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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

(Mark one)


☒			QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended March 31, 2026


☐			TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
			For the transition period from: ____________________ to ____________________

Commission File No. 1-13219

Onity Group Inc.

(Exact name of registrant as specified in its charter)


Florida		65-0039856
(State or other jurisdiction of incorporation or organization)		(I.R.S. Employer Identification No.)
1661 Worthington Road, Suite 100		33409
West Palm Beach,	Florida
(Address of principal executive office)		(Zip Code)

(561) 682-8000

(Registrant’s telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Act:


Title of each class	Trading Symbol(s)*	Name of each exchange on which registered
Common Stock, $0.01 Par Value	ONIT	New York Stock Exchange

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes x No o

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes x No o

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act:

Large accelerated filer

☐

Accelerated filer

☒

Non-accelerated filer

☐

Smaller reporting company

☐

Emerging growth company

☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. o

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act) Yes ☐ No x

Number of shares of common stock outstanding as of May 1, 2026: 8,432,137 shares

ONITY GROUP INC.

FORM 10-Q

TABLE OF CONTENTS


		PAGE
PART I - FINANCIAL INFORMATION

Item 1.	Unaudited Consolidated Financial Statements	4

	Consolidated Balance Sheets at March 31, 2026 and December 31, 2025	4
	Consolidated Statements of Operations for the Three Months Ended March 31, 2026 and 2025	5
	Consolidated Statements of Comprehensive Income for the Three Months Ended March 31, 2026 and 2025	6
	Consolidated Statements of Changes in Equity for the Three Months Ended March 31, 2026 and 2025	7
	Consolidated Statements of Cash Flows for the Three Months Ended March 31, 2026 and 2025	8

	Notes to Unaudited Consolidated Financial Statements	9
	N ote 1. Organization and Basis of Presentation	9
	N ote 2. Securitizations and Variable Interest Entities	10
	N ote 3. Fair Value	12
	N ote 4. Loans Held for Sale	18
	N ote 5. R everse Mortgages	19
	N ote 6. Advances	21
	N ote 7. Mortgage Servicing	22
	N ote 8. MSR Related Financing Liabilities, at Fair Value	24
	N ote 9. MSR Valuation Adjustments, Net	25
	N ote 10. Receivables	26
	N ote 11. Other Assets	27
	N ote 12. Borrowings	27
	N ote 13. Other Liabilities	32
	N ote 14. Stockholders ’ Equity	32
	N ote 15. Derivative Financial Instruments	32
	N ote 16. Interest Expense	35
	N ote 17. Income Taxes	35
	N ote 18. Basic and Diluted Earnings Per Share	36
	N ote 19. Business Segment Reporting	36
	N ote 20. Regulatory Requirements	38
	N ote 21. Commitments	40
	N ote 22. Contingencies	42
	N ote 23. Subsequent Events	45

Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	45

Item 3.	Quantitative and Qualitative Disclosures about Market Risk	89

Item 4.	Controls and Procedures	91

PART II - OTHER INFORMATION

Item 1.	Legal Proceedings	92

Item 1A.	Risk Factors	92

I tem 2.	U nregistered Sales of Equity Securities and Use of Proceeds	92

Item 5.	Other Information	92

Item 6.	Exhibits	93

Signatures		94

FORWARD-LOOKING STATEMENTS

This Quarterly Report contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements, other than statements of historical fact included in this report, including statements regarding our financial position, business strategy and other plans and objectives for our future operations, are forward-looking statements.

Forward-looking statements may be identified by a reference to a future period or by the use of forward-looking terminology. Forward-looking statements are typically identified by words such as “expect”, “believe”, “foresee”, “anticipate”, “intend”, “estimate”, “goal”, “strategy”, “plan”, “target” and “project” or conditional verbs such as “will”, “may”, “should”, “could” or “would” or the negative of these terms, although not all forward-looking statements contain these words. Forward-looking statements by their nature address matters that are, to different degrees, uncertain. Readers should bear these factors in mind when considering forward-looking statements and should not place undue reliance on such statements. Forward-looking statements involve a number of assumptions, risks and uncertainties that could cause actual results to differ materially from those suggested by such statements. In the past, actual results have differed from those suggested by forward-looking statements and this may happen again. Important factors that could cause actual results to differ include, but are not limited to, the risks discussed under Part I, Item 1A, Risk Factors of our Annual Report on Form 10-K for the year ended December 31, 2025 and the following:

•the potential for ongoing disruption in the financial markets and in commercial activity generally related to changes in monetary and fiscal policy, United States political developments, geopolitical events and other sources of instability;

•the impacts of inflation, employment disruption, and other financial difficulties facing our borrowers;

•whether, and if so, when and under what conditions we will receive regulatory approval to close our announced transaction with Finance of America Reverse LLC, and the resulting impact on our operations, reputation, and financial results, including as a result of factors such as the amount of assets transferred at closing, the nature and amount of post-closing adjustments, and future payments related to indemnification obligations;

•the amount of common stock that we may repurchase under our announced stock repurchase program, the timing of such repurchases, and the long-term impact, if any, of repurchases on the trading price of our stock or our financial condition;

•our ability to maintain and increase market share in our target markets, including in forward and reverse servicing, including our ability to compete against larger more conservatively capitalized companies, or privately funded companies with different profit objectives;

•breach or failure of Onity’s, our contractual counterparties’, or our vendors’ information technology or other security systems or privacy protections, including any failure to protect customers’ data, resulting in disruption to our operations, loss of income, reputational damage, costly litigation and regulatory penalties;

•our reliance on our technology vendors to adequately maintain and support our systems, including our servicing systems, loan originations and financial reporting systems, and uncertainty relating to our ability to transition to alternative vendors, if necessary, without incurring significant cost or disruption to our operations;

•our ability to interpret correctly and comply with current or future liquidity, net worth and other financial and other requirements of regulators, the Federal National Mortgage Association (Fannie Mae), and Federal Home Loan Mortgage Corporation (Freddie Mac) (together, the GSEs), and the Government National Mortgage Association (Ginnie Mae), as well as those set forth in our debt and other agreements;

•our ability to repay, renew and extend our other borrowings, borrow additional amounts as and when required, meet our mortgage servicing rights (MSR) or other asset investment objectives and comply with our debt agreements, including the financial and other covenants contained in them;

•the extent to which our strategic transactions and enterprise sales initiatives will generate additional subservicing volume and result in increased profitability;

•the impact of non-renewal by Rithm Capital Corp. (Rithm) of its subservicing agreements with us effective January 31, 2026, including the timing for servicing transfer, the extent to which we will restructure our operations and support functions and the timing for doing so, and our ability to offset reduced subservicing income with other income-generating activities;

•uncertainty related to the extent to which MSR Asset Vehicle LLC will exercise its rights to sell MSRs which are presently subserviced by Onity Mortgage Corporation (OMC) and the impact to our subservicing portfolio;

•our ability to identify, enter into and close additional strategic transactions, including the ability to obtain regulatory approvals, enter into definitive financing arrangements, and satisfy closing conditions, and the timing for doing so;

•our ability to efficiently integrate the operations and assets of acquired businesses and to retain their employees and customers over time;

•the adequacy of our financial resources, including our sources of liquidity and ability to sell, fund and recover servicing advances, forward and reverse whole loans, future draws on existing reverse loans, and Home Equity Conversion Mortgage (HECM) and forward loan buyouts and put-backs;

•uncertainty related to the ability of third party obligors and financing sources to fund servicing advances on a timely basis on loans serviced by us;

•increased servicing costs and reduced or delayed servicing income due to rising borrower delinquency levels, forbearance plans, moratoria on evictions and delays in foreclosure proceedings;

•the characteristics of our servicing portfolio, including prepayment speeds along with delinquency and advance rates;

•our ability to continue to collect certain expedited payment or convenience fees and potential liability for charging such fees;

•an increase in severe weather or natural disaster events resulting in costly disruptions to our operations and increased servicing costs due to property damage;

•our ability to successfully modify delinquent loans, manage foreclosures and maintain and sell foreclosed properties;

•adverse effects on our business related to past, present or future claims, litigation, cease and desist orders and investigations relating to our business practices, including those brought by private parties and state regulators, the Consumer Financial Protection Bureau (CFPB), State Attorneys General, the Securities and Exchange Commission (SEC), the Department of Justice or the Department of Housing and Urban Development (HUD);

•scrutiny of our compliance with rules and regulations instituted by state governments, the GSEs, Ginnie Mae and regulators;

•the reactions of key counterparties, including lenders, the GSEs and Ginnie Mae, to our regulatory engagements and litigation matters;

•any adverse developments in existing legal proceedings or the initiation of new legal proceedings;

•our ability to efficiently manage our regulatory and contractual compliance obligations and fully comply with all applicable requirements, and the costs of doing so;

•uncertainty related to changes in legislation, regulations, government programs and policies, industry initiatives, best servicing and lending practices, and media scrutiny of our business and industry;

•the extent to which changes in, or in the interpretation of, laws or regulations may require us to modify our business practices and expose us to increased expense, regulatory engagement and litigation risk, including with respect to the collection of expedited payment, or convenience fees;

•our ability to comply with our servicing agreements, including our ability to comply with our agreements with the GSEs and Ginnie Mae and maintain our seller/servicer and other statuses with them;

•our servicer and credit ratings as well as other actions from various rating agencies, including the impact of prior or future downgrades of our servicer and credit ratings;

•uncertainty related to the actions of loan owners and guarantors, including mortgage-backed securities investors, the GSEs, Ginnie Mae and trustees regarding loan put-backs, penalties and legal actions;

•uncertainty related to the GSEs substantially curtailing or ceasing to purchase our conforming loan originations or the Federal Housing Administration (FHA) of the HUD, Department of Veterans Affairs (VA) or United States Department of Agriculture (USDA) ceasing to provide insurance;

•our ability to recruit and retain senior managers and key employees;

•increased compensation and benefits expense as a result of rising inflation and labor market trends;

•uncertainty related to our reserves, valuations, provisions and anticipated realization of assets;

•our ability to effectively manage our exposure to interest rate changes and foreign exchange fluctuations;

•our ability to effectively transform our operations in response to changing business needs, including our ability to do so without unanticipated adverse tax consequences;

•political or economic stability in the foreign countries in which we operate; and

•our ability to maintain positive relationships with our large shareholders and obtain their support for management proposals requiring shareholder approval.

Further information on the risks specific to our business is detailed within this report and our other reports and filings with the SEC including our Annual Report on Form 10-K for the year ended December 31, 2025, and our Current Reports on Form 8-K since such date. Forward-looking statements speak only as of the date they were made and we disclaim any obligation to update or revise forward-looking statements whether because of new information, future events or otherwise.

