Finance of America Companies Inc.

Ladies and gentlemen, thank you for standing by. My name is Colby, and I'll be your conference operator today. At this time, I'd like to welcome you to the Finance of America fourth quarter and full year 2025 earnings call. All lines have been placed on mute to prevent any background noise. And after the speaker's remarks, there will be a question and answer session. If you'd like to ask a question at that time, please press star then the number one on your telephone keypad to raise your hand and enter the queue. If you'd like to withdraw your question at any time, simply press star 1 again. I'll now turn the call over to Michael Fant, Senior Vice President of Finance. You may begin.

Thank you, and good afternoon everyone, and welcome to Finance of America's fourth quarter and full year 2025 earnings call. With me today are Graham Fleming, Chief Executive Officer, Kristin Siefert, President, and Matt Engel, Chief Financial Officer. As a reminder, This call is being recorded, and you can find the earnings release and related presentation on our investor relations website at ir.financeofamericacompanies.com. 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 amended annual report on Form 10-K for the year entered December 31, 2024, 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, which are inaudible. 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 and our earnings press release on the investor relations page of our website. Now, I'll turn the call over to our Chief Executive Officer, Graham Fleming. Graham?

Thank you, Michael, and good afternoon, everyone. As we look back at 2025, it was a year of continued strong execution for Finance of America as we delivered improving operating performance and took deliberate steps to strengthen the balance sheet and improve alignment, all while operating in a dynamic market environment. For the full year, we reported gap net income of $110 million, or $5.04 per share, representing a 175% improvement compared to the prior year. On an adjusted basis, which we believe is representative of our recurring earnings power, we generated full-year adjusted net income of $74 million, or $3.04 per share, up $60 million from 2024, representing a 429% increase, and above our stated guidance range. Lastly, the company recognized adjusted EBITDA of 143 million, a 138% increase versus 2024. These results reflect the progress we've made improving earnings quality and capitalizing on operating leverage as the platform scales. Because the securitization activity can shift between quarters, we continue to view the second half of 2025 average earnings as the best indicator of recent normalized run rate earnings power. For the second half of the year, the company recognized $47 million in adjusted net income, or $2.05 in adjusted EPS, an annualized run rate of $4.10 per share. From a production standpoint, we funded $2.4 billion of originations in 2025, representing a 24% increase from $1.9 billion in 2024. Fourth quarter volume totaled $619 million, and importantly, this growth was achieved alongside structural enhancements to our technology and operational processes, which should allow us to continue to see positive momentum in 2026. During the fourth quarter, we continued our momentum with additional capital actions designed to strengthen the business, solidify the balance sheet, and support durable growth. In November, we announced an agreement to acquire the reverse mortgage servicing portfolio and related assets from PHH Mortgage, a subsidiary of Onity Group. This transaction, which we expect to close in the second quarter, We'll expand our servicing platform, add experienced origination talent, and pave the way for a long-term relationship with Omidy that accelerates our mission to make responsible home equity access available to more homeowners age 55 and older. Also in December, we announced a $50 million equity investment supporting our continued growth initiatives. Stepping back, we believe home equity is increasingly becoming an important component of broader family financial planning. For many seniors, it represents not only retirement security, but also flexibility to support evolving family needs across generations. The investments we've made in our platform, product suite, and capital structure position us to serve that opportunity with discipline, consistency, and scale. Overall, 2025 marked an important step forward for Finance of America, not only in what we earned, but in how repeatable and durable those earnings have become. And with that, I'll turn it over to Kristen to discuss the operational drivers behind this performance and positive early signals in 26. Kristen.