Finance of America Companies Inc.
For the period ended Mar 31, 2026. Filed May 11, 2026.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Mar 31, 2026 · Filed May 11, 2026
FOA$12.74-0.7%Stored close · as of Nov 6, 2026
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-Q
Period ended 2025-09-30; filed 2025-11-13.
0001628280-25-052025
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2026-03-31; filed 2026-05-11.
0001628280-26-033536
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsThe baseline is this issuer’s latest earlier reporting period of the same form that was filed before the current report. A previous 10-Q is a different quarter, not a year-over-year comparison. Amendments are excluded.
Compared 262 previous paragraphs and 231 current paragraphs.
117 unchanged; 79 reworded; 33 added; 63 removed; 3 previous and 2 current paragraphs rearranged.
Tables are not compared: 21 previous and 22 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.
A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Added paragraphs (33)
Current report
We are a leading provider of home equity-based financing solutions for a modern retirement, offering innovative financing tools to help homeowners aged 55 and over make the most of their housing wealth and achieve a more secure retirement. We are principally focused on offering reverse mortgage loan products and certain traditional home equity loan products throughout the United States of America (“U.S.”). We believe the U.S. home equity-based lending market opportunity is strong and that home equity-based financing solutions are a key component in addressing an existing underserved market of seniors in the U.S.
Current report
We originate reverse mortgage loans through a retail channel (consisting primarily of a centralized retail platform) and a third-party originator (“TPO”) channel (consisting primarily of a network of mortgage brokers). In 2026, we have also begun originating traditional home equity loans initially through an artificial intelligence (“AI”) platform provided by the Better Home & Finance Holding Company (“Better”). In 2025 and 2026, we have continued to take steps to enhance our marketing and digital capabilities. In the first quarter of 2025, we completed the migration of our telephony platform, and we have continued to enhance its performance. In the second quarter of 2025, we launched and transitioned to our new brand platform, “A Better Way with FOA,” alongside the launch of a national advertising campaign, which integrates a mix of traditional and online mediums. This represents a shift in marketing strategy designed to enhance brand visibility and connect with a new generation of customers through modernized messaging that reflects the real-life goals and aspirations of today’s senior homeowners. We have also continued to enhance our digital capabilities by leveraging automated digital tools to improve efficiency and the overall ease of transacting. In June 2025, we launched a digital pre-qualification tool for certain products that can deliver a three-minute pre-qualification experience, setting a new benchmark for speed and customer engagement in the industry. In the fourth quarter of 2025, we launched “Joy,” our AI-powered customer ambassador chatbot, to provide consumer support over the telephone. In 2026, we have expanded Joy’s capabilities, including enabling Joy to provide consumer support via the exchange of online instant messages, and separately have implemented SMS engagement tools for sales teams. These efforts have culminated in the launch of Helix, our proprietary, industry first end-to-end platform that connects how we acquire, evaluate, and move customers through the loan origination process, with Joy operating as the AI layer across that system. Additionally, in 2025, we engaged in efforts to refine the systems used by our mortgage broker partners to improve the efficiency and ease of originations via our TPO channel. We believe that these efforts will (i) increase brand and product recognition among customers and mortgage brokers, (ii) improve overall customer experience, and (iii) ultimately raise our origination volumes.
Current report
We are engaging in strategic partnerships in an effort to expand the reach of our products. In October 2025 we announced a strategic partnership with Better, pursuant to which we have begun to originate traditional home equity loans through Better’s AI platform and serve as Better’s reverse mortgage origination partner, including both HECM loans and non-agency reverse mortgage loans. Better will initially leverage traditional platforms to offer these products; however our goal for this collaboration is to allow us to integrate our reverse mortgage products into a unified digital experience. Additionally, in November 2025 we announced that FAR and PHH Mortgage Corporation (now known as Onity Mortgage Corporation) (“OMC”), a subsidiary of Onity Group Inc., entered into an agreement, which was amended in April 2026, pursuant to which FAR will acquire a portion of OMC’s HECM loan servicing portfolio and certain other reverse mortgage assets. In connection with the transaction, FAR will also acquire OMC’s pipeline of reverse mortgage loans, bring select members of OMC’s experienced origination team onto FAR’s platform, and enter into a subservicing arrangement with OMC. Refer to Note 16 - Subsequent Events in the Notes to Condensed Consolidated Financial Statements for additional information.
Current report
On November 13, 2025, the Company entered into an amended and restated version of the Repurchase Agreement with FOA Equity and the Blackstone Investor (the “Amended and Restated Repurchase Agreement”). Pursuant to the Amended and Restated Repurchase Agreement, the consummation of the Repurchase was expected to occur across two closings, referred to as the “First Closing” and the “Second Closing” (each, a “Closing”). The First Closing occurred on December 4, 2025, when the Company repurchased $40.1 million of the Sold Equity, or 1,596,142 shares of Class A Common Stock and 2,418,767 Class A LLC Units, in accordance with the Amended and Restated Repurchase Agreement. The Second Closing occurred on February 27, 2026, when the Company repurchased the remaining $40.2 million of the Sold Equity, or 1,596,142 shares of Class A Common Stock, 2 shares of Class B Common Stock, 2,418,766 Class A LLC Units, and Earnout Rights, not repurchased at the First Closing (the “Second Closing Sold Equity”). Each share of Class A Common Stock and each Class A LLC Unit was purchased at the Second Closing for $10.00 per share or Class A LLC Unit, and the shares of Class B Common Stock and Earnout Rights were purchased for no consideration, as was contemplated in the Repurchase Agreement. However, such price for the Class A Common Stock and the Class A LLC Units was, for the Second Closing Sold Equity, increased by a fixed per annum rate equal to 15.00% accruing monthly from the date of the First Closing.
Current report
In connection with the First Closing, the Company retired the repurchased Class A Common Stock by December 31, 2025. In connection with the Second Closing, the Company retired the repurchased Class A Common Stock and Class B Common Stock by March 31, 2026. Upon completion of the Second Closing, the Blackstone Tax Receivable Agreement was terminated, and the Blackstone Investor was no longer a related party of the Company. Refer to Note 14 - Related Party Transactionsin the Notes to Condensed Consolidated Financial Statements for additional information.