PART I – FINANCIAL INFORMATION

ITEM 1. UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS

ONITY GROUP INC. AND SUBSIDIARIES

UNAUDITED CONSOLIDATED BALANCE SHEETS

(Dollars in millions, except per share data)


	March 31, 2026		December 31, 2025
Assets
Cash and cash equivalents	$	182.5	$	180.5
Restricted cash ($58.9 and $37.3 related to variable interest entities (VIEs))	124.7		84.1
Mortgage servicing rights (MSRs), at fair value	3,025.9		2,825.3
Advances, net ($316.0 and $364.5 related to VIEs)	431.1		483.4
Loans held for sale, at fair value ($1,785.7 and $1,199.8 related to VIEs)	3,150.2		1,891.7
Reverse loans held for sale pooled into Home Equity Conversion Mortgage-Backed Securities (HMBS), at fair value	9,596.5		9,807.5
Receivables, net ($254.9 and $64.2 related to VIEs)	365.0		189.8






Premises and equipment, net	11.3		10.8
Other assets ($39.9 and $28.4 carried at fair value) ($100.4 and $83.4 related to VIEs)	318.2		273.9
Contingent loan repurchase asset	530.0		423.6

Total assets	$	17,735.2	$	16,170.6

Liabilities and Stockholders’ Equity
Liabilities
HMBS-related borrowings, at fair value	$	9,437.4	$	9,611.7
MSR related financing liabilities, at fair value	794.6		842.0
MSR financing facilities, net	1,371.0		1,285.2
Advance match funded liabilities ($291.3 and $341.4 related to VIEs)	291.3		341.9
Mortgage warehouse facilities	2,193.0		1,224.6

Reverse mortgage securitization notes, net (related to VIE)	1,321.0		899.3
Senior notes, net	692.8		489.6

Other liabilities ($27.9 and $10.2 carried at fair value)	424.9		374.9
Contingent loan repurchase liability	530.0		423.6

Total liabilities	17,056.0		15,492.8

Commitments and Contingencies (Notes 21 and 22)

Mezzanine Equity
Series B Preferred stock, $0.01 par value and $25.00 liquidation preference value; 2,400,000 shares authorized; 2,111,786 and 2,111,786 shares issued and outstanding at March 31, 2026 and December 31, 2025, respectively	49.9		49.9

Stockholders’ Equity

Common stock, $0.01 par value; 13,333,333 shares authorized; 8,410,618 and 8,521,636 shares issued and outstanding at March 31, 2026 and December 31, 2025, respectively	0.1		0.1

Additional paid-in capital	550.8		556.1
Retained earnings	78.5		71.9
Accumulated other comprehensive loss, net of income taxes	(0.1)		(0.1)


Total stockholders’ equity	629.2		627.9
Total liabilities, mezzanine equity and stockholders’ equity	$	17,735.2	$	16,170.6

The accompanying notes are an integral part of these unaudited consolidated financial statements

ONITY GROUP INC. AND SUBSIDIARIES

UNAUDITED CONSOLIDATED STATEMENTS OF OPERATIONS

(Dollars in millions, except per share data)


	For the Three Months Ended March 31,
	2026		2025
Revenue
Servicing and subservicing fees	$	222.4	$	203.3
Gain on reverse loans and HMBS-related borrowings, net	18.7		23.8
Gain on loans held for sale, net	34.1		11.8

Other revenue, net	19.1		10.9
Total revenue	294.3		249.8

MSR valuation adjustments, net	(69.0)		(38.9)

Operating expenses
Compensation and benefits	69.7		57.4
Servicing and origination	18.5		13.0
Technology and communications	17.5		15.0
Professional services	14.8		22.6
Occupancy, equipment and mailing	8.5		8.2


Other expenses	3.1		3.6
Total operating expenses	132.2		119.9

Other income (expense)
Interest income	41.0		26.2
Interest expense	(82.7)		(67.0)
Pledged MSR liability expense	(42.6)		(41.9)





Other, net	(0.9)		0.9
Other income (expense), net	(85.2)		(81.9)

Income before income taxes	7.9		9.1
Income tax expense (benefit)	0.3		(13.0)


Net income	7.6		22.1
Preferred stock dividend	(1.0)		(1.0)
Net income attributable to common stockholders	$	6.6	$	21.1











Earnings per share attributable to common stockholders
Basic	$	0.78	$	2.68
Diluted	$	0.74	$	2.50

Weighted average common shares outstanding
Basic	8,494,823		7,873,989
Diluted	8,981,972		8,436,874

The accompanying notes are an integral part of these unaudited consolidated financial statements

ONITY GROUP INC. AND SUBSIDIARIES

UNAUDITED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

(Dollars in millions)


	For the Three Months Ended March 31,
	2026		2025
Net income	$	7.6	$	22.1





Other comprehensive income (loss), net of income taxes	—		0.1
Comprehensive income	$	7.6	$	22.2

The accompanying notes are an integral part of these unaudited consolidated financial statements

ONITY GROUP INC. AND SUBSIDIARIES

UNAUDITED CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY

FOR THE THREE MONTHS ENDED MARCH 31, 2026 AND 2025

(Dollars in millions)


	Common Stock			Additional Paid-in Capital		Retained Earnings (Accumulated Deficit)		Accumulated Other Comprehensive Income (Loss), Net of Taxes		Total
	Shares	Amount

Balance at December 31, 2025	8,521,636	$	0.1	$	556.1	$	71.9	$	(0.1)	$	627.9
Net income	—	—		—		7.6		—		7.6
Preferred stock dividend ($0.49 per share)	—	—		—		(1.0)		—		(1.0)


Repurchase of common stock	(154,444)	—		(6.1)		—		—		(6.1)





Equity-based compensation and other	43,426	—		0.8		—		—		0.8
Other comprehensive income (loss), net of income taxes	—	—		—		—		—		—
Balance at March 31, 2026	8,410,618	$	0.1	$	550.8	$	78.5	$	(0.1)	$	629.2

Balance at December 31, 2024	7,873,053	$	0.1	$	559.3	$	(117.6)	$	1.2	$	442.9
Net income	—	—		—		22.1		—		22.1
Preferred stock dividend ($0.49 per share)	—	—		(1.0)		—		—		(1.0)







Exercise of common stock warrants	—	—		(3.5)		—		—		(3.5)

Equity-based compensation and other	107,952	—		(0.5)		—		—		(0.5)
Other comprehensive income, net of income taxes	—	—		—		—		0.1		0.1
Balance at March 31, 2025	7,981,005	$	0.1	$	554.3	$	(95.5)	$	1.3	$	460.2

The accompanying notes are an integral part of these unaudited consolidated financial statements

ONITY GROUP INC. AND SUBSIDIARIES

UNAUDITED CONSOLIDATED STATEMENTS OF CASH FLOWS

(Dollars in millions)


	For the Three Months Ended March 31,
	2026		2025
Cash flows from operating activities
Net income	$	7.6	$	22.1
Adjustments to reconcile net income to net cash used in operating activities:
MSR valuation adjustments, net	87.7		55.9


Provision for bad debts (advances and receivables)	4.9		4.7
Provision for indemnification obligations	1.9		0.3
Depreciation	1.1		1.2

Amortization of debt issuance costs, discount and premium	9.4		5.7
Amortization of intangibles	0.3		0.3
Equity-based compensation expense	1.7		2.1
Interest capitalized on reverse buyouts	(17.1)		(10.5)


Deferred income tax expense (benefit)	1.6		(0.6)

Gain on reverse loans and HMBS-related borrowings, net	(11.3)		(19.0)




Gain on loans held for sale, net	(34.1)		(11.8)
Changes in assets and liabilities:
Decrease in advances	77.7		54.4
Increase in receivables and other assets	(137.1)		(27.6)
Decrease (increase) in derivatives	16.7		(16.2)
Decrease in other liabilities	(39.5)		(52.6)
Cash flows from loans held for sale:
Origination and purchase of loans held for sale	(7,717.5)		(4,273.3)
Proceeds from sale and collections of loans held for sale	6,156.3		4,114.6
Other, net	(0.4)		2.2
Net cash used in operating activities	(1,589.9)		(148.1)

Cash flows from investing activities
Origination of loans held for investment	—		(277.1)
Principal payments received on loans previously held for investment	559.8		786.1


Purchase of MSRs	(186.8)		(98.1)
Proceeds from sale of MSRs	20.0		4.5


Acquisition of advances in connection with MSR transactions	(5.6)		(2.5)

Proceeds from sale of advances in connection with MSR transactions	0.5		0.3


Purchase of real estate	(21.4)		(2.3)
Proceeds from sale of real estate	23.7		9.2
Additions to premises and equipment	(0.1)		(0.3)




Net cash provided by investing activities	390.0		419.8
Cash flows from financing activities
Repayment of advance match funded liabilities, net	(50.6)		(39.6)

Proceeds from mortgage warehouse facilities, net	968.4		78.6
Proceeds from reverse mortgage securitization notes	491.8		—
Repayment of reverse mortgage securitization notes	(74.0)		(35.0)
Proceeds from MSR financing facilities, net	86.3		178.5

Proceeds from issuance of Senior notes	206.5		—
Payment of debt issuance costs	(8.4)		(0.2)
Proceeds from MSR related financing liabilities	11.0		6.9
Repayment of MSR related financing liabilities	(39.5)		(17.0)
Proceeds from sale of HECM or reverse mortgages, accounted for as a financing (HMBS-related borrowings)	214.1		309.1
Repayment of HMBS-related borrowings	(555.9)		(777.1)


Repurchase of common stock	(6.1)		—




Payment of preferred stock dividend	(1.0)		(1.0)
Payment on exercise of common stock warrants	—		(3.5)

Net cash provided by (used in) financing activities	1,242.5		(300.4)

Net increase (decrease) in cash, cash equivalents and restricted cash	42.6		(28.7)
Cash, cash equivalents and restricted cash at beginning of year	264.6		265.6
Cash, cash equivalents and restricted cash at end of period	$	307.2	$	236.9

Supplemental cash flow information
Interest paid	$	55.0	$	46.3
Income tax payments (refunds), net
Federal	$	—	$	(0.5)
State	(0.3)		—
Foreign	0.7		1.0
	$	0.4	$	0.5

Supplemental non-cash investing and financing activities:

Recognition of gross right-of-use asset and lease liability
Right-of-use asset	$	1.5	$	0.7
Lease liability	1.5		0.7






Derecognition of MSRs and MSR related financing liabilities, at fair value:
MSR, at fair value	$	(17.2)	$	—
MSR related financing liability, at fair value - MSR pledged liability	(17.2)		—

The following table provides a reconciliation of cash, cash equivalents and restricted cash reported within the unaudited consolidated balance sheets and the unaudited consolidated statements of cash flows:


	March 31, 2026		March 31, 2025
Cash and cash equivalents	$	182.5	$	178.0
Restricted cash and equivalents:
Debt service accounts	63.5		24.8
Other restricted cash	61.2		34.0
Total cash, cash equivalents and restricted cash reported in the statements of cash flows	$	307.2	$	236.9

The accompanying notes are an integral part of these unaudited consolidated financial statements

ONITY GROUP INC. AND SUBSIDIARIES

NOTES TO UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS

MARCH 31, 2026

(Dollars in millions, except per share data and unless otherwise indicated)


Note 1 - Organization and Basis of Presentation

Organization

Onity Group Inc. (NYSE: ONIT) (Onity, we, us and our) is a non-bank mortgage servicer and originator providing solutions to homeowners, clients, investors and others through its primary operating subsidiary, Onity Mortgage Corporation (formerly PHH Mortgage Corporation). On March 23, 2026, PHH Mortgage Corporation changed its name to Onity Mortgage Corporation (OMC). OMC is a wholly-owned subsidiary of PHH Corporation, an intermediate holding company and wholly-owned subsidiary of Onity. We are headquartered in West Palm Beach, Florida with offices and operations in the United States (U.S.), the United States Virgin Islands (USVI), India and the Philippines. Onity is a Florida corporation organized in February 1988.

