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Subsequent Events | 9 Months Ended
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Sep. 30, 2023
Subsequent Events [Abstract] |
Subsequent Events | On October 5, 2023, we repurchased a total of $1.1 million of the PMC Senior Secured Notes in the open market for a price of $1.0 million and recognized a $0.1 million gain on debt extinguishment, net of the respective write-off of unamortized discount and debt issuance costs. Rithm did not provide notice of termination by November 1, 2023, the notice deadline for certain of Rithm’s servicing agreements. Accordingly, all Rithm servicing agreements are extended for another year through December 31, 2024. Refer to Note 8 — Other Financing Liabilities, at Fair Value. As previously disclosed, on November 2, 2022, Ocwen and Oaktree increased the maximum aggregate capital contributions to MAV Canopy by up to $250.0 million during the period ending May 2, 2024 (the Commitment Period), subject to extension. On November 1, 2023, Ocwen and Oaktree agreed to extend the Commitment Period through May 2, 2025, subject to an additional one-year extension by mutual agreement. As a result of the extension of the Commitment Period, MAV’s right of first offer to purchase certain GSE MSRs sold by PMC and Ocwen’s reciprocal right of first offer to purchase certain GSE MSRs sold by MAV which were acquired under MAV’s own first offer rights will remain in effect until May 2, 2025 or, if earlier, the date that MAV has been fully funded. No other contractual provisions of the MAV Canopy governing agreements were modified. Extension of the Commitment Period does not impact the date at which MAV is permitted to sell MSRs, in whole or in part, without Ocwen’s consent, which remains May 3, 2024.

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- Definition The entire disclosure for significant events or transactions that occurred after the balance sheet date through the date the financial statements were issued or the date the financial statements were available to be issued. Examples include: the sale of a capital stock issue, purchase of a business, settlement of litigation, catastrophic loss, significant foreign exchange rate changes, loans to insiders or affiliates, and transactions not in the ordinary course of business. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 855 -URI https://asc.fasb.org/topic&trid=2122774 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 855 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (a) -URI https://asc.fasb.org/extlink&oid=6842918&loc=SL6314017-165662 + Details
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