Finance of America sees Q2 profit, exits Blackstone era

Finance of America was profitable for a second consecutive quarter as funded volume at the reverse mortgage lender grew 7% versus the first quarter and 35% year-over-year.

The company made net income from continuing operations of $80 million for the period ended June 30, unchanged from the first quarter and up from a $5 million loss one year prior.

“Just one year ago, we were exiting a period of transformation,” CEO Graham Fleming said on the earnings call. “Since then, we’ve delivered five consecutive quarters of volume growth, regained profitability, launched a national brand campaign and stabilized our balance sheet.”

The detail on FOA’s transaction with Blackstone

One day prior to the earnings release, Finance of America announced it will repurchase all of Blackstone’s equity stake in…