Current report
•Non-funding interest expense, net, decreased $2.2 million during the three months ended March 31, 2026 compared to the 2025 period primarily due to lower outstanding balances on our working capital promissory notes and senior notes and a lower interest rate on our remaining promissory note, partially offset by interest expense related to the Amended and Restated Repurchase Agreement during the three months ended March 31, 2026 compared to the 2025 period.
Current report
•Other, net, increased $19.1 million primarily due to a $16.9 million gain on convertible notes resulting from changes in FOA’s stock price, as well as valuation changes in certain deferred purchase price liabilities.
Current report
Total revenues increased $14.9 million or 28.8% as a result of the following:
Current report
Total expenses increased $8.3 million or 17.0% as a result of the following:
Current report
•Total salaries, benefits, and related expenses increased $3.9 million primarily due to higher compensation resulting from increased loan production.
Current report
•Marketing and advertising expenses increased $2.6 million related to our investment in marketing for future volume growth.
Current report
Total revenues decreased $62.7 million as a result of the following:
Current report
Total expenses increased $6.2 million or 26.2% as a result of the following:
Current report
Total revenues improved $2.2 million as a result of the following:
Current report
•Non-funding interest expense, net, decreased $2.2 million during the three months ended March 31, 2026 compared to the 2025 period primarily due to lower outstanding balances on our working capital promissory notes and senior notes and a lower interest rate on our remaining promissory note, partially offset by interest expense related to the Amended and Restated Repurchase Agreement during the three months ended March 31, 2026 compared to the 2025 period.
Current report
Total expenses increased $4.5 million or 31.9% as a result of the following:
Current report
Other, net, increased $19.1 million primarily due to a $16.9 million gain on convertible notes resulting from changes in FOA’s stock price, as well as valuation changes in certain deferred purchase price liabilities.
Current report
Changes in fair value of loans, retained bonds, and related obligations due to market inputs or model assumptions, deferred purchase price liabilities, and convertible promissory notes (the “Convertible Notes”), and amortization of the discount on senior notes resulting from the fair value measurement at issuance.
Current report
Amortization of intangible assets.
Current report
Equity-based compensation.
Current report
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.
Current report
Amortization of intangible assets.
Current report
Equity-based compensation.
Current report
Tangible Equity Per Share
Current report
We define tangible equity per share as tangible equity (defined above) divided by the adjusted Class A Common Stock outstanding, which is equal to the sum of shares of Class A Common Stock outstanding at quarter end, Class A LLC Units if-converted to Class A Common Stock at quarter end, and Preferred Stock if-converted to Class A Common Stock at quarter end. Management uses this metric to evaluate the Company’s total 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 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.
Current report
Loans held for sale, at fair value;
Current report
The following table presents the principal amount and other information related to our notes payable as of March 31, 2026 (dollars in thousands):
Current report
(1)As discussed in the Senior Secured Notes section below, the Company may extend a portion of the principal amount to the extended maturity date of November 30, 2027.
Current report
Senior Secured Notes
Current report
FOAF is required to repay an aggregate principal amount of $60 million of the Senior Secured Notes on November 30, 2026 (the “Scheduled Maturity Date”). FOAF may extend the maturity date of the remaining principal amount to November 30, 2027 (the “Extended Maturity Date”). The Senior Secured Notes bear interest at a rate of 8.875% per annum through the Scheduled Maturity Date. If FOAF elects to extend the maturity date, the remaining principal amount will bear interest at a rate of 9.875% per annum from the Scheduled Maturity Date through the Extended Maturity Date. Interest is payable semi-annually in arrears on May 30 and November 30 of each year.
Current report
Exchangeable Secured Notes
Current report
LFH Promissory Note
Current report
(1)Amounts represent principal balances and exclude unamortized debt discount and issuance costs, as well as fair value adjustments related to the Convertible Notes. The Company may extend a portion of the $150.8 million principal balance of the Senior Secured Notes to November 30, 2027.
Removed paragraphs (63)
Previous report
We originate loans through a retail channel (consisting primarily of a centralized retail platform) and a third-party originator (“TPO”) channel (consisting primarily of a network of mortgage-brokers). In 2024 and continuing in 2025, we took steps to streamline and enhance our marketing and originations operations and digital capabilities. We transitioned our sales teams onto one loan origination system, making our origination operations more efficient, and unified under the single brand name “Finance of America,” creating a recognizable identity that clarifies the Company’s offerings in the market. This unification also included our recently introduced new brand platform, “A Better Way with FOA,” along with a national advertising campaign. Additionally, we recently launched our digital borrower experience for certain products that empowers customers with the ability to obtain credit pre-qualification on their own terms and at their own pace. Further, pursuant to our strategic partnership with Better.com, we will serve as Better.com’s reverse mortgage partner, and our goal for this collaboration is to allow us to integrate our reverse mortgage products into a unified digital experience. Our digital innovation strategy is designed to deliver financial services to seniors in a way that is both modern and user friendly. We will continue building a digital channel that supplements our existing lines of business and leverages automated digital tools to improve efficiency and the overall ease of transacting. We are similarly engaging in efforts to refine the systems used by our mortgage-broker partners to improve the efficiency and ease of originations via our TPO channel. We believe these efforts will increase brand and product recognition and awareness within the addressable market of U.S. seniors and among mortgage-brokers, make our marketing efforts and originations processes more efficient and less costly, improve the originations experience for borrowers and mortgage-broker partners, expand the number and depth of our relationships with borrowers and mortgage-broker partners, and ultimately raise our origination volumes.
Previous report
The Repurchase Agreement includes certain interim operating covenants during the pendency of the Repurchase Agreement. The Repurchase Agreement also contains certain termination rights for the Company and the Blackstone Investor, including the right of the Blackstone Investor to terminate the Repurchase Agreement if the Repurchase has not been consummated prior to December 6, 2025 and the right of the Company to terminate the Repurchase Agreement if the Repurchase has not been consummated prior to February 28, 2026. In addition, if the Repurchase has not been consummated prior to December 6, 2025, the Blackstone Investor will have the right to transfer its Sold Equity to unaffiliated third parties, and any Sold Equity so transferred will reduce the amount repurchased by the Company under the Repurchase Agreement.
