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Investor Presentation Rocket August 2026
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Investor Presentation | August 20262 of 40 DisclaimerThis presentation contains and related discussions may contain “forward-looking statements” within the meaning of U.S. federal securities laws. Forward-looking statements include information concerning possible or assumed future results of operations, Rocket Companies, Inc.’s (the ”Company”) business plans and strategies, the Company's ability to cross-sell and up-sell the Company's products and expansion into new markets. You can identify forward-looking statements by the use of words such as “may,” “might,” “will,” “should,” “could,” “would,” “expect,” “plan,” “anticipate,” “believe,” “estimate,” “project,” “predict,” “intend,” “future,” “potential,” “suggest,” “target,” “forecast,” “continue,” and, in each case, their negative or other various or comparable expressions. Forward-looking statements are not historical facts, and are based upon management’s current expectations, beliefs, estimates and projections, and various assumptions, many of which are inherently uncertain and beyond the Company's control. Such expectations, beliefs, estimates and projections are expressed in good faith and management believes there is a reasonable basis for them. However, there can be no assurance that management’s expectations, beliefs, estimates and projections will be achieved, and actual results may differ materially from what is expressed in or indicated by the forward-looking statements. Forward-looking statements are subject to risks and uncertainties that could cause actual performance or results to differ materially from those expressed in the forward-looking statements, including: changing economic conditions, changing real estate market conditions, changes in U.S. monetary policies that affect interest rates, changing regulations, new interpretations of existing laws, and difficulties and delays in obtaining or maintaining required licenses or approvals; the Company's ability to adapt and to implement technological changes; the Company's ability to retain customers for a long period of time; the Company's ability to comply with evolving laws, regulation and industry standards addressing information and technology networks, privacy and data security; the Company's ability to protect its products and services from potential cyberattacks and other data and security breaches; the Company's reliance on its loan funding facilities to fund mortgage loans and otherwise operate its business; and other risks, uncertainties and factors detailed in the Annual Report on Form 10-K, Quarterly Reports on Form 10-Q, and Current Reports on Form 8-K, and other filings with the U.S. Securities and Exchange Commission (the “SEC”) by the Company. Forward-looking statements speak only as of the date the statements are made. The Company assumes no obligation to update forward-looking statements to reflect actual results, subsequent events or circumstances or other changes affecting forward-looking information except to the extent required by applicable securities laws.This presentation also contains references to financial measures that are not based on accounting principles generally accepted in the United States, or non-GAAP financial measures. We define “Adjusted revenue” as Total revenue, net of the change in fair value of mortgage servicing rights (“MSRs”) and related liabilities due to valuation assumptions (net of hedges). We define “Adjusted net income” as Tax-effected net income (loss) before Share-based compensation expense, the change in fair value of MSRs and related liabilities due to valuation assumptions (net of hedges), Acquisition-related expenses, Amortization of acquired intangible assets, Restructuring costs, Litigation accrual, Other adjustments, and the tax impact of those and other adjustments as applicable. We define “Adjusted diluted earnings per share” as Adjusted Net income divided by the Adjusted diluted weighted average shares outstanding which includes Diluted weighted average Participating Common Stock outstanding and the Assumed pro forma conversion of Class D shares for the applicable period presented. We define “Adjusted EBITDA” as net income (loss) before bond interest expense, (benefit from) provision for tax income taxes, depreciation and amortization, share-based compensation expense, change in fair value of MSRs and related liabilities due to valuation assumptions (net of hedges), acquisition-related expenses, amortization of acquired intangible assets, restructuring costs, litigation accrual reversal and other adjustments. We define “Adjusted EBITDA Margin” as Adjusted EBITDA divided by adjusted revenue. We defin “Adjusted EBITDA margin” as Adjusted EBITDA divided by Adjusted revenue. We define “Adjusted net income margin” as adjusted net income divided