Core Insights - Viral Nation has been appointed as the Social Media Agency of Record for Rocket, a Detroit-based fintech platform that encompasses mortgage, real estate, title, and personal finance businesses [1] - The partnership aims to provide authentic homeownership stories that resonate with social media users, moving beyond curated content to offer real support and guidance [2][4] Company Overview - Rocket Companies, founded in 1985, operates various financial services including Rocket Mortgage, Redfin, Rocket Homes, Rocket Close, Rocket Money, and Rocket Loans [6] - The company is recognized for its exceptional client experiences, having been ranked 1 in client satisfaction for primary mortgage origination and servicing by J.D. Power a total of 22 times [7] Strategic Initiatives - The "Own the Dream" campaign launched by Rocket was amplified by Viral Nation's strategic social campaigns, achieving 247 million views nationwide and fostering genuine conversations across platforms [3] - Viral Nation will assist Rocket in showcasing real client stories and managing dynamic community engagement to guide potential homeowners through the homebuying journey [4][5] Industry Context - Nearly 80% of social media users seek inspiration for homeownership through their feeds, indicating a significant opportunity for brands to connect with audiences on a deeper level [2] - The collaboration between Rocket and Viral Nation aims to build a social movement that empowers Americans to envision themselves in the homeownership journey [5]

[PART I. FINANCIAL INFORMATION](index=3&type=section&id=PART%20I.%20FINANCIAL%20INFORMATION) [Item 1. Financial Statements (unaudited)](index=4&type=section&id=Item%201.%20Financial%20Statements%20(unaudited)) H1 2025 saw a net loss of $178.4 million, driven by MSR fair value changes, while total assets grew to $30.4 billion following a $4.0 billion senior note issuance and the Up-C Collapse [Condensed Consolidated Balance Sheets](index=4&type=section&id=Condensed%20Consolidated%20Balance%20Sheets) Total assets increased to **$30.4 billion** by June 30, 2025, driven by higher cash and senior notes, while total equity decreased to **$7.4 billion** due to the Up-C Collapse Condensed Consolidated Balance Sheet Highlights (as of June 30, 2025 vs. Dec 31, 2024) | Metric | June 30, 2025 ($ in thousands) | December 31, 2024 ($ in thousands) | Change | | :--- | :--- | :--- | :--- | | **Assets** | | | | | Cash and cash equivalents | $5,090,631 | $1,272,853 | +$3,817,778 | | Mortgage loans held for sale | $11,168,691 | $9,020,176 | +$2,148,515 | | Mortgage servicing rights (MSRs) | $7,566,632 | $7,633,371 | -$66,739 | | **Total Assets** | **$30,360,222** | **$24,510,063** | **+$5,850,159** | | **Liabilities** | | | | | Funding facilities | $9,481,780 | $6,708,186 | +$2,773,594 | | Senior Notes, net | $8,000,225 | $4,038,926 | +$3,961,299 | | **Total Liabilities** | **$22,911,294** | **$15,466,683** | **+$7,444,611** | | **Equity** | | | | | Non-controlling interest | $— | $8,340,879 | -$8,340,879 | | **Total Equity** | **$7,448,928** | **$9,043,380** | **-$1,594,452** | [Condensed Consolidated Statements of Income (Loss) and Comprehensive Income (Loss)](index=6&type=section&id=Condensed%20Consolidated%20Statements%20of%20Income%20(Loss)%20and%20Comprehensive%20Income%20(Loss)) Q2 2025 net income decreased to **$34.1 million**, and H1 2025 resulted in a **$178.4 million** net loss, primarily due to MSR fair value changes and increased expenses Income Statement Summary (Q2 & H1 2025 vs. 2024) | Metric ($ in thousands) | Q2 2025 | Q2 2024 | YTD 2025 | YTD 2024 | | :--- | :--- | :--- | :--- | :--- | | Total revenue, net | $1,360,251 | $1,300,722 | $2,397,515 | $2,684,438 | | Total expenses | $1,335,989 | $1,108,680 | $2,596,356 | $2,194,026 | | **Net income (loss)** | **$34,089** | **$177,925** | **($178,357)** | **$468,639** | | Net (loss) income attributable to Rocket | ($1,785) | $1,295 | ($12,168) | $17,510 | | **Diluted EPS** | **($0.01)** | **$0.01** | **($0.08)** | **$0.13** | [Condensed Consolidated Statements of Changes in Equity](index=8&type=section&id=Condensed%20Consolidated%20Statements%20of%20Changes%20in%20Equity) Total equity decreased to **$7.4 billion** by June 30, 2025, primarily due to the Up-C Collapse eliminating non-controlling interest, alongside a net loss and special dividend payments - The Up-C Collapse on June 30, 2025, resulted in the elimination of the non-controlling interest and the exchange of Class D common stock for newly created Class L common stock[17](index=17&type=chunk)[25](index=25&type=chunk) - A special dividend of **$122.2 million** was paid to Class A shareholders in the first half of 2025[17](index=17&type=chunk)[38](index=38&type=chunk) [Condensed Consolidated Statements of Cash Flows](index=10&type=section&id=Condensed%20Consolidated%20Statements%20of%20Cash%20Flows) Cash and cash equivalents increased by **$3.8 billion** in H1 2025, driven by **$6.5 billion** from financing activities, partially offset by **$2.6 billion** used in operations Cash Flow Summary (Six Months Ended June 30) | Metric ($ in thousands) | 2025 | 2024 | | :--- | :--- | :--- | | Net cash used in operating activities | ($2,647,130) | ($3,135,051) | | Net cash used in investing activities | ($54,575) | ($226,025) | | Net cash provided by financing activities | $6,524,908 | $3,560,983 | | **Net increase in cash** | **$3,824,001** | **$200,426** | - Financing activities were significantly boosted by **$4.0 billion** in borrowings from new Senior Notes during the first half of 2025[19](index=19&type=chunk) [Notes to Condensed Consolidated Financial Statements](index=11&type=section&id=Notes%20to%20Condensed%20Consolidated%20Financial%20Statements) Notes detail the Up-C Collapse, recent acquisitions of Redfin and pending Mr. Cooper deal, **$4.0 billion** senior note issuance, and the company's two reportable segments - On June 30, 2025, the company completed a series of transactions to collapse its Up-C structure, simplifying its organization by eliminating non-controlling interests and creating a new Class L common stock[25](index=25&type=chunk) - The company completed the acquisition of Redfin Corporation on July 1, 2025, and has a pending agreement to purchase Mr. Cooper Group Inc., expected to close in Q4 2025[57](index=57&type=chunk)[58](index=58&type=chunk) - In June 2025, the company issued **$2.0 billion** of 6.125% senior notes due 2030 and **$2.0 billion** of 6.375% senior notes due 2033[106](index=106&type=chunk)[112](index=112&type=chunk) [Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations](index=54&type=section&id=Item%202.