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Q3-26 Investor Presentation
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Q3-26 Investor Presentation 2 of 38 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, the tax impact of those adjustments as applicable and Other adjustments. We define “Adjusted diluted earnings per share” as Adjusted Net income divided by the Diluted weighted average shares outstanding. 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. We define “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 accepted 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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Q3-26 Investor Presentation 3 of 38 Table of contents 0102030405 Q3-26 highlightsCompany overview Category of one Proven leadership and culture Financials
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Q3-26 Investor Presentation 4 of 38 Q3-26 highlights 01
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Q3-26 Investor Presentation 5 of 38 Highest Adjusted EBITDA margin in nearly 5 years (29% margin) Q3-26 highlights$2.6BAdjusted revenue $748MAdjusted EBITDA $419MAdjusted net income $0.15Adjusted diluted EPS #1 in purchase, refinance, home equity, and servicing¹ Fortress balance sheet to invest through the cycleMr. Cooper expense synergies to be realized by year end 2026, 1 yr ahead 1)IMF quarterly rankings as of June 30, 2026.
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Q3-26 Investor Presentation 6 of 38 $738$592 $349 $748$766$2,761$2,822$2,571 $1,873 $2,574 Q3-26 financial highlightsAdjusted Revenue($ 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) Q3-251 Q4-251 Q1-26Q2-26Q3-26Adjusted EBITDA margin %19%23%26%28%29% Q3-251 Q4-251 Q1-26Q2-26Q3-26Gain on sale margin %, excluding correspondent2.80%3.20%3.22%3.11%3.33%
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Q3-26 Investor Presentation 7 of 38 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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Q3-26 Investor Presentation 8 of 38 Company overview 02
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Q3-26 Investor Presentation 9 of 38 Rocket is on a mission to Help Everyone Home.
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Q3-26 Investor Presentation 10 of 38 #1#1Scale and experience that set us apartFor 41 years, we’ve worked to make the homebuying experience better for everyone. mortgage lender mortgage servicer purchase lenderrefinance lenderhome equity lender $2T+ cumulative origination volume 9.1Mservicing clients 41 yearsof operating history Source: IMF as of June 30, 2026.
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Q3-26 Investor Presentation 11 of 38 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+for customer satisfactionnet promoter score
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Q3-26 Investor Presentation 12 of 38 $2T mortgage market A large and fragmented market 1)Homeownership market includes mortgage, real estate, title and homeowner’s insurance market, company estimates based on industry research including FRED, MBA, and Fannie Mae.2)Mortgage origination market size,based on historical market size aggregated from industry sources including HMDA, IMF, MBA and Fannie Mae.3)IMF 6M 2026 data. Excludes correspondent lending. Homeownership is a massive $5T market opportunity. With leading platforms in search, origination and servicing, Rocket is built to capture it. $5T1 Total addressable homeownership market 12 of 38 Mortgage origination opportunity2 Top 10 lendersrepresent23% 3
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Q3-26 Investor Presentation 13 of 38 Year 1: Purchase first homeYear 3: Refinance into lower rateYear 5: Purchase bigger homeYear 7: Cash out equity for kitchen remodel Trusted partner for major life momentsBy integrating the homeownership journey, Rocket creates lifelong client relationships that compound in value. An end-to-end platform… Buy and sellHome search Title and closingFinancing Servicing …for every step of the client journey.
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Q3-26 Investor Presentation 14 of 38 Category of one 03
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Q3-26 Investor Presentation 15 of 38 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. 15 of 38
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Q3-26 Investor Presentation 16 of 38 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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Q3-26 Investor Presentation 17 of 38 60MRocket MAU 9.1M servicing clientsMarketing and data leads 340K Compass agents 8K+ Rocket Pro brokers 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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Q3-26 Investor Presentation 18 of 38 Technology platform built for homeownershipHomesearchFront-end client experienceMortgage 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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Q3-26 Investor Presentation 19 of 38 Interactions at scale expand our data advantage MAU: Monthly Active Users. Data powers our proprietary models, which turn insights 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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Q3-26 Investor Presentation 20 of 38 AI is delivering business valueAI is changing the shape of our business: extending our reach, lifting conversion and unlocking scalable capacity, with origination capacity powered by technology. Digital purchase pre-approvalAI-powered approvals available 24/7, without loan officer intervention. AI credit pullAI agents pulled credit on nearly 20% of DTC volume before a client spoke with a loan officer, up from zero a year ago. AI personal agent APIsAPIs that let consumers’ AI agents complete the entire mortgage process with Rocket. AI prospectingAgentic AI automates top-of-funnel outreach and client engagement. AI voice servicingVoice AI handles 65% of inbound servicing calls and resolves more than half on its own. Digital refinanceApplication to rate lock with no loan officer; digital is 40%+ of DTC refi applications and converts at 4x other channels. DTC: Direct-to-consumer.APIs: Application Programming Interfaces.
