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What changed in OneMain Holdings, Inc.'s 10-K — 2024 vs 2025

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Paragraph-level year-over-year comparison of OneMain Holdings, Inc.'s 2024 and 2025 10-K annual filings, covering the Business, Risk Factors, Legal Proceedings, Cybersecurity, MD&A and Market Risk sections. Every new, removed and edited paragraph is highlighted side-by-side so you can see exactly what management changed in the 2025 report.

+182 added−198 removedSource: 10-K (2026-02-06) vs 10-K (2025-02-07)

Top changes in OneMain Holdings, Inc.'s 2025 10-K

182 paragraphs added · 198 removed · 170 edited across 8 sections

Item 1. Business

Business — how the company describes what it does

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Biggest changeOur annual Employee Engagement Survey provides team members with the opportunity to share candid feedback, with a 90% participation rate in 2024. This input helps us measure engagement and enhance the workplace experience. We believe that motivated and engaged team members drive innovation, collaboration, and excellent customer experience.
Biggest changeTo support these goals, we partner with organizations such as the Veteran Jobs Mission and Direct Employers Association to broaden our workforce reach. Our annual Employee Engagement Survey provides team members with the opportunity to share candid feedback, with a 90% participation rate in 2025. This input helps us measure engagement and enhance the workplace experience.
OMH and OMFC are referred to in this report, collectively with their subsidiaries, whether directly or indirectly owned, as “the Company,” “OneMain,” “we,” “us,” or “our.” As one of the nation’s leaders in offering nonprime consumers responsible access to credit, we: • offer responsible personal loan products; • offer secured auto financing at the point of purchase; • offer credit card products; • offer optional products; • offer a customer-focused financial wellness platform (Trim by OneMain); • service loans owned by us and third parties; • pursue strategic acquisitions and dispositions of assets and businesses; and • may establish joint ventures or enter into other strategic alliances.
OMH and OMFC are referred to in this report, collectively with their subsidiaries, whether directly or indirectly owned, as “the Company,” “OneMain,” “we,” “us,” or “our.” As one of the nation’s leaders in offering nonprime consumers responsible access to credit, we: • offer personal loan products; • offer secured auto financing at the point of purchase; • offer credit card products; • offer optional products; • offer a customer-focused financial wellness platform (Trim by OneMain); • service loans owned by us and third parties; • pursue strategic acquisitions and dispositions of assets and businesses; and • may establish joint ventures or enter into other strategic alliances.
BrightWay and BrightWay+ credit cards originate through a third-party bank partner from which we purchase the receivable balances. The credit cards are offered through our branch network, direct mail, our digital affiliates, and our website. Credit cards are open-ended, revolving, with a fixed rate, and are unsecured.
BrightWay credit cards originate through a third-party bank partner from which we purchase the receivable balances. The credit cards are offered through our branch network, direct mail, our digital affiliates, and our website. Credit cards are open-ended, revolving, with a fixed rate, and are unsecured.
Our underwriting process for our personal loans includes an assessment of the applicant’s income and expenses to ensure he or she has the capacity to repay the loan. For all secured consumer loans, we obtain a security interest in titled property.
Our underwriting process for personal loans includes an assessment of the applicant’s income and expenses to ensure he or she has the capacity to repay the loan. For all secured consumer loans, we obtain a security interest in titled property.
We evaluate internal systems, processes, and controls to mitigate operational risk and control and monitor our businesses through a variety of methods including the following: • our operational policies and procedures that standardize various aspects of lending and collections; • our finance receivable systems control loan size, interest rates, maturity dates, and fees of our customers’ accounts; create loan documents specific to the state in which the branch location operates or to the customer’s location if the loan is made electronically through our central operations; and control cash receipts and disbursements; • our accounting personnel reconcile bank accounts, investigate discrepancies, and resolve differences; • our credit risk management system reports allow us to track individual branch location performance and to monitor lending and collection activities; • our cybersecurity incident response plan establishes a team that responds to cybersecurity incidents by identifying, evaluating, investigating, resolving, and remediating incidents impacting our information and information systems; • our executive level reporting is available to headquarters and field operations management to review the status of activity through the close of business of the prior day; • our branch operations management structure, Regional Quality Coordinators, and Compliance Field Examination teams are designed to oversee a large, decentralized organization with succeeding levels of supervision and are staffed with experienced personnel; • our branch and central operations compensation plans are based on credit quality and compliance, and are regularly reviewed for consistency with overall corporate goals and customer service; • our compliance department assesses our compliance with applicable federal and state laws and regulations and our internal policies and procedures; oversees training to ensure team members have an understanding of such laws, regulations, policies, and procedures that impact their job responsibilities; and manages our regulatory examination process; • our Executive Office of Customer Care maintains our consumer complaint resolution and reporting process; and • our internal audit department audits our business for adherence to operational policies and procedures, and compliance with federal and state laws and regulations.
We evaluate internal systems, processes, and controls to mitigate operational risk and control and monitor our businesses through a variety of methods including the following: • our operational policies and procedures that standardize various aspects of lending and collections; • our finance receivable systems control loan size, interest rates, maturity dates, and fees of our customers’ accounts; create loan documents specific to the state in which the branch location operates or to the customer’s location if the loan is made electronically through our central operations; and control cash receipts and disbursements; • our accounting personnel reconcile bank accounts, investigate discrepancies, and resolve differences; • our credit risk management system reports allow us to track individual branch location performance and to monitor lending and collection activities; • our cybersecurity incident response plan establishes a team that responds to cybersecurity incidents by identifying, evaluating, investigating, resolving, and remediating incidents impacting our information and information systems; • our executive level reporting is available to headquarters and field operations management to review the status of activity through the close of business of the prior day; • our branch operations management structure, Regional Quality Coordinators, Compliance Field Examinations, and Compliance Analytics teams are designed to oversee a large, decentralized organization with succeeding levels of supervision and are staffed with experienced personnel; • our branch and central operations compensation plans are based on credit quality and compliance, and are regularly reviewed for consistency with overall corporate goals and customer service; • our compliance department assesses our compliance with applicable federal and state laws and regulations and our internal policies and procedures; oversees adequacy of training to ensure team members have an understanding of such laws, regulations, policies, and procedures that impact their job responsibilities; and manages our regulatory examination process; • our Executive Office of Customer Care maintains our consumer complaint resolution and reporting process; and • our internal audit department audits our business for adherence to operational policies and procedures, and compliance with federal and state laws and regulations.
The extent of such regulation varies by product and by state, but relates primarily to the following: • licensing; • conduct of business, including marketing and sales practices; • periodic financial and market conduct examination of the affairs of insurers; 15 Table of Contents • form and content of required financial reports; • standards of solvency; • limitations on the payment of dividends and other affiliate transactions; • types of products offered; • approval of policy forms and premium rates; • formulas used to calculate any unearned premium refund due to an insured customer; • permissible investments; • deposits of securities for the benefit of policyholders; • reserve requirements for unearned premiums, losses, and other purposes; and • claims processing.
The extent of such regulation varies by product and by state, but relates primarily to the following: • licensing; • conduct of business, including marketing and sales practices; • periodic financial and market conduct examination of the affairs of insurers; 14 Table of Contents • form and content of required financial reports; • standards of solvency; • limitations on the payment of dividends and other affiliate transactions; • types of products offered; • approval of policy forms and premium rates; • formulas used to calculate any unearned premium refund due to an insured customer; • permissible investments; • deposits of securities for the benefit of policyholders; • reserve requirements for unearned premiums, losses, and other purposes; and • claims processing.
Starting in 2023, the CFPB has exercised supervisory authority over the Company’s entire consumer finance business as a result of the Company’s status as a “larger participant” in the auto financing market. 14 Table of Contents The investigation and enforcement provisions of Title X of the Dodd-Frank Act may adversely affect our business if the CFPB or one or more state attorneys general or state regulators believe that we have violated any federal consumer financial protection laws, including the prohibition in Title X against unfair, deceptive, or abusive acts or practices.
Starting in 2023, the CFPB has exercised supervisory authority over the Company’s entire consumer finance business as a result of the Company’s status as a “larger participant” in the auto financing market. 13 Table of Contents The investigation and enforcement provisions of Title X of the Dodd-Frank Act may adversely affect our business if the CFPB or one or more state attorneys general or state regulators believe that we have violated any federal consumer financial protection laws, including the prohibition in Title X against unfair, deceptive, or abusive acts or practices.
We provide origination, underwriting, and servicing of consumer loans, consisting of personal loans and auto finance. In addition, we offer two credit cards, BrightWay and BrightWay+, through a third-party bank partner from which we purchase the receivable balances.
We provide origination, underwriting, and servicing of consumer loans, consisting of personal loans and auto finance. In addition, we offer BrightWay credit cards through a third-party bank partner from which we purchase the receivable balances.
Our digital user experience includes video, chat, and co-browsing with customers. These tools simplify and optimize the customer experience. 11 Table of Contents Our applications, regardless of whether they are completed in person, over the phone, or online, go through our best-in-class underwriting, including processes such as an ability-to-pay assessment, monthly budgeting, income verification, and central automated credit decisioning.
Our digital user experience includes video, chat, and co-browsing with customers. These tools simplify and optimize the customer experience. 10 Table of Contents Our applications, regardless of whether they are completed in person, over the phone, or online, go through our best-in-class underwriting, including processes such as an ability-to-pay assessment, monthly budgeting, income verification, and central automated credit decisioning.
SEASONALITY See “Management’s Discussion and Analysis of Financial Condition and Results of Operations—Seasonality” in Part II - Item 7 in this report for discussion of our seasonal trends. 16 Table of Contents HUMAN CAPITAL Overview OneMain is dedicated to providing credit solutions to help hardworking Americans improve their financial well-being by offering products that are designed to be the starting point for their financial stability and growth.
SEASONALITY See “Management’s Discussion and Analysis of Financial Condition and Results of Operations—Seasonality” in Part II - Item 7 in this report for discussion of our seasonal trends. 15 Table of Contents HUMAN CAPITAL Overview OneMain is dedicated to providing credit solutions to help hardworking Americans improve their financial well-being by offering products that are designed to be the starting point for their financial stability and growth.
INDUSTRY AND MARKET OVERVIEW We operate in the consumer finance industry serving consumers who typically have limited access to credit from banks, credit card companies, and other lenders.
INDUSTRY AND MARKET OVERVIEW We operate in the consumer finance industry serving consumers who typically have more limited access to credit from banks, credit card companies, and other lenders.
Using third party market data as of December 2024 and internally aligning to our current product offerings, we estimate U.S. nonprime consumers collectively have approximately $1.3 trillion of outstanding borrowings in the form of personal loans, auto loans and leases, and credit cards. We believe this large market provides us with an attractive growth opportunity.
Using third party market data as of December 2025 and internally aligning to our current product offerings, we estimate U.S. nonprime consumers collectively have approximately $1.3 trillion of outstanding borrowings in the form of personal loans, auto loans and leases, and credit cards. We believe this large market provides us with an attractive growth opportunity.
COMPETITION We operate in the consumer lending industry with a focus on serving nonprime consumers through our national branch network, central operations, affiliate partners, network of auto dealerships, online, and over the phone. There are numerous local, regional, and national competitors that serve non-prime consumers, both within our geographic network and through digital channels, offering similar products and services.
COMPETITION We operate in the consumer lending industry with a focus on serving nonprime consumers through our national branch network, central operations, affiliate partners, network of auto dealerships, online, and over the phone. There are numerous local, regional, and national competitors that serve nonprime consumers, both within our geographic network and through digital channels, offering similar products and services.
Various U.S. federal, state, and territory regulators have also enacted, or are in the process of enacting, data security breach notification requirements that are applicable to us. 13 Table of Contents For further discussion on our cybersecurity risk management and strategy, see “Cybersecurity” in Part I - Item 1C. included in this report.
