Rocket Companies, Inc. (RKT) · Quarterly Report (10-Q) SEC Filing

PART I. FINANCIAL INFORMATION Item 1. Financial Statements Rocket Companies, Inc. Condensed Consolidated Balance Sheets ($ In Millions, Except Share and Per Share Amounts) June 30, 2026December 31, 2025 Assets(Unaudited) Cash and cash equivalents$3,103 $2,696 Mortgage loans held for sale, at fair value15,548 15,471 Derivative assets, at fair value490 360 Mortgage servicing rights, at fair value18,905 19,442 Advance receivables, net of reserves and discount of $135 and $120, respectively 1,542 2,040 Property and equipment, net of accumulated depreciation of $757 and $695, respectively 277 260 Loans subject to repurchase right from Ginnie Mae5,768 5,125 Intangible assets, net of accumulated amortization1,995 2,224 Goodwill10,611 10,611 Other assets2,738 2,456 Total assets$60,977 $60,685 Liabilities and equity Liabilities Secured financing$16,639 $17,936 Unsecured financing, net10,772 10,423 Derivative liabilities, at fair value85 145 Loans subject to repurchase right from Ginnie Mae5,768 5,125 Accounts payable and other liabilities4,167 4,158 Total liabilities$37,431 $37,787 Equity Preferred stock, $0.00001 par value - 500,000,000 shares authorized as of June 30, 2026 and December 31, 2025, none issued and outstanding as of June 30, 2026 and December 31, 2025. $ $ Class A common stock, $0.00001 par value - 10,000,000,000 shares authorized as of June 30, 2026 and December 31, 2025, 981,617,910 and 969,277,991 shares issued and outstanding as of June 30, 2026 and December 31, 2025, respectively. Class L common stock, $0.00001 par value - 6,000,000,000 shares authorized as of June 30, 2026 and December 31, 2025, 1,848,879,455 shares issued and outstanding as of June 30, 2026 and December 31, 2025. Additional paid-in capital22,894 22,774 Retained earnings651 124 Non-controlling interest1 Total equity23,546 22,898 Total liabilities and equity$60,977 $60,685 See accompanying Notes to the Unaudited Condensed Consolidated Financial Statements. 5 Rocket Companies, Inc. Condensed Consolidated Statements of Income (Loss) and Comprehensive Income (Loss) ($ In Millions, Except Share and Per Share Amounts) (Unaudited) Three Months Ended June 30,Six Months Ended June 30, 2026202520262025 Revenue Gain on sale of loans Gain on sale of loans excluding fair value of originated MSRs, net$446 $473 $1,134 $980 Fair value of originated MSRs759 343 1,447 608 Gain on sale of loans, net1,205 816 2,581 1,588 Loan servicing income Servicing fee income1,066 401 2,149 802 Change in fair value of MSRs, net(616)(199)(1,101)(648) Loan servicing income, net450 202 1,048 154 Interest income583 237 1,090 438 Other income546 196 1,006 373 Total revenue, net2,784 1,451 5,725 2,553 Expenses Salaries, commissions and team member benefits1,050 623 2,129 1,233 General and administrative expenses568 287 1,103 548 Marketing and advertising expenses291 276 636 552 Interest expense374 155 723 264 Depreciation and amortization145 27 291 54 Other expenses75 59 162 100 Total expenses2,503 1,427 5,044 2,751 Income (loss) before income taxes281 24 681 (198) (Provision for) benefit from income taxes(52)10 (155)20 Net income (loss)229 34 526 (178) Net loss (income) attributable to non-controlling interest1 (36)1 166 Net income (loss) attributable to Rocket Companies$230 $(2)$527 $(12) Earnings (loss) per share of Participating Common Stock Basic$0.08 $(0.01)$0.19 $(0.08) Diluted$0.08 $(0.01)$0.19 $(0.08) Weighted average shares outstanding Basic2,836,345,108 171,438,105 2,832,422,032 159,643,228 Diluted2,843,538,118 171,438,105 2,843,996,649 159,643,228 Comprehensive income (loss) Net income (loss)$229 $34 $526 $(178) Cumulative translation adjustment 1 1 229 35 526 (177) Comprehensive loss (income) attributable to non-controlling interest1 (37)1 165 Comprehensive income (loss) attributable to Rocket Companies$230 $(2)$527 $(12) See accompanying Notes to the Unaudited Condensed Consolidated Financial Statements. 6 Rocket Companies, Inc. Condensed Consolidated Statements of Changes in Equity ($ In Millions) (Unaudited) Class A Common Stock SharesClass D Common Stock SharesClass L Common Stock SharesAdditional Paid-in CapitalRetained EarningsTotal Non-controlling InterestTotal Equity Balance, December 31, 2024146,028,193 1,848,879,483 $389 $313 $8,341 $9,043 Net loss (10)(202)(212) Share-based compensation, net3,243,276 3 35 38 Distributions to unit holders (members) from subsidiary investment, net (113)(113) Special Dividends to Class A Shareholders, net of forfeitures (123)(22)(145) Taxes withheld on team members' restricted share award vesting (2) (26)(28) Issuance of Class A common stock upon exercise of stock options40,000 Issuance of Class A common stock under share-based compensation plans839,012 1 8 9 Change in controlling interest of investment, net 13 (21)(8) Balance, March 31, 2025150,150,481 1,848,879,483 $404 $180 $8,000 $8,584 Net income (loss) (2)36 34 Cumulative translation adjustment 1 1 Share-based compensation, net586,990 4 45 49 Taxes withheld on team members' restricted share award vesting (1) (4)(5) Issuance of Class A common stock under share-based compensation plans775,879 1 9 10 Change in controlling interest of investment, net (1,848,879,483)1,848,879,455 6,863 (8,087)(1,224) Balance, June 30, 2025151,513,350 1,848,879,455 $7,271 $178 $ $7,449 Class D Common Stock SharesClass L Common Stock SharesAdditional Paid-in CapitalRetained EarningsTotal Non-controlling InterestTotal Equity Balance, December 31, 2025969,277,991 1,848,879,455 $22,774 $124 $ $22,898 Net income 297 297 Share-based compensation, net8,281,368 101 101 Taxes withheld on team members' restricted share award vesting (88) (88) Issuance of Class A common stock upon exercise of stock options623,015 10 10 Issuance of Class A common stock under share-based compensation plans522,479 12 12 Balance, March 31, 2026978,704,853 1,848,879,455 $22,809 $421 $ $23,230 Net income (loss) 230 (1)229 1,783,176 80 80 (17) (17) Issuance of Class A common stock upon exercise of stock options13,117 Issuance of Class A common stock under share-based compensation plans1,116,764 17 17 Change in controlling interest of investment, net 5 2 7 Balance, June 30, 2026981,617,910 1,848,879,455 $22,894 $651 $1 $23,546 20262025 Operating activities Net income (loss)$526 $(178) Adjustments to reconcile Net income (loss) to Net cash provided by (used in) operating activities: Depreciation and amortization 291 54 Provision for (benefit from) deferred income taxes156 (23) Fair value of originated MSRs(1,447)(608) Change in fair value of MSRs, net 872 687 Gain on sale of loans excluding fair value of originated MSRs, net(1,134)(980) Disbursements of mortgage loans held for sale(93,228)(50,012) Proceeds from sale of mortgage loans held for sale94,028 48,759 Disbursements of non-mortgage loans held for sale(977)(298) Proceeds from sale of non-mortgage loans held for sale 901 86 Share-based compensation expense177 90 Other operating activities257 (23) Change in assets and liabilities Advance receivables, net497 102 Other assets(63)(425) Accounts payable(172)97 Other liabilities(39)24 Total adjustments119 (2,470) Net cash provided by (used in) operating activities$645 $(2,648) Investing activities $1,371 $208 Net purchase of MSRs(348)(234) Purchase of property and equipment, net of disposals (77)(30) Other investing activities(52)1 Net cash provided by (used in) investing activities$894 $(55) Financing activities Net (payments) borrowings on secured financing$(1,297)$2,748 Borrowings on Senior Notes1,500 4,000 Repayments of Senior Notes(1,150) Payment of debt issuance costs(13)(30) Net payments on notes payable from unconsolidated affiliates (29) (Payments to) proceeds from consolidated CFE, net (50)90 Stock issuance, net 34 17 Taxes withheld on team members' restricted share award vesting(105)(33) Contributions from (distributions to) other unit holders (members of Holdings)4 (237) Net cash (used in) provided by financing activities$(1,077)$6,526 Effects of exchange rate changes on Cash and cash equivalents 1 Net increase in Cash and cash equivalents and restricted cash462 3,824 Cash and cash equivalents and restricted cash, beginning of period 2,934 1,289 Cash and cash equivalents and restricted cash, end of period $3,396 $5,113 Supplemental Disclosures of Non-cash Investing Activities Purchase of mortgage servicing rights holdback$27 $21 Sale of mortgage servicing rights holdback$85 $15 20262025 Cash and cash equivalents$3,103 $5,091 Restricted cash293 22 Total cash, cash equivalents and restricted cash, end of period in the Condensed Consolidated Statements of Cash Flows $3,396 $5,113 Revenue Recognition Gain on sale of loans, net consists of the following: Gain on sale of loans excluding fair value of originated MSRs, net includes all components related to the origination and sale of mortgage loans accounted for as sales under ASC 860, Transfers and Servicing, including (1) net gain on sale of loans, which represents the premium we receive in excess of the loan principal amount and certain fees charged by investors upon sale of loans into the secondary market, (2) loan origination fees (credits), points and certain costs, (3) provision for or benefit from investor reserves, (4) unrealized change in fair value of the Pipeline, and (5) realized and unrealized change in fair value of Pipeline hedges. An estimate of the gains and/or losses is recognized at the time an IRLC is issued, net of a pull-through factor. Subsequent changes in the fair value of IRLCs and MLHFS are recognized in current period earnings. Fair value of originated MSRs represents the capitalization of originated MSRs at fair value upon sale of loans on a servicing-retained basis. MSR assets are created at the time MLHFS are securitized and sold to investors for cash, while the Company retains the right to service the loan. Loan servicing income, net consists of the following: Servicing fee income includes contractual servicing fees, late charges, prepayment penalties and other ancillary fees and such fees are recorded as income as earned upon collection of payments from borrowers. The Company also acts as a subservicer for certain parties that own the underlying servicing rights for loans and receives subservicing fees, which are generally a stated monthly fee per loan that varies based upon loan type and loan status. Subservicing fees are accrued in the period that services are performed. Change in fair value of MSRs, net includes adjustments for the fair value measurement of MSRs and related liabilities and derivative financial instruments economically hedging the MSR portfolio. Refer to Note 4, Mortgage Servicing Rights and Related Liabilities for information related to the gain/loss on changes in the fair value of MSRs and related liabilities. Refer to Note 10, Derivative Financial Instruments for further information on the derivative financial instruments gain/loss. 11 Rocket Companies, Inc. Notes to Unaudited Condensed Consolidated Financial Statements (Continued) ($ in Millions, Except Per Share Amounts or Unless Otherwise Noted) Interest income includes revenue generated from deposit income earned on cash deposits, including custodial deposits associated with the servicing portfolio, as well as interest earned on MLHFS and non-mortgage loans held for sale primarily for the period from origination to sale. Interest income is accrued and credited to income daily based on the UPB outstanding and recorded as earned. The accrual of Interest income is generally discontinued when a loan becomes 90 days past due. Loans return to accrual status when the principal and interest become current and it is probable that the amounts are fully collectible. For individual loans that have been modified, a period of six timely payments is required before the loan is returned to an accrual basis. Other income includes revenue earned from Rocket Close (title, closing and appraisal fees), Rocket Money (subscription revenue and other service-based fees), Real estate services revenue (commission-based brokerage revenue and real estate network referral fees) and Other (additional subsidiary and miscellaneous revenue). The following significant revenue streams fall within the scope of ASC 606, Revenue from Contracts with Customers and are disaggregated hereunder. The remaining revenue streams within the scope of ASC 606 are immaterial, both individually and in aggregate. Rocket Money subscription revenue The Company recognizes subscription revenue ratably over the contract term beginning on the commencement date of each contract. We have determined that subscriptions represent a stand-ready obligation to perform over the subscription term. These performance obligations are satisfied over time as the customer simultaneously receives and consumes the benefits. Contracts are one month to one year in length. Subscription revenues were $107 and $86 for the three months ended June 30, 2026 and 2025, respectively and $210 and $171 for the six months ended June 30, 2026 and 2025, respectively. Rocket Close closing fee revenue The Company