair value of portfolio assets and liabilities

—

143

—

143

Amortization of the discount on senior notes

—

—

5

5

Adjusted total revenues

$

67

$

31

$

(8

)

$

89

Pre-tax income (loss)

$

3

$

(138

)

$

6

$

(130

)

Adjustments for:

Changes in fair value⁽²⁾

—

153

(28

)

125

Amortization of intangible assets

9

—

—

9

Equity-based compensation⁽³⁾

—

—

3

3

Certain non-recurring costs⁽⁴⁾

—

—

—

—

Adjusted net income (loss) before taxes

$

12

$

15

$

(19

)

$

8

Benefit (provision) for income taxes⁽⁵⁾

(3

)

(4

)

5

(2

)

Adjusted net income (loss)

$

9

$

11

$

(14

)

$

6

Exchangeable secured notes interest expense⁽⁶⁾

—

—

—

—

Total

$

9

$

11

$

(14

)

$

6

Weighted average shares outstanding

21,056,469

21,056,469

21,056,469

21,056,469

Adjusted earnings (loss) per share

$

0.43

$

0.52

$

(0.67

)

$

0.28

(unaudited)

For the three months ended June 30, 2026

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

Retirement

Solutions

Portfolio

Management

Corporate

& Other

FOA

Total revenues

$

74

$

1

$

(12

)

$

62

Adjustments for:

Changes in fair value of portfolio assets and liabilities

—

38

—

38

Amortization of the discount on senior notes

—

—

4

4

Adjusted total revenues

$

74

$

39

$

(8

)

$

105

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 shares outstanding

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

(unaudited)

For the three months ended September 30, 2025

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

Retirement

Solutions

Portfolio

Management

Corporate

& Other

FOA

Total revenues

$

68

$

27

$

(15

)

$

81

Adjustments for:

Changes in fair value of portfolio assets and liabilities

—

22

—

22

Amortization of the discount on senior notes

—

—

4

4

Adjusted total revenues

$

68

$

49

$

(11

)

$

107

Pre-tax income (loss)

$

17

$

(11

)

$

(35

)

$

(29

)

Adjustments for:

Changes in fair value⁽²⁾

—

51

9