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Q3-26 Investor Presentation 21 of 38 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 is ~3X higher than the industry average.1 60M monthly visitors 9.1M 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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Q3-26 Investor Presentation 22 of 38 $332B > 6.0% rate $868B < 6.0% rate Owned MSR UPB1Recapture upside as in-the-moneyness expands$66B > 6.0% rate Jun-24 Sep-26 $415B < 6.0% rate 5x growth in UPB above 6.0% since 2024 1)Based on boarded owned MSR UPB as of September 30, 2026. 14%of total 28%of total
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Q3-26 Investor Presentation 23 of 38 Home equity is our affordability lever lender1 and the first independent mortgage company to lead the category47%average Rocket client home equityRepresents $1.8T of embedded equity 1)IMF as of June 30, 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. accessed by 300K+ homeowners since 2022$27B#1
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Q3-26 Investor Presentation 24 of 38 Proven leadership and culture 04
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Q3-26 Investor Presentation 25 of 38 Our unrivaled leadership team Varun KrishnaChief Executive Officer, Rocket CompaniesJay BrayPresident, Chief Executive Officer, Rocket MortgageBrian BrownPresident, Chief Financial Officer and Treasurer, Rocket Companies Bill BanfieldChief Business Officer, Rocket CompaniesHeather LovierChief Operating Officer, Rocket Companies Jonathan MildenhallChief Marketing Officer, Rocket Companies Jamie BelskyChief Product and Design Officer, Rocket Companies Shawn MalhotraChief Technology Officer, Rocket Companies Nicole BeattieChief Servicing Officer, Rocket Mortgage 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 Alessio SanfilippoChief Executive Officer, Redfin KimArie YowellChief Diversity Officer, Rocket Companies
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Q3-26 Investor Presentation 26 of 38 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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Q3-26 Investor Presentation 27 of 38 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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Q3-26 Investor Presentation 28 of 38
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Q3-26 Investor Presentation 29 of 38 Financials 05
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Q3-26 Investor Presentation 30 of 38 Record liquidity position $2.5B$6.2B$2.7B $8.7Bavailable on lines of credit $11.4B totalup $0.2B from Q2-26 Cash and cash equivalentsUndrawn available mortgage servicing rights and advance facilitiesUndrawn linesof credit RKT rated investment grade Generated $379M cash proceeds from strategic MSR sales, while retaining subservicing and recapture services on nearly 70% of MSRs sold.
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Q3-26 Investor Presentation 31 of 38 Financial highlights($ in M, except per share amounts) 2025 2026Q3² Q4³ Q1Q2Q3Q4E¹Adjusted revenue$1,873 $2,570 $2,822 $2,761 $2,574$2,100-$2,300YoY %31%103%108%93%37%QoQ %31%37%10%(2%)(7%)Adjusted EBITDA$349 $591 $738 $766 $748 % margin19%23%26%28%29%Adjusted net income$158 $316 $422 $441$419% margin8%12%15%16%16%Adjusted diluted earnings per share$0.07$0.11$0.15$0.16$0.15Note: See endnote (1) for non-GAAP reconciliation; see endnote (2) for Adjusted revenue, Adjusted EBITDA, Adjusted net income, Adjusted EBITDA margin, Adjusted net income margin, and Adjusted diluted EPS definitions; see endnote (3) for interest-related activity reclassifications impacting adjusted revenue. Certainfigures throughout this documentmay notfootdue torounding.1)For financial outlook information, the Company is not providing a quantitative reconciliation of the non-GAAP measures in this table to the most directly comparable GAAP measure because the GAAP measure cannot be reliably estimated and the reconciliation cannot be performed without unreasonable effort due to their dependence on future uncertainties and adjusting items that the Company cannot reasonably predict at this time but which may be material.2)Beginning in the third quarter 2025 financial results include the consolidation of Redfin.3)Beginning in the fourth quarter 2025 financial results include the consolidation of Mr. Cooper.
