Finance of America Companies Inc (FOA) 2025 Q2 法說會逐字稿

Thank you for standing by and welcome to the Finance of America second quarter 2025 earnings call. (Operator Instructions) I would not like to turn the call over to Michael Fant, Senior Vice President of Finance. Please go ahead.

感謝您的支持，歡迎參加美國金融 2025 年第二季財報電話會議。（操作員指示）我不想將電話轉給財務高級副總裁邁克爾·范特 (Michael Fant)。請繼續。

Thank you and good afternoon, everyone, and welcome to Finance of America's second quarter of 2025 earnings call. With me today are Graham Fleming, Chief Executive Officer, Kristen Siefert, President, and Matt Engel, Chief Financial Officer.

謝謝大家，下午好，歡迎參加美國金融 2025 年第二季財報電話會議。今天與我一起的有執行長 Graham Fleming、總裁 Kristen Siefert 和財務長 Matt Engel。

As a reminder, this call is being recorded, and you can find the earnings release on the our investor relations website at ir.financeoamericaccompanies.com. In addition, we will refer to certain non-GAAP financial measures on this call.

提醒一下，本次電話會議正在錄音中，您可以在我們的投資者關係網站 ir.financeoamericaccompanies.com 上查閱財報。此外，我們將在本次電話會議中引用某些非公認會計準則 (Non-GAAP) 財務指標。

You can find reconciliations of non-GAAP to GAAP financial measures to the extent available without unreasonable efforts discussed on today's call in our earnings press release on the investor relations page of our website.

您可以在我們網站投資者關係頁面上的收益新聞稿中找到非 GAAP 與 GAAP 財務指標的對帳表，而無需在今天的電話會議上進行不合理的努力。

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 releases.

此外，我想提醒大家，本次電話會議上的評論可能是《1995 年私人證券訴訟改革法案》所定義的關於公司未來預期營運和財務表現的前瞻性陳述。這些聲明是基於公司目前的預期，並受您在今天的收益報告中看到的前瞻性聲明的安全港聲明的約束。

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 31, 2024, filed with the SEC on March 14, 2025 and amended by Amendment No. 1 to our annual report on Form 10-KA filed with the SEC on May 20th, 2025.

由於多種風險或其他因素，未來期間的實際結果可能與這些前瞻性陳述所表達或暗示的結果存在重大差異，包括美國金融於 2025 年 3 月 14 日向美國證券交易委員會提交的截至 2024 年 12 月 31 日的 10-K 表年度報告中的風險因素部分中所述的風險因素，該報告給美國證券交易委員會的 2015 月 20125 月 20125 月 2012 月 20125 月 2012 月的證券表年度報告第 1 號修訂案修訂。

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 a continuing operations, which are unknotted. Now, I would like to turn the call over to Finance of America's Chief Executive Officer, Graham Fleming.

這些風險因素可能會在我們隨後向美國證券交易委員會提交的文件中修改和更新。如果情況發生變化，我們不承諾更新這些聲明。請注意，今天我們將討論持續經營的中期財務狀況，這些財務狀況尚未結束。現在，我想將電話轉給美國金融執行長格雷厄姆·弗萊明。

Thank you, Michael. Good afternoon, everyone, and thank you for joining us today. The second quarter of 2025 marked another period of steady progress at Finance of America. Our performance reflects consistent execution, building momentum, and ongoing validation of our long-term strategy.

謝謝你，麥可。大家下午好，感謝大家今天的參與。2025 年第二季標誌著美國金融又一個穩定發展的時期。我們的業績體現了我們始終如一的執行力、不斷增強的勢頭以及對長期策略的持續驗證。

We funded $602 million in volume, exceeding the top end of our guidance range and representing a 35% increase from the second quarter of 2024 and the 7% increase from the prior quarter. This marks our fifth consecutive quarter of volume growth, a testament to our ability to meet the needs of our customers regardless of market conditions.

我們的融資金額達到 6.02 億美元，超過了我們預期範圍的最高值，比 2024 年第二季度增長了 35%，比上一季增長了 7%。這是我們連續第五個季度實現銷售成長，證明了無論市場狀況如何，我們都有能力滿足客戶的需求。

We delivered GAAP net income of $80 million or $3.16 basic earnings per share. We reported $14 million of adjusted net income, or $0.55 in adjusted earnings per share, and $30 million of adjusted EBITDA. We continue to deliver consistent improvements with A&I up 8% sequentially compared to the first quarter.

