Adjusted EBITDA totaled $143 million, a 138% increase from 202. This was a reflection of improved earnings quality and the benefits of scale across the company’s platform, CEO Graham Fleming said during the company’s earnings call on Tuesday.
Funded loan volume totaled $2.4 billion in 2025, a 24% increase from 2024. In the fourth quarter alone, funded volume reached $619 million, up 16% from the same period a year earlier.
“Finance of America delivered significant year over year growth in 2025,” Fleming said in a statement, adding that demographic trends continue to support long-term demand for home equity-based lending solutions.
Revenue in the company’s retirement solutions segment, its primary business, rose 23% year over year to $253 million as origination activity increased. Pretax income in the segment climbed to $46 million, up from $11 million in 2024.
During the year, the company agreed to acquire a reverse mortgage servicing portfolio from PHH Mortgage, a subsidiary of Onity Group, a transaction that FOA expects to close in the second quarter of 2026 and will expand the company’s servicing platform. The company also received a $50 million equity infusion from Blue Owl Capital in December to support growth initiatives.
President Kristen Sieffert said during the earnings call that FOA’s investments in technology and artificial intelligence are beginning to drive stronger operating performance. The company has embedded AI tools across its customer acquisition process, including a virtual assistant called Joy, which Sieffert said is delivering more than five times the conversion performance of its previous third-party call-center model.
Digital engagement has also increased, with prequalification activity doubling in early 2026 compared with 2025 levels, Sieffert said, while reverse mortgage-related search activity online has been trending about 40% higher year over year.
Chief Financial Officer Matthew Engel said total company revenue rose 26% to $497 million in 2025, up from $394 million a year earlier, with most of the increase flowing to the bottom line as fixed expenses remained largely unchanged.
Despite the stronger annual results, the company reported a fourth-quarter GAAP net loss of $21 million, largely due to fair-value adjustments tied to interest rate and credit spread movements.
Adjusted results for the quarter remained positive, with adjusted net income of $14 million, or $0.69 per share, and adjusted EBITDA of $28 million.
Finance of America expects loan volume to grow 15% to 25% in 2026, reaching between $2.8 billion and $3.1 billion. The company reaffirmed guidance for adjusted earnings of $4.25 to $4.75 per share.
Executives said the company plans to use cash flow to retire $150 million in senior secured notes during 2026. Once that debt is eliminated, FOA may consider share repurchases, Engel said.