Previous report
In accordance with Accounting Standards Codification (“ASC”) 480, Distinguishing Liabilities from Equity, this obligation is recorded as Repurchase agreement obligation in the Condensed Consolidated Statements of Financial Condition, and equity is reduced by the treasury stock and noncontrolling interest as presented in the Condensed Consolidated Statements of Equity.
Previous report
As described in further detail in Note 18 - Subsequent Events in the Notes to Condensed Consolidated Financial Statements, the Repurchase Agreement was amended and restated on November 13, 2025 to provide for the consummation of the Repurchase across two closings, potential increases in the purchase price, and certain other changes to the terms set forth in the Repurchase Agreement.
Previous report
•Net portfolio interest income increased $15.0 million due to gains on extinguishment of debt related to the purchase of securities that were previously issued by consolidated trusts, which was partially offset by a higher cost of funds within our securitized financing portfolio. Fair value changes from model amortization improved $2.5 million primarily due to a higher modeled yield on a larger portfolio during the three months ended September 30, 2025 compared to the 2024 period.
Previous report
•Non-funding interest expense, net, increased $5.3 million during the three months ended September 30, 2025 compared to the 2024 period primarily due to the discount amortization expense related to the exchange of our senior notes that occurred on October 31, 2024, which was partially offset by decreased cost of funds on our working capital promissory notes.
Previous report
•Total expenses increased $24.3 million primarily due to an increase in loan portfolio related expenses as a result of increased securitization expenses, and an increase in salaries, benefits, and related expenses as a result of increased variable compensation due to higher loan production and increases in technology resources during the three months ended September 30, 2025 compared to the 2024 period. This was partially offset by decreases in general and administrative expenses due to continued cost-cutting initiatives that align expenses with ourunified modern retirement solutions platform.
Previous report
•Other, net, changed $3.2 million primarily due to valuation changes in the convertible notes and deferred purchase price liabilities.
Previous report
•Net origination gains increased $24.9 million as a result of higher reverse mortgage loan origination volumes, partially offset by lower margins due to changes in channel mix. We recognized $162.0 million in net origination gains on loan originations of $1.8 billion for the nine months ended September 30, 2025 compared to $137.1 million in net origination gains on loan originations of $1.4 billion for the comparable 2024 period.
Previous report
•Non-funding interest expense, net, increased $18.0 million during the nine months ended September 30, 2025 compared to the 2024 period primarily due to the discount amortization expense related to the exchange of our senior notes that occurred on October 31, 2024, which was partially offset by decreased cost of funds on our working capital promissory notes.
Previous report
•Other, net, changed $10.9 million primarily due to valuation changes in certain non-operating assets, the convertible notes, and deferred purchase price liabilities.
Previous report
Retirement Solutions
Previous report
Portfolio Management
Previous report
Total revenues increased $3.7 million or 5.7% as a result of the following:
Previous report
Total revenues increased $24.9 million or 15.8% as a result of the following:
Previous report
•Net origination gains increased $24.9 million or 18.2% as a result of higher reverse mortgage loan origination volumes, partially offset by lower margins due to changes in channel mix. We originated $1.8 billion of reverse mortgage loans during the nine months ended September 30, 2025, an increase of
Previous report
27.6%, compared to $1.4 billion for the comparable 2024 period. During the nine months ended September 30, 2025, the weighted average margin on reverse mortgage loan production was 9.18% compared to 9.91% in 2024, a decrease of 0.73%.
Previous report
Total expenses increased $2.3 million or 4.6% as a result of the following:
Previous report
•Total salaries, benefits, and related expenses increased $2.8 million or 14.0% primarily due to increases in variable compensation as a result of higher loan production and increases in technology resources, partially offset by a decrease in average headcount during the three months ended September 30, 2025 when compared to the 2024 period.
Previous report
•Marketing and advertising expenses increased $0.9 million related to brand marketing and our digital innovation strategy, which was partially offset by a decrease in General and administrative expenses of $0.8 million primarily due to continued cost-cutting measures during the three months ended September 30, 2025 when compared to the 2024 period.
Previous report
Total expenses increased $4.4 million or 3.0% as a result of the following:
Previous report
•Total salaries, benefits, and related expenses increased $5.9 million or 9.5% primarily due to increases in variable compensation as a result of higher loan production and increases in technology resources, partially offset by a decrease in average headcount during the nine months ended September 30, 2025 when compared to the 2024 period.
Previous report
•Marketing and advertising expenses increased $4.8 million related to brand marketing and our digital innovation strategy, which was partially offset by a decrease in General and administrative expenses of $3.9 million primarily due to continued cost-cutting measures during the nine months ended September 30, 2025 when compared to the 2024 period.
Previous report
Total revenues decreased $207.6 million as a result of the following:
Previous report
•Fair value changes from market inputs or model assumptions decreased $226.0 million primarily due to changes in interest rates, yields, home price appreciation, and other inputs, which generated net fair value losses during the three months ended September 30, 2025 compared to net fair value gains in the 2024 period. Refer to Note 5 - Fair Value in the Notes to Condensed Consolidated Financial Statements for additional information regarding the key inputs, assumptions, and valuation techniques impacting the value of our loans and related obligations.
Previous report
•Net portfolio interest income increased $15.0 million due to gains on extinguishment of debt related to the purchase of securities that were previously issued by consolidated trusts, which was partially offset by a higher cost of funds within our securitized financing portfolio. Fair value changes from model amortization improved $2.5 million primarily due to a higher modeled yield on a larger portfolio during the three months ended September 30, 2025 compared to the 2024 period.
Previous report
Total revenues decreased $26.8 million as a result of the following:
Previous report
Total expenses increased $19.9 million as a result of the following:
Previous report
Total expenses increased $23.4 million or 38.4% as a result of the following:
Previous report
•Loan portfolio related expenses increased $27.1 million due to increased securitization expenses during the nine months ended September 30, 2025 compared to the 2024 period. We issued $4.9 billion of notes during the nine months ended September 30, 2025 compared to $2.1 billion for the 2024 period.
Previous report
•General and administrative expenses decreased $2.5 million or 23.9% primarily due to continued cost-cutting initiatives that align expenses with ourunified modern retirement solutions platform during the nine months ended September 30, 2025 when compared to the 2024 period.
