Earnings release
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FINANCE OF AMERICA REPORTS THIRD QUARTER 2026 RESULTS – Funded volume of $748 million increased 24% for the quarter compared to prior year – – $5.24 in basic loss per share or $110 million net loss for the quarter, primarily the result of $125 million in non-cash changes in fair value – – Cash and cash equivalents increased by $33 million during the quarter, to $118 million as of September 30, 2026 – – $0.28 in adjusted earnings per share or $6 million of adjusted net income for the quarter – – $17 million of adjusted EBITDA for the quarter – Plano, Texas (November 3, 2026): Finance of America Companies Inc. (“Finance of America” or the “Company”) (NYSE: FOA), a leading provider of home equity-based financing solutions for a modern retirement, reported financial results for the quarter ended September 30, 2026. Third Quarter and Year-to-Date 2026 Highlights • Funded volume of $748 million for the quarter, representing a 24% increase year over year. • Year-to-date funded volume increased 17% to $2,074 million. • $5.24 in basic loss per share or $110 million net loss for the quarter, primarily the result of $125 million in non-cash fair value adjustments. $3.49 in basic loss per share or $103 million net loss for the first nine months of 2026. • $0.28 in adjusted earnings per share or $6 million of adjusted net income during the quarter, primarily the result of lower net origination gains due to higher benchmark rates. • $2.26 in adjusted earnings per share or $51 million of adjusted net income for the first nine months of 2026. • Cash and cash equivalents increased by $33 million during the quarter, to $118 million as of September 30, 2026, reflecting strong cash generation from originations and capital markets. • Leveraging its strong cash position, the Company expects to complete the $60 million paydown of senior secured notes in November 2026. • Total equity of $307 million as of September 30, 2026, with total equity attributable to common stock of $259 million, or $28.08 book value per common share. See the sections titled “Reconciliation to GAAP” and “Non-GAAP Financial Measures” for reconciliations to the most directly comparable GAAP measures and other important disclosures. The financial information presented in the highlights is for the Company’s continuing operations. Graham A. Fleming, Chief Executive Officer commented, “The third quarter of 2026 demonstrated the continued strength of our platform, with funded origination volume growing 24% year over year. While higher interest rates drove near-term pressure on earnings, we believe this impact is temporary. We have already taken steps to improve margins. We remain focused on driving production growth, operational efficiency, and cash generation, and we will continue taking action to normalize margins should rate volatility remain elevated. We believe Finance of America is well positioned to navigate these evolving markets, capitalize on the enduring demand for home equity solutions, and create long-term shareholder value.” (1) (1) (1) (2) (1) (1) (1) (1) (1) (2) 1
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(unaudited) Third Quarter and Year-to-Date 2026 Financial Summary of Continuing Operations ($ amounts in millions, except per share data) Variance (%) Variance (%) Variance (%) Q3'26 Q2'26 Q3'26 vsQ2'26 Q3'25 Q3'26 vsQ3'25 YTD 2026 YTD 20252026 vs 2025 Funded volume $ 748 $ 730 2 % $ 603 24 % $ 2,074 $ 1,766 17 % Total revenues (58) 62 (194)% 81 (172)% 125 424 (71)% Total expenses and other, net 72 134 (46)% 109 (34)% 289 289 — % Pre-tax income (loss) from continuingoperations (130) (71) (83)% (29) (348)% (165) 135 (222)% Net income (loss) from continuingoperations (110) (29) (279)% (29) (279)% (103) 131 (179)% Adjusted total revenues 89 105 (15)% 107 (17)% 305 276 11 % Adjusted net income 6 19 (68)% 33 (82)% 51 60 (15)% Adjusted EBITDA 17 35 (51)% 55 (69)% 95 114 (17)% Basic earnings (loss) per share $ (5.24)$ 0.10 (5340)% $ (0.98) (435)% $ (3.49)$ 5.78 (160)% Diluted earnings (loss) per share $ (6.05)$ (1.28) (373)% $ (1.22) (396)% $ (5.45)$ 4.26 (228)% Adjusted earnings per share $ 0.28 $ 0.84 (67)% $ 1.33 (79)% $ 2.26 $ 2.33 (3)% Numbers may not foot due to rounding. See the sections titled “Reconciliation to GAAP” and “Non-GAAP Financial Measures” for reconciliations to the most directly comparable GAAP measures and other important disclosures. Balance Sheet Highlights ($ amounts in millions) September 30, June 30, Variance (%) September 30, Variance (%) 2026 2026 Q3'26 vs Q2'26 2025 Q3'26 vs Q3'25 Cash and cash equivalents $ 118 $ 85 39 % $ 110 7 % Securitized loans held for investment(HMBS & nonrecourse) 35,843 35,973 — % 29,451 22 % Total assets 37,731 37,317 1 % 30,657 23 % Total liabilities 37,424 36,910 1 % 30,291 24 % Total equity 307 407 (25)% 366 (16)% Tangible equity 155 246 (37)% 177 (12)% Numbers may not foot due to rounding. See the sections titled “Reconciliation to GAAP” and “Non-GAAP Financial Measures” for reconciliations to the most directly comparable GAAP measures and other important disclosures. • As of September 30, 2026, the Company held $118 million in cash and cash equivalents, a 39% increase from June 30, 2026, reflecting strong cash generation from originations and capital markets activities. Leveraging its strong cash position, the Company expects to complete the $60 million paydown of senior secured notes in November 2026. • Securitized loans held for investment, total assets, and total liabilities were relatively stable from June 30, 2026. Compared to September 30, 2025, these line items grew by at least 22% due to the growth in our portfolio from new originations combined with the acquisition of the Onity HECM servicing portfolio in June 2026. • Total equity of $307 million as of September 30, 2026, with total equity attributable to common stock of $259 million as of September 30, 2026, or $28.08 book value per common share. (1) (2) (2) (2) (2) (1) (2) (1) (2) (1) (2) 2
