Onity reports prelim Q3 net income $21.4M ($2.65 EPS), plans $475M notes offering

ONITY GROUP INC.

2024-Q3 EPS reported $7.74 revenue$751,200,000

Q3 2024 prelim net income $21.4M, diluted EPS $2.65, vs Q2 net income $10.5M, EPS $1.33.
Adjusted pre-tax income (non-GAAP) $35.3M, up from $31.7M in Q2; total origination volume ~$8.5B.
Subsidiary plans $475M senior notes due 2029; net proceeds to redeem PHH 7.875% notes due 2026 and Onity second lien notes due 2027.
Redemption contingent on Oaktree MAV sale and escrow release; PHH notes call at 101.969% plus accrued interest.
PHH Mortgage issued notice to redeem all 7.875% notes on Nov 20, 2024, subject to financing condition.

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