Onity Group accelerates capital restructuring with MAV sale, debt reduction, and asset acquisitions

ONITY GROUP INC.

Onity to sell its 15% interest in MAV to Oaktree for ~$49M cash; expects Q4 2024 close subject to debt financing and approvals.
Oaktree waives make-whole premium on Onity Notes; Onity commits to redeem at least $150M in Onity Notes in Q4 2024 at par or 102.5%.
MAM Asset Acquisition: Onity to issue ~$52.7M in perpetual preferred stock to Waterfall for assets with estimated net asset value of ~$55M.
PMC completed securitization of reverse mortgage assets generating $46.1M; also sold MSR portfolio reducing debt by $73.4M for $26.5M cash.
Ginnie Mae extends PMC's risk-based capital ratio compliance deadline to May 1, 2025; Onity repurchased $23.5M of PMC Notes at a discount.

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