Onity directly or indirectly owns all of the outstanding common stock of its operating subsidiaries, including OMC since its acquisition on October 4, 2018, PHH Asset Services, LLC (PAS), Ocwen Financial Solutions Private Limited (OFSPL) and Ocwen USVI Services, LLC (OVIS).

We perform servicing activities related to our own MSR portfolio (primary) and on behalf of other servicers (subservicing), and investors (primary and master servicing), including the Federal National Mortgage Association (Fannie Mae) and Federal Home Loan Mortgage Corporation (Freddie Mac) (collectively referred to as GSEs), the Government National Mortgage Association (Ginnie Mae, and together with the GSEs, the Agencies) and private-label securitizations (PLS, or non-Agency).

We source our servicing portfolio through multiple channels, including retail, wholesale, correspondent, flow MSR purchase agreements, the Agency Cash Window programs and bulk MSR purchases. We originate, purchase, sell and securitize conventional (conforming to the GSE underwriting standards) loans and government-insured (Federal Housing Administration (FHA), Department of Veterans Affairs (VA) or United States Department of Agriculture (USDA)) and other forward mortgage loans, generally with servicing retained. The GSEs or Ginnie Mae guarantee these mortgage securitizations. We originate and purchase Home Equity Conversion Mortgage (HECM) loans, or reverse mortgages, which are mostly insured by the FHA, and we are an approved issuer of Home Equity Conversion Mortgage-Backed Securities (HMBS) that are guaranteed by Ginnie Mae.

In November 2025, OMC agreed to sell at book value its entire HECM loan portfolio and HMBS related borrowings to Finance of America Reverse LLC (FAR) and subservice the sold portfolio and additional loans from FAR for an initial three-year term. FAR agreed to acquire OMC’s originations pipeline of reverse mortgage loans and assume some of OMC’s U.S. based reverse originations employees. OMC agreed to discontinue its reverse originations business upon closing. At March 31, 2026, the closing of the transaction was contingent on Ginnie Mae's approval. On April 30, 2026, the parties entered into an amendment to the November 2025 agreements for the sale of a portion of OMC’s HECM loan portfolio and associated HMBS related borrowings, subject to Ginnie Mae approval and customary closing conditions (see Note 5 - Reverse Mortgages and Note 23 - Subsequent Events).

We had a total of approximately 4,200 employees at March 31, 2026 of which approximately 2,700 were located in India and approximately 400 were based in the Philippines. Our operations in India and the Philippines provide support services to our loan servicing and originations businesses and our corporate functions.

Basis of Presentation

The accompanying unaudited consolidated financial statements have been prepared in conformity with the instructions of the Securities and Exchange Commission (SEC) to Form 10-Q and SEC Regulation S-X, Article 10, Rule 10-01 for interim financial statements. Accordingly, they do not include all of the information and footnotes required by accounting principles generally accepted in the United States of America (GAAP) for complete financial statements. In our opinion, the accompanying unaudited consolidated financial statements contain all adjustments, consisting only of normal recurring adjustments, necessary for a fair presentation. The results of operations and other data for the three months ended March 31, 2026 are not necessarily indicative of the results that may be expected for any other interim period or for the year ending December 31, 2026. The unaudited consolidated financial statements presented herein should be read in conjunction with the audited consolidated financial statements and related notes thereto included in our Annual Report on Form 10-K for the year ended December 31, 2025.

Amounts may not add in certain tables due to rounding.

Use of Estimates and Assumptions

The preparation of financial statements in conformity with GAAP requires that management make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Such estimates and assumptions include, but are not limited to, those that relate to fair value measurements, income taxes and the provision for losses that may arise from contingencies including litigation proceedings. In developing estimates and assumptions, management uses all available information; however, actual results could materially differ from those estimates and assumptions.

Recently Adopted Accounting Standards

Financial Instruments - Credit Losses (Topic 326) Measurement of Credit Losses for Accounts Receivable and Contract Assets (ASU 2025-05)

The amendments in this ASU provide a practical expedient that permits entities to assume that current conditions as of the balance sheet date will remain unchanged for the remaining life of certain current accounts receivable and contract assets when estimating expected credit losses arising from contracts with customers.

The amendments are effective prospectively for 2026 annual and interim periods. Our adoption of the ASU on January 1, 2026 did not have a material impact on our consolidated financial statements, results of operations, or cash flows.

Accounting Standards Issued but Not Yet Adopted

Intangibles—Goodwill and Other—Internal-Use Software (ASC 350-40): Targeted Improvements to the Accounting for Internal-Use Software (ASU 2025-06)

The amendments in this ASU remove references to software development stages and require entities to start capitalizing software costs when (1) management has authorized and committed to funding the software project, and (2) it is probable that the project will be completed and the software will be used to perform the function intended (referred to as the “probable-to-complete recognition threshold”).

The amendments in this ASU are effective in the 2028 annual period and in 2029 for interim reporting periods. Early adoption is permitted. The standard may be applied using a prospective transition approach, a modified transition approach that is based on the status of the project and whether software costs were capitalized before the date of adoption, or a retrospective transition approach.


Note 2 – Securitizations and Variable Interest Entities

We securitize, sell and service forward and reverse residential mortgage loans and regularly transfer financial assets in connection with asset-backed financing arrangements. We have aggregated these transfers of financial assets and asset-backed financing arrangements using special purpose entities (SPEs) or VIEs into the following groups: (1) securitizations of residential mortgage loans, (2) financings of loans held for sale and other related assets, (3) financings of advances and (4) MSR financings. Financing transactions that do not use SPEs or VIEs are disclosed in Note 12 – Borrowings.

Securitizations of Residential Mortgage Loans

Transfers of Forward Loans

We sell or securitize forward loans that we originate or purchase from third parties, generally in the form of mortgage-backed securities guaranteed by the GSEs or Ginnie Mae. Securitization typically occurs within 30 days of loan closing or purchase. We act only as a fiduciary and do not have a variable interest in the securitization trusts. As a result, we account for these transactions as sales upon transfer.

The following table presents a summary of cash flows received from and paid to securitization trusts related to transfers of loans accounted for as sales that were outstanding:


	Three Months Ended March 31,
	2026		2025
Proceeds received from securitizations	$	5,983.5	$	4,068.8
Servicing fees collected (1)	53.0		40.1
Purchases of previously transferred assets, net of claims reimbursed	(5.2)		(4.3)
	$	6,031.3	$	4,104.6

(1)We receive servicing fees based upon the securitized loan unpaid principal balance (UPB) and certain ancillary fees, all of which are reported in Servicing and subservicing fees in the unaudited consolidated statements of operations.

In connection with these transfers, we retained MSRs of $104.8 million and $60.5 million during the three months ended March 31, 2026 and 2025, respectively.

Certain obligations arise from the agreements associated with our transfers of loans. Under these agreements, we may be obligated to repurchase the loans, or otherwise indemnify or reimburse the investor or insurer for losses incurred due to material breach of contractual representations and warranties. We receive customary origination representations and warranties from our network of approved correspondent lenders. To the extent that we have recourse against a third-party originator, we may recover part or all of any loss we incur. Also refer to the Loan Put-Back and Related Contingencies section of Note 22 – Contingencies.

The following table presents the carrying amounts of our assets that relate to our continuing involvement with forward loans that we have transferred with servicing rights retained as well as an estimate of our maximum exposure to loss including the UPB of the transferred loans:


	March 31, 2026		December 31, 2025
Carrying value of assets
MSRs, at fair value	$	1,055.5	$	978.2
Advances	117.6		119.6
UPB of loans transferred (1)	67,477.0		64,876.2
Maximum exposure to loss (2)	$	68,650.0	$	65,974.0

(1)Includes $18.6 billion and $17.5 billion of loans delivered to Ginnie Mae as of March 31, 2026 and December 31, 2025, respectively, and includes loan modifications repurchased and delivered through the Ginnie Mae Early Buyout Program (EBO).

(2)The maximum exposure to loss in the table above is primarily based on the remaining UPB of loans serviced and assumes all loans were deemed worthless as of the reporting date. It does not take into consideration the proceeds from the underlying collateral liquidation, recoveries or any other recourse available to us, including from mortgage insurance, guarantees or correspondent sellers. We do not believe the maximum exposure to loss from our involvement with these previously transferred loans is representative of the actual loss we are likely to incur based on our contractual rights and historical loss experience and projections. Also, refer to the Loan Put-Back and Related Contingencies section of Note 22 – Contingencies.

At March 31, 2026 and December 31, 2025, 2.3% and 2.2%, respectively, of the transferred residential loans that we service were 60 days or more past due, including 60 days or more past due loans under forbearance. This includes 5.6% and 5.5%, respectively, of loans delivered to Ginnie Mae that are 60 days or more past due.

Transfers of Reverse Mortgages

We pool HECM loans into HMBS that we sell into the secondary market with servicing rights retained. We have determined that loan transfers in the HMBS program do not meet the definition of a participating interest and the servicing requirements require the issuer/servicer to absorb some level of interest rate risk, cash flow timing risk and incidental credit risk. As a result, the transfers of the HECM loans do not qualify for sale accounting, and therefore, we account for these transfers as secured financings, with the HECM loans classified as Reverse loans held for sale pooled into HMBS, at fair value (previously Loans held for investment, at fair value through November 2025) on our consolidated balance sheets. Holders of participating interests in the HMBS have no recourse against the assets of Onity, except with respect to standard representations and warranties and our contractual obligation to service the HECM loans and the HMBS.

Financing of Loans Held for Sale, Receivables and Other Assets using SPEs

We consolidate SPEs (trusts) in connection with mortgage warehouse financing facilities structured as repurchase or gestation repurchase facilities whereby mortgage loans held for sale, claim receivables and REO properties, or participation interests therein, are transferred by OMC to trusts for collateralization purposes. We have determined that the trusts are VIEs for which we are the primary beneficiary. Therefore, we have included the trusts in our consolidated financial statements. As of March 31, 2026 and December 31, 2025, $905.6 million and $507.6 million, respectively, assets were pledged as collateral for debt issuances by the trusts in the amount of $876.2 million and $496.1 million, respectively. See Note 12 – Borrowings.

We finance certain reverse mortgage buyouts that are insured by the FHA, including loans held for sale, claim receivables from HUD and REO properties, through private placement securitizations, referred to as “OLIT transactions”. The securitized assets include assets we purchased from third parties along with mortgage buyouts from our own reverse mortgage portfolio. The securitization trusts issued senior and mezzanine class Notes to third party investors. We retain certain mezzanine class Notes and ownership interests and service the underlying assets. As servicer, we are required to make certain servicing and principal advances that will not be reimbursable to us until all payments of interest and principal have been made to

noteholders. We determined we were the primary beneficiary, and thus consolidate the securitization trusts and related depositors. Recourse for the Notes is limited to the assets of the respective securitization trusts. Also refer to Note 12 – Borrowings.

The table below presents the carrying value and classification of the assets and liabilities reported on our consolidated balance sheet that are associated with the OLIT transactions:


OLIT transactions - assets and liabilities	March 31, 2026		December 31, 2025
Mortgage loans (Loans held for sale, at fair value)	$	967.2	$	698.2
Receivables, net	168.8		62.6
REO (Other assets)	97.7		81.0
Debt service and Interest reserve accounts (Restricted cash)	50.7		26.5


Total assets	$	1,284.4	$	868.4

Outstanding borrowing UPB (Reverse mortgage securitization notes, net)	1,389.7		951.9
Unamortized discount and debt issuance costs (Reverse mortgage securitization notes, net)	(68.7)		(52.6)
Accrued expenses and Accrued interest (Other liabilities)	2.8		2.6
Total liabilities	$	1,323.8	$	901.9

Financings of Servicing Advances using SPEs

We pledged certain servicing advances as collateral to our advance financing facilities, referred to as advance match funded liabilities. with the use of SPEs that we consolidate and include in our consolidated financial statements. Holders of the debt issued by these entities have recourse only to the assets of the SPE for satisfaction of the debt.

