Slide 1: First Quarter 2026 Business Update
First Quarter 2026 Business Update May 5, 2026 © 2026 Onity Group Inc. All rights reserved.
Slide 2: Disclaimer
Disclaimer FORWARD-LOOKING STATEMENTS and other covenants contained in them; our ability to interpret correctly NON-GAAP FINANCIAL MEASURES This presentation contains forward-looking statements within the and comply with current or future liquidity, net worth and other financial This presentation co
Slide 3: First quarter summary
First quarter summary Double-digit year-over-year growth in adjusted revenue,(a) origination volume, subservicing additions, and total servicing UPB Originations profitability partially offset higher MSR runoff in Servicing Mortgage interest rate volatility, higher than expected refinancing activity
Slide 4: Double-digit growth in adjusted revenue, origination volume, and servicing UPB
Double-digit year-over-year growth in adjusted revenue, origination volume, and total servicing UPB; Originations profitability partially offset higher MSR runoff Solid Revenue Growth Strong Originations Increasing Servicing Scale Adjusted Revenue(a) $278M Originations Volume $14B Ending Servicing U
Slide 5: Geopolitical events triggered increased volatility in key drivers of mortgage activity
Geopolitical events triggered increased volatility in key drivers of mortgage activity; consumers increasingly sensitive to interest rates Market volatility reduces origination pipeline Consumers increasingly sensitive to interest rates driving hedging and loan sales effectiveness higher refi respon
Slide 6: Taking decisive action to improve resiliency to changing market dynamics
Taking decisive action to improve resiliency to changing market dynamics and consumer behaviors Potential PTI Opportunity(a) Origination Pipeline $5M to Origination pipeline hedging and loan sales execution is affected by Hedging and Loan Sales $7M market and spread volatility; historical impact has
Slide 7: Balanced business is resilient in the long term
Balanced business is resilient in the long term; Q1 balance dynamics impacted by mortgage interest rate volatility, significant refinance surge, and FHA delinquencies Originations and Servicing complement Impact of market scenarios(c) each other through an annual cycle on profitability Adjusted pre-
Slide 8: Robust originations volume and strong recapture performance
Robust originations volume and strong recapture performance deliver growth above industry averages Originations volume up >2x YoY, Strong recapture performance amid exceeding industry growth of 44%(a) significant refinance surge Originations UPB(b) 14 Refinance payoff units: 3.6x Q1’26 vs Q1’25 +35%
Slide 9: Focused on accelerating subservicing growth
Focused on accelerating subservicing growth Subservicing additions(a) Robust pipeline of subservicing opportunities UPB in $B ✓ Active pipeline(b) of new business remains strong > 50 • 2 new clients signed in Q1’26 45 • 5 more agreements under contract negotiation ✓ Technology adds to an exceptional
Slide 10: Strong owned MSR growth expanding recapture-ready portfolio
Strong owned MSR growth expanding recapture-ready portfolio Servicing portfolio up 11% YoY MSR growth and subservicing client wins more vs 3% growth for industry(a) than offset runoff and de-boardings Total Servicing Ending UPB Total Servicing Ending UPB 338 305 53 338 162 154 305 (1) (19) 176 150 (
Slide 11: Integrating AI into every stage of the borrower journey
Integrating AI into every stage of the borrower journey to maximize recapture Accelerating refinance-ready Increasing lead conversion Advancing platform borrower identification efficiency scalability • Integrating unstructured data • Incorporating call sentiment analytics • Broadening borrower engag
Slide 12: Revised transaction with Finance of America Reverse
Revised transaction with Finance of America Reverse and resubmitted to GNMA for approval; accomplishes strategic objectives Revised transaction highlights Expected transaction benefits ✓ ~57% UPB sold; $70-80M expected net ✓ Establishes a significant subservicing relationship proceeds(a) with a reve
Slide 13: Strong year-over-year top-line revenue and book value growth
Strong year-over-year top-line revenue and book value growth Adjusted revenue(a) Operating efficiency(b) Book value per share up 26% YoY improving QoQ and YoY up $17 YoY 280 278 55% $73.69 $74.81 53% 220 63 67 51% 33 $57.66 217 211 187 ($M) Q1'25 Q4'25 Q1'26 Q1'25 Q4'25 Q1'26 Q1'25 Q4'25 Q1'26 Origi
Slide 14: Market volatility drove higher hedge costs and refinancing surge
Market volatility and consumer behaviors drove higher origination pipeline hedge costs and significant refinancing surge; FHA delinquencies elevated as expected Adjusted PTI(a) impacted by higher MSR …as well as Q1 rate volatility and continued runoff YoY… elevation of FHA delinquencies(b) 24 YoY Dr
Slide 15: High yield proceeds invested in higher value opportunities
High yield proceeds invested in higher value opportunities to accelerate growth $200M from high yield debt offering is Illustrative returns from incremental funding growth initiatives MSR purchases(a) Adjusted PTI(b) ✓ De-risked balance sheet by reducing MSR debt over 2 years $74M ✓ Acquiring and re
Slide 16: Strong Originations profitability across Consumer Direct and B2B
Strong Originations profitability across Consumer Direct and B2B channels Originations adjusted pre-tax income(a) Profitability driven by continued higher up 3.5x YoY volume, up 2x YoY 34 29 • Funded volume in line with Q4 record(b) driven by recapture, lower rates, and increase in higher- 8 15 yiel
Slide 17: Strong Consumer Direct and B2B volume driving Originations profitability
Strong Consumer Direct and B2B volume driving Originations profitability; lower margins QoQ due to rate volatility B2B originations volume Consumer Direct originations Consumer Direct per loan(b) up ~2x YoY volume up ~4x YoY metrics favorable $13.4B $1.2B $13.0B Revenue per loan up 4% YoY $0.8B 26 $
Slide 18: Investing in higher yielding assets to drive future growth
Investing in higher yielding assets to drive future growth amid a challenging environment Servicing adjusted revenue(a) Forward owned average Servicing Adjusted PTI(c) declined QoQ driven by growth in owned MSR servicing UPB up 18% YoY and YoY, driven by higher MSR runoff 217 160 38 ▼ ($17M) MSR Run
Slide 19: Servicing advances 28% lower over 2 years
Servicing advances 28% lower over 2 years while UPB has grown 32%(a) Servicing Advances End of Period 603 Effective strategy reducing advances 514 135 431 128 120 • Increased modification process success rates 468 386 through digital engagement Non-Agency 311 ($M) Q1'24 Q1'25 Q1'26 • Compressed time
Slide 20: MSR hedge strategy continues to 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 • Hedge strategy has offset interest rate 40 changes effectively since Q1’24 Effective hedging strategy 20 • Our
Slide 21: Updated 2026 outlook to reflect volatile macro environment
Updated 2026 outlook to reflect volatile macro environment Financial objectives Full-year 2026 outlook(b) ❖ Drive revenue growth Updated adjusted ROE range to 10-15% (from 13- 15%) in light of ongoing rate volatility due to geopolitical events(c) ❖ Sustain Adjusted PTI performance(a) Total servicing
Slide 22: Focused on accelerating profitable growth and creating value
© 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 ❑ Double-digit year-over-year growth in adjusted revenue,(a) origination I n volume, subservicing additions, and total servicing UPB c . A l l r i g h t ❑ Award-winning Servicing platform
Slide 23: Appendix
Appendix © 2026 Onity Group Inc. All rights reserved. 23
Slide 24: 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 correspon
Slide 25: 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 26: 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 27: Significant increase in book value per share and servicing portfolio
Significant increase in book value per share and servicing portfolio year-over-year (Dollars in millions, except per share metrics) Q1’25 Q4’25 Q1’26 Adjusted pre-tax income (loss)(a) 25.5 8.8 (6.2) MSR valuation adjustments due to rates (2.4) 8.6 19.8 and assumption changes, net(b) Other notables (
Slide 28: Diversified servicing portfolio mitigates risk
Diversified servicing portfolio mitigates risk MSR to be hedged % of Servicing UPB end of Q1’26 GAAP MSR Fair Value end of period GSE MSR ~36% 3,026 Fannie 541 Subservicing Owned Servicing(a) 253 ~48% ~52% Other Subservicing Freddie 2,231 ($M) MAV Q1'26 (b) Rithm, MAV and other pledged MSR $338B Rev
Slide 29: MSR Valuation
MSR(a) Valuation as of 3/31/2025 as of 12/31/2025 as of 3/31/2026 (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 105,665 20,113 12,028 137,805 113,175 28,293 11,039 152,508 120,373 31,764 10,742 162,879 Loan Count (000s) 411 93 78
Slide 30: Managing owned MSRs to a targeted investment range
