Onity Group Inc. · NYSE:ONIT
Onity — JPMorgan 2026 Global Leveraged Finance Conference
43 slides from Onity's conference presentation, Mar 3, 2026
Slide 1: JPMorgan 2026 Global Leveraged Finance Conference
JPMorgan 2026 Global Leveraged Finance Conference Sean O’Neil Executive Vice President and Chief Financial Officer March 3, 2026 © 2026 Onity Group Inc. All rights reserved.
Slide 2: Disclaimer
Disclaimer FORWARD-LOOKING STATEMENTS and other financial and other requirements of regulators, the Federal NON-GAAP FINANCIAL MEASURES This presentation contains forward-looking statements within the National Mortgage Association (Fannie Mae), and Federal Home Loan This presentation contains refere
Slide 3: Onity is a non-bank mortgage servicer and originator
Onity is a non-bank mortgage servicer and originator NYSE: ONIT Focused on creating positive outcomes for clients, homeowners, investors and communities Services Offered Balanced Portfolio Mix Industry Rank(a) Servicing Originations Total Servicing #8 Owned Servicing and Consumer Direct, Bulk, Subse
Slide 4: Onity Group's multi-year transformation – select accomplishments
Onity Group’s multi-year transformation – select accomplishments From an opportunistic special servicer… … to a top 10 non-bank mortgage servicer(a) 2018 2026+ Strategic financial and Acquired reverse servicing Formalized AI strategy Debt refinancing, removed operating transformation and corresponde
Slide 5: Sound strategy and strong execution are delivering results
Sound strategy and strong execution are delivering results Strategy Balance and Diversification | Prudent Capital-Light Growth | Industry-Leading Cost Structure(a) Top-Tier Operating Performance and Capabilities(b) | Dynamic Asset Management Operating Priorities Differentiate Operating Elevate the C
Slide 6: The US mortgage market is large, growing, and non-banks are increasing share
The US mortgage market is large, growing, and non-banks are increasing share Total addressable market(a) for residential mortgages is large … …and projected to grow(b) Unpaid Principal • Servicing market is expected to grow 2% YoY in 2026 Balance (UPB) of Loans $14.6T and 3% YoY in 2027 to reach $15
Slide 7: Macro environment is largely favorable for housing finance
Macro environment is largely favorable for housing finance Tailwinds Headwinds ► Originations industry volume forecasted up 15% ◄ FHA modification rule change impacting borrowers FY’26 vs FY’25, including refinances up 34% and home purchase originations up 7%(a) ◄ Government shutdowns more prevalent
Slide 8: Full year and fourth quarter 2025: strong execution delivered shareholder value
Full year and fourth quarter 2025: strong execution delivered shareholder value $126M • Delivered record net income and EPS(b) through Q4’25 $14.24 sustained growth and profitability, enabling deferred tax valuation allowance release(c) Net Income(a) Diluted EPS • Balanced business and hedging strat
Slide 9: Strong performance accelerating book value growth
Strong performance accelerating book value growth Adjusted revenue(a) up 11% YoY Solid double-digit adjusted ROE(c) Robust book value growth Impact of gov’t $993M 20% actions (estimate)(d) $74 $896M ~3% $842M $56 11% $52 17% FY'23 FY'24 FY'25 FY'23 FY'24 FY'25 FY'23 FY'24 FY'25 58% 55% 54% $49M $90M
Slide 10: Balanced business demonstrated through a changing rate environment in 2025
Balanced business demonstrated through a changing rate environment in 2025 Originations and Servicing Impact of market scenarios(d) complement each other on profitability Adjusted pre-tax income(a) 88 91 Rates down Rates up 19 2H Originations 54 1H Forward Owned Servicing Originations 69 Servicing S
Slide 11: Record originations volume and strong recapture performance deliver growth above industry averages
Record originations volume(a) and strong recapture performance deliver growth above industry averages Originations volume up 44% YoY, Refinance recapture rate 1.5x exceeding industry growth of 18%(b) industry average(e) Originations UPB (c) FY’25 40% 43 Consumer Direct B2B 30% 30 20% 22 10% 0% Indus