我們實現了 GAAP 淨收入 8,000 萬美元或每股基本收益 3.16 美元。我們報告的調整後淨收入為 1400 萬美元，或調整後每股收益為 0.55 美元，調整後 EBITDA 為 3000 萬美元。我們持續取得持續的進步，A&I 與第一季相比較上季成長 8%。

For additional context, the second quarter of 2024 was the first quarter following our organizational transformation in which we broke even on an adjusted net income. Since then, we have seen positive and improving performance each quarter. Year-to-date, ANI totals $27 million compared to a loss of $7 million in the first half of last year, reflecting the impact of our completed transformation.

進一步說明一下，2024 年第二季是我們組織轉型後第一個調整後淨收入達到收支平衡的季度。自那時起，我們每個季度都看到了積極且不斷改善的業績。年初至今，ANI 總計 2,700 萬美元，而去年上半年虧損 700 萬美元，反映了我們對完成轉型的影響。

This performance brings our first half adjusted EPS to $1.07 per share, a strong result given the evolving macro backdrop. We also recently achieved a major milestone in the capital markets. In July, we completed our first ever $1 billion plus home safe securitization. This transaction not only validates our ability to scale but also highlights the strength of investor demand for our assets.

這一業績使我們上半年調整後的每股收益達到 1.07 美元，考慮到不斷變化的宏觀背景，這是一個強勁的業績。我們最近也在資本市場上取得了重大里程碑。7 月份，我們完成了有史以來第一筆 10 億美元以上的家庭保險證券化。此交易不僅驗證了我們的擴展能力，也凸顯了投資者對我們資產的強勁需求。

Looking ahead, our mission remains clear drive greater awareness and education around the power of accessing home equity through retirement, which we believe will lead to a broader adoption of our industry leading reverse mortgage solutions. Two strategic priorities are central to that.

展望未來，我們的使命依然明確，推動人們更多地認識和了解透過退休獲取房屋淨值的力量，我們相信這將導致我們行業領先的反向抵押貸款解決方案得到更廣泛的採用。其中有兩個戰略重點至關重要。

First, expanding scalable digital tools to improve borrower engagement, and second, enhancing the customer experience we offer to drive long-term channel growth. Ultimately, we remain deeply confident in the long-term opportunity for reverse mortgages.

首先，擴展可擴展的數位工具以提高借款人的參與度；其次，增強我們提供的客戶體驗以推動長期管道成長。最終，我們仍然對反向抵押貸款的長期機會充滿信心。

As more homeowners look to housing wealth to support retirement, we believe Finance of America will continue to lead the market in meeting that demand. And now I'll turn it over to Kristen for an update on our operations. Kristen?

隨著越來越多的房主希望透過住房財富來支持退休生活，我們相信美國金融將繼續引領市場滿足這一需求。現在我將把時間交給克里斯汀，讓她報告我們的營運。克里斯汀？

Thank you, Graham. Q2 was a focused high execution quarter. We remained disciplined in advancing our strategic initiative, keeping the customer and our partners at the center of our efforts. As Graham mentioned, Q2 originations topped $600 million, compared to the first quarter, submissions also rose nearly 11% overall, and our home safe second submissions grew by almost 23%.

謝謝你，格雷厄姆。第二季是重點突出、執行力強的季度。我們始終嚴格推進策略性舉措，始終將客戶和合作夥伴置於我們努力的中心。正如 Graham 所提到的，第二季的貸款發放超過 6 億美元，與第一季相比，提交量總體也增加了近 11%，而我們的家庭安全第二次提交量增加了近 23%。

Wholesale continues to be a cornerstone of our success. With nearly 55% volume growth in Q2 this year, relative to Q2 of 2024. We also increased our HMBS issuance market share in June to over 29%, our highest monthly share since January of 2024. Our Q2 average market share of 28% reflects a 4% improvement over the average of the prior three quarters. These trends reinforce confidence in our growth trajectory.