The table below presents the carrying value and classification of the assets and liabilities of the advance financing facilities:


	March 31, 2026		December 31, 2025
Match funded advances (Advances, net)	$	316.0	$	364.5
Debt service accounts (Restricted cash)	8.0		10.6


Advance match funded liabilities	291.3		341.4

MSR Financings using SPEs

We consolidate SPEs (referred to as ESR Trusts) in connection with third-party financing facilities secured by GSE MSRs and one SPE (PMC PLS ESR Issuer LLC or PLS Issuer) in connection with our PLS MSR financing facility.

We determined that the ESR Trusts established in connection with the GSE MSR financing facilities, and PLS Issuer established in connection with the PLS MSR financing facility, are VIEs for which we are the primary beneficiary. Therefore, we have included the ESR Trusts and PLS Issuer in our consolidated financial statements. In addition, Onity guarantees the obligations under the ESR Trusts facilities.

The table below presents the carrying value and classification of the assets and liabilities of the GSE MSR financing facilities and the PLS MSR financing facility:


	March 31, 2026		December 31, 2025

MSRs pledged (MSRs, at fair value)	$	1,178.4	$	1,035.7
Debt service account (Restricted cash)	0.9		0.9

Outstanding borrowings (MSR financing facilities, net)	681.6		700.8


Note 3 – Fair Value

Fair value is estimated based on a hierarchy that maximizes the use of observable inputs and minimizes the use of unobservable inputs. Observable inputs are inputs that reflect the assumptions that market participants would use in pricing the asset or liability developed based on market data obtained from sources independent of the reporting entity. Unobservable inputs are inputs that reflect the reporting entity’s own assumptions about the assumptions market participants would use in pricing the asset or liability developed based on the best information available in the circumstances. The fair value hierarchy

prioritizes the inputs to valuation techniques into three broad levels whereby the highest priority is given to Level 1 inputs and the lowest to Level 3 inputs.

The carrying amounts and the estimated fair values of our financial instruments and certain of our nonfinancial assets measured at fair value on a recurring or non-recurring basis or disclosed, but not measured, at fair value are as follows:


		March 31, 2026				December 31, 2025
	Level	Carrying Value		Fair Value		Carrying Value		Fair Value
Financial assets
Advances, net (b)	3	$	431.1	$	431.1	$	483.4	$	483.4
Loans held for sale, at fair value (a) (d)	3, 2	3,150.2		3,150.2		1,891.7		1,891.7




Reverse loans held for sale pooled into HMBS, at fair value (a)	3	9,596.5		9,596.5		9,807.5		9,807.5
Receivables, net (b)	3	365.0		365.0		189.8		189.8





Financial liabilities
HMBS-related borrowings, at fair value (a)	3	$	9,437.4	$	9,437.4	$	9,611.7	$	9,611.7




MSR related financing liabilities, at fair value (a)	3	794.6		794.6		842.0		842.0
MSR financing facilities (b) (c)	3	1,371.0		1,365.0		1,285.2		1,278.3
Advance match funded liabilities (b)	3	291.3		291.3		341.9		341.9
Mortgage warehouse facilities (b)	3	2,193.0		2,193.0		1,224.6		1,224.6
Reverse mortgage securitization notes (b) (c)	3	1,321.0		1,327.4		899.3		909.6



Senior notes (b) (c)	3, 2	692.8		673.8		489.6		515.0

Derivative financial instrument assets (liabilities), net
Interest rate lock commitments (IRLCs) (a)	3	$	5.0	$	5.0	$	17.3	$	17.3





Other derivatives (a)	1	7.6		7.6		1.7		1.7


MSRs (a)	3	$	3,025.9	$	3,025.9	$	2,825.3	$	2,825.3

(a)Measured at fair value on a recurring basis in our financial statements.

(b)Disclosed, but not measured at fair value in our financial statements.

(c)The carrying values are net of unamortized debt issuance costs and discount. See Note 12 – Borrowings for additional information.

(d)The newly originated portfolio of loans held for sale pending securitization with the Agencies or sale is classified as Level 2; all other loans are classified as Level 3.

The following tables present a reconciliation of the changes in fair value of certain Level 3 assets and liabilities that we measure at fair value on a recurring basis (refer to the respective notes for other Level 3 assets and liabilities):


	Three Months Ended March 31,
	2026				2025
	Loans Held for Sale - Fair Value		IRLCs		Loans Held for Sale - Fair Value		IRLCs
Beginning balance	$	780.1	$	17.3	$	472.9	$	(0.5)

Purchases, issuances, sales and settlements
Purchases and other	410.8		—		134.9		—
Issuances (1)	—		74.5		—		32.7

Sales	(54.9)		—		(60.4)		—
Settlements	(46.3)		—		(30.5)		—
Transfers from (to):

Loans held for sale, at fair value (1)	—		(6.2)		—		(47.3)
Reverse mortgage loans, at fair value (2)	0.8		—		3.1		—
Receivables, net	(32.8)		—		(20.5)		—
REO (Other assets)	(23.8)		—		(12.3)		—

Advances (incl. capitalization upon Ginnie Mae modification)	2.5		—		4.8		—
Other	(1.6)		—		—		—

Net additions (disposition/derecognition)	254.6		68.4		19.0		(14.6)

Included in earnings:

Change in fair value (1)	10.4		(80.7)		4.7		24.6




Ending balance	$	1,045.0	$	5.0	$	496.6	$	9.4

(1)IRLC activity (issuances and transfers) represent changes in fair value included in earnings. This activity is presented on a gross basis in the table for disclosure purposes. Total net change in fair value included in earnings attributed to IRLCs is a gain (loss) of $(12.3) million and $9.9 million for the three months ended March 31, 2026 and 2025, respectively. See Note 15 – Derivative Financial Instruments and Hedging Activities. A reconciliation from the beginning balances to the ending balances of Reverse loans held for sale pooled into HMBS, HMBS-related borrowings, MSRs and MSR related financing liabilities that we measure at fair value on a recurring basis is disclosed in Note 5 - Reverse Mortgages, Note 7 – Mortgage Servicing and Note 8 — MSR Related Financing Liabilities, at Fair Value, respectively.

(2)For three months ended March 31, 2025, transfers from loans held for investment, at fair value.

The significant unobservable assumptions that we make to estimate the fair value of certain assets and liabilities classified as Level 3 and measured at fair value on a recurring basis are provided below.

Loans Held for Sale

Repurchased Ginnie Mae forward and reverse loans are classified as Level 3 within the valuation hierarchy. We repurchase certain loans from Ginnie Mae guaranteed securitizations in connection with loan modifications, strategic EBO and loan resolution activity as part of our contractual obligations as the servicer of the loans. The fair value of the forward mortgage loans we purchased from Ginnie Mae guaranteed securitizations is estimated using both observable and unobservable inputs, including estimated default, prepayment, and discount rates. Significant unobservable inputs in estimating fair value include the estimated default rate and, for reverse loans the prepayment rate and liquidation timeline.

Loans Held for Investment and Reverse loans Held for Sale pooled into HMBS - Reverse Mortgages

Reverse mortgage loans classified as loans held for investment through November 2025 and Reverse loans held for sale pooled into HMBS thereafter are carried at fair value and classified as Level 3 within the valuation hierarchy. These loans are not actively traded, and quoted market prices are not available. We measure these loans at fair value based on the expected future cash flows discounted over the expected life of the loans at a rate commensurate with the risk of the estimated cash flows, including future draw commitments for HECM loans. Inputs of the discounted cash flows of these assets include future draws and tail securitization spreads, conditional prepayment rate (including voluntary and involuntary prepayments) and discount rate. We engage third-party valuation experts in the determination of fair value.

Significant unobservable assumptions include conditional prepayment rate and discount rate. The conditional prepayment rate assumption displayed in the table below is inclusive of voluntary (repayment or payoff) and involuntary (inactive/delinquent status and default) prepayments. The discount rate assumption is primarily based on an assessment of current market yields on reverse mortgage loan and tail securitizations, expected duration of the asset and current market interest rates.


Significant unobservable assumptions	March 31, 2026		December 31, 2025
Life in years
Range	0.8 to 7.8		0.6 to 7.8
Weighted average	4.7		4.7
Conditional prepayment rate (CPR), including voluntary and involuntary prepayments (a)
Range	13.1% to 26.0%		13.1% to 26.6%
Weighted average	19.0	%	18.9	%
Discount rate	4.9	%	4.8	%

(a) Annualized rate of lifetime projected prepayments as a percentage of the UPB at the beginning of any given period.

Significant changes in any of these assumptions in isolation could result in a significant change in fair value. The effects of changes in the assumptions used to value the securitized reverse loans held for sale pooled into HMBS, excluding future draw commitments, are partially offset by the effects of changes in the assumptions used to value the HMBS-related borrowings that are associated with these loans.

MSRs

MSRs are carried at fair value and classified within Level 3 of the valuation hierarchy. MSRs are not actively traded, and quoted market prices are not available. We determine the fair value of MSRs primarily using discounted cash flow methodologies. The significant components of the estimated future cash inflows for MSRs include servicing fees, late fees, float earnings and other ancillary fees. Significant cash outflows include the cost of servicing, the cost of financing servicing advances and compensating interest payments.

Effective in the first quarter of 2026, we brought the valuation of our MSRs in-house, and implemented internally managed industry standard valuation and prepayment models to estimate the fair value of MSRs. Previously we outsourced the valuation of our MSRs to third-party valuation experts to provide an estimated fair value of our MSRs.

To benchmark the reasonableness of our determination of fair value, we supply our portfolio information to multiple third-party valuation experts who generate an independent assessment of fair value. In arriving at their estimated benchmark fair value ranges, the valuation experts utilize industry standard discounted cash flow modeling incorporating an estimate of prepayments, and other usual and customary inputs which reflect their observations and assumptions related to market activity, generally the bulk market, incorporating available industry survey results and client feedback, and including risk premiums and liquidity adjustments. While interest rates are a key value driver, MSR fair value may change for other market-driven factors, including but not limited to the supply and demand of the market or the required yield or perceived value by investors of such MSRs.

While the models and related assumptions used by the valuation experts are proprietary to them, we understand the methodologies and assumptions used to develop the prices based on our ongoing due diligence, which includes regular discussions with the valuation experts, and we perform additional verification and analytical procedures. The MSR valuation process is subject to significant senior management oversight, including formal approval of MSR valuations and related model and/or assumption updates by Onity’s MSR Valuation Committee. We believe that our procedures provide reasonable assurance that the fair value used in our consolidated financial statements comply with the accounting guidance for fair value measurements and disclosures and reflect the assumptions that a market participant would use.

The fair value is equal to the internally modeled fair value mark without adjustment except in the event we have a potential or completed sale, including transactions where we have executed letters of intent, in which case the fair value of the MSRs is recorded at the estimated sale price, or the modeled fair value is outside the range of third-party valuation(s) (benchmarking), in which case we adjust the modeled fair value to ensure it remains within the valuation range provided by at least one of the MSR valuation experts. This determination is separately made for each class of MSR.

