Highest-materiality recent filing
Finance of America closes $5.2B reverse mortgage servicing acquisition from Onity
Acquired ~20,000 HECM loans with $5.2B unpaid principal balance from Onity Mortgage Corp.
FOA subsidiary to acquire $5.1B HECM MSR portfolio from Onity/PHH, assume pipeline and staff
FAR to purchase HECM MSRs on ~20,000 loans with $5.1B UPB as of March 31, 2026.
Finance of America Q1 net income $35M ($1.93 EPS); adjusted EPS $1.10 beats consensus
Net income $35M ($1.93 basic EPS); adjusted net income $26M ($1.10 adjusted EPS), beating consensus.
Finance of America reports FY2025 net income $110M, up 175%; adj. EPS $3.04 above guidance
FY2025 net income from continuing ops $110M (basic EPS $5.04), up 175% YoY; adjusted net income $74M (adj. EPS $3.04), up 429% YoY.
Finance of America closes $50M Series A Preferred issuance to Blue Owl
Closed $50M issuance of 50,000 Series A Convertible Perpetual Preferred shares to Blue Owl.
Finance of America raises $50M from Blue Owl via Series A Preferred Stock at 9% dividend
Blue Owl invests $50M for 50,000 shares of Series A Convertible Perpetual Preferred at $1,000/share.
Acquires HECM servicing portfolio, reverse mortgage loan pipeline, and select origination team members from PHH Mortgage (Onity Group).
FOA Q3 adjusted net income $33M, $1.33 EPS; YTD net income $131M, $5.78 basic EPS
Q3 net loss of $29M due to home price appreciation model changes; adjusted net income $33M, up 136% QoQ.
Finance of America enters supplemental indentures modifying terms of 2026 and 2029 notes
FOA Funding executed supplemental indentures on Oct 21, 2025, allowing up to $45M in restricted payments for equity repurchases.
Finance of America repurchases Blackstone equity for $80.3M, issues $40M convertible notes
Repurchases all Blackstone Class A/units at $10/share for $80.3M; closing expected Q4 2025, subject to conditions.
Net income from continuing ops $80M, basic EPS $3.16; adjusted net income $14M, adjusted EPS $0.55.
FOA restates cash flow statements; material weakness in internal controls
Audit Committee concluded 2024 annual and Q1 2024 financials should no longer be relied upon due to errors.
Finance of America Q1 net income $80M, adjusted EPS $0.52; funded volume +32% YoY to $561M
Net income from continuing ops $80M ($3.17 basic EPS); adjusted net income $13M ($0.52 adj EPS).
Finance of America returns to profitability in FY2024; net income $40M, adjusted EBITDA $60M
Net income from continuing operations of $40M ($1.78 basic EPS) for FY2024 vs prior-year loss.
Finance of America Q3 net income $204M; adjusted EPS $0.67; exchange offer 98% participation
Net income from continuing ops $204M ($8.48 basic EPS); adjusted net income $15M ($0.67 adjusted EPS).
FOA subsidiary exchanges $342.6M of 7.875% notes due 2025 for secured notes due 2026/2029
Exchanged $342.6M (97.9% of outstanding) 7.875% Senior Notes due 2025 for new secured notes and $856,555 cash.
Finance of America exchange offer gets 97.9% participation; extends expiration to Oct 29
$342.6M (97.892%) of outstanding 2025 Notes tendered as of Oct 25, 2024.
Finance of America launches exchange offer for $350M 2025 notes, gets 94% participation
Holders get $571.43/1K of new 7.875% secured notes due 2026, $428.57/1K of 10% exchangeable secured notes due 2029, plus $2.50 cash per $1,000 tendered.
Finance of America Q2 net loss $5M; adj. EBITDA turns positive at $9M; note exchange support >99%
Net loss from continuing ops $5M ($0.20 basic loss); adjusted net loss $1M ($0.05 per share).
Finance of America Companies completes 1-for-10 reverse stock split
Reverse split effective 5:00 p.m. ET on July 25, 2024; every 10 shares of Class A common converted into 1 share.
Finance of America sets July 25 effective date for 1-for-10 reverse stock split
Reverse split effective 5:00 p.m. ET on July 25, 2024; adjusted trading begins July 26.
NYSE to delist Finance of America warrants over low selling price; company waives appeal
NYSE notified FOA on July 2, 2024, and publicly announced July 3, 2024, that it will delist FOA.WS warrants due to 'abnormally low selling price'.