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Q3-26 Investor Presentation 32 of 38 Operational highlights($ in M, units in thousands) 2025 2026Q3Q4Q1Q2Q3Servicing portfolio (UPB)$613,146 $2,121,883 $2,109,774 $2,016,711 $2,007,176YoY %12%258%251%231%227%QoQ %1%246%(1%)(4%)(0%)Total loans serviced2,8659,4609,4409,1169,086Closed loan volume$32,413 $47,299 $44,653 $49,125 $43,622YoY %14%70%107%69%35%QoQ %12%46%(6%)10%(11%)Net rate lock volume$35,828 $41,630 $49,388 $47,037 $40,354YoY %20%77%89%65%13%QoQ %26%16%19%(5%)(14%)Gain on sale margin2.80%2.82%2.74%2.48%2.54%Gain on sale margin, excluding correspondent2.80%3.20%3.22%3.11%3.33%
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Q3-26 Investor Presentation 33 of 38 Originations channel trends ($ in M) 2026Q1 Q2 Q3Direct to ConsumerClosed loan volume$26,777 $28,059 $24,566Net rate lock volume$29,884 $26,000 $22,127Gain on sale margin4.07%4.13%4.31%Rocket ProClosed loan volume$10,997 $11,111 $8,960Net rate lock volume$11,711 $10,885$8,246Gain on sale margin1.06%0.69%0.70%CorrespondentClosed loan volume$6,879 $9,955 $10,096Net rate lock volume$7,793 $10,152$9,981Gain on sale margin0.15%0.19%0.15%
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Q3-26 Investor Presentation 34 of 38 Servicing portfolio 1)Amount for Subservicing and Other UPB includes transfers from MSR for MSRs sold with subservicing rights retained.2)Amount for MSR UPB includes transfers to Subservicing and Other for MSRs sold with subservicing rights retained.3)Amount includes principal reductions, voluntary reductions related to customer loan payoffs, involuntary reductions related to loan defaults, liquidations and charge-offs, and net changes in loans serviced by others. ($ in M, UPB) 2026Q3MSRSubservicing and otherTotal Balance at beginning of period$1,213,607 $803,104 $2,016,711 Originations 42,013 1,880 43,893 Acquisitions / increase in subservicing1 8,144 37,560 45,704 Dispositions / decrease in subservicing2 (22,651)(18,999)(41,650)Runoff3 (39,637)(17,845)(57,482)Balance at end of period$1,201,476 $805,700 $2,007,176
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Q3-26 Investor Presentation 35 of 38 Endnotes1 1) 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 a 364-day senior unsecured bridge term loan facility ("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 related to the Redfin and Mr. Cooper acquisitions "the Acquisitions:", which is included as a separate adjustment line.3) The periods exclude share-based compensation expense related to the Acquisitions which is included in Acquisition-related expenses. 4) Reflects changes in market interest rates and assumptions, including option adjusted spread ("OAS") and prepayment speeds, cost to service per loan, 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 integration costs (including professional service fees) 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) Q312 Q413 Q1Q2Q3(Unaudited)(Unaudited)(Unaudited)(Unaudited)(Unaudited)GAAP Net income (loss)($124)$68 $297 $229$709Bond interest expense1 111140139142154(Benefit from) provision for income taxes(61)101 103 52249Depreciation and amortization2 30 32 33 33 34Share-based compensation expense3 69 181 88 90 84Change in fair value of MSRs and related liabilities due to valuation assumptions (net of hedges)4 178 (252)(119)(23)(710)Acquisition-related expenses5 96 175 79 99113Amortization of acquired intangible assets6 49 125 113 112 113Restructuring costs7 - 18 - - -Litigation accrual8 - - - 28 -Other adjustments9 1 4 5 4 2Adjusted EBITDA$349 $592 $738 $766 $748GAAP net income (loss) margin10 (7%)2%10%8%22%Adjusted EBITDA margin11 19%23%26%28%29%
