Finance of America Companies Inc.

Hello, everyone. Thank you for joining us and welcome to the Finance of America first quarter 2026 earnings call. After today's prepared remarks, we will host a question and answer session. If you would like to ask a question, please press star one to raise your hand. To withdraw your question, press star one again. I will now hand the conference over to Michael Fant, Senior Vice President of Finance. Michael, please go ahead.

thank you and good afternoon everyone and welcome to finance of america's first quarter 2026 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 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 reports. 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 31st, 2025, filed with the SEC on March 13th, 2026. 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. 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 in our earnings press release and presentation on the Investor Relations page of our website. Now, I will turn the call over to our Chief Executive Officer, Graham Klein.

Graham? Thank you, Michael, and good afternoon, everyone. The first quarter of 2026 was an outstanding quarter, with operational momentum and originations driving an acceleration of volumes, excellent profitability in our portfolio management segment, and steady improvement in our financial results, liquidity, and capital position. On our call today, I will take you through the highlights, then spend a moment commenting on the market opportunity in reverse mortgages which we believe is significant. Kristen will dive into our originations performance. Matt will comment on the financials, and then we will take your questions. To start with, if you turn to slide five of the accompanying presentation, Finance of America generated net income of $35 million and adjusted net income of $26 million, or $1.10 per share, up 112% from last year's first quarter results. This powered a strong increase in tangible equity to $268 million, or approximately $15 per share. These results are consistent with the guidance we have issued for 2026, which Matt will update you on in a moment. From a production standpoint, we funded 596 million in the quarter, up 6% year over year. As you will recall, we talked about operational enhancements to our platform, driving an inflection point in results. And we are starting to see that in the March and April fundings, consistent with the volume guidance we have shared Separately, I'm excited to see us rolling out a new second lien reverse mortgage line of credit, which is a great product to help seniors tap directly with the timing and amounts that precisely suit their needs. Regarding the previously announced PHH transaction, the transaction has been modified to close in two distinct phases. The first phase, consisting of the origination, marketing of our products and subservicing components, is expected to close in May. The second phase, which includes the purchase of HECM servicing rights, will follow as we continue to work with our primary regulator, Jeannie Mae, on the related approval. Additional information can be found in today's 8K filing with the SEC. Before turning the call over to Kristen, I would like to spend a moment on the opportunity in reverse mortgages, which are typically viewed as a niche product in the broader mortgage universe, and in our experience are not well understood by investors missing the growth potential. If you turn to slide six, let me share with you a snapshot on current industry volumes. As you can see from the top chart of the slide, government insured reverse mortgages, or HECMs, have been running roughly flat for the last three years at approximately $4 billion per year, down significantly from the boom experienced during the pandemic, driven by refinance activity. What is noteworthy but is somewhat hard to see given the lack of consistently available industry data, is the market expansion related to proprietary products. This is one of the reasons we believe the equity markets have been slow to pick up on the opportunity. These proprietary products significantly expand the market by making reverse mortgages available to borrowers aged 55 and older in certain states, compared to age 62 for government insured products, and by offering jumbo balances, and a range of product structures including first liens, second liens, and lines of credit. For example, Finance of America's second lien products can provide a solution for borrowers who want to access home equity while maintaining a low-rate primary mortgage. These products are really important to watch because their increasing origination volumes demonstrate the growing mainstream acceptance of reverse mortgages by American seniors. Finance of America has been the market leader in proprietary reverse products for over a decade. These products have been a significant and accelerating driver of our growth over the last three years as they continue to gain acceptance from our customers and from our investors alike. With this thought in mind, if you will turn to slide seven, I will end my prepared remarks by reminding you that American seniors control a massive amount of home equity, approximately $14.6 trillion. ages. Between 2024 and 2026, census data shows that over 11,000 Americans turn 65 every day. Now, these are big numbers, making the addressable market more than 100 times greater than the size of the entire reverse mortgage population outstanding today. And not everyone is going to become a reverse customer. However, as the proprietary product set continues to expand, and American seniors turn to home equity for an ever-widening set of use cases, we believe there is a massive multi-year growth opportunity shaping up for financing America. And with that, I'll turn the call over to Kristen.