A change in the valuation inputs or assumptions may result in a significantly higher or lower fair value measurement. Changes in market interest rates predominantly impact the fair value of Agency MSRs via prepayment speeds by altering the borrower refinance incentive and the non-Agency MSRs due to the impact on advance funding costs. In addition, changes in

market interest rates impact float income. The significant unobservable assumptions used in the valuation of these MSRs include discount rate, prepayment speed, delinquency rates, and cost to service.


Significant unobservable assumptions (1)	March 31, 2026								December 31, 2025
	GSE			Ginnie Mae			Non-Agency		GSE		Ginnie Mae			Non-Agency
Discount rate
Range	8.8% to 9.0%			10.4% to 13.4%			11.4% to 12.7%		8.9% to 15.1%		10.5% to 15.0%			9.5% to 14.5%
Weighted average	8.8		%	10.5		%	11.9%		9.2	%	10.6		%	10.4		%
Prepayment speed
Range	4.1% to 8.5%			4.7% to 9.0%			4.3% to 7.3%		4.0% to 10.0%		5.7% to 10.6%			5.4% to 7.5%
Weighted average	6.4		%	6.8		%	5.1%		6.8	%	7.7		%	6.4		%
Delinquency
Range	1.5% to 2.0%			9.6% to 12.8%			11.9% to 15.9%		0.4% to 1.0%		4.8% to 9.1%			9.0% to 17.7%
Weighted average	1.8		%	11.4		%	12.6%		0.5	%	5.6		%	12.0		%
Cost to service (in dollars)
Range	$71 to $73			$110 to $225			$174 to $218		$67 to $69		$92 to $108			$158 to $189
Weighted average	$	72		$	118		$	182	67		$	96		$	173

(1)March 31, 2026 assumptions reflect the internal model approach implemented in the current quarter, with December 31, 2025 reflecting the assumptions in place under the prior approach.

Because the mortgages underlying these MSRs permit the borrowers to prepay the loans, the value of the MSRs generally tends to diminish in periods of declining interest rates, an improving housing market or expanded product availability (as prepayments increase) and increase in periods of rising interest rates, a deteriorating housing market or reduced product availability (as prepayments decrease). The following table summarizes the estimated change in the value of the MSRs as of March 31, 2026 given hypothetical increases in significant unobservable assumptions:


Adverse change in fair value	10%		20%
Change in weighted average discount rate (in percentage points)	0.9		1.9
Change in fair value due to change in weighted average discount rate	$	(109.0)	$	(209.4)
Change in weighted average prepayment speeds (in percentage points)	0.7		1.4
Change in fair value due to change in weighted average prepayment speeds	$	(79.1)	$	(153.6)
Change in weighted average delinquency (in percentage points)	0.4		0.8
Change in fair value due to change in weighted average delinquency	$	(17.8)	$	(34.6)
Change in weighted average cost to service (in dollars)	9.0		17.0
Change in fair value due to change in weighted average cost to service	$	(35.4)	$	(70.8)

Financing Liabilities

HMBS-Related Borrowings

HMBS-related borrowings are carried at fair value and classified as Level 3 within the valuation hierarchy. These borrowings are not actively traded, and therefore, quoted market prices are not available. We determine fair value using a discounted cash flow approach, by discounting the projected recovery of principal and interest over the estimated life of the borrowing at a market rate commensurate with the risk of the estimated cash flows.

We engage third-party valuation experts to support our valuation and provide observations and assumptions related to market activities. The fair value is equal to the fair value mark provided by a third-party valuation expert. We evaluate the reasonableness of our fair value estimate and assumptions using historical experience, or cash flow backtesting, adjusted for prevailing market conditions and benchmarks of assumptions and value estimates.

Significant unobservable assumptions include yield spread and discount rate. The yield spread and discount rate assumption for these liabilities are primarily based on an assessment of current market yields for newly issued HMBS, expected duration and current market interest rates.


Significant unobservable assumptions	March 31, 2026		December 31, 2025
Life in years
Range	0.8 to 7.8		0.6 to 7.8
Weighted average	4.7		4.7
Conditional prepayment rate
Range	13.1% to 26.0%		13.1% to 26.6%
Weighted average	19.0	%	18.9	%
Discount rate	4.8	%	4.7	%

Significant changes in any of these assumptions in isolation could result in a significant change in fair value. The effects of changes in the assumptions used to value the HMBS-related borrowings are partially offset by the effects of changes in the assumptions used to value the associated pledged reverse loans held for sale pooled into HMBS, excluding future draw commitments.

Pledged MSR Liabilities

Pledged MSR liabilities are carried at fair value and classified as Level 3 within the valuation hierarchy. We determine the fair value of the pledged MSR liability following a similar approach as for the associated transferred MSRs. Fair value of the pledged MSR liability in connection with the MSR capital partner transactions is determined consistent with the associated MSR, using the same methodology and assumptions, while considering cash flows contractually retained by OMC and expected life of the subservicing agreement, when applicable.


Significant unobservable assumptions	March 31, 2026			December 31, 2025
Weighted average prepayment speed	5.4		%	5.2		%
Weighted average delinquency rate	3.8		%	3.3		%
Weighted average subservicing life (in years)	5.2			5.2
Weighted average discount rate	9.4		%	9.6		%
Weighted average cost to service (in dollars)	$	127		$	124

Significant changes in these assumptions in isolation would result in a significant change in fair value.

ESS Financing Liability

The Excess Servicing Spread (ESS) financing liability is carried at fair value and classified as Level 3 within the valuation hierarchy. The ESS financing liability consists of the obligation to remit to third parties a specified percentage of future servicing fee collections (excess servicing spread) on reference pools of mortgage loans, which we are entitled to as owner of the related MSRs. The fair value represents the net present value of the expected servicing spread cash flows, consistent with the valuation model and behavioral projections of the underlying MSR, as applicable. The significant unobservable assumptions used in the valuation of the ESS financing liability include prepayment speeds, delinquency rates, and discount rates. The discount rate is initially determined based on the expected cash flows and the proceeds from each issuance, and is subsequently updated, at each issuance level, to incorporate discount rate assumption updates for the underlying MSR or other factors. At March 31, 2026 and December 31, 2025, the weighted average discount rate of the ESS financing liability was 9.4% and 9.8%, respectively. Refer to MSRs above for a description of other significant unobservable assumptions.

Derivative Financial Instruments

Fair value amounts of IRLCs are adjusted for expected “fallout” (locked pipeline loans not expected to close) using models that consider cumulative historical fallout rates and other factors. IRLCs are classified as Level 3 assets as fallout rates were determined to be significant unobservable assumptions.


Note 4 – Loans Held for Sale - Fair Value

The following table presents the estimated fair value of Loans held for sale:



	March 31, 2026		December 31, 2025












Unpaid principal balance	$	3,320.4	$	2,008.5
Premium (discount)	(136.2)		(97.9)
Unrealized gain (loss)	(34.0)		(18.9)
Total fair value	$	3,150.2	$	1,891.7

The following table presents the composition of Loans held for sale, at fair value by type:


	March 31, 2026		December 31, 2025
GSE loans	$	1,107.7	$	482.8
Government- Forward loans	870.4		550.0
Forward loans repurchased from Ginnie Mae guaranteed securitization (1)	46.2		31.2
Reverse loans (2)	978.9		722.2
Other residential mortgage loans (3)	147.0		105.5
Total fair value	$	3,150.2	$	1,891.7

(1)Pursuant to Ginnie Mae servicing guidelines.

(2)Includes reverse mortgage loans purchased from Ginnie Mae securitization pools that reached the 98% of maximum claim amount and are generally liquidated through foreclosure and subsequent sale of the REO properties. As of March 31, 2026 and December 31, 2025, the balance includes $967.2 million and $698.2 million, respectively, of loans pledged as collateral for the Asset-Backed Notes issued by OLIT. Also see Note 2 – Securitizations and Variable Interest Entities and Note 12 – Borrowings.

(3)Includes second-lien loans and non-Qualified Mortgages.

The following table presents the activity of Loans held for sale, at fair value:


	Three Months Ended March 31,
	2026		2025
Beginning balance	$	1,891.7	$	1,290.2
Originations and purchases	7,544.0		4,273.3
Proceeds from sales	(6,103.9)		(4,082.6)
Principal collections	(52.1)		(32.0)
Transfers from (to):
Reverse mortgage loans, at fair value (1)	0.8		3.1

Receivables	(32.8)		(20.5)

REO (Other assets)	(23.8)		(12.3)
Advances (incl. capitalization upon Ginnie Mae modifications)	2.4		4.8

Fair value gain (loss) on loans held for sale, at fair value (2)	(87.7)		(35.4)
Other (3)	11.6		13.6
Ending balance	$	3,150.2	$	1,402.2

(1)For three months ended March 31, 2025, transfers from loans held for investment, at fair value.

(2)See below table of Gain (loss) on loans held for sale, net, excluding MSRs retained on transfers of forward mortgage loans.

(3)Includes capitalized interest on reverse loans, reported within Interest income.

The following table presents the components of Gain (loss) on loans held for sale, net:


Gain (Loss) on Loans Held for Sale, Net	Three Months Ended March 31,
	2026		2025

MSRs retained on transfers of forward mortgage loans	$	104.8	$	60.5

Loss on sale of forward mortgage loans (1)	(70.4)		(39.9)
Gain (loss) on sale of repurchased Ginnie Mae loans (1)	—		(0.4)
Change in fair value of loans held for sale	(17.4)		4.9
Gain on loans held for sale, at fair value	17.1		25.1
Gain (loss) on economic hedge derivative instruments	30.4		(21.5)
Change in fair value of IRLCs	(12.3)		8.9
Provision for representation and warranty obligations	(1.0)		(0.7)



	$	34.1	$	11.8

(1)Realized gain (loss) on sale of loans, excluding retained MSRs.

Note 5 - Reverse Mortgages

The following table presents the estimated fair value of reverse mortgage loans classified as held for sale, at fair value and previously classified as Loans held for investment, at fair value. Loans were reclassified to loans held for sale, at fair value (pursuant to the fair value election) at December 31, 2025 as we intend, and agreed to sell the loans to FAR in November 2025 along with the HMBS-related borrowings at book value (determined at closing of the transaction). At March 31, 2026, the transaction remained contingent on Ginnie Mae’s approval. On April 30, 2026, the parties entered into an amendment to the
November 2025 agreements whereby OMC has agreed to sell reverse MSRs comprised of approximately 20,000 HECM loans and the HMBS related borrowings, subject to Ginnie Mae approval and customary closing conditions. Gross proceeds from the amended sale are an estimated $105 to $115 million after pricing related adjustments, including a slight discount to book value, and before transaction costs, repayment of certain warehouse financings, and other adjustments, including as a result of asset and liabilities balances as of the closing date. Following these payments and adjustments, the transaction is expected to result in net proceeds at closing of approximately $70 to $80 million. As of March 31, 2026, the balances include $5,525 million securitized assets ($5,145 million UPB), the associated $5,451 million HMBS-related borrowings (or net $74 million reverse MSR), and approximately $43 million newly originated reverse loans and tails pending securitization and net servicing related liabilities. See Note 23 - Subsequent Events for additional information.

The reverse loans described herein exclude reverse loans pledged as collateral for the asset-backed securitization notes issued by OLIT and certain non HECM loans which are classified as Loans held for sale, at fair value on the face of the consolidated balance sheets for all periods presented.