Various U.S. federal, state, and territory regulators have also enacted, or are in the process of enacting, data security breach notification requirements that are applicable to us. 12 Table of Contents For further discussion on our cybersecurity risk management and strategy, see “Cybersecurity” in Part I - Item 1C. included in this report.
Item 1. Business. BUSINESS OVERVIEW This report combines the Annual Reports on Form 10-K for the year ended December 31, 2024 for OneMain Holdings, Inc. (“OMH”), a publicly held financial service holding company, and its wholly owned direct subsidiary, OneMain Finance Corporation (“OMFC”).
Item 1. Business. BUSINESS OVERVIEW This report combines the Annual Reports on Form 10-K for the year ended December 31, 2025 for OneMain Holdings, Inc. (“OMH”), a publicly held financial service holding company, and its wholly-owned direct subsidiary, OneMain Finance Corporation (“OMFC”).
Our auto finance and credit card offerings continue to deepen our existing customer relationships, attract new customers, and further our vision to become the lender of choice for nonprime consumers. We believe we are well-positioned to capitalize on the significant growth and expansion opportunity within our industry.
Our auto finance and credit card offerings continue to deepen our existing customer relationships, attract new customers, and further our vision to be the lender of choice for nonprime consumers. We believe we are well-positioned to capitalize on the significant growth and expansion opportunity within our industry.
Our central operational functions support the following: • soliciting business; • processing payments; • originating consumer loans; • issuing and servicing optional products; • servicing of delinquent consumer loans; • managing bankruptcy process for loans in Chapter 7, 11, and 13 proceedings; • managing litigation requests with delinquent borrowers; • tracking collateral protection insurance; • repossessing and re-marketing of titled collateral; • supervising sales and retention of customers; and • managing charge-off recovery operations.
Our central operational functions support the following: • soliciting business; • processing payments; • originating consumer loans; • issuing and servicing optional products; • servicing of delinquent consumer loans; • managing bankruptcy process for loans in Chapter 7, 11, and 13 proceedings; • managing litigation requests with delinquent borrowers; • tracking collateral protection insurance; • repossessing and re-marketing of titled collateral; • managing and monitoring dealer partnerships; • supervising sales and retention of customers; and • managing charge-off recovery operations.
The information on, or that is accessible through, our website is not incorporated by reference into this report. The website addresses listed in this Item are provided for the information of the reader and are not intended to be active links. 18 Table of Contents
The information on, or that is accessible through, our website is not incorporated by reference into this report. The website addresses listed in this Item are provided for the information of the reader and are not intended to be active links. 17 Table of Contents
We believe these facilities position us for further expansion and growth. 12 Table of Contents OPERATIONAL CONTROLS We continuously strive to strengthen our system of internal controls to ensure compliance with laws, rules, and regulations, and to improve the oversight of our operations.
We believe these facilities position us for further expansion and growth. 11 Table of Contents OPERATIONAL CONTROLS We continuously strive to strengthen our system of internal controls to ensure compliance with laws, rules, and regulations, and to improve the oversight of our operations.
As part of our commitment to financial wellness, Credit Worthy by OneMain Financial is a strategic partnership with EVERFI, a global social-impact technology provider, to develop and distribute free, digital financial education to high schools nationwide over eight years. Since program inception, we have delivered the curriculum to more than 4,100 schools and 440,000 students.
As part of our commitment to financial wellness, Credit Worthy by OneMain Financial is a strategic partnership with EVERFI, a global social-impact technology provider, to develop and distribute free, digital financial education to high schools nationwide over eight years. Since program inception, we have delivered the curriculum to more than 4,900 schools and 600,000 students.
This network is complemented by our digital lending and servicing capabilities, central operations staff and our network of franchise and independent auto dealerships. Together, these resources allow us to operate in 47 states and serve more customers through their preferred channel, such as in person, digitally, and over the phone.
This network is complemented by our digital lending and servicing capabilities, central operations staff and our network of franchise and independent auto dealerships. Together, these resources allow us to operate in 48 states and serve more customers through their preferred channel: in person, digitally, and over the phone.
OneMain’s 2023 U.S. Equal Employment Opportunity (“EEO-1”) Report is available on our Investor Relations website, further demonstrating our accountability and transparency. Compensation and Benefits We offer a total rewards package, which includes competitive compensation, incentives, and comprehensive benefits that will attract, retain, and motivate talent within our organization.
Equal Employment Opportunity (“EEO-1”) Report is available on our Investor Relations website, further demonstrating our accountability and transparency. Compensation and Benefits We offer a total rewards package, which includes competitive compensation, incentives, and comprehensive benefits that will attract, retain, and motivate talent within our organization.
As of December 31, 2024, we had approximately 9,000 employees. Our commitment to help our community starts with our own team members. We believe in putting people first with a focus on recruiting, developing, and supporting our team members, and celebrating the communities in which we operate.
As of December 31, 2025, we had approximately 9,300 employees. Our commitment to help our community starts with our own team members. We believe in putting people first with a focus on recruiting, developing, and supporting our team members, and celebrating the communities in which we operate.
We believe we are well positioned for future growth with an experienced management team, proven access to the capital markets, and strong demand for consumer credit. At December 31, 2024, we had $23.6 billion of finance receivables due from approximately 3.3 million customer accounts.
We believe we are well positioned for future growth with an experienced management team, proven access to the capital markets, and strong demand for consumer credit. At December 31, 2025, we had $24.8 billion of finance receivables due from approximately 3.6 million customer accounts.
We also contributed to support financial literacy, community and economic development, food insecurity, and disaster relief initiatives. Our Impact Executive Council consists of a diverse group of senior executives, appointed by the CEO, reporting directly to the Nominating and Corporate Governance Committee of the Board on Impact issues. These senior executives each hold responsibility for different Impact workstreams.
We also contributed to support financial literacy, community and economic development, food insecurity, and disaster relief initiatives. 16 Table of Contents Our Impact Executive Council consists of senior executives, appointed by the CEO, reporting directly to the Nominating and Corporate Governance Committee of the Board on Impact issues. These senior executives each hold responsibility for different Impact workstreams.
We currently have central servicing facilities in Mendota Heights, Minnesota; Tempe, Arizona; London, Kentucky; Evansville, Indiana; Fort Mill, South Carolina; Fort Worth, Texas; and Salt Lake City, Utah. In addition, we utilize third-party service providers for staff augmentation.
We currently have central servicing facilities in Mendota Heights, Minnesota; Tempe, Arizona; London, Kentucky; Evansville, Indiana; Fort Mill, South Carolina; Fort Worth, Texas; and West Valley, Utah. In addition, we utilize third-party service providers for staff augmentation.
We service the loans that we retain on our balance sheet, as well as loans owned by third parties. At December 31, 2024, we had $24.7 billion of managed receivables due from approximately 3.4 million customer accounts. Our branch network of more than 1,300 locations is staffed by experienced loan specialists.
We service the loans that we retain on our balance sheet, as well as loans owned by third parties. At December 31, 2025, we had $26.3 billion of managed receivables due from approximately 3.8 million customer accounts. Our branch network of more than 1,300 locations is staffed by experienced loan specialists.
See also “Competition” included in this report. 10 Table of Contents SEGMENT Consumer and Insurance At December 31, 2024, Consumer and Insurance (“C&I”) was our only reportable segment.
See also “Competition” included in this report. 9 Table of Contents SEGMENT Consumer and Insurance At December 31, 2025, Consumer and Insurance (“C&I”) was our only reportable segment.
A copy of our Human Rights Statement is available on our Investor Relations website. 17 Table of Contents IMPACT Our Impact strategy is guided by three priorities reflecting our commitment to social responsibility: building trust and strong relationships with our stakeholders, providing responsible credit solutions, and contributing to our communities through education, financial wellness, and volunteerism.
IMPACT Our Impact strategy is guided by three priorities reflecting our commitment to social responsibility: building trust and strong relationships with our stakeholders, providing responsible credit solutions, and contributing to our communities through education, financial wellness, and volunteerism.
Human Rights OneMain recognizes our responsibility to help protect and promote human rights, and we strive to meet our responsibility to respect human rights with our team members, customers, and the communities we serve.
Human Rights OneMain recognizes our responsibility to help protect and promote human rights, and we strive to meet our responsibility to respect human rights with our team members, customers, and the communities we serve. A copy of our Human Rights Statement is available on our Investor Relations website.
We strive to recruit, train, and retain outstanding team members who believe in our mission, live our values, and go the extra mile for our customers. Our culture is built on inclusion, collaboration, and continuous growth.
We strive to recruit, train, and retain outstanding team members who believe in our mission, live our values, and go the extra mile for our customers. Our culture is built on inclusion, collaboration, and continuous growth. We also empower our managers to take responsibility for attracting and retaining high-quality talent, and fostering an environment of respect and inclusivity.
Additionally, our virtual Day of Inclusion events further our commitment to fostering a culture where everyone feels valued and supported. By prioritizing talent development and an inclusive culture, we remain competitive in attracting and retaining exceptional team members while ensuring our customers receive best-in-class service. Our people are our most valuable assets, and we are committed to helping them succeed.
By prioritizing talent development and an inclusive culture, we remain competitive in attracting and retaining exceptional team members while ensuring our customers receive best-in-class service. Our people are our most valuable assets, and we are committed to helping them succeed. OneMain’s 2024 U.S.
AVAILABLE INFORMATION OMH and OMFC file annual, quarterly, current reports, and other information with the SEC. OMH also files proxy statements. The SEC’s website, www.sec.gov , contains these reports and other information that registrants (including OMH and OMFC) file electronically with the SEC.
As part of Credit Worthy by OneMain Financial, we will award up to $600,000 in scholarships. AVAILABLE INFORMATION OMH and OMFC file annual, quarterly, current reports, and other information with the SEC. OMH also files proxy statements. The SEC’s website, www.sec.gov , contains these reports and other information that registrants (including OMH and OMFC) file electronically with the SEC.
We solicit customers through a variety of channels, including but not limited to direct mail offers, affiliate partners, our network of auto dealerships, targeted online advertising, search engines, and e-mail.
Our customers often develop a relationship with their local office representatives, which we believe not only improves the credit performance of our personal loans but also improves customer loyalty. We solicit customers through a variety of channels, including but not limited to direct mail offers, affiliate partners, our network of auto dealerships, targeted online advertising, search engines, and e-mail.
OneMain provides team members with the tools, training, and opportunities to grow their careers. From personalized goal setting and coaching to leadership development programs, we invest in our people at every level. Our robust development initiatives include Continuing Professional Education, Women’s Leadership Development, Diverse Talent Leadership, and allyship training for managers.
We believe that motivated and engaged team members drive innovation, collaboration, and excellent customer experience. OneMain provides team members with the tools, training, and opportunities to grow their careers. From personalized goal setting and coaching to leadership development programs, we invest in our people at every level.
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Our customers often develop a relationship with their local office representatives, which we believe not only improves the credit performance of our personal loans but also improves customer loyalty and the longer-term relationship.
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This commitment is championed by our Diversity Council, sponsored by our Chief Executive Officer (“CEO”) and our Chief Human Resources Officer, and includes leaders from various roles and geographies. The Council drives internal and external initiatives that align with our three pillars: (i) hiring and retaining talent, (ii) talent pipeline and progression, and (iii) creating a culture of inclusion.
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We also empower our managers to take responsibility for attracting and retaining high-quality talent, and fostering an environment of respect and inclusivity. To support these goals, we partner with organizations such as the Veteran Job Mission and Direct Employers Association to broaden our workforce reach. All leaders and team members receive training to promote a respectful and inclusive work environment.
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In August 2024, OMFC issued its second-ever Social Bond, with the net proceeds committed to serving credit-disadvantaged communities around the country. Under OneMain’s Social Bond Framework, at least 75% of the loans funded by the Social Bond are allocated to women or minority borrowers.
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Our social debt issuances reinforce our commitment to financial inclusion and providing underrepresented communities with access to safe, affordable credit. They also provide concrete and measurable funding vehicles to advance the Company’s Impact program. Additional information regarding our Social Bonds and Social Bond Framework are available on our Investor Relations website.
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As part of Credit Worthy by OneMain Financial, we will award up to $550,000 in scholarships. For additional information regarding our commitments to support our customers, communities, and team members, please refer to our 2023 Impact Report, which is available on our Investor Relations website.