批發仍然是我們成功的基石。與 2024 年第二季相比，今年第二季的銷量成長了近 55%。我們也將 6 月的 HMBS 發行市佔率提高至 29% 以上，這是自 2024 年 1 月以來的最高月度份額。我們第二季的平均市佔率為 28%，比前三個季度的平均市佔率提高了 4%。這些趨勢增強了我們對成長軌跡的信心。

Turning to our retail platform, as of June 30, we fully transitioned to our New A Better Way with FOA campaign, concluding our long-standing partnership with Tom Selleck. Early indicators are promising. In just 90 days, TV leads signal growing appeal among younger demographics and in markets with higher home values.

談到我們的零售平台，截至 6 月 30 日，我們已透過 FOA 活動全面轉向我們的“New A Better Way”，結束了與 Tom Selleck 的長期合作關係。早期指標令人鼓舞。短短 90 天內，電視廣告就顯示出其在年輕族群和房價較高的市場中越來越具吸引力。

At the same time, our digital acquisition strategy is gaining traction with a 10% increase in leads from digital channels. We're also making major strides in technology. In June, we launched the industry's first digital pre-qualification experience, paving the way for scalable, borrower-friendly engagement, especially around second lean home equity loans. AI is playing a pivotal role here, accelerating development, boosting operational efficiency, and improving analytics and document management.

同時，我們的數位獲取策略正在獲得發展動力，來自數位管道的潛在客戶增加了 10%。我們在技術方面也取得了重大進展。6 月，我們推出了業界首個數位化資格預審體驗，為可擴展、借款人友好的參與鋪平了道路，尤其是在第二筆精益房屋淨值貸款方面。人工智慧在這裡發揮關鍵作用，加速發展，提高營運效率，並改善分析和文件管理。

Looking ahead to Q3, we're expanding this digital platform to a wider audience by combining seamless online access with expert loan officer support. We're enhancing both scale and service. We will also be introducing our new AI powered virtual call agent to improve off-hour engagement and elevate customer experience by the end of the year.

展望第三季度，我們將透過結合無縫線上訪問和專家貸款人員支持，將這個數位平台擴展到更廣泛的受眾。我們正在擴大規模並提升服務。我們也將在今年底前推出新的人工智慧虛擬呼叫代理，以改善非工作時間的參與度並提升客戶體驗。

Customers want speed and simplicity, and our digital experience is being designed to deliver both. According to Honda, subordinate lien loans for senior borrowers grew 20% year over year, reaching $49 billion in volume. Finance of America is meeting this demand through our HomeSafe second product, while a significant opportunity remains ahead as we continue to expand its reach through digital integration.

客戶需要速度和簡單性，而我們的數位體驗旨在滿足這兩者。據本田稱，優先借款人的次級留置權貸款年增 20%，達到 490 億美元。美國金融透過我們的第二款產品 HomeSafe 滿足了這一需求，同時，隨著我們繼續透過數位整合擴大其影響力，未來仍將面臨巨大的機會。

Overall, Q2 marks continued progress toward our long-term vision to become the most trusted brand for homeowners entering the next chapter of life. We're building a smarter, scalable, and service-led retirement solutions platform, and we're confident these investments will drive sustainable growth through 2025 and beyond.

整體而言，第二季標誌著我們朝著長期願景邁進，即成為進入人生新篇章的房主最信賴的品牌。我們正在建立一個更聰明、可擴展且以服務為主導的退休解決方案平台，我們相信這些投資將推動 2025 年及以後的永續成長。

Before I wrap, I want to recognize the incredible impact of Finance of America CARES, our employee funded non-profit celebrating eight years of service. To date, CARES has granted over $3.2 million to our local communities and employees in crisis, donated 12,000 hours of service, and positively impacted more than 2 million lives. This speaks volumes about our culture and we're just getting started.

在結束之前，我想承認美國金融 CARES 的巨大影響，這是我們員工資助的非營利組織，慶祝其服務八週年。迄今為止，CARES 已向當地社區和處於危機中的員工捐贈了超過 320 萬美元，捐贈了 12,000 小時的服務，並對超過 200 萬人的生活產生了積極影響。這充分說明了我們的文化，而我們的文化才剛起步。

Thank you to every team member who contributes. With that, I'll turn it over to Matt to walk through the financials. Matt?