	March 31, 2026		December 31, 2025














Unpaid principal balance	$	9,083.4	$	9,333.0
Fair value adjustments	513.1		474.5
Total fair value	$	9,596.5	$	9,807.5

The following table presents the composition of reverse mortgage loans by type:


	March 31, 2026		December 31, 2025
HECM loans - securitized, pledged to HMBS-related borrowings (1)	$	9,533.2	$	9,703.1
New HECM loan originations and HECM loan tails (2) (3) - unsecuritized	63.3		104.4
Total fair value	$	9,596.5	$	9,807.5

(1)The Ginnie Mae securitization of conventional, HECM loans does not qualify for sale accounting treatment and is accounted for as a secured financing transaction, with the recognition of both loans and HMBS-related borrowing on the consolidated balance sheets.

(2)Tails include draws on securitized HECM loans, mortgage insurance premium, servicing fee and other advances which we subsequently securitize.

(3)As of March 31, 2026 and December 31, 2025, the balance includes $27.2 million and $58.4 million, respectively, of new HECM loan originations pending pooling into HMBS (pipeline loans).

The following table summarizes the activity in reverse mortgage loans and HMBS-related borrowings that do not qualify for sale accounting and for which we elected the fair value option:


	Three Months Ended March 31,
	2026				2025
	Reverse Mortgage Loans (1)		HMBS - Related Borrowings		Loans Held for Investment - Reverse Mortgages		HMBS - Related Borrowings
Beginning balance	$	9,807.5	$	(9,611.7)	$	11,125.3	$	(10,872.1)

Originations	173.4		—		277.1		—
Securitization of HECM loans accounted for as a financing	—		(214.1)		—		(309.1)
Additional proceeds from securitization of HECM loans and tails	—		(6.8)		—		(4.1)

Repayments (principal payments received)	(560.1)		555.9		(786.1)		777.1
Transfers to:
Loans held for sale, at fair value	(0.8)		—		(3.1)		—
Receivables, net	(1.4)		—		(2.5)		—
REO (Other assets)	(0.2)		—		(0.2)		—
Other	1.6		—		—		—
Fair value gains (losses) included in earnings (2)	176.3		(160.7)		202.1		(179.4)

Ending balance	$	9,596.5	$	(9,437.4)	$	10,812.5	$	(10,587.6)

(1)Reverse mortgage loans were reclassified from held for investment, at fair value to held for sale, at fair value in November 2025. The $560.1 million repayments of reverse mortgage loans for the three months ended March 31, 2026 include $559.8 million of repayments of loans that were classified as held for sale at December 31, 2025 and previously held for investment, which remain presented as investing cash flows in the consolidated statement of cash flows.

(2)See further breakdown of the net gain (loss) in the table below. Includes interest accruals.

The following table presents the Fair value gains (losses) on reverse loans and HMBS-related borrowings included in earnings:


Fair value gains (losses) included in earnings	Three Months Ended March 31,
	2026		2025
Fair value gains (losses) of Reverse mortgage loans	$	176.3	$	202.1
Fair value gains (losses) of HMBS related borrowings	(160.7)		(179.4)
Total fair value gains (losses) included in earnings	$	15.6	$	22.7

The following table presents the components of Gain (loss) on reverse loans and HMBS-related borrowings, net:


Gain (Loss) on Reverse Loans and HMBS-related Borrowings, Net	Three Months Ended March 31,
	2026		2025
Gain on new originations (1)	$	3.8	$	5.8

Net interest income (servicing fee) (2)	7.2		8.3



Other change in fair value of securitized loans and HMBS-related borrowings, net	4.6		8.6
Fair value gains (losses) included in earnings (3)	15.6		22.7

HECM hedging derivative gains (losses) (4)	2.4		—
Loan fees and other	0.6		1.1
Total (5)	$	18.7	$	23.8

(1)Includes the changes in fair value of newly originated reverse mortgage loans in the period from interest rate lock commitment date through securitization date.

(2)Includes the interest income on reverse mortgage loans less the interest expense on HMBS-related borrowings. The net interest income includes the servicing fee Onity is contractually entitled to on securitized loans.

(3)See breakdown between Reverse mortgage loans and HMBS-related borrowings in the table above.

(4)We began separately hedging our reverse exposure to interest rate in the fourth quarter of 2025 (also refer to Note 15 – Derivative Financial Instruments and Hedging Activities).

(5)Reverse mortgage loans were reclassified from held for investment, at fair value to held for sale, at fair value in November 2025.


Note 6 – Advances

The following table presents the composition of servicing advances by type:


	March 31, 2026		December 31, 2025
Principal and interest	$	90.9	$	98.9
Taxes and insurance	208.9		278.8
Foreclosures, bankruptcy, REO and other (1)	134.4		110.2
Total advances, before allowance for losses	434.3		487.9
Allowance for losses	(3.2)		(4.5)
Advances, net (2)	$	431.1	$	483.4

(1) As of March 31, 2026, no state represented a balance exceeding 5% of the total advances (based on the underlying property location of the related mortgage loans), except for the state of New York with $24.6 million.

(2) As of March 31, 2026, no single counterparty represented a balance exceeding 5% of the total, except for one subservicing client with $30.6 million. Generally, unreimbursed advances may be recovered from principal and interest collections or advance recoveries.

The following table presents the composition of servicing advances by investor:


	March 31, 2026		December 31, 2025
GSE	$	61.2	$	82.2
Ginnie Mae	58.8		63.3
Non-Agency	311.0		337.9
Advances, net	$	431.1	$	483.4

The following table summarizes the activity in net advances:


	Three Months Ended March 31,
	2026		2025
Beginning balance - before Allowance for Losses	$	487.9	$	584.6


New advances	268.0		200.0
Transfer from (to) Receivables	1.6		0.4

Transfer from (to) REO	—		0.7
Sales of advances	(0.4)		(0.3)
Acquisition of advances in connection with the purchase of MSRs	5.6		2.5
Transfer to Loans held for sale (incl. capitalization upon Ginnie Mae modifications)	(2.4)		(4.8)
Collections of advances and other	(326.0)		(261.4)


Ending balance - before Allowance for Losses	434.3		521.5

Beginning balance - Allowance for Losses	(4.5)		$	(7.4)
Provision expense	(1.0)		(2.1)
Net charge-offs and other	2.3		2.0
Ending balance - Allowance for Losses	(3.2)		(7.5)

Ending balance, net	$	431.1	$	514.0


Note 7 – Mortgage Servicing

The following table presents the composition of our MSR portfolio:


MSR UPB and Fair Value	March 31, 2026				December 31, 2025






	Fair Value		UPB ($ billions)		Fair Value		UPB ($ billions)
Owned MSRs (1)	$	2,479.3	$	162.9	$	2,244.3	$	152.5



Transferred MSR, subject to Pledged MSR liability (2) (3)	546.6		37.2		581.0		38.6
Total MSRs	$	3,025.9	$	200.1	$	2,825.3	$	191.1

(1)Includes $343.0 million and $373.5 million fair value of MSRs related to ESS financing liabilities at March 31, 2026 and December 31, 2025, respectively.

(2)MSRs subject to sale or transfer agreements that do not meet sale accounting criteria. See Note 8 — MSR Related Financing Liabilities, at Fair Value.

(3)Includes $84.2 million fair value and $6.9 billion UPB related to Rithm at March 31, 2026 subject to termination notice - refer to Note 8 — MSR Related Financing Liabilities, at Fair Value.

The following table presents the composition of our MSR portfolio by investor:


MSR UPB and Fair Value	March 31, 2026				December 31, 2025






	Fair Value		UPB ($ billions)		Fair Value		UPB ($ billions)
GSE	$	2,230.5	$	150.9	$	2,089.2	$	143.5
Ginnie Mae	604.9		31.8		528.6		28.1
Non-Agency	190.5		17.3		207.4		19.5
Total MSRs	$	3,025.9	$	200.1	$	2,825.3	$	191.1

The following table summarizes the delinquency status of loans underlying our MSRs:


	March 31, 2026								December 31, 2025
Delinquent loans	GSE		Ginnie Mae		Non - Agency		Total		GSE		Ginnie Mae		Non - Agency		Total


30 days	0.9	%	4.1	%	7.8	%	2.5	%	1.0	%	4.9	%	8.5	%	2.9	%
60 days	0.3		1.4		2.7		0.8		0.3		1.7		2.9		1.0
90 days or more	0.4		3.6		5.9		1.8		0.4		3.4		6.1		1.9
Total 30-60-90 days or more	1.6	%	9.2	%	16.4	%	5.1	%	1.7	%	9.9	%	17.5	%	5.7	%

The following table summarizes the activity of our MSRs:


Mortgage Servicing Rights – At Fair Value	Three Months Ended March 31,
	2026		2025

Beginning balance	$	2,825.3	$	2,466.3
Sales (3)	(20.6)		0.1
Additions:
Recognized on the sale of residential mortgage loans	104.8		60.5
Purchases of MSRs	193.5		98.3
Servicing transfers and adjustments (1)	(17.2)		—
Net additions (sales)	260.4		158.9
Changes in fair value recognized in earnings:
Changes in valuation inputs or assumptions	12.3		(19.6)
Realization of cash flows (2)	(72.1)		(58.2)
Fair value gains (losses) recognized in earnings	(59.8)		(77.8)

Ending balance	$	3,025.9	$	2,547.4

(1)On March 1, 2026, we derecognized a portion of the Rithm Pledged MSR liability with a UPB of $1.2 billion associated with Rithm servicing agreements for which MSR sale accounting criteria were met. See Note 8 — MSR Related Financing Liabilities, at Fair Value.

(2)Realization of expected cash flows and passage of time.

(3)On January 5, 2026 we completed a sale of certain owned MSRs, with subservicing retained with a UPB of $1.3 billion. The sale proceeds were used to settle the related outstanding ESS financing liability. Refer to Note 8 — MSR Related Financing Liabilities, at Fair Value.

The following table summarizes the components of our servicing and subservicing fee revenue:


Servicing Revenue	Three Months Ended March 31,
	2026		2025
Loan servicing and subservicing fees
Servicing fee on owned MSR	$	117.1	$	97.6
Servicing fee on transferred MSR (1)	31.9		32.4
Servicing fees	148.9		129.9
Subservicing fees	26.0		26.1



	174.9		156.0
Ancillary income
Custodial accounts (float earnings)	30.1		27.1
Late charges	9.9		9.7
Reverse subservicing ancillary fees	2.1		3.8
Other	5.5		6.6






	47.5		47.3
Total Servicing and subservicing fees	$	222.4	$	203.3


Owned MSR and Subservicing	$	186.1	$	167.4
Transferred MSR (1) (2)	36.3		35.9

(1)Servicing fees collected on behalf of, and remitted to, respective parties related to transferred MSRs that do not achieve sale accounting. Remittances are reported within Pledged MSR liability expense. See Note 8 — MSR Related Financing Liabilities, at Fair Value.

(2)Includes $4.5 million and $3.5 million for the three months ended March 31, 2026 and 2025, respectively, of ancillary income associated with transferred MSRs that do not achieve sale accounting, and is subject to remittances reported within Pledged MSR liability expense.

Float balances on which we earn interest, referred to as float earnings (balances in custodial accounts, which represent collections of principal and interest that we receive from borrowers on behalf of investors and tax and insurance payments) are held in escrow by unaffiliated banks and are excluded from our consolidated balance sheets. Float balances amounted to $3.40 billion and $2.58 billion at March 31, 2026 and December 31, 2025, respectively.