Previous report
•Salaries, benefits, and related expenses decreased $1.1 million or 8.7% primarily due to a decrease in average headcountand continued cost-cutting initiatives that align expenses with ourunified modern retirement solutions platform during the nine months ended September 30, 2025 when compared to the 2024 period. Average headcount was 60 for the nine months ended September 30, 2025 compared to 64 for the 2024 period.
Previous report
Total revenues worsened by $5.3 million as a result of the following:
Previous report
•Non-funding interest expense, net, increased $5.3 million during the three months ended September 30, 2025 compared to the 2024 period primarily due to the discount amortization expense related to the exchange of our senior notes that occurred on October 31, 2024, which was partially offset by decreased cost of funds on our working capital promissory notes.
Previous report
Total expenses increased $2.2 million or 16.0% as a result of the following:
Previous report
•General and administrative expenses, net of shared services allocations, decreased $0.6 million or 10.4% primarily due to continued cost-cutting initiatives that align expenses with ourunified modern retirement solutions platform during the three months ended September 30, 2025 when compared to the 2024 period.
Previous report
Other, net, changed $3.2 million primarily due to valuation changes in the convertible notes and deferred purchase price liabilities.
Previous report
Total revenues worsened by $18.0 million as a result of the following:
Previous report
•Non-funding interest expense, net, increased $18.0 million during the nine months ended September 30, 2025 compared to the 2024 period primarily due to the discount amortization expense related to the exchange of our senior notes that occurred on October 31, 2024, which was partially offset by decreased cost of funds on our working capital promissory notes.
Previous report
Total expenses decreased $4.4 million or 9.0% as a result of the following:
Showing the first 40 of 63 passages. Open the source sections for the rest.
Reworded paragraphs (79)
Previous wording
FOA was incorporated in Delaware on October 9, 2020 and became a publicly-traded company on the New York Stock Exchange (“NYSE”) in April 2021, with trading beginning on April 5, 2021. On August 15, 2025, the Company’s Class A Common Stock also began trading on NYSE Texas, Inc. The Company continues to maintain its primary listing on the NYSE and trades with the same “FOA” ticker symbol on both exchanges.
Current wording
FOA was incorporated in Delaware on October 9, 2020 and became a publicly-traded company on the New York Stock Exchange (“NYSE”) in April 2021, with trading beginning on April 5, 2021. On August 15, 2025, FOA’s Class A Common Stock (the “Class A Common Stock”) also began trading on NYSE Texas, Inc. FOA continues to maintain its primary listing on the NYSE and trades under the same “FOA” ticker symbol on both exchanges.
Previous wording
•We are focused on growing our core retirement solutions business, which benefits from demographic and economic tailwinds. We believe we can continue to enhance, expand, and more effectively dispatch our innovative suite of home equity-based financing solutions to help senior homeowners achieve their retirement goals.
Current wording
•We are focused on growing our core retirement solutions business in order to capitalize on the U.S. home equity-based lending market opportunity. We believe we can continue to enhance, expand, and more effectively dispatch our innovative suite of home equity-based financing solutions to help senior homeowners achieve their retirement goals.
Previous wording
•We connect borrowers with investors. Our consumer-facing business leaders interface directly with the investor-facing professionals in our Portfolio Management segment, facilitating the development of attractive lending solutions for our customers with the confidence that the loans we generate can be efficiently and profitably sold to a deep pool of investors, either directly via whole-loan sales or indirectly via the issuance and sale of mortgage-backed securities. We seek to programmatically and profitably monetize our loans through sale or securitization, which minimizes capital at risk, while often retaining a future performance-based participation interest in the underlying cash flows of our monetized loans.
Current wording
•We connect borrowers with investors. Our consumer-facing business leaders interface directly with the investor-facing professionals in our Portfolio Management segment, facilitating the development of attractive lending solutions for our customers with the confidence that the loans we generate can be efficiently and profitably monetized through sale or securitization to a deep pool of investors, which minimizes capital at risk, with the Company often retaining a future performance-based participation interest in the underlying cash flows of our monetized loans.
Previous wording
Through FAR, the Company originates, purchases, sells, securitizes, and services (in partnership with third-party subservicers) home equity conversion mortgage (“HECM”) loans, which are originated pursuant to the Federal Housing Administration (the “FHA”) HECM program and are insured by the FHA, and non-agency reverse mortgage loans, which are not insured by the FHA. We have launched several non-agency reverse mortgage loan products to serve the United States of America (the “U.S.”) senior population and have plans for additional innovative products to satisfy this vast and largely underserved market. For example, we launched a non-agency second lien reverse mortgage loan product, second in priority behind the first lien of an existing traditional forward mortgage loan or home equity line of credit collateralized by the same mortgaged property. In 2024 and continuing in 2025, we invested more capital and resources into the second lien product, including marketing and digital efforts, in order to expand its reach through a leading broker-facing platform and expansion of the product to additional states. The launch and expansion of the second lien product has enabled us to serve borrowers who already have and desire to maintain a low-rate primary mortgage but want the convenience of a flexible second lien with no required monthly principal and interest payments. Additionally, in October 2025, we announced a strategic partnership with Better Home & Finance Holding Company (“Better.com”), an artificial intelligence (“AI”) powered mortgage lender, to launch home equity lines of credit (“HELOCs”) and home equity loans (“HELOANs”) through
Current wording
Through FAR, the Company originates, acquires, and services (in partnership with third-party subservicers) home equity conversion mortgage (“HECM”) loans, which are originated pursuant to the Federal Housing Administration (the “FHA”) HECM program and are insured by the FHA, and non-agency reverse mortgage loans, which are not insured by the FHA. We have launched several non-agency reverse mortgage loan products to serve the U.S. senior population. At the same time, we continuously look to develop and launch new products to satisfy this vast and largely underserved market. For example, we previously launched a non-agency second lien reverse mortgage loan product, second in priority behind the first lien of an existing traditional mortgage loan or home equity line of credit collateralized by the same mortgaged property. This second lien product has enabled us to serve borrowers who already have and desire to maintain a low-rate primary mortgage but want the convenience of a flexible second lien loan with no required monthly principal and interest payments. In April 2026, FOA rolled out a new second lien reverse mortgage line of credit, which is a non-revolving, multi-draw product that allows borrowers to tap their equity at the times and in the amounts that precisely suit their needs. We anticipate pursuing partnerships with mortgage servicers in the future to make our second lien reverse mortgage loan products available to their eligible traditional mortgage customers with a streamlined approval process, which we expect to broaden the reach of, and raise originations volumes for, the second lien product. Additionally, in 2026, we commenced originating certain traditional home equity loan products. This marks the first time that we have originated traditional home equity loans and enables us to serve potential borrowers who need higher loan-to-value solutions than those provided by our suite of reverse mortgage loan products. Further, in December 2025, we announced a strategic partnership with funds managed by Blue Owl Capital, Inc., which includes a joint innovation and product-development initiative focused on the continuous rollout of new, differentiated financial products tailored for people looking to maximize freedom, security, and opportunity throughout their retirement. These efforts exemplify our commitment to meet and serve new kinds of borrowers. We are a leader in this market and we are focused on developing and offering products for borrowers with interest in using home equity-based financing solutions as retirement planning tools, which we believe will continue to increase our addressable customer base and ultimately raise our origination volumes.