Slide 12: Integrating AI into every stage of the borrower journey to maximize recapture
Integrating AI into every stage of the borrower journey to maximize recapture Identify Engage Maximize Amplify Choose our Understand borrower with our lead customer borrowers our borrowers opportunities borrowers conversion experience Grow portfolio Deepen insights Adapt to Tailor Match Eliminate wi
Slide 13: Focused on accelerating subservicing growth
Focused on accelerating subservicing growth Subservicing additions(a) Robust pipeline of subservicing opportunities ✓ Active pipeline(b) of new business UPB in $B 33 • 8 new clients onboarding in 2026, and 8 agreements under 28 contract negotiation ✓ Capitalizing on commercial expansion opportunitie
Slide 14: Owned MSR growth of $22B up 15% YoY, expanding recapture-ready portfolio
Owned MSR growth of $22B up 15% YoY, expanding recapture-ready portfolio MSR growth and subservicing clients’ wins more Strong owned MSR growth(a) than offset runoff and de-boardings Owned MSR 165 Total Servicing 49 328 Ending UPB Ending UPB 143 302 (6) 131 (17) ($B) ($B) FY'23 FY'24 FY'25 FY'24 Rit
Slide 15: Top-tier servicing performance delivers value for customers and investors
Top-tier servicing performance delivers value for customers and investors Top-Tier Investor Performance(a) Customer Experience(c) 4.6 4.0 Positive Experience Positive Experience Call Center Loan Boarding Commitment to Competitive Cost Technology Structure(b) 61 90 Performing Non-Performing Loans Loa
Slide 16: 2026 focus: simplifying business and investing to drive profitable growth
2026 focus: simplifying business and investing to drive profitable growth Accelerate growth through originations, organic MSR growth, and subservicing relationships Expand use of AI-enabled technologies to drive recapture, service excellence, and reduce cost Pursue higher value growth opportunities
Slide 17: Raising additional liquidity to strengthen the balance sheet and fund growth initiatives
Raising additional liquidity to strengthen the balance sheet and fund growth initiatives Liquidity events Debt to equity ratio Growth initiatives • De-risk balance sheet by paying down riskier MSR ~$200M 3.2x 2.9x financing 2.6x High-yield debt • Evaluate M&A opportunities to offering enhance capabi
Slide 18: Refocusing business towards retaining higher return assets such as MSR
Refocusing business towards retaining higher return assets such as MSR Incremental returns from MSR purchases(a) MSR investment range Adjusted PTI(b) $74M over 2 years Avg UPB in $B Q4’23 Q4’24 Q4’25 Owned MSR 130 135 162 (Owned w/ ESS) (26) (24) (24) $30M Owned MSR (excl. ESS) 104 111 138 $15M MSR
Slide 19: 2026 Outlook
2026 Outlook Financial objectives Full-year 2026 outlook(b) ❖ Drive revenue growth Adjusted ROE of 13-15%, inclusive of VA release impact on equity(c) ❖ Sustain Adjusted PTI performance(a) Total servicing UPB growth of 5-15%(d) ❖ Maintain earnings stability High hedge effectiveness protecting value
Slide 20: Only pure play nonbank mortgage company trading below book value but generating ROE in line or better than peers
© 2024 Onity Group Inc. All rights reserved. Only pure play nonbank mortgage company trading below book value but generating ROE in line or better than peers Mortgage Originator Avg Quarterly Volume FY’25 UWMC +TWO PFSI +PMT 40+ +Cenlar RKT +COOP 20 RITM Asset Management focus that includes NewRez M
Slide 21: Focused on accelerating profitable growth and creating value for all stakeholders
© 2 0 2 4 Focused on accelerating profitable growth and creating value for all stakeholders O n i t y G r o u p ❑ Strong full year and fourth quarter results led by record Originations volume I n validates our balanced business built to perform through market cycles c . A l l r i g h t ❑ Award-winni
Slide 22: Thank you. Questions?