Note 8 — MSR Related Financing Liabilities, at Fair Value

The following table presents MSR related financing liabilities carried at fair value which include pledged MSR liabilities recorded in connection with MSR transfers, subservicing retained, that do not qualify for sale accounting, and MSR excess servicing spread (ESS) financing liability carried at fair value pursuant to our election of the fair value option for risk management purposes.


	Outstanding Balance
Borrowing Type	March 31, 2026		December 31, 2025




Pledged MSR liability, at fair value (1) (3)	$	541.2	$	573.2

ESS financing liability, at fair value (2)	253.4		268.8
Total MSR related financing liabilities, at fair value	$	794.6	$	842.0

(1)MSRs transferred in transactions which do not qualify for sale accounting treatment. Until such time as the transaction qualifies as a sale for accounting purposes, we continue to recognize the MSRs and the related financing liability (referred as Pledged MSR liability) on our consolidated balance sheets, as well as the full amount of servicing fee collected as revenue and the servicing fee remitted as Pledged MSR liability expense in our consolidated statements of operations. The fair value of the Pledged MSR liability may differ from the fair value of the associated transferred MSR asset mostly due to the portion of ancillary income that is contractually retained by OMC or other contractual cash flows.

(2)Consists of the obligation to remit to third parties a specified percentage of future servicing fee collections (excess servicing spread) on reference pools of mortgage loans, which we are entitled to as owner of the related MSRs. The servicing spread remittance is reported in Pledged MSR liability expense and fair value gains and losses of the ESS financing liability are reported in MSR valuation adjustments, net - See Note 9 – MSR Valuation Adjustments, Net.

(3)Includes $84.2 million fair value and $6.9 billion UPB related to Rithm at March 31, 2026 subject to termination notice - see below.

The following table presents the activity of the MSR related financing liabilities, at fair value that are classified as Level 3 within the valuation hierarchy.


MSR related financing liabilities - Fair value	Three Months Ended March 31,

	2026		2025
Beginning balance	$	842.0	$	846.9





MSR transfers	9.6		6.7




ESS settlement (2)	(20.8)		—
Derecognition of financing liability (1)	(17.2)		—

Fair value (gain) loss
Changes in fair value due to inputs and assumptions	(0.2)		(1.0)


Realization of cash flows	(18.7)		(17.0)
Total fair value (gain) loss	(18.9)		(18.0)
Ending balance	$	794.6	$	835.5

(1)On March 1, 2026, we derecognized a portion of the Rithm Pledged MSR liability with a UPB of $1.2 billion as MSR sale accounting criteria were met upon our transfer of title to the MSRs in connection with Rithm’s exercise of its termination right of the agreement with Onity disclosed below.

(2)On January 5, 2026 we completed a sale of certain owned MSRs, with subservicing retained with a UPB of $1.3 billion. The sale proceeds were used to settle the related outstanding ESS financing liability. Refer to Note 7 – Mortgage Servicing.

The following table presents the Pledged MSR liability expense recorded in connection with MSR sale agreements that do not qualify for sale accounting (transferred MSR) and ESS financing liabilities.


	Three Months Ended March 31,
	2026		2025

Servicing fees collected on transferred MSRs	$	31.9	$	32.4
Less: Subservicing fee retained by Onity	(5.1)		(5.9)
Ancillary fee/income and other settlement (including expense reimbursement)	3.0		2.3
Transferred MSR net servicing fee remittance	29.7		28.8
ESS servicing spread remittance	12.9		13.1
Pledged MSR liability expense	$	42.6	$	41.9

Three Months Ended March 31,

Rithm Transactions

Starting in 2012, Onity and OMC entered into agreements to sell MSRs and the related servicing advances to Rithm, for which OMC has been retained as subservicer. Since December 31, 2023, we have accounted for the relationships in two ways: (i) as an MSR transfer that does not qualify for sale accounting for a UPB of $6.9 billion which are referred to as Rights to MSRs (RMSR) and accounted for as a secured borrowing, with $84.2 million MSR and associated Pledged MSR liability on our consolidated balance sheet as of March 31, 2026; and (ii) as subservicing agreements for a UPB of $22.7 billion (UPB balances as of March 31, 2026).

The RMSR agreement and subservicing agreements were subject to automatic one-year renewals, subject to advance notice of termination. On October 31, 2025, we were notified by Rithm of its intent not to renew its subservicing agreements effective January 31, 2026. The termination is for convenience and not for cause. The servicing transfer to Rithm’s own servicing platform began in 2026 with the transfer of $1.2 billion RMSR UPB and $0.6 billion subservicing UPB on March 1, 2026 (also refer to Note 23 – Subsequent Events).

The transfer of the remaining $6.9 billion UPB of the RMSR agreement is subject to the receipt of necessary consents from trustees and others, the timing and success of which are uncertain. Upon exercise of its termination right of the RMSR agreement, Rithm has the option of seeking (i) the transfer of the MSRs through a sale to a third party of its Rights to MSRs (together with a transfer of Onity’s title to those MSRs) or (ii) a substitute RMSR arrangement that substantially replicates the Rights to MSRs structure under which we would transfer title to the MSRs to a successor servicer and Rithm would continue to own the economic rights and obligations related to the MSRs. In the case of option (i), we have a purchase option as specified in the RMSR Agreements. If Rithm is not able to sell the Rights to MSRs or establish a substitute RMSR arrangement with another servicer, Rithm has the right to revoke its termination notice and re-instate the applicable servicing addendum or to establish a subservicing arrangement whereby the MSRs remaining subject to the RMSR Agreements would be transferred to up to three subservicers who would subservice under Onity’s oversight. If such a subservicing arrangement were established, Onity would receive an oversight fee and reimbursement of expenses. We may also agree on alternative arrangements that are not contemplated under our existing agreements or that are variations of those contemplated under our existing agreements.

MSR Capital Partner Transactions

OMC entered into agreements to sell MSR portfolios to different third parties, referred to as MSR capital partners, on a bulk and flow basis, for which OMC has been retained as subservicer. While MSR legal title has transferred to the MSR capital partners, the transactions do not qualify for sale accounting treatment primarily due to the termination restrictions of the subservicing agreements. Accordingly, we continue to report the MSR and an associated Pledged MSR liability on our consolidated balance sheets.

Note 9 – MSR Valuation Adjustments, Net

The table below presents the components of MSR valuation adjustments, net, that include four MSR related instruments which we account for at fair value with changes in fair value recorded in earnings (also refer to Note 7 – Mortgage Servicing and Note 8 — MSR Related Financing Liabilities, at Fair Value):

(i) the fair value changes of the total MSR portfolio (Total MSRs) recorded on our consolidated balance sheets ($3.0 billion fair value asset at March 31, 2026). Total MSRs include owned MSRs and MSRs that have been sold or transferred to third parties in transactions that do not achieve sale accounting criteria. Owned MSRs include MSRs subject to ESS financing transactions;

(ii) the fair value changes of the Pledged MSR liabilities recorded as liabilities on our consolidated balance sheets when MSR sale accounting criteria are not achieved ($541.2 million fair value liability at March 31, 2026);

(iii) the fair value changes of the ESS financing liabilities for which we elected the fair value option ($253.4 million fair value liability at March 31, 2026); and

(iv) the fair value changes of the derivative instruments economically hedging the MSR exposure.


	Three Months Ended March 31,
	2026		2025
Total MSRs	$	(59.8)	$	(77.8)
Pledged MSR liabilities (1)	24.3		11.1
ESS financing liabilities	(5.4)		7.0

Derivative fair value gain (loss) (MSR economic hedges) (2)	(28.1)		20.8

MSR valuation adjustments, net	$	(69.0)	$	(38.9)


Total changes in fair value due to realization of cash flows, net	$	(53.4)	$	(41.1)
Total changes in fair value due to inputs and assumptions (3)	(15.6)		2.2

(1)MSR transfers that do not achieve sale accounting.

(2)Also refer to Note 15 – Derivative Financial Instruments and Hedging Activities.

(3)Including MSR hedging derivative gains (losses); excludes reverse mortgage exposure (see below).

MSR valuation adjustments, net exclude fair value changes of reverse mortgage loans net of HMBS related-borrowings which were included in our economic MSR interest rate risk hedge strategy through September 30, 2025 (refer to Note 15 – Derivative Financial Instruments and Hedging Activities), and are separately presented as Gain on reverse loans and HMBS-related borrowings, net (Other change in fair value of securitized loans and HMBS-related borrowings, net) within our consolidated statements of operations (refer to Note 5 - Reverse Mortgages).


Note 10 – Receivables


	March 31, 2026		December 31, 2025
Servicing-related receivables:
Government-insured loan claims - Reverse	$	259.6	$	83.8
Government-insured loan claims - Forward	30.1		30.2



Due from custodial accounts	24.2		15.4
Subservicing fees and reimbursable expenses	15.7		20.2
Receivable from sale of MSRs (holdback)	9.1		8.8



Other	7.7		8.1
	346.4		166.5
Income taxes receivable (1)	30.4		30.1

Other receivables	7.6		9.7
	384.4		206.4
Allowance for losses	(19.4)		(16.5)
	$	365.0	$	189.8

(1)Includes $28.2 million and $27.9 million at March 31, 2026 and December 31, 2025, respectively, from the USVI Bureau of Internal Revenue (BIR) for a refund of income taxes paid in prior years. In December 2022, we executed an agreement with the BIR for payment of the income tax refunds related to tax years 2013 through 2015, plus accrued interest, over a two-year period ending December 31, 2024. The BIR did not make the payment that was due on December 31, 2023 nor any subsequent payments pursuant to the agreement. On February 8, 2024, we filed a lawsuit against the USVI for the refund of income taxes paid in prior years and for the USVI’s breach of the above-referenced agreement; the USVI is defending against such claims and contesting that such refunds are owed. On April 30, 2025, the USVI filed an additional lawsuit against us alleging that we did not meet the conditions for receiving benefits under our Economic Development Commission Certificate. We have filed a motion to dismiss, which remains pending. See Note 22 – Contingencies for additional information.


Allowance for Losses	Three Months Ended March 31,
	2026		2025
Beginning balance	$	16.5	$	18.1
Provision	3.9		2.6
Charge-offs and other, net	(1.1)		(1.6)
Ending balance	$	19.4	$	19.2

At March 31, 2026 and December 31, 2025, the allowance for losses related to FHA-, VA- or USDA insured loans repurchased from Ginnie Mae guaranteed securitizations (government-insured claims) was $17.0 million and $15.5 million, respectively.