Managing owned MSRs to a targeted investment range (Dollars in billions) Q2’24 Q3’24 Q4’24 Q1’25 Q2’25 Q3’25 Q4’25 Q1’26 MSR Investment Range Forward Owned 124 123 124 135 141 148 151 160 • $115-135B Reverse Owned 8 9 11 12 12 11 11 11 including ESS prior to Q1’25 Total Owned MSR Servicing(a) Avg UP
Slide 31: Increasing scale and cost management improving operating efficiency
Increasing scale and diligent cost management improving operating efficiency Operating Efficiency by Segment Originations Servicing(a) 70 200 60 175 150 50 61% 125 56% 56% 40 45% 44% 44% 100 30 37% 75 34% 34% 32% 32% 32% 20 50 10 25 0 0 ($M) Q4'24 Q1'25 Q2'25 Q3'25 Q4'25 Q1'26 ($M) Q4'24 Q1'25 Q2'25
Slide 32: Successfully settled warrants eliminating related dilution risk
Successfully settled warrants eliminating related dilution risk Q1’25 Q4’25 Q1’26 Book Value Share Book Value Share Book Value Share in $M Count in $M Count in $M Count I Equity and Outstanding Shares 460.2 7,981,005 627.9 8,521,636 629.2 8,410,618 II Gross Settlement Dilution of Warrants 31.8 1,184
Slide 33: Condensed Consolidated Balance Sheets (unaudited)
Condensed Consolidated Balance Sheets (unaudited) Assets March 31, December 31, March 31, (Dollars in millions) 2025 2025 2026 Cash and cash equivalents 178 181 182 Restricted cash 59 84 125 Mortgage servicing rights (MSRs), at fair value 2,547 2,825 3,026 Advances, net 514 483 431 Loans held for sa
Slide 34: Condensed Balance Sheets Breakdown
Condensed Balance Sheets Breakdown Assets March 31, Rithm, MAV & other Reverse GNMA All (Dollars in millions) 2026 unaudited pledged MSR mortgages EBO others Cash and cash equivalents 182 182 Restricted cash 125 125 Mortgage servicing rights (MSRs), at fair value 3,026 541 2,485 Advances, net 431 43
Slide 35: Condensed Consolidated Statements of Operations (unaudited)
Condensed Consolidated Statements of Operations (unaudited) Three months March 31, December 31, March 31, (Dollars in millions) ended 2025 2025 2026 Servicing and subservicing fees 203 225 222 Gain on reverse loans and HMBS-related borrowings, net 24 10 19 Gain on loans held for sale, net 12 37 34 O
Slide 36: 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 37: Notables and Adjusted Pre-tax Income (Loss) Calculation
Notables and Adjusted Pre-tax Income (Loss) Calculation Q1’25 Q1’26 (Dollars in millions) Q4’24 Q1’25 Q2’25 Q3’25 Q4’25 Q1’26 LTM LTM I Reported net income (loss) (28) 22 22 19 127 8 26 175 A Income tax benefit (expense) 6 13 (1) (4) 119 (0) 9 113 II Reported pre-tax income (loss) [ I – A ] (34) 9 2
Slide 38: ROE Calculations
ROE Calculations (Dollars in millions) Q4’24 Q1’25 Q2’25 Q3’25 Q4’25 Q1’26 I Reported net income (loss) (28) 22 22 19 127 8 A Preferred stock dividend (1) (1) (1) (1) (1) (1) II Reported net income (loss) attributable to (29) 21 20 18 126 7 common stockholders [ I + A ] III Annualized net income (lo
Slide 39: P&L GAAP to Adjusted Bridge
P&L GAAP to Adjusted Bridge Q1’26 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 240 (31) 8 (9) 2 211 MSR Valuation Adjustments, net (81) (7) (11) (99) Ope
Slide 40: End Notes
End Notes SLIDE 3 SLIDE 6 SLIDE 10 a) See slides 36-39 for discussion of non-GAAP measures including a) Potential PTI Opportunity refers to adjusted PTI; amounts are for a) Owned servicing (labeled as MSR in the legend) UPB in chart includes adjusted revenue; Q1’26 vs Q1’25 YoY growth for each metri
Slide 41: End Notes
End Notes SLIDE 14 cont. SLIDE 18 cont. SLIDE 21 cont. d) Originations scalability refers to sales and operations capacity for d) See slides 36-39 for discussion of non-GAAP measures including d) Increase in total servicing UPB from year-end 2025 to year-end 2026 Consumer Direct and capital allocati
Slide 42: End Notes
End Notes SLIDE 26 cont. SLIDE 30 SLIDE 37 cont. c) Positive experience scores for call center and loan boarding based on a) Owned servicing UPB in chart includes owned MSRs, reverse mortgage g) Contains non-routine transactions including but not limited to early responses to borrower surveys for FY
Slide 43: Abbreviations & Definitions
Abbreviations & Definitions • 9M: First nine months of the fiscal year • FOA: Finance of America Reverse LLC • M&A: Mergers and Acquisitions • pp(s): Percentage Points • Adj / Adjusted: Non-GAAP measure of PTI, ROE, • FRM: Fixed Rate Mortgage • MAM: Mortgage Assets Management, LLC • PTI: Pre-Tax Inc
Slide 44: Customer first. Better together. We say. We do.
Customer first. Better together. We say. We do.