FOAMEDIUM SIGNALOPERATIONAL10-K

FOA has completed its business transformation to focus exclusively on reverse mortgage and home equity lending while demonstrating strong revenue growth and improved cash position.

The language changes confirm FOA's successful exit from multiple business lines during 2022-2023, now operating as a streamlined retirement solutions company focused on reverse mortgages and home equity products. The addition of NYSE Texas trading provides enhanced liquidity options, while the reduction in outstanding shares from 10.7M to 8.6M suggests possible share repurchase activity.

Comparing 2026-03-13 vs 2025-03-14View on EDGAR →
FINANCIAL ANALYSIS

FOA delivered meaningfully expanded revenue growth of 47% alongside a substantial increase in cash reserves to $89.5M, nearly doubling from the prior year. Interest expense declined notably by 22%, suggesting improved funding costs or debt management, while stockholders' equity grew solidly by 25%. The overall financial picture reflects a company benefiting from its strategic refocusing, with strong top-line momentum, enhanced liquidity, and improved cost structure positioning it well in the specialized lending market.

FINANCIAL STATEMENT CHANGES
Cash & Equivalents
Balance Sheet
+88.9%
$47.4M$89.5M

Cash position surged 88.9% — strong cash generation or capital raise providing significant financial cushion.

Revenue
P&L
+47.1%
$338.2M$497.4M

Strong top-line growth of 47.1% — accelerating demand or successful expansion into new markets.

Stockholders Equity
Balance Sheet
+25.3%
$315.7M$395.6M

Equity base grew 25.3% — retained earnings accumulation or equity issuance strengthening the balance sheet.

Capital Expenditure
Cash Flow
+24.5%
$9.0M$11.2M

Capex increased 24.5% — ongoing investment in capacity or infrastructure for future growth.

Interest Expense
P&L
-21.8%
$151.7M$118.7M

Interest expense declined — debt repayment or refinancing at lower rates improving earnings quality.

LANGUAGE CHANGES
NEW — 2026-03-13
PRIOR — 2025-03-14
ADDED
As of March 11, 2026, 8,551,931 shares of the registrant s Class A Common Stock, par value $0.0001, and 12 shares of the registrant s Class B Common Stock, par value $0.0001, were outstanding.
Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 166 Item 13.
FOA was incorporated in Delaware on October 9, 2020 and became a publicly-traded company on the New York Stock Exchange (the NYSE ) in April 2021, with trading beginning on April 5, 2021.
On August 15, 2025, FOA s Class A Common Stock also began trading on NYSE Texas, Inc.
FOA continues to maintain its primary listing on the NYSE and trades under the same FOA ticker symbol on both exchanges.
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REMOVED
As of March 11, 2025, there were 10,711,674 shares of the registrant s Class A Common Stock issued and outstanding, and 14 shares of the registrant s Class B Common Stock.
Security Ownership of Certain Beneficial Owners and Management and Related Shareholder Matters 172 Item 13.
FOA was incorporated in Delaware on October 9, 2020 and became a publicly-traded company on the NYSE in April 2021, with trading beginning on April 5, 2021 under the ticker symbol FOA.
5 Through the end of the third fiscal quarter of 2022, the Company was principally focused on offering (1) a wide array of loan products throughout the United States of America (the U.S.
), including reverse mortgage loans, traditional mortgage loans, business purpose loans to residential real estate investors, and home improvement loans, and (2) complementary lender services, such as title insurance and settlement services, to mortgage businesses.
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