secwatch.observer — SEC 8-K summary
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Issuer:     ONITY GROUP INC. (ONIT)
CIK:        0000873860
Form:       8-K
Filed at:   2024-08-01T23:59:59+00:00
Accession:  0001493152-24-029863
Event type: other_material
Sentiment:  positive
Materiality: 0.80
Item codes: 2.02, 8.01, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

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

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/873860/000149315224029863/0001493152-24-029863-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/873860/000149315224029863/form8-k.htm
  HTML page:      https://secwatch.observer/filing/0001493152-24-029863

License: Source filings: public domain (SEC EDGAR). Summaries (headline + bullets): CC-BY-4.0; attribute https://secwatch.observer