Onity Q3 net income $21M, EPS $2.65; issues Series B preferred for $55M assets

ONITY GROUP INC.

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

GAAP net income $21M, diluted EPS $2.65; adjusted pre-tax income $35M, adjusted pre-tax ROE 31%.
Issued 2,111,787 Series B Preferred shares to Waterfall for assets with $55.1M book value, including $3B UPB HECM loans and MSRs plus $20M cash.
Series B Preferred: 7.875% cumulative dividend on $25 liquidation preference, redeemable after 2028, limited voting rights.
Debt-to-equity ratio improved to 2.9x from 3.9x in Q4 2023; book value per share $59.50 as of Sep 30, 2024.
Total servicing additions of $18B ($8B subservicing) in Q3.

item 2.02 item 3.02 item 3.03 item 5.03 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Governance Changes SEC 8-K Item 5.03/5.05/5.06 confidence 0.9

ONITY GROUP INC.: Amended articles of incorporation to designate preferences and rights of Series B Preferred Stock (effective 2024-11-01).

Change: charter amendment
Effective: 2024-11-01

Exact text from the filing

On November 1, 2024, the Company filed with the Florida Secretary of State Articles of Amendment to its Amended and Restated Articles of Incorporation designating the preferences and rights of the Series B Preferred Stock.

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ONITY GROUP INC. filing history →

Source: SEC EDGAR

accession 0001493152-24-043611

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