secwatch.observer — SEC 8-K summary
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Issuer:     ONITY GROUP INC. (ONIT)
CIK:        0000873860
Form:       8-K
Filed at:   2024-10-11T23:59:59+00:00
Accession:  0001493152-24-040906
Event type: m_and_a
Sentiment:  neutral
Materiality: 0.70
Item codes: 8.01, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

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

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/873860/000149315224040906/0001493152-24-040906-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/873860/000149315224040906/form8-k.htm
  HTML page:      https://secwatch.observer/filing/0001493152-24-040906

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