ONITY GROUP INC
For the period ended Dec 31, 2024. Filed Feb 21, 2025.
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FY2024 · Filed Feb 21, 2025
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Item 2. Properties
Onity Group Inc. is headquartered in West Palm Beach, Florida, at 1661 Worthington Road, Suite 100. We have offices and facilities in the U.S., the USVI, India and the Philippines, all of which are leased. The following table sets forth information relating to our principal facilities at December 31, 2024:
| Location | Owned/Leased | Square Footage |
|---|---|---|
| Principal executive offices | ||
| West Palm Beach, Florida | Leased | 41,858 |
| Document storage and imaging facility | ||
| West Palm Beach, Florida | Leased | 51,931 |
| Business operations and support offices | ||
| U.S. facilities: | ||
| Mt. Laurel, New Jersey (1) | Leased | 18,270 |
| Rancho Cordova, California (2) | Leased | 8,094 |
| Houston, Texas - Walters Road (3) | Leased | 15,678 |
| St. Croix, USVI (4) | Leased | 6,096 |
| APAC facilities (1) | ||
| Bangalore, India | Leased | 22,325 |
| Mumbai, India | Leased | 15,218 |
| Pune, India | Leased | 3,826 |
| Manila, Philippines | Leased | 13,134 |
| Former operations and support offices no longer utilized | ||
| Houston, Texas - Walters Road (3) | Leased | 29,901 |
(1)Supports our servicing and lending operations, as well as our corporate functions.
(2)Primarily supports reverse lending operations. Effective August 2024, we terminated the lease on 17,157 square feet of space and entered into a new lease agreement.
(3)Primarily supports our reverse servicing operations. Effective February 2025, we exercised the early termination option to terminate the lease on 36,171 square feet of space (including on 29,901 square feet, which was previously abandoned) and the lease term for the remaining space was extended through January 2028.
(4)Primarily supports our forward servicing operations.
We regularly evaluate current and projected space requirements, considering the constraints of our existing lease agreements and the expected scale of our businesses. We operate through a hybrid workforce model which combines remote work for substantially all of our global workforce and in-office when required. During 2024, we exited a total of 18,995 of leased square feet.
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