Previous wording
Our Portfolio Management segment provides structuring and product development expertise as well as broker/dealer and institutional asset management capabilities, which facilitates innovation and the successful monetization of our loans. We securitize HECM loans into Home Equity Conversion Mortgage-Backed Securities (“HMBS”), which the Government National Mortgage Association (“Ginnie Mae”) guarantees, and sell the HMBS in the secondary market while retaining the rights to service the HECM loans. When HECM loans are not eligible for securitization into HMBS or are required to be bought out of a pool of HECM loans previously securitized into an HMBS, we convey the HECM loan to the United States Department of Housing and Urban Development (“HUD”) or liquidate them in accordance with program requirements, securitize them into privately placed mortgage-backed securities, or hold them for investment. In November 2024, Ginnie Mae announced the finalized term sheet for its HMBS 2.0 program expected to be implemented in 2026. Once implemented, the HMBS 2.0 program will enable us to securitize into HMBS additional HECM loans that are required to be bought out of pools of HECM loans securitized pursuant to Ginnie Mae’s existing HMBS program or otherwise not eligible for securitization pursuant to Ginnie Mae’s existing HMBS program (subject to expanded eligibility parameters applicable to the HMBS 2.0 program), increasing the HECM loans that we are able to securitize into HMBS. We both securitize non-agency reverse mortgage loans into mortgage-backed securities sold to investors and sell them as whole loans to investors. We may also decide to strategically hold certain non-agency reverse mortgage loans for investment. The capabilities provided by the Portfolio Management segment allowed us to complete several issuances and sales of mortgage-backed securities backed by our loan products in 2024 and through three quarters of 2025, demonstrating the high quality and liquidity of the loan products we originate, the deep relationships we have with our investors, and the resilience of our business model in many economic environments.
Current wording
HECM loans to the United States Department of Housing and Urban Development (“HUD”) or liquidate them in accordance with program requirements, securitize them into privately placed mortgage-backed securities (“MBS”), or hold them for investment. In November 2024, Ginnie Mae announced the finalized term sheet for its HMBS 2.0 program. If implemented, the HMBS 2.0 program will enable us to securitize into HMBS additional HECM loans that are required to be bought out of pools of HECM loans securitized pursuant to Ginnie Mae’s existing HMBS program or otherwise not eligible for securitization pursuant to Ginnie Mae’s existing HMBS program (subject to expanded eligibility parameters applicable to the HMBS 2.0 program), increasing the HECM loans that we are able to securitize into HMBS. We either securitize non-agency reverse mortgage loans into MBS sold to investors or sell them as whole loans to investors, while retaining the right to service the loans. We may also decide to strategically hold certain non-agency reverse mortgage loans for investment. We sell traditional home equity loans as whole loans to investors on a servicing released basis. The capabilities provided by the Portfolio Management segment allowed us to complete several sales and issuances of MBS backed by our loan products in 2025 and the first quarter of 2026, including a nearly $2 billion securitization of non-agency reverse mortgage loans in September 2025, the largest in Company history. This demonstrates the high quality and liquidity of the loan products we originate, the deep relationships we have with our investors, and the resilience of our business model in many economic environments.
Previous wording
Company, Class B Common Stock of the Company, Class A LLC units of FOA Equity (“Class A LLC Units”), and rights to receive shares of Class A Common Stock and Class A LLC Units pursuant to the Transaction Agreement, dated as of October 12, 2020 (the “Earnout Rights” and, together with such shares of Class A Common Stock, shares of Class B Common Stock, and Class A LLC Units, the “Sold Equity”), and the tax receivable agreements (“TRA”) dated April 1, 2021 between the Company and the Blackstone Investor will be terminated. Each share of Class A Common Stock and each Class A LLC Unit will be purchased for $10.00 per share or Class A LLC Unit, and the shares of Class B Common Stock and Earnout Rights will be purchased for no consideration, for total consideration of $80,298,170. The closing of the Repurchase is subject to, among other customary conditions, the receipt of a customary opinion and, absent the Company’s prior written consent, may not occur prior to the date that is 105 days after the entry into the Repurchase Agreement.
Current wording
On August 4, 2025, the Company entered into a repurchase agreement (the “Repurchase Agreement”) with FOA Equity, Blackstone Tactical Opportunities Associates - NQ L.L.C., BTO Urban Holdings L.L.C., Blackstone Family Tactical Opportunities Investment Partnership - NQ ESC L.P., and BTO Urban Holdings II L.P. (collectively, the “Blackstone Investor”), which were deemed affiliates of the Company. Pursuant to the Repurchase Agreement, the Company was to purchase (the “Repurchase”) all of the Blackstone Investor’s shares of Class A Common Stock of the Company, Class B Common Stock of the Company (the “Class B Common Stock”), Class A LLC units of FOA Equity (“Class A LLC Units”), and rights to receive shares of Class A Common Stock and Class A LLC Units pursuant to the Transaction Agreement, dated as of October 12, 2020 (the “Earnout Rights” and, together with such shares of Class A Common Stock, shares of Class B Common Stock, and Class A LLC Units, the “Sold Equity”), and the Tax Receivable Agreement, dated April 1, 2021 (the “Blackstone Tax Receivable Agreement”), between the Company and the Blackstone Investor was to be terminated. Each share of Class A Common Stock and each Class A LLC Unit was to be purchased for $10.00 per share or Class A LLC Unit, and the shares of Class B Common Stock and Earnout Rights were to be purchased for no additional consideration, for total consideration of $80,298,170.
