Finance of America Companies Inc.

and welcome to the Finance of America second quarter 2025 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 this time, simply press star followed by the number one on your telephone keypad. And if you would like to retarget a question, press star one again. Thank you. I would now like to turn the call over to Michael Fent, Senior Vice President of Finance. Please go ahead.

Thank you, and good afternoon, everyone, and welcome to Finance of America's second quarter 2025 earnings call. With me today are Graham Fleming, Chief Executive Officer, Kristen Seifert, President, and Matt Engel, Chief Financial Officer. As a reminder, this call is being recorded, and you can find the earnings release on our investor relations website at ir.financeofamericacompanies.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 and 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 expectations 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, and amended by Amendment No. 1 to our Annual Report on Form 10-K-A, filed with the SEC on May 20, 2025. 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, Now, I would like to turn 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. The second quarter of 2025 marked another period of steady progress at Finance of America. Our performance reflects consistent execution, building momentum, and ongoing validation of our long-term strategy. We funded $602 million in volume, exceeding the top end of our guidance range, and representing a 35% increase from the second quarter of 2024, and a 7% increase from the prior quarter. This marks our fifth consecutive quarter of volume growth, a testament to our ability to meet the needs of our customers regardless of market conditions. We delivered gap net income of $80 million, or $3.16 basic earnings per share. We reported $14 million of adjusted net income, or $0.55 in adjusted earnings per share. and 30 million of adjusted EBITDA. We continue to deliver consistent improvements with A&I up 8% sequentially compared to the first quarter. For additional context, the second quarter of 2024 was the first quarter following our organizational transformation in which we broke even on an adjusted net income. Since then, we have seen positive and improving performance each quarter. Year to date, A&I totals 27 million compared to a loss of 7 million in the first half of last year, reflecting the impact of our completed transformation. This performance brings our first half adjusted EPS to $1.07 per share, a strong result given the evolving macro backdrop. We also recently achieved a major milestone in the capital markets. In July, we completed our first ever 1 billion plus home safe securitization. This transaction not only validates our ability to scale but also highlights the strength of investor demand for our assets. Looking ahead, our mission remains clear. Drive greater awareness and education around the power of accessing home equity through retirement, which we believe will lead to a broader adoption of our industry-leading reverse mortgage solutions. Two strategic priorities are central to that. First, expanding scalable digital tools to improve borrowing engagement, and second, enhancing the customer experience we offer to drive long-term channel growth. Ultimately, we remain deeply confident in the long-term opportunity for reverse mortgages. As more homeowners look to housing wealth to support retirement, we believe Finance of America will continue to lead the market in meeting that demand. And now, I'll turn it over to Kristen for an update on our operations.