Slide 1: Business Update Third Quarter 2025
Business Update Third Quarter 2025 November 6, 2025 © 2025 Onity Group Inc. All rights reserved.
Slide 2: Disclaimer
Disclaimer FORWARD-LOOKING STATEMENTS contained in them; our ability to interpret correctly and comply with wishing to understand Onity’s business should review our SEC filings. current or future liquidity, net worth and other financial and other Our forward-looking statements speak only as of the d
Slide 3: Delivered strong third quarter results and raising Adjusted ROE guidance
Delivered strong third quarter results and raising Adjusted ROE guidance Balanced business is delivering strong results with lower interest rates driven by improved Originations profitability offsetting high MSR runoff Originations record volume and steady Servicing contribution drove Adjusted PTI(a
Slide 4: Originations driving profitable growth and increased book value per share
Originations driving profitable growth and increased book value per share Adjusted ROE 20% 2025 YTD Book value up $2 per share QoQ Third Quarter 2025 Third Quarter 2025 FY’24 12th straight Adjusted PTI(a) $31M quarter of positive Adj PTI Originations Volume $12B +39% YoY exceeding Adjusted ROE(a) 25
Slide 5: Balanced business is delivering strong results with higher Originations profitability
Balanced business is delivering strong results with higher Originations profitability driven by lower interest rates Originations and Servicing Impact of market scenarios complement each other on profitability 184 Adjusted Pre-tax Income(a) Rates Down Rates Up 145 147 53 Originations 96 Originations
Slide 6: Achieved UPB growth QoQ and YoY, further reinforcing our focus on growth
Achieved UPB growth QoQ and YoY, further reinforcing our focus on growth Servicing UPB rose steadily driven YoY growth in MSR offsets opportunistic by growth in Owned MSR(a) client portfolio management Avg UPB Total Servicing Ending UPB 159 39 316 153 299 (6) 132 (16) ($B) ($B) Q3'24 Q2'25 Q3'25 Q3'
Slide 7: Originations strategy and strong execution drove record volume and profitable growth
Originations strategy and strong execution drove record volume and profitable growth Originations volume up 39% YoY, exceeding Multi-channel strategy in Originations with a industry growth of 16% focus on B2B and customer retention Originations UPB Co-Issue ✓ Consumer Direct growth driven by lower r
Slide 8: Consumer Direct customer retention and MSR recapture generates income
Consumer Direct customer retention and MSR recapture generates income and strengthens returns for subservicing clients Strong customer Refinance recapture rate 1.9x retention industry average(b) ✓ Investing in staffing and technology to 50% Q3’25 YTD 1.8x deliver industry-leading recapture Consumer
Slide 9: Focused on accelerating subservicing growth
Focused on accelerating subservicing growth Subservicing Additions(a) Robust pipeline of subservicing opportunities UPB ✓ Active pipeline(b) of new business 32 • 9 new clients signed in FY‘25 and 6 agreements under 28 contract negotiation 21 ✓ Capitalizing on commercial expansion opportunities • UPB
Slide 10: Expanding our AI powered platform to grow revenue, reduce cost, and drive service excellence
Expanding our AI powered platform to grow revenue, reduce cost, and drive service excellence ONITY Robotics Natural Language Processing (NLP) Drive Cost Leadership $ Elevate the digital customer experience Power intelligent and utility communication Accelerate Revenue Growth Smarter decisions & meas
Slide 11: Leveraging next generation technologies to create value for all stakeholders
Leveraging next generation technologies to create value for all stakeholders Outcomes Historical Applications Current Focus ➢ Rapid document interpretation and communication Drive Cost Leadership $ ✓ Robotic Process Automation in 200+ processes saves 85,000+ manual work hours per month analytics (Ge
Slide 12: Consistent growth and profitability is driving a higher book value
Consistent growth and profitability is driving a higher book value Adjusted Revenue(a) up 16% Adjusted ROE above 16-18% Book value per share up QoQ and 12% YoY guidance range(b) >$2 QoQ and YoY $265M 27% $62.21 25% $59.50 $59.82 $236M $227M 14% Q3'24 Q2'25 Q3'25 Q3'24 Q2'25 Q3'25 Q3'24 Q2'25 Q3'25 5
Slide 13: Delivered 12 straight quarters of profitable Adjusted PTI
Delivered 12 straight quarters of profitable Adjusted PTI Adjusted Pre-Tax Income(a) 35 32 31 31 30 25 25 23 21% 20 CAGR 16 15 15 11 11 10 10 6 5 4 ($M) 0 Q4'22 Q1'23 Q2'23 Q3'23 Q4'23 Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q2'25 Q3'25 20% Adjusted ROE YTD 2025, above annual guidance(b) © 2025 Onity Group In