Item 1A. Risk Factors

Risk Factors — what could go wrong, per management

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Biggest changeThese provisions provide for: • a classified Board with staggered three-year terms; • certain rights with respect to the designation of directors for nomination and election to the Board based on established levels of beneficial ownership of OMH; • removal of directors only for cause and only with the affirmative vote of at least 80% of the voting interest of stockholders entitled to vote; • no ability for stockholders to call special meetings of OMH's stockholders; • advance notice requirements by stockholders with respect to director nominations and actions to be taken at annual meetings; • the ability for stockholders to act outside a meeting by written consent only if unanimous; and • the issuance of blank check preferred stock by the Board from time to time in one or more series and to establish the terms, preferences and rights of any such series of preferred stock, all without approval of OMH stockholders.
Biggest changeThese provisions provide for: • a classified Board with staggered three-year terms; • removal of directors only for cause and only with the affirmative vote of at least 80% of the voting interest of stockholders entitled to vote; • no ability for stockholders to call special meetings of OMH's stockholders; • advance notice requirements by stockholders with respect to director nominations and actions to be taken at annual meetings; • the ability for stockholders to act outside a meeting by written consent only if unanimous; and • the issuance of blank check preferred stock by the Board from time to time in one or more series and to establish the terms, preferences and rights of any such series of preferred stock, all without approval of OMH stockholders.
As a result, we cannot give assurance that OMH will continue to pay dividends on its common stock in future periods, even if liquidity and target leverage objectives are met. See our “Dividend Policy” in Part II - Item 5 of this report for further information on dividends.
As a result, we cannot give assurance that OMH will continue to pay dividends on its common stock in future periods, even if liquidity and target leverage objectives are met. See our “Dividend Policy” in Part II - Item 5 in this report for further information on dividends.
Such changes could limit our interest income, insurance revenues, and other revenue, which could have a material adverse effect on our financial condition and results of operations. We may not be able to maintain all requisite licenses and permits, and the failure to satisfy those or other regulatory requirements could have a material adverse effect on our operations.
Any such changes could limit our interest income, insurance revenues, and other revenue, which could have a material adverse effect on our financial condition and results of operations. We may not be able to maintain all requisite licenses and permits, and the failure to satisfy those or other regulatory requirements could have a material adverse effect on our operations.
By using derivative instruments, we are exposed to credit and market risks, including the risk of loss associated with variations in the spread between the asset yield and the funding and/or hedge cost, default risk, and the risk of insolvency or other inability of the counterparty to a particular derivative financial instrument to perform its obligations. 22 Table of Contents We may not be able to make technological improvements as quickly as some of our competitors, which could harm our ability to compete and adversely affect our financial condition, results of operations, and liquidity.
By using derivative instruments, we are exposed to credit and market risks, including the risk of loss associated with variations in the spread between the asset yield and the funding and/or hedge cost, default risk, and the risk of insolvency or other inability of the counterparty to a particular derivative financial instrument to perform its obligations. 21 Table of Contents We may not be able to make technological improvements as quickly as some of our competitors, which could harm our ability to compete and adversely affect our financial condition, results of operations, and liquidity.
Changes in market conditions may also impact market interest rates which could increase the amount of interest expense that we pay on our borrowings, and in turn increase our cost of funds and adversely affect our business, results of operations, and financial condition. 20 Table of Contents We may be required to indemnify or repurchase finance receivables from purchasers of finance receivables that we have sold or securitized, or which we will sell or securitize in the future, if our finance receivables fail to meet certain criteria or characteristics or under other circumstances, which could adversely affect our financial condition, results of operations, and liquidity.
Changes in market conditions may also impact market interest rates which could increase the amount of interest expense that we pay on our borrowings, and in turn increase our cost of funds and adversely affect our business, results of operations, and financial condition. 19 Table of Contents We may be required to indemnify or repurchase finance receivables from purchasers of finance receivables that we have sold or securitized, or which we will sell or securitize in the future, if our finance receivables fail to meet certain criteria or characteristics or under other circumstances, which could adversely affect our financial condition, results of operations, and liquidity.
Therefore, any person acquiring 10% or more of OMH's common stock may need the prior approval of the Texas insurance and/or licensing regulators, or a determination from such regulators that “control” has not been acquired, which could significantly delay or otherwise impede their ability to complete such purchase. 30 Table of Contents RISKS RELATED TO OMH'S COMMON STOCK The market price and trading volume of OMH's common stock may be volatile, which could result in rapid and substantial losses for OMH's stockholders.
Therefore, any person acquiring 10% or more of OMH's common stock may need the prior approval of the Texas insurance and/or licensing regulators, or a determination from such regulators that “control” has not been acquired, which could significantly delay or otherwise impede their ability to complete such purchase. 29 Table of Contents RISKS RELATED TO OMH'S COMMON STOCK The market price and trading volume of OMH's common stock may be volatile, which could result in rapid and substantial losses for OMH's stockholders.
In the event of such an occurrence, if third-party financing is not available, our liquidity could be materially adversely affected, and as a result, substantial doubt could exist about our ability to continue as a going concern. 28 Table of Contents OMFC's credit ratings could adversely affect our ability to raise capital in the debt markets at attractive rates, which could negatively affect our financial condition, results of operations, and liquidity.
In the event of such an occurrence, if third-party financing is not available, our liquidity could be materially adversely affected, and as a result, substantial doubt could exist about our ability to continue as a going concern. 27 Table of Contents OMFC's credit ratings could adversely affect our ability to raise capital in the debt markets at attractive rates, which could negatively affect our financial condition, results of operations, and liquidity.
While OMH intends to pay its minimum quarterly dividends, currently $1.04 per share, for the foreseeable future, all subsequent dividends will be reviewed and declared at the discretion of the Board and will depend on many factors, including our financial condition, earnings, cash flows, capital requirements, level of indebtedness, statutory and contractual restrictions applicable to the payment of dividends, and other considerations that the Board deems relevant.
While OMH intends to pay its minimum quarterly dividends, currently $1.05 per share, for the foreseeable future, all subsequent dividends will be reviewed and declared at the discretion of the Board and will depend on many factors, including our financial condition, earnings, cash flows, capital requirements, level of indebtedness, statutory and contractual restrictions applicable to the payment of dividends, and other considerations that the Board deems relevant.
In addition, denial-of-service attacks could overwhelm our internet sites, applications, and services and prevent us from adequately serving customers and maintaining our operations. Cyber-attacks, including ransomware, are constantly evolving, increasing the difficulty of detecting, responding to, and successfully defending against them. We also may face heightened risk due to our remote workforce, use of third-party services, and digital operations.
In addition, denial-of-service attacks could overwhelm our internet sites, applications, and services and prevent us from adequately serving customers and maintaining our operations. Cyber-attacks, including ransomware, are constantly evolving, increasing the difficulty of detecting, responding to, and successfully defending against them. We also may face heightened risk due to our use of third-party services, digital operations, and hybrid workforce.
Even if integration is successful, anticipated benefits and synergies may not be achieved. 23 Table of Contents RISKS RELATED TO OUR INDUSTRY AND REGULATION We operate in a highly competitive market, and we cannot ensure that the competitive pressures we face will not have a material adverse effect on our financial condition, results of operations, and liquidity.
Even if integration is successful, anticipated benefits and synergies may not be achieved. 22 Table of Contents RISKS RELATED TO OUR INDUSTRY AND REGULATION We operate in a highly competitive market, and we cannot ensure that the competitive pressures we face will not have a material adverse effect on our financial condition, results of operations, and liquidity.
Compliance with current or future consumer privacy, data protection, and cybersecurity laws and regulations could result in higher compliance, technology, or other operating costs. Any violations of these laws and regulations may require us to change our business practices or operational structure. 25 Table of Contents Our use of third-party vendors is subject to regulatory review.
Compliance with current or future consumer privacy, data protection, and cybersecurity laws and regulations could result in higher compliance, technology, or other operating costs. Any violations of these laws and regulations may require us to change our business practices or operational structure. 24 Table of Contents Our use of third-party vendors is subject to regulatory review.
Network and data security measures, such as encryption, access controls, authentication mechanisms, and other security measures intended to protect our systems and data may not be sufficient and data may be vulnerable to hacking, unauthorized 21 Table of Contents access, employee error (including phishing and social engineering), malfeasance, system error, faulty password management, or other weaknesses that could be exploited.
Network and data security measures, such as encryption, access controls, authentication mechanisms, and other security measures intended to protect our systems and data may not be sufficient and data may be vulnerable to hacking, unauthorized 20 Table of Contents access, employee error (including phishing and social engineering), malfeasance, system error, faulty password management, or other weaknesses that could be exploited.
If we are unable to obtain funds from our subsidiaries, or if our subsidiaries do not generate sufficient cash from operations, we may be unable to meet our financial obligations or pay dividends, and the Board may exercise its discretion not to pay dividends. 29 Table of Contents OMH may not pay dividends on its common stock in the future, even if liquidity and leverage targets are met.
If we are unable to obtain funds from our subsidiaries, or if our subsidiaries do not generate sufficient cash from operations, we may be unable to meet our financial obligations or pay dividends, and the Board may exercise its discretion not to pay dividends. 28 Table of Contents OMH may not pay dividends on its common stock in the future, even if liquidity and leverage targets are met.
Regulators may allege or determine, based upon such misconduct, that our systems and procedures to detect and deter employee misconduct are inadequate. Misconduct by our employees, or even unsubstantiated allegations of misconduct, could result in a material adverse effect on our reputation and our business. 32 Table of Contents Item 1B. Unresolved Staff Comments. None.
Regulators may allege or determine, based upon such misconduct, that our systems and procedures to detect and deter employee misconduct are inadequate. Misconduct by our employees, or even unsubstantiated allegations of misconduct, could result in a material adverse effect on our reputation and our business. 31 Table of Contents Item 1B. Unresolved Staff Comments. None.
This limitation may significantly restrict our financing options during times of either market distress or our financial distress, which are precisely the times when having financing options is most important. 27 Table of Contents The assessment of our liquidity is based upon significant judgments and estimates that could prove to be materially incorrect.
This limitation may significantly restrict our financing options during times of either market distress or our financial distress, which are precisely the times when having financing options is most important. 26 Table of Contents The assessment of our liquidity is based upon significant judgments and estimates that could prove to be materially incorrect.
If we are deemed to be an investment company, we may also be required to institute burdensome compliance requirements and our activities may be restricted. 26 Table of Contents RISKS RELATED TO OUR INDEBTEDNESS An inability to access adequate sources of liquidity may adversely affect our ability to fund operational requirements and satisfy financial obligations.
If we are deemed to be an investment company, we may also be required to institute burdensome compliance requirements and our activities may be restricted. 25 Table of Contents RISKS RELATED TO OUR INDEBTEDNESS An inability to access adequate sources of liquidity may adversely affect our ability to fund operational requirements and satisfy financial obligations.
For additional information regarding pending legal proceedings and other contingencies, see Note 15 of the Notes to the Consolidated Financial Statements in Part II - Item 8 in this report. 31 Table of Contents Certain operations rely on external vendors.
For additional information regarding pending legal proceedings and other contingencies, see Note 15 of the Notes to the Consolidated Financial Statements in Part II - Item 8 in this report. 30 Table of Contents Certain operations rely on external vendors.
For more information with respect to the regulatory framework affecting our businesses, see “Business—Regulation” included in this report. 24 Table of Contents Requirements of the Dodd-Frank Act and oversight by the CFPB significantly increase our regulatory costs and burdens.
For more information with respect to the regulatory framework affecting our businesses, see “Business—Regulation” included in this report. 23 Table of Contents Requirements of the Dodd-Frank Act and oversight by the CFPB significantly increase our regulatory costs and burdens.
Certain provisions of our Stockholders Agreement, restated certificate of incorporation, and amended and restated bylaws could hinder, delay or prevent a change in control of OMH, which could adversely affect the price of OMH's common stock.
Certain provisions of our restated certificate of incorporation and amended and restated bylaws could hinder, delay or prevent a change in control of OMH, which could adversely affect the price of OMH's common stock.
The Stockholders Agreement, OMH's restated certificate of incorporation, and OMH’s amended and restated bylaws contain provisions that could make it more difficult for a third party to acquire us without the consent of the Board.
OMH's restated certificate of incorporation and OMH’s amended and restated bylaws contain provisions that could make it more difficult for a third party to acquire us without the consent of the Board.
We are subject to potential changes in federal and state law, which could lower the interest-rate limit that non-depository financial institutions may charge for consumer loans or could expand the definition of interest under federal and state law to include the cost of optional products, such as insurance.
We are subject to potential changes in federal and state law, which could lower the interest-rate limit that non-depository financial institutions may charge for consumer loans or on credit card balances, or could expand the definition of interest under federal and state law to include the cost of optional products, such as insurance.
The allowance is primarily based on historical experience, current conditions, and our reasonable and 19 Table of Contents supportable forecast of economic conditions.
The allowance is primarily based on historical experience, current conditions, and our reasonable and 18 Table of Contents supportable forecast of economic conditions.
Licensing and insurance laws and regulations may delay or impede purchases of OMH's common stock. Certain states in which we are licensed to originate loans and the state in which our insurance subsidiaries are domiciled (Texas) have laws and regulations that require regulatory approval for the acquisition of “control” of regulated entities.
Certain states in which we are licensed to originate loans and the state in which our insurance subsidiaries are domiciled (Texas) have laws and regulations that require regulatory approval for the acquisition of “control” of regulated entities.
Removed
See additional information under “Business Overview” in Item 1 of this report. The terms of the Amended and Restated Stockholders Agreement are described in OMH's Current Report on Form 8-K filed with the SEC on June 25, 2018, and such Current Report on Form 8-K is incorporated by reference herein in its entirety.
Added
See additional information under “Business Overview” in Item 1 of this report. Licensing and insurance laws and regulations may delay or impede purchases of OMH's common stock.

Item 1C. Cybersecurity

Cybersecurity — threats and controls disclosure

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Biggest changeOur Cybersecurity Program, which we are aligning with the National Institute of Standards and Technology (“NIST”) Cybersecurity Framework, provides a framework for compliance with applicable cybersecurity and data protection laws.
Biggest changeOur Cybersecurity Program, which we align with the National Institute of Standards and Technology (“NIST”) Cybersecurity Framework, provides a framework for compliance with applicable cybersecurity and data protection laws.
The General Counsel, CISO, and CTO meet regularly to evaluate the Company’s Cybersecurity Program. 33 Table of Contents The Board is responsible for overseeing the Company’s management of cybersecurity risk, including oversight into appropriate risk mitigation, strategies, processes, systems, and controls.
The General Counsel, CISO, and CTO meet regularly to evaluate the Company’s Cybersecurity Program. 32 Table of Contents The Board is responsible for overseeing the Company’s management of cybersecurity risk, including oversight into appropriate risk mitigation, strategies, processes, systems, and controls.

Item 2. Properties

Properties — owned and leased real estate

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Biggest changeAt December 31, 2024, our subsidiaries owned a loan servicing facility in London, Kentucky, and six buildings in Evansville, Indiana. The Evansville buildings also support our administrative and central functions. Our branch office operations, administrative offices, central operations, and loan servicing facilities support our Consumer and Insurance segment.
Biggest changeAt December 31, 2025, our subsidiaries owned a loan servicing facility in London, Kentucky, and six buildings in Evansville, Indiana. The Evansville buildings also support our administrative and central functions.
We also lease administrative offices in Baltimore, Maryland; Charlotte, North Carolina; New York, New York; Irving, Texas; and Wilmington, Delaware, which expire in 2026, 2027, 2028, 2030, and 2031, respectively. Our investment in real estate and tangible property is not significant in relation to our total assets due to the nature of our business.
We also lease administrative offices in Charlotte, North Carolina; New York, New York; Irving, Texas; Wilmington, Delaware; and Baltimore, Maryland, which expire in 2027, 2028, 2030, 2031, and 2036, respectively. Our investment in real estate and tangible property is not significant in relation to our total assets due to the nature of our business.
These facilities include Fort Mill, South Carolina; Tempe, Arizona; Fort Worth, Texas; Mendota Heights, Minnesota; and Salt Lake City, Utah, with leases that expire in 2027, 2027, 2028, 2029, and 2032, respectively.
These facilities include Fort Mill, South Carolina; Tempe, Arizona; Fort Worth, Texas; Mendota Heights, Minnesota; and West Valley, Utah, with leases that expire in 2027, 2027, 2028, 2029, and 2032, respectively.

Item 3. Legal Proceedings

Legal Proceedings — active lawsuits and investigations

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Biggest changeItem 3. Legal Proceedings. The information required with respect to this item can be found under "Legal Contingencies" in Note 15 of the Notes to the Consolidated Financial Statements in Part II - Item 8 in this Annual Report, which is incorporated by reference into this Item 3.
Biggest changeItem 3. Legal Proceedings. The information required with respect to this item can be found under "Legal Contingencies" in Note 15 of the Notes to the Consolidated Financial Statements in Part II - Item 8 in this report, which is incorporated by reference into this Item 3.

Item 5. Market for Registrant's Common Equity

Market for Common Equity — stock, dividends, buybacks

7 edited+2 added−2 removed4 unchanged
Biggest changeISSUER PURCHASES OF EQUITY SECURITIES The following table presents information regarding repurchases of our common stock, excluding commissions and fees, during the quarter ended December 31, 2024, based on settlement date: Period Total Number of Shares Purchased Average Price paid per Share Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs (a) Dollar Value of Shares That May Yet Be Purchased Under the Plans or Programs (a) October 1 - October 31 74,565 $ 46.49 74,565 $ 625,629,445 November 1 - November 30 — — — 625,629,445 December 1 - December 31 — — — 625,629,445 Total 74,565 $ 46.49 74,565 (a) On February 2, 2022, the Board authorized a $1 billion stock repurchase program, excluding fees, commissions, and other expenses related to the repurchases, originally scheduled to expire on December 31, 2024.
Biggest changeISSUER PURCHASES OF EQUITY SECURITIES The following table presents information regarding repurchases of our common stock, excluding commissions, fees, and excise taxes, during the quarter ended December 31, 2025, based on settlement date: Period Total Number of Shares Purchased Average Price paid per Share Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs (a) Dollar Value of Shares That May Yet Be Purchased Under the Plans or Programs (a) October 1 - October 31 798,841 $ 55.70 798,841 $ 989,500,106 November 1 - November 30 276,303 60.06 276,303 972,906,162 December 1 - December 31 130,899 68.75 130,899 963,906,509 Total 1,206,043 $ 58.12 1,206,043 (a) On February 2, 2022, the Board authorized a $1 billion stock repurchase program, excluding fees, commissions, excise taxes, and other expenses related to the repurchases.
While OMH intends to pay its minimum quarterly dividend, currently $1.04 per share, for the foreseeable future, all subsequent dividends will be reviewed and declared at the discretion of the Board and will depend on many factors, including our financial condition, earnings, cash flows, capital requirements, level of indebtedness, statutory and contractual restrictions applicable to the payment of dividends, and other considerations that the Board deems relevant.
While OMH intends to pay its minimum quarterly dividend, currently $1.05 per share, for the foreseeable future, all subsequent dividends will be reviewed and declared at the discretion of the Board and will depend on many factors, including our financial condition, earnings, cash flows, capital requirements, level of indebtedness, statutory and contractual restrictions applicable to the payment of dividends, and other considerations that the Board deems relevant.
Item 5. Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities. MARKET INFORMATION AND STOCKHOLDERS OMH’s common stock is listed for trading on the New York Stock Exchange (“NYSE”) under the symbol “OMF.” On January 27, 2025, there were two record holders of OMH’s common stock.
Item 5. Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities. MARKET INFORMATION AND STOCKHOLDERS OMH’s common stock is listed for trading on the New York Stock Exchange (“NYSE”) under the symbol “OMF.” On January 27, 2026, there were two record holders of OMH’s common stock.
This data assumes simultaneous investments of $100 on December 31, 2019 and reinvestment of any dividends. The information in this “Stock Performance” section shall not be deemed to be “soliciting material” or to be “filed” with the SEC or subject to Regulation 14A or 14C, or to the liabilities of Section 18 of the Exchange Act.
This data assumes simultaneous investments of $100 on December 31, 2020 and reinvestment of any dividends. The information in this “Stock Performance” section shall not be deemed to be “soliciting material” or to be “filed” with the SEC or subject to Regulation 14A or 14C, or to the liabilities of Section 18 of the Exchange Act.
To provide funding for the dividends mentioned above, OMFC paid dividends to OMH of $489 million and $478 million in 2024 and 2023, respectively. Because we are holding companies and have no direct operations, we will only be able to pay dividends from our available cash on hand and any funds we receive from our subsidiaries.
To provide funding for the dividends mentioned above, OMFC paid dividends to OMH of $491 million and $489 million in 2025 and 2024, respectively. Because we are holding companies and have no direct operations, we will only be able to pay dividends from our available cash on hand and any funds we receive from our subsidiaries.
OMH is not obligated to purchase any shares under the program, which may be modified, suspended or discontinued at any time. 35 Table of Contents STOCK PERFORMANCE The following data and graph show a comparison of the cumulative total shareholder return for OMH's common stock, the NYSE Financial Sector (Total Return) Index, and the NYSE Composite (Total Return) Index from December 31, 2019 through December 31, 2024.
OMH is not obligated to purchase any shares under the program, which may be modified, suspended or discontinued at any time. 34 Table of Contents STOCK PERFORMANCE The following data and graph show a comparison of the cumulative total shareholder return for OMH's common stock, the NYSE Financial Sector (Total Return) Index, and the NYSE Composite (Total Return) Index from December 31, 2020 through December 31, 2025.
This figure does not reflect the beneficial ownership of shares held in nominee name. On January 27, 2025, the closing price for OMH’s common stock, as reported on the NYSE, was $57.62. DIVIDEND POLICY In February of 2019, the Board announced a program of quarterly dividends.
This figure does not reflect the beneficial ownership of shares held in nominee name. On January 27, 2026, the closing price for OMH’s common stock, as reported on the NYSE, was $65.17. DIVIDEND POLICY In February of 2019, the Board announced a program of quarterly dividends.
Removed
On October 16, 2024, the Board approved an extension of the repurchase program to December 31, 2026.
Added
On October 23, 2025, the Board authorized a stock repurchase program that replaces and supersedes our previous share repurchase program, which allows us to repurchase up to $1.0 billion of OMH’s outstanding common stock, excluding fees, commissions, excise taxes and other expenses related to the repurchases. The authorization expires on December 31, 2028.
Removed
At December 31, 2019 2020 2021 2022 2023 2024 OneMain Holdings, Inc. $ 100.00 $ 135.33 $ 167.32 $ 121.88 $ 198.76 $ 228.94 NYSE Composite Index 100.00 107.09 129.39 117.49 133.85 155.22 NYSE Financial Sector Index 100.00 97.76 122.44 106.95 125.32 156.48 Item 6. [Reserved] 36 Table of Contents
Added
At December 31, 2020 2021 2022 2023 2024 2025 OneMain Holdings, Inc. $ 100.00 $ 123.64 $ 90.06 $ 146.87 $ 169.17 $ 236.43 NYSE Composite Index 100.00 120.83 109.71 124.99 144.98 170.85 NYSE Financial Sector Index 100.00 125.41 109.66 128.62 160.77 195.74

Item 7. Management's Discussion & Analysis

Management's Discussion & Analysis (MD&A) — revenue / margin commentary

94 edited+9 added−14 removed38 unchanged
Biggest changeChanges in our allowance for finance receivable losses were as follows: (dollars in millions) Consumer and Insurance Segment to GAAP Adjustment Consolidated Total Consumer Loans Credit Cards Year Ended December 31, 2024 Balance at beginning of period $ 2,415 $ 65 $ — $ 2,480 Provision for finance receivable losses 1,832 149 59 2,040 Charge-offs (2,080) (78) 3 (2,155) Recoveries 307 2 — 309 Other (a) 98 — (67) 31 Balance at end of period $ 2,572 $ 138 $ (5) $ 2,705 Net finance receivables $ 22,955 $ 643 $ (44) $ 23,554 Allowance ratio 11.20 % 21.44 % N/A 11.48 % Year Ended December 31, 2023 Balance at beginning of period $ 2,294 $ 21 $ (4) $ 2,311 Impact of adoption of ASU 2022-02 (b) (20) — 4 (16) Provision for finance receivable losses 1,651 70 — 1,721 Charge-offs (1,768) (27) — (1,795) Recoveries 258 1 — 259 Balance at end of period $ 2,415 $ 65 $ — $ 2,480 Net finance receivables $ 21,019 $ 330 $ — $ 21,349 Allowance ratio 11.49 % 19.61 % N/A 11.62 % Year Ended December 31, 2022 Balance at beginning of period $ 2,097 $ 5 $ (7) $ 2,095 Provision for finance receivable losses 1,376 23 3 1,402 Charge-offs (1,431) (7) — (1,438) Recoveries 252 — — 252 Balance at end of period $ 2,294 $ 21 $ (4) $ 2,311 Net finance receivables $ 19,880 $ 107 $ (1) $ 19,986 Allowance ratio 11.54 % 19.12 % N/A 11.56 % (a) Represents allowance for finance receivable losses recognized on loans acquired in the Foursight Acquisition.
Biggest changeChanges in our allowance for finance receivable losses were as follows: (dollars in millions) Consumer and Insurance Segment to GAAP Adjustment Consolidated Total Consumer Loans Credit Cards Year Ended December 31, 2025 Balance at beginning of period $ 2,572 $ 138 $ (5) $ 2,705 Provision for finance receivable losses 1,788 211 (2) 1,997 Charge-offs (2,043) (151) 4 (2,190) Recoveries 342 11 — 353 Balance at end of period $ 2,659 $ 209 $ (3) $ 2,865 Net finance receivables $ 23,917 $ 936 $ (20) $ 24,833 Allowance ratio 11.12 % 22.34 % N/A 11.54 % Year Ended December 31, 2024 Balance at beginning of period $ 2,415 $ 65 $ — $ 2,480 Provision for finance receivable losses 1,832 149 59 2,040 Charge-offs (2,080) (78) 3 (2,155) Recoveries 307 2 — 309 Other (a) 98 — (67) 31 Balance at end of period $ 2,572 $ 138 $ (5) $ 2,705 Net finance receivables $ 22,955 $ 643 $ (44) $ 23,554 Allowance ratio 11.20 % 21.44 % N/A 11.48 % Year Ended December 31, 2023 Balance at beginning of period $ 2,294 $ 21 $ (4) $ 2,311 Impact of adoption of ASU 2022-02 (b) (20) — 4 (16) Provision for finance receivable losses 1,651 70 — 1,721 Charge-offs (1,768) (27) — (1,795) Recoveries 258 1 — 259 Balance at end of period $ 2,415 $ 65 $ — $ 2,480 Net finance receivables $ 21,019 $ 330 $ — $ 21,349 Allowance ratio 11.49 % 19.61 % N/A 11.62 % (a) Represents allowance for finance receivable losses recognized on loans acquired in the Foursight Acquisition.
Management also uses C&I pretax capital generation, a non-GAAP financial measure, as a key performance measure of our segment. This measure represents C&I adjusted pretax income as discussed above and excludes the change in our C&I allowance for finance receivable losses in the period while still considering the C&I net charge-offs incurred during the period.
Management also uses pretax capital generation, a non-GAAP financial measure, as a key performance measure of our segment. This measure represents C&I adjusted pretax income as discussed above and excludes the change in our C&I allowance for finance receivable losses in the period while still considering the C&I net charge-offs incurred during the period.
Management believes that C&I pretax capital generation is useful in assessing the capital created in the period impacting the overall capital adequacy of the Company. Management believes that the Company’s reserves, combined with its equity, represent the Company’s loss absorption capacity. Management utilizes both C&I adjusted pretax income (loss) and C&I pretax capital generation in evaluating our performance.
Management believes that pretax capital generation is useful in assessing the capital created in the period impacting the overall capital adequacy of the Company. Management believes that the Company’s reserves, combined with its equity, represent the Company’s loss absorption capacity. Management utilizes both C&I adjusted pretax income (loss) and pretax capital generation in evaluating our performance.
C&I adjusted pretax income (loss) and C&I pretax capital generation are non-GAAP financial measures and should be considered supplemental to, but not as a substitute for or superior to, income (loss) before income taxes, net income, or other measures of financial performance prepared in accordance with GAAP.
C&I adjusted pretax income (loss) and pretax capital generation are non-GAAP financial measures and should be considered supplemental to, but not as a substitute for or superior to, income (loss) before income taxes, net income, or other measures of financial performance prepared in accordance with GAAP.
We intend to support our liquidity position by utilizing some or all of the following strategies: • maintaining disciplined underwriting standards and pricing for loans we originate or purchase and managing purchases of finance receivables; • pursuing additional debt financings (including new secured and unsecured debt issuances, debt refinancing transactions, unsecured corporate revolvers, revolving conduit facilities, and credit card revolving VFN facilities), or a combination of the foregoing; • purchasing portions of our outstanding indebtedness through open market or privately negotiated transactions with third parties or pursuant to one or more tender or exchange offers or otherwise, upon such terms and at such prices, as well as with such consideration, as we may determine; and • obtaining new and extending existing secured revolving facilities and credit card revolving VFN facilities to provide committed liquidity in case of prolonged market fluctuations.
We intend to support our liquidity position by utilizing some or all of the following strategies: • maintaining disciplined underwriting standards and pricing for loans we originate or purchase and managing purchases of finance receivables; • pursuing additional debt financings (including new secured and unsecured debt issuances, debt refinancing transactions, unsecured corporate revolvers, revolving conduit facilities, and credit card revolving VFN facilities), or a combination of the foregoing; • purchasing portions of our outstanding indebtedness through open market or privately negotiated transactions with third parties or pursuant to one or more tender or exchange offers or otherwise, upon such terms and at such prices, as well as with such consideration, as we may determine; and • obtaining new and extending existing revolving facilities to provide committed liquidity in case of prolonged market fluctuations.
See Note 9 of the Notes to the Consolidated Financial Statements in Part II - Item 8 included in this report for more information on the restrictive covenants under OMFC’s debt agreements, as well as the guarantees of OMFC’s long-term debt. Securitized Borrowings We execute private securitizations under Rule 144A of the Securities Act of 1933, as amended.
See Note 9 of the Notes to the Consolidated Financial Statements in Part II - Item 8 in this report for more information on the restrictive covenants under OMFC’s debt agreements, as well as the guarantees of OMFC’s long-term debt. Securitized Borrowings We execute private securitizations under Rule 144A of the Securities Act of 1933, as amended.
Other attributes in the model include loan modification status, collateral mix, and recent credit score. To estimate the gross credit losses, the model utilizes a roll rate matrix to project the first 12 months of losses and historical cohort performance to project the expected losses over the remaining term.
Other attributes in the model include loan modification status, collateral mix, and credit score. To estimate the gross credit losses, the model utilizes a roll rate matrix to project the first 12 months of losses and historical cohort performance to project the expected losses over the remaining term.
The principal factors that could decrease our liquidity are customer delinquencies and defaults, a decline in customer prepayments, rising interest rates, and a prolonged inability to adequately access capital market funding.
The principal factors that could decrease our liquidity are customer delinquencies and defaults, a decline in customer prepayments, rising interest rates, or a prolonged inability to adequately access capital market funding.
While OMH intends to pay its minimum quarterly dividend, currently $1.04 per share, for the foreseeable future, all subsequent dividends will be reviewed and declared at the discretion of the Board and will depend on many factors, including our financial condition, earnings, cash flows, capital requirements, level of indebtedness, statutory and contractual restrictions applicable to the payment of dividends, and other considerations that the Board deems relevant.
While OMH intends to pay its minimum quarterly dividend, currently $1.05 per share, for the foreseeable future, all subsequent dividends will be reviewed and declared at the discretion of the Board and will depend on many factors, including our financial condition, earnings, cash flows, capital requirements, level of indebtedness, statutory and contractual restrictions applicable to the payment of dividends, and other considerations that the Board deems relevant.
Credit insurance and non-credit insurance products are provided by our affiliated insurance companies. We offer Guaranteed Asset Protection (“GAP”) coverage as a waiver product or insurance. We also offer optional membership plans from an unaffiliated company. OUR SEGMENT At December 31, 2024, Consumer and Insurance (“C&I”) is our only reportable segment, which includes consumer loans, credit cards, and optional products.
Credit insurance and non-credit insurance products are provided by our affiliated insurance companies. We offer Guaranteed Asset Protection (“GAP”) coverage as a waiver product or insurance. We also offer optional membership plans from an unaffiliated company. OUR SEGMENT At December 31, 2025, Consumer and Insurance (“C&I”) is our only reportable segment, which includes consumer loans, credit cards, and optional products.
At December 31, 2024, we had $1.6 billion of investment securities, which are all held as part of our insurance operations and are unavailable for general corporate purposes. Liquidity Risks and Strategies OMFC’s credit ratings are non-investment grade, which has a significant impact on our cost and access to capital.
At December 31, 2025, we had $1.6 billion of investment securities, which are all held as part of our insurance operations and are unavailable for general corporate purposes. Liquidity Risks and Strategies OMFC’s credit ratings are non-investment grade, which has a significant impact on our cost and access to capital.
We expect interest expense to fluctuate based on changes in the secured versus unsecured mix of our debt, time to maturity, interest rates, and utilization of revolving conduit facilities and credit card revolving variable funding note (“VFN”) facilities. Net Credit Losses We define net credit losses as gross charge-offs minus recoveries in the portfolio.
We expect interest expense to fluctuate based on changes in the secured versus unsecured mix of our debt, time to maturity, interest rates, and utilization of revolving conduit facilities, credit card revolving variable funding note (“VFN”) facilities, and the unsecured corporate revolver. Net Credit Losses We define net credit losses as gross charge-offs minus recoveries in the portfolio.
With a robust balance sheet and a focus on our key initiatives, we are confident in our ability to increase shareholder value and remain resilient and adaptable to navigate an ever-evolving economic, social, political, and regulatory landscape. 41 Table of Contents Results of Operations The results of OMFC are consolidated into the results of OMH.
With a robust balance sheet and a focus on our key initiatives, we are confident in our ability to increase shareholder value and remain resilient and adaptable to navigate an ever-evolving economic, social, political, and regulatory landscape. 40 Table of Contents Results of Operations The results of OMFC are consolidated into the results of OMH.
Our resources allow us to operate in 47 states and provide a seamless experience through our customers’ preferred channels, including in person, online or over the phone, using our digital platforms, distribution partnerships, or working with our expert team members at more than 1,300 locations.
Our resources allow us to operate in 48 states and provide a seamless experience through our customers’ preferred channels, including in person, online or over the phone, using our digital platforms, distribution partnerships, or working with our expert team members at more than 1,300 locations.
The table below outlines OMFC’s long-term corporate debt ratings and outlook by rating agencies: As of December 31, 2024 Rating Outlook S&P BB Stable Moody’s Ba2 Stable KBRA BB+ Stable Currently, no other entity has a corporate debt rating, though they may be rated in the future.
The table below outlines OMFC’s long-term corporate debt ratings and outlook by rating agencies: As of December 31, 2025 Rating Outlook S&P BB Stable Moody’s Ba2 Stable KBRA BB+ Stable Currently, no other entity has a corporate debt rating, though they may be rated in the future.
However, it is possible that the actual outcome of one or more of our plans could be materially different than expected or that one or more of our significant judgments or estimates could prove to be materially incorrect. 55 Table of Contents OUR INSURANCE SUBSIDIARIES Our insurance subsidiaries are subject to state regulations that limit their ability to pay dividends.
However, it is possible that the actual outcome of one or more of our plans could be materially different than expected or that one or more of our significant judgments or estimates could prove to be materially incorrect. 54 Table of Contents OUR INSURANCE SUBSIDIARIES Our insurance subsidiaries are subject to state regulations that limit their ability to pay dividends.
OMH’s Investing Activities Net cash used for investing activities of $3.3 billion for the year ended December 31, 2024 was due to net principal originations and purchases of finance receivables, purchases of available-for-sale and other securities, and the Foursight Acquisition, partially offset by the proceeds from sales of finance receivables and calls, sales, and maturities of available-for-sale and other securities.
Net cash used for investing activities of $3.3 billion for the year ended December 31, 2024 was due to net principal originations and purchases of finance receivables, purchases of available-for-sale and other securities, and the Foursight Acquisition, offset by the proceeds from sales of finance receivables and calls, sales, and maturities of available-for-sale and other securities.
See Note 18 of the Notes to the Consolidated Financial Statements in Part II - Item 8 in this report for more information about our segment. 38 Table of Contents HOW WE ASSESS OUR BUSINESS PERFORMANCE We closely monitor the primary drivers of pretax operating income, which consist of the following: Interest Income We track interest income, including certain fees earned on our finance receivables, and continually monitor the components that impact our yield.
See Note 18 of the Notes to the Consolidated Financial Statements included in Part II - Item 8 in this report for more information about our segment. 37 Table of Contents HOW WE ASSESS OUR BUSINESS PERFORMANCE We closely monitor the primary drivers of pretax operating income, which consist of the following: Interest Income We track interest income, including certain fees earned on our finance receivables, and continually monitor the components that impact our yield.
Due to the nominal differences between OMFC and OMH, content throughout this section relate only to OMH. See Note 1 of the Notes to the Consolidated Financial Statements in Part II - Item 8 in this report for further information.
Due to the nominal differences between OMFC and OMH, content throughout this section relates only to OMH. See Note 1 of the Notes to the Consolidated Financial Statements in Part II - Item 8 in this report for further information.
See Note 6 of the Notes to the Consolidated Financial Statements in Part II - Item 8 in this report for more information about the changes in the allowance for finance receivable losses. 51 Table of Contents Liquidity and Capital Resources SOURCES AND USES OF FUNDS We finance the majority of our operating liquidity and capital needs through a combination of cash flows from operations, secured debt, unsecured debt, borrowings from revolving conduit facilities and credit card revolving VFN facilities, whole loan sales, and equity.
See Note 6 of the Notes to the Consolidated Financial Statements in Part II - Item 8 in this report for more information about the changes in the allowance for finance receivable losses. 50 Table of Contents Liquidity and Capital Resources SOURCES AND USES OF FUNDS We finance the majority of our operating liquidity and capital needs through a combination of cash flows from operations, secured debt, unsecured debt, borrowings from revolving conduit facilities, credit card revolving VFN facilities, the unsecured corporate revolver, whole loan sales, and equity.
We service the loans that we retain on our balance sheet, as well as loans owned by third parties. Additionally, our insurance subsidiaries offer optional credit and non-credit insurance and other optional products. We also offer two credit cards, BrightWay and BrightWay+, which are designed to offer a highly digital customer experience while also rewarding customers for responsible credit activity.
We service the loans that we retain on our balance sheet, as well as loans owned by third parties. Additionally, our insurance subsidiaries offer optional credit and non-credit insurance and other optional products. We also offer credit cards under our BrightWay brand which are designed to offer a highly digital customer experience while also rewarding customers for responsible credit activity.
OUR PRODUCTS Our product offerings include: • Personal Loans — We offer personal loans through our branch network, central operations, digital affiliates, and our website, www.onemainfinancial.com, to customers who need timely access to cash.
OUR PRODUCTS Our product offerings include: • Personal Loans — We offer personal loans through our branch network, central operations, direct mail, digital affiliates, and our website, www.onemainfinancial.com, to customers who need timely access to cash.
To provide funding for the OMH stock repurchases, the OMFC Board of Directors authorized dividend payments in the amount of $65 million. For additional information regarding the shares repurchased, see Item 5.
To provide funding for the OMH stock repurchases, the OMFC Board of Directors authorized dividend payments in the amount of $120 million. For additional information regarding the shares repurchased, see Item 5.
To provide funding for the OMH dividend, the OMFC Board of Directors authorized a dividend in the amount of up to $125 million payable on or after February 18, 2025.
To provide funding for the OMH dividend, the OMFC Board of Directors authorized a dividend in the amount of up to $125 million payable on or after February 18, 2026.
Our methodology relies on historical loss experience to forecast the corresponding future outcomes. These patterns are then applied to the current portfolio to obtain an estimate of future losses. 58 Table of Contents Management exercises its judgment when determining the amount of allowance for finance receivable losses.
Our methodology relies on historical loss experience to forecast the corresponding future outcomes. These patterns are then applied to the current portfolio to obtain an estimate of future losses. Management exercises its judgment when determining the amount of allowance for finance receivable losses.
Future purchases may be made through the open market, privately negotiated transactions with third parties, or pursuant to one or more tender or exchange offers, all of which are subject to terms, prices, and consideration we may determine at our discretion. During the year ended December 31, 2024, OMH generated net income of $509 million.
Future purchases may be made through the open market, privately negotiated transactions with third parties, or pursuant to one or more tender or exchange offers, all of which are subject to terms, prices, and consideration we may determine at our discretion. During the year ended December 31, 2025, OMH generated net income of $783 million.
Net cash provided by financing activities of $932 million for the year ended December 31, 2023 was due to the issuance and borrowings of long-term debt, partially offset by repayments and repurchases of long-term debt and cash dividends paid.
Net cash provided by financing activities of $932 million for the year ended December 31, 2023 was due to issuances and borrowings of long-term debt, offset by repayments and repurchases of long-term debt and cash dividends paid.
LIQUIDITY OMH’s Operating Activities Net cash provided by operations of $2.7 billion for the year ended December 31, 2024 reflected net income of $509 million, the impact of non-cash items including provision for finance receivable losses of $2.0 billion, and an unfavorable change in working capital of $125 million.
Net cash provided by operations of $2.7 billion for the year ended December 31, 2024 reflected net income of $509 million, the impact of non-cash items including provision for finance receivable losses of $2.0 billion, and an unfavorable change in working capital of $125 million.
Macroeconomic Sensitivity To demonstrate the sensitivity of forecasting macroeconomic conditions, we compared the output of our model using a baseline scenario to that of a downside scenario. As of December 31, 2024, the impact of a ten percentage point increase in weighting towards a downside scenario increased the estimate by approximately $28 million.
Macroeconomic Sensitivity To demonstrate the sensitivity of forecasting macroeconomic conditions, we compared the output of our model using a baseline scenario to that of a downside scenario. As of December 31, 2025, the impact of a ten percentage point increase in weighting towards a downside scenario increased the estimate by approximately $22 million.
Our macroeconomic forecast considers various scenarios of economic projections from industry leading forecast providers and extends over our reasonable and supportable forecast period, after which we revert to a historical average.
Our macroeconomic forecast considers various scenarios of economic projections from industry leading forecast providers and extends over our reasonable and supportable forecast period, after which we revert to historical experience.
At December 31, 2024, we had approximately 783 thousand open credit card customer accounts, totaling $643 million of net finance receivables, compared to approximately 431 thousand open credit card customer accounts, totaling $330 million of net finance receivables at December 31, 2023. • Optional Products — We offer our custom ers optional credit insurance products (life, disability, and involuntary unemployment insurance) and optional non-credit insurance products through both our branch network and our central operations.
At December 31, 2025, we had approximately 1.1 million open credit card customer accounts, totaling $936 million of net finance receivables, compared to approximately 783 thousand open credit card customer accounts, totaling $643 million of net finance receivables at December 31, 2024. • Optional Products — We offer our custom ers optional credit insurance products (life, disability, and involuntary unemployment insurance) and optional non-credit insurance products through both our branch network and our central operations.
During the year ended December 31, 2024, we sold a total of $542 million of gross finance receivables compared to $585 million during the year ended December 31, 2023. See Note 5 of the Notes to the Consolidated Financial Statements in Part II - Item 8 in this report for further information on the whole loan sale transactions.
During the year ended December 31, 2025, we sold a total of $1.0 billion of gross finance receivables compared to $542 million during year ended December 31, 2024. See Note 5 of the Notes to the Consolidated Financial Statements in Part II - Item 8 in this report for further information on the whole loan sale transactions.
See Note 11 of the Notes to the Consolidated Financial Statements in Part II - Item 8 included in this report for further information on these state restrictions and the dividends paid by our insurance subsidiaries from 2022 to 2024.
See Note 11 of the Notes to the Consolidated Financial Statements in Part II - Item 8 in this report for further information on these state restrictions and the dividends paid by our insurance subsidiaries from 2023 to 2025.
Comparison of Consolidated Results for 2023 and 2022 For a comparison of OMH's results of operation for the years ended 2023 and 2022, see “Management’s Discussion and Analysis of Financial Condition and Results of Operations—OMH’s Consolidated Results” in Part II - Item 7 of OMH’s Annual Report on Form 10-K for the year ended December 31, 2023, filed with the SEC on February 13, 2024. 44 Table of Contents NON-GAAP FINANCIAL MEASURES Management uses C&I adjusted pretax income (loss), a non-GAAP financial measure, as a key performance measure of our segment.
Comparison of Consolidated Results for 2024 and 2023 For a comparison of OMH’s operating results for the years ended 2024 and 2023, see “Management’s Discussion and Analysis of Financial Condition and Results of Operations - Results of Operations” in Part II - Item 7 of OMH’s Annual Report on Form 10-K for the year ended December 31, 2024, filed with the SEC on February 7, 2025. 43 Table of Contents NON-GAAP FINANCIAL MEASURES Management uses C&I adjusted pretax income (loss), a non-GAAP financial measure, as a key performance measure of our segment.
Comparison of Adjusted Pretax Income for 2023 and 2022 For a comparison of OMH's adjusted pretax income for C&I for the years ended 2023 and 2022, see “Management’s Discussion and Analysis of Financial Condition and Results of Operations—OMH’s Consolidated Results” in Part II -Item 7 of OMH’s Annual Report on Form 10-K for the year ended December 31, 2023, filed with the SEC on February 13, 2024 48 Table of Contents Credit Quality FINANCE RECEIVABLES Our net finance receivables, consisting of consumer loans and credit cards, were $23.6 billion at December 31, 2024 and $21.3 billion at December 31, 2023.
Comparison of Adjusted Pretax Income for 2024 and 2023 For a comparison of OMH’s adjusted pretax income for C&I for the years ended 2024 and 2023, see “Management’s Discussion and Analysis of Financial Condition and Results of Operations - Segment Results” in Part II - Item 7 of OMH’s Annual Report on Form 10-K for the year ended December 31, 2024, filed with the SEC on February 7, 2025. 47 Table of Contents Credit Quality FINANCE RECEIVABLES Our net finance receivables, consisting of consumer loans and credit cards, were $24.8 billion at December 31, 2025 and $23.6 billion at December 31, 2024.
We also consider inflationary pressures, consumer confidence levels, and interest rate increases that may continue to impact the economic outlook. At December 31, 2024, our economic forecast used a reasonable and supportable period of 12 months.
We also consider inflationary pressures, consumer confidence levels, and elevated interest rates that may continue to impact the economic outlook. At December 31, 2025, our economic forecast used a reasonable and supportable period of 12 months.
OMH’s reconciliations of income before income tax expense on a Segment Accounting Basis to C&I adjusted pretax income (non-GAAP) and C&I pretax capital generation (non-GAAP) were as follows: (dollars in millions) Years Ended December 31, 2024 2023 2022 Consumer and Insurance Income before income taxes - Segment Accounting Basis $ 707 $ 845 $ 1,169 Adjustments: Net loss on repurchases and repayments of debt 33 — 26 Restructuring charges 29 — 7 Acquisition-related transaction and integration expenses 9 — — Regulatory settlements — 26 — Other 4 3 4 Adjusted pretax income (non-GAAP) 782 874 1,206 Provision for finance receivable losses 1,981 1,721 1,399 Net charge-offs (1,849) (1,536) (1,186) Pretax capital generation (non-GAAP) $ 914 $ 1,059 $ 1,419 45 Table of Contents Segment Results The results of OMFC are consolidated into the results of OMH.
OMH’s reconciliations of income before income tax expense on a Segment Accounting Basis to C&I adjusted pretax income (non-GAAP) and pretax capital generation (non-GAAP) were as follows: (dollars in millions) Years Ended December 31, 2025 2024 2023 Consumer and Insurance Income before income taxes - Segment Accounting Basis $ 988 $ 707 $ 845 Adjustments: Net loss on repurchases and repayments of debt 65 33 — Restructuring charges 4 29 — Acquisition-related transaction and integration expenses 1 9 — Regulatory settlements — — 26 Other 2 4 3 Adjusted pretax income (non-GAAP) 1,060 782 874 Provision for finance receivable losses 1,999 1,981 1,721 Net charge-offs (1,841) (1,849) (1,536) Pretax capital generation (non-GAAP) $ 1,218 $ 914 $ 1,059 44 Table of Contents Segment Results The results of OMFC are consolidated into the results of OMH.
OMH’s Cash and Investments At December 31, 2024, we had $458 million of cash and cash equivalents, which included $123 million of cash and cash equivalents held at our regulated insurance subsidiaries or for other operating activities that is unavailable for general corporate purposes.
OMH’s Cash and Investments At December 31, 2025, we had $914 million of cash and cash equivalents, which included $176 million of cash and cash equivalents held at our regulated insurance subsidiaries or for other operating activities that is unavailable for general corporate purposes.
An index to our management’s discussion and analysis follows: Topic Page Overview 38 Recent Developments and Outlook 40 Results of Operations 42 Segment Results 46 Credit Quality 49 Liquidity and Capital Resources 52 Critical Accounting Policies and Estimates 58 Recent Accounting Pronouncements 59 Seasonality 59 37 Table of Contents Overview We offer consumer loans, which consist of personal loans and auto finance, credit cards, and other products to help customers meet everyday needs and take steps to improve their financial well-being.
An index to our management’s discussion and analysis follows: Topic Page Overview 37 Recent Developments and Outlook 39 Results of Operations 41 Segment Results 45 Credit Quality 48 Liquidity and Capital Resources 51 Critical Accounting Policies and Estimates 58 Recent Accounting Pronouncements 58 Seasonality 59 36 Table of Contents Overview We offer consumer loans, which consist of personal loans and auto finance, credit cards, and other products to help customers meet everyday needs and take steps to improve their financial well-being.
At December 31, 2024, we had approximately 2.4 million personal loans totaling $20.8 billion of net finance receivables, of which 50% were secured by titled property, compared to approximately 2.4 million personal loans totaling $20.3 billion of net finance receivables, of which 48% were secured by titled property at December 31, 2023.
At December 31, 2025, we had approximately 2.4 million personal loans totaling $21.4 billion of net finance receivables, of which 53% were secured by titled property, compared to approximately 2.4 million personal loans totaling $20.8 billion of net finance receivables, of which 50% were secured by titled property at December 31, 2024.
At December 31, 2024, we had $315 million of credit card principal balances held in OneMain Financial Credit Card Trust (“OMFCT”) for our credit card revolving VFN facilities. Private Secured Term Funding Facilities At December 31, 2024, the maximum borrowing capacity of $725 million was outstanding under the private secured term funding facilities.
At December 31, 2025, we had $590 million of credit card principal balances held in OneMain Financial Credit Card Trust (“OMFCT”) for our credit card revolving VFN facilities. Private Secured Term Funding At December 31, 2025, the maximum borrowing capacity of $350 million was outstanding under the remaining private secured term funding facility.
OUTLOOK We actively monitor the current macroeconomic environment and remain prepared for any developments that may impact our business. Our financial condition and results of operations could be affected by macroeconomic conditions, including changes in unemployment, inflation, interest rates, consumer confidence, and geopolitical actions outside of the U.S.
The authorization expires on December 31, 2028. 39 Table of Contents OUTLOOK We actively monitor the current macroeconomic environment and remain prepared for any developments that may impact our business. Our financial condition and results of operations could be affected by macroeconomic conditions, including changes in unemployment, inflation, interest rates, consumer confidence, and geopolitical actions.
At December 31, 2024, we had $24.7 billion of managed receivables due from approximately 3.4 million customer accounts, compared to $22.2 billion of managed receivables due from approximately 3.0 million customer accounts at December 31, 2023.
At December 31, 2025, we had $26.3 billion of managed receivables due from approximately 3.8 million customer accounts, compared to $24.7 billion of managed receivables due from approximately 3.4 million customer accounts at December 31, 2024.
Rating agencies base their ratings on numerous factors, including liquidity, capital adequacy, asset quality, quality of earnings, and the probability of systemic support. Significant changes in these factors could result in different ratings.
Credit Ratings Our credit ratings impact our ability to access capital markets and our borrowing costs. Rating agencies base their ratings on numerous factors, including liquidity, capital adequacy, asset quality, quality of earnings, and the probability of systemic support. Significant changes in these factors could result in different ratings.
Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities of Part II included in this report. 53 Table of Contents Cash Dividend to OMH’s Common Stockholders As of December 31, 2024, the dividend declarations for the current year by the Board were as follows: Declaration Date Record Date Payment Date Dividend Per Share Amount Paid (in millions) February 7, 2024 February 20, 2024 February 23, 2024 $ 1.00 $ 120 April 30, 2024 May 10, 2024 May 17, 2024 1.04 125 July 31, 2024 August 12, 2024 August 16, 2024 1.04 125 October 30, 2024 November 12, 2024 November 18, 2024 1.04 124 Total $ 4.12 $ 494 To provide funding for the dividend, OMFC paid dividends of $489 million to OMH during the year ended December 31, 2024.
Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities of Part II included in this report. 52 Table of Contents Cash Dividend to OMH’s Common Stockholders As of December 31, 2025, the dividend declarations for the current year by the Board were as follows: Declaration Date Record Date Payment Date Dividend Per Share Amount Paid (in millions) January 31, 2025 February 12, 2025 February 20, 2025 $ 1.04 $ 124 April 29, 2025 May 9, 2025 May 16, 2025 1.04 124 July 25, 2025 August 4, 2025 August 13, 2025 1.04 124 October 31, 2025 November 10, 2025 November 14, 2025 1.05 123 Total $ 4.17 $ 495 To provide funding for the dividend, OMFC paid dividends of $491 million to OMH during the year ended December 31, 2025.