recognizes closing fees for nonrecurring services provided in connection with the origination of the loan. These fees are recognized at the time of loan closing for purchase transactions or at the end of a client's three-day rescission period for refinance transactions, which represents the point in time the loan closing services performance obligation is satisfied. The consideration received for closing services is a fixed fee per loan that varies by state and loan type. Closing fees were $51 and $32 for the three months ended June 30, 2026 and 2025, respectively and $100 and $56 for the six months ended June 30, 2026 and 2025, respectively. Rocket Close appraisal revenue The Company recognizes appraisal revenue when the appraisal service is completed. The Company may choose to deliver appraisal services directly to its client or subcontract such services to a third-party licensed and/or certified appraiser. In instances where the Company performs the appraisal, revenue is recognized as the gross amount of consideration received at a fixed price per appraisal. The Company is an agent in instances where a third-party appraiser is involved in the delivery of appraisal services and revenue is recognized net of third-party appraisal expenses. Appraisal revenue was $11 and $10 for the three months ended June 30, 2026 and 2025, respectively and $22 and $19 for the six months ended June 30, 2026 and 2025, respectively. Real estate brokerage services revenue Brokerage revenue includes our offer and listing services, where our lead agents represent homebuyers and home sellers. We recognize commission-based brokerage revenue upon closing of a brokerage transaction, less the amount of any commission refunds, closing-cost reductions, or promotional offers that may result in a material right under ASC 606. Brokerage revenue is affected by the number of brokerage transactions we close, the mix of brokerage transactions, home-sale prices, commission rates, and the amount we give to customers. Brokerage revenue was $197 and zero for the three months ended June 30, 2026 and 2025, respectively and $335 and zero for the six months ended June 30, 2026 and 2025, respectively. Real estate referral services revenue The Company recognizes referral services revenue based on arrangements with partner agencies contingent on the closing of a transaction. As this revenue stream is variable, and is contingent on the successful transaction close, the revenue is constrained until the occurrence of the transaction. At this point, the constraint on recognizing revenue is deemed to have been lifted and revenue is recognized for the consideration expected to be received. Referral services revenue was $12 and $15 for the three months ended June 30, 2026 and 2025, respectively and $21 and $25 for the six months ended June 30, 2026 and 2025, respectively. 12 Rocket Companies, Inc. Notes to Unaudited Condensed Consolidated Financial Statements (Continued) ($ in Millions, Except Per Share Amounts or Unless Otherwise Noted) Real estate exchange revenue Exchange revenue includes fees earned on a proprietary digital exchange for selling foreclosed, real estate owned, and seller-owned property. Revenue is recognized upon transfer of control of promised goods or services to customers in an amount that reflects the consideration expected to be received in exchange for those products. Exchange revenue was $18 and zero for the three months ended June 30, 2026 and 2025, respectively and $33 and zero for the six months ended June 30, 2026 and 2025, respectively. Zillow Partnership revenue As part of the acquisition of Redfin, the Company has an arrangement with Zillow, Inc. and recognizes revenue from a Content License Agreement and Partnership Agreement, which were combined for accounting purposes. The combined contract contains a single integrated performance obligation to provide content license and lead generation services to Zillow. The $100 upfront payment received by Redfin under the Partnership Agreement was recognized as deferred revenue initially and the Company recognizes revenue on a straight-line basis over the remaining contract term after the acquisition date of Redfin, which approximates the pattern of satisfaction of our performance obligation. The variable consideration related to the per-lead fees will be recognized over time based on the actual number of leads generated and the Company does not believe that it is probable that a significant reversal will occur. Total revenue from these Zillow agreements was $50 and zero for the three months ended June 30, 2026 and 2025, respectively and $92 and zero for the six months ended June 30, 2026 and 2025, respectively. Variable Interest Entities The Company consolidates VIEs in which it is the primary beneficiary. The Company s consolidated VIEs relate to asset-backed financing arrangements and a CFE. Both types of VIEs are consolidated under ASC 810, Consolidation, as the Company has the power to direct the activities that most significantly impact each entity s economic performance and has the obligation to absorb losses or the right to receive benefits that could be significant. The key distinction between the two categories relates to the nature of the underlying assets, the financing structure, and the applicable accounting election. Asset-Backed Financing Arrangements In the normal course of business, the Company enters into asset-backed financing arrangements with SPEs, which primarily consist of limited liability companies and trusts established for a limited purpose. Through these arrangements, the Company transfers financial assets, including MLHFS, MSRs, advance receivables and non-mortgage loans held for sale, to SPEs in exchange for cash under the terms of its facility or financing agreements. The Company evaluated and concluded that the SPEs meet the criteria as a VIE and the Company is the primary beneficiary. These SPEs obtain financing through the issuance of debt or repurchase arrangements supported by collections on the underlying financial assets. Holders of the debt issued by these entities can look only to the assets of the entities themselves for satisfaction of the debt and have limited to no recourse against the Company. Consolidation of the Collateralized Financing Entity In the normal course of business, the Company transfers financial assets to a trust that qualifies as a CFE. Unlike the asset-backed financing arrangements described above, the Company has elected to apply the CFE measurement alternative under ASC 810 to this entity. A CFE is a VIE that holds financial assets, issues beneficial interests in those assets and has no more than nominal equity. The related assets are not available for general use by the Company and creditors have no recourse to the Company for the related liabilities. Under the CFE election, the Company measures both the financial assets and the financial liabilities of the entity using the more observable of the two, which the Company has determined to be the fair value of the financial assets. Nonconsolidated Variable Interest Entities In the normal course of business, the Company transfers financial assets to certain entities where the Company holds a variable interest. Accordingly, the Company has evaluated and concluded that such entities are VIEs; however, the Company is not the primary beneficiary. The Company primarily holds variable interests through either beneficial interests in securitization trusts (accounted for as investment securities) or ownership interests (accounted for as equity investments) and has continuing involvement through servicing or subservicing. The assets of the VIEs are not available for general use by the Company and creditors have no recourse to the Company for the related liabilities. The underlying performance of the transferred financial assets impacts the fair value of such transferred assets and ultimately the financial performance of the VIEs. 13 Rocket Companies, Inc. Notes to Unaudited Condensed Consolidated Financial Statements (Continued) ($ in Millions, Except Per Share Amounts or Unless Otherwise Noted) Non-Controlling Interest During the second quarter of 2026, the Company sold a non-controlling interest in Roosevelt, an investment management firm that was previously a wholly-owned subsidiary of Rocket Companies, to a third-party. As of June 30, 2026, the Company held 75.1% of Roosevelt, with a third-party holding the remaining 24.9%; accordingly, this is recognized as a non-controlling interest within our Condensed Consolidated Financial Statements. Accounting Standards Issued but Not Yet Adopted In November 2024, the FASB issued ASU 2024-03: Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosure (Subtopic 220-40) Disaggregation of Income Statement Expenses. The new guidance requires companies to disclose information about specific expenses at each interim and annual reporting period. The guidance is effective for fiscal years beginning after December 15, 2026 and interim periods with fiscal years beginning after December 15, 2027. The Company is in the process of evaluating the requirements of the update, which may result in expanded disclosures upon adoption. In September 2025, the FASB issued ASU 2025-06: Intangibles - Goodwill and Other - Internal-Use Software (Subtopic 350-40). The new guidance updates the requirements for capitalizing software costs. The guidance is effective for fiscal years beginning after December 15, 2027. The Company is in the process of evaluating the requirements of the update, which is expected to result in changes to the Company's policy for capitalizing software costs. 2. Acquisitions During 2025, the Company completed two strategic acquisitions intended to expand and integrate its residential real estate and mortgage capabilities across the homeownership lifecycle. The acquisitions of Redfin and Mr. Cooper enhance the Company s homeownership ecosystem by combining Redfin s home search portal and digital real estate brokerage and Mr. Cooper s mortgage servicing operations and the Company s mortgage financing operations. Redfin Acquisition Effective July 1, 2025, the Company acquired 100% of the outstanding shares of Redfin, in an all-stock transaction. The Company included the financial results of Redfin in its Condensed Consolidated Financial Statements from the date of acquisition. The acquisition-date fair value of the consideration transferred for the Redfin Acquisition was approximately $1,742. The consideration transferred consisted of (i) $1,466 attributable to Rocket Class A common stock issued to Redfin stockholders, (ii) $24 related to converted Redfin equity awards attributable to pre-combination service, and (iii) $252 in cash paid to settle Redfin s outstanding term loan principal, accrued interest, and prepayment premium. The Company has applied the acquisition method of accounting in accordance with ASC 805, Business Combinations and recognized assets acquired and liabilities assumed at their fair value as of the date of acquisition with the excess of consideration transferred over the fair value of net assets acquired recorded as goodwill. During the quarter ended June 30, 2026, the Company finalized the purchase price allocation for the Redfin Acquisition. No measurement-period adjustments were recorded, and there were no changes to the amounts previously disclosed. 