Previous wording
The U.S. Federal Reserve’s monetary policies and the federal government’s recent tariff policies may have an impact on economic conditions relevant to our business, including real estate values and prevailing mortgage rates, however, the extent of the impact remains uncertain. Higher interest rates generally lead to lower mortgage transaction volumes, increased competition, and lower profit margins. Volatility in market conditions resulting from the foregoing policies may cause credit spreads to widen, which reduces, among other things, availability of credit to our Company on favorable terms, liquidity in the market, the fair value of assets on our balance sheet, and price transparency of real estate-related or asset-backed assets.
Current wording
The U.S. Federal Reserve’s monetary policies and the federal government’s tariff policies may have an impact on economic conditions relevant to our business, including real estate values and prevailing mortgage rates, however, the extent of the impact remains uncertain. Higher interest rates generally lead to lower mortgage transaction volumes, increased competition, and lower profit margins. Volatility in market conditions resulting from the foregoing policies may cause credit spreads to widen, which reduces, among other things, availability of credit to our Company on favorable terms, liquidity in the market, the fair value of assets on our balance sheet, and price transparency of real estate-related or asset-backed assets.
Previous wording
For further discussion on the potential impacts of the Federal Reserve’s monetary policies and macroeconomic conditions, see “Risks Related to the Business of the Company” and “Our business is significantly impacted by changes in interest rates. Changes in prevailing interest rates due to U.S. monetary policies or other macroeconomic conditions that affect interest rates may have a detrimental effect on our operations, financial performance, and earnings,” as well as “Risks Related to Our Lending Business” and “Our loan origination and servicing revenues are highly dependent on macroeconomic and U.S. residential real estate market conditions” under the section entitled “Item 1A. Risk Factors” in our Annual Report on Form 10-K (“Form 10-K”) for the year ended December 31, 2024, filed with the U.S. Securities and Exchange Commission (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. Such risk factors may be amended or updated in our subsequent periodic reports filed with the SEC.
Current wording
For further discussion on the potential impacts of the Federal Reserve’s monetary policies and macroeconomic conditions, see “Risks Related to the Business of the Company” and “Our business is significantly impacted by changes in interest rates. Changes in prevailing interest rates due to U.S. monetary policies or other macroeconomic conditions that affect interest rates may have a detrimental effect on our operations, financial performance, and earnings,” as well as “Risks Related to Our Lending Business” and “Our loan origination and servicing revenues are highly dependent on macroeconomic and U.S. residential real estate market conditions” under the section entitled “Item 1A. Risk Factors” in our Annual Report on Form 10-K (“2025 Form 10-K”) for the year ended December 31, 2025, filed with the U.S. Securities and Exchange Commission (the “SEC”) on March 13, 2026. Such risk factors may be amended or updated in our subsequent periodic reports filed with the SEC.
Previous wording
The following table summarizes our consolidated operating results from continuing operations (in thousands):
Current wording
The following table presents our consolidated operating results from continuing operations (in thousands):
Previous wording
The following table provides an analysis of all components of net interest income (in thousands):
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The following table presents the components of net interest income (in thousands):
Previous wording
Net income from continuing operations before income taxes decreased $53.5 million primarily as a result of the following:
Current wording
Net income from continuing operations before income taxes decreased $45.4 million primarily as a result of the following:
Previous wording
•Fair value changes from market inputs or model assumptions decreased $67.6 million primarily due to changes in interest rates, yields, home price appreciation, and other inputs, which generated lower net fair value gains during the nine months ended September 30, 2025 compared to the 2024 period. Refer to Note 5 - Fair Value in the Notes to Condensed Consolidated Financial Statements for additional information regarding the key inputs, assumptions, and valuation techniques impacting the value of our loans and related obligations.
Current wording
•Fair value changes from market inputs or model assumptions decreased $68.3 million primarily due to net changes in interest rates, yields, home price appreciation, and other inputs, which generated lower net fair value gains during the three months ended March 31, 2026 compared to the 2025 period. Refer to Note 5 - Fair Value in the Notes to Condensed Consolidated Financial Statements for additional information regarding the key inputs, assumptions, and valuation techniques impacting the value of our loans and related obligations.
Previous wording
•Fair value changes from model amortization improved $31.5 million primarily due to a higher modeled yield on a larger portfolio during the nine months ended September 30, 2025 compared to the 2024 period. Net portfolio interest income increased $9.3 million due to gains on extinguishment of debt related to the purchases of securities that were previously issued by consolidated trusts, which was partially offset by a higher cost of funds within our securitized financing portfolio.
Current wording
•Net portfolio interest income decreased $4.2 million due to a higher cost of funds within our securitized financing portfolio, which was partially offset by increased gains on extinguishment of debt related to the purchases of securities that were previously issued by consolidated trusts. Fair value changes from model amortization improved $8.9 million primarily due to higher accreted yield on the Company’s residual interests during the three months ended March 31, 2026 compared to the 2025 period.
Previous wording
•Net origination gains increased $2.7 million as a result of higher reverse mortgage loan origination volumes, partially offset by lower margins relative to historically high margins in the comparable 2024 period. We recognized $59.9 million in net origination gains on loan originations of $602.9 million for the three months ended September 30, 2025 compared to $57.2 million in net origination gains on loan originations of $513.4 million for the comparable 2024 period.
Current wording
•Net origination gains increased $14.8 million as a result of higher reverse mortgage loan origination volumes and higher margins. We recognized $60.9 million in net origination gains on reverse mortgage loan originations of $596.1 million for the three months ended March 31, 2026 compared to $46.0 million in net origination gains on loan originations of $560.7 million for the comparable 2025 period.
Previous wording
•Total expenses increased $23.4 million primarily due to an increase in loan portfolio related expenses as a result of increased securitization expenses, an increase in marketing and advertising expenses related to brand marketing and our digital innovation strategy, and an increase in salaries, benefits, and related expenses as a result of increased variable compensation due to higher loan production and increases in technology resources. These increases were partially offset by decreases in average headcount and in general and administrative expenses due to continued cost-cutting initiatives that align expenses with ourunified modern retirement solutions platform.