Thank you. Questions? © 2026 Onity Group Inc. All rights reserved. 22
Slide 23: Appendix
Appendix © 2026 Onity Group Inc. All rights reserved. 23
Slide 24: Delivered 13th straight quarter of positive Adjusted Pre-tax Income
Delivered 13th straight quarter of positive Adjusted Pre-tax Income (Dollars in millions, except per share metrics) Q4’24 Q3’25 Q4’25 Adjusted pre-tax income(a) 11.5 30.9 8.8 MSR valuation adjustments due to rates (0.7) (0.0) 8.6 and assumption changes, net(b) Other notables (44.4) (7.8) (9.7) Incom
Slide 25: Diversified servicing portfolio mitigates risk
Diversified servicing portfolio mitigates risk MSR to be hedged % of Servicing UPB GAAP MSR Fair Value end of Q4’25 end of period GSE MSR ~34% 2,825 Fannie 573 Subservicing Owned Servicing(a) 269 ~50% Other ~50% Subservicing Freddie 1,983 ($M) MAV Q4'25 (b) Rithm, MAV and other pledged MSR $328B Rev
Slide 26: MSR Valuation
MSR(a) Valuation as of 12/31/2024 as of 9/30/2025 as of 12/31/2025 (Dollars in millions) GSE Gov’t(b) Non-Agency Total GSE Gov’t(b) Non-Agency Total GSE Gov’t(b) Non-Agency Total UPB 97,827 19,611 12,353 129,791 114,574 25,007 11,366 150,946 113,175 28,293 11,039 152,508 Loan Count (000s) 380 92 80
Slide 27: Managing owned MSRs to a targeted investment range
Managing owned MSRs to a targeted investment range MSR Investment (Dollars in billions) Q1’24 Q2’24 Q3’24 Q4’24 Q1’25 Q2’25 Q3’25 Q4’25 Range Forward Owned 124 124 123 124 135 141 148 151 • $115-135B including ESS Reverse Owned 8 8 9 11 12 12 11 11 prior to Q1’25 Total Owned MSR Servicing(a) Avg UPB
Slide 28: Increasing scale and diligent cost management improving operating efficiency
Increasing scale and diligent cost management improving operating efficiency Operating Efficiency by Segment Originations Servicing(a) 70 180 160 60 94% 140 50 120 50% 40 61% 100 56% 56% 45% 44% 80 37% 30 34% 34% 32% 32% 60 20 40 10 20 0 0 ($M) Q2'22 Q4'24 Q1'25 Q2'25 Q3'25 Q4'25 ($M) Q2'22 Q4'24 Q1
Slide 29: Growth and diversification strategies diminished Rithm revenue contribution
Growth and diversification strategies diminished Rithm revenue contribution Rithm % of Total Adjusted Revenue(a) 280 225 206 195 192 18.5% 11.4% 9.7% 8.4% 4.5% ($M) Q4'20 Q4'22 Q4'23 Q4'24 Q4'25 Excluding Rithm Rithm Rithm Pct Above shows 100% of Rithm revenue, however ~$8.3B UPB of $32B portfolio w
Slide 30: Successfully settled warrants eliminating related dilution risk
Successfully settled warrants eliminating related dilution risk Excluding Settlement Net Shares Settlement Including Settlement Proforma Share Price VWAP @ $44 Q4’25 Reported Impact of settlement using equity data as of 12/31/25 Book Value Share Book Value Share Book Value Share in $M Count in $M Co
Slide 31: Condensed Consolidated Balance Sheets (unaudited)
Condensed Consolidated Balance Sheets (unaudited) Assets December 31, September 30, December 31, (Dollars in millions) 2024 2025 2025 Cash and cash equivalents 185 173 181 Restricted cash 81 98 84 Mortgage servicing rights (MSRs), at fair value 2,466 2,763 2,825 Advances, net 577 435 483 Loans held
Slide 32: Condensed Balance Sheets Breakdown
Condensed Balance Sheets Breakdown Assets December 31, Rithm, MAV & other Reverse GNMA All (Dollars in millions) 2025 unaudited pledged MSR mortgages EBO others Cash and cash equivalents 181 181 Restricted cash 84 84 Mortgage servicing rights (MSRs), at fair value 2,825 573 2,252 Advances, net 483 4
Slide 33: Condensed Consolidated Statements of Operations (unaudited)