by Adjusted revenue. The non-GAAP measures used by the Company may differ from the non-GAAP financials measures used by other companies. Refer to the Financials section for definitions of these measures and reconciliations to the most comparable generally acceptable accounting principles in the United States (“GAAP”) measures.This presentation also contains estimates, targets and other information concerning our industry, including production capacity, market position, market size, and growth rates of the markets in which we participate, which are based on industry or other third-party publications and reports and management's good faith estimates, which are derived from internal data and the aforementioned independent sources. Such information reflects estimates and assumptions made by our management with respect to future events. Although we believe such estimates and assumptions to be reasonable, future events are difficult to predict and subject to change based on factors that may be beyond our control. This information was developed by our management solely using the information available to our management at the time of this presentation. Although we believe the sources used to prepare this information are reliable, we have not independently verified the information therein, nor have we ascertained the underlying economic assumptions relied upon therein. As a result of the foregoing, our actual results could be different from the estimates, targets and other information set forth in this presentation and such information cannot be considered a guarantee of future operating results and should not be relied upon as such.The information contained in this presentation does not purport to be accurate or complete and is subject to change. Actual characteristics and performance may differ from the assumptions used in preparing these materials. Changes in assumptions may have a material impact on the information set forth in this presentation. In preparing this presentation, we have relied upon and assumed, without independent verification, the accuracy and completeness of all information available from public sources. Without limiting the generality of the foregoing, no audit or review has been undertaken by an independent third party of the financial assumptions, data, results, calculations and forecasts from public sources contained, presented or referred to in this document. This presentation shall not constitute an offer to sell or the solicitation of an offer to buy these securities, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.See endnotes for important information at the end.
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Investor Presentation | August 20263 of 40 Table of contents 0102030405 Q2-26 highlights|4 -6Company overview |7 -15Category of one |16 -24Proven leadership and culture |25 -29Financials |30 -40
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Investor Presentation | August 20264 of 40 Q2-26 highlights 01
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Investor Presentation | August 20265 of 40 Q2-26 highlights$2.8BAdjusted revenue $766MAdjusted EBITDA $441MAdjusted net income $0.16Adjusted diluted EPS Highest profitability in four yearsRecord levels of purchase and refinancemarket share Double digit conversion and productivity lift from AI toolsIntegration on track for expense synergy realization by YE-26
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Investor Presentation | August 20266 of 40 $738$592 $349 $172 $766$2,761$2,822$2,571 $1,872$1,431 Q2-26 financial highlightsAdjusted Revenue($ in M) See endnote (1) for non-GAAP reconciliation; endnote (2) for Adjusted Revenue, Adjusted EBITDA and Adjusted EBITDA Margin definitions; endnote (3) for interest-related activity reclassifications impacting adjusted revenue. Certainfigures in this documentmay notfootdue torounding.1)Financial results beginning in Q3-25 include the consolidation of Redfin, and financial results beginning in Q4-25 include the consolidation of Mr. Cooper. Adjusted EBITDA($ in M) Q2-25Q3-251 Q4-251 Q1-26Q2-26Adjusted EBITDA margin %12%19%23%26%28% Q2-25Q3-251 Q4-251 Q1-26Q2-26Gain on sale margin %, excluding correspondent:2.80%2.80%3.20%3.22%3.11%
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Investor Presentation | August 20267 of 40 Company overview 02
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Investor Presentation | August 20268 of 40 Rocket is on a mission to Help Everyone Home.
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Investor Presentation | August 20269 of 40 Pioneering the future of homeownershipSince 1985, we've been committed to innovating on and improving the homebuying experience for everyone. $2T+ cumulative origination volume9.1Mservicing clients 41 yearsof operating history #1mortgage lender1#1mortgage servicer2 1)IMF as of June 30, 2026, based on Q2-26 origination volumes2)IMF as of June 30, 2026.