Current wording
•Total expenses increased $19.0 million primarily due to increases in salaries, benefits, and related expenses as a result of higher compensation resulting from increased loan production, as well as increased headcount to support the Company’s investment in our technology initiatives, an increase in loan portfolio related expenses as a result of higher securitization expenses and increased loan production, and an increase in marketing and advertising expenses related to our investment in marketing for future volume growth.
Previous wording
Our Retirement Solutions segment conducts all of our Company’s loan origination activity, including the origination and acquisition of HECM and non-agency reverse mortgage loans through both the retail and TPO channels. 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. Once originated, the loans are transferred to our Portfolio Management segment, and any future fair value adjustments, including interest earned, on these originated loans are reflected in the revenues of our Portfolio Management segment until final disposition.
Current wording
Our Retirement Solutions segment conducts all of our Company’s loan origination activity, including the origination and acquisition of HECM loans and non-agency reverse mortgage loans through both the retail and TPO channels. 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. Once originated, the loans are transferred to our Portfolio Management segment, and any future fair value adjustments, including interest earned, on these originated loans are reflected in the revenues of our Portfolio Management segment until final disposition.
Previous wording
Revenues and fees are directly attributed to their respective segments at the time services are performed. Revenues generated on inter-segment services performed are valued based on estimated market value. Expenses directly attributable to the operating segments are expensed as incurred. Other expenses are allocated to individual segments based on the estimated value of services performed, total revenue contributions, personnel headcount, or the equity invested in each segment based on the type of expense allocated. The allocation methodology is reviewed annually. There were no changes to methodology during the three and nine months ended September 30, 2025 and 2024. Expenses for enterprise-level general overhead, such as executive administration, are not allocated to the business segments.
Current wording
Revenues and fees are directly attributed to their respective segments at the time services are performed. Revenues generated on inter-segment services performed are valued based on estimated market value. Expenses directly attributable to the operating segments are expensed as incurred. Other expenses are allocated to individual segments based on the estimated value of services performed, total revenue contributions, personnel headcount, or the equity invested in each segment based on the type of expense allocated. The allocation methodology is reviewed annually. There were no changes to methodology during the three months ended March 31, 2026 and 2025. Expenses for enterprise-level general overhead, such as executive administration, are not allocated to the business segments.
Previous wording
The following table summarizes our Retirement Solutions segment’s results (in thousands):
Current wording
The following table presents our Retirement Solutions segment’s results (in thousands):
Previous wording
The following table provides a summary of our Retirement Solutions segment’s key metrics(in thousands, except units):
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The following table presents our Retirement Solutions segment’s key metrics(in thousands, except units):
Previous wording
(1) Loan origination volumes consist of initial reverse mortgage loan borrowing amounts.
Current wording
(1) Loan origination volume consists of initial reverse mortgage loan borrowing amounts.
Previous wording
(2) Tails consist of subsequent borrower draws, mortgage insurance premiums, service fees, and other advances, which we are able to subsequently securitize.
Current wording
(2) Tails consist of subsequent borrower draws, mortgage insurance premiums, service fees, and other advances, which are added to the balance of the reverse mortgage loans and which we are able to subsequently securitize.
Previous wording
The following table provides a summary of the components of our Retirement Solutions segment’s total revenues (in thousands):
Current wording
The following table presents the components of our Retirement Solutions segment’s total revenues (in thousands):
Previous wording
•Net origination gains increased $2.7 million or 4.7% as a result of higher reverse mortgage loan origination volumes, partially offset by lower margins relative to historically high margins in the comparable 2024 period. We originated $602.9 million of reverse mortgage loans during the three months ended September 30, 2025, an increase of 17.4%, compared to $513.4 million for the comparable 2024 period. During the three months ended September 30, 2025, the weighted average margin on reverse mortgage loan production was 9.94% compared to 11.15% in 2024, a decrease of 1.21%.
Current wording
•Net origination gains increased $14.8 million or 32.3% as a result of higher reverse mortgage loan origination volumes and higher margins. We originated $596.1 million of reverse mortgage loans for the three months ended March 31, 2026, an increase of 6.3%, compared to $560.7 million for the comparable 2025 period. During the three months ended March 31, 2026, the weighted average margin on reverse mortgage loan production was 10.2% compared to 8.2% in the 2025 period, an increase of 2.0%.
Previous wording
The following table provides a summary of the components of our Retirement Solutions segment’s total expenses(in thousands):
Current wording
The following table presents the components of our Retirement Solutions segment’s total expenses(in thousands):
Previous wording
The following table summarizes our Portfolio Management segment’s results (in thousands):
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The following table presents our Portfolio Management segment’s results (in thousands):
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The following table provides a summary of the assets and liabilities in our Portfolio Management segment(in thousands):
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The following table presents the assets and liabilities in our Portfolio Management segment(in thousands):
Previous wording
The following tables provide a summary of our Portfolio Management segment’s key metrics(dollars in thousands):
Current wording
The following tables present our Portfolio Management segment’s key metrics(dollars in thousands):
Previous wording
The following table provides a summary of the components of our Portfolio Management segment’s total revenues (in thousands):
Current wording
The following table presents the components of our Portfolio Management segment’s total revenues (in thousands):
Previous wording
The following table provides an analysis of all components of net portfolio interest income (in thousands):
Current wording
The following table presents the components of net portfolio interest income (in thousands):
Previous wording
•Fair value changes from market inputs or model assumptions decreased $67.6 million primarily due to changes in interest rates, yields, home price appreciation, and other inputs, which generated lower net fair value gains during the nine months ended September 30, 2025 compared to the 2024 period. Refer to Note 5 - Fair Value in the Notes to Condensed Consolidated Financial Statements for additional information regarding the key inputs, assumptions, and valuation techniques impacting the value of our loans and related obligations.
Current wording
•Fair value changes from market inputs or model assumptions decreased $68.3 million primarily due to net changes in interest rates, yields, home price appreciation, and other inputs, which generated lower net fair value gains during the three months ended March 31, 2026 compared to the 2025 period. Refer to Note 5 -
Previous wording
•Fair value changes from market inputs or model assumptions decreased $226.0 million primarily due to changes in interest rates, yields, home price appreciation, and other inputs, which generated net fair value losses during the three months ended September 30, 2025 compared to net fair value gains in the 2024 period. Refer to Note 5 - Fair Value in the Notes to Condensed Consolidated Financial Statements for additional information regarding the key inputs, assumptions, and valuation techniques impacting the value of our loans and related obligations.