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(unaudited) Segment Results Retirement Solutions The Retirement Solutions segment generates revenue from fees earned at the time of loan origination as well as from the initial estimate of net origination gains, with all originated loans accounted for at fair value. Variance (%) Variance (%) Variance (%) ($ amounts in millions) Q3'26 Q2'26 Q3'26 vsQ2'26 Q3'25 Q3'26 vsQ3'25 YTD 2026 YTD 2025 2026 vs2025 Funded volume $ 748 $ 730 2 % $ 603 24 % $ 2,074 $ 1,766 17 % Total revenues 67 74 (9)% 68 (1)% 208 182 14 % Pre-tax income 3 10 (70)% 17 (82)% 23 31 (26)% Adjusted net income 9 15 (40)% 20 (55)% 38 44 (14)% See the sections titled “Reconciliation to GAAP” and “Non-GAAP Financial Measures” for reconciliations to the most directly comparable GAAP measures and other important disclosures. • Funded volume increased 24% to $748 million compared to $603 million in the third quarter of 2025, reflecting continued growing demand for home equity solutions. Year-to-date funded volume increased to $2,074 million, or 17% higher than the first nine months of 2025. • Total revenue was $67 million as funded volume growth was offset by pressure on revenue margin due to increases in benchmark rates during the quarter. Year-to-date revenue increased 14% to $208 million compared to $182 million in the comparable prior-year period. • Pre-tax income decreased to $3 million from $10 million in the second quarter, while adjusted net income decreased to $9 million from $15 million. The decline in profitability primarily reflects pressure on origination margins during the third quarter. • The Company implemented product and pricing adjustments to address the impact of higher interest rates and expects margin to return to historical levels. (1) (1) (1) 3
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(unaudited) Portfolio Management The Portfolio Management segment primarily generates revenue in the form of net interest income and fair value changes on our portfolio assets, monetized through securitization, sale, or other financing of those assets. Variance (%) Variance (%) Variance (%) ($ amounts in millions) Q3'26 Q2'26 Q3'26 vsQ2'26 Q3'25 Q3'26 vsQ3'25 YTD 2026 YTD 2025 2026 vs2025 Assets under management $ 37,426 $ 37,042 1 % $ 30,362 23 % $ 37,426 $ 30,362 23 % Assets excluding HMBS andnonrecourse obligations 1,711 1,683 2 % 1,447 18 % 1,711 1,447 18 % Total revenues (112) 1 (11300)% 27 (515)% (45) 287 (116)% Adjusted total revenues 31 39 (21)% 49 (37)% 122 126 (3)% Pre-tax income (loss) (138) (26) (431)% (11) (1155)% (128) 202 (163)% Adjusted net income 11 18 (39)% 30 (63)% 57 66 (14)% See the sections titled “Reconciliation to GAAP” and “Non-GAAP Financial Measures” for reconciliations to the most directly comparable GAAP measures and other important disclosures. • Assets under management increased 23% year over year to $37,426 million, reflecting continued growth in the Company’s portfolio from new originations combined with the acquisition of the Onity HECM servicing portfolio in June 2026. • Portfolio Management recognized a pre-tax loss of $138 million, reflecting negative non-cash fair value adjustments on retained interests in securitizations. Similarly, the segment recognized a pre-tax loss of $128 million for the first nine months of 2026. • Year-to-date adjusted net income was $57 million compared to $66 million in the prior-year period, reflecting impacted portfolio valuations and accreted yield. The segment continued to generate recurring portfolio income, while changes in market rates affected the reported fair value of certain retained assets. (1) (1) (1) (1) 4
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Finance of America Companies Inc.Selected Financial InformationCondensed Consolidated Statements of Financial Condition(in thousands, except share data)(unaudited) September 30, 2026 June 30, 2026 ASSETS Cash and cash equivalents $ 118,385 $ 85,278 Restricted cash 682,622 255,187 Loans held for investment, subject to HMBS related obligations, at fair value 25,157,687 25,044,536 Loans held for investment, subject to nonrecourse debt, at fair value 10,685,569 10,928,261 Loans held for investment, at fair value 525,374 516,892 Intangible assets, net 151,723 161,020 Other assets, net (includes $252,069 and $188,635 at fair value) 409,825 325,589 TOTAL ASSETS $ 37,731,185 $ 37,316,763 LIABILITIES AND EQUITY HMBS related obligations, at fair value $ 24,848,685 $ 24,717,687 Nonrecourse debt, at fair value 10,866,225 10,641,380 Other financing lines of credit 1,272,254 1,054,766 Notes payable (includes $23,284 and $61,156 at fair value, and includes $87,126due to a related party as of both September 30, 2026 and June 30, 2026) 314,188 347,029 Payables and other liabilities (includes $1,782 and $4,221 at fair value) 122,837 149,196 TOTAL LIABILITIES 37,424,189 36,910,058 EQUITY Preferred Stock, $0.0001 par value; 600,000,000 shares authorized; 50,000 sharesissued and outstanding as of both September 30, 2026 and June 30, 2026 — — Class A Common Stock, $0.0001 par value; 5,951,000,000 and 6,000,000,000 sharesauthorized; 9,643,806 and 9,362,420 shares issued, and 9,217,956 and 8,936,570shares outstanding 1 1 Class B Common Stock, $0.0001 par value; 50,000,000 and 1,000,000 sharesauthorized; 8,088,934 and 12 shares issued and outstanding 1 — Additional paid-in capital 990,361 981,042 Accumulated deficit (681,254) (634,101) Accumulated other comprehensive loss (285) (285) Noncontrolling interest (1,828) 60,048 TOTAL EQUITY 306,996 406,705 TOTAL LIABILITIES AND EQUITY $ 37,731,185 $ 37,316,763 5
