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Stockholders' Equity | 9 Months Ended
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Sep. 30, 2025
Equity [Abstract] |
Stockholders' Equity |
Note 14 – Stockholders’ Equity
In 2021, in connection with certain transactions with Oaktree Capital Management L.P. and certain affiliates, including managed investment funds and accounts (collectively Oaktree), we issued to Oaktree warrants to purchase 1,184,768 and 261,248 shares of our common stock at a price per share of $26.82 and $24.31, that may be exercised at any time through March 4, 2027 and May 3, 2025, respectively, in cash or pursuant to a cashless exercise, as defined. The warrants were reported within Stockholders’ Equity with an aggregated $20.8 million allocated fair value. On October 23, 2024, the warrants were amended to provide that upon their exercise Oaktree can elect the cash exercise option only with the consent of Onity and, without the consent of Onity, the exercise price can only be paid via the net share settlement option (cashless exercise). The amendment did not result in any change in the accounting or equity presentation of the warrants. On February 13, 2025, Oaktree exercised its right to purchase 261,248 shares of our common stock in a net share settlement, at the exercise price of $24.31 per share, entitling Oaktree to an estimated 92,788 shares of common stock based on the trailing average stock price, as defined. Pursuant to the warrant agreement, as amended, Onity elected to settle in cash the exercise of the warrants, resulting in a $3.5 million cash payment to Oaktree and an equal reduction of Stockholders’ Equity. The warrant exercise did not result in any change to the number of issued and outstanding shares of common stock. As of September 30, 2025, the remaining 1,184,768 warrants held by Oaktree had an intrinsic value of $15.6 million (equivalent to approximately 389,586 shares under a net share settlement option), that is the difference between the $39.96 stock price and $26.82 exercise price. If Oaktree elects a cashless exercise of the warrants, whether Onity elects to pay cash or issue shares (net share settlement option), any final settlement would be based on the trailing average stock price, as defined.

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