Current wording
Fair Value in the Notes to Condensed Consolidated Financial Statements for additional information regarding the key inputs, assumptions, and valuation techniques impacting the value of our loans and related obligations.
Previous wording
•Fair value changes from model amortization improved $31.5 million primarily due to a higher modeled yield on a larger portfolio during the nine months ended September 30, 2025 compared to the 2024 period. Net portfolio interest income increased $9.3 million due to gains on extinguishment of debt related to the purchases of securities that were previously issued by consolidated trusts, which was partially offset by a higher cost of funds within our securitized financing portfolio.
Current wording
•Net portfolio interest income decreased $4.2 million due to a higher cost of funds within our securitized financing portfolio, which was partially offset by increased gains on extinguishment of debt related to the purchases of securities that were previously issued by consolidated trusts. Fair value changes from model amortization improved $8.9 million primarily due to higher accreted yield on the Company’s residual interests during the three months ended March 31, 2026 compared to the 2025 period.
Previous wording
The following table provides a summary of the components of our Portfolio Management segment’s total expenses(in thousands):
Current wording
The following table presents the components of our Portfolio Management segment’s total expenses(in thousands):
Previous wording
•Loan portfolio related expenses increased $19.2 million due to increased securitization expenses during the three months ended September 30, 2025 compared to the 2024 period. We issued $3.2 billion of notes during the three months ended September 30, 2025 compared to $0.8 billion for the 2024 period.
Current wording
•Loan portfolio related expenses increased $5.9 million due to higher securitization expenses during the three months ended March 31, 2026 compared to the 2025 period. We issued $1.7 billion of notes during the three months ended March 31, 2026 compared to $877 million for the 2025 period.
Previous wording
Corporate and Other consists of our corporate services groups. These groups support our operating segments, and the cost of services directly supporting the operating segments are allocated to those operating segments on a cost-of-service basis. Enterprise-focused Corporate and Other expenses that are not incurred in direct support of the operating segments are kept unallocated within Corporate and Other.
Current wording
Corporate and Other consists of our corporate services groups, as well as certain inter-segment revenues and expenses that are eliminated in the condensed consolidated financial statements. These groups support our operating segments, and the cost of services directly supporting the operating segments are allocated to those operating segments on a cost-of-service basis. Enterprise-focused Corporate and Other expenses that are not incurred in direct support of the operating segments are kept unallocated within Corporate and Other.
Previous wording
The following table summarizes Corporate and Other results (in thousands):
Current wording
The following table presents Corporate and Other results (in thousands):
Previous wording
The following table provides a summary of the components of Corporate and Other total expenses(in thousands):
Current wording
The following table presents the components of Corporate and Other total expenses(in thousands):
Previous wording
•Salaries, benefits, and related expenses, net of shared services allocations, increased $2.8 million or 35.4% for the three months ended September 30, 2025 when compared to the 2024 period primarily due to increases in incentive compensation.
Current wording
•Salaries, benefits, and related expenses, net of shared services allocations, increased $4.1 million for the three months ended March 31, 2026 when compared to the 2025 period primarily due to increased headcount to support the Company’s investment in our technology initiatives.
Previous wording
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, adjusted earnings before interest, taxes, depreciation, and amortization (“EBITDA”), adjusted earnings per share, and tangible equity.
Current wording
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, adjusted earnings before interest, taxes, depreciation, and amortization (“EBITDA”), adjusted earnings per share, tangible equity, and tangible equity per share.
Previous wording
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, adjusted EBITDA, adjusted earnings 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.
Current wording
These non-GAAP financial measures should not be considered as an alternative to net income, operating cash flows, or any other performance measures determined in accordance with U.S. GAAP. Adjusted net income, adjusted EBITDA, adjusted earnings per share, tangible equity, and tangible equity per share 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.
Showing the first 40 of 79 pairs. Open the source sections for the rest.
Rearranged current paragraphs (2)
Current report — wording carried from elsewhere
Our Portfolio Management segment provides structuring and product development expertise as well as broker/dealer and institutional asset management capabilities, which facilitates innovation and the successful monetization of our loans. We securitize HECM loans into Home Equity Conversion Mortgage-Backed Securities (“HMBS”), which the Government National Mortgage Association (“Ginnie Mae”) guarantees, and sell HMBS in the secondary market while retaining the rights to service the HECM loans. When HECM loans are not eligible for securitization into HMBS or are required to be bought out of a pool of HECM loans previously securitized into HMBS, we convey the
Current report — wording carried from elsewhere
Tangible equity per share provides visibility to the total underlying capital position by excluding the impact of certain items that management does not believe are representative of our core equity base. Tangible equity per share 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.
Rearranged previous paragraphs (3)
Previous report — wording carried elsewhere
Better.com’s AI platform. This collaboration marks the first time that the Company will originate HELOCs and HELOANs and enables the Company to serve potential borrowers who need higher loan-to-value solutions than those provided by the Company’s suite of reverse mortgage loan products. These efforts exemplify our commitment to meet and serve new kinds of borrowers. We are a leader in this market and we are focused on developing and offering products for borrowers with interest in using our loan products as retirement planning tools, which we believe will continue to increase our addressable customer base and ultimately raise our origination volumes, to further our purpose of helping homeowners unlock the joy that comes from realizing the full potential of their retirement.
Previous report — wording carried elsewhere
On August 4, 2025, the Company entered into a repurchase agreement (the “Repurchase Agreement”) with FOA Equity, Blackstone Tactical Opportunities Associates - NQ L.L.C., BTO Urban Holdings L.L.C., Blackstone Family Tactical Opportunities Investment Partnership - NQ ESC L.P., and BTO Urban Holdings II L.P. (collectively, the “Blackstone Investor”), which are deemed affiliates of the Company. Pursuant to the Repurchase Agreement, the Company will purchase (the “Repurchase”) all of the Blackstone Investor’s shares of Class A Common Stock of the
Previous report — wording carried elsewhere
Net income (loss) from continuing operations before income taxes decreased $236.7 million primarily as a result of the following: