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OneMain Financial
OMF
#2666
Rank
$6.70 B
Marketcap
๐Ÿ‡บ๐Ÿ‡ธ United States
Country
$56.91
Share price
-0.35%
Change (1 day)
3.95%
Change (1 year)
๐Ÿ’ณ Financial services
Categories
  1. OneMain Financial
  2. Quarterly Reports (10-Q)
  3. Submitted on 2025-05-02

OneMain Financial - 10-Q quarterly report FY


Text size:
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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
(Mark One)
☑    QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT
OF 1934
For the quarterly period ended March 31, 2025

OR

☐    TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE
ACT OF 1934
For the transition period from to

Commission file number
001-36129 (OneMain Holdings, Inc.)
001-06155 (OneMain Finance Corporation)

ONEMAIN HOLDINGS, INC.
ONEMAIN FINANCE CORPORATION
(Exact name of registrant as specified in its charter)
Delaware (OneMain Holdings, Inc.)
27-3379612
Indiana (OneMain Finance Corporation)
35-0416090
(State of incorporation)(I.R.S. Employer Identification No.)
601 N.W. Second Street, Evansville, IN 47708
(Address of principal executive offices) (Zip code)

(812) 424-8031
(Registrant’s telephone number, including area code)


Securities registered pursuant to Section 12(b) of the Securities Exchange Act of 1934:
OneMain Holdings, Inc.:
Title of each classTrading SymbolName of each exchange on which registered
Common Stock, par value $0.01 per shareOMFNew York Stock Exchange
OneMain Finance Corporation: None



Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.
OneMain Holdings, Inc.                     Yes ☑ No ☐
OneMain Finance Corporation                     Yes ☑ No ☐


Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).
OneMain Holdings, Inc.                     Yes ☑ No ☐
OneMain Finance Corporation                     Yes ☑ No ☐




Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
OneMain Holdings, Inc.:
Large accelerated filer☑Accelerated filer
☐
Non-accelerated filer☐Smaller reporting company☐Emerging growth company☐
OneMain Finance Corporation:
Large accelerated filer
☐
Accelerated filer
☐
Non-accelerated filer☑
Smaller reporting company
☐
Emerging growth company
☐


If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
OneMain Holdings, Inc.                  ☐
OneMain Finance Corporation                  ☐


Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).
OneMain Holdings, Inc.                 Yes ☐ No ☑
OneMain Finance Corporation                 Yes ☐ No ☑


At April 22, 2025, there were 118,968,795 shares of OneMain Holdings, Inc’s common stock, $0.01 par value, outstanding.
At April 22, 2025, there were 10,160,021 shares of OneMain Finance Corporation’s common stock, $0.50 par value, outstanding.
2

TABLE OF CONTENTS
4
  
 
Condensed Consolidated Balance Sheets
7
 
Condensed Consolidated Statements of Operations
8
 
Condensed Consolidated Statements of Comprehensive Income
9
 
Condensed Consolidated Statements of Shareholders’ Equity
10
 
Condensed Consolidated Statements of Cash Flows
11
Condensed Consolidated Balance Sheets
12
Condensed Consolidated Statements of Operations
13
Condensed Consolidated Statements of Comprehensive Income
14
Condensed Consolidated Statements of Shareholder’s Equity
15
Condensed Consolidated Statements of Cash Flows
16
 
17
39
57
58
Controls and Procedures of OneMain Holdings, Inc.
58
Controls and Procedures of OneMain Finance Corporation
58
  
  
59
59
59
59
59
59
60
61
62

3

GLOSSARY

Terms and abbreviations used in this report are defined below.
Term or AbbreviationDefinition
30-89 Delinquency rationet finance receivables 30-89 days past due as a percentage of net finance receivables
ABSasset-backed securities
Adjusted pretax income (loss)a non-GAAP financial measure used by management as a key performance measure of our segment
AETRannual effective tax rate
AHLAmerican Health and Life Insurance Company, an insurance subsidiary of OneMain Financial Holdings, LLC
Annual Report
the Annual Report on Form 10-K of OMH and OMFC for the fiscal year ended December 31, 2024, filed with the SEC on February 7, 2025
ASCAccounting Standards Codification
ASUAccounting Standards Update
Auto finance
financing at the point of purchase through a network of auto dealerships
Average daily debt balanceaverage of debt for each day in the period
Average net receivablesaverage of net finance receivables for each day in the period
Base Indentureindenture, dated as of December 3, 2014, by and between OMFC and Wilmington Trust, National Association, as trustee, and guaranteed by OMH
Boardthe OMH Board of Directors
C&IConsumer and Insurance
CDOcollateralized debt obligations
CMBScommercial mortgage-backed securities
Consumer loans
consist of Personal loans and Auto finance
Exchange ActSecurities Exchange Act of 1934, as amended
FASBFinancial Accounting Standards Board
FCRT
Foursight Capital Automobile Receivables Trust
Foursight
Foursight Capital LLC
GAAPgenerally accepted accounting principles in the United States of America
GAPguaranteed asset protection
Gross charge-off ratioannualized gross charge-offs as a percentage of average net receivables
Gross finance receivables
the unpaid principal balance of our consumer loans, net of unamortized discount or premium. For precompute personal loans, unpaid principal balance is the gross contractual payments less the unaccreted balance of unearned finance charges. Credit card gross finance receivables equal the unpaid principal balance, billed interest, and fees
Indenturethe Base Indenture, together with all subsequent Supplemental Indentures
Junior Subordinated Debenture$350 million aggregate principal amount of 60-year junior subordinated debt issued by OMFC under an indenture dated January 22, 2007, by and between OMFC and Deutsche Bank Trust Company, as trustee, and guaranteed by OMH
KBRA
Kroll Bond Rating Agency, Inc.
Managed receivables
consist of our C&I net finance receivables, finance receivables serviced for our whole loan sale partners and auto finance loans originated by third parties
Modified finance receivables
finance receivable contractually modified as a result of the borrower’s financial difficulties
Moody’sMoody’s Investors Service, Inc.
Net charge-off ratioannualized net charge-offs as a percentage of average net receivables
Net finance receivables
gross finance receivables plus deferred origination costs. Consumer loans also include accrued finance charges and fees and exclude unearned fees
Net interest incomeinterest income less interest expense
ODARTOneMain Direct Auto Receivables Trust
4

Term or AbbreviationDefinition
OMFCOneMain Finance Corporation
OMFCT
OneMain Financial Credit Card Trust
OMFITOneMain Financial Issuance Trust
OMHOneMain Holdings, Inc.
OneMainOneMain Holdings, Inc. and OneMain Finance Corporation, collectively with their subsidiaries
Open accounts
consist of all credit card accounts, except for charged-off accounts and closed accounts with a zero balance as of period end
Origination volume
loans originated during the period, including those originated and sold to our whole loan sale partners that we continue to service
Other securities
primarily consist of equity securities and those securities for which the fair value option was elected. Other securities recognize unrealized gains and losses in investment revenues
Personal loans
loans secured by titled collateral or unsecured and offered through our branch network, central operations, or digital platform
Pretax capital generation
a non-GAAP financial measure used by management as a key performance measure of our segment, defined as C&I adjusted pretax income (loss) excluding the change in C&I allowance for finance receivable losses
Private Secured Term Funding Facilities
$350 million and $375 million borrowing capacity issued on April 25, 2022 and October 24, 2024, respectively
Purchase volumeconsists of credit card purchase transactions in the period, including cash advances, net of returns
Recovery ratioannualized recoveries on net charge-offs as a percentage of average net receivables
RMBSresidential mortgage-backed securities
S&P
S&P Global Ratings
SECU.S. Securities and Exchange Commission
Securities ActSecurities Act of 1933, as amended
Segment Accounting Basisa basis used to report the operating results of our C&I segment and our Other components, which reflects our allocation methodologies for certain costs and excludes the impact of applying purchase accounting
SpringCastle Portfolioloans the Company previously owned and now services on behalf of a third party
Supplemental Indentures
collectively, the following supplements to the Base Indenture: Sixth Supplemental Indenture, dated as of May 11, 2018; Eighth Supplemental Indenture, dated as of May 9, 2019; Ninth Supplemental Indenture, dated as of November 7, 2019; Eleventh Supplemental Indenture, dated as of December 17, 2020; Twelfth Supplemental Indenture, dated as of June 22, 2021; Thirteenth Supplemental Indenture, dated as of August 11, 2021; Fourteenth Supplemental Indenture, dated June 20, 2023; Fifteenth Supplemental Indenture, dated June 22, 2023; Sixteenth Supplemental Indenture, dated as of December 13, 2023; Seventeenth Supplemental Indenture, dated May 22, 2024; Eighteenth Supplemental Indenture, dated August 19, 2024; Nineteenth Supplemental Indenture, dated November 4, 2024; and Twentieth Supplemental Indenture, dated March 13, 2025
TritonTriton Insurance Company, an insurance subsidiary of OneMain Financial Holdings, LLC
Unearned finance chargesthe amount of interest that is capitalized at time of origination on a precompute loan that will be earned over the remaining contractual life of the loan
Unencumbered receivables
unencumbered unpaid principal balance of our consumer loans and credit cards. For precompute personal loans, unpaid principal balance is the gross contractual payments less the unaccreted balance of unearned finance charges. Credit card receivables include those in the trust that exceed the minimum for securing advances under credit card variable funding note facilities, which the Company can remove from the trust under the terms of such facilities, and exclude billed interest, fees, and closed accounts with balances
Unsecured corporate revolver
unsecured revolver with a maximum borrowing capacity of $1.1 billion, payable and due on September 6, 2029
Unsecured Notesthe notes, on a senior unsecured basis, issued by OMFC and guaranteed by OMH
VIEsvariable interest entities
5

Term or AbbreviationDefinition
VFN
variable funding note
Weighted average interest rateannualized interest expense as a percentage of average debt
XBRLeXtensible Business Reporting Language
Yieldannualized finance charges as a percentage of average net receivables
6

PART I - FINANCIAL INFORMATION
Item 1. Financial Statements.

ONEMAIN HOLDINGS, INC. AND SUBSIDIARIES
Condensed Consolidated Balance Sheets (Unaudited)

(dollars in millions, except par value amount)March 31, 2025December 31, 2024
Assets  
Cash and cash equivalents$627 $458 
Investment securities (includes available-for-sale securities with a fair value and an amortized cost basis of $1.6 billion and $1.7 billion in 2025, respectively, and $1.5 billion and $1.6 billion in 2024, respectively)
1,670 1,607 
Net finance receivables (includes loans of consolidated VIEs of $13.4 billion in 2025 and $14.0 billion in 2024)
23,328 23,554 
Unearned insurance premium and claim reserves(747)(766)
Allowance for finance receivable losses (includes allowance of consolidated VIEs of $1.5 billion in 2025 and $1.6 billion in 2024)
(2,688)(2,705)
Net finance receivables, less unearned insurance premium and claim reserves and allowance for finance receivable losses19,893 20,083 
Restricted cash and restricted cash equivalents (includes restricted cash and restricted cash equivalents of consolidated VIEs of $720 million in 2025 and $662 million in 2024)
736 684 
Goodwill1,474 1,474 
Other intangible assets285 286 
Other assets1,344 1,318 
Total assets$26,029 $25,910 
Liabilities and Shareholders’ Equity  
Long-term debt (includes debt of consolidated VIEs of $12.0 billion in 2025 and $12.4 billion in 2024)
$21,494 $21,438 
Insurance claims and policyholder liabilities567 575 
Deferred and accrued taxes19 20 
Other liabilities (includes other liabilities of consolidated VIEs of $29 million in 2025 and $31 million in 2024)
669 686 
Total liabilities22,749 22,719 
Contingencies (Note 12)
Shareholders’ equity:  
Common stock, par value $0.01 per share; 2,000,000,000 shares authorized, 119,281,560 and 119,360,509 shares issued and outstanding at March 31, 2025 and December 31, 2024, respectively
1 1 
Additional paid-in capital1,734 1,734 
Accumulated other comprehensive loss(65)(81)
Retained earnings2,384 2,296 
Treasury stock, at cost; 16,363,247 and 16,060,384 shares at March 31, 2025 and December 31, 2024, respectively
(774)(759)
Total shareholders’ equity3,280 3,191 
Total liabilities and shareholders’ equity$26,029 $25,910 

See Notes to the Condensed Consolidated Financial Statements (Unaudited).
7

ONEMAIN HOLDINGS, INC. AND SUBSIDIARIES
Condensed Consolidated Statements of Operations (Unaudited)

Three Months Ended
March 31,
(dollars in millions, except per share amounts)20252024
Interest income$1,308 $1,173 
Interest expense312 277 
Net interest income996 896 
Provision for finance receivable losses456 431 
Net interest income after provision for finance receivable losses540 465 
Other revenues:  
Insurance110 112 
Investment26 32 
Gain on sales of finance receivables16 6 
Net loss on repurchases and repayments of debt
(5)(2)
Other41 32 
Total other revenues188 180 
Other expenses:  
Salaries and benefits218 224 
Other operating expenses186 167 
Insurance policy benefits and claims49 50 
Total other expenses453 441 
Income before income taxes275 204 
Income taxes62 49 
Net income$213 $155 
Share Data:  
Weighted average number of shares outstanding:   
Basic119,399,008 119,829,174 
Diluted119,969,713 120,244,669 
Earnings per share:  
Basic$1.79 $1.29 
Diluted$1.78 $1.29 

See Notes to the Condensed Consolidated Financial Statements (Unaudited).
8

ONEMAIN HOLDINGS, INC. AND SUBSIDIARIES
Condensed Consolidated Statements of Comprehensive Income (Unaudited)

Three Months Ended
March 31,
(dollars in millions)20252024
  
Net income$213 $155 
Other comprehensive income (loss):
  
Net change in unrealized gains (losses) on non-credit impaired available-for-sale securities
21 (8)
Foreign currency translation adjustments— (4)
Changes in discount rate for insurance claims and policyholder liabilities1 7 
Other(1)— 
Income tax effect:  
Net change in unrealized gains (losses) on non-credit impaired available-for-sale securities
(5)2 
Foreign currency translation adjustments— 1 
Changes in discount rate for insurance claims and policyholder liabilities— (2)
Other comprehensive income (loss), net of tax
16 (4)
Comprehensive income$229 $151 

See Notes to the Condensed Consolidated Financial Statements (Unaudited).

9

ONEMAIN HOLDINGS, INC. AND SUBSIDIARIES
Condensed Consolidated Statements of Shareholders’ Equity (Unaudited)
OneMain Holdings, Inc. Shareholders’ Equity
(dollars in millions)Common
Stock		Additional
Paid-in
Capital		Accumulated
Other Comprehensive
Income (Loss)		Retained
Earnings		Treasury StockTotal Shareholders’ Equity
Three Months Ended
March 31, 2025
Balance, January 1, 2025$1 $1,734 $(81)$2,296 $(759)$3,191 
Common stock repurchased— — — — (16)(16)
Treasury stock issued— — — — 1 1 
Share-based compensation expense, net of forfeitures
— 10 — — — 10 
Withholding tax on share-based compensation
— (10)— — — (10)
Other comprehensive income
— — 16 — — 16 
Cash dividends *
— — — (125)— (125)
Net income— — — 213 — 213 
Balance, March 31, 2025$1 $1,734 $(65)$2,384 $(774)$3,280 
Three Months Ended
March 31, 2024
Balance, January 1, 2024$1 $1,715 $(87)$2,285 $(728)$3,186 
Common stock repurchased
— — — — (5)(5)
Treasury stock issued— — — — 1 1 
Share-based compensation expense, net of forfeitures
— 11 — — — 11 
Withholding tax on share-based compensation
— (8)— — — (8)
Other comprehensive loss
— — (4)— — (4)
Cash dividends *
— — — (122)— (122)
Net income
— — — 155 — 155 
Balance, March 31, 2024$1 $1,718 $(91)$2,318 $(732)$3,214 
                                      
* Cash dividends declared were $1.04 per share and $1.00 per share during the three months ended March 31, 2025 and 2024, respectively.

See Notes to the Condensed Consolidated Financial Statements (Unaudited).
10

ONEMAIN HOLDINGS, INC. AND SUBSIDIARIES
Condensed Consolidated Statements of Cash Flows (Unaudited)
Three Months Ended
March 31,
(dollars in millions)20252024
Cash flows from operating activities  
Net income$213 $155 
Reconciling adjustments:
Provision for finance receivable losses456 431 
Depreciation and amortization70 66 
Deferred income tax charge
15 15 
Net loss on repurchases and repayments of debt
5 2 
Share-based compensation expense, net of forfeitures10 11 
Gain on sales of finance receivables(16)(6)
Other(1)(3)
Cash flows due to changes in other assets and other liabilities(87)(113)
Net cash provided by operating activities665 558 
Cash flows from investing activities  
Net principal originations and purchases of finance receivables(552)(345)
Proceeds from sales of finance receivables274 117 
Available-for-sale securities purchased(109)(64)
Available-for-sale securities called, sold, and matured74 78 
Other securities purchased(2)(4)
Other securities called, sold, and matured5 5 
Other, net(21)(20)
Net cash used for investing activities(331)(233)
Cash flows from financing activities  
Proceeds from issuance and borrowings of long-term debt, net of issuance costs1,485 (6)
Repayments and repurchases of long-term debt(1,447)(303)
Cash dividends(126)(122)
Common stock repurchased(16)(5)
Treasury stock issued1 1 
Withholding tax on share-based compensation(10)(8)
Net cash used for financing activities
(113)(443)
Net change in cash and cash equivalents and restricted cash and restricted cash equivalents221 (118)
Cash and cash equivalents and restricted cash and restricted cash equivalents at beginning of period1,142 1,548 
Cash and cash equivalents and restricted cash and restricted cash equivalents at end of period$1,363 $1,430 
Supplemental cash flow information
Cash and cash equivalents$627 $831 
Restricted cash and restricted cash equivalents736 599 
Total cash and cash equivalents and restricted cash and restricted cash equivalents$1,363 $1,430 

Restricted cash and restricted cash equivalents primarily represent funds required to be used for future debt payments relating to our secured transactions.

See Notes to the Condensed Consolidated Financial Statements (Unaudited).
11

ONEMAIN FINANCE CORPORATION AND SUBSIDIARIES
Condensed Consolidated Balance Sheets (Unaudited)

(dollars in millions, except par value amount)March 31, 2025December 31, 2024
Assets
Cash and cash equivalents$608 $424 
Investment securities (includes available-for-sale securities with a fair value and an amortized cost basis of $1.6 billion and $1.7 billion in 2025, respectively, and $1.5 billion and $1.6 billion in 2024, respectively)
1,670 1,607 
Net finance receivables (includes loans of consolidated VIEs of $13.4 billion in 2025 and $14.0 billion in 2024)
23,328 23,554 
Unearned insurance premium and claim reserves(747)(766)
Allowance for finance receivable losses (includes allowance of consolidated VIEs of $1.5 billion in 2025 and $1.6 billion in 2024)
(2,688)(2,705)
Net finance receivables, less unearned insurance premium and claim reserves and allowance for finance receivable losses19,893 20,083 
Restricted cash and restricted cash equivalents (includes restricted cash and restricted cash
    equivalents of consolidated VIEs of $720 million in 2025 and $662 million in 2024)
736 684 
Goodwill1,474 1,474 
Other intangible assets285 286 
Other assets1,343 1,317 
Total assets$26,009 $25,875 
Liabilities and Shareholder’s Equity
Long-term debt (includes debt of consolidated VIEs of $12.0 billion in 2025 and $12.4 billion in 2024)
$21,494 $21,438 
Insurance claims and policyholder liabilities567 575 
Deferred and accrued taxes19 20 
Other liabilities (includes other liabilities of consolidated VIEs of $29 million in 2025 and $31 million in 2024)
668 687 
Total liabilities22,748 22,720 
Contingencies (Note 12)
Shareholder’s equity:
Common stock, par value $0.50 per share; 25,000,000 shares authorized, 10,160,021 shares issued
    and outstanding at March 31, 2025 and December 31, 2024
5 5 
Additional paid-in capital1,978 1,978 
Accumulated other comprehensive loss(65)(81)
Retained earnings1,343 1,253 
Total shareholder’s equity3,261 3,155 
Total liabilities and shareholder’s equity$26,009 $25,875 

See Notes to the Condensed Consolidated Financial Statements (Unaudited).
12

ONEMAIN FINANCE CORPORATION AND SUBSIDIARIES
Condensed Consolidated Statements of Operations (Unaudited)

Three Months Ended
March 31,
(dollars in millions)20252024
Interest income$1,308 $1,173 
Interest expense312 277 
Net interest income996 896 
Provision for finance receivable losses456 431 
Net interest income after provision for finance receivable losses540 465 
Other revenues:
Insurance110 112 
Investment26 32 
Gain on sales of finance receivables16 6 
Net loss on repurchases and repayments of debt
(5)(2)
Other41 32 
Total other revenues188 180 
Other expenses:
Salaries and benefits218 224 
Other operating expenses186 167 
Insurance policy benefits and claims49 50 
Total other expenses453 441 
Income before income taxes275 204 
Income taxes62 49 
Net income$213 $155 

See Notes to the Condensed Consolidated Financial Statements (Unaudited).

13

ONEMAIN FINANCE CORPORATION AND SUBSIDIARIES
Condensed Consolidated Statements of Comprehensive Income (Unaudited)

Three Months Ended
March 31,
(dollars in millions)20252024
Net income$213 $155 
Other comprehensive income (loss):
Net change in unrealized gains (losses) on non-credit impaired available-for-sale securities
21 (8)
Foreign currency translation adjustments— (4)
Changes in discount rate for insurance claims and policyholder liabilities1 7 
Other(1)— 
Income tax effect:
Net change in unrealized gains (losses) on non-credit impaired available-for-sale securities
(5)2 
Foreign currency translation adjustments— 1 
Changes in discount rate for insurance claims and policyholder liabilities— (2)
Other comprehensive income (loss), net of tax
16 (4)
Comprehensive income$229 $151 

See Notes to the Condensed Consolidated Financial Statements (Unaudited).
14

ONEMAIN FINANCE CORPORATION AND SUBSIDIARIES
Condensed Consolidated Statements of Shareholder’s Equity (Unaudited)

OneMain Finance Corporation Shareholder's Equity
(dollars in millions)Common
Stock		Additional
Paid-in
Capital		Accumulated
Other Comprehensive
Income (Loss)		Retained
Earnings		Total Shareholder’s Equity
Three Months Ended
March 31, 2025
Balance, January 1, 2025$5 $1,978 $(81)$1,253 $3,155 
Share-based compensation expense, net of forfeitures— 10 — — 10 
Withholding tax on share-based compensation— (10)— — (10)
Other comprehensive income
— — 16 — 16 
Cash dividends— — — (123)(123)
Net income— — — 213 213 
Balance, March 31, 2025$5 $1,978 $(65)$1,343 $3,261 
Three Months Ended
March 31, 2024
Balance, January 1, 2024$5 $1,959 $(87)$1,303 $3,180 
Share-based compensation expense, net of forfeitures— 11 — — 11 
Withholding tax on share-based compensation— (8)— — (8)
Other comprehensive loss
— — (4)— (4)
Cash dividends— — — (140)(140)
Net income— — — 155 155 
Balance, March 31, 2024$5 $1,962 $(91)$1,318 $3,194 

See Notes to the Condensed Consolidated Financial Statements (Unaudited).
15

ONEMAIN FINANCE CORPORATION AND SUBSIDIARIES
Condensed Consolidated Statements of Cash Flows (Unaudited)

Three Months Ended
March 31,
(dollars in millions)20252024
Cash flows from operating activities
Net income$213 $155 
Reconciling adjustments:
Provision for finance receivable losses456 431 
Depreciation and amortization70 66 
Deferred income tax charge
15 15 
Net loss on repurchases and repayments of debt
5 2 
Share-based compensation expense, net of forfeitures10 11 
Gain on sales of finance receivables(16)(6)
Other(1)(3)
Cash flows due to changes in other assets and other liabilities(89)(114)
Net cash provided by operating activities663 557 
Cash flows from investing activities
Net principal originations and purchases of finance receivables(552)(345)
Proceeds from sales of finance receivables274 117 
Available-for-sale securities purchased(109)(64)
Available-for-sale securities called, sold, and matured74 78 
Other securities purchased(2)(4)
Other securities called, sold, and matured5 5 
Other, net(21)(21)
Net cash used for investing activities(331)(234)
Cash flows from financing activities
Proceeds from issuance and borrowings of long-term debt, net of issuance costs1,485 (6)
Repayments and repurchases of long-term debt(1,447)(303)
Cash dividends(124)(140)
Withholding tax on share-based compensation(10)(8)
Net cash used for financing activities
(96)(457)
Net change in cash and cash equivalents and restricted cash and restricted cash equivalents236 (134)
Cash and cash equivalents and restricted cash and restricted cash equivalents at beginning of period1,108 1,545 
Cash and cash equivalents and restricted cash and restricted cash equivalents at end of period$1,344 $1,411 
Supplemental cash flow information
Cash and cash equivalents$608 $812 
Restricted cash and restricted cash equivalents736 599 
Total cash and cash equivalents and restricted cash and restricted cash equivalents$1,344 $1,411 

Restricted cash and restricted cash equivalents primarily represent funds required to be used for future debt payments relating to our secured transactions.

See Notes to the Condensed Consolidated Financial Statements (Unaudited).
16

ONEMAIN HOLDINGS, INC. AND SUBSIDIARIES
Notes to the Condensed Consolidated Financial Statements
March 31, 2025

1. Business and Basis of Presentation

OneMain Holdings, Inc. (“OMH”), and its wholly owned direct subsidiary, OneMain Finance Corporation (“OMFC”) are financial services holding companies whose subsidiaries engage in the consumer finance and insurance businesses.

The results of OMFC are consolidated into the results of OMH. Due to the nominal differences between OMFC and OMH, content throughout this filing relates to both OMH and OMFC, except where otherwise indicated. 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.”

BASIS OF PRESENTATION

We prepared our condensed consolidated financial statements using generally accepted accounting principles in the United States of America (“GAAP”). These statements are unaudited. The year-end condensed consolidated balance sheet data was derived from our audited financial statements but does not include all disclosures required by GAAP. The statements include the accounts of OMH, its wholly owned subsidiaries, and variable interest entities (“VIEs”) in which we hold a controlling financial interest and for which we are considered to be the primary beneficiary as of the financial statement date.

We eliminated all material intercompany accounts and transactions. We made judgments, estimates, and assumptions that affect amounts reported in our condensed consolidated financial statements and disclosures of contingent assets and liabilities. In management’s opinion, the condensed consolidated financial statements include the normal, recurring adjustments necessary for a fair statement of results. Actual results could differ from our estimates. We evaluated the effects of and the need to disclose events that occurred subsequent to the balance sheet date.

The condensed consolidated financial statements in this report should be read in conjunction with the consolidated financial statements and related notes included in our Annual Report on Form 10-K of OMH and OMFC for the fiscal year ended December 31, 2024, filed with the SEC on February 7, 2025 (“Annual Report”). We follow the same significant accounting policies for our interim reporting. To conform to the 2025 presentation, we reclassified certain items in prior periods of our condensed consolidated financial statements.

2. Recent Accounting Pronouncements

ACCOUNTING PRONOUNCEMENTS TO BE ADOPTED

Income Taxes

In December of 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures, which requires disaggregated information in the rate reconciliation and income taxes paid disclosures. The amendments in this ASU will become effective for fiscal years beginning after December 15, 2024, with early adoption permitted. The amendments should be applied on a prospective basis, with retrospective application allowed. We are currently evaluating the impact of the standard to our income tax disclosures.

Expense Disaggregation Disclosures

In December of 2024, the FASB issued ASU 2024-03, Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40), which requires disclosure of certain costs and expenses in the notes to the financial statements. The amendments in this ASU will become effective for fiscal years beginning after December 15, 2026, and will be effective for interim periods with fiscal years beginning after December 15, 2027, with early adoption permitted. The amendments should be applied on a prospective basis, with retrospective application allowed. We are currently evaluating the impact of the standard to our financial statement disclosures.

We do not believe that any other accounting pronouncements issued, but not yet effective, would have a material impact on our consolidated financial statements or disclosures, if adopted.
17

3. Finance Receivables

Our finance receivables consist of consumer loans and credit cards. Consumer loans include personal loans and auto finance. Personal loans are non-revolving, with a fixed rate, have fixed terms generally between three and six years, and are secured by automobiles, other titled collateral, or are unsecured. Auto finance includes automobile retail installment contracts originated at the point of purchase through our dealership network. Auto finance loans are non-revolving, with a fixed rate, have fixed terms generally between three and six years, and are secured by automobiles. Credit cards are open-ended, revolving, with a fixed rate, and are unsecured.

Components of our net finance receivables were as follows:
Consumer Loans
(dollars in millions)Personal Loans
Auto Finance
Total Consumer Loans
Credit CardsTotal
March 31, 2025
Gross finance receivables *$20,168 $2,166 $22,334 $666 $23,000 
Unearned fees
(235)(36)(271)— (271)
Accrued finance charges and fees339 21 360 — 360 
Deferred origination costs197 32 229 10 239 
Total$20,469 $2,183 $22,652 $676 $23,328 
December 31, 2024
Gross finance receivables *$20,514 $2,061 $22,575 $632 $23,207 
Unearned fees
(239)(32)(271)— (271)
Accrued finance charges and fees356 22 378 — 378 
Deferred origination costs202 27 229 11 240 
Total$20,833 $2,078 $22,911 $643 $23,554 
* Consumer loan gross finance receivables equal the unpaid principal balance net of unamortized discount or premium. For precompute personal loans, unpaid principal balance is the gross contractual payments less the unaccreted balance of unearned finance charges. Credit card gross finance receivables equal the unpaid principal balance, billed interest, and fees.

WHOLE LOAN SALE TRANSACTIONS

We have whole loan sale flow agreements with third parties, with current terms of less than one year, in which we agreed to sell a remaining total of $675 million gross receivables of newly originated unsecured personal loans along with any associated accrued interest. Loans sold are derecognized from our balance sheet at the time of sale. We service the loans sold and are entitled to a servicing fee and other fees commensurate with the services performed as part of the agreements. The gain on sales and servicing fees are recorded in Other revenues in our condensed consolidated statements of operations.

We sold $255 million and $110 million of gross finance receivables during the three months ended March 31, 2025 and 2024, respectively. The gain on the sales were $16 million and $6 million during the three months ended March 31, 2025 and 2024, respectively.

CREDIT QUALITY INDICATOR

We consider the delinquency status of our finance receivables as our key credit quality indicator. We monitor the delinquency of our finance receivable portfolio, including the migration between the delinquency buckets and changes in the delinquency trends to manage our exposure to credit risk in the portfolio.

When consumer loans are 60 days contractually past due, we consider these accounts to be at an increased risk for loss and move collection of these accounts to our central collection operations. We consider our consumer loans to be nonperforming at 90 days or more contractually past due, at which point we stop accruing finance charges and reverse finance charges previously accrued. All consumer loans in nonaccrual status are considered in our estimate of allowance for finance receivable losses.

18

The following table below is a summary of finance charges on our consumer loans:
Three Months Ended March 31,
20252024
(dollars in millions)Personal Loans
Auto
Finance
Personal Loans
Auto
Finance
 
Net accrued finance charges reversed
$41 $3 $41 $1 
Finance charges recognized from the contractual interest portion of payments received on nonaccrual loans
6—4—

We accrue finance charges and fees on credit cards until charge-off at 180 days contractually past due, at which point we reverse finance charges and fees previously accrued.

Net accrued finance charges and fees reversed on credit cards were as follows:
Three Months Ended
March 31,
(dollars in millions, except per share amounts)20252024
Net accrued finance charges and fees reversed$17 $5 

The following tables below are a summary of our personal loans by the year of origination and number of days delinquent:

(dollars in millions)20252024202320222021PriorTotal
March 31, 2025
Performing
Current$2,471 $8,583 $4,622 $2,477 $930 $325 $19,408 
30-59 days past due3 105 95 74 36 17 330 
60-89 days past due— 67 66 47 22 10 212 
Total performing2,474 8,755 4,783 2,598 988 352 19,950 
Nonperforming (Nonaccrual)
90+ days past due— 133 178 121 60 27 519 
Total$2,474 $8,888 $4,961 $2,719 $1,048 $379 $20,469 
Gross charge-offs *
$— $86 $181 $136 $63 $26 $492 
* Represents gross charge-offs for the three months ended March 31, 2025.

(dollars in millions)20242023202220212020PriorTotal
December 31, 2024
Performing
Current$9,820 $5,337 $2,913 $1,143 $272 $155 $19,640 
30-59 days past due89 129 100 48 14 11 391 
60-89 days past due55 86 62 32 8 6 249 
Total performing9,964 5,552 3,075 1,223 294 172 20,280 
Nonperforming (Nonaccrual)
90+ days past due84 211 150 74 20 14 553 
Total$10,048 $5,763 $3,225 $1,297 $314 $186 $20,833 
Gross charge-offs *
$— $115 $223 $119 $33 $23 $513 
* Represents gross charge-offs for the three months ended March 31, 2024.
19


The following tables below are a summary of our auto finance loans by the year of origination and number of days delinquent:

(dollars in millions)20252024202320222021PriorTotal
March 31, 2025
Performing
Current$308 $927 $486 $243 $88 $25 $2,077 
30-59 days past due2 24 18 14 7 2 67 
60-89 days past due— 7 6 3 1 1 18 
Total performing310 958 510 260 96 28 2,162 
Nonperforming (Nonaccrual)
90+ days past due— 8 7 4 2 — 21 
Total$310 $966 $517 $264 $98 $28 $2,183 
Gross charge-offs *
$— $10 $11 $8 $3 $1 $33 
* Represents gross charge-offs for the three months ended March 31, 2025.

(dollars in millions)20242023202220212020PriorTotal
December 31, 2024
Performing
Current$1,007 $538 $273 $101 $21 $12 $1,952 
30-59 days past due25 24 19 10 2 1 81 
60-89 days past due6 7 5 2 — — 20 
Total performing1,038 569 297 113 23 13 2,053 
Nonperforming (Nonaccrual)
90+ days past due6 9 7 2 — 1 25 
Total$1,044 $578 $304 $115 $23 $14 $2,078 
Gross charge-offs *
$— $3 $5 $1 $— $— $9 
* Represents gross charge-offs for the three months ended March 31, 2024.

The following is a summary of credit cards by number of days delinquent:
(dollars in millions)March 31, 2025December 31, 2024
Current
$590 $558 
30-59 days past due
19 20 
60-89 days past due
16 17 
90+ days past due
51 48 
Total
$676 $643 

There were no credit cards that were converted to term loans at March 31, 2025 or December 31, 2024.

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UNFUNDED LENDING COMMITMENTS

Our unfunded lending commitments consist of the unused credit card lines, which are unconditionally cancellable. We do not anticipate that all of our customers will access their entire available line at any given point in time. The unused credit card lines totaled $404 million and $336 million at March 31, 2025 and December 31, 2024, respectively.

MODIFIED FINANCE RECEIVABLES TO BORROWERS EXPERIENCING FINANCIAL DIFFICULTY

We make modifications to our finance receivables to assist borrowers who are experiencing financial difficulty and when we modify the contractual terms for economic or other reasons related to the borrower’s financial difficulties, we classify that receivable as a modified finance receivable.

The period-end carrying value of net finance receivables modified during the period was as follows:
Three Months Ended March 31,
20252024
(dollars in millions)Personal Loans
Auto
 Finance
Personal Loans
Auto
 Finance
 
Interest rate reduction and term extension$95$7$156 $5
Interest rate reduction and principal forgiveness119—119 —
Total modifications to borrowers experiencing financial difficulties$214$7$275$5
Modifications as a percent of net finance receivables by class
1.04 %0.33 %1.38 %0.56 %

The financial effect of modifications made during the period was as follows:
Three Months Ended March 31,
20252024
(dollars in millions)Personal Loans
Auto
Finance
Personal Loans
Auto
Finance
 
Net finance receivables 
Weighted-average interest rate reduction16.14 %12.98 %17.56 %11.16 %
Weighted-average term extension (months)24162528
Principal/interest forgiveness$7$—$11 $—

The performance of finance receivables modified within the previous 12 months by delinquency status was as follows:
March 31, 2025 (a)March 31, 2024 (b)
(dollars in millions)Personal Loans
Auto
Finance
Personal Loans
Auto
Finance
Current
$515 $15 $611 $7 
30-59 days past due
51 2 55 1 
60-89 days past due36 1 44 — 
90+ days past due
79 1 105 1 
Total
$681 $19 $815 $9 
(a) Excludes $99 million of personal loan receivables that were modified and subsequently charged off within the previous 12 months. Auto finance receivables that were modified and subsequently charged off within the previous 12 months were immaterial.
(b) Excludes $55 million of personal loan receivables that were modified and subsequently charged off. Auto finance receivables that were modified and subsequently charged off were immaterial.

21

The period-end carrying value of finance receivables that defaulted during the period to cause the receivable to be considered nonperforming (90 days or more contractually past due) and had been modified within the 12 months preceding the default was as follows:
Three Months Ended March 31,
20252024
(dollars in millions)
Personal
Loans
Auto
 Finance
Personal Loans
Auto
 Finance
Interest rate reduction and term extension$31 $1 $44 $1 
Interest rate reduction and principal forgiveness19 — 16 — 
Total
$50 $1 $60 $1 

Modifications made to credit cards were immaterial for the three months ended March 31, 2025 and 2024.


4. Allowance for Finance Receivable Losses

We establish an allowance for finance receivable losses through the provision for finance receivable losses. We evaluate our finance receivable portfolio by the level of contractual delinquency in the portfolio, specifically in the late-stage delinquency buckets and inclusive of the migration of the finance receivables through the delinquency buckets. We estimate and record an allowance for finance receivable losses to cover the expected lifetime credit losses on our finance receivables. Our allowance for finance receivable losses may fluctuate based upon changes in portfolio growth, credit quality, and economic conditions.

Our methodology to estimate expected credit losses uses recent macroeconomic forecasts, which include forecasts for unemployment. We leverage projections from various industry leading providers. We also consider inflationary pressures, consumer confidence levels, and elevated interest rates that may continue to impact the economic outlook. At March 31, 2025, our economic forecast used a reasonable and supportable period of 12 months. The decrease in our allowance for finance receivable losses for the three months ended March 31, 2025 was driven by a seasonal decline in net finance receivables. We may experience further changes to the macroeconomic assumptions within our forecast, as well as changes to our loan loss performance outlook, both of which could lead to further changes in our allowance for finance receivable losses, allowance ratio, and provision for finance receivable losses.

Changes in the allowance for finance receivable losses were as follows:
(dollars in millions)
Consumer Loans
Credit CardsTotal
Three Months Ended March 31, 2025  
Balance at beginning of period$2,567 $138 $2,705 
Provision for finance receivable losses409 47 456 
Charge-offs(525)(36)(561)
Recoveries85 3 88 
Balance at end of period$2,536 $152 $2,688 
Three Months Ended March 31, 2024  
Balance at beginning of period$2,415 $65 $2,480 
Provision for finance receivable losses
406 25 431 
Charge-offs(522)(12)(534)
Recoveries77 — 77 
Balance at end of period$2,376 $78 $2,454 
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5. Investment Securities

AVAILABLE-FOR-SALE SECURITIES

Cost/amortized cost, allowance for credit losses, unrealized gains and losses, and fair value of fixed maturity available-for-sale securities by type were as follows:
(dollars in millions)Cost/
Amortized
Cost		Unrealized
Gains		Unrealized
Losses		Fair
Value
March 31, 2025*    
Fixed maturity available-for-sale securities:    
U.S. government and government sponsored entities$14 $— $— $14 
Obligations of states, municipalities, and political subdivisions
68 — (4)64 
Commercial paper
20 — — 20 
Non-U.S. government and government sponsored entities
167 1 (4)164 
Corporate debt
1,099 6 (57)1,048 
Mortgage-backed, asset-backed, and collateralized:
   
RMBS
209 1 (21)189 
CMBS
26 — (2)24 
CDO/ABS
82 1 (2)81 
Total$1,685 $9 $(90)$1,604 
December 31, 2024*
Fixed maturity available-for-sale securities:
U.S. government and government sponsored entities
$12 $— $— $12 
 Obligations of states, municipalities, and political subdivisions
66 — (5)61 
Commercial paper9 — — 9 
Non-U.S. government and government sponsored entities159 1 (5)155 
Corporate debt1,086 4 (69)1,021 
Mortgage-backed, asset-backed, and collateralized:
RMBS208 — (24)184 
CMBS29 — (2)27 
CDO/ABS72 1 (3)70 
Total$1,641 $6 $(108)$1,539 
*    The allowance for credit losses related to our investment securities as of March 31, 2025 and December 31, 2024 was immaterial.

Interest receivables reported in Other assets in our condensed consolidated balance sheets totaled $14 million and $13 million as of March 31, 2025 and December 31, 2024, respectively. There were no material amounts reversed from investment revenue for available-for-sale securities for the three months ended March 31, 2025 and 2024.

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Fair value and unrealized losses on available-for-sale securities by type and length of time in a continuous unrealized loss position without an allowance for credit losses were as follows:
 Less Than 12 Months12 Months or LongerTotal
(dollars in millions)Fair
Value
Unrealized
Losses *
Fair
Value		Unrealized
Losses		Fair
Value		Unrealized
Losses
March 31, 2025      
U.S. government and government sponsored entities
$1 $— $11 $— $12 $— 
Obligations of states, municipalities, and political subdivisions
3 — 56 (4)59 (4)
Non-U.S. government and government sponsored entities
18 — 51 (4)69 (4)
Corporate debt169 (3)632 (54)801 (57)
Mortgage-backed, asset-backed, and collateralized:
RMBS11 — 134 (21)145 (21)
CMBS2 — 22 (2)24 (2)
CDO/ABS6 — 39 (2)45 (2)
Total$210 $(3)$945 $(87)$1,155 $(90)
December 31, 2024
      
U.S. government and government sponsored entities
$1 $— $11 $— $12 $— 
Obligations of states, municipalities, and political subdivisions
3 — 56 (5)59 (5)
Non-U.S. government and government sponsored entities
15 — 67 (5)82 (5)
Corporate debt210 (5)657 (64)867 (69)
Mortgage-backed, asset-backed, and collateralized:
RMBS40 — 134 (24)174 (24)
CMBS2 — 25 (2)27 (2)
CDO/ABS8 — 40 (3)48 (3)
Total$279 $(5)$990 $(103)$1,269 $(108)
*    Unrealized losses on certain available-for-sale securities were less than $1 million and, therefore, were not quantified in the table above.

On a lot basis, we had 1,632 and 1,771 investment securities in an unrealized loss position at March 31, 2025 and December 31, 2024, respectively. We do not consider the unrealized losses to be credit-related, as these unrealized losses primarily relate to changes in interest rates and market spreads subsequent to purchase. Additionally, as of March 31, 2025, there were no credit impairments on investment securities that we intend to sell. We do not have plans to sell any of the remaining investment securities with unrealized losses as of March 31, 2025, and we believe it is more likely than not that we would not be required to sell such investment securities before recovery of their amortized cost.

We continue to monitor unrealized loss positions for potential credit impairments. During the three months ended March 31, 2025 and 2024, there were no material credit impairments related to our investment securities. Therefore, there were no material additions or reductions in the allowance for credit losses (impairments recognized or reversed in earnings) on credit impaired available-for-sale securities for the three months ended March 31, 2025 and 2024.

The proceeds of available-for-sale securities sold or redeemed during the three months ended March 31, 2025 and 2024 totaled $22 million and $19 million, respectively. The net realized gains and losses were immaterial during the three months ended March 31, 2025 and 2024.
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Contractual maturities of fixed-maturity available-for-sale securities at March 31, 2025 were as follows:
(dollars in millions)Fair
Value		Amortized
Cost
Fixed maturities, excluding mortgage-backed, asset-backed, and collateralized securities:
  
Due in 1 year or less$181 $180 
Due after 1 year through 5 years584 597 
Due after 5 years through 10 years401 431 
Due after 10 years144 160 
Mortgage-backed, asset-backed, and collateralized securities294 317 
Total$1,604 $1,685 

Actual maturities may differ from contractual maturities since issuers and borrowers may have the right to call or prepay obligations. We may sell investment securities before maturity for general corporate and working capital purposes and to achieve certain investment strategies.

The fair value of securities on deposit with third parties totaled $466 million and $452 million at March 31, 2025 and December 31, 2024, respectively.

OTHER SECURITIES

The fair value of other securities by type was as follows:
(dollars in millions)March 31, 2025December 31, 2024
Fixed maturity other securities: 
Bonds$15 $18 
Preferred stock
13 13 
Common stock
38 37 
Total $66 $68 

Net unrealized gains and losses on other securities held were immaterial for the three months ended March 31, 2025 and 2024. Net realized gains and losses on other securities sold or redeemed are included in Other revenue - investment and were immaterial for the three months ended March 31, 2025 and 2024.

Other securities primarily consist of equity securities and those securities for which the fair value option was elected. We report net unrealized and realized gains and losses on other securities held, sold, or redeemed in Other revenue - investment.

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6. Long-term Debt

Principal maturities of long-term debt by type of debt at March 31, 2025 were as follows:
Senior Debt
(dollars in millions)SecuritizationsRevolving
Conduit
Facilities		Unsecured
Notes (a)		Junior
Subordinated
Debt (a)		Total
Interest rates (b)
0.87%-10.98%
5.48%
3.50%-9.00%
6.31 %
Remainder of 2025$— $— $— $— $— 
2026— — 1,358 — 1,358 
2027— — 750 — 750 
2028— — 1,350 — 1,350 
2029— — 2,344 — 2,344 
2030-2067— — 3,642 350 3,992 
Secured (c)12,001 1 — — 12,002 
Total principal maturities$12,001 $1 $9,444 $350 $21,796 
Total carrying amount$11,957 $1 $9,364 $172 $21,494 
Debt issuance costs (d)(39)— (77)— (116)
(a) Pursuant to the Base Indenture, the Supplemental Indentures, and the Guaranty Agreements, OMH agreed to fully and unconditionally guarantee, on a senior unsecured basis, payments of principal, premium and interest on the Unsecured Notes and Junior Subordinated Debenture. The OMH guarantees of OMFC’s long-term debt are subject to customary release provisions.
(b) The interest rates shown are the range of contractual rates in effect at March 31, 2025.
(c) Securitizations and borrowings under the revolving conduit facilities are not included in the above maturities by period due to their variable monthly repayments, which may result in pay-off prior to the stated maturity date. See Note 7 for further information on our long-term debt associated with securitizations and revolving conduit facilities.
(d) Debt issuance costs are reported as a direct reduction from long-term debt, with the exception of debt issuance costs associated with our revolving conduit facilities, credit card revolving variable funding note (“VFN”) facilities, and unsecured corporate revolver, which totaled $38 million at March 31, 2025 and are reported in Other assets in our condensed consolidated balance sheets.


UNSECURED CORPORATE REVOLVER

At March 31, 2025, the total maximum borrowing capacity of our unsecured corporate revolver was $1.1 billion. The corporate revolver has a five-year term, during which draws and repayments may occur. Any outstanding principal balance is due and payable on September 6, 2029.
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7. Variable Interest Entities

CONSOLIDATED VIES

We have transferred finance receivables to VIEs for asset-backed financing transactions and include the assets and liabilities in our condensed consolidated financial statements because we are the primary beneficiary of each VIE. We account for these asset-backed debt obligations as securitized borrowings.

See Note 2 and Note 10 of the Notes to the Consolidated Financial Statements in Part II - Item 8 included in our Annual Report for more detail regarding VIEs.

We parenthetically disclose on our condensed consolidated balance sheets the VIE’s assets that can only be used to settle the VIE’s obligations and liabilities when its creditors have no recourse against the primary beneficiary’s general credit. The carrying amounts of consolidated VIE assets and liabilities associated with our securitization trusts, private secured term funding facilities, revolving conduit facilities, and credit card revolving VFN facilities were as follows:
(dollars in millions)March 31, 2025December 31, 2024
Assets  
Cash and cash equivalents$7 $4 
Net finance receivables13,408 13,985 
Allowance for finance receivable losses1,525 1,633 
Restricted cash and restricted cash equivalents720 662 
Other assets41 40 
Liabilities  
Long-term debt$11,958 $12,384 
Other liabilities29 31 

Other than the retained subordinate and residual interests in our consolidated VIEs, we are under no further obligation than is otherwise noted herein, either contractually or implicitly, to provide financial support to these entities. Consolidated interest expense related to our VIEs totaled $159 million and $138 million during the three months ended March 31, 2025 and 2024, respectively.

SECURITIZED BORROWINGS

Our outstanding OneMain Financial Issuance Trust (“OMFIT”) and OneMain Direct Auto Receivables Trust (“ODART”) securitizations contain a revolving period ranging from two to seven years during which no principal payments are required to be made on the related asset-backed notes. The indentures governing our OMFIT and ODART securitized borrowings contain early amortization events and events of default, that, if triggered, may result in the acceleration of the obligation to pay principal and interest on the related asset-backed notes. Our Foursight Capital Automobile Receivables Trust ("FCRT") securitizations are amortizing.

CREDIT CARD REVOLVING VFN FACILITIES

We have transferred credit card gross finance receivables to a master trust, OneMain Financial Credit Card Trust (“OMFCT”), and we continue to service and administer the credit cards. As of March 31, 2025, OMFCT was the issuing entity for two credit card revolving VFN facilities by way of certain indenture supplements and note purchase agreements with a total maximum borrowing capacity of $400 million. Each credit card revolving VFN facility has a revolving period during which no principal payments are required, but may be made without penalty, followed by a subsequent amortization period. Principal balances of outstanding notes, if any, are due and payable in full over periods ranging up to five years as of March 31, 2025. Amounts drawn on these credit card revolving VFN facilities are secured and collateralized by credit card gross finance receivables.
27

PRIVATE SECURED TERM FUNDING

At March 31, 2025, there was no outstanding balance on the maximum borrowing capacity of $725 million under the private secured term funding facilities. Principal payments on any outstanding balances are not required until after June 2026, at the earliest, followed by a subsequent amortization period, which upon expiration the outstanding principal is due and payable.

REVOLVING CONDUIT FACILITIES

We had access to 17 revolving conduit facilities with a total maximum borrowing capacity of $6.0 billion as of March 31, 2025. Our conduit facilities contain revolving periods during which no principal payments are required, but may be made without penalty, followed by a subsequent amortization period. Principal balances of outstanding loans, if any, are due and payable in full over periods ranging up to ten years as of March 31, 2025. Amounts drawn on these facilities are collateralized by our consumer loans.

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8. Insurance

Changes in the reserve for unpaid claims and loss adjustment expenses (net of reinsurance recoverables) on our short-duration insurance contracts were as follows:
At or for the
Three Months Ended March 31,
(dollars in millions)20252024
Balance at beginning of period$102 $108 
Less reinsurance recoverables(3)(3)
Net balance at beginning of period99 105 
Additions for losses and loss adjustment expenses incurred to:
Current year52 52 
Prior years *
(6)(5)
Total46 47 
Reductions for losses and loss adjustment expenses paid related to:
Current year(17)(15)
Prior years(32)(32)
Total(49)(47)
Net balance at end of period96 105 
Plus reinsurance recoverables2 3 
Balance at end of period$98 $108 
*    At March 31, 2025, there was a redundancy in the prior years’ net reserves due to favorable development of credit disability claims during the period. At March 31, 2024, there was a redundancy in the prior years’ net reserves due to favorable development of collateral protection claims during the period.

LIABILITY FOR FUTURE POLICY BENEFITS

The present values of expected net premiums on long-duration insurance contracts were as follows:
At or for the
Three Months Ended March 31,
20252024
(dollars in millions)Term and
 Whole Life		Accidental Death and Disability ProtectionTerm and
 Whole Life		Accidental Death and Disability Protection
Balance at beginning of period$177 $33 $217 $41 
Effect of cumulative changes in discount rate assumptions (beginning of period)(2)— (5)— 
Beginning balance at original discount rate175 33 212 41 
Effect of actual variances from expected experience(3)— (8)— 
Adjusted balance at beginning of period172 33 204 41 
Interest accretion2 — 3 — 
Net premiums collected(6)(1)(7)(1)
Ending balance at original discount rate168 32 200 40 
Effect of changes in discount rate assumptions1 (1)— (1)
Balance at ending of period$169 $31 $200 $39 

29

The present values of expected future policy benefits on long-duration insurance contracts were as follows:
At or for the
Three Months Ended March 31,
20252024
(dollars in millions)Term and
Whole Life		Accidental Death and Disability ProtectionTerm and
Whole Life		Accidental Death and Disability Protection
Balance at beginning of period$378 $96 $435 $113 
Effect of cumulative changes in discount rate assumptions (beginning of period)(5)2(12)—
Beginning balance at original discount rate37398423113
Effect of actual variances from expected experience(2)(1)(9)(1)
Adjusted balance at beginning of period37197414112
Net issuances1—1—
Interest accretion5151
Benefit payments(13)(3)(13)(4)
Ending balance at original discount rate36495407109
Effect of changes in discount rate assumptions3(2)3(2)
Balance at ending of period$367 $93 $410 $107 

The net liabilities for future policy benefits on long-duration insurance contracts were as follows:
At or for the
Three Months Ended March 31,
20252024
(dollars in millions)Term and
Whole Life		Accidental Death and Disability ProtectionTerm and
Whole Life		Accidental Death and Disability Protection
Net liability for future policy benefits$198 $62 $210 $68 
Deferred profit liability11471351
Total net liability for future policy benefits$209 $109 $223 $119 

The weighted-average duration of the liability for future policy benefits was 8 years at March 31, 2025 and March 31, 2024.

The following table reconciles the net liability for future policy benefits to Insurance claims and policyholder liabilities in the condensed consolidated balance sheets:
At or for the
Three Months Ended March 31,
(dollars in millions)20252024
Term and whole life$209 $223 
Accidental death and disability protection109 119 
Other*249 255 
Total$567 $597 
*    Other primarily includes reserves for short-duration contracts that are payable to third-party beneficiaries.

30

The undiscounted and discounted expected future gross premiums and expected future benefits and expenses for our long-duration insurance contracts were as follows:
At or for the
Three Months Ended March 31,
20252024
(dollars in millions)Term and
Whole Life		Accidental Death and Disability ProtectionTerm and
Whole Life		Accidental Death and Disability Protection
Expected future gross premiums:
Undiscounted$352 $119 $411 $142 
Discounted254 85 293 101 
Expected future benefit payments:
Undiscounted514 140 582 162 
Discounted367 93 410 107 

The revenue and interest accretion related to our long-duration insurance contracts recognized in the condensed consolidated statements of operations were as follows:
At or for the
Three Months Ended March 31,
20252024
(dollars in millions)Term and
Whole Life		Accidental Death and Disability ProtectionTerm and
Whole Life		Accidental Death and Disability Protection
Gross premiums or assessments$12 $4 $13 $5 
Interest accretion$3 $1 $3 $1 

The expected and actual experiences for mortality, morbidity, and lapses of the liability for future policy benefits were as follows:
At or for the
Three Months Ended March 31,
20252024
Term and
Whole Life		Accidental Death and Disability ProtectionTerm and
Whole Life		Accidental Death and Disability Protection
Mortality/Morbidity:
Expected0.39 %0.01 %0.37 %0.01 %
Actual0.41 %0.01 %0.38 %0.01 %
Lapses:
Expected3.79 %1.71 %4.68 %1.96 %
Actual3.00 %2.38 %3.35 %2.51 %

The weighted-average interest rates for the liability of future policy benefits for our long-duration insurance contracts were as follows:
At or for the
Three Months Ended March 31,
20252024
Term and
Whole Life		Accidental Death and Disability ProtectionTerm and
Whole Life		Accidental Death and Disability Protection
Interest accretion rate5.29 %4.86 %5.28 %4.87 %
Current discount rate5.40 %5.49 %5.33 %5.35 %
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9. Capital Stock and Earnings Per Share (OMH Only)

CAPITAL STOCK

OMH has two classes of authorized capital stock: preferred stock and common stock. OMFC has two classes of authorized capital stock: special stock and common stock. OMH and OMFC may issue preferred stock and special stock, respectively, in one or more series. The OMH Board of Directors and the OMFC Board of Directors determine the dividend, liquidation, redemption, conversion, voting, and other rights prior to issuance.

Changes in OMH shares of common stock issued and outstanding were as follows:
Three Months Ended March 31,
20252024
Balance at beginning of period119,360,509 119,757,277 
Common stock issued 223,914 211,702 
Common stock repurchased(323,176)(108,685)
Treasury stock issued20,313 16,958 
Balance at end of period119,281,560 119,877,252 


EARNINGS PER SHARE (OMH ONLY)

The computation of earnings per share was as follows:
Three Months Ended March 31,
(dollars in millions, except per share data)20252024
 
Numerator (basic and diluted):  
Net income$213 $155 
Denominator:  
Weighted average number of shares outstanding (basic)119,399,008 119,829,174 
Effect of dilutive securities *570,705 415,495 
Weighted average number of shares outstanding (diluted)119,969,713 120,244,669 
Earnings per share:  
Basic$1.79 $1.29 
Diluted$1.78 $1.29 
* We have excluded weighted-average unvested restricted stock units totaling 777,055 and 728,403 for the three months ended March 31, 2025 and 2024, respectively, from the fully-diluted earnings per share calculations as these shares would be anti-dilutive, which could impact the earnings per share calculation in the future.

Basic earnings per share is computed by dividing net income by the weighted-average number of shares outstanding during each period. Diluted earnings per share is computed based on the weighted-average number of shares outstanding plus the effect of potentially dilutive shares outstanding during the period using the treasury stock method. The potentially dilutive shares represent outstanding unvested restricted stock units.

32


10. Accumulated Other Comprehensive Income (Loss)

Changes, net of tax, in Accumulated other comprehensive income (loss) were as follows:
(dollars in millions)Unrealized
Gains (Losses)
Available-for-Sale Securities (a)		Retirement
Plan Liabilities
Adjustments		Foreign
Currency
Translation
Adjustments
Changes in Discount Rate for Insurance Claims and Policyholder Liabilities
Other (b)Total
Accumulated
Other
Comprehensive
Income (Loss)
Three Months Ended
March 31, 2025		    
Balance at beginning of period$(81)$(3)$(13)$(1)$17 $(81)
Other comprehensive income (loss) before reclassifications
16 — — 1 (1)16 
Balance at end of period$(65)$(3)$(13)$— $16 $(65)
Three Months Ended
March 31, 2024		    
Balance at beginning of period$(93)$(8)$(2)$(5)$21 $(87)
Other comprehensive income (loss) before reclassifications
(6)— (3)5 — (4)
Balance at end of period$(99)$(8)$(5)$— $21 $(91)
(a) There were no material amounts related to available-for-sale debt securities for which an allowance for credit losses was recorded during the three months ended March 31, 2025 and 2024.
(b) Other primarily includes changes in the fair value of our mark-to-market derivative instruments that have been designated as cash flow hedges.

Reclassification adjustments from Accumulated other comprehensive income (loss) to the applicable line item on our condensed consolidated statements of operations were immaterial for the three months ended March 31, 2025 and 2024.



11. Income Taxes

We follow the guidance of ASC 740, Income Taxes, for interim reporting of income taxes under which we calculate an estimated annual effective tax rate (“AETR”) and apply the AETR to our year-to-date income (loss) before income taxes. In addition, we recognize any discrete items as they occur.

We had a net deferred tax asset of $498 million and $517 million at March 31, 2025 and December 31, 2024, respectively.

Our gross unrecognized tax benefits, including related interest and penalties, totaled $19 million at March 31, 2025 and $20 million at December 31, 2024.
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12. Contingencies

LEGAL CONTINGENCIES

In the normal course of business, we have been named, from time to time, as defendants in various legal actions, including arbitrations, class actions, and other litigation arising in connection with our activities. Some of the actual or threatened legal actions include claims for substantial compensatory and/or punitive damages or claims for indeterminate amounts of damages. Additionally, we are, from time to time, in the normal course of business, subject to inquiries and investigations by federal, state, and local governmental authorities regarding our products and our operations. These inquiries and investigations may result in fines, restitution, or other penalties, including injunctive relief that may result in restrictions on our business. While we will continue to evaluate legal actions to determine whether a loss is reasonably possible or probable and is reasonably estimable, there can be no assurance that material losses will not be incurred from pending, threatened or future litigation, investigations, examinations, or other claims.

We contest liability and/or the amount of damages, as appropriate, in each pending matter. Where available information indicates that it is probable that a liability had been incurred at the date of the condensed consolidated financial statements and we can reasonably estimate the amount of that loss, we accrue the estimated loss by a charge to income. In many actions, however, it is inherently difficult to determine whether any loss is probable or even reasonably possible, or to estimate the amount of any loss. In addition, even where loss is reasonably possible or an exposure to loss exists in excess of the liability already accrued with respect to a previously recognized loss contingency, it is not always possible to reasonably estimate the size of the possible loss or range of loss.

For certain legal actions, we cannot reasonably estimate such losses, particularly for actions that are in their early stages of development or where plaintiffs seek substantial or indeterminate damages. Numerous issues may need to be resolved, including through potentially lengthy discovery and determination of important factual matters, and by addressing novel or unsettled legal questions relevant to the actions in question, before a loss or additional loss or range of loss or range of additional loss can be reasonably estimated for any given action.

For certain other legal actions, we can estimate reasonably possible losses, additional losses, ranges of loss or ranges of additional loss in excess of amounts accrued, but do not believe, based on current knowledge and after consultation with counsel, that such losses will have a material adverse effect on our condensed consolidated financial statements as a whole.
34

13. Segment Information

At March 31, 2025, Consumer and Insurance (“C&I”) is our only reportable segment. The remaining components (which we refer to as “Other”) consist of our liquidating SpringCastle Portfolio servicing activity and our non-originating legacy operations, which primarily include our liquidating real estate loans.

The accounting policies of the C&I segment are the same as those disclosed in Note 2 and Note 18 of the Notes to the Consolidated Financial Statements in Part II - Item 8 included in our Annual Report.

We have identified the following significant segment expenses: Interest expense, Provision for finance receivable losses, Salaries and benefits expense, Other operating expenses, and Insurance policy benefits and claims expense. Based on our identified significant segment expenses, there are no other segment items.

Our chief operating decision maker (“CODM”) is our Chief Executive Officer (“CEO”). The CODM uses Income (loss) before income tax expense (benefit) to assess the performance of the C&I segment, allocate resources, and make strategic operating decisions.

The following tables present information about C&I and Other, as well as reconciliations to the condensed consolidated financial statement amounts.
(dollars in millions)Consumer
and
Insurance		OtherSegment to
GAAP
Adjustment		Consolidated
Total
Three Months Ended March 31, 2025  
Interest income$1,301 $1 $6 $1,308 
Interest expense311 — 1 312 
Provision for finance receivable losses
456 — — 456 
Net interest income after provision for finance receivable losses
534 1 5 540 
Other revenues186 2 — 188 
Salaries and benefits
217 1 — 218 
Other operating expenses
184 1 1 186 
Insurance policy benefits and claims
49 — — 49 
Income before income tax expense
$270 $1 $4 $275 
Assets$24,889 $11 $1,129 $26,029 
Three Months Ended March 31, 2024
Interest income$1,172 $1 $— $1,173 
Interest expense276 1 — 277 
Provision for finance receivable losses
431 — — 431 
Net interest income after provision for finance receivable losses
465 — — 465 
Other revenues178 2 — 180 
Salaries and benefits
223 1 — 224 
Other operating expenses
167 1 (1)167 
Insurance policy benefits and claims
50 — — 50 
Income (loss) before income tax expense (benefit)
$203 $— $1 $204 
Assets$22,672 $18 $1,218 $23,908 

35

14. Fair Value Measurements

The accounting policies of our fair value measurements are the same as those disclosed in Note 2 and Note 19 of the Notes to the Consolidated Financial Statements in Part II - Item 8 included in our Annual Report.

The following table presents the carrying amounts and estimated fair values of our financial instruments and indicates the level in the fair value hierarchy of the estimated fair value measurement based on the observability of the inputs used:
Fair Value Measurements UsingTotal
Fair
Value		Total
Carrying
Value
(dollars in millions)Level 1Level 2Level 3
March 31, 2025
Assets
Cash and cash equivalents$627 $— $— $627 $627 
Investment securities55 1,612 3 1,670 1,670 
Net finance receivables, less allowance for finance receivable losses
— — 22,858 22,858 20,640 
Restricted cash and restricted cash equivalents 736 — — 736 736 
Other assets *
— — 34 34 22 
Liabilities
Long-term debt $— $21,558 $— $21,558 $21,494 
December 31, 2024
Assets
Cash and cash equivalents$453 $5 $— $458 $458 
Investment securities54 1,550 3 1,607 1,607 
Net finance receivables, less allowance for finance receivable losses
— — 22,904 22,904 20,849 
Restricted cash and restricted cash equivalents 677 7 — 684 684 
Other assets *
— — 36 36 23 
Liabilities
Long-term debt$— $21,531 $— $21,531 $21,438 
*Other assets at March 31, 2025 and December 31, 2024 primarily consists of finance receivables held for sale.

36

FAIR VALUE MEASUREMENTS — RECURRING BASIS

The following tables present information about our assets measured at fair value on a recurring basis and indicates the fair value hierarchy based on the levels of inputs we utilized to determine such fair value:

Fair Value Measurements UsingTotal Carried At Fair Value
(dollars in millions)Level 1Level 2Level 3
March 31, 2025    
Assets    
Cash equivalents in mutual funds$57 $— $— $57 
Investment securities:    
Available-for-sale securities    
U.S. government and government sponsored entities— 14 — 14 
Obligations of states, municipalities, and political subdivisions
— 64 — 64 
Commercial paper— 20 — 20 
Non-U.S. government and government sponsored entities— 164 — 164 
Corporate debt6 1,041 1 1,048 
RMBS— 189 — 189 
CMBS— 24 — 24 
CDO/ABS— 81 — 81 
Total available-for-sale securities6 1,597 1 1,604 
Other securities   
Bonds:   
Corporate debt— 3 — 3 
CDO/ABS— 12 — 12 
Total bonds— 15 — 15 
Preferred stock13 — — 13 
Common stock36 — 2 38 
Total other securities49 15 2 66 
Total investment securities55 1,612 3 1,670 
Restricted cash equivalents in mutual funds723 — — 723 
Total$835 $1,612 $3 $2,450 

37

Fair Value Measurements UsingTotal Carried At Fair Value
(dollars in millions)Level 1Level 2Level 3
December 31, 2024    
Assets    
Cash equivalents in mutual funds$55 $— $— $55 
Cash equivalents in securities— 5 — 5 
Investment securities:    
Available-for-sale securities    
U.S. government and government sponsored entities— 12 — 12 
Obligations of states, municipalities, and political subdivisions
— 61 — 61 
Commercial paper
— 9 — 9 
Non-U.S. government and government sponsored entities— 155 — 155 
Corporate debt6 1,014 1 1,021 
RMBS— 184 — 184 
CMBS— 27 — 27 
CDO/ABS— 70 — 70 
Total available-for-sale securities6 1,532 1 1,539 
Other securities   
Bonds:    
Corporate debt— 4 — 4 
CDO/ABS— 14 — 14 
Total bonds— 18 — 18 
Preferred stock13 — — 13 
Common stock35 — 2 37 
Total other securities48 18 2 68 
Total investment securities54 1,550 3 1,607 
Restricted cash equivalents in mutual funds672 — — 672 
Restricted cash equivalents in securities— 7 — 7 
Total$781 $1,562 $3 $2,346 

Due to the insignificant activity within the Level 3 assets during the three months ended March 31, 2025 and 2024, we have omitted the additional disclosures relating to the changes in Level 3 assets measured at fair value on a recurring basis and the quantitative information about Level 3 unobservable inputs.

FAIR VALUE MEASUREMENTS — NON-RECURRING BASIS

We measure the fair value of certain assets on a non-recurring basis when events or changes in circumstances indicate that the carrying amount of the asset may not be recoverable. Net impairment charges recorded on assets measured at fair value on a non-recurring basis were immaterial during the three months ended March 31, 2025 and 2024.

FAIR VALUE MEASUREMENTS — VALUATION METHODOLOGIES AND ASSUMPTIONS

See Note 19 of the Notes to the Consolidated Financial Statements in Part II - Item 8 included in our Annual Report for information regarding our methods and assumptions used to estimate fair value.

38

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations.

An index to our management’s discussion and analysis follows:

39

Forward-Looking Statements

This report contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are not statements of historical fact, but instead represent only management’s current beliefs regarding future events. By their nature, forward-looking statements are subject to risks, uncertainties, assumptions, and other important factors that may cause actual results, performance, or achievements to differ materially from those expressed in or implied by such forward-looking statements. We caution you not to place undue reliance on these forward-looking statements, which speak only as of the date they were made. We do not undertake any obligation to update or revise these forward-looking statements to reflect events or circumstances after the date of this report or to reflect the occurrence of unanticipated events or the non-occurrence of anticipated events, whether as a result of new information, future developments, or otherwise, except as required by law. Forward-looking statements include, without limitation, statements concerning future plans, objectives, goals, projections, strategies, events, or performance, and underlying assumptions and other statements related thereto. Statements preceded by, followed by or that otherwise include the words “anticipates,” “appears,” “assumes,” “believes,” “can,” “continues,” “could,” “estimates,” “expects,” “forecasts,” “foresees,” “goals,” “intends,” “likely,” “objective,” “plans,” “projects,” “target,” “trend,” “remains,” and similar expressions or future or conditional verbs such as “could,” “may,” “might,” “should,” “will,” or “would” are intended to identify forward-looking statements, but these words are not the exclusive means of identifying forward-looking statements. Important factors that could cause actual results, performance, or achievements to differ materially from those expressed in or implied by forward-looking statements include, without limitation, the following:

•adverse changes and volatility in general economic conditions, including the interest rate environment and the financial markets;
•the sufficiency of our allowance for finance receivable losses;
•increased levels of unemployment and personal bankruptcies;
•the current inflationary environment and related trends affecting our customers;
•natural or accidental events such as earthquakes, hurricanes, pandemics, floods, or wildfires affecting our customers, collateral, or our facilities;
•a failure in or breach of our information, operational or security systems, or infrastructure or those of third parties, including as a result of cyber incidents, war, or other disruptions;
•the adequacy of our credit risk scoring models;
•geopolitical risks, including recent geopolitical actions outside the U.S.;
•adverse changes in our ability to attract and retain employees or key executives;
•increased competition or adverse changes in customer responsiveness to our distribution channels or products;
•changes in federal, state, or local laws, regulations, or regulatory policies and practices or increased regulatory scrutiny of our business or industry;
•risks associated with our insurance operations;
•the costs and effects of any actual or alleged violations of any federal, state, or local laws, rules or regulations;
•the costs and effects of any fines, penalties, judgments, decrees, orders, inquiries, investigations, subpoenas, or enforcement or other proceedings of any governmental or quasi-governmental agency or authority;
•our substantial indebtedness and our continued ability to access the capital markets and maintain adequate current sources of funds to satisfy our cash flow requirements;
•our ability to comply with all of our covenants; and
•the effects of any downgrade of our debt ratings by credit rating agencies.

We also direct readers to the other risks and uncertainties discussed in Part I - Item 1A. “Risk Factors” included in our Annual Report and in other documents we file with the SEC.

If one or more of these or other risks or uncertainties materialize, or if our underlying assumptions prove to be incorrect, our actual results may vary materially from what we may have expressed or implied by these forward-looking statements. You should specifically consider the factors identified in this report and in the documents we file with the SEC that could cause actual results to differ before making an investment decision to purchase our securities and should not place undue reliance on any of our forward-looking statements. Furthermore, new risks and uncertainties arise from time to time, and it is impossible for us to predict those events or how they may affect us.
40

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. 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. 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 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. Our personal loans are non-revolving, with a fixed rate, have fixed terms generally between three and six years, and are secured by automobiles, other titled collateral, or are unsecured. At March 31, 2025, we had approximately 2.3 million personal loans totaling $20.5 billion of net finance receivables, of which 51% 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. We also service personal loans for our whole loan sale partners.

•Auto Finance — We offer secured auto financing originated at the point of purchase through a growing network of franchise and independent dealerships. The loans are non-revolving, with a fixed rate, and have fixed terms generally between three and six years. At March 31, 2025, we had approximately 132 thousand auto finance loans totaling $2.2 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. 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. The credit cards are offered across our branch network, as well as through direct mail, our digital affiliates, and our website. Credit cards are open-ended, revolving, with a fixed rate, and are unsecured. At March 31, 2025, we had approximately 836 thousand open credit card customer accounts, totaling $676 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 customers 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. 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 March 31, 2025, Consumer and Insurance (“C&I”) is our only reportable segment, which includes consumer loans, credit cards, and optional products. At March 31, 2025, we had $24.6 billion of managed receivables due from approximately 3.4 million customer accounts, compared to $24.7 billion of managed receivables due from approximately 3.4 million customer accounts at December 31, 2024.

The remaining components (which we refer to as “Other”) consist of our liquidating SpringCastle Portfolio servicing activity and our non-originating legacy operations, which primarily include our liquidating real estate loans held for sale and reported in Other assets in our condensed consolidated balance sheets. See Note 13 of the Notes to the Condensed Consolidated Financial Statements included in this report for more information about our segment.

41

Recent Developments and Outlook

RECENT DEVELOPMENTS

Issuance of Unsecured Debt

On March 13, 2025, OMFC issued a total of $600 million aggregate principal amount of 6.750% Senior Notes due 2032.

For information about the issuance of our unsecured debt, see “Liquidity and Capital Resources” under Management’s Discussion and Analysis of Financial Condition and Results of Operations in this report.

Securitization Transaction Completed - ODART 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 a Member of the OMH Board of Directors

On March 17, 2025, Andrew D. Macdonald 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.

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. We incorporate updates to our macroeconomic assumptions, as necessary, which could lead to adjustments in our allowance for finance receivable losses, allowance ratio, and provision for finance receivable losses.

Our experienced management team remains focused on maintaining a strong balance sheet with a long liquidity runway and adequate capital while maintaining a conservative and disciplined underwriting model. We believe we are well positioned to serve our customers and execute on our strategic priorities, including:

•striving to be the lender of choice for nonprime consumers and improve their financial well-being;
•continuing to expand our product offerings and grow our receivables;
•maintaining a rigorous focus on maximizing returns while minimizing credit risk;
•leveraging our scale and cost discipline across the Company to deliver improved operating leverage; and
•maintaining a strong liquidity level with diversified funding sources.

We believe our commitment to closely monitor the macroeconomic environment, retain disciplined underwriting, drive strategic growth initiatives, and attract and retain top talent strengthens our ability to navigate challenges and seize opportunities. 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.
42

Results of Operations

The results of OMFC are consolidated into the results of OMH. 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 Condensed Consolidated Financial Statements included in this report for further information.

OMH’S CONSOLIDATED RESULTS
The following table below presents OMH’s consolidated operating results and selected financial statistics. A further discussion of OMH’s operating results for our operating segment is provided under “Segment Results” below.

At or for the
Three Months Ended March 31,
(dollars in millions, except per share amounts)20252024
Interest income$1,308 $1,173 
Interest expense312 277 
Provision for finance receivable losses456 431 
Net interest income after provision for finance receivable losses
540 465 
Other revenues188 180 
Other expenses453 441 
Income before income taxes
275 204 
Income taxes62 49 
Net income$213 $155 
Share Data: 
Earnings per share:
Diluted$1.78 $1.29 
Selected Financial Statistics *
Total finance receivables:
Net finance receivables$23,328 $21,083 
Average net receivables$23,453 $21,267 
Gross charge-off ratio
9.69 %10.12 %
Recovery ratio(1.53)%(1.46)%
Net charge-off ratio
8.16 %8.66 %
43

At or for the
Three Months Ended March 31,
(dollars in millions, except per share amounts)20252024
Selected Financial Statistics, continued *
Personal loans:
Net finance receivables$20,469 $19,854 
Origination volume$2,680 $2,354 
Number of accounts2,327,426 2,320,733 
Number of accounts originated248,085 230,850 
Auto finance:
Net finance receivables$2,183 $843 
Origination volume$342 $168 
Number of accounts132,276 61,911 
Number of accounts originated15,757 10,359 
Consumer loans:
Net finance receivables$22,652 $20,697 
Yield22.54 %22.12 %
Origination volume$3,022 $2,523 
Number of accounts2,459,702 2,382,644 
Number of accounts originated263,842 241,209 
Net charge-off ratio
7.82 %8.58 %
30-89 Delinquency ratio2.77 %2.72 %
Credit cards:
Net finance receivables$676 $386 
Purchase volume$249 $168 
Number of open accounts836,421 508,608 
Debt balances:
Long-term debt balance$21,494 $19,520 
Average daily debt balance $21,675 $19,702 
*    See “Glossary” at the beginning of this report for formulas and definitions of our key performance ratios.

44

Comparison of Consolidated Results for Three Months Ended March 31, 2025 and 2024

Interest income increased $135 million or 12% for the three months ended March 31, 2025 when compared to the same period in 2024 due to growth in average net receivables and an increase in yield.

Interest expense increased $35 million or 13% for the three months ended March 31, 2025 when compared to the same period in 2024 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 $25 million or 6% for the three months ended March 31, 2025 when compared to the same period in 2024 due to growth in our receivables.

Other revenues increased $8 million or 5% for the three months ended March 31, 2025 when compared to the same period in 2024 due to a higher gain on sales of finance receivables and an increase in credit card revenue from growth in receivables, partially offset by a decrease in investment revenue due to lower average corporate cash balances.

Other expenses increased $12 million or 3% for the three months ended March 31, 2025 when compared to the same period in 2024 driven by an increase in general operating expenses due to growth in our receivables and our strategic investments in the business, partially offset by restructuring charges in the prior period not present in the current period.

Income taxes increased $13 million or 26% for the three months ended March 31, 2025 when compared to the same period in 2024 due to higher pretax income, partially offset by tax benefits from the purchase of transferable federal tax credits.
45

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. C&I adjusted pretax income (loss) represents income (loss) before income taxes on a Segment Accounting Basis and excludes net gain or loss resulting from repurchases and repayments of debt, restructuring charges, and acquisition-related transaction and integration expenses. Management believes C&I adjusted pretax income (loss) is useful in assessing the profitability of our segment.

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 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. Additionally, both of these non-GAAP measures are consistent with the performance goals established in OMH’s executive compensation program. 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.

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:

Three Months Ended
March 31,
(dollars in millions)20252024
Consumer and Insurance
Income before income taxes - Segment Accounting Basis
$270 $203 
Adjustments:
    Net loss on repurchases and repayments of debt
5 2 
Restructuring charges— 27 
Acquisition-related transaction and integration expenses— 1 
Adjusted pretax income (non-GAAP)
275 233 
Provision for finance receivable losses456 431 
Net charge-offs(473)(457)
Pretax capital generation (non-GAAP)$258 $207 
46

Segment Results

The results of OMFC are consolidated into the results of OMH. 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 Condensed Consolidated Financial Statements included in this report for further information.

See Note 13 of the Notes to the Condensed Consolidated Financial Statements included in this report for a description of our segment and methodologies used to allocate revenues and expenses to our C&I segment and for reconciliations of segment total to condensed consolidated financial statement amounts.

CONSUMER AND INSURANCE
The following table below presents OMH’s adjusted pretax income and selected financial statistics for C&I on an adjusted Segment Accounting Basis.

At or for the
Three Months Ended March 31,
(dollars in millions)20252024
Interest income$1,301 $1,172 
Interest expense311 276 
Provision for finance receivable losses456 431 
Net interest income after provision for finance receivable losses
534 465 
Other revenues191 180 
Other expenses450 412 
Adjusted pretax income (non-GAAP)$275 $233 
Selected Financial Statistics *
  
Total finance receivables:
Net finance receivables$23,365 $21,083 
Average net receivables$23,494 $21,267 
Gross charge-off ratio
9.70 %10.12 %
Recovery ratio(1.53)%(1.46)%
Net charge-off ratio
8.17 %8.66 %
47

At or for the
Three Months Ended March 31,
(dollars in millions)20252024
Selected Financial Statistics, continued *
Personal loans:
Net finance receivables$20,469 $19,854 
Origination volume$2,680 $2,354 
Number of accounts2,327,426 2,320,733 
Number of accounts originated248,085 230,850 
Auto finance:
Net finance receivables$2,220 $843 
Origination volume$342 $168 
Number of accounts132,276 61,911 
Number of accounts originated15,757 10,359 
Consumer loans:
Net finance receivables$22,689 $20,697 
Yield22.39 %22.12 %
Origination volume$3,022 $2,523 
Number of accounts2,459,702 2,382,644 
Number of accounts originated263,842 241,209 
Net charge-off ratio
7.83 %8.58 %
30-89 Delinquency ratio2.77 %2.72 %
Credit cards:
Net finance receivables$676 $386 
Purchase volume$249 $168 
Number of open accounts836,421 508,608 
*    See “Glossary” at the beginning of this report for formulas and definitions of our key performance ratios.

48

Comparison of Adjusted Pretax Income for Three Months Ended March 31, 2025 and 2024

Interest income increased $129 million or 11% for the three months ended March 31, 2025 when compared to the same period in 2024 due to growth in average net receivables and an increase in yield.

Interest expense increased $35 million or 13% for the three months ended March 31, 2025 when compared to the same period in 2024 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 $26 million or 6% for the three months ended March 31, 2025 when compared to the same period in 2024 due to growth in our receivables.

Other revenues increased $12 million or 6% for the three months ended March 31, 2025 when compared to the same period in 2024 due to a higher gain on sales of finance receivables and an increase in credit card revenue from growth in receivables, partially offset by a decrease in investment revenue due to lower average corporate cash balances.

Other expenses increased $38 million or 9% for the three months ended March 31, 2025 when compared to the same period in 2024 driven by an increase in general operating expenses due to growth in our receivables and our strategic investments in the business.
49

Credit Quality

FINANCE RECEIVABLES

Our net finance receivables, consisting of consumer loans and credit cards, were $23.3 billion at March 31, 2025 and $23.6 billion at December 31, 2024. We consider the delinquency status of our finance receivables as our key credit quality indicator. We monitor the delinquency of our finance receivable portfolio, including the migration between the delinquency buckets and changes in the delinquency trends to manage our exposure to credit risk in the portfolio. Our branch and central operation team members work closely with customers as necessary and offer a variety of borrower assistance programs to help support our customers.

DELINQUENCY

We monitor delinquency trends to evaluate the risk of future credit losses and employ advanced analytical tools to manage performance. Team members are actively engaged in collection activities throughout the early stages of delinquency. We closely track and report the percentage of receivables that are contractually 30-89 days past due as a benchmark of portfolio quality, collections effectiveness, and as a strong indicator of losses in coming quarters.

When consumer loans are contractually 60 days past due, we consider these accounts to be at an increased risk for loss and move collection of these accounts to our central collection operations. Use of our central operations teams for managing late-stage delinquency allows us to apply more advanced collection techniques and tools to drive credit performance and operational efficiencies.

We consider our consumer loans to be nonperforming at 90 days contractually past due, at which point we stop accruing finance charges and reverse finance charges previously accrued. For credit cards, we accrue finance charges and fees until charge-off at 180 days contractually past due, at which point we reverse finance charges and fees previously accrued.

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
March 31, 2025
Current
$21,519 $590 
30-89 days past due
630 35 
90+ days past due
540 51 
Total net finance receivables
$22,689 $676 
Delinquency ratio
30-89 days past due
2.77 %5.24 %
30+ days past due5.16 %12.74 %
90+ days past due2.38 %7.50 %
December 31, 2024
Current
$21,633 $558 
30-89 days past due743 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 due5.76 %13.26 %
90+ days past due2.52 %7.47 %

50

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. Our allowance for finance receivable losses may fluctuate based upon changes in portfolio growth, credit quality, and economic conditions.

Our methodology to estimate expected credit losses uses recent macroeconomic forecasts, which include forecasts for unemployment. We leverage projections from various industry leading providers. We also consider inflationary pressures, consumer confidence levels, and elevated interest rates that may continue to impact the economic outlook. At March 31, 2025, our economic forecast used a reasonable and supportable period of 12 months. We may experience further changes to the macroeconomic assumptions within our forecast, as well as changes to our loan loss performance outlook, both of which could lead to further changes in our allowance for finance receivable losses, allowance ratio, and provision for finance receivable losses.

Changes in our allowance for finance receivable losses were as follows:
(dollars in millions)Consumer and InsuranceSegment to
GAAP
Adjustment		Consolidated
Total
Consumer Loans
Credit Cards
Three Months Ended March 31, 2025
Balance at beginning of period
$2,572 $138 $(5)$2,705 
Provision for finance receivable losses
409 47 —456 
Charge-offs
(525)(36)—(561)
Recoveries
85 3 —88 
Balance at end of period
$2,541 $152 $(5)$2,688 
Net finance receivables
$22,689 $676 $(37)$23,328 
Allowance ratio
11.20 %22.50 %N/A11.52 %
Three Months Ended March 31, 2024
Balance at beginning of period
$2,415 $65 $—$2,480 
Provision for finance receivable losses
406 25 —431 
Charge-offs
(522)(12)—(534)
Recoveries
77 — —77 
Balance at end of period
$2,376 $78 $—$2,454 
Net finance receivables
$20,697 $386 $—$21,083 
Allowance ratio
11.48 %20.21 %N/A11.64 %

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. 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 decreased from the prior year period primarily due to an improvement in credit performance and change in the portfolio mix. See Note 4 of the Notes to the Condensed Consolidated Financial Statements included in this report for more information about the changes in the allowance for finance receivable losses.
51

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. We may also utilize other sources in the future. As a holding company, all of the funds generated from our operations are earned by our operating subsidiaries. Our operating subsidiaries’ primary cash needs relate to funding our lending activities, our debt service obligations, our operating expenses, payment of insurance claims, and supporting strategic initiatives.

We have previously purchased portions of our unsecured indebtedness, and we may elect to purchase additional portions of our unsecured indebtedness or securitized borrowings in the future. 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 three months ended March 31, 2025, OMH generated net income of $213 million. OMH’s net cash inflow from operating and investing activities totaled $334 million for the three months ended March 31, 2025. At March 31, 2025, our scheduled interest payments for the remainder of 2025 totaled $422 million and there were no scheduled principal payments for 2025 on our existing unsecured debt. As of March 31, 2025, we had $10.2 billion of unencumbered receivables.

Based on our estimates and considering the risks and uncertainties of our plans, we believe that we will have adequate liquidity to finance and operate our businesses and repay our obligations as they become due.

OMFC’s Issuances 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.

From time to time we may purchase portions of our unsecured indebtedness through the open market. During the three months ended March 31, 2025, we repurchased $115 million of our unsecured notes.

OMFC’s Unsecured Corporate Revolver

At March 31, 2025, the borrowing capacity of our corporate revolver was $1.1 billion.

Securitizations, Revolving Conduit Facilities, and Credit Card Revolving VFN Facilities

During the three months ended March 31, 2025, we completed one new consumer loan securitization (ODART 2025-1, see “Securitized Borrowings” below) and redeemed one consumer loan securitization (OMFIT 2018-2). During the three months ended March 31, 2025, we entered into no new revolving conduit facilities. At March 31, 2025, the borrowing capacity of our revolving conduit facilities was $6.0 billion. At March 31, 2025, we had $12.9 billion of consumer loan gross finance receivables pledged as collateral for our securitizations, revolving conduit facilities, and private secured term funding facilities.

During the three months ended March 31, 2025, we entered into no new credit card revolving VFN facilities. On January 18, 2025, the borrowing capacity of OneMain Financial Credit Card Trust – Series 2024-VFN2 increased to $250 million. At March 31, 2025, the borrowing capacity of our credit card revolving VFN facilities was $400 million. At March 31, 2025, we had $380 million of credit card principal balances held in OneMain Financial Credit Card Trust (“OMFCT”) for our credit card revolving VFN facilities.

52

Private Secured Term Funding Facilities

At March 31, 2025, there was no outstanding balance on the maximum borrowing capacity of $725 million under the private secured term funding facilities. Principal payments on any outstanding balances are not required until after June 2026, at the earliest, followed by a subsequent amortization period, which upon expiration the outstanding principal is due and payable. Subsequent to March 31, 2025, we borrowed the maximum capacity of $725 million under these facilities.

See Notes 6 and 7 of the Notes to the Condensed 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. 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.

The table below outlines OMFC’s long-term corporate debt ratings and outlook by rating agencies:
As of March 31, 2025
RatingOutlook
S&PBBStable
Moody’sBa2Stable
KBRABB+Stable
Currently, no other entity has a corporate debt rating, though they may be rated in the future.

Stock Repurchased

During the three months ended March 31, 2025, OMH repurchased 323,176 shares of its common stock through its stock repurchase program for an aggregate total of $16 million, including commissions and fees. As of March 31, 2025, OMH held a total of 16,363,247 shares of treasury stock.

For additional information regarding the shares repurchased, see Item 2. Unregistered Sales of Equity Securities and Use of Proceeds of Part II included in this report.

Cash Dividend to OMH’s Common Stockholders

As of March 31, 2025, the dividend declarations for the current year by the Board were as follows:
Declaration DateRecord DatePayment DateDividend Per ShareAmount Paid
(in millions)
January 31, 2025February 12, 2025February 20, 2025$1.04 $124 
Total$1.04 $124 

To provide funding for the dividend, OMFC paid dividends of $122 million to OMH during the three months ended March 31, 2025.

