ONITY GROUP INC
For the period ended Jun 30, 2024. Filed Aug 1, 2024.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Jun 30, 2024 · Filed Aug 1, 2024
ONIT$30.44-5.2%Stored close · as of Nov 10, 2026
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Consolidated Statements of Operations for the and
UNAUDITED CONSOLIDATED STATEMENTS OF OPERATIONS
(Dollars in millions, except per share data)
| For the Three Months Ended June 30, | For the Six Months Ended June 30, | |||
|---|---|---|---|---|
| 2024 | 2023 | 2024 | 2023 | |
| Revenue | ||||
| Servicing and subservicing fees | $210.8 | $237.6 | $415.3 | $469.7 |
| Gain on reverse loans held for investment and HMBS-related borrowings, net | 8.5 | 0.7 | 23.9 | 21.9 |
| Gain on loans held for sale, net | 16.5 | 25.3 | 27.4 | 28.1 |
| Other revenue, net | 10.6 | 8.5 | 18.8 | 14.1 |
| Total revenue | 246.4 | 272.0 | 485.5 | 533.9 |
| MSR valuation adjustments, net | (32.7) | (48.9) | (44.3) | (117.9) |
| Operating expenses | ||||
| Compensation and benefits | 55.0 | 57.7 | 108.6 | 115.7 |
| Servicing and origination | 13.9 | 17.6 | 29.0 | 33.3 |
| Technology and communications | 13.0 | 13.0 | 25.7 | 26.4 |
| Professional services | 10.7 | (16.9) | 22.8 | (3.6) |
| Occupancy, equipment and mailing | 7.5 | 7.7 | 15.2 | 16.5 |
| Other expenses | 3.9 | 5.1 | 7.2 | 10.1 |
| Total operating expenses | 104.0 | 84.3 | 208.4 | 198.4 |
| Other income (expense) | ||||
| Interest income | 22.5 | 20.3 | 40.0 | 34.4 |
| Interest expense ($11.4, $10.9, 22.6 and 21.7 on amounts due to related parties) | (73.1) | (68.3) | (140.5) | (130.5) |
| Pledged MSR liability expense ($15.3, $13.2, $30.7 and $27.3 on amounts due to related party) | (46.1) | (73.0) | (91.0) | (143.3) |
| Earnings of equity method investee | 3.1 | 2.9 | 5.8 | 3.1 |
| Gain on extinguishment of debt | — | — | 1.4 | — |
| Other, net | (2.7) | (4.4) | (3.4) | (3.2) |
| Other income (expense), net | (96.2) | (122.5) | (187.5) | (239.5) |
| Income (loss) before income taxes | 13.5 | 16.3 | 45.3 | (22.0) |
| Income tax expense | 3.0 | 0.9 | 4.7 | 2.7 |
| Net income (loss) | $10.5 | $15.5 | $40.6 | (24.7) |
| Earnings (loss) per share | ||||
| Basic | $1.34 | $2.02 | $5.23 | $(3.25) |
| Diluted | $1.33 | $1.95 | $5.09 | $(3.25) |
| Weighted average common shares outstanding | ||||
| Basic | 7,821,128 | 7,652,563 | 7,766,331 | 7,593,391 |
| Diluted | 7,918,672 | 7,919,587 | 7,982,429 | 7,593,391 |
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