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Finance of America Companies Inc. (FOA) is a prominent financial services holding company that operates through its subsidiaries, providing a comprehensive suite of retirement solutions centered on home equity. Their mission is to become America’s preferred choice for home financing options by leading the industry in responsible lending.
The company's operations are divided into two main segments: Retirement Solutions and Portfolio Management. Retirement Solutions focuses on offering diverse home equity products that cater to the financial needs of retirees. This segment generates the majority of the company's revenue by providing innovative products that empower consumers in their retirement planning. On the other hand, the Portfolio Management segment optimizes the distribution of originated loans to investors, enhancing the company's financial performance.
Finance of America Mortgage, a subsidiary of FOA, is a national, full-service mortgage banker that offers a wide range of home loan products. The company is dedicated to continuously expanding its product offerings and developing new services for its customers and partners. Their seasoned mortgage specialists are committed to delivering a high-touch, high-tech lending experience for consumers, brokers, and industry partners across the country.
FOA places a strong emphasis on providing knowledge, initiative, and power back to the borrowers, ensuring a more informed and empowered home financing experience. They are a licensed nationwide equal housing lender, which attests to their commitment to responsible lending practices.
In recent developments, FOA has launched several key initiatives to enhance their product portfolio and improve customer engagement. They have also formed strategic partnerships to leverage technology and offer innovative financial solutions. The company’s focus on strategic growth and innovation positions it as a significant player in the financial services industry.
Finance of America (NYSE: FOA) reported strong Q3 2024 results with net income from continuing operations of $204 million or $8.48 basic earnings per share. The company achieved adjusted net income of $15 million ($0.67 per share) and adjusted EBITDA of $32 million. Total funded volume increased 15% quarter-over-quarter to $513 million. Book equity rose to $456 million ($20 per diluted share). The company completed a reverse stock split in July 2024 to maintain NYSE compliance and successfully closed an exchange offer with nearly 98% participation from senior unsecured note holders.
Finance of America has enhanced its HomeSafe Second reverse mortgage product by reducing the interest rate from 9.99% to 9.49% and expanding availability to four new states: Arizona, Nevada, Oregon, and Utah. The second-lien loan, designed for homeowners aged 55+, allows borrowing up to $1 million without monthly payments while keeping existing primary mortgages intact. Loan qualification is primarily based on age and home equity rather than annual income. The product is currently available in ten states, with plans for further expansion.
Finance of America (NYSE: FOA) announces a 97.892% participation rate in its Exchange Offer for 7.875% Senior Notes due 2025, with holders of $342,622,000 aggregate principal amount electing to participate. The company has extended the Exchange Offer and Consent Solicitation deadline to October 29, 2024, and modified the amortization payment due November 15, 2025, to $0.23 per $1.00 initial principal amount of New Senior Secured Notes. The settlement is expected on October 31, 2024, subject to conditions.
Finance of America (NYSE: FOA) has announced it will release its third quarter 2024 financial results on Wednesday, November 6, 2024, after market close. The company will host a webcast and conference call at 5:00 pm Eastern Time on the same day to discuss the quarterly results. Management will make available a press release and investor presentation prior to the call in the Investors section of the company's website. The conference call can be accessed via webcast or by phone, with replay options available until November 20, 2024.
Finance of America Companies Inc. (NYSE: FOA) has announced an exchange offer and consent solicitation for its outstanding 7.875% Senior Notes due 2025. The exchange offer, initiated by subsidiary FOA Funding, proposes to swap the 2025 Unsecured Notes for:
- Up to $200 million in 7.875% Senior Secured Notes due 2026
- Up to $150 million in 10.000% Exchangeable Senior Secured Notes due 2029
- A cash fee of 0.25% of the exchanged notes' principal amount
Notably, holders representing at least 94% of the outstanding 2025 Unsecured Notes have agreed or indicated their intent to participate in the exchange offer and consent solicitation.
Finance of America Companies Inc. (NYSE: FOA) reported its Q2 2024 results:
- Net loss from continuing operations of $5 million or $0.20 basic loss per share
- Adjusted EBITDA of $9 million, first positive quarter since 2022
- Announced Exchange Offer Support Agreement with over 99% of senior unsecured note holders intending to participate
- Completed reverse stock split in July 2024, bringing FOA back into NYSE compliance
- Funded volume increased 5% quarter-over-quarter to $447 million
- Total revenue up 5% quarter-over-quarter to $79 million
- Retirement Solutions segment saw 15% year-over-year revenue increase
- Portfolio Management segment reported pre-tax income of $22 million
The company highlighted improved operating performance and fundamentals across the business.
Finance of America Companies Inc. (NYSE: FOA), a leading provider of home equity-based financing solutions for modern retirement, has announced its second quarter 2024 earnings release and conference call schedule. The company will release its results for the quarter ended June 30, 2024, after market closing on Tuesday, August 6, 2024. Management will host a webcast and conference call on the same day at 5:00 pm Eastern Time to discuss the quarterly results.
Investors can access the webcast through the company's website and join the conference call by dialing 1-800-715-9871 (Domestic) or 1-646-307-1963 (International) with Conference ID: 5706924. A replay of the call will be available on the company's website and via phone until August 20, 2024.
Finance of America Companies Inc. (NYSE: FOA) has announced its planned 1-for-10 reverse stock split will take effect on July 25, 2024, at 5:00 p.m. Eastern Time. The company's Class A Common Stock will begin trading on a split-adjusted basis on the NYSE on July 26, 2024, under the same symbol (FOA). This move is primarily intended to increase the per share trading price to meet NYSE's continued listing criteria.
Key points:
- New CUSIP number: 31738L 206
- No fractional shares will be issued; cash proceeds will be distributed instead
- Adjustments will be made to warrants, equity-based awards, and other agreements
- Public warrants exercise price will be $115 post-split
- The number of authorized shares and par value remain unchanged
Finance of America (FOA) announced an Exchange Offer Support Agreement with holders of approximately 71.1% of its outstanding 2025 Unsecured Senior Notes. The agreement involves exchanging these notes for up to $200 million in Senior Secured First Lien Notes due 2026 and up to $150 million in Exchangeable Senior First Lien Notes due 2029. On June 24, 2024, the Libman Parties, who hold additional notes, also agreed to participate, raising the participation to about 93.1% of the total principal amount of the 2025 Notes. This move aims to enhance the company's capital structure and promote sustainable growth and profitability. More details are available in a Form 8-K filed with the SEC on June 25, 2024.
A group of Voxtur shareholders, including former chairman Nicholas H. Smith, is pushing for a major overhaul of the company's board at the upcoming Annual General and Special Meeting (AGSM) scheduled for June 28, 2024. The Voxtur Shareholders for Accountability, holding about 19% of the company's shares, are advocating for six new board members due to significant financial declines under the current management. The company has faced losses in each of the past five years, including a Q4 2023 adjusted EBITDA loss of C$3.9 million and a Q1 2024 loss of C$665,000. The group's nominees include seasoned professionals like Alan P. Qureshi, who is proposed as the new CEO. They aim to implement a long-term strategic plan, streamline expenses, and enhance transparency in financial reporting. The current board is criticized for lacking a coherent strategic plan, experiencing high turnover, and incurring excessive costs.
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