---
schema_version: "secwatch.filing_event.v1"
accession: "0001193125-23-088923"
form_type: "8-K"
ticker: "FOA"
cik: "0001828937"
company_name: "Finance of America Companies Inc."
filed_at: "2023-04-03T23:59:59+00:00"
generated_at: "2026-06-17T07:14:33.676854+00:00"
event_type: "m_and_a"
sentiment: "positive"
materiality_score: 0.75
calibrated_materiality_score: 0.75
confidence: "high"
source: SEC EDGAR
---

# Finance of America closes AAG asset acquisition, raises $30M equity, promotes Fleming to CEO

## Summary
- Acquired AAG assets for $5.5M cash plus $4.5M promissory note; adds direct-to-consumer channel reaching 10M consumers annually.
- Issued 10.87M Class A shares each to Blackstone and BL Investor for $15M apiece ($30M total) to fund deal and corporate purposes.
- Graham A. Fleming appointed CEO effective April 5, 2023; Kristen Sieffert promoted to President with salary raised to $650K and target bonus to $1.2M.
- Transaction expected to be immediately accretive to tangible book value and earnings; FOA now one of the largest reverse mortgage lenders in the U.S.

## SEC filing metadata
- accession: 0001193125-23-088923
- form_type: 8-K
- ticker: FOA
- cik: 0001828937
- company_name: Finance of America Companies Inc.
- filed_at: 2023-04-03T23:59:59+00:00
- event_type: m_and_a
- sentiment: positive
- materiality_score: 0.75
- calibrated_materiality_score: 0.75
- confidence: high
- sec_items: 1.01, 2.01, 3.02, 5.02, 7.01, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1828937/000119312523088923/0001193125-23-088923-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1828937/000119312523088923/d406882d8k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001193125-23-088923
- JSON: https://secwatch.observer/filing/0001193125-23-088923.json
- Plain text: https://secwatch.observer/filing/0001193125-23-088923.txt

## Key facts
- Executive change
  Graham A. Fleming was appointed as Chief Executive Officer at Finance of America Companies Inc..
  - Action: appointed
  - Role: Chief Executive Officer
  source text: appointed Graham A. Fleming, current President and interim Chief Executive Officer (CEO) of the Company, as Chief Executive Officer (principal executive officer), effective as of April 5, 2023.
  evidence_url: https://www.sec.gov/Archives/edgar/data/1828937/000119312523088923/0001193125-23-088923-index.htm
- Executive change
  Kristen Sieffert was appointed as President at Finance of America Companies Inc..
  - Action: appointed
  - Role: President
  source text: appointed Kristen Sieffert to serve as President of the Company.
  evidence_url: https://www.sec.gov/Archives/edgar/data/1828937/000119312523088923/0001193125-23-088923-index.htm
- M&A Transactions
  Finance of America Companies Inc. completed an acquisition involving American Advisors Group for $5.5 million in cash (closed 2023-03-31).
  - Action: acquisition
  - Counterparty: American Advisors Group
  - Consideration: $5.5 million in cash
  - Closing: 2023-03-31
  source text: parties to the AAG Transaction agreed, among other things, that (a) the amount of cash consideration payable by FAR to AAG under the Asset Purchase Agreement would be reduced to $5.5 million (from $10 million in the Original Asset Purchase Agreement) and in connection with such reduction, FAR would issue to AAG a promissory note with an aggregate principal amount of
  evidence_url: https://www.sec.gov/Archives/edgar/data/1828937/000119312523088923/0001193125-23-088923-index.htm
- Material Agreements
  Finance of America Companies Inc. entered into Equity Matters Agreement with AAG valued at AAG joined and became a party to FOAEC LLC agreement, Exchange Agreement, and Registration Rights Ag (effective 2023-03-31).
  - Action: entry
  - Counterparty: AAG
  - Value: AAG joined and became a party to FOAEC LLC agreement, Exchange Agreement, and Registration Rights Ag
  - Effective: 2023-03-31
  source text: on the Closing Date, in connection with the consummation of the AAG Transaction, the Company and FOAEC entered into an Equity Matters Agreement (the “ Equity Matters Agreement ”) with AAG
  evidence_url: https://www.sec.gov/Archives/edgar/data/1828937/000119312523088923/0001193125-23-088923-index.htm

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.