%20Management's%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management discusses challenging market conditions, an 18% increase in Q2 2025 mortgage origination volume to **$29.1 billion**, but a decline in net income to **$34.1 million** due to lower margins and higher expenses, while maintaining **$9.1 billion** in liquidity [Executive Summary and Recent Developments](index=54&type=section&id=Executive%20Summary%20and%20Recent%20Developments) Q2 2025 faced high inflation and mortgage rates, with strategic moves including the Up-C Collapse and acquisitions, resulting in an 18% increase in origination volume but a drop in net income to **$34.1 million** - Market conditions in Q2 2025 were characterized by inflation remaining above the Federal Reserve's target and elevated 30-year fixed mortgage rates, which continued to challenge housing affordability and mortgage activity[208](index=208&type=chunk) Q2 2025 Financial Highlights | Metric | Q2 2025 | Q2 2024 | Change | | :--- | :--- | :--- | :--- | | Mortgage Origination Volume | $29.1 billion | $24.7 billion | +18% | | Net Income | $34.1 million | $177.9 million | -81% | | Adjusted EBITDA | $171.8 million | $224.8 million | -24% | [Key Performance Indicators](index=60&type=section&id=Key%20Performance%20Indicators) Q2 2025 saw an 18% increase in closed loan origination volume to **$29.1 billion**, but gain on sale margin compressed to **2.80%**, while total serviced UPB grew to **$609.2 billion** and Rocket Money subscribers reached **4.46 million** Key Performance Indicators (Q2 2025 vs. Q2 2024) | Indicator | Q2 2025 | Q2 2024 | | :--- | :--- | :--- | | Closed loan origination volume | $29.1B | $24.7B | | Gain on sale margin | 2.80% | 2.99% | | Total serviced UPB (at period end) | $609.2B | $534.6B | | Rocket Money paying subscribers | 4.46M | 3.67M | [Results of Operations](index=66&type=section&id=Results%20of%20Operations) Q2 2025 net revenue slightly increased to **$1.36 billion**, but total expenses rose 21% to **$1.34 billion** due to higher compensation, marketing, and acquisition costs, impacting pre-tax income - Gain on sale of loans, net increased by 8% in Q2 2025 to **$815.9 million**, driven by a 13% increase in net rate lock volume[249](index=249&type=chunk) - Loan servicing income, net decreased by 16% in Q2 2025 to **$202.4 million**, primarily due to a negative change in MSR valuation model inputs caused by a decrease in interest rates during the quarter[257](index=257&type=chunk) - Total expenses for Q2 2025 increased by 21% to **$1.3 billion**, driven by higher variable compensation, a 31% increase in marketing expenses, and acquisition-related costs[268](index=268&type=chunk) [Summary results by segment](index=75&type=section&id=Summary%20results%20by%20segment) Q2 2025 Direct to Consumer contribution margin decreased 2% to **$367.5 million**, while Partner Network saw a 34% decline to **$83.4 million** due to compressed gain on sale margins Segment Contribution Margin (Q2 2025 vs. Q2 2024) | Segment | Q2 2025 Contribution Margin | Q2 2024 Contribution Margin | YoY Change | | :--- | :--- | :--- | :--- | | Direct to Consumer | $367.5 million | $374.7 million | -2% | | Partner Network | $83.4 million | $126.3 million | -34% | - The Direct to Consumer segment's expenses grew 20% YoY, driven by brand marketing and higher variable costs, which offset an 11% increase in adjusted revenue[275](index=275&type=chunk)[276](index=276&type=chunk) - The Partner Network's adjusted revenue fell 21% YoY, driven by a 25% decrease in gain on sale of loans, net, due to compressed margins[283](index=283&type=chunk) [Liquidity and Capital Resources](index=79&type=section&id=Liquidity%20and%20Capital%20Resources) The company maintained a strong liquidity position of **$9.1 billion** as of June 30, 2025, bolstered by a **$4.0 billion** senior note offering to support strategic acquisitions - Total liquidity stood at **$9.1 billion** as of June 30, 2025, including **$5.1 billion** of cash and cash equivalents[297](index=297&type=chunk) - In June 2025, the company issued **$4.0 billion** in aggregate principal of new senior notes, with proceeds intended to fund the redemption of Mr. Cooper's senior notes upon acquisition completion and for general corporate purposes[299](index=299&type=chunk) - A special cash dividend of **$0.80** per share was paid to Class A common stockholders on April 3, 2025[303](index=303&type=chunk) [Item 3. Quantitative and Qualitative Disclosures about Market Risk](index=83&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20about%20Market%20Risk) No material changes to the company's market risk exposure have occurred since the disclosures in its 2024 Annual Report on Form 10-K - There have been no material changes to the Company's market risk exposure since the end of fiscal year 2024[306](index=306&type=chunk) [Item 4. Controls and Procedures](index=83&type=section&id=Item%204.%20Controls%20and%20Procedures) Management concluded that disclosure controls and procedures were effective as of June 30, 2025, with no material changes to internal control over financial reporting - Management concluded that as of June 30, 2025, the company's disclosure controls and procedures are effective at a reasonable assurance level[307](index=307&type=chunk) - No changes in internal control over financial reporting occurred during the quarter that materially affected, or are reasonably likely to materially affect, internal controls[308](index=308&type=chunk) [PART II. OTHER INFORMATION](index=84&type=section&id=PART%20II.%20OTHER%20INFORMATION) [Item 1. Legal Proceedings](index=84&type=section&id=Item%201.%20Legal%20Proceedings) The company is involved in various legal actions but does not anticipate a material adverse effect on its financial condition or operations - Management does not expect pending or threatened legal matters to have a material adverse effect on the company's business, financial condition, or results of operations[310](index=310&type=chunk) [Item 1A. Risk Factors](index=84&type=section&id=Item%201A.%20Risk%20Factors) The company's risk factors have not significantly changed from those disclosed in its 2024 Form 10-K and Q1 2025 Form 10-Q - There have been no significant changes to the company's risk factors from those previously disclosed in the 2024 Form 10-K and Q1 2025 Form 10-Q[311](index=311&type=chunk) [Item 2. Unregistered Sales of Equity Securities and Use of Proceeds](index=84&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) On June 30, 2025, the company issued approximately **1.85 billion** shares of Class L common stock as part of the Up-C Collapse, exempt from public registration - The company issued approximately **1.85 billion** shares of Class L common stock on June 30, 2025, as part of the Up-C Collapse transaction[312](index=312&type=chunk) - The issuance was exempt from registration under Section 4(a)(2) of the Securities Act of 1933 as a private offering[313](index=313&type=chunk) [Item 5. Other Information](index=84&type=section&id=Item%205.%20Other%20Information) No additional information was reported under this item - None[314](index=314&type=chunk) [Item 6. Exhibits](index=85&type=section&id=Item%206.%20Exhibits) This section lists all exhibits filed with the Form 10-Q, including corporate charters, debt indentures, and executive certifications - The report includes numerous exhibits, such as the Second Amended and Restated Certificate of Incorporation, the Indenture for the new senior notes, and amendments related to the Up-C Collapse and Tax Receivable Agreement[315](index=315&type=chunk)

Core Viewpoint - Rocket Companies, Inc. is initiating an exchange offer for existing senior notes in connection with its acquisition of Mr. Cooper Group Inc., aiming to exchange up to $1.75 billion in new senior notes for existing notes totaling $1.75 billion [1][5][13] Exchange Offer Details - The company is offering to exchange $750 million of 6.500% Senior Notes due 2029 and $1 billion of 7.125% Senior Notes due 2032 for new senior notes [1][5] - Eligible holders can receive a cash payment of $2.50 per $1,000 principal amount of existing notes for valid consents delivered by the Early Tender Date [8][9] - The total exchange consideration includes $950 or $1,000 principal amount of new Rocket Notes depending on the timing of consent receipt [9][12] Consent Solicitation - Rocket Companies is soliciting consents for proposed amendments to the indentures governing the existing notes, which include eliminating certain covenants and events of default [5][6] - A majority of the aggregate principal amount of existing notes must consent for the proposed amendments to be adopted [6][13] Timeline and Conditions - The exchange offers and consent solicitations will expire on September 2, 2025, with an early tender date of August 15, 2025 [7][10] - The consummation of the exchange offers is contingent upon receiving the necessary consents and the completion of the acquisition of Mr. Cooper [13][10] New Rocket Notes - The new Rocket Notes will have the same interest rate and maturity date as the existing notes, and will be guaranteed by Rocket Mortgage and its subsidiaries [11][12]

Core Viewpoint - Rocket Companies, Inc. is initiating tender offers to acquire outstanding senior notes from Nationstar Mortgage Holdings Inc. as part of its acquisition of Mr. Cooper Group Inc. [1][2] Tender Offers - The company is offering to purchase 5.125% Senior Notes due 2030 and 5.750% Senior Notes due 2031, with aggregate principal amounts of US$650 million and US$600 million respectively [3][4] - The tender offer consideration for both notes is set at $962.50 per $1,000 principal amount, with an early tender payment of $50, bringing the total tender offer consideration to $1,012.50 for early tenders [3][4] Consent Solicitations - The company is soliciting consents to amend the indentures governing the notes, which includes eliminating the "Change of Control" offer requirement and most restrictive covenants [2][9] - A majority of the aggregate principal amount of the notes must provide consent for the proposed amendments to be adopted [9] Timeline and Conditions - The tender offers and consent solicitations will expire on September 2, 2025, with an early tender deadline of August 15, 2025 [7][11] - The consummation of the tender offers is contingent upon receiving the requisite consents and the successful completion of the acquisition of Mr. Cooper [10]

Core Insights - Rocket Companies reported higher-than-expected adjusted revenue and non-GAAP earnings per share for Q2 2025, completing its acquisition of Redfin [1][5] - Adjusted revenue reached $1.34 billion, exceeding analyst expectations of $1.27 billion, while adjusted diluted EPS was $0.04, above the $0.03 estimate [1][2] - Profitability metrics such as GAAP net income and adjusted EBITDA declined compared to Q2 2024, indicating mixed profitability trends despite top-line growth [1][6] Financial Performance - Adjusted diluted EPS decreased from $0.06 in Q2 2024 to $0.04 in Q2 2025, a decline of 33.3% [2] - Adjusted EBITDA fell to $172 million from $225 million year-over-year, a decrease of 23.6% [2] - GAAP net income dropped significantly from $178 million in Q2 2024 to $34 million in Q2 2025, an 80.9% decline [2] Business Overview - Rocket Companies operates as a technology-driven financial services platform, primarily focused on mortgage origination and servicing [3] - The company is recognized for its digital mortgage lending business, Rocket Mortgage, and has invested heavily in technology to enhance its offerings [3][4] Strategic Developments - The acquisition of Redfin enhances Rocket's platform, providing access to approximately 50 million monthly active users and over one million listings [7][8] - The company simplified its capital structure by reducing share classes from four to two, aiming for greater flexibility in future acquisitions [10] - Rocket plans to shut down Rocket Mortgage Canada and discontinue its co-branded Visa credit card to focus on core U.S. mortgage and real estate businesses [10] Market Dynamics - Closed loan origination volume increased from $24.66 billion in Q2 2024 to $29.06 billion in Q2 2025, reflecting an 18% year-over-year growth [9] - The Direct to Consumer channel saw an 8.3% increase in sold loan volume, while the Partner Network experienced a contraction in gain-on-sale margins due to increased competition [9] Future Outlook - Management projects adjusted revenue for Q3 2025 to be between $1.60 billion and $1.75 billion, reflecting a full quarter of consolidated Redfin results [13] - Key themes for upcoming quarters include successful integration of Redfin, origination growth, and cost control amid macro risks in the housing market [14]

