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Employee Compensation and Benefit Plans (Tables)

12 Months Ended

Dec. 31, 2024

Dec. 31, 2023

Share-Based Payment Arrangement [Abstract]

Schedule of Change in Benefit Obligation, Plan Assets and Funded Status for Pension Plans

The following table shows the benefit obligation, plan assets and funded status for the Plan:

			December 31,
			2024						2023
Projected benefit obligation			$	18.2					$	42.2
Fair value of plan assets			19.1						39.6
Overfunded (unfunded) status recognized in Other liabilities			$	0.9					$	(2.6)
Amounts recognized in Accumulated other comprehensive income (loss)			$	1.3					$	(1.0)

Change in Benefit Obligation, Plan Assets and Funded Status for Gratuity Plan

The following table shows the total benefit obligation, plan assets and funded status for the Gratuity Plan:

			December 31,
			2024						2023
Benefit obligation			$	7.6					$	6.7
Fair value of plan assets			—						—
Unfunded status recognized in Other liabilities			$	(7.6)					$	(6.7)

Schedule of Stock Options Vesting

Outstanding equity awards granted under the 2007 Equity Plan, the 2017 Equity Plan and 2021 Equity Plan had the following characteristics in common:

Type of Award

Percent of Total Equity Award

Vesting Period

2015 - 2024 Awards:

Options:

Service Condition - Time-based

1

%

Ratably over four years (25% vesting on each of the first four anniversaries of the grant date.)

Service Condition - Time-based

3

Ratably over three years (one-third vesting on each of the first three anniversaries of the grant date).

Stock Units:

Service Condition - Time-based

38

Ratably over three years with one-third vesting on each of the first three anniversaries of the grant date.

Service Condition - Time-based

4

Ratably over four years with 25% vesting on each of the first four anniversaries of the grant date.

Service Condition - Time-based

1

Cliff-vest 100% after one year, six months from the grant date.

Type of Award

Percent of Total Equity Award

Vesting Period

Market Condition:

Time-based vesting schedule and Market performance-based vesting date

53

Cliff-vest 100% after three years. Vesting of units credited based on Total Shareholder Return (TSR) for any performance period is subject to continued service through the third anniversary of the grant. There is no interim or ratable vesting. The number of performance-based awards that will vest is determined by Onity’s TSR, either absolute or relative to a performance peer group, during each performance period.

Total Award

100

%

Schedule of Stock Option Activity

			Years Ended December 31,
Stock Options			2024												2023												2022
			Number of Options						Weighted Average Exercise Price						Number of Options						Weighted Average Exercise Price						Number of Options						Weighted Average Exercise Price
Outstanding at beginning of year			39,157						$	141.27					39,157						$	141.27					114,658						$	281.89
Forfeited / Expired (1)			(11,426)						278.79						—						—						(75,501)						354.83
Outstanding at end of year (2)(3)			27,731						$	84.61					39,157						$	141.27					39,157						$	141.27
Exercisable at end of year (2)(3)(4)			27,731						$	84.61					34,657						$	94.46					34,657						$	94.46

(1)Includes 11,426 and 74,834 options which expired unexercised in 2024 and 2022, respectively, because their exercise price was greater than the market price of Onity’s stock.

(2)Outstanding and exercisable stock options (all are service condition time-based), at December 31, 2024 have a net aggregate intrinsic value of zero .

(3)At December 31, 2024, the weighted average remaining contractual term of options outstanding and options exercisable was 2.5 years and 2.5 years, respectively.

(4)The total fair value of stock options that vested and became exercisable during 2024, 2023 and 2022, based on grant-date fair value, was $0.0 million for each of the years.

Schedule of Stock Unit Activity

Stock Units - Equity-Classified Awards			Years Ended December 31,
			2024												2023												2022
			Number of Stock Units						Weighted Average Grant Date Fair Value						Number of Stock Units						Weighted Average Grant Date Fair Value						Number of Stock Units						Weighted Average Grant Date Fair Value
Unvested at beginning of year			756,938						$	32.67					603,889						$	27.19					416,226						$	25.97
Granted (1) (2)			315,165						30.57						421,074						31.40						373,614						28.43
Vested (3)(4)			(280,589)						33.08						(251,810)						17.17						(109,077)						23.11
Forfeited/Cancelled (5)			(95,189)						36.76						(16,215)						36.22						(76,874)						32.42
Unvested at end of year (6)(7)			696,325						$	30.93					756,938						$	32.67					603,889						$	27.19

(1)Stock units granted in 2024, 2023 and 2022 include 153,080, 168,950 and 147,058 units, respectively, granted to Onity’s CEO. Stock units granted in 2024, 2023 and 2022 include 8,153, 57,515 and 13,091 units, respectively, added as a result of a performance factor. Stock units granted in 2022 includes 436 units reclassified from liability-classified awards.