On April 29, 2025, OMH declared a dividend of $1.04 per share payable on May 16, 2025 to record holders of OMH’s common stock as of the close of business on May 9, 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 May 12, 2025.

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. 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 included in our Annual Report for further information.

53

Whole Loan Sale Transactions

We have whole loan sale flow agreements with third parties, with current terms of less than one year, in which we agreed to sell a remaining total of $675 million gross receivables of newly originated unsecured personal loans along with any associated accrued interest.

During the three months ended March 31, 2025, we sold a total of $255 million of gross finance receivables compared to $110 million during the three months ended March 31, 2024. See Note 3 of the Notes to the Condensed Consolidated Financial Statements in this report for further information on the whole loan sale transactions.

LIQUIDITY

OMH’s Operating Activities

Net cash provided by operations of $665 million for the three months ended March 31, 2025 reflected net income of $213 million, the impact of non-cash items including provision for finance receivable losses of $456 million, and an unfavorable change in working capital of $87 million. Net cash provided by operations of $558 million for the three months ended March 31, 2024 reflected net income of $155 million, the impact of non-cash items including provision for finance receivable losses of $431 million, and an unfavorable change in working capital of $113 million.

OMH’s Investing Activities

Net cash used for investing activities of $331 million for the three months ended March 31, 2025 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. Net cash used for investing activities of $233 million for the three months ended March 31, 2024 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.

OMH’s Financing Activities

Net cash used for financing activities of $113 million for the three months ended March 31, 2025 was due to repayments and repurchases of long-term debt, cash dividends paid, and common stock repurchased, partially offset by the issuances and borrowings of long-term debt. Net cash used for financing activities of $443 million for the three months ended March 31, 2024 was due to repayments and repurchases of long-term debt and cash dividends paid.

OMH’s Cash and Investments

At March 31, 2025, we had $627 million of cash and cash equivalents, which included $139 million of cash and cash equivalents held at our regulated insurance subsidiaries or for other operating activities that is unavailable for general corporate purposes.

At March 31, 2025, we had $1.7 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. This, in turn, can negatively affect our ability to manage our liquidity and our ability or cost to refinance our indebtedness. There are numerous risks to our financial results, liquidity, capital raising, and debt refinancing plans, some of which may not be quantified in our current liquidity forecasts. These risks are further described in our “Liquidity and Capital Resources” of
Management’s Discussion and Analysis of Financial Condition and Results of Operations in Part II - Item 7 included in our
Annual Report.

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. We intend to support our liquidity position by utilizing strategies that are further described in our “Liquidity and Capital Resources” of
54

Management’s Discussion and Analysis of Financial Condition and Results of Operations in Part II - Item 7 included in our Annual Report. 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.

OUR INSURANCE SUBSIDIARIES

Our insurance subsidiaries are subject to state regulations that limit their ability to pay dividends. AHL and Triton did not pay dividends during the three months ended March 31, 2025 and 2024. See Note 11 of the Notes to the Consolidated Financial Statements in Part II - Item 8 included in our Annual Report for further information on these state restrictions and the dividends paid by our insurance subsidiaries in 2024.

OUR DEBT AGREEMENTS

The debt agreements which OMFC and its subsidiaries are a party to include customary terms and conditions, including covenants and representations and warranties. See Note 9 of the Notes to the Consolidated Financial Statements in Part II - Item 8 included in our Annual 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. As of March 31, 2025, our structured financings consisted of the following:
(dollars in millions)Issue Amount (a)Initial Collateral BalanceCurrent
Note Amounts
Outstanding (a)
Current Collateral Balance (b)
Current
Weighted Average
Interest Rate		Original
Revolving
Period
OMFIT 2019-2900 947 900 995 3.30 %7 years
OMFIT 2019-A789 892 750 892 3.78 %7 years
OMFIT 2020-21,000 1,053 1,000 1,053 2.03 % 5 years
OMFIT 2021-1850 904 850 904 2.59 %5 years
OMFIT 2022-S1600 652 600 652 4.31 %3 years
OMFIT 2022-21,000 1,099 730 784 5.28 %2 years
OMFIT 2022-3979 1,090 668 911 6.01 %2 years
OMFIT 2023-1825 920 825 920 5.82 %5 years
OMFIT 2023-21,400 1,566 1,400 1,566 6.12 %3 years
OMFIT 2024-11,100 1,222 1,100 1,222 5.99 %7 years
ODART 2019-1737 750 334 369 3.97 % 5 years
ODART 2021-11,000 1,053 381 390 1.16 %2 years
ODART 2022-1600 632 367 373 5.06 %2 years
ODART 2023-1750 792 750 792 5.63 %3 years
ODART 2025-1900 926 900 926 5.48 %5 years
FCRT 2021-2280 281 41 40 2.41 %N/A
FCRT 2022-1293 294 64 61 3.11 %N/A
FCRT 2022-2215 233 47 66 6.13 %N/A
FCRT 2023-1182 199 67 83 5.96 %N/A
FCRT 2023-2200 208 100 105 6.54 %N/A
FCRT 2024-1210 214 127 132 6.15 %N/A
Total securitizations$14,810 $15,927 $12,001 $13,236 
(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.
(b) Inclusive of in-process replenishments of collateral for securitized borrowings in a revolving status as of March 31, 2025.

55

Revolving Conduit Facilities
We had access to 17 revolving conduit facilities with a total borrowing capacity of $6.0 billion as of March 31, 2025:
(dollars in millions)Advance Maximum BalanceAmount
Drawn
OneMain Financial Funding VII, LLC$600 $— 
OneMain Financial Auto Funding I, LLC550 — 
Hudson River Funding, LLC500 — 
OneMain Financial Funding XI, LLC425 — 
OneMain Financial Funding VIII, LLC400 — 
River Thames Funding, LLC400 — 
OneMain Financial Funding X, LLC400 — 
OneMain Financial Funding XII, LLC400 — 
Mystic River Funding, LLC 350 — 
Thayer Brook Funding, LLC350 1 
Columbia River Funding, LLC350 — 
Hubbard River Funding, LLC250 — 
New River Funding Trust250 — 
St. Lawrence River Funding, LLC250 — 
OneMain Foursight Auto I, LLC175 — 
OneMain Foursight Auto II, LLC175 — 
OneMain Foursight Auto III, LLC175 — 
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 March 31, 2025:
(dollars in millions)Advance Maximum BalanceAmount
Drawn
OneMain Financial Credit Card Trust – Series 2024-VFN1$150 $— 
OneMain Financial Credit Card Trust – Series 2024-VFN2250— 
Total
$400 $— 

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 March 31, 2025 or December 31, 2024.


56

Critical Accounting Policies and Estimates

We describe our significant accounting policies used in the preparation of our condensed consolidated financial statements in Note 2 of the Notes to the Consolidated Financial Statements in Part II - Item 8 included in our Annual Report. We consider the allowance for finance receivable losses to be a critical accounting policy because it involves critical accounting estimates and a significant degree of management judgment.

There have been no material changes to our critical accounting policies or to our methodologies for deriving critical accounting estimates during the three months ended March 31, 2025.

Recent Accounting Pronouncements

See Note 2 of the Notes to the Condensed Consolidated Financial Statements included in this report for discussion of recently issued accounting pronouncements.

Seasonality

Our consumer loan volume and demand are generally lowest during the first quarter of the year following the holiday season and as a result of tax refunds, and then increases through the end of the year. 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.

Item 3. Quantitative and Qualitative Disclosures About Market Risk.

There have been no material changes to our market risk previously disclosed in Part II - Item 7A included in our Annual Report.
57

Item 4. Controls and Procedures.

CONTROLS AND PROCEDURES OF ONEMAIN HOLDINGS, INC.

Evaluation of Disclosure Controls and Procedures

Disclosure controls and procedures are designed to provide reasonable assurance that the information OMH is required to disclose in reports that OMH files or submits under the Exchange Act, is recorded, processed, summarized, and reported within the time periods specified in the SEC’s rules and forms, and that such information is accumulated and communicated to management, including the Chief Executive Officer and the Chief Financial Officer, as appropriate, to allow timely decisions regarding required disclosure.

As of March 31, 2025, OMH carried out an evaluation of the effectiveness of its disclosure controls and procedures, as such term is defined in Rules 13a-15(e) and 15d-15(e) under the Exchange Act. This evaluation was conducted under the supervision of, and with the participation of OMH’s management, including the Chief Executive Officer and the Chief Financial Officer. Based on the evaluation, the Chief Executive Officer and the Chief Financial Officer concluded that OMH’s disclosure controls and procedures were effective as of March 31, 2025 to provide the reasonable assurance described above.

Changes in Internal Control over Financial Reporting

There were no changes in OMH’s internal control over financial reporting during the first quarter of 2025 that have materially affected, or are reasonably likely to materially affect, OMH’s internal control over financial reporting.



CONTROLS AND PROCEDURES OF ONEMAIN FINANCE CORPORATION

Evaluation of Disclosure Controls and Procedures

Disclosure controls and procedures are designed to provide reasonable assurance that the information OMFC is required to disclose in reports that OMFC files or submits under the Exchange Act, is recorded, processed, summarized, and reported within the time periods specified in the SEC’s rules and forms, and that such information is accumulated and communicated to management, including the Chief Executive Officer and the Chief Financial Officer, as appropriate, to allow timely decisions regarding required disclosure.

As of March 31, 2025, OMFC carried out an evaluation of the effectiveness of its disclosure controls and procedures, as such term is defined in Rules 13a-15(e) and 15d-15(e) under the Exchange Act. This evaluation was conducted under the supervision of, and with the participation of OMFC’s management, including the Chief Executive Officer and the Chief Financial Officer. Based on the evaluation, the Chief Executive Officer and the Chief Financial Officer concluded that OMFC’s disclosure controls and procedures were effective as of March 31, 2025 to provide the reasonable assurance described above.

Changes in Internal Control over Financial Reporting

There were no changes in OMFC’s internal control over financial reporting during the first quarter of 2025 that have materially affected, or are reasonably likely to materially affect, OMFC’s internal control over financial reporting.

58

PART II - OTHER INFORMATION
Item 1. Legal Proceedings.

See Note 12 of the Notes to the Condensed Consolidated Financial Statements included in this report.

Item 1A. Risk Factors.

In addition to the other information set forth in this report, you should consider the factors discussed in Part I - Item 1A. “Risk Factors” in our Annual Report, which could materially affect our business, financial condition, or future results.

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds

There were no unregistered sales of our common stock during the period covered by this Quarterly Report on Form 10-Q.

Issuer Purchases of Equity Securities

The following table presents information regarding repurchases of our common stock, excluding commissions and fees, during the quarter ended March 31, 2025, based on settlement date:
PeriodTotal 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)
January 1 - January 31— $— — $625,629,445 
February 1 - February 2818,853 53.04 18,853 624,629,471 
March 1 - March 31304,323 48.78 304,323 609,785,268 
Total323,176 $49.03 323,176 
(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. On October 16, 2024, the Board approved an extension of the repurchase program to December 31, 2026. The timing, number and share price of any additional shares repurchased will be determined by OMH based on its evaluation of market conditions and other factors and will be made in accordance with applicable securities laws in either the open market or in privately negotiated transactions. OMH is not obligated to purchase any shares under the program, which may be modified, suspended or discontinued at any time.

Item 3. Defaults Upon Senior Securities.

None.

Item 4. Mine Safety Disclosures.

None.

Item 5. Other Information.
During the quarter ended March 31, 2025, no director or officer of the Company adopted, modified, or terminated a “Rule 10b5-1 trading arrangement” or “non-Rule 10b5-1 trading arrangement,” each as defined in Item 408(a) of Regulation S-K.



59

Table of Contents
Item 6. Exhibit Index.
Exhibit NumberDescription
4.1
10.1
10.2
10.3
31.1
31.2
31.3
31.4
32.1
32.2
101Interactive data files pursuant to Rule 405 of Regulation S-T, formatted in Inline XBRL:
   (i) Condensed Consolidated Balance Sheets,
   (ii) Condensed Consolidated Statements of Operations,
   (iii) Condensed Consolidated Statements of Comprehensive Income,
   (iv) Condensed Consolidated Statements of Shareholder’s Equity,
   (v) Condensed Consolidated Statements of Cash Flows, and
   (vi) Notes to the Condensed Consolidated Financial Statements.
104Cover Page Interactive Data File in Inline XBRL format (Included in Exhibit 101).


60

OMH Signature

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.
 ONEMAIN HOLDINGS, INC.
 (Registrant)
 
Date:
May 2, 2025
By:/s/ Jeannette E. Osterhout
 
Jeannette E. Osterhout
 Executive Vice President and Chief Financial Officer
(Duly Authorized Officer and Principal Financial Officer)

61

OMFC Signature

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.
 ONEMAIN FINANCE CORPORATION
 (Registrant)
 
Date:
May 2, 2025
By:/s/ Matthew W. Vaughan
 Matthew W. Vaughan
 Vice President - Senior Managing Director and Chief Financial Officer
(Duly Authorized Officer and Principal Financial Officer)

62

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