感謝每一位貢獻的團隊成員。說完這些，我會把問題交給馬特來介紹財務狀況。馬特？

Thank you, Kristen, and good afternoon, everyone. Q2 was another strong quarter marked by continued growth and financial discipline. Our funded volume totaled $602 million, up 7% from the $561 billion in Q1 of '25 and 35% above the $447 million in the second quarter of last year. This marks our fifth consecutive quarter of volume growth.

謝謝你，克里斯汀，大家下午好。第二季度是另一個強勁的季度，其特點是持續成長和財務紀律。我們的融資總額達到 6.02 億美元，比 2025 年第一季的 5,610 億美元成長 7%，比去年第二季的 4.47 億美元成長 35%。這標誌著我們的銷售連續第五個季度成長。

We continue to see meaningful improvement in our GAAP results this quarter. For Q2, the company reported GAAP net income of $80 million or approximately $3.16 per basic share compared to a loss of $5 million in the same period last year. These results were driven by steady production momentum and enhanced operating leverage.

本季我們的 GAAP 業績持續取得顯著改善。該公司報告第二季度的 GAAP 淨收入為 8,000 萬美元，或每股基本收入約 3.16 美元，而去年同期的虧損為 500 萬美元。這些業績是由穩定的生產動能和增強的經營槓桿所推動的。

Fair value marks also remain positive, supported by tighter deal spreads, declining index rates, and stable home price assumptions. Adjusted net income came in at $14 million, $1.1 million or 8% higher than the first quarter of $12.9 million with adjusted EBITDA of $30 million for the quarter, reflecting strength in both top line performance and margin discipline.

受交易價差收窄、指數利率下降和房價假設穩定的影響，公允價值分數也維持正值。調整後的淨收入為 1,400 萬美元，比第一季的 1,290 萬美元高出 110 萬美元或 8%，本季調整後的 EBITDA 為 3,000 萬美元，反映了營收表現和利潤率的強勁表現。

Our adjusted EPS for Q2 was $0.55, bringing the first half of 2025, adjusted EPS to $1.07. Based on our current trajectory, we remain on track to deliver within our full year guidance range of $260 to $3 a share and adjusted EPS with continued operating leverage positioning us for a higher run rate exiting the year.

我們第二季的調整後每股收益為0.55美元，2025年上半年的調整後每股收益為1.07美元。根據我們目前的發展軌跡，我們仍有望實現每股260美元至3美元的全年預期目標，並持續維持營運槓桿，這將使我們在年底實現更高的營運率。

Revenue excluding fair value changes from market inputs or model assumptions sold $84.8 million in Q2, up 6% quarter over quarter from $79.9 million in Q1 and up 22% year over year from $69.4 million. This sequential and annual improvement reflects the commitment to our growing originations platform.

不包括市場投入或模型假設的公允價值變動的收入在第二季度達到 8,480 萬美元，比第一季的 7,990 萬美元環比增長 6%，比去年同期的 6,940 萬美元同比增長 22%。這種連續和每年的改進反映了我們對不斷發展的發起平台的承諾。

On the expense side, we remain disciplined. Our cost structure continues to align with our current scale, and we are realizing improved operating leverage as we grow. Compared to the prior quarter, total expenses were higher by approximately $2.7 million.

在支出方面，我們保持紀律。我們的成本結構繼續與我們目前的規模保持一致，並且隨著我們的發展，我們正在實現經營槓桿的提高。與上一季相比，總支出增加了約 270 萬美元。

While variable expenses, including variable compensation, loan production, portfolio expense, and marketing, increased in line with higher volume and strategic marketing investments, this was somewhat offset by continued reductions in our fixed cost base.

雖然包括可變薪酬、貸款生產、投資組合費用和行銷在內的可變費用隨著銷售和策略行銷投資的增加而增加，但這在一定程度上被我們固定成本基礎的持續減少所抵消。

Compared to Q2 of last year, six expenses were lower by $4 million with significant decreases in professional fees and technology-related expenses. These two categories underscore recent efforts by the team to negotiate continued protections and vendor-related spend. Turning to the balance sheet, we ended the quarter with $275 million in tangible net worth, up from $187 million in Q1, driven by our retained earnings.