(2)Includes 7,405 one-time service condition based awards granted in 2024 to certain employees in connection with their employment. Includes 89,664 one-time market performance based awards granted in 2023 to certain employees in connection with their employment. Also, includes 57,187 one-time equity-classified awards granted in 2022, of which 51,546 vest ratably over four years (25% vesting on each of the first four anniversaries of the grant date) and 5,641 awards vest ratably over four years (one-third vesting on each of the first three anniversaries of the grant date).

(3)The total intrinsic value of stock units vested, which is defined as the weighted market value of the stock on the date of vesting, was $7.4 million, $6.5 million and $2.2 million for 2024, 2023 and 2022, respectively.

(4)The total fair value of the stock units that vested during 2024, 2023 and 2022, based on grant-date fair value, was $9.3 million, $4.3 million and $2.5 million, respectively.

(5)Stock units forfeited/cancelled in 2024, 2023 and 2022 includes 95,189, 11,319 and 42,885 units, respectively, forfeited due to market-based performance.

(6)Excluding the 385,690 market-based stock awards that have not met their market-based performance criteria (and time-vesting requirements, where applicable), the net aggregate intrinsic value of stock awards outstanding at December 31, 2024 was $9.5 million. .

(7)At December 31, 2024, the weighted average remaining contractual term of share units outstanding was 1.8 years.

Stock Units Liability Awards

			Years Ended December 31,
Stock Units - Liability-Classified Awards			2024						2023						2022
Unvested units at beginning of year			466,421						620,559						758,626
Granted			213,588						198,624						246,018
Vested			(187,056)						(410,752)						(191,728)
Forfeited/Cancelled (1)			(72,045)						(61,093)						(204,158)
Other (2)			6,884						119,083						11,801
Unvested units at end of year			427,792						466,421						620,559

(1)Units forfeited/cancelled in 2024, 2023 and 2022 include 43,899, 6,005 and 105,552 units, respectively, forfeited due to market-based performance under the LTI program.

(2)Includes 8,228, 118,834 and 12,204, units added during 2024, 2023 and 2022, respectively, as a result of market-based performance.

Schedule of Assumptions used to Value Stock Option Awards Granted

The following assumptions were used to value awards:

Monte Carlo			2024						2023						2022
Risk-free interest rate			4.40%						3.73% - 5.37%						1.31% - 4.66%
Expected stock price volatility (1)			50.6%						55.5% - 75.4%						93.8% - 94.7%
Expected dividend yield			—%						—%						—%
Expected life (in years)			(2)						(2)						(2)
Fair value			$33.57						$36.91 - $37.07						26.53 - $50.99

(1)We generally estimate volatility based on the historical volatility of Onity’s common stock over the most recent period that corresponds with the estimated expected life of the option. For awards valued using a Monte Carlo simulation, volatility is computed as a blend of historical volatility based on daily stock price returns and implied volatility based on traded options on Onity’s common stock.

(2)The stock units that contain both a service condition and a market-based condition are valued using the Monte Carlo simulation. The expected term is derived from the output of the simulation and represents the expected time to meet the market-based vesting condition. For equity awards with both service and market conditions, the requisite service period is the longer of the derived or explicit service period. In this case, the explicit service condition (vesting period) is the requisite service period, and the straight-line method is used for expense recognition.

Schedule of Equity-based Compensation Expense Related to Stock Options and Stock Awards and Related Excess Tax Benefit

The following table summarizes Onity's stock-based compensation expense included as a component of Compensation and benefits expense in the consolidated statements of operations:

			Years Ended December 31,
			2024						2023						2022
Compensation expense - Equity-classified awards
Stock option awards			$	—					$	—					$	(0.1)
Stock awards			7.8						9.7						4.7
			$	7.8					$	9.7					$	4.6
Compensation expense - Liability-classified awards			$	3.9					$	2.7					$	2.2
Excess tax benefit related to share-based awards			$	(0.2)					$	1.9					$	0.4

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