At December 31, 2024, we had approximately 127 thousand auto finance loans totaling $2.1 billion of net finance receivables, compared to approximately 54 thousand auto finance loans totaling $745 million of net finance receivables at December 31, 2023.
At December 31, 2025, we had approximately 148 thousand auto finance loans totaling $2.5 billion of net finance receivables, compared to approximately 127 thousand auto finance loans totaling $2.1 billion of net finance receivables at December 31, 2024.
(b) The calculation for the year ended December 31, 2024 has been adjusted for policy alignment associated with the Foursight Acquisition. 47 Table of Contents Comparison of Adjusted Pretax Income for Twelve Months Ended December 31, 2024 and 2023 Interest income increased $406 million or 9% in 2024 when compared to 2023 due to growth in average net receivables.
(b) The calculations for the year ended December 31, 2024 have been adjusted for policy alignment associated with the Foursight Acquisition. 46 Table of Contents Comparison of Adjusted Pretax Income for Twelve Months Ended December 31, 2025 and 2024 Interest income increased $467 million or 9% in 2025 when compared to 2024 due to growth in average net receivables and an increase in yield.
OMH’s net cash outflow from operating and investing activities totaled $567 million for the year ended December 31, 2024. At December 31, 2024, our scheduled interest payments for 2025 totaled $591 million and there were no scheduled principal payments for 2025 on our existing unsecured debt. As of December 31, 2024, we had $9.7 billion of unencumbered receivables.
OMH’s net cash outflow from operating and investing activities totaled $29 million for the year ended December 31, 2025. At December 31, 2025, our scheduled principal and interest payments for 2026 on our existing unsecured debt totaled $1.1 billion. As of December 31, 2025, we had $11.8 billion of unencumbered receivables.
OMFC’s Issuances, Redemptions, and Repurchases of Unsecured Debt On May 22, 2024, OMFC issued a total of $750 million aggregate principal amount of 7.500% Senior Notes due 2031 under the Base Indenture, as supplemented by the Seventeenth Supplemental Indenture, pursuant to which OMH provided a guarantee on an unsecured basis.
OMFC’s Issuances, Redemptions, and Repurchases of Unsecured Debt On March 13, 2025, OMFC issued a total of $600 million aggregate principal amount of 6.750% Senior Notes due 2032 under the Base Indenture, as supplemented by the Twentieth Supplemental Indenture, pursuant to which OMH provided a guarantee on an unsecured basis.
OMH’s dividend payments may change from time to time, and the Board may choose not to continue to declare dividends in the future. See our “Dividend Policy” in Part II - Item 5 of this report for further information.
OMH’s dividend payments may change from time to time, and the Board may choose not to continue to declare dividends in the future. See our “Dividend Policy” in Part II - Item 5 in this report for further information. Whole Loan Sale Transactions We have whole loan sale flow agreements with third parties.
Net cash provided by operations of $2.4 billion for the year ended December 31, 2022 reflected net income of $872 million, the impact of non-cash items including provision for finance receivable losses of $1.4 billion, and an unfavorable change in working capital of $82 million.
LIQUIDITY OMH’s Operating Activities Net cash provided by operations of $3.1 billion for the year ended December 31, 2025 reflected net income of $783 million, the impact of non-cash items including provision for finance receivable losses of $2.0 billion, and an unfavorable change in working capital of $13 million.
We monitor the allowance ratio to ensure we have a sufficient level of allowance for finance receivable losses based on the estimated lifetime expected credit losses in our finance receivable portfolio.
We monitor the allowance ratio to ensure we have a sufficient level of allowance for finance receivable losses based on the estimated lifetime expected credit losses in our finance receivable portfolio. The allowance for finance receivable losses as a percentage of net finance receivables remained consistent compared to the prior year period.
We also service auto finance loans for our whole loan sale partners and loans originated by third parties. • Credit Cards — BrightWay and BrightWay+ credit cards originate through a third-party bank partner from which we purchase the receivable balances.
We also service auto finance loans for our whole loan sale partners and loans originated by third parties. • Credit Cards — BrightWay credit cards are originated through a third-party bank partner from which we purchase the receivable balances. The credit cards are offered across our branch network, as well as through direct mail, our digital affiliates, and our website.
See Notes 9 and 10 of the Notes to the Consolidated Financial Statements included in this report for further information on our long-term debt, securitization transactions, private secured term funding facilities, revolving conduit facilities, and credit card revolving VFN facilities. Credit Ratings Our credit ratings impact our ability to access capital markets and our borrowing costs.
See Notes 9 and 10 of the Notes to the Consolidated Financial Statements in Part II - Item 8 in this report for further information on our long-term debt, securitization transactions, private secured term funding facility, revolving conduit facilities, and credit card revolving VFN facilities.
(dollars in millions, except per share amounts) At or for the Years Ended December 31, 2024 2023 2022 Interest income $ 4,993 $ 4,564 $ 4,435 Interest expense 1,185 1,019 892 Provision for finance receivable losses 2,040 1,721 1,402 Net interest income after provision for finance receivable losses 1,768 1,824 2,141 Other revenues 695 735 629 Other expenses 1,796 1,719 1,615 Income before income taxes 667 840 1,155 Income taxes 158 199 283 Net income $ 509 $ 641 $ 872 Share Data: Earnings per share: Diluted $ 4.24 $ 5.32 $ 7.01 Selected Financial Statistics (a) Total finance receivables: Net finance receivables $ 23,554 $ 21,349 $ 19,986 Average net receivables $ 22,395 $ 20,527 $ 19,440 Gross charge-off ratio (b) 9.49 % 8.74 % 7.40 % Recovery ratio (1.38) % (1.26) % (1.29) % Net charge-off ratio (b) 8.12 % 7.48 % 6.10 % 42 Table of Contents (dollars in millions, except per share amounts) At or for the Years Ended December 31, 2024 2023 2022 Selected Financial Statistics, continued (a) Personal loans: Net finance receivables $ 20,833 $ 20,274 $ 19,497 Origination volume $ 12,246 $ 12,296 $ 13,525 Number of accounts 2,375,138 2,361,026 2,305,676 Number of accounts originated 1,171,271 1,224,362 1,342,276 Auto finance: Net finance receivables $ 2,078 $ 745 $ 382 Origination volume $ 1,075 $ 555 $ 354 Number of accounts 126,518 54,032 28,421 Number of accounts originated 53,222 34,451 23,713 Consumer loans: Net finance receivables $ 22,911 $ 21,019 $ 19,879 Yield 22.23 % 22.20 % 22.78 % Origination volume $ 13,321 $ 12,851 $ 13,879 Number of accounts 2,501,656 2,415,058 2,334,097 Number of accounts originated 1,224,493 1,258,813 1,365,989 Net charge-off ratio (b) 7.95 % 7.42 % 6.09 % 30-89 Delinquency ratio 3.23 % 3.28 % 3.07 % Credit cards: Net finance receivables $ 643 $ 330 $ 107 Purchase volume $ 892 $ 442 $ 172 Number of open accounts 782,932 430,784 135,335 Debt balances: Long-term debt balance $ 21,438 $ 19,813 $ 18,281 Average daily debt balance $ 20,748 $ 19,047 $ 17,854 (a) See “Glossary” at the beginning of this report for formulas and definitions of our key performance ratios.
(dollars in millions, except per share amounts) At or for the Years Ended December 31, 2025 2024 2023 Interest income $ 5,455 $ 4,993 $ 4,564 Interest expense 1,272 1,185 1,019 Provision for finance receivable losses 1,997 2,040 1,721 Net interest income after provision for finance receivable losses 2,186 1,768 1,824 Other revenues 720 695 735 Other expenses 1,905 1,796 1,719 Income before income taxes 1,001 667 840 Income taxes 218 158 199 Net income $ 783 $ 509 $ 641 Share Data: Earnings per share: Diluted $ 6.56 $ 4.24 $ 5.32 Selected Financial Statistics (a) Total finance receivables: Net finance receivables $ 24,833 $ 23,554 $ 21,349 Average net receivables $ 23,996 $ 22,395 $ 20,527 Gross charge-off ratio (b) 9.12 % 9.49 % 8.74 % Recovery ratio (1.47) % (1.38) % (1.26) % Net charge-off ratio (b) 7.65 % 8.12 % 7.48 % 41 Table of Contents (dollars in millions, except per share amounts) At or for the Years Ended December 31, 2025 2024 2023 Selected Financial Statistics, continued (a) Personal loans: Net finance receivables $ 21,430 $ 20,833 $ 20,274 Origination volume $ 13,025 $ 12,246 $ 12,296 Number of accounts 2,395,371 2,375,138 2,361,026 Number of accounts originated 1,231,821 1,171,271 1,224,362 Auto finance: Net finance receivables $ 2,467 $ 2,078 $ 745 Origination volume $ 1,402 $ 1,075 $ 555 Number of accounts 147,543 126,518 54,032 Number of accounts originated 63,505 53,222 34,451 Consumer loans: Net finance receivables $ 23,897 $ 22,911 $ 21,019 Yield 22.61 % 22.23 % 22.20 % Origination volume $ 14,427 $ 13,321 $ 12,851 Number of accounts 2,542,914 2,501,656 2,415,058 Number of accounts originated 1,295,326 1,224,493 1,258,813 Net charge-off ratio (b) 7.30 % 7.95 % 7.42 % 30-89 Delinquency ratio 3.35 % 3.23 % 3.28 % Credit cards: Net finance receivables $ 936 $ 643 $ 330 Purchase volume $ 1,219 $ 892 $ 442 Number of open accounts 1,080,926 782,932 430,784 Debt balances: Long-term debt balance $ 22,694 $ 21,438 $ 19,813 Average daily debt balance $ 22,013 $ 20,748 $ 19,047 (a) See “Glossary” at the beginning of this report for formulas and definitions of our key performance ratios.
On August 19, 2024, OMFC issued a Social Bond offering for a total of $750 million aggregate principal amount of 7.125% Senior Notes due 2031 under the Base Indenture, as supplemented by the Eighteenth Supplemental Indenture, pursuant to which OMH provided a guarantee on an unsecured basis.
On August 12, 2025, OMFC issued a total of $750 million aggregate principal amount of 6.125% Senior Notes due 2030 under the Base Indenture, as supplemented by the Twenty-Second Supplemental Indenture, pursuant to which OMH provided a guarantee on an unsecured basis.
(dollars in millions) At or for the Years Ended December 31, 2024 2023 2022 Interest income $ 4,965 $ 4,559 $ 4,429 Interest expense 1,181 1,015 886 Provision for finance receivable losses 1,981 1,721 1,399 Net interest income after provision for finance receivable losses 1,803 1,823 2,144 Other revenues 722 727 644 Other expenses 1,743 1,676 1,582 Adjusted pretax income (non-GAAP) $ 782 $ 874 $ 1,206 Selected Financial Statistics (a) Total finance receivables: Net finance receivables $ 23,598 $ 21,349 $ 19,987 Average net receivables $ 22,440 $ 20,528 $ 19,442 Gross charge-off ratio (b) 9.49 % 8.74 % 7.40 % Recovery ratio (1.37) % (1.26) % (1.29) % Net charge-off ratio (b) 8.11 % 7.48 % 6.10 % 46 Table of Contents (dollars in millions) At or for the Years Ended December 31, 2024 2023 2022 Selected Financial Statistics, continued (a) Personal loans: Net finance receivables $ 20,833 $ 20,274 $ 19,498 Origination volume $ 12,246 $ 12,296 $ 13,525 Number of accounts 2,375,138 2,361,026 2,305,676 Number of accounts originated 1,171,271 1,224,362 1,342,276 Auto finance: Net finance receivables $ 2,122 $ 745 $ 382 Origination volume $ 1,075 $ 555 $ 354 Number of accounts 126,518 54,032 28,421 Number of accounts originated 53,222 34,451 23,713 Consumer loans: Net finance receivables $ 22,955 $ 21,019 $ 19,880 Yield 22.07 % 22.20 % 22.77 % Origination volume $ 13,321 $ 12,851 $ 13,879 Number of accounts 2,501,656 2,415,058 2,334,097 Number of accounts originated 1,224,493 1,258,813 1,365,989 Net charge-off ratio (b) 7.94 % 7.42 % 6.09 % 30-89 Delinquency ratio 3.24 % 3.28 % 3.07 % Credit cards: Net finance receivables $ 643 $ 330 $ 107 Purchase volume $ 892 $ 442 $ 172 Number of open accounts 782,932 430,784 135,335 (a) See “Glossary” at the beginning of this report for formulas and definitions of our key performance ratios.
(dollars in millions) At or for the Years Ended December 31, 2025 2024 2023 Interest income $ 5,432 $ 4,965 $ 4,559 Interest expense 1,270 1,181 1,015 Provision for finance receivable losses 1,999 1,981 1,721 Net interest income after provision for finance receivable losses 2,163 1,803 1,823 Other revenues 782 722 727 Other expenses 1,885 1,743 1,676 Adjusted pretax income (non-GAAP) $ 1,060 $ 782 $ 874 Selected Financial Statistics (a) Total finance receivables: Net finance receivables $ 24,853 $ 23,598 $ 21,349 Average net receivables $ 24,028 $ 22,440 $ 20,528 Gross charge-off ratio (b) 9.13 % 9.49 % 8.74 % Recovery ratio (1.47) % (1.37) % (1.26) % Net charge-off ratio (b) 7.66 % 8.11 % 7.48 % 45 Table of Contents (dollars in millions) At or for the Years Ended December 31, 2025 2024 2023 Selected Financial Statistics, continued (a) Personal loans: Net finance receivables $ 21,430 $ 20,833 $ 20,274 Origination volume $ 13,025 $ 12,246 $ 12,296 Number of accounts 2,395,371 2,375,138 2,361,026 Number of accounts originated 1,231,821 1,171,271 1,224,362 Auto finance: Net finance receivables $ 2,487 $ 2,122 $ 745 Origination volume $ 1,402 $ 1,075 $ 555 Number of accounts 147,543 126,518 54,032 Number of accounts originated 63,505 53,222 34,451 Consumer loans: Net finance receivables $ 23,917 $ 22,955 $ 21,019 Yield 22.50 % 22.07 % 22.20 % Origination volume $ 14,427 $ 13,321 $ 12,851 Number of accounts 2,542,914 2,501,656 2,415,058 Number of accounts originated 1,295,326 1,224,493 1,258,813 Net charge-off ratio (b) 7.31 % 7.94 % 7.42 % 30-89 Delinquency ratio 3.36 % 3.24 % 3.28 % Credit cards: Net finance receivables $ 936 $ 643 $ 330 Purchase volume $ 1,219 $ 892 $ 442 Number of open accounts 1,080,926 782,932 430,784 (a) See “Glossary” at the beginning of this report for formulas and definitions of our key performance ratios.
The delinquency information for net finance receivables on a Segment Accounting Basis was as follows: Consumer and Insurance (dollars in millions) Consumer Loans Credit Cards December 31, 2024 Current $ 21,633 $ 558 30-89 days past due 743 37 90+ days past due 579 48 Total net finance receivables $ 22,955 $ 643 Delinquency ratio 30-89 days past due 3.24 % 5.78 % 30+ days past due 5.76 % 13.26 % 90+ days past due 2.52 % 7.47 % December 31, 2023 Current $ 19,725 $ 297 30-89 days past due 689 16 90+ days past due 605 17 Total net finance receivables $ 21,019 $ 330 Delinquency ratio 30-89 days past due 3.28 % 4.93 % 30+ days past due 6.16 % 9.96 % 90+ days past due 2.88 % 5.03 % 49 Table of Contents ALLOWANCE FOR FINANCE RECEIVABLE LOSSES We estimate and record an allowance for finance receivable losses to cover the expected lifetime credit losses on our finance receivables.
The delinquency information for net finance receivables on a Segment Accounting Basis was as follows: Consumer and Insurance (dollars in millions) Consumer Loans Credit Cards December 31, 2025 Current $ 22,518 $ 820 30-89 days past due 803 50 90+ days past due 596 66 Total net finance receivables $ 23,917 $ 936 Delinquency ratio 30-89 days past due 3.36 % 5.38 % 30+ days past due 5.85 % 12.43 % 90+ days past due 2.49 % 7.05 % December 31, 2024 Current $ 21,633 $ 558 30-89 days past due 743 37 90+ days past due 579 48 Total net finance receivables $ 22,955 $ 643 Delinquency ratio 30-89 days past due 3.24 % 5.78 % 30+ days past due 5.76 % 13.26 % 90+ days past due 2.52 % 7.47 % 48 Table of Contents ALLOWANCE FOR FINANCE RECEIVABLE LOSSES We estimate and record an allowance for finance receivable losses to cover the expected lifetime credit losses on our finance receivables.
Mamik resigned from the OMH Board of Directors. 40 Table of Contents Cash Dividends to OMH’s Common Stockholders For information regarding the quarterly dividends declared by OMH, see “Liquidity and Capital Resources” under Management’s Discussion and Analysis of Financial Condition and Results of Operations in this report.
Macdonald was elected to the OMH Board of Directors. On June 10, 2025, Christopher A. Halmy was elected to the OMH Board of Directors. Cash Dividends to OMH’s Common Stockholders For information regarding the quarterly dividends declared by OMH, see “Liquidity and Capital Resources” under Management’s Discussion and Analysis of Financial Condition and Results of Operations in this report.
During the year ended December 31, 2024, we entered into three new revolving conduit facilities, terminated one revolving conduit facility, and, pursuant to an amendment, converted one revolving conduit facility to a private secured term funding facility. At December 31, 2024, the borrowing capacity of our revolving conduit facilities was $6.0 billion.
During the year ended December 31, 2025, we entered into one new revolving conduit facility and terminated one revolving conduit facility. At December 31, 2025, the borrowing capacity of our revolving conduit facilities was $6.0 billion.
The current delinquency status of our finance receivable portfolio, inclusive of recent borrower performance and loss performance, volume of our modified finance receivable activity, level and recoverability of collateral securing our finance receivable portfolio, portfolio mix, and the reasonable and supportable forecast of economic conditions are the primary drivers that can cause fluctuations in our allowance ratio from period to period.
(b) As a result of the adoption of ASU 2022-02, Financial Instruments - Credit Losses , we recorded a one-time adjustment to the allowance for finance receivable losses. 49 Table of Contents The current delinquency status of our finance receivable portfolio, inclusive of recent borrower performance and loss performance, volume of our modified finance receivable activity, level and recoverability of collateral securing our finance receivable portfolio, portfolio mix, and the reasonable and supportable forecast of economic conditions are the primary drivers that can cause fluctuations in our allowance ratio from period to period.
On January 31, 2025, OMH declared a dividend of $1.04 per share payable on February 20, 2025 to record holders of OMH’s common stock as of the close of business on February 12, 2025.
On February 5, 2026, OMH declared a dividend of $1.05 per share payable on February 23, 2026 to record holders of OMH’s common stock as of the close of business on February 17, 2026.
Lawrence River Funding, LLC 250 — OneMain Foursight Auto I, LLC 175 — OneMain Foursight Auto II, LLC 175 — OneMain Foursight Auto III, LLC 175 — Total $ 6,000 $ 1 Credit Card Revolving VFN Facilities We also had access to two credit card revolving VFN facilities with a total borrowing capacity of $300 million as of December 31, 2024: (dollars in millions) Advance Maximum Balance Amount Drawn OneMain Financial Credit Card Trust – Series 2024-VFN1 $ 150 $ — OneMain Financial Credit Card Trust – Series 2024-VFN2 150 — Total $ 300 $ — 57 Table of Contents Contractual Obligations At December 31, 2024, our material contractual obligations were as follows: (dollars in millions) 2025 2026-2027 2028-2029 2030+ Securitizations Private Secured Term Funding Facilities Revolving Conduit Facilities Total Principal maturities on long-term debt: Securitization debt (a) $ — $ — $ — $ — $ 11,703 $ — $ — $ 11,703 Medium-term notes — 2,179 3,739 3,042 — — — 8,960 Junior subordinated debt — — — 350 — — — 350 Private secured term funding facilities (a) — — — — — 725 — 725 Revolving conduit facilities (a) — — — — — — 1 1 Total principal maturities — 2,179 3,739 3,392 11,703 725 1 21,739 Interest payments on debt (b) 591 1,011 759 1,076 1,495 125 — 5,057 Total $ 591 $ 3,190 $ 4,498 $ 4,468 $ 13,198 $ 850 $ 1 $ 26,796 (a) Securitizations, private secured term funding facilities, and borrowings under revolving conduit facilities are not included in maturities by period due to their variable monthly payments.
Lawrence River Funding, LLC 250 — OneMain Foursight Auto I, LLC 175 — OneMain Foursight Auto II, LLC 175 — OneMain Foursight Auto III, LLC 175 — Total $ 6,000 $ 1 Credit Card Revolving VFN Facilities We also had access to two credit card revolving VFN facilities with a total borrowing capacity of $400 million as of December 31, 2025: (dollars in millions) Advance Maximum Balance Amount Drawn OneMain Financial Credit Card Trust – Series 2024-VFN1 $ 150 $ — OneMain Financial Credit Card Trust – Series 2024-VFN2 250 — Total $ 400 $ — 56 Table of Contents Contractual Obligations At December 31, 2025, our material contractual obligations were as follows: (dollars in millions) 2026 2027-2028 2029-2030 2031+ Securitizations Private Secured Term Funding Facility Revolving Conduit Facilities Total Principal maturities on long-term debt: Securitization debt (a) $ — $ — $ — $ — $ 11,150 $ — $ — $ 11,150 Medium-term notes 424 2,100 3,932 4,700 — — — 11,156 Junior subordinated debt — — — 350 — — — 350 Private secured term funding facility (a) — — — — — 350 — 350 Revolving conduit facilities (a) — — — — — — 1 1 Total principal maturities 424 2,100 3,932 5,050 11,150 350 1 23,007 Interest payments on debt (b) 673 1,296 982 1,307 1,494 33 — 5,785 Total $ 1,097 $ 3,396 $ 4,914 $ 6,357 $ 12,644 $ 383 $ 1 $ 28,792 (a) Securitizations, private secured term funding facility, and borrowings under revolving conduit facilities are not included in maturities by period due to their variable monthly payments.
These seasonal trends contribute to fluctuations in our operating results and cash needs throughout the year. 59 Table of Contents
Delinquencies follow similar trends, being generally lower during the first quarter of the year and rising throughout the remainder of the year. These seasonal trends contribute to fluctuations in our operating results and cash needs throughout the year. 59 Table of Contents
Stock Repurchased During the year ended December 31, 2024, OMH repurchased 755,274 shares of its common stock through its stock repurchase program for an aggregate total of $35 million, including commissions and fees. As of December 31, 2024, OMH held a total of 16,060,384 shares of treasury stock.
Stock Repurchased During the year ended December 31, 2025, OMH repurchased 2,528,390 shares of its common stock through its stock repurchase program for an aggregate total of $141 million, including commissions, fees and excise taxes. As of December 31, 2025, OMH held a total of 18,514,904 shares of treasury stock.
Critical Accounting Policies and Estimates We consider the following policies to be our most critical accounting policies because they involve critical accounting estimates and a significant degree of management judgment: ALLOWANCE FOR FINANCE RECEIVABLE LOSSES - CONSUMER LOANS We estimate the expected credit losses on our finance receivables over their expected lives based on historical experience, current conditions, and reasonable and supportable forecasts of collectability.
OFF-BALANCE SHEET ARRANGEMENTS We have no material off-balance sheet arrangements as defined by SEC rules, and we had no material off-balance sheet exposure to losses associated with unconsolidated VIEs at December 31, 2025 or December 31, 2024. 57 Table of Contents Critical Accounting Policies and Estimates We consider the following policies to be our most critical accounting policies because they involve critical accounting estimates and a significant degree of management judgment: ALLOWANCE FOR FINANCE RECEIVABLE LOSSES - CONSUMER LOANS We estimate the expected credit losses on our finance receivables over their expected lives based on historical experience, current conditions, and reasonable and supportable forecasts of collectability.
See “Liquidity and Capital Resources - Sources and Uses of Funds - Securitizations, Revolving Conduit Facilities, and Credit Card Revolving VFN Facilities” above for information on the securitization transaction completed subsequent to December 31, 2024. 56 Table of Contents Revolving Conduit Facilities We had access to 17 revolving conduit facilities with a total borrowing capacity of $6.0 billion as of December 31, 2024: (dollars in millions) Advance Maximum Balance Amount Drawn OneMain Financial Funding VII, LLC $ 600 $ — OneMain Financial Auto Funding I, LLC 550 — Hudson River Funding, LLC 500 — OneMain Financial Funding XI, LLC 425 — OneMain Financial Funding VIII, LLC 400 — River Thames Funding, LLC 400 — OneMain Financial Funding X, LLC 400 — OneMain Financial Funding XII, LLC 400 — Mystic River Funding, LLC 350 — Thayer Brook Funding, LLC 350 1 Columbia River Funding, LLC 350 — Hubbard River Funding, LLC 250 — New River Funding Trust 250 — St.
(b) Inclusive of in-process replenishments of collateral for securitized borrowings in a revolving status as of December 31, 2025. 55 Table of Contents Revolving Conduit Facilities We had access to 17 revolving conduit facilities with a total borrowing capacity of $6.0 billion as of December 31, 2025: (dollars in millions) Advance Maximum Balance Amount Drawn OneMain Financial Funding VII, LLC $ 600 $ — OneMain Financial Auto Funding I, LLC 550 — Hudson River Funding, LLC 500 — River Thames Funding, LLC 400 — OneMain Financial Funding X, LLC 400 — OneMain Financial Funding XII, LLC 400 — OneMain Financial Funding XIII, LLC 400 — Mystic River Funding, LLC 350 — Thayer Brook Funding, LLC 350 1 Columbia River Funding, LLC 350 — Hubbard River Funding, LLC 350 — OneMain Financial Funding XI, LLC 325 — New River Funding Trust 250 — St.
Interest expense increased $166 million or 16% in 2024 when compared to 2023 due to an increase in average debt to support our receivables growth and a higher average cost of funds.
Interest expense increased $87 million or 7% in 2025 when compared to 2024 due to an increase in average debt to support our receivables growth.
Other expenses increased $67 million or 4% in 2024 when compared to 2023 driven by an increase in general operating expenses due to our strategic investments in the business, including the Foursight Acquisition and growth in our receivables.
Other expenses increased $142 million or 8% in 2025 when compared to 2024 driven by increases in salaries and benefits expense and general operating expenses due to growth in receivables and our strategic investments in the business.
Net cash used for investing activities of $2.9 billion and $2.1 billion for the years ended December 31, 2023 and 2022, respectively, was due to net principal originations and purchases of finance receivables and purchases of available-for-sale and other securities, partially offset by the proceeds from sales of finance receivables and calls, sales, and maturities of available-for-sale and other securities. 54 Table of Contents OMH’s Financing Activities Net cash provided by financing activities of $161 million for the year ended December 31, 2024 was due to the issuances and borrowings of long-term debt, partially offset by repayments and repurchases of long-term debt, cash dividends paid, and common stock repurchased.
Net cash used for investing activities of $2.9 billion for the year ended December 31, 2023 was due to net principal originations and purchases of finance receivables and purchases of 53 Table of Contents available-for-sale and other securities, offset by the proceeds from sales of finance receivables and calls, sales, and maturities of available-for-sale and other securities.
On June 10, 2024, OMFC paid a net aggregate amount of $1.0 billion, inclusive of accrued interest and premium, to complete the redemption of its 6.875% Senior Notes due 2025.
On June 27, 2025, OMFC paid a net aggregate amount of $822 million, inclusive of accrued interest and premium, to complete a partial redemption of its 7.125% Senior Notes due 2026.
As of December 31, 2024, our structured financings consisted of the following: (dollars in millions) Issue Amount (a) Initial Collateral Balance Current Note Amounts Outstanding (a) Current Collateral Balance (b) Current Weighted Average Interest Rate Original Revolving Period OMFIT 2018-2 $ 368 $ 381 $ 80 $ 108 4.77 % 5 years OMFIT 2019-2 900 947 900 995 3.30 % 7 years OMFIT 2019-A 789 892 750 892 3.78 % 7 years OMFIT 2020-2 1,000 1,053 1,000 1,053 2.03 % 5 years OMFIT 2021-1 850 904 850 904 2.64 % 5 years OMFIT 2022-S1 600 652 600 652 4.31 % 3 years OMFIT 2022-2 1,000 1,099 868 917 5.22 % 2 years OMFIT 2022-3 979 1,090 796 1,059 6.00 % 2 years OMFIT 2023-1 825 920 825 920 5.82 % 5 years OMFIT 2023-2 1,400 1,566 1,400 1,566 6.21 % 3 years OMFIT 2024-1 1,100 1,222 1,100 1,222 5.99 % 7 years ODART 2019-1 737 750 394 436 3.92 % 5 years ODART 2021-1 1,000 1,053 453 465 1.11 % 2 years ODART 2022-1 600 632 430 437 5.05 % 2 years ODART 2023-1 750 792 750 792 5.63 % 3 years FCRT 2021-2 (c) 280 281 48 47 2.30 % N/A FCRT 2022-1 (c) 293 294 72 70 2.99 % N/A FCRT 2022-2 (c) 215 233 57 75 5.91 % N/A FCRT 2023-1 (c) 182 199 77 94 5.89 % N/A FCRT 2023-2 (c) 200 208 111 119 6.48 % N/A FCRT 2024-1 (c) 210 214 142 148 6.08 % N/A Total securitizations $ 14,278 $ 15,382 $ 11,703 $ 12,971 (a) Issue Amount includes the retained interest amounts as applicable and the Current Note Amounts Outstanding balances reflect pay-downs subsequent to note issuance and exclude retained interest amounts.
As of December 31, 2025, our structured financings consisted of the following: (dollars in millions) Issue Amount (a) Initial Collateral Balance Current Note Amounts Outstanding (a) Current Collateral Balance (b) Current Weighted Average Interest Rate Original Revolving Period OMFIT 2019-2 $ 900 $ 947 $ 900 $ 995 3.30 % 7 years OMFIT 2019-A 789 892 750 892 3.78 % 7 years OMFIT 2020-2 1,000 1,053 828 836 2.09 % 5 years OMFIT 2021-1 850 904 850 904 2.50 % 5 years OMFIT 2022-S1 600 652 365 393 4.42 % 3 years OMFIT 2022-2 1,000 1,099 376 485 5.64 % 2 years OMFIT 2022-3 979 1,090 273 579 6.12 % 2 years OMFIT 2023-1 825 920 825 920 5.82 % 5 years OMFIT 2023-2 1,400 1,566 1,400 1,566 6.00 % 3 years OMFIT 2024-1 1,100 1,222 1,100 1,222 5.99 % 7 years OMFIT 2025-1 1,000 1,124 1,000 1,124 4.97 % 3 years ODART 2019-1 737 750 189 216 4.22 % 5 years ODART 2021-1 1,000 1,053 212 221 1.36 % 2 years ODART 2022-1 600 632 216 221 5.19 % 2 years ODART 2023-1 750 792 750 792 5.63 % 3 years ODART 2025-1 900 926 900 926 5.48 % 5 years FCRT 2022-2 215 233 23 43 6.80 % N/A FCRT 2023-1 182 199 39 56 6.39 % N/A FCRT 2023-2 200 208 68 72 6.80 % N/A FCRT 2024-1 210 214 86 90 6.46 % N/A Total securitizations $ 15,237 $ 16,476 $ 11,150 $ 12,553 (a) Issue Amount includes the retained interest amounts as applicable and the Current Note Amounts Outstanding balances reflect pay-downs subsequent to note issuance and exclude retained interest amounts.
Other expenses increased $77 million or 5% in 2024 when compared to 2023 driven by an increase in general operating expenses due to our strategic investments in the business, including the Foursight Acquisition and growth in our receivables, and restructuring charges in the current period associated with strategic cost-savings initiatives.
Other expenses increased $109 million or 6% in 2025 when compared to 2024, driven by an increase in general operating expenses and salaries and benefits expense due to growth in our receivables and our strategic investments in the business. The increase was offset by lower restructuring charges in the current period.
On June 10, 2024, OMFC paid a net aggregate amount of $1.0 billion, inclusive of accrued interest and premium, to complete the redemption of its 6.875% Senior Notes due 2025. On August 19, 2024, OMFC issued a Social Bond offering for a total of $750 million aggregate principal amount of 7.125% Senior Notes due 2031.
On August 12, 2025, OMFC issued a total of $750 million aggregate principal amount of 6.125% Senior Notes due 2030. On August 28, 2025, OMFC paid a net aggregate amount of $719 million, inclusive of accrued interest and premium, to complete the redemption of its 9.000% Senior Notes due 2029.
Interest expense increased $166 million or 16% in 2024 when compared to 2023 due to an increase in average debt to support our receivables growth and a higher average cost of funds. Provision for finance receivable losses increased $260 million or 15% in 2024 when compared to 2023 related to growth in our receivables and higher net charge-offs.
Interest expense increased $89 million or 8% in 2025 when compared to 2024 due to an increase in average debt to support our receivables growth. Provision for finance receivable losses increased $18 million or 1% in 2025 when compared to 2024 due to growth in receivables, offset by lower net charge-offs.
Net cash used for financing activities of $326 million was due to repayments and repurchases of long-term debt, cash dividends paid, and the cash paid to repurchase common stock, partially offset by the issuance and borrowings of long-term debt.
OMH’s Financing Activities Net cash provided by financing activities of $500 million and $161 million for the year ended December 31, 2025 and 2024, respectively, was due to the issuances and borrowings of long-term debt, offset by repayments and repurchases of long-term debt, cash dividends paid, and common stock repurchased.
The increase was partially offset by regulatory settlements in the prior period. Income taxes decreased $41 million or 20% in 2024 when compared to 2023 due to lower pretax income. See Note 14 of the Notes to the Consolidated Financial Statements included in this report for further information on effective tax rates.
Income taxes increased $60 million or 39% in 2025 when compared to 2024 due to higher pretax income. See Note 14 of the Notes to the Consolidated Financial Statements in Part II - Item 8 included in this report for further information on effective tax rates.
On November 4, 2024, OMFC issued a total of $900 million aggregate principal amount of 6.625% Senior Notes due 2029 under the Base Indenture, as supplemented by the Nineteenth Supplemental Indenture, pursuant to which OMH provided a guarantee on an unsecured basis. From time to time we may purchase portions of our unsecured indebtedness through the open market.
On September 17, 2025, OMFC issued a total of $800 million aggregate principal amount of 6.500% Senior Notes due 2033 under the Base Indenture, as supplemented by the Twenty-Third Supplemental Indenture, pursuant to which OMH provided a guarantee on an unsecured basis.
OMFC’s Unsecured Corporate Revolver At December 31, 2024, the borrowing capacity of our corporate revolver was $1.1 billion. 52 Table of Contents Securitizations, Revolving Conduit Facilities, and Credit Card Revolving VFN Facilities During the year ended December 31, 2024, we completed one new consumer loan securitization (OMFIT 2024-1, see “Securitized Borrowings” below) and redeemed one consumer loan securitization (FCRT 2021-1, see “Securitized Borrowings” below).
Securitizations, Revolving Conduit Facilities, and Credit Card Revolving VFN Facilities During the year ended December 31, 2025, we completed two new consumer loan securitizations (ODART 2025-1 and OMFIT 2025-1, see “Securitized Borrowings” below) and redeemed three consumer loan securitizations (OMFIT 2018-2, FCRT 2021-2, and FCRT 2022-1).
Securitization Transaction Completed - OMFIT 2024-1 For information regarding the issuances of our secured debt, see “Liquidity and Capital Resources” under Management’s Discussion and Analysis of Financial Condition and Results of Operations in this report. Appointments of Chief Operating Officer (“COO”) and Chief Financial Officer (“CFO”) On February 13, 2024, the Company announced the appointments of Micah R.
Securitization Transactions Completed - ODART 2025-1 and OMFIT 2025-1 For information regarding the issuances of our secured debt, see “Liquidity and Capital Resources” under Management’s Discussion and Analysis of Financial Condition and Results of Operations in this report. Election of Members to the OMH Board of Directors On March 17, 2025, Andrew D.