14 Rocket Companies, Inc. Notes to Unaudited Condensed Consolidated Financial Statements (Continued) ($ in Millions, Except Per Share Amounts or Unless Otherwise Noted) The following table summarizes the purchase price allocation to our Condensed Consolidated Balance Sheets as of the acquisition date: Fair Value Assets acquired Cash and cash equivalents$173 Mortgage loans held for sale165 Derivative assets5 MSRs2 Property and equipment12 Intangible assets881 Other assets223 Total assets acquired$1,461 Liabilities assumed Secured financing$158 Unsecured financing526 Derivative liabilities2 Accounts payable and Other liabilities266 Total liabilities assumed$952 Net identifiable assets acquired$509 Goodwill1,233 Total consideration transferred$1,742 The resulting goodwill is primarily attributed to the assembled workforce, synergies from integrating Redfin s brokerage and home search platform with Rocket s mortgage and real estate ecosystem, and opportunities for future market expansion. Goodwill generated as a result of the Redfin Acquisition is not deductible for tax purposes. Identifiable Intangible Assets Acquired The following table sets forth the components of identifiable intangible assets acquired and their estimated useful lives as of the acquisition date: Fair ValueUseful Life Developed technology and other$356 4 years Trade name350 5 years Customer relationships175 4 - 6 years Intangible assets acquired$881 Mr. Cooper Acquisition Effective October 1, 2025, the Company acquired 100% of the outstanding shares of Mr. Cooper Group, the country's largest residential mortgage servicer headquartered in Coppell, Texas and incorporated in Delaware, in an all-stock transaction. The Company included the financial results of Mr. Cooper in its Condensed Consolidated Financial Statements from the date of acquisition. The acquisition-date fair value of the consideration transferred for the acquisition of Mr. Cooper was approximately $16,973. The consideration transferred consisted of (i) $13,667 attributable to Rocket Class A common stock issued to Mr. Cooper stockholders, (ii) $193 related to converted Mr. Cooper equity awards attributable to pre-combination service, and (iii) $3,113 of cash paid to settle Mr. Cooper s outstanding unsecured senior notes, accrued interest, and other related fees. 15 Rocket Companies, Inc. Notes to Unaudited Condensed Consolidated Financial Statements (Continued) ($ in Millions, Except Per Share Amounts or Unless Otherwise Noted) The Company has applied the acquisition method of accounting in accordance with ASC 805, Business Combinations and recognized assets acquired and liabilities assumed at their fair value as of the date of acquisition with the excess of consideration transferred over the fair value of net assets acquired recorded as goodwill. The tax-related liabilities and other contingencies are preliminary and subject to change as additional information becomes available and certain tax matters are finalized. Additional information that existed as of the acquisition date but at the time was unknown to the Company may become known to the Company during the remainder of the measurement period, a period not to exceed 12 months from the acquisition date, which may result in adjustments to the preliminary amounts recognized. The following table summarizes the preliminary purchase price allocation to our Condensed Consolidated Balance Sheets as of the acquisition date: Fair Value Assets acquired Cash and cash equivalents$684 Mortgage loans held for sale2,720 Derivative assets116 MSRs11,604 Advance receivables, net1,043 Property and equipment50 Loans subject to repurchase right from Ginnie Mae1,423 Intangible assets1,438 Other assets800 Total assets acquired$19,878 Liabilities assumed Secured financing$6,461 Unsecured financing1,956 Derivative liabilities71 Loans subject to repurchase right from Ginnie Mae1,423 Accounts payable and Other liabilities1,245 Total liabilities assumed$11,156 Net identifiable assets acquired$8,722 Goodwill8,251 Total consideration transferred$16,973 The resulting goodwill is primarily attributed to the assembled workforce, anticipated synergies from integrating Mr. Cooper s loan servicing and mortgage origination operations with Rocket s mortgage and real estate ecosystem, and opportunities for future market expansion. Goodwill generated as a result of the Mr. Cooper Acquisition is not expected to be deductible for tax purposes. Identifiable Intangible Assets Acquired The following table sets forth the components of identifiable intangible assets acquired and their estimated useful lives as of the acquisition date: Fair ValueUseful Life Customer relationships$1,175 7 years Developed technology250 3 years Trade name13 0.25 years Intangible assets acquired$1,438 16 Rocket Companies, Inc. Notes to Unaudited Condensed Consolidated Financial Statements (Continued) ($ in Millions, Except Per Share Amounts or Unless Otherwise Noted) Unaudited Pro Forma Financial Information Total revenue, net and Net income (loss) since the acquisition dates of Redfin and Mr. Cooper were not provided as it is impracticable for the Company to distinguish legacy Redfin and Mr. Cooper information due to the ongoing integration and system conversion efforts. The following unaudited pro forma financial information summarizes the combined results of operations for Rocket, Redfin, and Mr. Cooper, as if the Acquisitions had both been consummated on January 1, 2024. The unaudited pro forma financial information was as follows: Three Months Ended June 30, 2025 Six Months Ended June 30, 2025 (Unaudited) Total revenue, net $2,564 $4,645 Net income (loss)$151 $(73) The unaudited pro forma financial information presented is for informational purposes only and is not necessarily indicative of the results of operations that would have been achieved if the Acquisitions were both consummated on January 1, 2024, and is not indicative of future operating results. The unaudited pro forma information for all periods presented includes the following adjustments, where applicable, for business combination accounting effects resulting from the Acquisitions: (i) incremental amortization of acquisition-related intangibles and reversal of contract asset amortization, (ii) net share-based compensation expense from Rocket replacement equity awards, (iii) Interest and amortization expense on non-funding debt related to the assumed notes from the Acquisitions and the refinancing of certain historical Mr. Cooper notes with new Rocket notes, and (iv) the related tax effects. The significant nonrecurring adjustments reflected in the unaudited pro forma consolidated information above include the impact of transaction costs of $74, the third party fees related to the Mr. Cooper notes assumed by Rocket Companies of $15, and the one-time discretionary payments of $10 made to certain former Redfin employees, all of which have been recognized as if incurred on the assumed acquisition date of January 1, 2024. 17 Rocket Companies, Inc. Notes to Unaudited Condensed Consolidated Financial Statements (Continued) ($ in Millions, Except Per Share Amounts or Unless Otherwise Noted) 3. Fair Value Measurements Fair value is the price that would be received if an asset were sold or the price that would be paid to transfer a liability in an orderly transaction between willing market participants at the measurement date. Required disclosures include classification of fair value measurements within a three-level hierarchy (Level 1, Level 2 and Level 3). Classification of a fair value measurement within the hierarchy is dependent on the classification and significance of the inputs used to determine the fair value measurement. Observable inputs are those that are observed, implied from, or corroborated with externally available market information. Unobservable inputs represent the Company s estimates of market participants assumptions. There have been no significant changes to the valuation techniques and inputs used by the Company in estimating fair values of Level 2 and Level 3 assets and liabilities as disclosed in the 2025 Form 10-K, with the exception of the following: Investment securities Investment securities includes: (1) trading debt securities that are recorded at fair value using observable market prices for similar securities or identical securities that are traded in less active markets, which are classified as Level 2 and (2) available for sale debt securities that are recorded at fair value using an internal valuation model that calculates the present value of estimated net future cash flows utilizing unobservable inputs, which are classified as Level 3. The Company has elected the fair value option for the Level 3 available for sale debt securities and accordingly recognizes the changes in fair value for all investment securities within the Condensed Consolidated Statements of Income (Loss) and Comprehensive Income (Loss). Non-mortgage loan servicing rights: The fair value of non-mortgage loan servicing rights is determined using an internal valuation model that calculates the present value of the estimated net future cash flows. The discounted cash flow model includes estimates of prepayment speeds, cost to service, delinquencies, ancillary revenues, and other assumptions. These assets are classified as Level 3. 18 Rocket Companies, Inc. Notes to Unaudited Condensed Consolidated Financial Statements (Continued) ($ in Millions, Except Per Share Amounts or Unless Otherwise Noted) Assets and Liabilities Measured at Fair Value on a Recurring Basis The table below shows a summary of financial statement items that are measured at estimated fair value on a recurring basis, including assets measured under the fair value option. There were no material transfers of assets or liabilities recorded at fair value on a recurring basis between Levels 1, 2 or 3 during the six months ended June 30, 2026 or the year ended December 31, 2025. Level 1Level 2Level 3Total Balance at June 30, 2026 Assets: $ $15,250 $298 $15,548 Derivative assets: IRLCs 345 345 LPCs 5 5 Forward commitments 100 100 Treasury futures 40 40 MSRs 18,905 18,905 Other assets: Investment securities 53 66 119 Equity investments 6 6 Non-mortgage loans held for sale 485 485 Assets of the consolidated CFE 103 103 Non-mortgage loans servicing rights 18 18 Total assets$ $15,443 $20,231 $35,674 Liabilities: Derivative liabilities: LPCs $ $ $3 $3 Forward commitments 81 81 Treasury futures 1 1 Other liabilities: Liabilities of the consolidated CFE 70 70 Excess spread financing 322 322 MSRs financing liability 16 16 Total liabilities$ $82 $411 $493 19 Rocket Companies, Inc. Notes to Unaudited Condensed Consolidated Financial Statements (Continued) ($ in Millions, Except Per Share Amounts or Unless Otherwise Noted) Level 1Level 2Level 3Total Balance at December 31, 2025 Assets: Cash and cash equivalents: Money market funds$47 $ $ $47 Mortgage loans held for sale (1) 15,221 250 15,471 Derivative assets: IRLCs 294 294 LPCs 4 4 Forward commitments 62 62 MSRs 19,442 19,442 Other assets: Investment securities 43 43 Equity investments 6 6 Non-mortgage loans held for sale 411 411 Assets of the consolidated CFE 152 152 Total assets$47 $15,326 $20,559 $35,932 Liabilities: Derivative liabilities: LPCs $ $ $1 $1 Forward commitments 98 98 Treasury futures 46 46 Other liabilities: Liabilities of the consolidated CFE 120 120 Excess spread financing 337 337 MSRs financing liability 11 11 Total liabilities$ $144 $469 $613 (1) As of June 30, 2026 and December 31, 2025, $198 and $167 of UPB of the Level 3 MLHFS were 90 days or more delinquent and were considered in non-accrual status, respectively. The fair value of these Level 3 mortgage loans held for sale was $158 and $137 as of June 30, 2026 and December 31, 2025, respectively. 20 Rocket Companies, Inc. Notes to Unaudited Condensed Consolidated Financial Statements (Continued) ($ in Millions, Except Per Share Amounts or Unless Otherwise Noted) The following table presents the quantitative information for significant unobservable inputs used in the fair value measurements of material recurring Level 3 fair value financial instruments as of: June 30, 2026December 31, 2025 Unobservable InputRangeWeighted AverageRangeWeighted Average Mortgage loans held for sale Model pricing 67.9% - 102.1% 79.2 %71.7% - 104.0% 83.1 % IRLCs Pull-through probability 0.0% - 100.0% 71.8 %0.0% - 100.0% 71.7 % Value of servicing (reflected as a % of pull-through adjusted UPB)0.0% - 4.1% 1.4 %0.0% - 2.9% 1.3 % MSRs (1) OAS (2) 7.3% - 11.3% 8.4 %7.3% - 11.3% 8.3 % Prepayment speeds 9.4% - 12.1% 10.2 %9.6% - 13.4% 10.7 % Cost to service per loan (3) $42 - $113 $61 $42 - $113 $59 Non-mortgage loans held for sale Discount rate7.0% - 9.3% 7.3 %7.0% - 9.3% 7.0 % Annual default rate 5.9% - 63.0% 7.9 %4.0% - 29.3% 9.0 % Assets and Liabilities of the consolidated CFE Discount rate 7.0% - 7.0% 7.0 %7.0% - 7.0% 7.0 % Annual default rate 5.9% - 45.7% 7.9 %6.9% - 25.9% 8.9 % Excess-spread financing (1) OAS (2) 7.0% - 12.3% 8.8 %7.0% - 12.3% 8.8 % Prepayment speeds7.4% - 8.2% 7.8 %6.6% - 8.4% 7.7 % Average life (4) 6.4 years6.5 years IRLCsNon-Mortgage Loans Held for SaleAssets of the consolidated CFELiabilities of the consolidated CFEExcess-spread financing Balance at March 31, 2026$264 $361 $411 $126 $94 $328 117 524 Transfers out/principal reductions (1) (68) (449)(20)(24)(14) (15)(16)(1)(3) 8 Balance at June 30, 2026$298 $345 $485 $103 $70 $322 Balance at March 31, 2025$236 $283 $343 $148 $119 $ Transfers in (1) 184 176 99 80 Transfers out/principal reductions (1) (152) (47)(29)(17) (16)21 (3)(3) Balance at June 30, 2025$252 $304 $469 $215 $182 $ Balance at December 31, 2025 $250 $294 $411 $152 $120 $337 258 977 Transfers out/principal reductions (1) (175) (901)(42)(50)(27) (35)51 (2)(7) 12 Balance at June 30, 2026$298 $345 $485 $103 $70 $322 Balance at December 31, 2024 $242 $103 $262 $112 $93 $ Transfers in (1) 298 298 156 125 Transfers out/principal reductions (1) (269) (86)(49)(36) (19)201 (5)(4) Balance at June 30, 2025$252 $304 $469 $215 $182 $ (1) Transfers in represent loans repurchased from investors or loans originated for which an active market currently does not exist. Transfers out primarily represent loans sold or transferred to third parties and loans paid in full. 22 Rocket Companies, Inc. Notes to Unaudited Condensed Consolidated Financial Statements (Continued) ($ in Millions, Except Per Share Amounts or Unless Otherwise Noted) Fair Value Option The following is the estimated fair value and UPB of MLHFS, non-mortgage loans held for sale and assets of the consolidated CFE that have contractual principal amounts and for which the Company has elected the fair value option. The fair value option was elected for these assets as the Company believes fair value best reflects their expected future economic performance: Fair ValueUPBDifference (1) Balance at June 30, 2026 Mortgage loans held for sale$15,548 $15,230 $318 485 474 11 Assets of the consolidated CFE103 101 2 Balance at December 31, 2025 Mortgage loans held for sale$15,471 $15,061 $410 Non-mortgage loans held for sale411 406 5 Assets of the consolidated CFE152 152 (1) Represents the amount of gains/losses due to changes in fair value of items accounted for using the fair value option. These are included in Gain on sale of loans, net for Mortgage loans held for sale and Other income for Non-mortgage loans held for sale and Assets of the consolidated CFE on the Condensed Consolidated Statements of Income (Loss) and Comprehensive Income (Loss). Fair Value of Financial Instruments Not Carried at Fair Value Disclosures of the fair value of certain financial instruments are required when it is practical to estimate the value. In cases where quoted market prices are not available, fair values are based on estimates using present value or other valuation techniques. The following table presents the carrying amounts and estimated fair value of financial liabilities that are not recorded at fair value on a recurring or nonrecurring basis. This table excludes Cash and cash equivalents, Restricted cash, Advance receivables, net, Loans subject to repurchase right from Ginnie Mae and Secured financing as these financial instruments are highly liquid or short-term in nature and as a result, their carrying amounts approximate fair value: June 30, 2026December 31, 2025 Carrying AmountEstimated Fair ValueCarrying AmountEstimated Fair Value Total Senior Notes, net$10,772 $10,764 $10,423 $10,502 The fair value of Senior Notes was calculated using the observable bond price at June 30, 2026 and December 31, 2025, respectively. The Senior Notes are classified as Level 2 in the fair value hierarchy and are recorded in Unsecured financing, net in the Company's Condensed Consolidated Balance Sheets. 