Slide 14: Strengthened Originations profitability across all channels
Strengthened Originations profitability across all channels driven by strategic focus and lower rates Originations Adjusted Pre-Tax Income(a) Originations Volume & Revenue Margin(b) Consumer Direct $425M 25 $384M 344 $241M 8 321 316 10 9 Business-to-Business (B2B) 4 16 $11.3B 3 $8.1B $8.9B ($M) 6 6
Slide 15: Steady Servicing contribution reflects MSR runoff consistent with portfolio growth
Steady Servicing contribution reflects MSR runoff consistent with portfolio growth plus higher prepayment Servicing Adjusted Pre-Tax Income(a) Higher revenue offset by increased MSR runoff ✓ Forward owned average servicing UPB up 27% 49 YoY and 6% QoQ 10 31 31 ✓ YoY Adjusted PTI declined, higher fee
Slide 16: MSR hedge strategy continues to cost-effectively manage interest rate risk
MSR hedge strategy continues to cost-effectively manage interest rate risk MSR valuation adjustments due to rates and Effective hedge strategy assumption changes, net(a) and execution 60 40 ❖ Hedge strategy has offset interest rate Effective hedging strategy changes effectively since Q1’24 20 ($M) -
Slide 17: Expect to exceed Adjusted ROE guidance for 2025
Expect to exceed Adjusted ROE guidance for 2025 = confirmed guidance Financial Objectives Full-Year 2025 Guidance(b) = updated or new guidance ❖ Sustain Adjusted PTI Exceed Adjusted ROE of 16-18%(c) performance(a) Total servicing UPB growth of 5-10%(d) ❖ Maintain earnings stability High hedge effect
Slide 18: 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 third quarter results led by record Originations volume validates I n our balanced business built to perform through market cycles c . A l l r i g h t ❑ Award-winning Servicing pl
Slide 19: Appendix
Appendix © 2025 Onity Group Inc. All rights reserved. 19
Slide 20: 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 55 Commitment to Competitive Cost Technology Structure(b) Performing Non-Performing Loans Loans
Slide 21: 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 22: Delivered 12th straight quarter of positive Adjusted Pre-tax Income
Delivered 12th straight quarter of positive Adjusted Pre-tax Income (Dollars in millions, except per share metrics) Q3’24 Q2’25 Q3’25 Adjusted pre-tax income(a) 31.5 16.4 30.9 MSR valuation adjustments due to rates 8.1 6.2 (0.0) and assumption changes, net(b) Other notables (12.0) 0.2 (7.8) Income t
Slide 23: Diversified servicing portfolio mitigates risk
Diversified servicing portfolio mitigates risk MSR to be hedged % of Servicing UPB GAAP MSR Fair Value end of Q3’25 end of period GSE MSR ~36% 2,763 Fannie 567 Subservicing Owned Servicing(a) 255 ~48% Other ~52% Subservicing Freddie 1,941 MAV ($M) Q3'25 (b) Rithm, MAV and other pledged MSR $316B Rev
Slide 24: MSR Valuation
MSR(a) Valuation as of 9/30/2024 as of 6/30/2025 as of 9/30/2025 (Dollars in millions) Total Total Total GSE Gov’t(b) Non-Agency GSE Gov’t(b) Non-Agency GSE Gov’t(b) Non-Agency Retained Retained Retained UPB 87,587 18,673 12,684 118,944 109,176 21,579 11,694 142,448 114,574 25,007 11,366 150,946 Loa
Slide 25: Managing owned MSRs to a targeted investment range
Managing owned MSRs to a targeted investment range (Dollars in billions) Q4’23 Q1’24 Q2’24 Q3’24 Q4’24 Q1’25 Q2’25 Q3’25 Forward Owned 122 124 124 123 124 135 141 148 Reverse Owned 8 8 8 9 11 12 12 11 MSR Investment Range Total Owned MSR Servicing(a) Avg UPB 130 132 132 132 135 147 153 159 • $115-13
Slide 26: Increasing scale and diligent cost management improving operating efficiency
Increasing scale and diligent cost management improving operating efficiency Operating Efficiency by Segment Originations Servicing(a) 60 200 50 94% 150 40 50% 61% 56% 56% 30 52% 100 45% 37% 34% 34% 32% 20 32% 50 10 0 0 ($M) Q2'22 Q3'24 Q4'24 Q1'25 Q2'25 Q3'25 ($M) Q2'22 Q3'24 Q4'24 Q1'25 Q2'25 Q3'2
Slide 27: Growth and diversification strategies diminished Rithm revenue contribution
Growth and diversification strategies diminished Rithm revenue contribution Rithm % of Total Adjusted Revenue(a) 265 236 227 225 220 8.2% 8.4% 8.0% 6.2% 4.9% ($M) 19 19 18 14 13 Q3'24 Q4'24 Q1'25 Q2'25 Q3'25 Excluding Rithm Rithm Rithm Pct Above shows 100% of Rithm revenue, however ~$8.5B UPB of $33
Slide 28: Reverse benefits our balanced business model