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Finance of America Companies Inc.Selected Financial InformationCondensed Consolidated Statements of Operations(in thousands, except share data)(unaudited) Q3'26 Q2'26 Q3'25 YTD 2026 YTD 2025 PORTFOLIO INTEREST INCOME Interest income $ 589,379 $ 490,075 $ 482,132 $ 1,547,057 $ 1,444,534 Interest expense (527,785) (435,160) (404,031) (1,364,278) (1,236,534) NET PORTFOLIO INTEREST INCOME 61,594 54,915 78,101 182,779 208,000 OTHER INCOME (EXPENSE) Net origination gains 59,451 66,576 59,933 186,914 162,029 Gains on securitization of HECM tails, net 19,456 13,620 11,654 44,743 32,990 Fair value changes from model amortization (51,999) (36,199) (41,293) (120,218) (117,705) Fair value changes from market inputs or modelassumptions (141,879) (31,543) (21,872) (153,498) 161,330 Net fair value changes on loans and relatedobligations (114,971) 12,454 8,422 (42,059) 238,644 Fee income 7,918 7,454 8,813 21,484 21,898 Non-funding interest expense, net (12,489) (12,342) (14,488) (37,529) (44,623) NET OTHER INCOME (EXPENSE) (119,542) 7,566 2,747 (58,104) 215,919 TOTAL REVENUES (57,948) 62,481 80,848 124,675 423,919 EXPENSES Salaries, benefits, and related expenses 44,430 42,267 37,245 129,301 108,149 Loan production and portfolio related expenses 12,655 15,034 25,527 45,355 46,319 Loan servicing expenses 9,310 7,743 8,168 24,499 23,434 Marketing and advertising expenses 14,428 17,214 11,231 44,981 34,227 Amortization and depreciation 9,980 9,929 9,643 29,761 28,955 General and administrative expenses 13,675 13,902 12,780 42,036 38,939 TOTAL EXPENSES 104,478 106,089 104,594 315,933 280,023 OTHER, NET 32,667 (27,448) (4,809) 26,700 (8,803) NET INCOME (LOSS) FROM CONTINUING OPERATIONSBEFORE INCOME TAXES (129,759) (71,056) (28,555) (164,558) 135,093 Provision (benefit) for income taxes from continuingoperations (20,089) (42,204) 130 (61,200) 4,205 NET INCOME (LOSS) FROM CONTINUING OPERATIONS (109,670) (28,852) (28,685) (103,358) 130,888 NET LOSS FROM DISCONTINUED OPERATIONS — — (1,172) — (5,922) NET INCOME (LOSS) (109,670) (28,852) (29,857) (103,358) 124,966 Noncontrolling interest (62,517) (30,904) (20,342) (75,764) 69,349 NET INCOME (LOSS) ATTRIBUTABLE TO CONTROLLINGINTEREST (47,153) 2,052 (9,515) (27,594) 55,617 Preferred Stock dividends 1,125 1,125 — 3,375 — NET INCOME (LOSS) ATTRIBUTABLE TO HOLDERS OFCLASS A COMMON STOCK $ (48,278) $ 927 $ (9,515) $ (30,969) $ 55,617 6
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Finance of America Companies Inc.Selected Financial InformationCondensed Consolidated Statements of Operations(in thousands, except share data)(unaudited) Q3'26 Q2'26 Q3'25 YTD 2026 YTD 2025 EARNINGS (LOSS) PER SHARE Basic weighted average shares outstanding 9,217,211 8,911,666 9,066,190 8,879,238 10,090,861 Basic earnings (loss) per share from continuingoperations $ (5.24) $ 0.10 $ (0.98) $ (3.49) $ 5.78 Basic earnings (loss) per share $ (5.24) $ 0.10 $ (1.05) $ (3.49) $ 5.51 Diluted weighted average shares outstanding 19,250,589 17,000,600 19,235,795 18,997,028 28,488,038 Diluted earnings (loss) per share from continuingoperations $ (6.05) $ (1.28) $ (1.22) $ (5.45) $ 4.26 Diluted earnings (loss) per share $ (6.05) $ (1.28) $ (1.27) $ (5.45) $ 4.08 7
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(unaudited) Reconciliation to GAAP ($ amounts in millions) Q3'26 Q2'26 Q3'25 YTD 2026 YTD 2025 Reconciliation of total revenues to adjusted totalrevenues Total revenues $ (58) $ 62 $ 81 $ 125 $ 424 Adjustments for: Changes in fair value of portfolio assets and liabilities 143 38 22 167 (161) Amortization of the discount on senior notes 5 4 4 13 13 Adjusted total revenues $ 89 $ 105 $ 107 $ 305 $ 276 Reconciliation of net income (loss) from continuingoperations to adjusted net income and adjustedEBITDA Net income (loss) from continuing operations $ (110) $ (29) $ (29) $ (103) $ 131 Add back: (Provision) benefit for income taxes 20 42 — 61 (4) Net income (loss) from continuing operations beforeincome taxes (130) (71) (29) (165) 135 Adjustments for: Changes in fair value 125 84 60 193 (91) Amortization of intangible assets 9 9 9 28 28 Equity-based compensation 3 3 3 10 7 Certain non-recurring costs — 1 1 2 2 Adjusted net income before income taxes 8 26 45 69 81 Provision for income taxes (2) (7) (12) (18) (22) Adjusted net income 6 19 33 51 60 Provision for income taxes 2 7 12 18 22 Depreciation 1 1 — 2 1 Interest expense on non-funding debt 8 8 10 24 32 Adjusted EBITDA $ 17 $ 35 $ 55 $ 95 $ 114 ($ amounts in millions except shares and $ per share) Q3'26 Q2'26 Q3'25 YTD 2026 YTD 2025 GAAP Per Share Measures Net income (loss) from continuing operationsattributable to holders of Class A Common Stock $ (48) $ 1 $ (9) $ (31) $ 58 Basic weighted average shares outstanding 9,217,211 8,911,666 9,066,190 8,879,238 10,090,861 Basic earnings (loss) per share from continuingoperations $ (5.24) $ 0.10 $ (0.98) $ (3.49) $ 5.78 If-converted method net income (loss) from continuingoperations $ (116) $ (22) $ (23) $ (104) $ 121 Diluted weighted average shares outstanding 19,250,589 17,000,600 19,235,795 18,997,028 28,488,038 Diluted earnings (loss) per share from continuingoperations $ (6.05) $ (1.28) $ (1.22) $ (5.45) $ 4.26 (1) (2) (3) (4) (5) (5) 8
