Finance of America Companies Inc.

Hello and welcome to the Finance of America third quarter 2024 earnings call. All lines have been placed on mute to prevent any background noise. After the speaker's remarks, there will be a question and answer session. If you would like to ask a question, please press star one on your telephone keypad. I would now like to turn the conference over to Michael Fant, Senior Vice President of Finance. You may begin.

Thank you and good afternoon, everyone. welcome to finance of america's third quarter 2024 earnings call with me today are graham fleming chief executive officer kristen siefert president and matt engel chief financial officer as a reminder this call is being recorded and you can find the earnings release and presentation on our investor relations website at www.financeamericacompany.com in addition we will refer to certain non-gap financial measures on this You can find reconciliations of non-GAAP to GAAP financial measures discussed on today's call in our earnings press release and presentation on the investor relations page of our website to the extent available without unracial efforts. Also, I would like to remind everyone that comments on this conference call may be forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 regarding the company's expected operating and financial performance for future periods. These statements are based on the company's current expectations and are subject to the safe harbor statement for forward-looking statements that you will find in today's earnings rules. Actual results for future periods may differ materially from those expressed or implied by these forward-looking statements due to a number of risks or other factors. including those that are described in the risk factors section of Finance of America's annual report on Form 10-K for the year ended December 31, 2023, filed with the SEC on March 15, 2024. As such, risk factors may be amended and updated in our subsequent filings with the SEC. We are not undertaking any commitment to update these statements if conditions change. Please note that we will be discussing interim period financials for our continuing operations, which are anonymous. Now, I would like to send the call over to Finance of America's Chief Executive Officer, Graham Fleming.

Graham? Thank you, Michael. Good afternoon, everyone, and thank you for joining us today. Our performance this quarter is the culmination of a number of strategic and operational initiatives we've undertaken over the last year to strengthen the business. These efforts are now paying off as we focus on continued execution of our strategic plan. Finance of America generated improved financial results with $204 million in net income, or $8.48 in basic earnings per share, $15 million in adjusted net income, or $0.67 in adjusted earnings per share, and $32 million of adjusted EBITDA. Our performance in Q3 brought our net income, adjusted net income, and adjusted EBITDA all positive on a year-to-date basis. Volume in the quarter reached $513 million, exceeded the high end of our guidance range of $475 to $500 million. This demonstrates our ability to execute on our strategic initiatives and continue delivering value to our customers. Notably, during the quarter, we completed a reverse stock split and finalized the exchange offer and consent solicitation of our 2025 unsecured notes, which significantly enhances our balance sheet and financial was completed on october 31st and we look forward to continuing our partnership with our note holders overall we are executing and delivering on everything we set out to do our team has been focused and the results speak for themselves our continued momentum and improved profitability driven by strong execution across the board have positioned us for sustained growth and success With approximately $14 trillion of home equity held by older homeowners, we are uniquely positioned to meet the evolving financial needs of this growing demographic through our innovative home equity based retirement products. We are focusing on market segments where we see the most growth potential, such as consumers 55 and older seeking second lien mortgage loans as a way to access their home equity without refinancing away from low rate conventional mortgages. Our HomeSafe second product could be a valuable solution for this population. To discuss this opportunity and more, I'll turn it over to Kristen. Kristen?