Onity posts Q2 net income of $11M; enters LOI to acquire $3B reverse mortgage assets

ONITY GROUP INC.

GAAP net income of $11M; diluted EPS $1.33; annualized ROE 10%.
Adjusted pre-tax income of $32M; 28% annualized adjusted pre-tax ROE.
Added $19B total servicing portfolio ($12B subservicing) during Q2.
LOI with Waterfall to buy MAM's reverse mortgage assets (~$3B UPB, $55M net value); close expected H2 2024.
Consideration: $51.7M in 7.875% cumulative non-convertible preferred stock, callable after 4 years.

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