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Item 7A. Quantitative and Qualitative Disclosures About Market Risk

Market Risk — interest-rate, FX, commodity exposure

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Biggest changeAdditionally, the analysis does not reflect the potential impacts of macroeconomic changes or variations in the competitive environment. 60 Table of Contents We have limited exposure to other market risks, including foreign exchange rates, equity prices, and commodity prices. These risks are not considered material to our operations or financial position and are therefore not included in this analysis.
Biggest changeWe have limited exposure to other market risks, including foreign exchange rates, equity prices, and commodity prices. These risks are not considered material to our operations or financial position and are therefore not included in this analysis. Should such exposures become material, we will disclose their potential impacts in future filings. 60 Table of Contents
The following table presents the approximate net interest income impacts forecasted over the next 12 months from an immediate and parallel change in interest rates: December 31, 2024 2023 (dollars in millions) +100 bps -100 bps +100 bps -100 bps Net interest income $ (35) $ 35 $ (32) $ 32 We did not enter into interest rate-sensitive financial instruments for trading or speculative purposes.
The following table presents the approximate net interest income impacts forecasted over the next 12 months from an immediate and parallel change in interest rates: December 31, 2025 2024 (dollars in millions) +100 bps -100 bps +100 bps -100 bps Net interest income $ (35) $ 35 $ (35) $ 35 We did not enter into interest rate-sensitive financial instruments for trading or speculative purposes.
While these changes in net interest income provide a measure of interest rate sensitivity, they do not represent our expectations about the impact of interest rate changes on our financial results. This analysis is based on our corporate forecast and incorporates numerous assumptions and estimates as described above.
Readers should exercise care in drawing conclusions based on the above analysis. While these changes in net interest income provide a measure of interest rate sensitivity, they do not represent our expectations about the impact of interest rate changes on our financial results. This analysis is based on our corporate forecast and incorporates numerous assumptions and estimates as described above.
It also assumes an immediate change in interest rates, without regard to the impact of certain business decisions or initiatives that we would likely undertake to mitigate or eliminate some or all of the adverse effects of the modeled scenarios.
It also assumes an immediate change in interest rates, without regard to the impact of certain business decisions or initiatives that we would likely undertake to mitigate or eliminate some or all of the adverse effects of the modeled scenarios. Additionally, the analysis does not reflect the potential impacts of macroeconomic changes or variations in the competitive environment.
For further discussion on the impact of market factors, see “Risk Factors” in Part I - Item 1A. of this report. Sensitivity Analysis To better reflect the impact of rate changes on financial performance, we have transitioned our sensitivity analysis from a fair-value based approach to an earnings-based approach.
For further discussion on the impact of market factors, see “Risk Factors” in Part I - Item 1A. in this report. Sensitivity Analysis Using an earnings-based approach to provide a view of how interest rate changes may affect earnings, we estimate net interest income sensitivity to parallel interest rate changes based on current and projected funding levels.
Removed
This revised approach estimates net interest income sensitivity to parallel interest rate changes based on current and projected funding levels, providing a view of how interest rate changes may affect earnings.
Removed
Change from Prior Methodology: Previously we disclosed the potential changes in the fair values of receivables, investments and debt resulting from hypothetical interest rate changes. While this approach provided insight into balance sheet valuation impacts, it did not reflect the earnings exposure to interest rate risk, which is through changes in funding costs and the effects to earnings.
Removed
The earnings-based analysis focuses on net interest income, a key component of our business performance. This change provides readers more meaningful insight into how interest rates could impact our results of operations, highlights the strength of our balance sheet and funding program, and provides relevant and useful disclosures.
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This revised approach enhances transparency, aligns with industry practices, and offers a clearer understanding of our exposure to interest rate risk and its potential impact on financial performance. Readers should exercise care in drawing conclusions based on the above analysis.
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Should such exposures become material, we will disclose their potential impacts in future filings.

Other OMF 10-K year-over-year comparisons