23 Rocket Companies, Inc. Notes to Unaudited Condensed Consolidated Financial Statements (Continued) ($ in Millions, Except Per Share Amounts or Unless Otherwise Noted) 4. Mortgage Servicing Rights and Related Liabilities The following table sets forth the carrying value of the Company's MSRs and the related liabilities, which are recorded at fair value as described in Note 3, Fair Value Measurements. MSR related liabilities are recorded in Accounts payable and other liabilities in the Company's Condensed Consolidated Balance Sheets. June 30, 2026December 31, 2025 MSRs, at fair value$18,905 $19,442 Excess spread financing, at fair value$322 $337 MSRs financing, at fair value16 11 MSR related liabilities - nonrecourse, at fair value$338 $348 Mortgage Servicing Rights The following table summarizes changes to the MSR assets: Three Months Ended June 30,Six Months Ended June 30, 2026202520262025 Fair value, beginning of period$19,377 $7,350 $19,442 $7,633 759 343 1,447 608 MSRs sales(833)(56)(1,440)(200) MSRs purchases151 179 320 224 Due to changes in valuation model inputs or assumptions 97 (25)399 (284) Due to collection/realization of cash flows(646)(224)(1,263)(414) Total changes in fair value(549)(249)(864)(698) Fair value, end of period$18,905 $7,567 $18,905 $7,567 (1) Reflects changes in market interest rates and assumptions, including OAS, prepayment speeds, cost to service per loan, and the gains or losses on sales of MSRs during the period. It does not include the change in fair value of derivatives that economically hedge MSRs, the change in fair value of excess spread financing or the effects of contractual prepayment protection resulting from sales or purchases of MSRs. The Company may periodically sell MSRs and retain subservicing for the related loans. The Company evaluates these transactions, including its continued involvement as subservicer to determine whether they meet the requirements for sale accounting. During the six months ended June 30, 2026, the Company sold $92,522 in UPB of MSRs, of which $62,974 were retained by the Company as subservicer. The Company s MSR portfolio is comprised of both loans it has originated and sold servicing-retained and MSRs acquired through acquisitions. The total UPB of mortgage loans serviced, excluding subserviced loans, at June 30, 2026 and December 31, 2025 was $1,213,607 and $1,290,325, respectively. The portfolio primarily consists of high-quality performing agency and government (FHA and VA) loans. As of June 30, 2026 and December 31, 2025, delinquent loans (defined as 60-plus days past-due) were 1.37% and 1.50%, respectively, of our total portfolio. 24 Rocket Companies, Inc. Notes to Unaudited Condensed Consolidated Financial Statements (Continued) ($ in Millions, Except Per Share Amounts or Unless Otherwise Noted) The following sensitivity analysis shows the potential impact on the fair value of the Company s MSRs based on hypothetical changes in key assumptions, including the OAS, prepayment speeds and cost to service per loan: OAS Prepayment SpeedsCost to Service per Loan 100 BPS Adverse Change 200 BPS Adverse Change 10% Adverse Change 20% Adverse Change 10% Adverse Change 20% Adverse Change June 30, 2026$(692)$(1,333)$(456)$(879)$(117)$(234) December 31, 2025$(718)$(1,383)$(527)$(1,015)$(124)$(248) Refer to Note 3, Fair Value Measurements for further discussion on key weighted average inputs and assumptions used in estimating the fair value of MSRs. The sensitivities presented are hypothetical and are intended to provide directional information only. The resulting change in fair value from adverse movements in significant assumptions may not be proportionate, as valuation outcomes can respond in a non-linear manner to changes in inputs. Further, the analysis reflects changes in one assumption at a time, with all other assumptions unchanged. In practice, multiple assumptions may change simultaneously and may be interdependent, which could cause the actual effect on fair value to differ from the amounts indicated. Excess Spread Financing The Company had excess spread financing liability of $322 and $337, related to the UPB of $56,611 and $59,695, as of June 30, 2026 and December 31, 2025, respectively. Refer to Note 3, Fair Value Measurements, for key weighted-average inputs and assumptions used in the valuation of excess spread financing liability and a rollforward of the balances for the periods presented. Revenues - Loan servicing income, net For the periods presented, Loan servicing income, net consisted of the following: Three Months Ended June 30,Six Months Ended June 30, 2026202520262025 Contractually specified servicing fees (1) $903 $382 $1,822 $763 103 3 214 7 Other ancillary income60 16 113 32 Servicing fee income1,066 401 2,149 802 Change in valuation model inputs or assumptions for MSRs and related liabilities70 (25)349 (286) Change in fair value of MSR hedge(47)45 (207)47 Collection/realization of cash flows(639)(219)(1,243)(409) Change in fair value of MSRs, net(616)(199)(1,101)(648) Loan servicing income, net$450 $202 $1,048 $154 (1) Amounts include servicing fees from loans sold with servicing retained of $684 and $341 for the three months ended June 30, 2026 and 2025, respectively, and $1,220 and $682 for the six months ended June 30, 2026 and 2025, respectively. 25 Rocket Companies, Inc. Notes to Unaudited Condensed Consolidated Financial Statements (Continued) ($ in Millions, Except Per Share Amounts or Unless Otherwise Noted) 5. Mortgage Loans Held for Sale The Company sells its originated mortgage loans into the secondary market. MLHFS are loans originated that are expected to be sold into the secondary market. MLHFS are carried at fair value, which includes the UPB and any related mark-to-market adjustment. Refer to Note 3, Fair Value Measurements for additional detail. The following table presents the activity in MLHFS: Six Months Ended June 30, 20262025 Balance at the beginning of period$15,471 $9,020 93,228 50,012 Proceeds from sales of mortgage loans held for sale(94,028)(48,759) Gain on sale of mortgage loans excluding fair value of other financial instruments, net (1) 877 896 $15,548 $11,169 (1) The Gain on sale of loans excluding fair value of originated MSRs, net on the Condensed Consolidated Statements of Cash Flows includes income related to IRLCs, forward commitments and provision for investor reserves. Credit Risk The Company is subject to credit risk associated with mortgage loans that it purchases and originates during the period of time prior to the sale of these loans. The Company considers credit risk associated with these loans to be minimal as it holds the loans for a short period of time, which for the six months ended June 30, 2026 is generally less than 45 days from the date of borrowing, and the market for these loans continues to be highly liquid. The Company is also subject to credit risk associated with mortgage loans it has repurchased as a result of breaches of representations and warranties during the period of time between repurchase and resale. 6. Borrowings The Company maintains various types of secured and unsecured financing, as presented in the tables below. Secured financing consists of master repurchase agreements, early funding facilities, MSR lines of credit, advance facilities and revolving credit and security agreements, and credit and security agreements. Unsecured financing, net consists of our revolving credit facility and senior notes. Interest rates typically have two main components; a base rate, most commonly SOFR, which is sometimes subject to a minimum floor, plus a spread. Certain financing is subject to a commitment fee, which can be up to 50 basis points per year. The commitment fee charged by lenders is calculated based on the committed line amount multiplied by a negotiated rate. The amount owed and outstanding on the Company s secured financing facilities is based on its origination volume, the timing of loan sales, and servicing-related liquidity needs. The Company may use surplus cash to buy-down the effective interest rate of certain secured financing facilities. Buy-down funds are included in Cash and cash equivalents on the Condensed Consolidated Balance Sheets. We have the ability to withdraw these funds at any time, unless a margin call has been made or a default has occurred under the relevant facilities. The Company is required to maintain certain covenants under its secured and unsecured financing facilities, including minimum tangible net worth, minimum liquidity, maximum total debt or liabilities to net worth ratio, pretax net income requirements and other customary debt covenants, as defined in the underlying agreements. A breach of these covenants may result in an event of default and permit lenders to pursue certain remedies. In addition, most of these facilities include cross default or cross acceleration provisions that could result in all facilities terminating if an event of default or acceleration of maturity occurs, under any such facility. The Company was in compliance with all covenants as of June 30, 2026 and December 31, 2025. 26 Rocket Companies, Inc. Notes to Unaudited Condensed Consolidated Financial Statements (Continued) ($ in Millions, Except Per Share Amounts or Unless Otherwise Noted) Secured financing Facility TypeCollateralMaturityLine AmountCommitted Line AmountOutstanding Balance as of June 30, 2026 Outstanding Balance as of December 31, 2025 Mortgage loan funding 1) Master Repurchase Agreement (1) Mortgage loans held for sale9/16/2027$1,000 $100 $973 $983 2) Master Repurchase Agreement (2) Mortgage loans held for sale4/23/20271,500 250 1,059 437 3) Master Repurchase Agreement Mortgage loans held for sale12/17/20272,500 250 752 1,617 4) Master Repurchase Agreement Mortgage loans held for sale5/27/20272,500 500 1,544 1,475 5) Master Repurchase Agreement Mortgage loans held for sale9/3/20271,000 100 594 476 6) Master Repurchase Agreement Mortgage loans held for sale11/26/20271,500 100 1,468 1,452 7) Master Repurchase Agreement (3) Mortgage loans held for sale6/11/20273,000 250 2,657 2,834 8) Master Repurchase Agreement Mortgage loans held for sale6/11/20271,500 150 1,457 1,453 9) Master Repurchase Agreement Mortgage loans held for sale5/26/20281,500 200 652 615 10) Master Repurchase Agreement Mortgage loans held for sale11/27/2026500 41 30 11) Master Repurchase Agreement (4) Mortgage loans held for sale9/30/20271,200 137 145 12) Master Repurchase Agreement (5) Mortgage loans held for saleN/AN/AN/AN/A107 13) Master Repurchase Agreement (6) Mortgage loans held for sale7/12/2026200 30 54 46 14) Master Repurchase Agreement (7) Mortgage loans held for sale7/24/2026100 14 16 15) Master Repurchase Agreement (8) Mortgage loans held for sale3/26/2027750 100 626 514 16) Master Repurchase Agreement (9) Mortgage loans held for sale7/10/20261,000 50 485 234 17) Master Repurchase Agreement Mortgage loans held for sale11/18/20261,000 793 364 18) Master Repurchase Agreement Mortgage loans held for sale12/23/2026200 19) Master Repurchase Agreement (5) Mortgage loans held for saleN/AN/AN/AN/A 20) Early Funding Facility (10) Mortgage loans held for sale(10) 