Onity Group to acquire MAM's reverse mortgage assets with $3B UPB; issues Series B Preferred Stock

ONITY GROUP INC.

Acquires substantially all MAM assets with estimated aggregate NAV of ~$55M, including $3.0B UPB of HECM reverse mortgage loans and MSRs, plus ~$20M cash.
Consideration: Onity issues perpetual Series B Preferred Stock with ~$52.7M liquidation preference; cumulative dividends start at 7.875% p.a. for 5 years, then increase.
Onity expects total cash proceeds of ~$46M from acquired cash and future debt financing on the mortgage assets.
Closing expected in Q4 2024, subject to Ginnie Mae consents and other customary conditions.
The acquired mortgage assets are currently subserviced by Onity's subsidiary, PHH Mortgage Corporation.

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