What Finance of America Companies Inc. told the SEC could break it.

Core reverse-mortgage business depends on continued federal support of the HECM program by HUD and Ginnie Mae.

“we rely on the initiatives of HUD and Ginnie Mae to support the HECM program.”

Non-agency product origination depends on obtaining state regulatory approvals; statutory impediments in certain states can constrain volume and profitability.

“In certain states, there may be statutory impediments to being able to offer certain products. If the Company experiences delays in obtaining regulatory approvals for non-agency products or is not able to obtain regulatory approvals in certain states, particularly larger states or states with a larger proportional share of seniors, then the Company's origination volumes for non-agency products, and ultimately its profitability, may be adversely impacted.”

Broker-dealer subsidiary FOA Securities must maintain minimum net capital under SEC Rule 15c3-1.

“FOA Securities is subject to the SEC's Uniform Net Capital Rule (SEC Rule 15c3-1), which requires the maintenance of minimum net capital.”

Collateral properties in California are exposed to wildfires, earthquakes and mudslides; cites the January 2025 Los Angeles wildfires as a loss event.

“properties located in California may be more susceptible to certain natural disasters, such as wildfires, earthquakes, and mudslides. For example, in January 2025 a series of wildfires started in the Los Angeles, California metropolitan area and spread quickly”

Net losses in each of the three years preceding 2024; accumulated deficit of $653.7 million as of December 31, 2025.

“we generated net losses in each of the three preceding years and our accumulated deficit was $653.7 million as of December 31, 2025.”