5,000 424 575 21) Early Funding Facility (11) Mortgage loans held for sale(11) 2,000 255 478 Total Mortgage loan funding $27,950 $2,080 $13,985 $13,851 27 Rocket Companies, Inc. Notes to Unaudited Condensed Consolidated Financial Statements (Continued) ($ in Millions, Except Per Share Amounts or Unless Otherwise Noted) Facility TypeCollateralMaturityLine AmountCommitted Line AmountOutstanding Balance as of June 30, 2026 Outstanding Balance as of December 31, 2025 MSR and advance facilities 22) MSR line of credit (5) (12) MSRsN/AN/AN/AN/A$ 23) MSR line of credit (13) MSRs9/30/2027950 150 24) MSR line of credit (5) MSRsN/AN/AN/AN/A 25) MSR line of credit (14) MSRs4/2/20271,750 700 225 700 26) MSR line of credit MSRs7/20/2027875 875 450 27) MSR line of credit MSRs4/1/2027500 250 360 28) MSR line of credit MSRs6/23/2027500 150 100 150 29) MSR line of credit MSRs7/17/2027500 250 100 310 30) MSR line of credit (15) MSRs7/25/20271,500 1,200 340 440 31) MSR line of credit MSRs6/27/2027500 250 265 265 32) MSR line of credit MSRs6/25/2027300 150 150 33) Advance facility Servicing advance receivables5/26/2028850 700 414 364 34) Advance facility (16) Servicing advance receivables7/12/202630 30 15 1 35) Advance facility Servicing advance receivables12/1/2027350 100 89 99 36) Advance facility (15) Servicing advance receivables7/25/2027500 500 359 342 Total MSR and advance facilities $9,105 $4,755 $2,307 $3,781 Personal loan funding 37) Revolving Credit and Security Agreement Personal loans held for sale8/19/2027$200 $200 $43 $63 38) Revolving Credit and Security Agreement Personal loans held for sale11/21/2028150 75 38 17 39) Revolving Credit and Security Agreement Personal loans held for sale12/20/2026175 175 13 40) Revolving Credit and Security Agreement Personal loans held for sale3/27/2028300 100 103 185 41) Revolving Credit and Security Agreement Personal loans held for sale12/26/2028300 300 163 26 Total Personal loan funding $1,125 $850 $347 $304 Total Secured Financing (17) $38,180 $7,685 $16,639 $17,936 (1) This facility has an overall line size of $1,000, of which $150 is a sublimit for early buy out financing. (2) This facility has a 12-month initial term, which can be extended for 3-months at each subsequent 3-month anniversary from the initial start date. Subsequent to June 30, 2026, this facility was extended to July 23, 2027. (3) This facility has an overall line size of $3,000, of which $3,000 is a sublimit for early buy out financing. Capacity is fully fungible and is not restricted by these allocations. (4) This facility has an overall line size of $1,200, of which $950 is a sublimit for MSR financing. (5) This facility was voluntarily terminated during the six months ended June 30, 2026. 28 Rocket Companies, Inc. Notes to Unaudited Condensed Consolidated Financial Statements (Continued) ($ in Millions, Except Per Share Amounts or Unless Otherwise Noted) (6) This facility has an overall line size of $200, of which $30 is a sublimit for Advance financing. Subsequent to June 30, 2026, this was facility was extended to October 10, 2026. (7) Subsequent to June 30, 2026, this facility was extended to October 22, 2026. (8) This facility has an overall line size of $750, of which $750 is a sublimit for early buy out financing. Capacity is fully fungible and not restricted by these allocations. (9) Subsequent to June 30, 2026, this facility was extended to July 5, 2028, with an overall capacity of $1,000 and a committed capacity of $250. (10) This facility is an evergreen agreement with no stated termination or expiration date. This agreement can be terminated by either party upon written notice. (11) This facility will be reviewed every 90 days. This facility is an evergreen agreement with no stated termination or expiration date. This agreement can be terminated by either party upon written notice. (12) This facility was a sublimit of Master Repurchase Agreement 4. (13) This facility is a sublimit of Master Repurchase Agreement 11. (14) Subsequent to June 30, 2026, this facility was extended to July 21, 2028, with an overall capacity of $2,000 and committed capacity of $700. (15) Total capacity for this facility is $2,000, of which $500 is internally allocated for Advance financing and $1,500 is internally allocated for MSR financing. Capacity is fully fungible and is not restricted by these allocations. (16) This facility is a sublimit of Master Repurchase Agreement 13. Subsequent to June 30, 2026, this facility was voluntarily paid off in full and terminated. (17) The interest rates charged by lenders on secured financing included the applicable base rate plus a spread ranging from 0.75% to 3.25% for the six months ended June 30, 2026 and from 0.80% to 3.25% for the year ended December 31, 2025. 29 Rocket Companies, Inc. Notes to Unaudited Condensed Consolidated Financial Statements (Continued) ($ in Millions, Except Per Share Amounts or Unless Otherwise Noted) Unsecured financing, net Facility TypeCollateralMaturityLine AmountCommitted Line AmountOutstanding Balance as of June 30, 2026 Outstanding Balance as of December 31, 2025 Lines of credit Revolving credit facility (1) 7/3/2028$2,300 $2,300 $ $ Total Line of credit $2,300 $2,300 $ $ (1) Subsequent to June 30, 2026, this facility was amended to increase the total facility size to $2,500 fully committed, and was extended to July 16, 2029. Facility TypeMaturityInterest RateOutstanding Principal June 30, 2026 Outstanding Principal December 31, 2025 Senior Notes, net Unsecured Senior Notes (2)(3) 10/15/20262.875 %$ $1,150 Unsecured Convertible Senior Notes (4) 4/1/20270.500 %503 503 Unsecured Senior Notes (2)(5) 1/15/20285.250 %62 62 Unsecured Senior Notes (2) 3/1/20293.625 %750 750 Unsecured Senior Notes (2) 8/1/20296.500 %12 12 Unsecured Senior Notes (2) 8/1/20296.500 %738 738 Unsecured Senior Notes (2) 8/1/20306.125 %2,000 2,000 Unsecured Senior Notes (2) 12/15/20305.125 %76 76 Unsecured Senior Notes (2) 3/1/20313.875 %1,250 1,250 Unsecured Senior Notes (2)(6) 8/1/20316.125 %900 Unsecured Senior Notes (2) 11/15/20315.750 %64 64 Unsecured Senior Notes (2) 2/1/20327.125 %45 45 Unsecured Senior Notes (2) 2/1/20327.125 %955 955 Unsecured Senior Notes (2) 8/1/20336.375 %2,000 2,000 Unsecured Senior Notes (2) 10/15/20334.000 %850 850 Unsecured Senior Notes (2)(6) 6/15/20346.500 %600 Total Senior Notes $10,805 $10,455 Unamortized premium, net of unamortized discount36 28 Unamortized issuance costs(69)(60) Total Senior Notes, net (7) $10,772 $10,423 Total Unsecured Financing, net$10,772 $10,423 (2) The indentures provide that the Company may redeem all or a portion of the unsecured senior notes at any time on or after certain fixed dates at the applicable redemption prices set forth in the indentures plus accrued and unpaid interest, to the redemption dates. (3) During the three months ended June 30, 2026, the entire outstanding principal amount of the notes were redeemed at a redemption price equal to 100% of the principal amount plus approximately $6 of accrued and unpaid interest. (4) The 2027 Convertible Senior Notes are unsecured obligation notes with no assets required to be pledged for this borrowing. The 2027 Convertible Senior Notes are convertible to cash, shares of the Company's common stock, or a combination thereof, at our election. The conversion rate is 8.47 shares of common stock per thousand principal amount. 30 Rocket Companies, Inc. Notes to Unaudited Condensed Consolidated Financial Statements (Continued) ($ in Millions, Except Per Share Amounts or Unless Otherwise Noted) (5) Subsequent to June 30, 2026, the entire outstanding principal amount of the notes was redeemed at a redemption price equal to 100% of the principal amount plus approximately $2 of accrued and unpaid interest. (6) During the three months ended June 30, 2026, the Company completed the offering of the unsecured senior notes due 2031 and 2034. (7) The weighted average interest rate was 5.43% as of June 30, 2026 and 5.03% as of December 31, 2025. The terms of the Senior Notes restrict our ability and the ability of our subsidiary guarantors among other things to: (1) merge, consolidate or sell, transfer or lease assets and; (2) create liens on assets. Refer to Note 3, Fair Value Measurements for information pertaining to the fair value of the Company s debt. 7. Transactions with Related Parties The Company has entered into various transactions and agreements with Related Parties. These transactions include providing and receiving services from these Related Parties. The notes receivable and due from affiliates were $6 and $5 as of June 30, 2026 and December 31, 2025, respectively. We have entered into transactions and agreements to provide certain services to Related Parties. We recognized revenue for the performance of these services, which was included in Other income on the Condensed Consolidated Statements of Income (Loss) and Comprehensive Income (Loss). We have also entered into transactions and agreements to purchase certain services, products and other transactions from Related Parties recognized on the Condensed Consolidated Statements of Income (Loss) and Comprehensive Income (Loss). The Company is a party to lease agreements for certain offices, including our headquarters in Detroit, with various affiliates of Bedrock Management Services LLC, a related party, and other related parties of the Company. These amounts are included in General and administrative expenses on the Condensed Consolidated Statements of Income (Loss) and Comprehensive Income (Loss). The transactions with Related Parties were composed of the following: Three Months Ended June 30,Six Months Ended June 30, 2026202520262025 Revenue $ $2 $1 $3 Salaries, commissions and team member benefits1 1 1 General and administrative expenses13 12 31 23 Marketing and advertising expenses4 3 6 6 Lease expense $17 $19 $38 $37 The Company has also entered into a TRA with related parties as described further in Note 9, Income Taxes. 8. Goodwill In the second quarter of 2026, the Company made changes to its reportable segment structure, refer to Note 13, Segments for additional information. As a result, the operations previously included within the Direct to Consumer segment are now reflected in the Mortgage segment. Therefore, the goodwill assigned to the Direct to Consumer segment of $9,982 as of December 31, 2025, was assigned to the Mortgage segment as of June 30, 2026 and prospectively. The Company completed a quantitative impairment assessment of goodwill for each of the impacted reporting units immediately prior to and subsequent to the reassignment. No impairment of goodwill was identified. The goodwill assigned to other operating segments of $629 as of December 31, 2025 and June 30, 2026, was not impacted by the changes in the reportable segment structure. 31 Rocket Companies, Inc. Notes to Unaudited Condensed Consolidated Financial Statements (Continued) ($ in Millions, Except Per Share Amounts or Unless Otherwise Noted) 9. Income Taxes The Company had an income tax expense of $52 on Income before income taxes of $281 and an income tax benefit of $10 on Income before income taxes of $24 for the three months ended June 30, 2026 and 2025, respectively. The Company had an income tax expense of $155 on Income before income taxes of $681 and an income tax benefit of $20 on Loss before income taxes of $198 for the six months ended June 30, 2026 and 2025, respectively. For the six months ended June 30, 2026, the Company s income tax expense varies from the expense that would be expected based on the U.S. Federal statutory tax rate due principally to state and local income taxes, nondeductible expenses, and impacts due to valuation allowance. For the six months ended June 30, 2025, the Company s income tax expense varies from the expense that would be expected based on the U.S. Federal statutory tax rate due principally to its organizational structure, changes in its deferred tax rate, and impacts due to valuation allowance. Rocket Limited Partnership is a partnership for U.S. federal tax purposes and in most applicable jurisdictions for state and local income tax purposes. As a partnership, Rocket Limited Partnership is not subject to U.S. federal and certain state and local income taxes. Any taxable income or loss generated by Rocket Limited Partnership is passed through and included in the taxable income or loss of its members, including Rocket Companies, in accordance with the terms of the limited partnership agreement of Rocket Limited Partnership. Rocket Companies is a C Corporation and is subject to U.S. federal, state, and local income taxes with respect to its allocable share of any taxable income of Rocket Limited Partnership. Redfin is a direct wholly owned subsidiary of Rocket Companies and as a C Corporation is included in the Rocket Companies consolidated federal tax return after the acquisition. Redfin is subject to state and local income taxes. Prior to the Up-C Collapse, Rocket Companies owned a portion of Holdings LLC Units. Through the Up-C Collapse and conversion of Holdings LLC to Rocket Limited Partnership, Rocket Companies acquired