Condensed Consolidated Statements of Operations (unaudited) For the years December 31, December 31, December 31, (Dollars in millions) ended 2023 2024 2025 Servicing and subservicing fees 947 832 857 Gain on reverse loans and HMBS-related borrowings, net 47 42 59 Gain on loans held for sale, net 41
Slide 34: Note Regarding Non-GAAP Financial Measures
Note Regarding Non-GAAP Financial Measures In the following slides, we present supplemental information (including reconciliations) relating to certain illustrative adjustments to GAAP pre-tax income (loss) and GAAP pre-tax return on equity. We believe these non-GAAP financial measures provide a use
Slide 35: Notables and Adjusted Pre-tax Income (Loss) Calculation
Notables and Adjusted Pre-tax Income (Loss) Calculation (Dollars in millions) Q4’24 Q1’25 Q2’25 Q3’25 Q4’25 1H’25 2H’25 FY’23 FY’24 FY’25 I Reported net income (loss) (28) 22 22 19 127 44 146 (64) 34 190 A Income tax benefit (expense) 6 13 (1) (4) 119 12 115 (6) (5) 127 II Reported pre-tax income (l
Slide 36: Average Adjusted Equity Calculations
Average Adjusted Equity Calculations (Dollars in millions) Q4’24 Q1’25 Q2’25 Q3’25 Q4’25 FY’23 FY’24 FY’25 I Monthly average common equity 458 451 469 492 535 430 437 488 A Total notables (45) (16) 6 (8) (1) (107) (51) (19) B # of months + 1 4 4 4 4 4 13 13 13 II Average impact of notables [ - A / B
Slide 37: ROE Calculations
ROE Calculations (Dollars in millions) Q4’24 Q1’25 Q2’25 Q3’25 Q4’25 FY’23 FY’24 FY’25 I Reported net income (loss) (28) 22 22 19 127 (64) 34 190 A Preferred stock dividend (1) (1) (1) (1) (1) - (1) (4) II Reported net income attributable to (29) 21 20 18 126 (64) 33 185 common stockholders [ I + A
Slide 38: Q4'25 P&L GAAP to Adjusted Bridge
Q4’25 P&L GAAP to Adjusted Bridge Rithm, MAV & MSR FV Servicing Segment GAAP Reverse Other Inter-Segment Other Pledged Reclass Adjustments Notables Reclass Adjusted (Dollars in millions) unaudited MSR Reclass Notables Revenue 238 (30) 8 (0) 1 217 MSR Valuation Adjustments, net (67) (7) (8) (82) Oper
Slide 39: End Notes
End Notes SLIDE 3 SLIDE 8 SLIDE 10 cont. a) Industry rank for total servicing, subservicing and correspondent lending a) GAAP net income attributable to common stockholders b) FHA modification changes and federal government shutdown resulted from Inside Mortgage Finance among nonbanks only as of Q3’
Slide 40: End Notes
End Notes SLIDE 14 cont. SLIDE 18 cont. SLIDE 25 b) Servicing industry growth defined as mortgage debt outstanding FY’25 c) Assumes we achieve our objectives and there are no adverse changes a) See appendix for discussion of non-GAAP measures including adjusted vs FY’24 from MBA Mortgage Finance For
Slide 41: End Notes
End Notes SLIDE 28 SLIDE 36 cont. a) Includes owned MSRs, reverse mortgage loans (referred to as our c) FV changes of reverse loans and HMBS-related borrowings due to reverse MSR) and other whole loans market interest rates and assumptions, a component of gain on reverse b) Assumes we achieve our ob
Slide 42: Abbreviations & Definitions
Abbreviations & Definitions • 9M: First nine months of the fiscal year • FOA: Finance of America Companies Inc. • M&A: Mergers and Acquisitions • Refi: Mortgage Refinance • Adj / Adjusted: Non-GAAP measure of PTI, ROE, • FTE: Full-Time Equivalent • MAM: Mortgage Assets Management, LLC • Rem Term: Re
Slide 43: Customer first. Better together. We say. We do.
Customer first. Better together. We say. We do.
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