Quarterly ResultMay 5, 2026, 05:41 PM
Onity Group Q1 Net Income $6.6M, down from $21.1M YoY; Revenue $294.3M
AI Summary
Onity Group Inc. reported a significant decrease in net income for Q1 2026, falling to $6.6 million from $21.1 million year-over-year, despite a rise in total revenue to $294.3 million. Basic EPS also declined to $0.78 from $2.68. The company is undergoing strategic changes, including the planned sale of its HECM loan portfolio to Finance of America Reverse LLC, with an amendment signed in April 2026, and the non-renewal of subservicing agreements with Rithm Capital Corp. effective January 2026. Net cash used in operating activities worsened considerably to $(1,589.9) million.
Key Highlights
- Net income attributable to common stockholders decreased to $6.6M from $21.1M YoY.
- Basic earnings per share fell to $0.78 from $2.68 YoY.
- Total revenue increased to $294.3M from $249.8M YoY.
- Net cash used in operating activities significantly increased to $(1,589.9)M from $(148.1)M YoY.
- Company repurchased $6.1M of common stock during the quarter.
- OMC agreed to sell its HECM loan portfolio to Finance of America Reverse LLC, with an amendment signed April 30, 2026.
- PHH Mortgage Corporation rebranded to Onity Mortgage Corporation (OMC) on March 23, 2026.
- Rithm Capital Corp. non-renewed subservicing agreements, effective January 31, 2026.
Price Impact
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