the Holdings Units held by Rocket Companies chairman and RHI which have a book basis that is higher than the tax basis in the investment of Holdings LLC. After the Up-C Collapse and the conversion of Holdings LLC to Rocket Limited Partnership, the Company holds, indirectly, 100% of the voting and economic interests of Rocket Limited Partnership. Several subsidiaries of Rocket Limited Partnership, such as Rocket Mortgage, Rocket Close and other subsidiaries, are single member LLC entities. As single member LLCs of Rocket Limited Partnership, all taxable income or loss generated by these subsidiaries passes through and is included in the income or loss of Rocket Limited Partnership. A provision for state and local income taxes is required for certain jurisdictions that tax single member LLCs as regarded entities. Other subsidiaries of Rocket Limited Partnership, such as Rocket Money, RTIC, LMB Mortgage Services and others, are treated as C Corporations and separately file and pay taxes apart from Rocket Limited Partnership in various jurisdictions including but not limited to U.S. federal, state, local and Canada. Tax Receivable Agreement We are a party to a TRA and related TRA Amendment with RHI II, LLC and Mr. Gilbert that provides for the payment by the Company of 90% of the amount of cash savings, if any, in U.S. federal, state and local income tax or franchise tax that the Company actually realizes as a result of certain increases in tax basis and other tax benefits. Refer to the 2025 Form 10-K for the year ended December 31, 2025 for the complete description of the Tax Receivable Agreement, including the terms of the amendment executed in connection with the Up-C Collapse. The amounts payable under the Tax Receivable Agreement are recorded in Accounts payable and other liabilities on our Condensed Consolidated Balance Sheets and will vary depending upon a number of factors, including the amount, character and timing of the taxable income of Rocket Companies in the future. Any such changes in these factors or changes in the Company s determination of the need for a valuation allowance related to the tax benefits acquired under the Tax Receivable Agreement could adjust the Tax Receivable Agreement liability recognized and recorded within earnings in future periods. Tax Distributions Prior to the Up-C Collapse, Holdings LLC made pro rata tax distributions to holders of Holdings LLC Units. Any future tax distributions after the Up-C Collapse would remain within the consolidated financial reporting group. For the three and six months ended June 30, 2025, Holdings LLC paid tax distributions totaling $114 to holders of Holdings LLC Units other than Rocket Companies. Refer to the 2025 Form 10-K for further details. 32 Rocket Companies, Inc. Notes to Unaudited Condensed Consolidated Financial Statements (Continued) ($ in Millions, Except Per Share Amounts or Unless Otherwise Noted) 10. Derivative Financial Instruments Derivative instruments are used as part of the overall strategy to manage exposure to, or to hedge, interest rate risks related to the Pipeline and the MSR portfolio. The Company economically hedges the Pipeline separately from the MSR portfolio primarily using third-party derivative instruments. Such derivative instruments utilized by the Company include IRLCs, LPCs, Forward commitments, and Treasury futures. The Company s derivative instruments are not designated as accounting hedging instruments, and therefore, changes in fair value are recorded in current period Net income (loss). Changes in the fair value of IRLCs, LPCs, and Pipeline hedges are recognized in Gain on sale of loans, net on the Condensed Consolidated Statements of Income (Loss) and Comprehensive Income (Loss). Changes in the fair value of all derivative instruments economically hedging the MSR portfolio are recorded in Change in fair value of MSRs, net on the Condensed Consolidated Statements of Income (Loss) and Comprehensive Income (Loss). The cash flows related to IRLCs, LPCs, and Pipeline hedges are included within the Gain on sale of loans excluding fair value of originated MSRs, net and the cash flows related to MSR hedges are included within Other operating activities, both in the Condensed Consolidated Statements of Cash Flows. The gains (losses) recognized by the Company on all derivative activity, including IRLCs, LPCs, Pipeline hedges and MSR hedges were as follows: Statements of Income (Loss) LineThree Months Ended June 30,Six Months Ended June 30, Derivative activity2026202520262025 IRLCs, LPCs and Pipeline hedgesGain on sale of loans, net$(18)$7 $291 $57 MSR hedgesChange in fair value of MSRs, net$(48)$45 $(207)$47 Refer to Note 3, Fair Value Measurements, for additional information on the fair value of derivative financial instruments. 33 Rocket Companies, Inc. Notes to Unaudited Condensed Consolidated Financial Statements (Continued) ($ in Millions, Except Per Share Amounts or Unless Otherwise Noted) Notional and Fair Value The notional and fair values of derivative financial instruments were as follows: Notional ValueDerivative AssetDerivative Liability Balance at June 30, 2026: Assets: IRLCs, net of loan funding probability (1) $11,761 $345 $ LPCs, net of loan funding probability 1,082 5 Forward commitments 13,877 100 Treasury futures 6,641 40 Total Derivative assets$33,361 $490 $ Liabilities: LPCs, net of loan funding probability$967 $ $3 Forward commitments 17,416 81 Treasury futures 671 1 Total Derivative liabilities$19,054 $ $85 Balance at December 31, 2025: Assets: IRLCs, net of loan funding probability (1) $9,611 $294 $ LPCs, net of loan funding probability 690 4 Forward commitments 16,073 62 Treasury futures 12 Total Derivative assets$26,386 $360 $ Liabilities: LPCs, net of loan funding probability$287 $ $1 Forward commitments 19,446 98 Treasury futures 5,252 46 Total Derivative liabilities$24,985 $ $145 (1) See Note 11, Commitments and Contingencies for further discussion of IRLC. As of June 30, 2026, the Company held $101 and $31 in collateral deposits and collateral obligations on derivative instruments, respectively. As of December 31, 2025, the Company held $238 and $30 in collateral deposits and collateral obligations on derivative instruments, respectively. Collateral deposits and collateral obligations are held within Other assets and Accounts payable and other liabilities on our Condensed Consolidated Balance Sheets, respectively. Counterparty Credit Risk There were no material changes to the Company s counterparty credit risk management policies, as described in the 2025 Form 10-K, during the three and six months ended June 30, 2026, and no credit losses were incurred due to counterparty nonperformance. 34 Rocket Companies, Inc. Notes to Unaudited Condensed Consolidated Financial Statements (Continued) ($ in Millions, Except Per Share Amounts or Unless Otherwise Noted) 11. Commitments and Contingencies Interest Rate Lock Commitments IRLCs are agreements to lend to a client as long as there is no violation of any condition established in the contract. Commitments generally have fixed expiration dates or other termination clauses and may require payment of a fee. The Company evaluates each client s creditworthiness on a case-by-case basis. The number of days from the date of the IRLC to expiration of fixed and variable rate lock commitments outstanding at June 30, 2026 and December 31, 2025 was 40 days, on average. The UPB of IRLCs was as follows: June 30, 2026December 31, 2025 Fixed RateVariable RateFixed RateVariable Rate IRLCs$13,984 $2,399 $12,331 $1,066 Commitments to Sell Mortgage Loans In the ordinary course of business, the Company enters into contracts to sell existing MLHFS into the secondary market at specified future dates. In the event that a forward commitment is not filled and there has been an unfavorable market shift from the date of commitment to the date of settlement, the Company is contractually obligated to pay a pair-off fee on the undelivered balance. The fair value of MLHFS commitments to sell existing loans as of June 30, 2026 and December 31, 2025 was $67 and $53, respectively. Investor Reserves The investor reserves balance is held within Accounts payable and other liabilities on our Condensed Consolidated Balance Sheets. The following presents the activity in the investor reserves: Three Months Ended June 30,Six Months Ended June 30, 2026202520262025 Balance at beginning of period$123 $101 $129 $100 (2)(1)4 3 Realized losses(5)(2)(17)(5) Balance at end of period$116 $98 $116 $98 The maximum exposure under the Company s representations and warranties would be the outstanding principal balance and any premium received on all loans ever sold by the Company, less (i) loans that have already been paid in full by the mortgagee, (ii) loans that have defaulted without a breach of representations and warranties, (iii) loans that have been indemnified via settlement or make-whole, or (iv) loans that have been repurchased. Additionally, the Company may receive relief of certain representation and warranty obligations on loans sold to Fannie Mae or Freddie Mac on or after January 1, 2013 if Fannie Mae or Freddie Mac satisfactorily concludes a quality control loan file review or if the borrower meets certain acceptable payment history requirements within 12 or 36 months after the loan is sold to Fannie Mae or Freddie Mac. Tax Receivable Agreement The Company is party to a Tax Receivable Agreement. See Note 9, Income Taxes, for further details. 35 Rocket Companies, Inc. Notes to Unaudited Condensed Consolidated Financial Statements (Continued) ($ in Millions, Except Per Share Amounts or Unless Otherwise Noted) Legal Rocket Companies and its subsidiaries engage in, among other things, mortgage origination and servicing, title and settlement services, and other financial technology services and products. The Company operates in highly regulated industries and is routinely subject to various legal and administrative proceedings concerning matters that arise in the normal and ordinary course of business, including inquiries, complaints, subpoenas, audits, examinations, investigations and potential enforcement actions from regulatory agencies and state attorneys general; state and federal lawsuits and putative collective and class actions; arbitrations; and other litigation. Periodically, we assess our potential liabilities and contingencies in connection with outstanding legal and administrative proceedings utilizing the latest information available. While it is not possible to predict the outcome of any of these matters, based on our assessment of the facts and circumstances, we do not currently believe any of these matters, individually or in the aggregate, will have a material adverse effect on our financial position, results of operations or cash flows. However, actual outcomes may differ from those expected and could have a material effect on our financial position, results of operations or cash flows in a future period. The Company accrues for losses when they are probable to occur and such losses are reasonably estimable. Legal costs are expensed as they are incurred. Rocket Close is currently involved in civil litigation related to a business dispute between Rocket Close and HouseCanary in Bexar County, Texas. The lawsuit was filed on April 12, 2016, by Rocket Close and included claims against HouseCanary for breach of contract and fraudulent inducement stemming from a contract between Rocket Close and HouseCanary whereby HouseCanary was obligated to provide Rocket Close with appraisal and valuation software and services. HouseCanary filed counterclaims against Rocket Close for, among other things, breach of contract, fraud, and misappropriation of trade secrets. On March 14, 2018, following trial of the claims in the lawsuit, a jury awarded damages in favor of HouseCanary and rejected Rocket Close's claims against HouseCanary. The district court entered judgment for HouseCanary on its misappropriation and fraud claims. On appeal, the Fourth Court of Appeals in San Antonio affirmed judgment of no-cause on Rocket Close s claim for breach of contract, but reversed judgment on HouseCanary s misappropriation of trade secrets and fraud claims and remanded the case for a new trial on HouseCanary s claims. In November 2020, HouseCanary filed a petition requesting the Supreme Court of Texas review the court of appeals decision. The Supreme Court denied the petition on June 17, 2022, and the case was remanded to district court for a new trial. A new trial occurred in the first quarter of 2026, where Rocket Close presented new evidence, including evidence revealed by former HouseCanary executives who came forward after the conclusion of the original trial with evidence that undermined HouseCanary s claims. On March 6, 2026, a Bexar County, Texas, jury returned a verdict with $175 in damages in favor of HouseCanary. Judgment has not yet been entered in the new trial. The Company plans to continue to vigorously defend this case and believes it has substantial defenses to this and any subsequent proceedings. The outcome of this matter remains uncertain, and the ultimate resolution of the litigation may be several years in the future. As of June 30, 2026 and December 31, 2025, we have recorded reserves in accordance with ASC 450, Contingencies related to potential damages in connection with legal and administrative proceedings of $103 and $74, respectively. For matters for which a loss is reasonably possible in future periods, an estimate may not be possible due to the early stage of the proceedings, the significant factual issues to be resolved, and/or the lack of specific damages requests. Generally, the less progress that has been made in the proceedings or the broader the range of potential results, the harder it is for the Company to estimate losses or ranges of losses that are reasonably possible the Company could incur. The ultimate outcome of these or other actions or proceedings, including any monetary awards against Rocket Companies or one or more of its subsidiaries, is uncertain and there can be no assurance as to the amount of any such potential awards. Rocket Companies and its subsidiaries will incur defense costs and other expenses in connection with these proceedings. Plus, if a judgment for money that exceeds specified thresholds is rendered against Rocket Companies or any of its subsidiaries and it or they fail to timely pay, discharge, bond or obtain a stay of execution of such judgment, it is possible that one or more of the companies could be deemed in default of loan funding facilities and other agreements governing indebtedness. If the final resolution in one or more of these proceedings is unfavorable, it could have a material adverse effect on the business, liquidity, financial condition, cash flows, and results of operations of Rocket Companies. 