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Investor Presentation | August 202610 of 40 Most awarded mortgage brand Unmatched client serviceRocket Mortgage has earned 23 J.D. Power awards across mortgage origination and servicing, with 11 years as the top-ranked mortgage servicer.We've built our reputation for exceptional service by delighting millions — every client, every time. 70+Client Net Promoter Score as of June 30, 2026. for customer satisfactionnet promoter score
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Investor Presentation | August 202611 of 40 Trusted partner for major life momentsBy integrating search, financing, closing and servicing, Rocket creates lifelong client relationships that compound in value. An end-to-end platform… …every step of the client journey. Home financingTitle and closingLoan servicing Home search Year 1: Purchase first home Year 3: Refinance into lower rate Year 5: Purchase bigger home Year 7: Cash out equity for kitchen remodel
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Investor Presentation | August 202612 of 40 $5TA large and fragmented market 1)Bureau of Economic Analysis -2026, US gross domestic product. est. 2)Homebuying market includes mortgage, real estate, title and homeowner’s insurance market, company estimates based on industry research including FRED, MBA, and Fannie Mae.3)Mortgage origination market size,based on historical market size aggregated from industry sources including HMDA, IMF, MBA and Fannie Mae.4)IMF 3M 2026 data. Excludes correspondent lending. The homeownership market represents a significant opportunity that Rocket is uniquely equipped to capture. 2 Total addressable homeownership market$2T3 Mortgage origination marketThe opportunitytop 10 players hold only 24% of mortgage originations.4 $32T1 Gross Domestic Product
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Investor Presentation | August 202613 of 40 2.3% 12.1%12.2%14.3% 0.3% 4.0%5.5%6.2% 201020112012201320142015201620172018201920202021202220232024Q4-25Q2-26 Market share growth through the cycles Source: Company reported origination volume. Market share based on MBA and Fannie Mae mortgage market estimates. Refinance Purchase 14.3% 6.2%
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Investor Presentation | August 202614 of 40 Balanced business model with growth upside Recurring and less rate sensitive revenue Rate sensitive revenue •Servicing fees (net of amortization)•Personal finance subscriptions•Real estate brokerage commissions•Purchase mortgages•Home equity loans •Title and closing•Personal loans •Rate and term refinance •Interest income The majority of our revenue is durable through market cycles, with significant upside when rates decline. 30% 70% Note: Based on adjusted revenue; allocations are approximate.
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Investor Presentation | August 202615 of 40 $319B > 6.0% rate $891B < 6.0% rate Owned MSR UPB1 Recapture upside as in-the-moneyness expands $66B > 6.0% rate June 2024 June 2026$415B < 6.0% rate 5x growth in UPB above 6.0% since 2024 1)Owned MSR UPB as of June 30, 2026, excludes sub-servicing UPB 14%of total 26%of total
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Investor Presentation | August 202616 of 40 Category of one 03
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Investor Presentation | August 202617 of 40 Compounding model for growth Integrated ecosystemConnected homebuying journey across search, financing and servicing Scaled technology platformData and technology advantage that drives best-in-class client, partner and team member experiences Expansive distribution network Massive base of industry professionals who thrive in the Rocket network Category of One Our integrated ecosystem, platform, and distribution network reinforce each other — compounding our competitive advantages over time. 17 of 40
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Investor Presentation | August 202618 of 40 Personal finance Integrated homeownership ecosystemOur scaled, end-to-end ecosystem delivers a seamless, vertically integrated experience that reduces friction and deepens client relationships.Home searchRentalReal estate brokerage Loan servicingTitle and closingHome financing
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Investor Presentation | August 202619 of 40 60M+Rocket MAU 9.1M servicing clientsNew clients 340K Compass agents 8K+ Rocket Pro brokers 2.2K+ Redfin agents Expansive distribution networkRocket’s network connects high intent clients with hundreds of thousands of real estate agents and over ten thousand loan officers and mortgage broker partners. 3K+ Rocket loan officers High-intent clients Industry professionals
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Investor Presentation | August 202620 of 40 Technology platform built for homeownershipHomesearchFront-endclientexperienceMortgage originationMortgage servicing3rd partyoriginationPersonalfinanceBusinesscapabilitiesApp devplatformAI platformData platformInfrastructure HomesearchMortgageoriginationPricing andcapital marketsMortgage servicingPartnershipcapabilitiesPersonal moneymanagement Omni-channelcommunicationsPersonalization UnifiedexperienceDocument + text understandingApplication developmentIntelligent allocation Self serviceMachine learningCore AIAI agentsProprietary models Ingest Storage Reporting Governance Know Your Customer ComputeStorage platformsMonitoring Networking Built for the AI era, Rocket’s proprietary platform leverages 30+ petabytes of data to lift conversion and unlock scalable capacity.
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Investor Presentation | August 202621 of 40 Interactions at scale expand our data advantage MAU: Monthly Active Users Data powers our proprietary models, which turn insight into personalized experiences at scale. 9.1M servicing clients 160M Redfin MAU sessions60M+ Rocket MAUs 180M home and rental listings200+ trained AI models 160M+ call logs 30PB+ data
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Investor Presentation | August 202622 of 40 AI is delivering business valueAI is changing the shape of our business enabling reach and scale, lifting conversion and building the foundation for infinite capacity. Underwriting agents: Automated broker underwriting leads to faster, more certain approvals. Servicing: Voice AI delivers faster resolutions and better client experience.Pipeline manager: Feature ranks banker leads and prioritizes who to call next.Digital refinance: Clients can go from application to rate lock, fully online, in under 30 minutes. Prospecting: Agentic AI automates top-of-funnel outreach and client engagement.Digital purchase pre-approval: AI-powered approvals available 24/7 without loan officer intervention. $2B incremental monthly origination volume $300Borigination capacity
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Investor Presentation | August 202623 of 40 Recapture extends client lifetime value High recapture drives repeat origination Recapture enables $0 client acquisition cost We aim to delight every client, from the very first interaction and every time after, which is why our recapture rate ~3X higher than the industry average.1 60M+ monthly visitors9.1M servicing clients#1 Servicer#1 Originator 1)Refinance recapture rates are based on three-year averages for Rocket and the industry. Source: Company data, ICE Mortgage Monitor. ~3x higher vs industry average
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Investor Presentation | August 202624 of 40 Home equity loans unlocking record levels of equity #1 lender11st independent mortgage co to lead the category47%average Rocket client home equityRepresents $1.8T of embedded equity 1)IMF as of March 31, 2026. In 4 years, Rocket’s home equity loans (“closed end seconds”) grew to lead the market, meeting the moment for homeowners to tap into record levels of home equity. $24B accessed by 250K+ homeowners since 2022
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Investor Presentation | August 202625 of 40 Proven leadership and culture 04
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Investor Presentation | August 202626 of 40 Our unrivaled leadership team Varun KrishnaChief Executive Officer, Rocket Companies; Interim CEO, RedfinJay BrayPresident, Chief Executive Officer, Rocket MortgageBrian BrownPresident, Chief Financial Officer and Treasurer, Rocket Companies Bill BanfieldChief Business Officer, Rocket CompaniesHeather LovierChief Operating Officer, Rocket CompaniesJonathan MildenhallChief Marketing Officer, Rocket Companies Jamie BelskyChief Product and Design Officer, Rocket Companies Shawn MalhotraChief Technology Officer, Rocket Companies KimArie YowellChief Diversity Officer, Rocket Companies Rocket Companies is driven by experienced leaders – this collective strength enables Rocket to navigate change with confidence, foster innovation and execute on our mission to Help Everyone Home. Kelly Ann DohertyChief People, Places and Culture Officer, Rocket Companies
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Investor Presentation | August 202627 of 40 Culture is our foundation ISM: Do the right thing. We are grounded in 16 philosophies, known as “ISMs,” which serve as our guiding principles for success and reflect our core values. 100 Best Companies To Work For® 2003 – 2026 ISM: Launch and learn. ISM: You’ll see it when you believe it.ISM: Every client. Every time.
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Investor Presentation | August 202628 of 40 Driving transformation of homeownershipJune 1985Rock Financial founded by Dan Gilbert, later to be known as Rocket Mortgage. May 1996Mortgage in a Box released, enabling mortgage applications to be filled out and mailed back to Rock Financial. March 1998In a groundbreaking email, Dan Gilbert pledges full resources to move the mortgage process online. January 1999RockLoans.com launched, catapulting the Company to be one of the fastest growing online retail mortgage lenders. January 2002First fully electronic mortgage application process introduced, enabling consumers to review and sign documents online. June 2011Quicken Loans launched “My QL Mobile,”the first mobile app from a mortgage lender. May 2010QLMS (now Rocket Pro) launched to serve the needs of mortgage brokers, community banks and credit unions. z October 2019Rocket Mortgage becomes the first lender with eClosing capabilities in all 50 states. August 2020Rocket Companies becomes a public company, trading on the NYSE as “RKT”. November 2015Quicken Loans introduced Rocket Mortgage, the first end-to-end completely online mortgage experience. September 2023Varun Krishna joins as CEO, Rocket declares AI-fueled homeownership strategy. February 2025 Rocket unveils brand restage and establishes “Own the Dream” as its core creative idea. July 2025Rocket officially closes the transaction, completing the acquisitionof Redfin. March 2025Rocket announces the acquisition of Redfin and Mr. Cooper, accelerating its mission to Help Everyone Home. ++ October 2025Rocket officially closes the transaction, completing the acquisitionof Mr. Cooper. February 2026Rocket announces historic, strategic partnership with leading brokerage firm, Compass.
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Investor Presentation | August 202629 of 40
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Investor Presentation | August 202630 of 40 Financials 05
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Investor Presentation | August 202631 of 40 $2,122Transformational servicing scale Q1’252Q’253Q’254Q’25 Note: Unpaid principal balance as of June 30, 2026.1)Total serviced including subservicing (UPB¹, $ in B) Q1’26 $2,110 $613$609 $2,017Servicing portfolio generates stable cash flows while balancing the business and fueling new growth through Rocket’s powerful recapture engine. Q2-25 Q3-25 Q4-25 Q1-26 Q2-26Number of servicing clients¹2.839M2.865M9.461M9.440M9.116M Mr. Cooper acquisition closed Oct. 1
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Investor Presentation | August 202632 of 40 Strong liquidity position $2.3B$5.8B$3.1B $8.1Bavailable on lines of credit $11.2B totalup from $1.8B in Q1-26 Cash and cash equivalentsUndrawn available mortgage servicing rights and advance facilitiesUndrawn linesof credit RKT rated investment grade Notes: 1)Completed $1.5B senior notes offering - upsized from $1.2B and more than 7x oversubscribed2)Generated $780M cash proceeds from strategic MSR sales, while retaining subservicing and recapture services on nearly 80% of MSRs sold
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Investor Presentation | August 202633 of 40 Financial highlights($ in M, except per share amounts)2025 2026Q2Q3² Q4³ Q1Q2Q3E¹Adjusted revenue$1,431 $1,872 $2,571 $2,822 $2,761 $2,500-$2,700YoY %9%31%103%108%93%QoQ %5%31%37%10%(2%)Adjusted EBITDA$172 $349 $592 $738 $766 % margin12%19%23%26%28%Adjusted net income$75 $158 $316 $422 $441% margin5%8%12%15%16%Adjusted diluted earnings per share$0.04$0.07$0.11$0.15$0.16 Note: See endnote (1) for non-GAAP reconciliation; see endnote (2) for Adjusted revenue, Adjusted EBITDA, Adjusted net income, Adjusted EBITDA margin, Adjusted net income margin, and Adjusted diluted EPS definitions.; see endnote (3) for interest-related activity reclassifications impacting adjusted revenue. Certainfigures throughout this documentmay notfootdue torounding1)For financial outlook information, the Company is not providing a quantitative reconciliation of the non-GAAP measures in this table to the most directly comparable GAAP measure because the GAAP measure cannot be reliably estimated and the reconciliation cannot be performed without unreasonable effort due to their dependence on future uncertainties and adjusting items that the Company cannot reasonably predict at this time but which may be material.2)Beginning in the third quarter 2025 financial results include the consolidation of Redfin.3)Beginning in the fourth quarter 2025 financial results include the consolidation of Mr. Cooper
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Investor Presentation | August 202634 of 40 Operational highlights($ in M) 2025 2026Q2Q3Q4Q1Q2Servicing portfolio (UPB)1 $609,204 $613,146 $2,121,883 $2,109,774 $2,016,711 YoY %14%12%258%251%231%QoQ %1%1%246%(1%)(4%)Closed loan volume$29,056 $32,413 $47,299 $44,653 $49,125 YoY % 18%14%70%107%69%QoQ %35%12%46%(6%)10%Net rate lock volume$28,429 $35,829 $41,631 $49,388 $47,037 YoY % 13%20%77%89%65%QoQ % 9%26%16%19%(5%)Gain on sale margin2.80%2.80%2.82%2.74%2.48%Gain on sale margin, excluding correspondent2.80%2.80%3.20%3.22%3.11%
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Investor Presentation | August 202635 of 40 ($ in M) 2026Q1 Q2Direct to ConsumerClosed loan volume$26,777 $28,059 Net rate lock volume$29,884 $26,000 Gain on sale margin4.07% 4.13% Rocket ProClosed loan volume$10,997 $11,111 Net rate lock volume$11,711 $10,885Gain on sale margin1.06% 0.69% CorrespondentClosed loan volume$6,879 $9,955 Net rate lock volume$7,793 $10,152Gain on sale margin0.15% 0.19% Originations channel trends
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Investor Presentation | August 202636 of 40 Servicing portfolio 1)Amount for Subservicing and Other UPB includes transfers from MSR for MSRs sold with subservicing rights retained2)Amount for MSR UPB includes transfers to Subservicing and Other for MSRs sold with subservicing rights retained3)Amount includes principal reductions, voluntary reductions related to customer loan payoffs, involuntary reductions related to loan defaults, liquidations and charge-offs, and net changes in loans serviced by others. ($ in M, UPB) 2026Q2MSRSubservicing and OtherTotal Balance at beginning of period$1,257,976 $851,798 $2,109,774 Originations 43,264 - 43,264 Acquisitions / increase in subservicing1 8,578 72,151 80,729Dispositions / decrease in subservicing2 (52,926)(93,490)(146,416)Runoff3 (43,285)(27,355)(70,640)Balance at end of period$1,213,607 $803,104 $2,016,711
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Investor Presentation | August 202637 of 40 Endnotes1 Note: Certainfigures throughout this documentmay notfootdue torounding1) Bond interest expense reflects interest incurred on the Company's Senior Notes, recognized within Interest expense on the Condensed Consolidated Statements of Income (Loss) and Comprehensive Income (Loss). Debt financing fees related to the Bridge Facility are a nonrecurring acquisition-related expense impacting the 2025 periods and therefore excluded from Bond interest expense and included as Acquisition-related expenses.2) The periods exclude the impact of amortization of acquired intangible assets, which is included as a separate adjustment line.3) The periods exclude the acquisition related expenses of Redfin and Mr. Cooper (“the Acquisitions”). 4) Reflects changes in market interest rates and assumptions, including option adjusted spread ("OAS") and prepayment speeds, gains or losses on sales of MSRs during the period and the effects of contractual prepayment protection associated with sales or purchases of MSRs.5) Primarily consists of transaction costs associated with the Acquisitions and Up-C Collapse, such as professional service fees (including integration costs) and severance expense (including accelerated share-based compensation). 6) Reflects amortization of intangible assets related to the Acquisitions.7) Consists of one-time restructuring costs associated with exiting non-core operations.8) Reflects litigation accrual related to a specific legal matter recorded in 2026.9) Primarily consists of equity investments and changes in estimates of tax rates and other variables of the Tax receivable agreement liability.10) Calculated as Net income (loss) divided by Total revenue, net.11) Calculated as Adjusted EBITDA divided by Adjusted revenue.12) Beginning in the third quarter 2025 financial results include the consolidation of Redfin.13) Beginning in the fourth quarter 2025 financial results include the consolidation of Mr. Cooper. 