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(unaudited) Q3'26 Q2'26 Q3'25 YTD 2026 YTD 2025 Non-GAAP Per Share Measures Adjusted net income $ 6 $ 19 $ 33 $ 51 $ 60 Exchangeable secured notes interest expense — 3 3 8 8 Total $ 6 $ 22 $ 36 $ 59 $ 68 Weighted average shares outstanding 21,056,469 26,294,139 26,615,234 26,232,338 28,960,158 Adjusted earnings per share $ 0.28 $ 0.84 $ 1.33 $ 2.26 $ 2.33 ($ amounts in millions except shares and $ per share) September 30, 2026 June 30, 2026 September 30, 2025 GAAP Book Value Per Common Share Total equity $ 307 $ 407 $ 366 Less: Preferred Stock 50 50 — Less: Noncontrolling interest (2) 60 83 Total equity attributable to common stock $ 259 $ 297 $ 283 Class A Common Stock outstanding 9,217,956 8,936,570 7,886,986 Book value per common share $ 28.08 $ 33.20 $ 35.91 Non-GAAP Tangible Equity Per Share Total equity $ 307 $ 407 $ 366 Less: Intangible assets, net 152 161 189 Tangible equity $ 155 $ 246 $ 177 Class A Common Stock outstanding 9,217,956 8,936,570 7,886,986 Class A LLC Units (if-converted to Class A Common Stock) 8,088,934 8,088,934 8,381,821 Preferred Stock (if-converted to Class A Common Stock) 1,428,571 1,428,571 — Adjusted Class A Common Stock outstanding 18,735,461 18,454,075 16,268,807 Tangible equity per share $ 8.29 $ 13.31 $ 10.87 Totals may not foot due to rounding. Changes in fair value include changes in fair value of loans, retained bonds, and related obligations due to market inputs or model assumptions, deferred purchase price liabilities, and convertible notes, and amortization of the discount on senior notes resulting from the fair value measurement at issuance. Includes all equity-based compensation. Reflects certain non-recurring costs and adjustments that management believes should be excluded as these do not relate to a recurring part of the core business operations. These items include amounts recognized for settlement of legal and regulatory matters, acquisition or divestiture-related expenses, and other one-time charges. Income tax provision adjustments to apply an effective combined federal and state corporate tax rate to adjusted net income before income taxes. Represents interest expense on our exchangeable secured notes, excluding the amortization of the discount on the exchangeable secured notes. The adjustment is presented net of the related income tax benefit, calculated using our effective combined federal and state corporate tax rate, if dilutive for adjusted earnings per share. (6) (1) (1) (2) (3) (4) (5) (6) 9
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(unaudited) Adjusted Total Revenues and Adjusted Net Income (Loss) by Segment (Continuing Operations) For the three months ended September 30, 2026 ($ amounts in millions except shares and $ per share) RetirementSolutions PortfolioManagement Corporate& Other FOA Total revenues $ 67 $ (112) $ (13)$ (58) Adjustments for: Changes in fair value of portfolio assets and liabilities — 143 — 143 Amortization of the discount on senior notes — — 5 5 Adjusted total revenues $ 67 $ 31 $ (8)$ 89 Pre-tax income (loss) $ 3 $ (138) $ 6 $ (130) Adjustments for: Changes in fair value — 153 (28) 125 Amortization of intangible assets 9 — — 9 Equity-based compensation — — 3 3 Certain non-recurring costs — — — — Adjusted net income (loss) before taxes $ 12 $ 15 $ (19)$ 8 Benefit (provision) for income taxes (3) (4) 5 (2) Adjusted net income (loss) $ 9 $ 11 $ (14)$ 6 Exchangeable secured notes interest expense — — — — Total $ 9 $ 11 $ (14)$ 6 Weighted average shares outstanding 21,056,469 21,056,469 21,056,469 21,056,469 Adjusted earnings (loss) per share $ 0.43 $ 0.52 $ (0.67)$ 0.28 (1) (2) (3) (4) (5) (6) 10
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(unaudited) For the three months ended June 30, 2026 ($ amounts in millions except shares and $ per share) RetirementSolutions PortfolioManagement Corporate& Other FOA Total revenues $ 74 $ 1 $ (12)$ 62 Adjustments for: Changes in fair value of portfolio assets and liabilities — 38 — 38 Amortization of the discount on senior notes — — 4 4 Adjusted total revenues $ 74 $ 39 $ (8)$ 105 Pre-tax income (loss) $ 10 $ (26) $ (55)$ (71) Adjustments for: Changes in fair value — 50 34 84 Amortization of intangible assets 9 — — 9 Equity-based compensation — — 3 3 Certain non-recurring costs — — — 1 Adjusted net income (loss) before taxes $ 20 $ 24 $ (18)$ 26 Benefit (provision) for income taxes (5) (6) 5 (7) Adjusted net income (loss) $ 15 $ 18 $ (13)$ 19 Exchangeable secured notes interest expense — — 3 3 Total $ 15 $ 18 $ (10)$ 22 Weighted average shares outstanding 26,294,139 26,294,139 26,294,139 26,294,139 Adjusted earnings (loss) per share $ 0.56 $ 0.68 $ (0.39)$ 0.84 (1) (2) (3) (4) (5) (6) 11