12. Regulatory Minimum Net Worth, Capital Ratio and Liquidity Requirements Certain secondary market investors and state regulators require the Company to maintain minimum net worth, liquidity and capital requirements. To the extent that these requirements are not met, secondary market investors and/or the state regulators may utilize a range of remedies including sanctions and/or suspension or termination of selling and servicing agreements, which may prohibit the Company from originating, securitizing or servicing these specific types of mortgage loans. 36 Rocket Companies, Inc. Notes to Unaudited Condensed Consolidated Financial Statements (Continued) ($ in Millions, Except Per Share Amounts or Unless Otherwise Noted) Rocket Mortgage is subject to certain minimum net worth, capital ratio and liquidity requirements and risk-based capital ratio established by the FHFA for the GSEs Seller/Servicers and Ginnie Mae for single-family issuers. Additionally, refer to Note 6, Borrowings for information regarding compliance with all funding and financing facilities related covenant requirements. During the first quarter of 2026, Nationstar Mortgage was merged into Rocket Mortgage and is no longer subject to its own requirements. As of June 30, 2026 and December 31, 2025, we were in compliance with these requirements. Rocket Mortgage s single-family servicing portfolios exceed $150 billion in UPB, therefore we are also required to obtain an external primary servicer rating or master servicing rating and long-term senior unsecured or long-term corporate family credit ratings from two different rating agencies. As of June 30, 2026 and December 31, 2025, we were in compliance with these requirements. The most restrictive of these regulatory requirements requires the Company to maintain a minimum net worth of approximately $3,500, minimum liquidity of approximately $1,500 and minimum capital/leverage ratio and risk-based capital ratio of 6% as of June 30, 2026. As of June 30, 2026 and December 31, 2025, we were in compliance with these requirements. 13. Segments ASC 280, Segment Reporting, establishes the standards for reporting information about segments in financial statements. The Company s Chief Executive Officer, who has been identified as its CODM, is responsible for assessing segment performance and making decisions about how to allocate resources to the segments. In the second quarter of 2026, in connection with the ongoing integration of our two recent acquisitions, we finalized organizational changes to align with our strategic priorities centered on a vertically integrated homeownership platform. These organizational changes and the way in which information is reviewed by the CODM to monitor performance, allocate capital, and make strategic and operational decisions, caused the composition of the Company s reportable segments to change, as described below. Accordingly, prior period segment information has been recast to conform to the current period segment presentation. In applying the criteria set forth in ASC 280, Segment Reporting, the Company has determined that in the second quarter of 2026, it has one reportable segment, Mortgage. All other operating segments of the Company, which primarily include real estate services and personal finance, did not meet the quantitative thresholds for separate segment reporting, and accordingly, have been combined into the All Other category. Mortgage The Mortgage segment includes our mortgage origination, servicing, title, closing, and appraisal businesses, supporting clients throughout their homeownership journey. This integrated model extends our client relationships beyond origination, supporting higher retention and creating opportunities to recapture clients' future refinance and purchase transactions. The segment generates revenue from the origination, sale, and servicing of mortgage loans and from subservicing and servicing acquisition activities, as well as title and settlement services and appraisal management. Mortgage segment revenue is comprised of Gain on sale of loans, net, Servicing fee income, Change in fair value of MSRs, net, Interest income, and Other income. Gain on sale of loans, net includes all components related to the origination and sale of mortgage loans. Servicing fee income consists of the contractual fees earned for servicing and subservicing loans and other ancillary servicing fees. Change in fair value of MSRs, net, includes changes in the fair value of MSRs due to changes in valuation assumptions and realization of cash flows. Interest income includes deposit income earned on cash deposits (including custodial deposits associated with the servicing portfolio), as well as interest earned on MLHFS primarily for the period from origination to sale. Revenues associated with title, closing and appraisal fees are included in Other income. 37 Rocket Companies, Inc. Notes to Unaudited Condensed Consolidated Financial Statements (Continued) ($ in Millions, Except Per Share Amounts or Unless Otherwise Noted) Other Information About Our Segments The CODM uses Contribution margin as the measure of profit or loss to assess performance and allocate resources to each segment. Contribution margin represents Total revenue, net, adjusted for the Change in fair value of MSRs and related liabilities due to valuation assumptions (net of hedges) less Directly attributable expenses. Directly attributable expenses include Salaries, commissions and team member benefits, General and administrative expenses, Marketing and advertising expenses, Interest expense and Other expenses, such as mortgage servicing related expenses and expenses generated from Rocket Close (title and settlement services). The Company does not allocate assets to its operating segments as they are not included in the review performed by the CODM for purposes of assessing segment performance and allocating resources. The Condensed Consolidated Balance Sheets are managed on a consolidated basis. The All Other category primarily includes operations from real estate services and personal finance. All Other revenue is primarily comprised of Redfin commission-based brokerage revenue and real estate network referral fees, Rocket Money subscription revenue and other service-based fees, as well as Rocket Loans personal loan interest earned and other income. Key operating data for our segments for the periods ended: Three months ended June 30, 2026 MortgageAll OtherTotal Consolidated Company Revenues Gain on sale of loans, net $1,175 $30 $1,205 Servicing fee income 1,061 5 1,066 Change in fair value of MSRs, net (613)(3)(616) Interest income 540 43 583 Other income 111 435 546 Total revenue, net $2,274 $510 $2,784 Expenses Salaries, commissions and team member benefits 442 178 General and administrative expenses 172 23 Marketing and advertising expenses 174 117 Interest expense 225 6 Other expenses 64 5 Directly attributable expenses1,077 329 Change in fair value of MSRs and related liabilities due to valuation assumptions (net of hedges) (23) Contribution margin$1,174 $181 38 Rocket Companies, Inc. Notes to Unaudited Condensed Consolidated Financial Statements (Continued) ($ in Millions, Except Per Share Amounts or Unless Otherwise Noted) Three months ended June 30, 2025 MortgageAll OtherTotal Consolidated Company Revenues Gain on sale of loans, net $794 $22 $816 Servicing fee income 400 1 401 Change in fair value of MSRs, net (199) (199) Interest income 201 36 237 Other income 73 123 196 Total revenue, net $1,269 $182 $1,451 Expenses Salaries, commissions and team member benefits 331 49 General and administrative expenses 102 9 Marketing and advertising expenses 230 46 Interest expense 91 6 Other expenses 45 2 Directly attributable expenses799 112 Change in fair value of MSRs and related liabilities due to valuation assumptions (net of hedges) (20) Contribution margin$450 $70 Six months ended June 30, 2026MortgageAll OtherTotal Consolidated Company Revenues Gain on sale of loans, net $2,523 $58 $2,581 Servicing fee income 2,141 8 2,149 Change in fair value of MSRs, net (1,098)(3)(1,101) Interest income 1,009 81 1,090 Other income 221 785 1,006 Total revenue, net $4,796 $929 $5,725 Expenses Salaries, commissions and team member benefits 901 310 General and administrative expenses 378 43 Marketing and advertising expenses 370 266 Interest expense 428 12 Other expenses 143 9 Directly attributable expenses2,220 640 Change in fair value of MSRs and related liabilities due to valuation assumptions (net of hedges) (142) Contribution margin$2,434 $289 39 Rocket Companies, Inc. Notes to Unaudited Condensed Consolidated Financial Statements (Continued) ($ in Millions, Except Per Share Amounts or Unless Otherwise Noted) Six months ended June 30, 2025MortgageAll OtherTotal Consolidated Company Revenues Gain on sale of loans, net $1,550 $38 $1,588 Servicing fee income 800 2 802 Change in fair value of MSRs, net (648) (648) Interest income 374 64 438 Other income 130 243 373 Total revenue, net $2,206 $347 $2,553 Expenses Salaries, commissions and team member benefits 661 91 General and administrative expenses 185 25 Marketing and advertising expenses 446 106 Interest expense 155 13 Other expenses 83 4 Directly attributable expenses1,530 239 Change in fair value of MSRs and related liabilities due to valuation assumptions (net of hedges) 239 Contribution margin$915 $108 The following table represents a reconciliation of the Mortgage segment Contribution margin to consolidated U.S. GAAP Income (loss) before income taxes for the periods: Three Months Ended June 30,Six Months Ended June 30, 2026202520262025 Mortgage Contribution margin$1,174 $450 $2,434 $915 Reconciling items: All Other Contribution margin181 70 289 108 Revenue not allocated to segments: Change in fair value of MSRs and related liabilities due to valuation assumptions (net of hedges) 23 20 142 (239) Expenses not allocated to segments: Salaries, commissions and team member benefits 430 243 918 481 General and administrative expenses 373 176 682 338 143 58 283 96 Depreciation and amortization 145 27 291 54 Other expenses 6 12 10 13 Income (loss) before income taxes$281 $24 $681 $(198) 40 Rocket Companies, Inc. Notes to Unaudited Condensed Consolidated Financial Statements (Continued) ($ in Millions, Except Per Share Amounts or Unless Otherwise Noted) 14. Variable Interest Entities Asset-Backed Financing Arrangements The assets and liabilities of the Company s transactions with consolidated VIEs included in the Company s Condensed Consolidated Balance Sheets were as follows: June 30, 2026December 31, 2025 Assets Mortgage loans held for sale, at fair value $7,298 $6,792 Mortgage servicing rights, at fair value 4,577 2,964 Advance receivables, net 1,221 990 Other assets (1) 649 579 Total assets$13,745 $11,325 Liabilities Secured financing$8,510 $7,742 Accounts payable and other liabilities 5 5 Total liabilities$8,515 $7,747 (1) Other assets are primarily comprised of non-mortgage loans held for sale and restricted cash. Refer to Note 6, Borrowings, for additional information on Secured financing. Collateralized Financing Entity In the normal course of business, the Company transfers financial assets to a trust for which the Company holds a variable interest. The Company has elected to account for the assets and liabilities of the VIE as a