Reverse benefits our balanced business model Reverse Combined Adjusted ✓ Creates upside potential on originations market if rates Pre-Tax Income(a) decline $38M ✓ Offers cost-efficient hedge to the forward MSR $23M $24M ✓ Creates product and service breadth for Correspondent clients who offer both f
Slide 29: Dilution controlled by Onity due to updated agreements
Dilution controlled by Onity due to updated agreements As of 9/30/25 Remaining Oaktree Warrant* Settlement Method at Onity’s discretion ONIT Share Price $39.96 Gross Shares Settlement Net Settlement in Shares Net Settlement in Cash Book Value in $M Book Value Share Count Book Value Share Count Book
Slide 30: Condensed Consolidated Balance Sheets (unaudited)
Condensed Consolidated Balance Sheets (unaudited) Assets September 30, June 30, September 30, (Dollars in millions) 2024 2025 2025 Cash and cash equivalents 202 194 173 Restricted cash 78 62 98 Mortgage servicing rights (MSRs), at fair value 2,224 2,633 2,763 Advances, net 523 461 435 Loans held for
Slide 31: Condensed Balance Sheets Breakdown
Condensed Balance Sheets Breakdown Assets September 30, Rithm, MAV & other Reverse GNMA All (Dollars in millions) 2025 unaudited pledged MSR mortgages EBO others Cash and cash equivalents 173 173 Restricted cash 98 98 Mortgage servicing rights (MSRs), at fair value 2,763 567 2,196 Advances, net 435
Slide 32: Condensed Consolidated Statements of Operations (unaudited)
Condensed Consolidated Statements of Operations (unaudited) Three months September 30, June 30, September 30, (Dollars in millions) ended 2024 2025 2025 Servicing and subservicing fees 211 211 217 Gain on reverse loans held for investment and HMBS-related 18 12 13 borrowings, net Gain on loans held
Slide 33: 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 34: Notables and Adjusted Pre-tax Income (Loss) Calculation
Notables and Adjusted Pre-tax Income (Loss) Calculation (Dollars in millions) Q4’22 Q1’23 Q2’23 Q3’23 Q4’23 Q1’24 Q2’24 Q3’24 Q4’24 Q1’25 I Reported net income (loss) (80) (40) 15 8 (47) 30 11 21 (28) 22 A Income tax benefit (expense) (1) (2) (1) (1) (2) (2) (3) (6) 6 13 II Reported pre-tax income (
Slide 35: Notables and Adjusted Pre-tax Income (Loss) Calculation
Notables and Adjusted Pre-tax Income (Loss) Calculation Q3’25 (Dollars in millions) Q2’25 Q3’25 FY’21 FY’22 FY’23 FY’24 9M’25 LTM I Reported net income (loss) 22 19 18 26 (64) 34 62 34 A Income tax benefit (expense) (1) (4) 22 1 (6) (5) 7 13 II Reported pre-tax income (loss) [ I – A ] 23 23 (4) 25 (
Slide 36: ROE Calculations
ROE Calculations (Dollars in millions) Q3’24 Q2’25 Q3’25 9M’25 I Reported net income 21 22 19 62 A Preferred stock dividend - (1) (1) (3) II Reported net income attributable to 21 20 18 59 common stockholders [ I + A ] III Annualized net income attributable to 86 82 71 79 common stockholders [ II *
Slide 37: Q3'25 P&L GAAP to Adjusted Bridge
Q3’25 P&L GAAP to Adjusted Bridge Rithm, MAV & MSR FV Servicing Segment Reverse Other Inter-Segment GAAP Other Pledged Reclass Adjustments Notables Reclass Adjusted (Dollars in millions) MSR Reclass Notables Revenue 233 (30) 10 (3) 1 211 MSR Valuation Adjustments, net (49) (8) 3 (54) Operating Expen
Slide 38: End Notes
End Notes SLIDE 3 SLIDE 8 cont. SLIDE 14 a) See slides 33-37 for discussion of non-GAAP measures including b) Onity’s refinance recapture rate by balance (Q3’25 YTD) as a multiple a) See slides 33-37 for discussion of non-GAAP measures including adjusted PTI and ROE; adjusted ROE refers to annualize
Slide 39: End Notes
End Notes SLIDE 17 SLIDE 20 cont. SLIDE 22 cont. a) See slides 33-37 for discussion of non-GAAP measures including c) Positive experience scores for call center and loan boarding based on e) Annualized adjusted PTI return on common equity; see slide 36 for adjusted PTI responses to borrower surveys
Slide 40: End Notes
End Notes SLIDES 34 & 35 SLIDES 34 & 35 cont. a) MSR valuation adjustments that are due to changes in market interest i) Effective in Q4’24, change in fair value due to interest rates for reverse rates, valuation inputs or other assumptions, net of overall fair value loan buyouts is now recognized a
Slide 41: Abbreviations & Definitions
Abbreviations & Definitions • 9M: First nine months of the fiscal year • FV: Fair Value • MAM: Mortgage Assets Management, LLC • Refi: Mortgage Refinance • Adj / Adjusted: Non-GAAP measure of PTI, ROE, • Fwd: Forward Mortgage • MAV: MSR Asset Vehicle, LLC (Onity subservices • Rem Term: Remaining Ter
Slide 42: Customer first. Better together. We say. We do.
Customer first. Better together. We say. We do.