2025 2026($ in M) Q2Q312 Q413 Q1Q2(Unaudited)(Unaudited)(Unaudited)(Unaudited)(Unaudited)GAAP Net income (loss)$34 ($124)$68 $297 $229Bond interest expense1 45 111 140 139 142(Benefit from) provision for income taxes(10)(60)101 103 52Depreciation and amortization2 28 30 32 33 33 Share-based compensation expense3 52 69 181 88 90Change in fair value of MSRs and related liabilities due to valuation assumptions (net of hedges)4 (20)177 (252)(119)(23)Acquisition-related expenses5 35 96 175 79 99Amortization of acquired intangible assets6 - 49 125 113 112 Restructuring costs7 - - 18 - -Litigation accrual8 - - - - 28Other adjustments9 8 2 4 5 4Adjusted EBITDA$172 $349 $592 $738 $766 GAAP net income (loss) margin10 2%(7%)2%10%8%Adjusted EBITDA margin11 12%19%23%26%28%
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Investor Presentation | August 202638 of 40 Endnotes1 Note: See endnote (3) for interest-related activity reclassifications impacting adjusted revenue.1)Reflects changes in market interest rates and assumptions, including OAS and prepayment speeds, gains or losses on sales of MSRs during the period and the effects of contractual prepayment protection associated with sales or purchases of MSRs.2)Beginning in the third quarter 2025 financial results include the consolidation of Redfin.3)Beginning in the fourth quarter 2025 financial results include the consolidation of Mr. Cooper. 2025 2026Q2 Q3² Q4³ Q1 Q2($ in M) (Unaudited)(Unaudited)(Unaudited)(Unaudited)(Unaudited) Total revenue, net$1,451 $1,695 $2,823 $2,941 $2,784 Change in fair value of MSRs and related liabilities due to valuation assumptions (net of hedges)1 (20)177 (252)(119)(23) Adjusted revenue$1,431 $1,872 $2,571$2,822 $2,761
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Investor Presentation | August 202639 of 40 Endnotes1 1)Reflects net income to Class A common shares from pro forma exchange and conversion of corresponding shares of our Class D common shares held by non-controlling interest holders during the periods ended June 30, 2025. Class D common shares were surrendered and retired on June 30, 2025, the date the Up-C Collapse was effectuated.2)Rocket Companies is subject to U.S. Federal income taxes, in addition to state, local and foreign taxes with respect to its allocable share of any net taxable income or loss of Holdings LP. The Adjustment to income taxes reflects the difference between (a) the income tax computed using the effective tax rates below applied to the Adjusted income (loss) before income taxes based upon Rocket Companies, Inc. owning 100% of the non-voting common interest units of Holdings LP for all three months presented and (b) the (Benefit from) provision for income taxes for the periods presented.3)The three months ended September and December 31, 2025 exclude the impact of Acquisition related expenses.4)Reflects changes in market interest rates and assumptions, including OAS and prepayment speeds, gains or losses on sales of MSRs during the period and the effects of contractual prepayment protection associated with sales or purchases of MSRs.5)Primarily consists of transaction costs associated with the Acquisitions and Up-C Collapse, such as professional service fees (including integration costs) and severance expense (including accelerated share-based compensation).6)Reflects amortization of intangible assets related to the Acquisitions.7)Consists of one-time restructuring costs associated with exiting non-core operations.8)Reflects litigation accrual related to a specific legal matter recorded in 2026.9)Represents tax benefits due to the amortization of intangible assets and other tax attributes resulting from the historical purchases of Holdings Units, net of payment obligations under Tax Receivable Agreement and a change in the equity investments. 