Finance of America Q1 net income $55M, AAG acquisition closed, volumes down 77% YoY

Finance of America Companies Inc.

2023-Q1 EPS reported $0.07 revenue$140,855,000

Net income from continuing ops of $55M ($0.29 basic EPS) vs loss of $48M in Q4'22; adjusted net loss of $15M.
Revenue $141M, up 171% QoQ, driven by fair value gains; funded volume $357M, down 49% QoQ and 77% YoY.
Completed AAG acquisition and concurrent $30M equity raise; assets under management grew 30% to $26.3B.
Wind down of Mortgage Originations segment; agreements to sell Title Insurance (Q3'23) and majority of Lender Services (Q2'23).
Retirement Solutions revenue $26M (-19% QoQ); Portfolio Management pre-tax income $99M vs $3M in Q4'22.

item 2.02 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Earnings Releases SEC 8-K Item 2.02 confidence 0.98

Finance of America Companies Inc. reported the quarter ended March 31, 2023 results: net income $55 million or $0.29 basic earnings per share, EPS $0.29 basic earnings per share.

Period: the quarter ended March 31, 2023
Net income: $55 million or $0.29 basic earnings per share
EPS: $0.29 basic earnings per share
Result: reported results

Exact text from the filing

On May 8, 2023, Finance of America Companies Inc. (the “Company”) issued a press release announcing its financial results for the first quarter ended March 31, 2023.

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8 earnings releases filed in the last 30 days. Browse all earnings releases →

Finance of America Companies Inc. filing history →

Source: SEC EDGAR

accession 0001828937-23-000039

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