Kristen Sieffert
About Kristen Sieffert
Kristen N. Sieffert (age 44) is President of Finance of America Companies Inc. (FOA) since April 5, 2023, Head of Enterprise Consumer Direct since April 2022, and President of Finance of America Reverse (FAR) since 2015; she joined FOA in January 2012 and holds a B.A. in Political Science from UCLA . FOA’s recent performance context: 2024 Net Income was $36 million vs. losses of $(218) million in 2023 and $(716) million in 2022; FOA’s cumulative TSR implied an initial $100 investment would be $71 at 2024 year-end (vs. $28 in 2023, $32 in 2022) . In 2024, the compensation committee cited her leadership in developing and enhancing FOA’s unified modern retirement solutions platform in determining her bonus .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Finance of America Companies Inc. | President | Apr 2023 – present | Enterprise leadership; oversight of unified retirement solutions platform |
| Finance of America Holdings LLC | Head of Enterprise Consumer Direct | Since Apr 2022 | Lead direct-to-consumer channel within unified platform |
| Finance of America Reverse LLC (FAR) | President | Since 2015 | Growth and innovation in reverse mortgage business |
| Finance of America Reverse LLC (FAR) | Chief Operating Officer | Not disclosed | Operations leadership prior to FAR presidency |
| EquiPoint Reverse Mortgage | Acting President | Not disclosed | Executive operating role in reverse mortgage origination |
| One Reverse Mortgage | Vice President, Operations | Not disclosed | Scaled operating processes in reverse mortgages |
| Financial Freedom Senior Funding Corp. | Reverse mortgage professional | 2004 | Entered reverse mortgage industry |
External Roles
- No public company directorships or external board roles were disclosed in FOA’s 2025 proxy or 2024 10-K .
Fixed Compensation
| Item | 2023 | 2024 |
|---|---|---|
| Base Salary ($) | 587,500 (reflects April 1, 2023 increase to $650,000) | 650,000 |
| Annual Incentive Target (% of Base) | Not disclosed | 185% |
| Annual Incentive Target ($) | Not disclosed | 1,200,000 |
| Actual Annual Bonus Paid ($) | 600,000 | 612,500 |
Notes:
- Base salary was increased to $650,000 upon appointment as FOA President effective April 1, 2023 .
Performance Compensation
Annual Cash Incentive (2024)
| Metric Framework | Weighting | Target | Actual Payout | Determination |
|---|---|---|---|---|
| Company and individual performance (committee discretion) | Discretionary | $1,200,000 (185% of base) | $612,500 | Committee cited Sieffert’s leadership in the development and enhancement of FOA’s unified modern retirement solutions platform |
Equity Awards
| Award Type | Grant/Year | Quantity | Grant-Date Fair Value ($) | Vesting | Key Terms |
|---|---|---|---|---|---|
| RSUs | 2024 | 125,000 | 890,000 | Ratable over 3 years, service-based | Omnibus Plan; time-based vesting |
| Stock Options | Nov 7, 2024 | 150,000 | 1,095,000 | Cliff-vest on Nov 7, 2026, expire Nov 7, 2029 | Exercise price $25.00; 5-year term; OTM at grant (exceeded closing price by $11 on grant day; company disclosed options priced above market to strengthen incentives) |
Additional context:
- Closing price on 12/31/2024 was $28.12 (for ITM context) .
- FOA disclosed the option award timing relative to Q3’24 profitability disclosure and clarified grants were not timed to affect compensation values .
