ONITY GROUP INC. Files 8-K with Key Corporate Updates

TL;DR

ONITY GROUP INC. filed an 8-K on 9/30/24 covering material agreements, security holder rights, and other events.

AI Summary

On September 30, 2024, ONITY GROUP INC. (formerly OCWEN FINANCIAL CORP) filed an 8-K report detailing several events. These include entering into a material definitive agreement, modifications to security holder rights, and other events, alongside financial statements and exhibits. The company is incorporated in Florida and its fiscal year ends on December 31.

Why It Matters

This 8-K filing signals significant corporate actions and potential changes affecting ONITY GROUP INC.'s structure, agreements, and security holders.

Risk Assessment

Risk Level: medium — 8-K filings often contain material information that can impact a company's stock price, requiring careful review by investors.

Key Numbers

• 1231 — Fiscal Year End (Indicates the end of the company's financial reporting year.)

Key Players & Entities

• ONITY GROUP INC. (company) — Registrant
• OCWEN FINANCIAL CORP (company) — Former company name
• September 30, 2024 (date) — Date of earliest event reported
• Florida (location) — State of incorporation
• 1-13219 (other) — Commission File Number

FAQ

Key Financial Figures

• $0.01 — nge on which registered Common Stock, $0.01 Par Value ONIT New York Stock Excha
• $285.0 million — Onity issued and sold to OPPS and ROF8 $285.0 million aggregate principal amount of senior se
• $15 m — book value of Canopy upon closing, plus $15 million, subject to certain adjustments.
• $49 million — currently expected to be approximately $49 million. The MAV Sale is conditioned upon the c
• $52 billion — an unpaid principal balance ("UPB") of $52 billion as of August 31, 2024, for an initial t
• $50.0 million — he option to redeem up to an additional $50.0 million principal amount of Onity Notes prior t
• $16 million — is estimated to be up to approximately $16 million depending on the size and pricing of th
• $20 million — f MAM's assets (including approximately $20 million in cash and Home Equity Conversion Mort
• $3.0 billion — s with a projected UPB of approximately $3.0 billion (all of which would be recorded as an a
• $55 million — regate net asset value of approximately $55 million (such transaction, including the issuan
• $46 million — cash proceeds to Onity of approximately $46 million. In consideration of the MAM Asset Ac
• $52.7 m — liquidation preference of approximately $52.7 million, subject to certain adjustments.
• $25 — would have a liquidation preference of $25.00, plus an amount equal to any accumul
• $26 million — n, Onity intends to incur approximately $26 million in debt financing secured by the mortga
• $46.1 million — ve resulted in gross proceeds to PMC of $46.1 million (such acquisition and securitization tr

Filing Documents

• form8-k.htm (8-K) — 72KB
• ex99-1.htm (EX-99.1) — 31KB
• ex99-1_001.jpg (GRAPHIC) — 12KB
• 0001493152-24-038677.txt ( ) — 306KB
• ocn-20240930.xsd (EX-101.SCH) — 3KB
• ocn-20240930_lab.xml (EX-101.LAB) — 33KB
• ocn-20240930_pre.xml (EX-101.PRE) — 24KB
• form8-k_htm.xml (XML) — 4KB

SIGNATURES

SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the registrant has duly caused this report to be signed on its behalf by the undersigned, hereunto duly authorized. ONITY GROUP INC. (Registrant) Date: September 30, 2024 By: /s/ Sean B. O'Neil Sean B. O'Neil Chief Financial Officer

View Full Filing

View this 8-K filing on SEC EDGAR