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(unaudited) For the three months ended September 30, 2025 ($ amounts in millions except shares and $ per share) RetirementSolutions PortfolioManagement Corporate& Other FOA Total revenues $ 68 $ 27 $ (15)$ 81 Adjustments for: Changes in fair value of portfolio assets and liabilities — 22 — 22 Amortization of the discount on senior notes — — 4 4 Adjusted total revenues $ 68 $ 49 $ (11)$ 107 Pre-tax income (loss) $ 17 $ (11) $ (35)$ (29) Adjustments for: Changes in fair value — 51 9 60 Amortization of intangible assets 9 — — 9 Equity-based compensation — — 2 3 Certain non-recurring costs — — 1 1 Adjusted net income (loss) before taxes $ 27 $ 40 $ (23)$ 45 Benefit (provision) for income taxes (7) (11) 6 (12) Adjusted net income (loss) $ 20 $ 30 $ (17)$ 33 Exchangeable secured notes interest expense — — 3 3 Total $ 20 $ 30 $ (14)$ 36 Weighted average shares outstanding 26,615,234 26,615,234 26,615,234 26,615,234 Adjusted earnings (loss) per share $ 0.75 $ 1.11 $ (0.53)$ 1.33 (1) (2) (3) (4) (5) (6) 12
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(unaudited) For the nine months ended September 30, 2026 ($ amounts in millions except shares and $ pershare) RetirementSolutions PortfolioManagement Corporate& Other FOA Total revenues $ 208 $ (45) $ (38)$ 125 Adjustments for: Changes in fair value of portfolio assets andliabilities — 167 — 167 Amortization of the discount on senior notes — — 13 13 Adjusted total revenues $ 208 $ 122 $ (25)$ 305 Pre-tax income (loss) $ 23 $ (128) $ (59)$ (165) Adjustments for: Changes in fair value — 205 (11) 193 Amortization of intangible assets 28 — — 28 Equity-based compensation 1 — 9 10 Certain non-recurring costs 1 — 1 2 Adjusted net income (loss) before taxes $ 52 $ 78 $ (60)$ 69 Benefit (provision) for income taxes (14) (20) 16 (18) Adjusted net income (loss) $ 38 $ 57 $ (44)$ 51 Exchangeable secured notes interest expense — — 8 8 Total $ 38 $ 57 $ (36)$ 59 Weighted average shares outstanding 26,232,338 26,232,338 26,232,338 26,232,338 Adjusted earnings (loss) per share $ 1.46 $ 2.18 $ (1.37)$ 2.26 (1) (2) (3) (4) (5) (6) 13
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(unaudited) For the nine months ended September 30, 2025 ($ amounts in millions except shares and $ per share) RetirementSolutions PortfolioManagement Corporate& Other FOA Total revenues $ 182 $ 287 $ (45)$ 424 Adjustments for: Changes in fair value of portfolio assets and liabilities — (161) — (161) Amortization of the discount on senior notes — — 13 13 Adjusted total revenues $ 182 $ 126 $ (32)$ 276 Pre-tax income (loss) $ 31 $ 202 $ (98)$ 135 Adjustments for: Changes in fair value — (113) 22 (91) Amortization of intangible assets 28 — — 28 Equity-based compensation 1 — 6 7 Certain non-recurring costs — — 2 2 Adjusted net income (loss) before taxes $ 60 $ 90 $ (68)$ 81 Benefit (provision) for income taxes (16) (24) 18 (22) Adjusted net income (loss) $ 44 $ 66 $ (51)$ 60 Exchangeable secured notes interest expense — — 8 8 Total $ 44 $ 66 $ (43)$ 68 Weighted average shares outstanding 28,960,158 28,960,158 28,960,158 28,960,158 Adjusted earnings (loss) per share $ 1.52 $ 2.29 $ (1.47)$ 2.33 Totals may not foot due to rounding. Changes in fair value include changes in fair value of loans, retained bonds, and related obligations due to market inputs or model assumptions, deferred purchase price liabilities, and convertible notes, and amortization of the discount on senior notes resulting from the fair value measurement at issuance. Includes all equity-based compensation. Reflects certain non-recurring costs and adjustments that management believes should be excluded as these do not relate to a recurring part of the core business operations. These items include amounts recognized for settlement of legal and regulatory matters, acquisition or divestiture-related expenses, and other one-time charges. Income tax benefit (provision) adjustments to apply an effective combined federal and state corporate tax rate to adjusted net income (loss) before taxes. Represents interest expense on our exchangeable secured notes, excluding the amortization of the discount on the exchangeable secured notes. The adjustment is presented net of the related income tax benefit, calculated using our effective combined federal and state corporate tax rate, if dilutive for adjusted earnings (loss) per share. (1) (2) (3) (4) (5) (6) (1) (2) (3) (4) (5) (6) 14
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Webcast and Conference Call Management will host a webcast and conference call on Tuesday, November 3, 2026 at 5:00 pm Eastern Time to discuss the Company’s results for the third quarter ended September 30, 2026. A copy of this press release and an accompanying investor presentation will be posted prior to the call under the “Investors” section on Finance of America’s investor-oriented website at https://ir.financeofamericacompanies.com/. To listen to the audio webcast of the conference call, please visit the “Investors” section of the Company’s investor-oriented website at https://ir.financeofamericacompanies.com/. The conference call can also be accessed by dialing the following: • 1-833-461-5787 (North America) • 1-585-542-9983 (International) • Meeting ID: 859664133 Replay A replay of the webcast will be available on the Company’s investor-oriented website approximately two hours after the conclusion of the conference call and will remain available on the “Investors” section of the Company’s website at https://ir.financeofamericacompanies.com/. About