Equity Ownership & Alignment
| Item | Detail |
|---|---|
| Beneficial Ownership (as of Mar 19, 2025) | 111,509 Class A shares (1.0% of Class A) and 53,487 FOA Units; less than 1% of total voting power |
| Outstanding Unvested RSUs (12/31/2024) | 157,309 units; market value $4,423,529 (at $28.12) |
| Earnout Rights (stock-price based) | 7,200 Earnout Rights; payout value $202,464 (at $28.12); vest upon sustained $125 and $150 price hurdles within six years post-Business Combination; no Earnout to date |
| Stock Options Outstanding | 150,000 unexercisable; exercise price $25.00; expire Nov 7, 2029 |
| Stock Price Reference | $28.12 closing price on 12/31/2024 |
| Hedging/Pledging | Company policy prohibits hedging and derivatives; prohibits initiating pledges or holding Company securities in margin accounts after policy adoption |
| Trading Controls | Section 16 persons require pre-clearance; window periods apply; 10b5-1 plans permitted with conditions and cooling-off; special blackout periods may be imposed |
Vesting schedule highlights (potential selling pressure windows):
- RSUs: tranches include (i) units vesting on the third anniversary of April 1, 2022, (ii) units vesting on the second and third anniversaries of April 1, 2023, and (iii) 2024 grant vesting ratably on the first, second and third anniversaries of April 1, 2024 (service-based) .
- Options: cliff-vest on Nov 7, 2026; expiration Nov 7, 2029 .
Employment Terms
- Severance/Change-in-Control: FOA discloses no severance arrangements for Sieffert; only CIO has a legacy salary continuation agreement; no specific change-in-control terms disclosed for Sieffert .
- Clawback/Recoupment: Awards are subject to clawback/forfeiture to comply with FOA policy and applicable law; excess payments must be repaid (e.g., restatements/errors) .
- Conduct/Restrictive Covenants: Option agreement includes non-disparagement and a potential no-hire restriction (jurisdiction-dependent) .
- Insider Trading Controls: Pre-clearance, window periods, special blackouts, and structured 10b5-1 plan requirements reduce opportunistic trading risk .
Compensation Structure Analysis
- Mix shift to equity/long-term: 2024 equity rose materially versus 2023 (Stock Awards: $890,000 in 2024 vs. $500,000 in 2023; plus new $1,095,000 option grant) indicating increased at-risk, long-term pay .
- Options priced above market at grant: $25 exercise price exceeded the grant-date closing by $11, increasing performance leverage; options were subsequently modestly ITM by year-end given $28.12 stock price .
- Cash bonus below target: 2024 bonus of $612,500 vs. $1.2 million target suggests downward discretion tied to performance assessments .
- No evidence of repricing/modification, tax gross-ups, or special retention bonuses for Sieffert in the disclosures reviewed .
Risk Indicators & Red Flags
- Hedging/pledging: Policy prohibits hedging and post-adoption pledging, which mitigates alignment risk (no pledges disclosed) .
- Say-on-pay and peer group: 2025 say-on-pay planned; no peer group specifics disclosed in the reviewed sections .
- Legal/CFPB context: FOA must comply with inherited AAG/Bloom CFPB consent orders; operational/regulatory compliance remains an ongoing focus area .
Investment Implications
- Retention and alignment: Significant unvested RSUs (157k units; $4.42M value at 12/31/24) plus 150k cliff-vesting options (2026) create strong medium-term retention hooks; Earnout Rights tied to substantial share-price hurdles further align incentives with long-term TSR .
- Selling pressure windows: RSU vesting across 2025–2027 and the 2026 option cliff could create episodic supply, though pre-clearance, window periods, and 10b5-1 plans help smooth execution .
- Pay-for-performance: Below-target 2024 cash bonus and above-market option strike at grant indicate a tilt toward performance sensitivity; absence of severance mitigates change-of-control payout risks .
- Strategic execution risk: Her role spans growth in reverse mortgages and unified platform execution; FOA’s profitability inflection in 2024 and TSR rebound support the current incentive structure but sustaining securitization/liquidity and regulatory compliance remains critical to value creation .
Appendix: 2024 & 2023 Summary Compensation (for context)
| Year | Salary ($) | Bonus ($) | Stock Awards ($) | Option Awards ($) | All Other ($) | Total ($) |
|---|---|---|---|---|---|---|
| 2024 | 650,000 | 612,500 | 890,000 | 1,095,000 | 11,550 (incl. $1,200 stipends) | 3,259,050 |
| 2023 | 587,500 | 600,000 | 500,000 | — | 11,100 | 1,698,600 |