與去年第二季相比，六項費用減少了 400 萬美元，其中專業費用和技術相關費用大幅減少。這兩個類別強調了該團隊最近為協商持續保護和供應商相關支出所做的努力。談到資產負債表，受留存收益的推動，我們本季末的有形淨值為 2.75 億美元，高於第一季的 1.87 億美元。

Book equity totaled $473 million at quarter end. On the capital markets front, we securitized over $800 million in proprietary loans during the second quarter. In July, we built on that momentum by closing a $1.2 billion transaction, our largest to date and the first in company history to exceed the $1 billion mark.

季度末帳面權益總額為 4.73 億美元。在資本市場方面，我們在第二季將超過 8 億美元的自營貸款證券化。7 月份，我們藉此勢頭完成了一筆 12 億美元的交易，這是我們迄今為止最大的一筆交易，也是公司歷史上首次超過 10 億美元的交易。

This milestone not only reinforces the strength of investor demand for reverse assets but also positions us well to execute on our broader capital plan. We reaffirm our full year guidance of $2.4 billion to $2.7 billion in originations and $260 to $3 in adjusted EPS. For the third quarter, we expect funded volume in the range of $600 million to $630 million.

這一里程碑不僅增強了投資者對反向資產的需求，也使我們能夠更好地執行更廣泛的資本計劃。我們重申全年預期，即發行金額為 24 億美元至 27 億美元，調整後每股收益為 260 美元至 3 美元。我們預計第三季融資額將在 6 億至 6.3 億美元之間。

With that, let me hand it back to Graham for closing remarks.

好了，現在請格雷厄姆做最後的總結發言。

Thank you, Matt. Before we open the call for questions, as announced yesterday, we have paid off our higher cost working capital facility and entered into an agreement with Blackstone to acquire the remaining equity stake in Finance of America.

謝謝你，馬特。在我們開始提問之前，正如昨天宣布的那樣，我們已經償還了成本較高的營運資金，並與黑石集團達成協議，收購美國金融的剩餘股權。

This marks a natural evolution in our journey, and I want to take a moment to thank our long-time partners at Blackstone for their support over the last 10 years. Their belief in our team and our vision played a meaningful role in shaping the company we are today.

這是我們旅程中的自然演變，我想藉此機會感謝黑石集團的長期合作夥伴在過去十年中給予我們的支持。他們對我們的團隊和願景的信任對於塑造我們今天的公司發揮了重要的作用。

Looking forward, we are excited for the further support of long-time investors and bondholders through a new convertible debt facility. We are well positioned to aggressively pursue our next chapter of growth. As we mark this turning point in our ownership, it's an appropriate moment to step back and reflect on how far we have come. Just one year ago, we were exiting a period of transformation.

展望未來，我們很高興透過新的可轉換債務工具獲得長期投資者和債券持有人的進一步支持。我們已做好準備，積極開啟下一個成長篇章。當我們標誌著所有權的這一轉折點時，這是一個回顧並反思我們已經走了多遠的適當時機。就在一年前，我們才剛走出轉型期。

Since then, we've delivered five consecutive quarters of volume growth, we gained profitability, launched a national brand campaign, and stabilized our balance sheet. More importantly, we're helping more people understand that there is a better way, better way to age, a better way to manage financial uncertainty and a better way to tap into the value they've built through home ownership. There is a better way with FOA.

自那時起，我們連續五個季度實現了銷售增長，獲得了盈利，開展了全國品牌活動，並穩定了資產負債表。更重要的是，我們正在幫助更多的人認識到，有更好的方式、更好的方法來養老、更好的方法來應對財務不確定性，以及更好的方法來挖掘他們透過房屋所有權所建立的價值。FOA 有更好的方法。

And with that we'll open the call for questions.

接下來我們將開始提問。

(Operator Instructions)

（操作員指示）

Doug Carter, UBS.

瑞銀的道格卡特。

Thanks and good afternoon. I want to get clarity on your reiterated guidance and does that factor in paying off the working capital line and the and the impact of the buyback?

謝謝，下午好。我想弄清楚您重申的指導意見，這是否影響了營運資金的償還以及回購的影響？

So not specifically, Doug. I think we were on track to kind of meet that target even without that, but to get that in context, you get on two important points which I think should help us obviously meet that target as well, right?