Finance of America Finance of America (NYSE: FOA) is a leading provider of home equity-based financing solutions for a modern retirement. In addition, Finance of America offers capital markets and portfolio management capabilities primarily to optimize the distribution of its originated loans to investors. Finance of America is headquartered in Plano, Texas. For more information, please visit Finance of America’s investor-oriented website at www.financeofamericacompanies.com and Finance of America’s consumer-oriented website at www.financeofamerica.com. Forward-Looking Statements This release contains forward-looking statements within the meaning of the “safe harbor” provisions of the United States of America (“U.S.”) Private Securities Litigation Reform Act of 1995. Forward-looking statements are not historical facts or statements of current conditions, but instead represent only the Company’s beliefs regarding future events, many of which, by their nature, are inherently uncertain and outside of the control of the Company. These statements include, but are not limited to, statements related to our expectations regarding the performance of our business, our financial results, our liquidity and capital resources, and other non-historical statements. In some cases, you can identify these forward-looking statements by the use of words such as “outlook,” “believes,” “expects,” “potential,” “continues,” “may,” “will,” “should,” “could,” “seeks,” “projects,” “predicts,” “intends,” “plans,” “estimates,” “budgets,” “forecasts,” “anticipates,” or the negative version of these words or other comparable words. Such forward-looking statements are subject to various risks and uncertainties that could cause actual outcomes or results to differ materially from those indicated in these statements, including those risks referenced below. Given the significant uncertainties inherent in the forward-looking statements included herein, the inclusion of such information should not be regarded as a representation by us or any other person that the results or conditions described in such statements or our objectives and plans will be achieved. The Company cautions readers not to place undue reliance upon any forward-looking statements, which are current only as of the date of this release. Results for any specified quarter are not necessarily indicative of the results that may be expected for the full year or any future period. The Company does not undertake or accept any obligation or undertaking to release publicly any updates or revisions to any forward-looking statements to reflect any change in its expectations or any change in events, 15
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conditions, or circumstances on which any such statement is based, except as required by law. All subsequent written and oral forward-looking statements concerning the Company or other matters and attributable to the Company or any person acting on its behalf are expressly qualified in their entirety by the cautionary statements above. A number of important factors exist that could cause future results to differ materially from historical performance and these forward-looking statements. Factors that might cause such a difference include, but are not limited to, those factors indicated in the Company’s filings with the U.S. Securities and Exchange Commission (the “SEC”). All of these factors are difficult to predict, contain uncertainties that may materially affect actual results, and may be beyond our control. New factors emerge from time to time, and it is not possible for our management to predict all such factors or to assess the effect of each such new factor on our business. Although we believe that the assumptions underlying the forward- looking statements contained herein are reasonable, any of the assumptions could be inaccurate, and any of these statements included herein may prove to be inaccurate. Please refer to “Risk Factors” included in our Annual Report on Form 10-K for the year ended December 31, 2025, filed with the SEC on March 13, 2026, for further information on risk factors affecting us, as such factors may be amended and updated from time to time in the Company’s subsequent periodic filings with the SEC, which are or will be accessible on the SEC’s website at www.sec.gov. Non-GAAP Financial Measures The Company’s management evaluates performance of the Company through the use of certain financial measures that are not prepared in accordance with U.S. generally accepted accounting principles (“GAAP”), including adjusted total revenues, adjusted net income (loss), adjusted earnings before interest, taxes, depreciation, and amortization (“EBITDA”), adjusted earnings (loss) per share, tangible equity, and tangible equity per share. The presentation of non-GAAP measures is used to enhance investors’ understanding of certain aspects of our financial performance. This discussion is not meant to be considered in isolation, superior to, or as a substitute for the directly comparable financial measures prepared in accordance with U.S. GAAP. Management believes these key financial measures provide an additional view of our performance over the long-term and provide useful information that we use in order to maintain and grow our business. These non-GAAP financial measures should not be considered as an alternative to total revenues, net income (loss), operating cash flows, or