FOA restates cash flow statements; material weakness in internal controls

Finance of America Companies Inc.

Audit Committee concluded 2024 annual and Q1 2024 financials should no longer be relied upon due to errors.
Misclassification of securitization cash flows: understated investing activities by $225–250M, overstated financing by same amount.
No impact on net income, revenue, operating cash flows, total cash flows, or balance sheet.
Material weakness identified in internal control over financial reporting; remediation plan to be included in amended 10-K.
Q1 2025 Form 10-Q delayed; expects to file by May 20, 2025 under SEC grace period.

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