---
schema_version: "secwatch.filing_event.v1"
accession: "0001493152-24-040906"
form_type: "8-K"
ticker: "ONIT"
cik: "0000873860"
company_name: "ONITY GROUP INC."
filed_at: "2024-10-11T23:59:59+00:00"
generated_at: "2026-05-30T16:09:09.364358+00:00"
event_type: "m_and_a"
sentiment: "neutral"
materiality_score: 0.7
calibrated_materiality_score: 0.7
confidence: "high"
source: SEC EDGAR
---

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

## Summary
- 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.

## SEC filing metadata
- accession: 0001493152-24-040906
- form_type: 8-K
- ticker: ONIT
- cik: 0000873860
- company_name: ONITY GROUP INC.
- filed_at: 2024-10-11T23:59:59+00:00
- event_type: m_and_a
- sentiment: neutral
- materiality_score: 0.7
- calibrated_materiality_score: 0.7
- confidence: high
- sec_items: 8.01, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/873860/000149315224040906/0001493152-24-040906-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/873860/000149315224040906/form8-k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001493152-24-040906
- JSON: https://secwatch.observer/filing/0001493152-24-040906.json
- Plain text: https://secwatch.observer/filing/0001493152-24-040906.txt

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.