any other performance measures determined in accordance with U.S. GAAP. Adjusted total revenues, adjusted net income (loss), adjusted EBITDA, adjusted earnings (loss) per share, tangible equity, and tangible equity per share have important limitations as analytical tools and should not be considered in isolation or as a substitute for analysis of our results as reported under U.S. GAAP. Some of the limitations of these metrics are: (i) cash expenditures for future contractual commitments; (ii) cash requirements for working capital needs; (iii) cash requirements for certain tax payments; and (iv) all non-cash income/expense items. Because of these limitations, adjusted total revenues, adjusted net income (loss), adjusted EBITDA, adjusted earnings (loss) per share, tangible equity, and tangible equity per share should not be considered as measures of discretionary cash available to us to invest in the growth of our business or distribute to shareholders. We compensate for these limitations by relying primarily on our U.S. GAAP results and using our non-GAAP financial measures only as a supplement. Users of our condensed consolidated financial statements are cautioned not to place undue reliance on our non-GAAP financial measures. 16
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Adjusted Total Revenues We define adjusted total revenues as total revenues adjusted for: 1. Changes in fair value of our portfolio assets and liabilities, including loans, retained bonds, and related obligations, due to valuation inputs and assumptions. 2. Amortization of the discount on senior notes resulting from the fair value measurement at issuance. Management considers adjusted total revenues important in evaluating the Company as a whole. This supplemental metric is utilized by our management team to assess the underlying key drivers and operational performance of the continuing operations of the business. In addition, analysts, investors, and creditors may use this measure when analyzing our operating performance and comparability to peers. Adjusted total revenues is not a presentation made in accordance with U.S. GAAP, and our definition and use of this measure may vary from other companies in our industry. Adjusted total revenues provides visibility to the underlying operating performance by excluding the impact of certain items that management does not believe are representative of our core revenues. Adjusted total revenues may also include other adjustments, as applicable, based upon facts and circumstances, consistent with our intent of providing a supplemental means of evaluating our operating performance. Adjusted Net Income (Loss) We define adjusted net income (loss) as net income (loss) from continuing operations adjusted for: 1. Income taxes. 2. Changes in fair value of loans, retained bonds, and related obligations due to market inputs or model assumptions, deferred purchase price liabilities, and convertible notes, and amortization of the discount on senior notes resulting from the fair value measurement at issuance. 3. Amortization of intangible assets. 4. Equity-based compensation. 5. Certain non-recurring costs and adjustments that management believes should be excluded as these do not relate to a recurring part of the core business operations. These items include amounts recognized for settlement of legal and regulatory matters, acquisition or divestiture-related expenses, and other one-time charges. 6. Income tax provision or benefit adjustments to apply an effective combined federal and state corporate tax rate to adjusted net income (loss) before income taxes. Management considers adjusted net income (loss) important in evaluating the Company as a whole. This supplemental metric is utilized by our management team to assess the underlying key drivers and operational performance of the continuing operations of the business. In addition, analysts, investors, and creditors may use this measure when analyzing our operating performance and comparability to peers. Adjusted net income (loss) is not a presentation made in accordance with U.S. GAAP, and our definition and use of this measure may vary from other companies in our industry. Adjusted net income (loss) provides visibility to the underlying operating performance by excluding the impact of certain items that management does not believe are representative of our core earnings. Adjusted net income (loss) may also include other adjustments, as applicable, based upon facts and circumstances, consistent with our intent of providing a supplemental means of evaluating our operating performance. 17
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Adjusted EBITDA We define adjusted EBITDA as net income (loss) from continuing operations adjusted for: 1. Income taxes. 2. Changes in fair value of loans, retained bonds, and related obligations due to market inputs or model assumptions, deferred purchase price liabilities, and convertible notes, and amortization of the discount on senior notes resulting from the fair value measurement at issuance. 3. Amortization of intangible assets. 4. Equity-based compensation. 5. Certain non-recurring costs and adjustments that management believes should be excluded as these do not relate to a recurring part of the core business operations. These items include amounts recognized for settlement of legal and regulatory matters, acquisition or divestiture-related expenses, and other one-time charges. 