Finance of America Companies Inc.

Thank you for standing by. My name is Celine and I will be your conference operator today. At this time, I would like to welcome everyone to the Finance of America First Quarter 2025 Earnings Call. All lines have been placed on mute to prevent any background noise. After the speaker remarks, there will be a question and answer session. If you would like to ask a question during this time, Simply press star followed by the number one on your telephone keypad. If you would like to withdraw your question, press star one again. Thank you. I would now like to turn the call over to Michael Phan, Senior Vice President of Finance. Please go ahead.

Thank you, and good afternoon, everyone, and welcome to Finance of America's first quarter 2025 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 additional materials on our investor relations website at ir.financeofamericacompany.com. In addition, we will refer to certain non-GAAP financial measures on this call. You can find reconciliations of non-GAAP to GAAP financial measures to the extent available without unreasonable efforts discussed on today's call in our earnings press release on the Investor Relations page of our website. 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 expectation and are subject to the safe harbor statement for forward-looking statements that you will find in today's earnings release. 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, 2024, filed with the SEC on March 14, 2025. 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, today, We will be discussing interim period financials for our continuing operations, which are unaudited. Now, I would like to turn the call over to the Finance of America's Chief Executive Officer, Graham Fleming. Graham?

Thank you, Michael. Good afternoon, everyone, and thank you for joining us today. The first quarter marked another important step forward in our strategy to raise awareness about the importance of home equity for homeowners 55 and up and position reverse mortgages as a preferred tool to unlock housing wealth. We continue to lead with innovation, scale, and customer trust. As a result, we delivered 561 million in funded volume during the first quarter, exceeding our guidance range of 525 to 550 million. That marks our fourth consecutive quarter of volume growth and a 32% improvement over the first quarter of 2024. During the quarter, we benefited from a modestly lower rate environment with a 10-year Treasury falling roughly 35 basis points, which was partially offset by widening spreads. On the whole, this resulted in a broadly positive fair value environment, creating a tailwind for our performance. From a financial performance perspective, we generated $80 million in gap net income, or $3.17 basic earnings per share, on an adjusted basis The company earned 13 million in adjusted net income, or 52 cents per share, an improvement of 20 million from the first quarter of 2024. We remain on track to meet our four-year guidance of 2.4 to 2.7 billion in funded volume and $2.60 to $3 in adjusted earnings per share. Beyond the numbers, Q1 marked a strategic turning point in how we engage with borrowers and reshape industry perception. With the recent launch of our new A Better Way with FOA campaign, we are redefining how reverse mortgages are understood, moving the product from the margins into the mainstream as a flexible, forward-looking financial planning tool for homeowners 55 and up. Finance for America is setting the standard for how our industry communicates the role of reverse mortgages, and Kristen will speak more about the new campaign. We believe that strategic repositioning strengthens our brand and supports long-term growth. Finally, we continue to see the advantages of our product suite flexibility. By offering a broader range of solutions and the ability to introduce new products to address emerging needs, we are able to better serve our customers. This approach allows our customers to access the most suitable products to support their individual needs and circumstances. And with that, I'll turn it over to Kristen.