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Q3-26 Investor Presentation 36 of 38 Endnotes1 Note: See endnote (3) for interest-related activity reclassifications impacting adjusted revenue.1)Reflects changes in market interest rates and assumptions, including OAS and prepayment speeds, cost to service per loan, gains or losses on sales of MSRs during the period and the effects of contractual prepayment protection associated with sales or purchases of MSRs.2)Beginning in the third quarter 2025 financial results include the consolidation of Redfin.3)Beginning in the fourth quarter 2025 financial results include the consolidation of Mr. Cooper. 2025 2026 Q3² Q4³ Q1 Q2 Q3 ($ in M) (Unaudited)(Unaudited)(Unaudited)(Unaudited)(Unaudited) Total revenue, net$1,695 $2,823 $2,941 $2,784 $3,284 Change in fair value of MSRs and related liabilities due to valuation assumptions (net of hedges)1 178 (252)(119)(23)(710) Adjusted revenue$1,873 $2,571$2,822 $2,761 $2,574
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Q3-26 Investor Presentation 37 of 38 Endnotes1 1)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.2)The three months ended September and December 31, 2025 exclude share-based compensation expense related to the Acquisitions, which is included in Acquisition-related expenses.3)Reflects changes in market interest rates and assumptions, including OAS and prepayment speeds, cost to service per loan, gains or losses on sales of MSRs during the period and the effects of contractual prepayment protection associated with sales or purchases of MSRs.4)Primarily consists of transaction costs associated with the Acquisitions and Up-C Collapse, such as integration costs (including professional service fees), debt financing fees related to the Bridge Facility and severance expense (including accelerated share-based compensation).5)Reflects amortization of intangible assets related to the Acquisitions.6)Consists of one-time restructuring costs associated with exiting non-core operations.7)Reflects litigation accrual related to a specific legal matter recorded in 2026.8)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 certain Other adjustments at the effective tax rates for each period.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 the Tax Receivable Agreement, change in the equity investments, and change in Tax Receivable Agreement liability. 10)Beginning in the third quarter 2025 financial results include the consolidation of Redfin.11)Beginning in the fourth quarter 2025 financial results include the consolidation of Mr. Cooper. ($ in M, except per share amounts)2025 2026Q310Q411Q1Q2Q3(Unaudited)(Unaudited)(Unaudited)(Unaudited)Net (loss) income attributable to Rocket Companies($124)$68 $297 $230$709Adjustment to income taxes1 (14)59 1 (21) 5Tax-effected net income (loss)($138)$127 $298 $209$714Share-based compensation expense2 69 181 88 90 84Change in fair value of MSRs and related liabilities due to valuation assumptions (net of hedges) 3 178 (252)(119)(23)(710)Acquisition-related expenses4 96 175 79 99113Amortization of acquired intangible assets 5 49 125 113 112113Restructuring costs6 - 18 - - -Litigation accrual 7 - - -28-Tax impact of adjustments 8 (97)(63)(42)(80)102Other Adjustments9 15563Adjusted net income$158 $316 $422 $441$419Diluted weighted average Participating Common Stock outstanding2,106,227,188 2,842,725,779 2,846,974,742 2,843,538,1182,845,400,003 Adjusted diluted earnings per share$0.07$0.11$0.15$0.16$0.15
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Q3-26 Investor Presentation 38 of 38 Endnotes2) “Adjusted EBITDA Margin” calculated as Adjusted EBITDA divided by Adjusted revenue.“Adjusted Net Income Margin” calculated as Adjusted Net Income 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, the tax impact of those adjustments as applicable and Other adjustments. We define “Adjusted diluted earnings per share” as Adjusted net income divided by the Diluted weighted average Participating Common Stock outstanding. 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. 3) 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.
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Thank you.Investor Presentation | Q3-2026