6. Depreciation. 7. Interest expense on non-funding debt, excluding amortization of the discount on senior notes resulting from the fair value measurement at issuance. Management considers adjusted EBITDA important in evaluating the Company as a whole. This supplemental metric is utilized by our management team to assess the underlying key drivers and operational performance of the continuing operations of the business. In addition, analysts, investors, and creditors may use this measure when analyzing our operating performance and comparability to peers. Adjusted EBITDA is not a presentation made in accordance with U.S. GAAP, and our definition and use of this measure may vary from other companies in our industry. Adjusted EBITDA provides visibility to the underlying operating performance by excluding the impact of certain items that management does not believe are representative of our core earnings. Adjusted EBITDA may also include other adjustments, as applicable, based upon facts and circumstances, consistent with our intent of providing a supplemental means of evaluating our operating performance. Adjusted Earnings (Loss) Per Share We define adjusted earnings (loss) per share as adjusted net income (loss) (defined above) plus interest expense on the exchangeable secured notes, net of a tax effect, if dilutive for adjusted earnings (loss) per share, divided by the weighted average shares outstanding, which includes outstanding Class A Common Stock plus the Class A LLC Units of Finance of America Equity Capital LLC owned by the noncontrolling interest on an if-converted basis, the exchange of the exchangeable secured notes on an if-converted basis if they are dilutive for adjusted earnings (loss) per share, the conversion of the convertible notes on an if-converted basis, the conversion of the preferred stock on an if-converted basis, and any shares under the treasury stock method. Management considers adjusted earnings (loss) per share important in evaluating the Company as a whole. This supplemental metric is utilized by our management team to assess the underlying key drivers and operational performance of the continuing operations of the business. In addition, analysts, investors, and creditors may use this measure when analyzing our operating performance and comparability to peers. Adjusted earnings (loss) per share is not a presentation made in accordance with U.S. GAAP, and our definition and use of this measure may vary from other companies in our industry. A reconciliation of our forward-looking adjusted earnings per share outlook to U.S. GAAP earnings per share cannot be provided without unreasonable effort because of the inherent difficulty of accurately forecasting the occurrence and financial impact of the various adjusted items necessary for such reconciliation that have not yet occurred, are out of our control, or cannot be reasonably predicted. For the same reasons, the company is 18
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unable to assess the probable significance of the unavailable information, which could have a material impact on its future U.S. GAAP financial results. Tangible Equity We define tangible equity as total equity less intangible assets, net. Management uses this metric to evaluate the Company’s capital strength exclusive of intangible assets. We believe this measure is useful to analysts, investors, and creditors as it provides additional insight into the underlying equity position of the business. Tangible equity is not a presentation made in accordance with U.S. GAAP, and our definition and use of this measure may vary from other companies in our industry. Tangible equity provides visibility to the underlying capital position by excluding the impact of certain items that management does not believe are representative of our core equity base. Tangible equity may also include other adjustments, as applicable, based upon facts and circumstances, consistent with our intent of providing a supplemental means of evaluating our financial strength. Tangible Equity Per Share We define tangible equity per share as tangible equity (defined above) divided by the adjusted Class A Common Stock outstanding, which is equal to the sum of shares of Class A Common Stock outstanding at quarter end, Class A LLC Units if- converted to Class A Common Stock at quarter end, and Preferred Stock if-converted to Class A Common Stock at quarter end. Management uses this metric to evaluate the Company’s total capital strength exclusive of intangible assets. We believe this measure is useful to analysts, investors, and creditors as it provides additional insight into the underlying equity position of the business. Tangible equity per share is not a presentation made in accordance with U.S. GAAP, and our definition and use of this measure may vary from other companies in our industry. Tangible equity per share provides visibility to the total underlying capital position by excluding the impact of certain items that management does not believe are representative of our core equity base. Tangible equity per share may also include other adjustments, as applicable, based upon facts and circumstances, consistent with our intent of providing a supplemental means of evaluating our financial strength. Contacts For Finance of America Media Relations: pr@financeofamerica.com For Finance of America Investor Relations: ir@financeofamerica.com 19