ONITY GROUP INC.

Listed Company

ONITCIK 0000873860NYSEAcceleratedMortgage Bankers & Loan CorrespondentsFloridaFY ends Dec 31

Period

FY 2025

Revenue

$1.07B

Net Income

$189.50M

Total Assets

$16.17B

Equity

$627.90M

Shares Out

8.52M

Op. Cash Flow

$-748.00M

Business

ONITY GROUP INC. provides mortgage financial services focused on servicing and originating forward and reverse mortgage loans through primary brands including PHH Mortgage and Liberty Reverse Mortgage. It offers mortgage servicing, subservicing, special servicing, origination of forward and reverse loans, MSR purchases, securitizations and ancillary servicing activities such as escrow and loss mitigation. The company reports three key segments—Servicing, Originations and Corporate—centered on owned MSRs, subservicing portfolios and loan origination channels. It operates principally in the U.S. (including territories) with operations and delivery support in India and the Philippines, distributing through retail, wholesale, correspondent, flow and co‑issue channels.

Summary from filing dated 2025-02-21

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2025 2025-11-30	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31
Servicing and subservicing fees	857	—	833	947	863
Gain on reverse loans and HMBS-related borrowings, net	59	57	43	47	36
Gain on loans held for sale, net	93	—	59	41	22
Other revenue, net	58	—	42	32	33
Total revenue	1,067	—	976	1,067	954
MSR valuation adjustments, net	−170	—	−96	−232	−10
Compensation and benefits	253	—	233	229	289
Servicing and origination	59	—	52	57	65
Technology and communications	64	—	53	53	58
Professional services	68	—	53	22	49
Occupancy, equipment and mailing	34	—	31	32	42
Other expenses	15	—	15	19	29
Total operating expenses	492	—	437	412	532
Interest income	135	—	93	78	46
Interest expense	309	—	289	274	186
Pledged MSR liability expense	−170	—	−175	−296	−255
Gain (loss) on extinguishment of debt	0	—	−49	1	900,000
Earnings of equity method investee	0	—	23	7	19
Other, net	300,000	—	−7	3	−10
Other income (expense), net	−342	—	−404	−481	−386
Income (loss) before income taxes	63	—	39	−58	25
Income tax expense (benefit)	−127	—	5	6	−800,000
Net income (loss)	190	—	34	−64	26
Preferred stock dividend	−4	—	−500,000	0	0
Net income (loss) attributable to common stockholders	185	—	33	−64	26
Basic	23.07	—	4.28	−8.34	2.97
Diluted	21.46	—	4.13	−8.34	2.85
Basic (in shares)	8	—	8	8	9
Diluted (in shares)	9	—	8	8	9

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Cash and cash equivalents	181	185	202	208	193
Restricted cash ($37.3 and $29.1 related to variable interest entities (VIEs))	84	81	54	66	71
Mortgage servicing rights (MSRs), at fair value	2,825	2,466	2,272	2,665	2,250
Advances, net ($364.5 and $481.8 related to VIEs)	483	577	679	719	772
Loans held for sale, at fair value ($1,199.8 and $575.4 related to VIEs)	1,892	1,290	677	623	929
Reverse loans held for sale pooled into Home Equity Conversion Mortgage Backed Securities (HMBS), at fair value	9,808	0	—	—	—
Loans held for investment, at fair value	0	11,125	7,976	7,511	7,208
Receivables, net ($64.2 and $31.9 related to VIEs)	190	176	155	181	181
Premises and equipment, net	11	11	13	20	14
Other assets ($28.4 and $15.7 carried at fair value) ($83.4 and $42.0 related to VIEs)	274	111	106	364	507
Contingent loan repurchase asset	424	412	343	—	—
Total assets	16,171	16,435	12,514	12,399	12,147
HMBS-related borrowings, at fair value	9,600	10,872	7,797	7,327	6,885
MSR related financing liabilities, at fair value	842	847	900	1,137	805
MSR financing facilities, net	1,285	958	916	954	901
Advance match funded liabilities ($341.4 and $416.5 related to VIEs)	342	417	500	514	512
Mortgage warehouse facilities	1,225	1,046	711	703	1,085
Reverse mortgage securitization notes, net (related to VIE)	899	482	—	—	—
Senior notes, net	490	487	596	600	615
Other liabilities ($10.2 and $28.0 carried at fair value)	375	421	349	709	868
Contingent loan repurchase liability	424	412	343	—	—
Total liabilities	15,493	15,943	12,112	11,943	11,670
Commitments and Contingencies (Notes 26 and 27)	—	—	—	—	—
Series B Preferred stock, $0.01 par value and $25.00 liquidation preference value; 2,400,000 shares authorized; 2,111,786 and 2,111,787 shares issued and outstanding at December 31, 2025 and December 31, 2024, respectively	50	50	0	—	—
Common stock, $.01 par value; 13,333,333 shares authorized; 9,208,312 and 8,687,750 shares issued and outstanding at December 31, 2021 and December 31, 2020, respectively	100,000	100,000	100,000	100,000	100,000
Additional paid-in capital	556	559	555	547	593
Retained earnings (Accumulated deficit)	72	−118	−152	−88	−114
Accumulated other comprehensive income (loss), net of income taxes	−100,000	1	−1	−3	−2
Total stockholders equity	628	443	402	—	—
Total liabilities, mezzanine equity and stockholders equity	16,171	16,435	12,514	12,399	12,147