Core Insights - Rocket Companies reported revenue of $1.34 billion for the quarter ended June 2025, reflecting a 3% increase year-over-year and surpassing the Zacks Consensus Estimate of $1.25 billion by 6.85% [1] - The company's EPS was $0.04, down from $0.06 in the same quarter last year, but exceeded the consensus estimate of $0.03 by 33.33% [1] Revenue Breakdown - Gain on sale of loans excluding fair value of MSRs was $472.38 million, exceeding the average estimate of $437.81 million by analysts, representing a 14.4% increase year-over-year [4] - Fair value of originated MSRs was reported at $343.53 million, slightly below the estimated $421.95 million, showing a minor decline of 0.6% compared to the previous year [4] - Servicing fee income from loan servicing was $401.28 million, which was lower than the estimated $410.87 million but still showed a 13.1% increase year-over-year [4] - Change in fair value of MSRs reported at -$198.89 million, better than the estimated -$279 million, indicating a significant year-over-year improvement of 76.1% [4] - Other income was $309.34 million, surpassing the estimate of $298.67 million, marking a 14.9% increase from the previous year [4] - Net gain on sale of loans was $815.9 million, below the estimated $860.09 million, but still reflecting a 7.6% increase year-over-year [4] - Net loan servicing income was $202.39 million, significantly higher than the estimated $131.88 million, although it represented a decline of 16.3% year-over-year [4] - Net interest income was $32.62 million, exceeding the estimate of $25.06 million, with a year-over-year increase of 4.8% [4] - Interest income was reported at $123.5 million, surpassing the estimated $91.94 million, reflecting a 9.9% increase compared to the same quarter last year [4] Stock Performance - Over the past month, shares of Rocket Companies have returned +0.6%, underperforming the Zacks S&P 500 composite's +2.7% change [3] - The stock currently holds a Zacks Rank 4 (Sell), indicating potential underperformance relative to the broader market in the near term [3]

Financial Data and Key Metrics Changes - Adjusted revenue reached $1,340,000,000, exceeding the high end of guidance and achieving 9% year-over-year growth [7][32] - Net rate lock volume increased to over $28,000,000,000, a 13% increase year-over-year [32] - Adjusted EBITDA was $172,000,000, representing a 13% margin, with adjusted diluted EPS at $4 [7][32] Business Line Data and Key Metrics Changes - Home equity loan volume nearly doubled year-over-year, hitting a new record for units and volume [10][32] - Refinance volume showed strong growth quarter-over-quarter and year-over-year, particularly when the thirty-year mortgage rate dipped to 6.6% [10][32] Market Data and Key Metrics Changes - June existing home sales were 2.7% lower than May, and over 20% below pre-pandemic levels, indicating a challenging housing market [8] - Home price growth is moderating, with signs of softening prices in several major markets, suggesting a gradual shift in favor of buyers [33] Company Strategy and Development Direction - The company is focused on integrating Redfin and Mr. Cooper to enhance its homeownership platform, aiming for a simpler, faster, and more affordable experience [27][26] - The acquisition of Redfin is expected to create significant synergies, with anticipated total synergies of $200,000,000, including $140,000,000 in expenses and $60,000,000 in revenue [35][81] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the home buying season extending beyond the traditional Labor Day slowdown, supported by a strong approval letter pipeline [41][56] - The company is cautiously optimistic about the summer home buying season, with expectations for continued strong activity [41][56] Other Important Information - The company has taken steps to streamline operations, including shutting down Rocket Mortgage Canada and the Rocket Visa Signature Card program, expected to yield $80,000,000 in annualized savings [40][62] - The integration planning for Mr. Cooper is progressing well, with a target close in Q4 [26][101] Q&A Session Summary Question: Outlook for 3Q and cost run rate - Management indicated that the home buying season is expected to extend, with a guidance increase of 6% year-over-year [53][54] Question: Thoughts on Redfin integration and synergy guidance - Management expressed excitement about the integration, noting early positive results and high-quality traffic from Redfin [72][81] Question: Agent count expansion at Redfin - Management highlighted the potential for expanding the agent network through collaboration with Rocket Homes and Redfin [86][92] Question: Synergies from Mr. Cooper acquisition - Management confirmed confidence in achieving synergy targets, with ongoing progress toward closing the deal [100][102] Question: Early trends in attach rates for Redfin - Management reported positive early trends in traffic and recapture rates since the acquisition [104][105]

Financial Data and Key Metrics Changes - Adjusted revenue reached $1,340,000,000, exceeding the high end of guidance and achieving 9% year-over-year growth [7][32] - Net rate lock volume increased by 13% year-over-year, exceeding $28,000,000,000 [32] - Adjusted EBITDA was $172,000,000, representing a 13% margin, with adjusted diluted EPS at $0.04 [7][32] Business Line Data and Key Metrics Changes - Home equity loan volume nearly doubled year-over-year, hitting a new record for units and volume [11] - Refinance volume showed strong growth quarter-over-quarter and year-over-year, particularly benefiting from a brief dip in the thirty-year mortgage rate to 6.6% [11][33] Market Data and Key Metrics Changes - June existing home sales were 2.7% lower than May, and over 20% below pre-pandemic levels, indicating a challenging housing market [8] - Home price growth is moderating, with signs of softening prices in several major U.S. metro areas, suggesting a gradual market shift in favor of buyers [34] Company Strategy and Development Direction - The company is focused on integrating Redfin and Mr. Cooper to enhance its homeownership platform, aiming for a simpler, faster, and more affordable experience [27][26] - The acquisition of Redfin is expected to create significant synergies, with anticipated total synergies of $200,000,000, including $140,000,000 in expenses and $60,000,000 in revenue [36][82] Management's Comments on Operating Environment and Future Outlook - Management expressed cautious optimism for the summer home buying season, expecting it to extend beyond the traditional Labor Day slowdown [43] - The company is focused on operational efficiency and has taken steps to streamline operations, including shutting down Rocket Mortgage Canada and the Rocket Visa Signature Card program [41][42] Other Important Information - The company reported a strong capital position with $6,000,000,000 in available cash and $7,600,000,000 in mortgage servicing rights, totaling $13,600,000,000 in balance sheet value [40] - The company is building an integrated homeownership platform that leverages AI to enhance client experiences and operational efficiency [28][19] Q&A Session Summary Question: Outlook for 3Q and cost run rate - Management indicated that the home buying season is expected to extend, with a guidance increase of 6% year-over-year [54][58] Question: Thoughts on Redfin integration and synergy guidance - Management expressed excitement about the integration with Redfin, highlighting early positive results and a strong cultural fit [82][80] Question: Update on Mr. Cooper transaction and synergy expectations - Management confirmed that the Mr. Cooper transaction is on track for a Q4 close, with increasing conviction in synergy numbers [102][103] Question: Market share growth and MSR acquisitions - Management noted a significant decrease in overall transfers in the market, indicating a cautious approach to MSR acquisitions while waiting for the deal to close [110]