10)Tax impact of adjustments gives effect to the income tax related to Share-based compensation expense, Change in fair value of MSRs and related liabilities due to valuation assumptions (net of hedges), Acquisition related expenses, Amortization of acquired intangible assets, Restructuring costs, Litigation accrual, and Other adjustments at the effective tax rates for each period.11)Reflects the pro forma exchange and conversion of non-dilutive Class D common stock to Class A common stock. For the quarter ended June 30, 2025, Class D common shares were antidilutive and are excluded in the dilutive weighted average Participating Common Stock outstanding in the table. Class D common shares were surrendered and retired on June 30, 2025, the date the Up-C Collapse was effectuated.12)Beginning in the third quarter 2025 financial results include the consolidation of Redfin.13)Beginning in the fourth quarter 2025 financial results include the consolidation of Mr. Cooper. ($ in M, except per share amounts)2025 2026Q2Q312 Q413 Q1Q2(Unaudited)(Unaudited)(Unaudited)(Unaudited)(Unaudited)Net (loss) income attributable to Rocket Companies($2)($124)$68 $297 $230Net income impact from pro forma conversion of class D common shares to class A common shares1 36 - - - -Adjustment to income taxes2 (15)(15)59 1 (21) Tax-effected net income (loss)$19 ($139)$127 $298 $209Share-based compensation expense3 52 69 181 88 90 Change in fair value of MSRs and related liabilities due to valuation assumptions (net of hedges)4 (20)177 (252)(119)(23)Acquisition-related expenses5 35 96 175 79 99Amortization of acquired intangible assets 6 - 49 125 113 112Restructuring costs7 - - 18 - -Litigation accrual 8 - - - -28Other adjustments 9 9 3 5 5 6 Tax impact of adjustments 10 (20)(97)(63)(42)(80)Adjusted net income$75 $158 $316 $422 $441Diluted weighted average Participating Common Stock outstanding171,438,105 2,106,227,188 2,842,725,779 2,846,974,742 2,843,538,118Assumed pro forma conversion of Class D shares 111,828,562,126 - - - - Adjusted diluted weighted average shares outstanding2,000,000,231 2,106,227,188 2,842,725,779 2,846,974,742 2,843,538,118 Adjusted diluted earnings per share$0.04$0.07$0.11$0.15$0.16
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Investor Presentation | August 202640 of 40 Endnotes“Adjusted EBITDA Margin” calculated as Adjusted EBITDA divided by Adjusted revenue.“Adjusted Net Income Margin” calculated as Adjusted NetIncome divided by Adjusted revenue. We define “Adjusted revenue” as Total revenue, net of the change in fair value of MSRs and related liabilities due to valuation assumptions (net of hedges). We define “Adjusted net income” as Tax-effected Net income (loss) before Share-based compensation expense, the change in fair value of MSRs and related liabilities due to valuation assumptions (net of hedges), Acquisition-related expenses, Amortization of acquired intangible assets, Restructuring costs, Litigation accrual, Other adjustments and Tax impact of adjustments as applicable.We define “Adjusted diluted earnings per share” as Adjusted net income divided by the Adjusted diluted weighted average Participating Common Stock outstanding and the Assumed pro forma conversion of Class D shares for the applicable period presented. We define “Adjusted EBITDA” as Net income (loss) before Bond interest expense, (benefit from) provision for income taxes, Depreciation and amortization, Share-based compensation expense, change in fair value of MSRs and related liabilities due to valuation assumptions (net of hedges), Acquisition-related expenses, Amortization of acquired intangible assets, Restructuring costs, Litigation accrual, and other adjustments. These non-GAAP financial measures are in addition to, not a substitute for or superior to, measures of financial performance prepared in accordance with accounting principles generally accepted in the United States. Beginning first quarter of 2026, we reclassified certain interest-related activity within the Condensed Consolidated Statements of Income (Loss) and Comprehensive Income (Loss). These reclassifications have no impact on previously reported consolidated net income, financial position, or cash flows. Prior period amounts that are impacted have been reclassified to conform to the current presentation. Specifically, Interest income, net was retitled to Interest income and Interest and amortization expense on non-funding debt was retitled to Interest expense. Consistent with this revised presentation, Interest expense on funding facilities, which had historically been presented as a contra-revenue component of Interest income, net, was reclassified to Interest expense. Additionally, deposit income primarily related to custodial deposits was reclassified from Other income to Interest income, and certain other interest expense was reclassified from Other expenses to Interest expense. 2) 3)
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Thank you.Investor Presentation | August 2026