Note 11 – Other Assets


	March 31, 2026		December 31, 2025

Deferred tax assets, net - See Note 17	$	122.2	$	123.8
REO ($97.7 and $81.0 related to VIEs)	101.0		83.8
Derivatives, at fair value - See Note 15	39.5		28.1
Prepaid expenses (including prepaid lender fees)	24.0		23.2
Derivative related receivable	21.0		0.7
Intangible assets, net (net of accumulated amortization of $14.3 and $14.0)	2.1		2.4








Other	8.3		12.0
	$	318.2	$	273.9


Note 12 – Borrowings


Advance Match Funded Liabilities		Remaining Borrowing Capacity						Outstanding Balance
Borrowing Type	Expected Repayment Date (1)	Uncommitted			Committed			March 31, 2026		December 31, 2025
$350 million Ocwen Master Advance Receivables Trust (OMART) - Advance Receivables Backed Notes - Series 2025-VF1 (2)	September 2027	$	—		$	110.9		$	239.1	$	273.2
$100 million Ocwen GSE Advance Funding (OGAF) - Advance Receivables Backed Notes, Series 2015-VF1 (2)	May 2027	—			96.0			4.0		4.5
$350 million PGAF Issuer LLC - Advance Receivables Backed Notes, Series 2025-VF1 (2)	May 2027	—			301.7			48.3		63.7
$14.4 million EBO Advance facility (3)	May 2026	14.4			—			—		0.5
Total Advance match funded liabilities		$	14.4		$	508.7		$	291.3	$	341.9

Weighted average interest rate (4)		5.51		%	5.81		%

(1)The Expected Repayment Date of our facilities, as defined, is the date on which the revolving period ends under each advance facility note and repayment of the outstanding balance is required if the note is not renewed or extended.

(2)The committed borrowing capacity under the OMART, OGAF and PGAF facilities is available to us provided that we have sufficient eligible collateral to pledge. At March 31, 2026, none of the remaining borrowing capacity of these advance financing notes could be used based on the amount of eligible collateral.

(3)At March 31, 2026, none of the remaining borrowing capacity of the facility could be used based on the amount of eligible collateral.

(4)The weighted average interest rate excludes the effect of the amortization of prepaid lender fees. At March 31, 2026 and December 31, 2025, the balance of unamortized prepaid lender fees was $1.9 million and $2.0 million, respectively, and are included in Other assets in our consolidated balance sheets.


Mortgage Warehouse Facilities	Remaining Borrowing Capacity						Outstanding Balance
Borrowing Type				Uncommitted				Committed (1)		March 31, 2026		December 31, 2025















Total mortgage warehouse facilities (2)				$	1,589.5			$	312.5	$	2,193.0	$	1,224.6

Weighted average interest rate (3)		5.09	%	5.24		%

(1)Of the borrowing capacity on mortgage loan financing facilities extended on a committed basis, none of the remaining borrowing capacity could be used at March 31, 2026 based on the amount of eligible collateral that could be pledged on a committed basis.

(2)We use mortgage loan repurchase agreements, participation agreements and other warehouse facilities with various financial institutions to fund newly-originated or purchased loans on a short-term basis until they are sold or securitized to secondary market investors, and to fund repurchases of certain Ginnie Mae forward loans, HECM loans and other types of loans or mortgage related assets. Our warehouse facilities generally have maximum terms of 364 days, and have typically been, and are expected to be renewed, replaced or extended annually. We have pledged Loans held for sale (LHFS), Reverse LHFS, Servicing Advances, Receivables and REO as collateral to secure the borrowings. The facilities have contractual maturities ranging from May 2026-April 2027.

(3)The weighted average interest rate excludes the effect of the amortization of discount, debt issuance costs, and prepaid lender fees. At March 31, 2026 and December 31, 2025, unamortized prepaid lender fees were $1.1 million and $1.1 million, respectively, and are included in Other assets in our consolidated balance sheets. At March 31, 2026 and December 31, 2025, 1-Month (1M) Term Secured Overnight Financing Rate (SOFR) was 3.66% and 3.69%, respectively.


Reverse Mortgage Securitization Notes				Outstanding Balance
Borrowing Type	Maturity	Mandatory call date		Initial principal amount		March 31, 2026		December 31, 2025

















OLIT Asset-Backed Notes, Series 2023-HB1 (1)	June 2036	June 2026		$	264.9	$	67.3	$	76.5
OLIT Asset-Backed Notes, Series 2024-HB1 (1)	February 2037	February 2027		268.6		111.4		116.1
OLIT Asset-Backed Notes, Series 2024-HB2 (1)	August 2037	August 2027		330.6		183.4		193.8
OLIT Asset-Backed Notes, Series 2025-HB1 (1)	June 2038	June 2028		322.5		178.8		194.7
OLIT Asset-Backed Notes, Series 2025-HB2 (1)	November 2038	November 2028		413.3		337.0		370.8
OLIT Asset-Backed Notes, Series 2026-HB1 (1)	March 2039	March 2029		511.9		511.9		—



Total Reverse mortgage securitization notes - outstanding principal amount		1,389.7		951.9

Unamortized discount and debt issuance costs (2)		(68.7)		(52.6)

Total Reverse mortgage securitization notes, net		$	1,321.0	$	899.3

(1)Different classes of Asset-Backed Notes were issued at a discount and a mandatory 3-year call date . We have the option to redeem the notes at any time prior to the mandatory call date, at a 1% premium for a specified period of time after issuance (generally one year) and at par value thereafter. Payments of interest and principal are made from available funds from a pool of reverse mortgage buyout loans and REOs in accordance with the indenture priority of payments. We have pledged Reverse LHFS, Receivables and REO as collateral to secure the borrowings. Also see Note 2 – Securitizations and Variable Interest Entities.

(2)The notes have a stated interest rate of 3.0%, 3.0%, 5.0%, 3.0%, 3.0% and 3.0% respectively. The interest rate excludes the effect of the amortization of discount and debt issuance costs.


MSR Financing Facilities				Remaining Borrowing Capacity						Outstanding Balance
Borrowing Type	Collateral	Maturity			Uncommitted			Committed (1)			March 31, 2026		December 31, 2025
$750 million GSE MSR financing facility (2)	MSRs	August 2026			$	—		$	89.9		$	660.1	$	633.1
$450 million Ginnie Mae MSR financing facility (3)	MSRs, Advances	January 2027			25.5			—			424.5		371.4
$70 million PLS MSR financing facility (4)	MSRs	February 2027			48.5			—			21.5		67.8
$250 million GSE MSR financing facility (5)	MSRs	May 2027			—			2.3			247.7		194.5
Secured Notes, Ocwen Asset Servicing Income Series Notes, Series 2014-1	MSRs	February 2028			—			—			17.3		18.5




Total MSR financing facilities		$	74.1		$	92.2		$	1,371.0		$	1,285.2




Weighted average interest rate (6)							6.53%			6.70%

(1)Of the borrowing capacity on MSR financing facilities extended on a committed basis, $49.9 million of the remaining borrowing capacity could be used at March 31, 2026 based on the amount of eligible collateral that was pledged and could be financed on a committed basis.

(2)Our obligations under this facility are secured by a lien on certain GSE MSRs. Onity guarantees the obligations under this facility. See Note 2 – Securitizations and Variable Interest Entities for additional information. We are subject to daily margining requirements under the terms of the facility. In January 2026, the maturity date was extended to May 2026. In April 2026, the maturity date was extended to August 2026.

(3)Our obligations under this facility are secured by a lien on the related Ginnie Mae MSRs and servicing advances. Onity guarantees the obligations under the facility. We are subject to daily margining requirements under the terms of the facility. In January 2026, the borrowing capacity was increased to $450.0 million from $400.0 million and the maturity date was extended to January 2027. In April 2026, the borrowing capacity was further increased from $450.0 million to $500.0 million.

(4)Under this repurchase agreement, OMC sold the membership interest certificate representing 100% of the limited liability company interests in PLS Issuer and agreed to repurchase such membership interest certificate at a specified future date at the price set forth in the repurchase agreement. Onity guarantees the obligations of OMC under the facility subject to the terms and conditions set forth in the guaranty secured by a lien on the related PLS MSRs. In February 2026, the maturity date was extended to February 2027. See Note 2 – Securitizations and Variable Interest Entities for additional information.

(5)This facility is secured by a lien on certain of our GSE MSRs and is subject to daily margining requirements. Onity guarantees the obligations under the facility.

(6)Weighted average interest rate excludes the effect of the amortization of debt issuance costs and prepaid lender fees. At March 31, 2026 and December 31, 2025, unamortized prepaid lender fees related to revolving-type MSR financing facilities were $1.9 million and $1.5 million, respectively, and are included in Other assets in our consolidated balance sheets.


Senior Notes	Interest Rate (1)	Maturity	Outstanding Balance
			March 31, 2026		December 31, 2025

Senior Notes Due 2029	9.875%	November 2029	$	700.0	$	500.0



Unamortized premium			6.2		—


Unamortized discount			(1.7)		(1.8)
Unamortized debt issuance costs			(11.8)		(8.6)
Unamortized premium, discount and debt issuance costs			(7.2)		(10.4)
Senior notes, net			$	692.8	$	489.6

(1)Excludes the effect of the amortization of debt issuance costs, premium and discount.

On November 6, 2024, PHH Corporation issued $500.0 million aggregate principal amount of 9.875% Senior Notes due November 1, 2029 (Senior Notes Due 2029) at a price of 99.556% of the principal amount in a syndicated private placement. Interest on the Senior Notes is payable semi-annually in arrears on May 1 and November 1 of each year, beginning on May 1, 2025, and principal is due at maturity. The Senior Notes Due 2029 are guaranteed by Onity and certain wholly-owned

subsidiaries including OMC and PAS) (collectively “restricted subsidiaries”). The Senior Notes Due 2029 are secured by the equity interests of the restricted subsidiaries and any Available Cash in excess of Agency Requirements, as defined.

On January 30, 2026, PHH Corporation issued $200.0 million aggregate principal amount of 9.875% Senior Notes Due 2029 in a syndicated private placement exempt from registration under the Securities Act of 1933, as amended. The Senior Notes were issued to investors at 103.25% of the principal amount. The notes were offered as an additional issuance of the 9.875% Senior Notes Due 2029 and form a single series of debt securities with the $500.0 million aggregate principal amount of such notes that were originally issued on November 6, 2024. The interest on the additional notes issued in January 2026 is payable semi- annually in arrears on May 1 and November 1 of each year, beginning on May 1, 2026, and principal is due at maturity. The notes are guaranteed on a senior secured basis by Onity and certain of PHH Corporation’s subsidiaries, including OMC and PAS.

On or after November 1, 2026, PHH Corporation may redeem some or all of the Senior Notes Due 2029 at its option at the following redemption prices, plus accrued and unpaid interest:


Redemption Year (12-month period beginning on November 1st of the years indicated below)	Redemption Price
2026	104.938	%
2027	102.469
2028 and thereafter	100.000

Prior to November 1, 2026, PHH Corporation may redeem some or all of the Senior Notes Due 2029 at its option at a redemption price equal to 100% of the principal amount of the Notes being redeemed with a “make-whole” premium, as defined, plus accrued and unpaid interest. In addition, prior to November 1, 2026, PHH Corporation may redeem up to 40% of the aggregate principal amount of the notes with the net cash proceeds from certain equity offerings by Onity at the redemption price equal to 109.875% of the principal amount plus accrued and unpaid interest.

The Indenture contains customary covenants for debt securities of this type that limit the ability of PHH Corporation, Onity and its restricted subsidiaries to, among other things, (i) incur or guarantee additional Indebtedness, as defined, (ii) incur liens, (iii) pay dividends on or make distributions or make other restricted payments, (iv) make investments, (v) consolidate, merge, sell or otherwise dispose of certain assets, and (vi) enter into transactions with certain affiliates.

Covenants

Under the terms of our debt agreements in effect as of March 31, 2026, we are subject to various affirmative and negative covenants. Collectively, these covenants include:

•Financial covenants, including, but not limited to, specified levels of net worth, liquidity and leverage;

•Covenants to operate in material compliance with applicable laws;

•

ONITY GROUP INC. 10-Q