所以不是特別具體，道格。我認為即使沒有這個，我們也有望實現這個目標，但結合上下文來看，有兩個要點我認為應該能夠幫助我們實現這個目標，對嗎？

So the first impact on the path of the higher cost working capital lines, in gross numbers, we, retired $85 million working capital line at 15% rate of interest and we replaced it with $40 million of exchangeable notes that bears 0% interest and a $20 million working capital line at 10%. So we're going to see about a $10 million annualized reduction in our interest expense just from that transaction.

因此，對高成本營運資金額度路徑的第一個影響是，從總體上看，我們以 15% 的利率收回了 8500 萬美元的營運資金額度，並用 0% 利率的 4000 萬美元可交換票據和 10% 利率的 2000 萬美元營運資金額度取而代之。因此，僅透過這筆交易，我們的利息支出每年就會減少約 1000 萬美元。

Then the timing on the share count, we've got a window between 105 to 120 days out, which puts that somewhere around the end of November, right? So you'd expect to see that reduced share count partially in our Q4 numbers, but more important as we project into 2026.

那麼股票計數的時間窗口是 105 到 120 天之間，也就是 11 月底左右，對嗎？因此，您可能會在我們的第四季數據中看到部分股票數量的減少，但在我們對 2026 年的預測中，這一點更為重要。

Great. Appreciate that, Matt. And then you just talk about how you're thinking about, kind of the sources and uses to pay off the working capital line and then to fund the buyback, later this year.

偉大的。非常感謝，馬特。然後你只需談談你正在考慮如何償還營運資金，以及如何在今年稍後為回購提供資金。

Yeah, absolutely. So the convertible deal closed yesterday, and the work capital was paid off yesterday. So that's done. We have a series of transactions between now and the end of the year that will fund not just the not just the repurchase of the equity but also the amortizing payment to the bondholders that's due at the at the end of November.

是的，絕對是。因此，可轉換交易昨天結束，營運資金昨天也已付清。這樣就完成了。從現在到年底，我們有一系列交易，這些交易不僅為股權回購提供資金，還為 11 月底到期的債券持有人的攤銷付款提供資金。

I'd appreciate that. If I could just get one more, like, how are you thinking about the long term? What is the right capital structure for the business? What's the right leverage level to kind of making good progress when you're transitioning here?

我將非常感激。如果我能再得到一個，那麼，你對長期計劃有什麼想法？什麼樣的資本結構適合企業？當您在此過渡時，什麼樣的槓桿水平才能夠取得良好進展？

I mean it's a fair question. I think, first things first for us is to think about how to retire the debt we have on hand, right? So remember a year ago we exchanged that $350 million of debt for $200 million which $50 be paid back this November with this latest support agreement and amendment, we'll pay back $60 of that by November of '26 and the remaining $90 million in November of '27.

我的意思是這是一個公平的問題。我認為，我們首先要考慮的是如何償還手頭上的債務，對嗎？記得一年前，我們將 3.5 億美元的債務換成了 2 億美元，其中 5000 萬美元將於今年 11 月償還，根據最新的支持協議和修正案，我們將在 2026 年 11 月之前償還其中的 6000 萬美元，並在 2027 年 11 月償還剩餘的 9000 萬美元。

So that's kind of our first order of business in the in the capital structure thinking. There may be 150 convertible note. I think eventually we'll convert to equity. I think once we get a line of sight that's getting past those milestones, we'll have some additional thoughts as to the capital structure going forward.

這就是我們在資本結構思考中的首要任務。可能有150張可轉換票據。我認為最終我們會轉換為股權。我認為，一旦我們了解了這些里程碑，我們就會對未來的資本結構有一些額外的思考。

Great. Thank you, guys. Thank you, everybody.

偉大的。謝謝你們。謝謝大家。

There's no further equip. There's no further question at this time. I will not turn the call over to Graham Fleming for closing remarks.

沒有其他裝備。目前沒有其他問題。我不會將電話轉給格雷厄姆·弗萊明來做結束語。

Thank you everybody for joining the call. Another great quarter of Finance of America, and we look forward to updating you on our Q3 numbers later this year. So thank you very much.

感謝大家參加電話會議。這是美國金融的另一個輝煌季度，我們期待在今年稍後向您更新我們的第三季數據。非常感謝。

That includes today's call. You may now disconnect.

其中包括今天的電話。您現在可以斷開連線。