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
MSR valuation adjustments, net	241	167	326	121	188
Provision for bad debts (advances and receivables)	18	24	26	21	23
Provision for (reversal of) representation and warranty obligations	10	4	5	8	5
Depreciation	4	5	7	11	10
Amortization of debt discount and issuance costs	28	35	18	10	8
Amortization of Intangible Assets	1	3	5	4	700,000
Equity-based compensation expense	8	8	10	5	5
Interest capitalized on reverse buyouts	−47	−29	−16	—	—
Deferred income tax (benefit) expense	−121	−200,000	−400,000	—	—
Gain on reverse loans and HMBS-related borrowings, net	−39	−26	−35	−8	−18
Net gain on sale of investment in equity method investee	0	−14	0	0	—
Gain on loans held for sale, net	−93	−59	−41	−22	−146
Decrease in advances	70	82	76	28	29
Decrease in receivables and other assets	80	17	53	4	34
Increase (Decrease) in Derivative Assets and Liabilities	−76	−46	−37	7	−13
Increase (decrease) in other liabilities	−26	17	−65	−48	−1
Origination and purchase of loans held for sale	−25,523	−17,798	−12,798	−17,582	−19,972
Proceeds from sale and collections of loans held for sale	24,533	16,961	12,540	17,590	19,349
Other, net	−5	−7	2	−100,000	−2
Net cash provided by (used in) operating activities	−748	−574	10	173	−468
Origination of loans held for investment	−953	−1,125	−1,033	−1,658	−1,763
Principal payments received on loans held for investment	3,032	1,496	1,078	1,581	1,628
Purchase of MSRs	−373	−232	−120	−199	−831
Proceeds from sale of MSRs	139	205	900,000	156	0
Distribution of capital from equity method investee	0	5	4	—	8
Net proceeds from sale of investment in equity method investee	0	46	0	0	—
Acquisition of advances in connection with MSR transactions	−5	−800,000	−42	0	−6
Proceeds from sale of advances in connection with MSR transactions	2	15	6	3	1
Purchase of real estate	−41	−37	−11	−2	−7
Proceeds from sale of real estate	51	31	19	7	8
Additions to premises and equipment	−3	−800,000	−2	−6	−3
Other, net	0	400,000	100,000	200,000	200,000
Net cash provided by (used in) investing activities	1,848	401	−100	−149	−1,005
Repayment of advance match funded liabilities, net	−75	−83	−14	1	−69
Proceeds from (repayment of) mortgage warehouse facilities, net	178	479	−136	−382	633
Proceeds from reverse mortgage securitization notes	702	570	242	—	—
Repayment of reverse mortgage securitization notes	−301	−246	−101	0	−189
Proceeds from (repayment of) MSR financing facilities, net	329	43	−36	652	716
Repurchase and repayment of Senior notes	0	−659	−14	−24	−319
Proceeds from issuance of Senior notes	0	498	0	0	648
Payment of debt issuance costs	−8	−17	−4	−1	−16
Proceeds from MSR related financing liabilities	67	52	243	—	—
Repayment of MSR related financing liabilities	−71	−71	−95	—	—
Proceeds from sale of HECM or reverse mortgages, accounted for as a financing (HMBS-related borrowings)	1,086	1,074	1,055	1,780	1,675
Repayment of HMBS-related borrowings	−2,999	−1,475	−1,070	−1,568	−1,614
Proceeds from issuance of preferred stock	0	20	0	0	—
Payment of preferred stock issuance costs	0	−1	0	0	—
Payment of preferred stock dividend	−4	−500,000	0	0	—
Payment on exercise of common stock warrants	−4	0	0	—	—
Net cash provided by (used in) financing activities	−1,101	183	71	−13	1,380
Net increase (decrease) in cash, cash equivalents and restricted cash	−1	10	−19	11	−94
Interest paid	280	251	254	169	125
Income tax payments (refunds), net	8	13	−5	−27	−22
HECM loans held for investment acquired at fair value	0	−2,913	0	−224	0
HMBS-related borrowings assumed at fair value	0	2,881	0	220	0
Series B Preferred stock issuance at fair value	0	51	0	0	—
Other, net	0	500,000	0	0	—
Net cash received (paid) on HECM transactions	0	20	0	−5	—
Right-of-use asset	1	3	−2	11	5
Lease liability	1	2	−2	11	4
Derecognition of MSRs	−12	−86	−454	−39	0
Derecognition of financing liabilities:	−12	−86	−454	−36	0

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