Finance of America to exchange $350M unsecured notes for secured debt; 93% support
Initial 71.1% noteholder support for exchange of $350M 7.875% senior notes due 2025; Libman Parties added to total 93.1%.
Finance of America stockholders approve 10:1 reverse stock split to meet NYSE listing price
Stockholders with 69.8% voting power executed written consent approving 10:1 reverse split.
Finance of America reports Q1 net loss $16M, adjusted EBITDA -$1M
Net loss from continuing ops $16M ($0.06 loss per share); adjusted net loss $7M ($0.03 per share).
Net income from continuing ops Q4 2023: $171M ($0.72 basic EPS).
Finance of America receives NYSE non-compliance notice for sub-$1.00 average share price
As of Feb 9, 2024, 30-day average closing price of Class A Common Stock (FOA) fell below $1.00 threshold.
Finance of America amends promissory notes: ups commitments to $85M, extends maturity to May 2025
Aggregate commitments increased from $60M to $85M; maturity extended from Nov 2024 to May 2025.
Finance of America receives NYSE non-compliance notice for share price below $1.00
NYSE notified FOA on Dec 12, 2023 that average closing price was below $1.00 over 30 consecutive trading days as of Dec 11, 2023.
Finance of America Q3 net loss $172M, adjusted loss $25M; Reverse volumes up 18% QoQ
Net loss from continuing operations of $172M; adjusted net loss $25M ($0.11 per share).
Johan Gericke resigns as CFO effective Oct 13, 2023.
Net loss from continuing operations of $221M; adjusted net loss of $26M ($0.12 per diluted share).
Finance of America completes sale of Incenter title insurance business for ~$92.6M cash
Sold Agents National Title (ANTIC) and Boston National Holdings (BNT) to Essent US Holdings (Essent Group).
AAG 2022 net loss $98.9M, debt covenant violations; FOA acquisition closed
AAG net loss $98.9M in 2022 vs $8.0M loss in 2021; revenue fell to $360M from $703M.
Finance of America Q1 net income $55M, AAG acquisition closed, volumes down 77% YoY
Net income from continuing ops of $55M ($0.29 basic EPS) vs loss of $48M in Q4'22; adjusted net loss of $15M.
Finance of America closes AAG asset acquisition, raises $30M equity, promotes Fleming to CEO
Acquired AAG assets for $5.5M cash plus $4.5M promissory note; adds direct-to-consumer channel reaching 10M consumers annually.
Full year 2022 net loss of $716M ($3.06 basic loss per share); adjusted net loss of $61M.
Finance of America completes wind-down of Mortgage Originations segment, excluding Home Improvement
Completed discontinuation of Mortgage Originations segment (except Home Improvement) on Feb 28, 2023.
Finance of America sells commercial lending operational assets to Roc360 for up to $30M earnout
Sale of FACO operational assets to Roc360 for earnout up to $30M over three years.
Effective as of October 13, 2023, Mr. Graham A. Fleming, 54, the Company’s current Chief Executive Officer (principal executive officer), will serve as interim Chief Financial Officer
the effective date of the appointment of Mr. Matthew A. Engel, as Chief Financial Officer and principal financial officer of the Company.
Mr. Johan Gericke, the Chief Financial Officer of Finance of America Companies Inc. (the “Company”), notified the Company of his resignation, effective as of October 13, 2023.
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.
appointed Kristen Sieffert to serve as President of the Company.
On December 30, 2022, Mr. Menes O. Chee notified the Board of Directors (the “Board”) of Finance of America Companies Inc. (the “Company”) of his intention to resign from the Board, effective immediately.
Lauren E. Richmond has been appointed as the Company’s Chief Legal Officer and General Counsel, effective September 2, 2022.
provided notice of his retirement from the Company, effective September 1, 2022.
On June 13, 2022, Ms. Cook informed the Company that she will retire as CEO of the Company effective as of June 30, 2022 due to an existing medical condition.
On June 13, 2022, the Board of Directors appointed Graham A. Fleming, President of the Company, as interim CEO, effective as of July 1, 2022.
On February 16, 2022, Patricia L. Cook, Chief Executive Officer and director of Finance of America Companies Inc. (the “Company”), informed the Company of her intention to retire as Chief Executive Officer of the Company, effective upon the appointment of her successor
Max materiality 0.85 · Median 0.65 · Most common event other_material