Finance Of America Companies Inc ( (FOA) ) has released its Q4 earnings. Here is a breakdown of the information Finance Of America Companies Inc presented to its investors.
Finance of America Companies Inc., headquartered in Plano, Texas, is a leading provider of home equity-based financing solutions, particularly focused on modern retirement needs. The company also offers capital markets and portfolio management services to optimize loan distribution to investors.
In its latest earnings report, Finance of America announced a return to profitability for the year 2024, with a net income of $40 million from continuing operations and an adjusted EBITDA of $60 million. The company highlighted a significant improvement in adjusted net income by $97 million compared to the previous year, driven by increased volumes, improved margins, and reduced operational expenses.
Key financial metrics for 2024 include a 19% increase in reverse mortgage funded volume, totaling $1.918 billion for the year. The Retirement Solutions segment reported a 38% increase in total revenue, while the Portfolio Management segment saw a 236% improvement in pre-tax income. The company’s total equity grew by 16% to $316 million, reflecting enhanced operational performance and positive fair value adjustments.
Looking ahead, Finance of America aims to build on its momentum from 2024, with plans to expand its reach and drive greater value for customers and stakeholders. The company remains focused on strengthening its balance sheet and enhancing its business operations to sustain profitability and growth.