```markdown [Executive Summary](index=1&type=section&id=Executive%20Summary) [Q2 2025 Performance Overview](index=1&type=section&id=Q2%202025%20Performance%20Overview) Rocket Companies exceeded its Q2 2025 guidance, reporting $1.34 billion in adjusted revenue and an adjusted diluted EPS of $0.04. The quarter also marked the successful closing of the Redfin acquisition, which is already showing positive early signs in expanding the purchase funnel and increasing conversion rates - Rocket Companies exceeded the high end of its guidance with **$1.34 billion in adjusted revenue** and delivered adjusted diluted EPS of **$0.04**[2](index=2&type=chunk) - The successful closing of the Redfin transaction is a significant milestone, with early signs indicating an expanding purchase funnel and rising conversion rates[2](index=2&type=chunk) | Metric | Q2-25 | Q2-24 | | :--------------------------------- | :------ | :------ | | Adjusted Revenue (in millions) | $1,340 | $1,228 | | Adjusted Diluted EPS | $0.04 | $0.06 | | GAAP Net Income (loss) (in millions) | $34 | $178 | | GAAP Diluted (Loss) Earnings Per Share | $(0.01) | $0.01 | [Q2 2025 Financial Results](index=1&type=section&id=Q2%202025%20Financial%20Results) [Key Financial Metrics](index=1&type=section&id=Key%20Financial%20Metrics) Rocket Companies reported a net total revenue of $1.36 billion and adjusted revenue of $1.34 billion for Q2 2025. Mortgage closed loan origination volume increased by 18% year-over-year to $29.06 billion, while gain on sale margin decreased to 2.80% | Metric | Q2-25 | Q2-24 | YTD 25 | YTD 24 | | :--------------------------------- | :------ | :------ | :------- | :------- | | Mortgage closed loan origination volume | $29,056 | $24,662 | $50,640 | $44,867 | | Gain on sale margin | 2.80 % | 2.99 % | 2.84 % | 3.05 % | | Net rate lock volume | $28,429 | $25,050 | $54,545 | $47,412 | | Total revenue, net | $1,360 | $1,301 | $2,398 | $2,684 | | Adjusted revenue | $1,340 | $1,228 | $2,637 | $2,391 | | GAAP net income (loss) | $34 | $178 | $(178) | $469 | | Adjusted net income | $75 | $121 | $155 | $205 | | Adjusted EBITDA | $172 | $225 | $341 | $399 | | GAAP diluted (loss) earnings per share | $(0.01) | $0.01 | $(0.08) | $0.13 | | Adjusted diluted earnings per share | $0.04 | $0.06 | $0.08 | $0.10 | [Detailed Financial Highlights](index=3&type=section&id=Detailed%20Financial%20Highlights) In Q2 2025, Rocket Mortgage saw a 13% increase in net rate lock volume and an 18% increase in closed loan origination volume year-over-year. The gain on sale margin slightly decreased by 19 basis points. The company maintained strong liquidity of $9.1 billion and managed a servicing portfolio of $609 billion, generating significant recurring fee income - Rocket Mortgage generated **$28.4 billion in net rate lock volume**, a **13% increase** compared to Q2 2024[7](index=7&type=chunk) - Rocket Mortgage generated **$29.1 billion in closed loan origination volume**, an **18% increase** compared to Q2 2024[7](index=7&type=chunk) - Gain on sale margin was **2.80%**, a decrease of **19 bps** compared to Q2 2024[7](index=7&type=chunk) - Total liquidity stood at **$9.1 billion** as of June 30, 2025, including **$5.1 billion of cash** on the balance sheet[7](index=7&type=chunk) - The servicing portfolio unpaid principal balance was **$609 billion** (2.8 million loans) as of June 30, 2025, generating approximately **$1.6 billion of recurring servicing fee income** on an annualized basis[7](index=7&type=chunk) [Operational and Strategic Highlights](index=4&type=section&id=Operational%20and%20Strategic%20Highlights) [Product and Technology Innovations](index=4&type=section&id=Product%20and%20Technology%20Innovations) Rocket Mortgage introduced several innovations, including a fully digital refinance journey, AI-powered banker communication platform enhancements, and an agentic AI tool for reviewing earnest money deposits, saving nearly 20,000 hours annually. They also upgraded their self-serve portal for mortgage broker partners and launched a bridge loan product - Rocket Mortgage clients can now complete their refinance journey fully digitally, from application to rate lock in under **30 minutes**[8](index=8&type=chunk) - A new AI-powered banker communication platform feature boosted daily refinance client follow-ups by **20%**[8](index=8&type=chunk) - An agentic AI tool within the Rocket Logic loan origination system processes **80% of earnest money deposits**, saving nearly **20,000 hours annually**[8](index=8&type=chunk) - Upgrades to the self-serve portal for mortgage broker partners resulted in significant time savings and a nearly **20% reduction in outbound outreach**[8](index=8&type=chunk) - Rocket Mortgage launched a bridge loan product to provide homebuyers with financial flexibility to purchase a new home before selling their current one[8](index=8&type=chunk) [Partnerships and Community Initiatives](index=4&type=section&id=Partnerships%20and%20Community%20Initiatives) Rocket Companies completed an all-stock acquisition of Redfin Corporation, increasing Rocket's Class A float to 12%. They also launched Rocket Preferred Pricing, offering interest rate reductions or lender credits for clients working with Redfin agents. Community efforts included the seventh annual Rocket Classic, raising over $10 million for local charities, and a new program providing free high-speed internet to 450 Detroit families - On July 1, Rocket Companies completed an all-stock acquisition of Redfin Corporation, exchanging each Redfin share for **0.7926 shares of Rocket Companies Class A common stock**, increasing Rocket's Class A float to **12%**[8](index=8&type=chunk) - Rocket Mortgage introduced Rocket Preferred Pricing, offering clients a **one percentage point interest rate reduction** for the first year or a lender credit up to **$6,000** when financing with Rocket Mortgage and working with a Redfin agent[8](index=8&type=chunk) - The seventh annual Rocket Classic event raised over **$10 million** for local charitable organizations since 2019[11](index=11&type=chunk) - The Rocket Community Fund and Detroit Housing Commission launched a new program to provide free high-speed home internet to **450 families in Detroit** for three years, supported by an **$850,000 investment**[11](index=11&type=chunk) [Corporate Structure and Debt Management](index=5&type=section&id=Corporate%20Structure%20and%20Debt%20Management) Rocket Companies streamlined operations by shutting down Rocket Mortgage Canada and initiating the wind-down of the Rocket Visa Signature card program. The company issued $4.0 billion in senior notes to fund the pending Mr. Cooper acquisition and completed the simplification of its capital and organizational structure through the 'Up-C Collapse' - The Company shut down Rocket Mortgage Canada operations and initiated the wind-down of the Rocket Visa Signature card credit card program to streamline operations and narrow strategic focus[11](index=11&type=chunk) - Rocket Companies issued **$2.0 billion of 6.125% senior notes due 2030** and **$2.0 billion of 6.375% senior notes due 2033**, with proceeds intended for the Mr. Cooper acquisition[11](index=11&type=chunk) - The Company completed the simplification of its capital and organizational structure through the 'Up-C Collapse' on June 30, providing **one vote per share** and reducing common stock classes from four to two[11](index=11&type=chunk) [Financial Outlook](index=5&type=section&id=Financial%20Outlook) [Q3 2025 Guidance](index=5&type=section&id=Q3%202025%20Guidance) For the third quarter of 2025, Rocket Companies expects adjusted revenue to be between $1.600 billion and $1.750 billion, incorporating a full quarter of consolidated financial results from Redfin Corporation | Metric | Q3 2025 Outlook | | :------------- | :-------------- | | Adjusted Revenue | $1.600B - $1.750B | - The Q3 2025 outlook incorporates a full quarter of consolidated financial results from Redfin Corporation[10](index=10&type=chunk) [Segment Performance](index=6&type=section&id=Segment%20Performance) [Direct to Consumer](index=6&type=section&id=Direct%20to%20Consumer) The Direct to Consumer segment, which includes Rocket Mortgage's digital and mortgage banker interactions, reported $1.03 billion in total revenue and $1.01 billion in adjusted revenue for Q2 2025. Sold loan volume increased to $14.12 billion, with a gain on sale margin of 4.40% - The Direct to Consumer segment derives revenue from originating, closing, selling, and servicing predominantly agency-conforming loans, and includes title, settlement, and appraisal management services[12](index=12&type=chunk) | Metric | Q2-25 | Q2-24 | YTD 25 | YTD 24 | | :------------------------ | :------ | :------ | :------- | :------- | | Sold loan volume | $14,118 | $13,032 | $25,420 | $22,081 | | Sold loan gain on sale margin | 4.40 % | 4.14 % | 4.51 % | 4.19 % | | Total revenue, net | $1,030 | $981 | $1,788 | $2,075 | | Adjusted revenue | $1,010 | $909 | $2,027 | $1,782 | | Contribution margin | $367 | $375 | $774 | $718 | [Partner Network](index=6&type=section&id=Partner%20Network) The Partner Network segment, leveraging the Rocket Professional platform for marketing, influencer, and mortgage broker partnerships, generated $148 million in total and adjusted revenue for Q2 2025. Sold loan volume increased to $13.41 billion, though the sold loan gain on sale margin decreased to 0.90% - The Partner Network segment leverages the Rocket Professional platform for marketing and influencer relationships and mortgage broker partnerships through Rocket Pro[14](index=14&type=chunk) | Metric | Q2-25 | Q2-24 | YTD 25 | YTD 24 | | :------------------------ | :------ | :------ | :------- | :------- | | Sold loan volume | $13,411 | $11,296 | $22,615 | $19,064 | | Sold loan gain on sale margin | 0.90 % | 1.59 % | 1.10 % | 1.57 % | | Total revenue, net | $148 | $188 | $262 | $358 | | Adjusted revenue | $148 | $188 | $262 | $358 | | Contribution margin | $83 | $126 | $140 | $241 | [Balance Sheet and Liquidity](index=7&type=section&id=Balance%20Sheet%20and%20Liquidity) [Liquidity Position](index=7&type=section&id=Liquidity%20Position) As of June 30, 2025, Rocket Companies maintained a strong total liquidity position of $9.1 billion. This includes $6.0 billion in available cash and $3.1 billion in undrawn credit facilities - Total available cash was **$6.0 billion** as of June 30, 2025, comprising **$5.1 billion in cash and cash equivalents** and **$0.9 billion in corporate cash** for loan originations[16](index=16&type=chunk) - The company had access to **$1.1 billion of undrawn lines of credit** and **$2.0 billion of undrawn MSR lines of credit**, contributing to a total liquidity position of **$9.1 billion**[16](index=16&type=chunk) [Balance Sheet Highlights](index=7&type=section&id=Balance%20Sheet%20Highlights) Key balance sheet figures as of June 30, 2025, show a significant increase in cash and cash equivalents to $5.09 billion from $1.27 billion at year-end 2024. Funding facilities and other financing facilities also increased, while total equity decreased to $7.45 billion from $9.04 billion | Metric | June 30, 2025 | December 31, 2024 | | :-------------------------- | :-------------- | :---------------- | | Cash and cash equivalents | $5,091 | $1,273 | | Mortgage servicing rights, at fair value | $7,567 | $7,633 | | Funding facilities | $9,482 | $6,708 | | Other financing facilities and debt | $8,068 | $4,132 | | Total equity | $7,449 | $9,043 | [Consolidated Financial Statements](index=8&type=section&id=Consolidated%20Financial%20Statements) [Condensed Consolidated Statements of Income (Loss)](index=8&type=section&id=Condensed%20Consolidated%20Statements%20of%20Income%20(Loss)) For Q2 2025, Rocket Companies reported total revenue, net of $1.36 billion, with a GAAP net income of $34 million. However, net loss attributable to Rocket Companies was $(1.785) million, resulting in a GAAP diluted loss per share of $(0.01). Total expenses increased to $1.34 billion | Metric (in thousands) | Three Months Ended June 30, 2025 | Three Months Ended June 30, 2024 | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | | :------------------------------------------ | :------------------------------- | :------------------------------- | :----------------------------- | :----------------------------- | | Total revenue, net | $1,360,251 | $1,300,722 | $2,397,515 | $2,684,438 | | Total expenses | $1,335,989 | $1,108,680 | $2,596,356 | $2,194,026 | | Net income (loss) | $34,089 | $177,925 | $(178,357) | $468,639 | | Net (loss) income attributable to Rocket Companies | $(1,785) | $1,295 | $(12,168) | $17,510 | | Diluted (Loss) Earnings Per Share | $(0.01) | $0.01 | $(0.08) | $0.13 | [Condensed Consolidated Balance Sheets](index=9&type=section&id=Condensed%20Consolidated%20Balance%20Sheets) As of June 30, 2025, total assets increased to $30.36 billion from $24.51 billion at December 31, 2024, primarily driven by a significant rise in cash and cash equivalents and mortgage loans held for sale. Total liabilities also increased to $22.91 billion, while total equity decreased to $7.45 billion | Metric (in thousands) | June 30, 2025 | December 31, 2024 | | :------------------------------------------ | :-------------- | :---------------- | | Cash and cash equivalents | $5,090,631 | $1,272,853 | | Mortgage loans held for sale, at fair value | $11,168,691 | $9,020,176 | | Mortgage servicing rights ("MSRs"), at fair value | $7,566,632 | $7,633,371 | | Total assets | $30,360,222 | $24,510,063 | | Funding facilities | $9,481,780 | $6,708,186 | | Senior Notes, net | $8,000,225 | $4,038,926 | | Total liabilities | $22,911,294 | $15,466,683 | | Total equity | $7,448,928 | $9,043,380 | [Summary Segment Results](index=10&type=section&id=Summary%20Segment%20Results) [Q2 2025 Segment Performance](index=10&type=section&id=Q2%202025%20Segment%20Performance) For Q2 2025, the Direct to Consumer segment reported $1.01 billion in adjusted revenue and a contribution margin of $367 million. The Partner Network segment had $148 million in adjusted revenue and a contribution margin of $83 million. Overall, total segments achieved $1.16 billion in adjusted revenue and $451 million in contribution margin | Metric (in millions) | Direct to Consumer | Partner Network | Segments Total | All Other | Total | | :------------------------------------------ | :----------------- | :-------------- | :------------- | :-------- | :------ | | Total U.S. GAAP Revenue, net | $1,030 | $148 | $1,178 | $182 | $1,360 | | Adjusted revenue | $1,010 | $148 | $1,158 | $182 | $1,340 | | Contribution margin | $367 | $83 | $451 | $68 | $519 | [YTD 2025 Segment Performance](index=10&type=section&id=YTD%202025%20Segment%20Performance) Year-to-date Q2 2025, the Direct to Consumer segment generated $2.03 billion in adjusted revenue and $774 million in contribution margin. The Partner Network segment recorded $262 million in adjusted revenue and $140 million in contribution margin. Combined, total segments achieved $2.29 billion in adjusted revenue and $914 million in contribution margin | Metric (in millions) | Direct to Consumer | Partner Network | Segments Total | All Other | Total | | :------------------------------------------ | :----------------- | :-------------- | :------------- | :-------- | :------ | | Total U.S. GAAP Revenue, net | $1,788 | $262 | $2,050 | $347 | $2,398 | | Adjusted revenue | $2,027 | $262 | $2,289 | $347 | $2,637 | | Contribution margin | $774 | $140 | $914 | $108 | $1,023 | [Non-GAAP Financial Measures & Reconciliations](index=11&type=section&id=Non-GAAP%20Financial%20Measures%20%26%20Reconciliations) [Adjusted Revenue Reconciliation](index=11&type=section&id=Adjusted%20Revenue%20Reconciliation) Adjusted revenue is derived by excluding the non-cash change in fair value of MSRs due to valuation assumptions (net of hedges) from total revenue, net. For Q2 2025, this adjustment was $(20) million, leading to an adjusted revenue of $1.34 billion | Metric (in millions) | Three Months Ended June 30, 2025 | Three Months Ended June 30, 2024 | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | | :------------------------------------------ | :------------------------------- | :------------------------------- | :----------------------------- | :----------------------------- | | Total revenue, net | $1,360 | $1,301 | $2,398 | $2,684 | | Change in fair value of MSRs due to valuation assumptions (net of hedges) | $(20) | $(73) | $239 | $(293) | | Adjusted revenue | $1,340 | $1,228 | $2,637 | $2,391 | [Adjusted Net Income Reconciliation](index=11&type=section&id=Adjusted%20Net%20Income%20Reconciliation) Adjusted net income for Q2 2025 was $75 million, reconciled from a net loss attributable to Rocket Companies of $(2) million. Key adjustments include pro forma conversion of Class D shares, share-based compensation, MSR valuation changes, and acquisition-related expenses | Metric (in millions) | Three Months Ended June 30, 2025 | Three Months Ended June 30, 2024 | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | | :------------------------------------------ | :------------------------------- | :------------------------------- | :----------------------------- | :----------------------------- | | Net (loss) income attributable to Rocket Companies | $(2) | $1 | $(12) | $18 | | Net income (loss) impact from pro forma conversion of Class D common shares to Class A common shares | $36 | $177 | $(166) | $452 | | Share-based compensation expense | $52 | $39 | $92 | $70 | | Change in fair value of MSRs due to valuation assumptions (net of hedges) | $(20) | $(73) | $239 | $(293) | | Acquisition-related expenses | $35 | — | $63 | — | | Adjusted net income | $75 | $121 | $155 | $205 | [Adjusted Diluted Weighted Average Shares Outstanding Reconciliation](index=12&type=section&id=Adjusted%20Diluted%20Weighted%20Average%20Shares%20Outstanding%20Reconciliation) The adjusted diluted weighted average shares outstanding for Q2 2025 was 2,000,000,231, calculated by adding the assumed pro forma conversion of anti-dilutive Class D shares to the diluted weighted average Participating Common Stock outstanding. This resulted in an adjusted diluted EPS of $0.04 | Metric | Three Months Ended June 30, 2025 | Three Months Ended June 30, 2024 | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | | :------------------------------------------ | :------------------------------- | :------------------------------- | :----------------------------- | :----------------------------- | | Diluted weighted average Participating Common Stock outstanding | 171,438,105 | 139,647,845 | 159,643,228 | 138,319,794 | | Assumed pro forma conversion of Class D shares | 1,828,562,126 | 1,848,879,483 | 1,838,664,679 | 1,848,879,483 | | Adjusted diluted weighted average shares outstanding | 2,000,000,231 | 1,988,527,328 | 1,998,307,907 | 1,987,199,277 | | Adjusted diluted earnings per share | $0.04 | $0.06 | $0.08 | $0.10 | [Adjusted EBITDA Reconciliation](index=12&type=section&id=Adjusted%20EBITDA%20Reconciliation) Adjusted EBITDA for Q2 2025 was $172 million, reconciled from a net income of $34 million. Key adjustments include adding back interest and amortization expense on non-funding debt, income taxes, depreciation and amortization, share-based compensation, and acquisition-related expenses, while adjusting for MSR valuation changes | Metric (in millions) | Three Months Ended June 30, 2025 | Three Months Ended June 30, 2024 | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | | :------------------------------------------ | :------------------------------- | :------------------------------- | :----------------------------- | :----------------------------- | | Net income (loss) | $34 | $178 | $(178) | $469 | | Interest and amortization expense on non funding debt | $45 | $38 | $84 | $77 | | (Benefit from) provision for income taxes | $(10) | $14 | $(20) | $22 | | Depreciation and amortization | $28 | $28 | $54 | $55 | | Share-based compensation expense | $52 | $39 | $92 | $70 | | Change in fair value of MSRs due to valuation assumptions (net of hedges) | $(20) | $(73) | $239 | $(293) | | Acquisition-related expenses | $35 | — | $63 | — | | Adjusted EBITDA | $172 | $225 | $341 | $399 | [Non-GAAP Measures Explanation](index=14&type=section&id=Non-GAAP%20Measures%20Explanation) Rocket Companies uses non-GAAP financial measures like Adjusted revenue, Adjusted net income, Adjusted diluted earnings per share, and Adjusted EBITDA to provide investors with additional insights into its operating performance. These measures exclude certain non-cash or non-recurring items, such as changes in MSR fair value and acquisition-related expenses, to offer a clearer view of core business trends, though they should not replace GAAP measures - Non-GAAP financial measures (Adjusted revenue, Adjusted net income, Adjusted diluted EPS, Adjusted EBITDA) are used to provide useful information to investors for analyzing and benchmarking business performance[38](index=38&type=chunk) - Adjusted revenue excludes the change in fair value of MSRs due to valuation assumptions (net of hedges), as this is a non-cash, non-realized adjustment not indicative of operational performance[39](index=39&type=chunk)[40](index=40&type=chunk) - Adjusted net income adjusts for share-based compensation, MSR valuation changes, acquisition-related expenses, and tax impacts to reflect core profitability[39](index=39&type=chunk) - Adjusted EBITDA excludes non-funding debt interest, taxes, depreciation, amortization, share-based compensation, MSR valuation changes, and acquisition-related expenses to show operational profitability before capital structure and non-core items[39](index=39&type=chunk) - These non-GAAP measures have limitations and should not be considered in isolation or as a substitute for GAAP results, as they do not include all material costs necessary to operate the business[43](index=43&type=chunk) [Company Information](index=15&type=section&id=Company%20Information) [About Rocket Companies](index=15&type=section&id=About%20Rocket%20Companies) Founded in 1985, Rocket Companies (NYSE: RKT) is a Detroit-based fintech platform encompassing mortgage, real estate, and personal finance businesses, including Rocket Mortgage and Redfin. With extensive data and a mission to 'Help Everyone Home,' the company aims to be the destination for AI-fueled homeownership, consistently ranking 1 in client satisfaction for mortgage services by J.D. Power - Rocket Companies (NYSE: RKT) is a Detroit-based fintech platform founded in 1985, including mortgage, real estate, and personal finance businesses like Rocket Mortgage, Redfin, Rocket Homes, Rocket Close, Rocket Money, and Rocket Loans[47](index=47&type=chunk) - The company is positioned to be the destination for AI-fueled homeownership, leveraging insights from over **65 million client calls** and **14 petabytes of data**[48](index=48&type=chunk) - Rocket Mortgage has been ranked **1 in client satisfaction for mortgage servicing by J.D. Power** for the 11th time, and a total of 23 times for primary mortgage origination and servicing[8](index=8&type=chunk)[48](index=48&type=chunk) [Forward-Looking Statements](index=15&type=section&id=Forward-Looking%20Statements) This document contains forward-looking statements subject to risks and uncertainties, including those detailed in the company's Form 10-K and other SEC filings. Rocket Companies disclaims any obligation to publicly update or review these statements, except as required by law - Statements in this document that are not historical facts are forward-looking statements, reflecting views on future events as of the document date[46](index=46&type=chunk) - These statements are subject to risks and uncertainties, including those described in the 'Risk Factors' section of the Annual Report on Form 10-K and other SEC filings[46](index=46&type=chunk) - The company expressly disclaims any obligation to publicly update or review forward-looking statements, except as required by applicable law[46](index=46&type=chunk) [Investor Relations](index=16&type=section&id=Investor%20Relations) Contact information for investor and media inquiries is provided for Sharon Ng (Investor Relations) and Aaron Emerson (Media Contact) - Investor Relations Contact: Sharon Ng, ir@rocket.com, (313) 769-2058[50](index=50&type=chunk) - Media Contact: Aaron Emerson, aaronemerson@rocket.com, (313) 373-3035[50](index=50&type=chunk) ```

Company Overview - Rocket Companies has facilitated over $1.9 trillion in total transaction volume and has served 10 million clients[15] - Rocket Mortgage is the 1 mortgage lender in America[15] Market Opportunity - The total addressable homeownership market is estimated at $29 trillion[20] - The mortgage origination market is valued at $2 trillion[22] - The homebuying market, including mortgage, real estate, title, and homeowner's insurance, is estimated at $5 trillion[22] - 50% of renters are "rent burdened"[25] - 92% of Americans believe homeownership is an essential part of the American dream[25] Financial Performance - Rocket Companies reported adjusted revenue of $1.340 billion for Q2 2025[87] - Adjusted EBITDA for Q2 2025 was $172 million[87] - The company's servicing portfolio includes $609 billion in serviced UPB (unpaid principal balance) and 2.8 million loans serviced[94] - Recurring servicing fee income is $1.6 billion[94] - The MSR (Mortgage Servicing Rights) fair value is $7.6 billion[94]