CFE. Refer to Note 1, Business, Basis of Presentation and Significant Accounting Policies and Note 3, Fair Value Measurements for additional information on CFEs. 41 Rocket Companies, Inc. Notes to Unaudited Condensed Consolidated Financial Statements (Continued) ($ in Millions, Except Per Share Amounts or Unless Otherwise Noted) 15. Earnings Per Share The Company applies the two-class method for calculating and presenting earnings per share for Class A common stock and Class L common stock, which have equal rights to participate in earnings and dividends on a per share basis. RSUs and PSUs are included in the weighted-average Shares of Class A common stock outstanding in the calculation of basic earnings per share once fully vested. Refer to the 2025 Form 10-K for the complete description of the changes to the earnings per share resulting from the Up-C Collapse. Basic earnings per share of Participating Common Stock is computed by dividing Net income (loss) attributable to Rocket Companies by the weighted-average number of shares of Participating Common Stock outstanding during the period. Diluted earnings per share of Participating Common Stock is computed by dividing Net income (loss) attributable to Rocket Companies by the weighted-average number of shares of Participating Common Stock outstanding adjusted to give effect to potentially dilutive securities. Diluted earnings per share reflects the dilutive effect of potential common shares from share-based awards, shares issuable on the conversion of convertible debt and Class D common stock. The treasury stock method is used to calculate the dilutive effect of outstanding share-based awards, which assumes the proceeds upon vesting or exercise of awards would be used to purchase common stock at the average price for the period. The if-converted method is used to calculate the dilutive effect of converting our Convertible Senior Notes and Class D common stock to Class A common stock. Under the if-converted method, the denominator of the diluted earnings per share calculation is adjusted to reflect the full number of common shares issuable upon conversion of our Convertible Senior Notes and Class D common stock while the numerator is adjusted to add back interest and amortization expense for the period related to our Convertible Senior Notes. Prior to the Up-C Collapse, Holdings LLC Units paired with Class D common stock were evaluated for dilutive effect under the if-converted method. Refer to the 2025 Form 10-K for further details. The following table sets forth the calculation of the basic and diluted earnings per share: Three Months Ended June 30,Six Months Ended June 30, 2026202520262025 Numerator: Net income (loss)$229 $34 $526 $(178) Net loss (income) attributable to non-controlling interest1 (36)1 166 Net income (loss) attributable to Rocket Companies$230 $(2)$527 $(12) Denominator: Weighted average shares of Participating Common Stock outstanding - basic (1) 2,836,345,108171,438,1052,832,422,032159,643,228 Add: Dilutive impact of share-based compensation awards (2) 7,193,010 11,574,617 Weighted average shares of Participating Common Stock outstanding - diluted2,843,538,118171,438,1052,843,996,649159,643,228 Earnings (loss) per share of Participating Common Stock outstanding - basic $0.08 $(0.01)$0.19 $(0.08) Earnings (loss) per share of Participating Common Stock outstanding - diluted $0.08 $(0.01)$0.19 $(0.08) 42 Rocket Companies, Inc. Notes to Unaudited Condensed Consolidated Financial Statements (Continued) ($ in Millions, Except Per Share Amounts or Unless Otherwise Noted) (1) Participating Common Stock was composed of the following: Three Months Ended June 30,Six Months Ended June 30, 2026202520262025 Class A common shares987,465,653 151,120,748 983,542,577 149,428,424 Class L common shares1,848,879,455 20,317,357 1,848,879,455 10,214,804 Total Participating Common Stock2,836,345,108 171,438,105 2,832,422,032 159,643,228 (2) Dilutive impact of share-based compensation awards for the periods are: Three Months Ended June 30,Six Months Ended June 30, 2026202520262025 RSUs4,881,572 9,573,524 PSUs2,194,161 1,831,291 Stock options27,110 50,900 TMSPP90,167 118,902 Six Months Ended June 30, 2026202520262025 RSUs7,029,050 11,815,692 3,084,100 11,815,692 PSUs2,621,234 1,832,589 2,621,234 1,832,589 Stock options11,988,041 13,903,948 11,988,041 13,908,948 TMSPP 62,790 88,992 Convertible note 4,263,561 4,263,561 43 Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations The following management s discussion and analysis of our financial condition and results of operations should be read in conjunction with, and is qualified in its entirety by reference to, our unaudited Condensed Consolidated Financial Statements and the related notes and other information included elsewhere in this Quarterly Report on Form 10-Q and our audited consolidated financial statements included in our Annual Report on Form 10-K filed with the SEC. This discussion and analysis contains forward-looking statements that involve risks and uncertainties which could cause our actual results to differ materially from those anticipated in these forward-looking statements, including, but not limited to, risks and uncertainties discussed under the heading Special Note Regarding Forward-Looking Statements, and in Part I. Item 1A. Risk Factors in our Form 10-K and elsewhere in this Form 10-Q. Special Note Regarding Forward-Looking Statements This Form 10-Q contains forward-looking statements, which involve risks and uncertainties. These forward-looking statements are generally identified by the use of forward-looking terminology, including the terms anticipate, believe, could, estimate, expect, intend, may, plan, potential, predict, project, should, target, will, would and, in each case, their negative or other various or comparable terminology. All statements other than statements of historical facts contained in this Form 10-Q, our strategy, future operations, future financial position, future revenue, projected costs, prospects, plans, objectives of management and expected market growth are forward-looking statements. As you read this Form 10-Q, you should understand that these statements are not guarantees of performance or results. They involve known and unknown risks, uncertainties and assumptions, including those described under the heading Risk Factors in this Form 10-Q. Although we believe that these forward-looking statements are based upon reasonable assumptions, you should be aware that many factors, including those described under the heading Risk Factors in this Form 10-Q, could affect our actual financial results or results of operations and could cause actual results to differ materially from those in the forward-looking statements. Our forward-looking statements made herein are made only as of the date of this Form 10-Q. We expressly disclaim any intent, obligation or undertaking to update or revise any forward-looking statements made herein to reflect any change in our expectations with regard thereto or any change in events, conditions or circumstances on which any such statements are based. All subsequent written and oral forward-looking statements attributable to us or persons acting on our behalf are expressly qualified in their entirety by the cautionary statements contained in this Form 10-Q. Objective The following discussion provides an analysis of the Company's financial condition, cash flows and results of operations from management's perspective and should be read in conjunction with the consolidated financial statements and notes thereto included in Part I, Item 1 of this Quarterly Report on Form 10-Q. Our objective is to provide a discussion of events and uncertainties known to management that are reasonably likely to cause the reported financial information not to be indicative of future operating results or of future financial condition and to also offer information that provides an understanding of our financial condition, cash flows and results of operations. Executive Summary We are a Detroit based homeownership platform including mortgage, real estate and personal finance businesses. We are committed to delivering industry-best client experiences through our AI-powered, vertically integrated homeownership platform. Our full suite of products empowers our clients across financial wellness, personal loans, home search, mortgage finance, title and closing. We believe our widely recognized Rocket brand is synonymous with simple, fast, affordable and trusted digital experiences. 44 Recent Developments Business Trends In the second quarter of 2026, the ongoing conflict in the Middle East contributed to higher energy prices and renewed inflation concerns. At its April and June meetings, the Federal Reserve maintained the federal funds target range at 3.50% to 3.75%. However, market expectations shifted away from anticipating rate cuts and moved towards anticipating potential rate increases. Alongside this shift, in its June Summary of Economic Projections, the Federal Reserve raised its projections for inflation and the 2026 year-end federal funds rate. The 10-year Treasury yield increased during the quarter, while the 30-year fixed mortgage rate remained elevated and volatile, declining in April before increasing in May and remaining near 6.5% through the end of the quarter. Improving labor market conditions and wage growth provided some support to the housing market, but this was counteracted by elevated mortgage rates and continued affordability challenges. These conditions weighed on purchase and refinance activity and resulted in a muted spring homebuying season. Acquisitions and Up-C Collapse On June 30, 2025, we completed the Up-C Collapse to simplify our organizational and capital structure. On July 1, 2025, we completed our all-stock acquisition of Redfin. On October 1, 2025, we completed our all-stock acquisition of Mr. Cooper. Integration continues to proceed as expected. Refer to Note 1, Business, Basis of Presentation and Significant Accounting Policies and Note 2, Acquisitions to our Condensed Consolidated Financial Statements included in this Form 10-Q. Three months ended June 30, 2026 summary We generated $49.1 billion in total closed mortgage loan origination volume, an increase of $20.1 billion, or 69%, compared to $29.1 billion in 2025. Our Net income for the period was $229 million, an increase of $195 million, compared to Net income of $34 million in 2025. We generated Adjusted EBITDA of $766 million, an increase of $594 million, compared to $172 million in 2025. For more information on Adjusted EBITDA, please see Non-GAAP Financial Measures below. Six months ended June 30, 2026 summary We generated $93.8 billion in total closed mortgage loan origination volume, an increase of $43.1 billion, or 85%, compared to $50.6 billion in 2025. Our Net income for the period was $526 million, an increase of $704 million, compared to a Net loss of $178 million in 2025. We generated Adjusted EBITDA of $1.5 billion, an increase of $1.2 billion, compared to $342 million in 2025. For more information on Adjusted EBITDA, please see Non-GAAP Financial Measures below. 45 Non-GAAP Financial Measures ($ In Millions, Except Share and Per Share Amounts) To provide investors with information in addition to our results as determined by GAAP, we disclose Adjusted revenue, Adjusted net income, Adjusted diluted earnings per share and Adjusted EBITDA as non-GAAP measures which management believes provide useful information to investors. We believe the presentation of our non-GAAP financial measures provides useful information to investors regarding our results of operations because each measure assists both investors and management in analyzing and benchmarking the performance and value of our business. Accordingly, management believes that these measurements are useful for comparing general operating performance from period to period, and management relies on these measures for planning and forecasting of future periods. Additionally, these measures allow management to compare our results with those of other companies that have different financing and capital structures. Our non-GAAP financial measures are not calculated in accordance with GAAP and should not be considered as a substitute for Total revenue, net, Net income (loss), or any other operating performance measure calculated in accordance with GAAP. Other companies may define non-GAAP financial measures differently, and as a result, our non-GAAP financial measures may not be directly comparable to those of other companies. Our non-GAAP financial measures provide indicators of performance that are not affected by fluctuations in certain costs or other items. 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, 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 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, Provision for (benefit from) 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, Litigation accrual and Other adjustments. We exclude from each of our non-GAAP financial measures the Change in fair value of MSRs and related liabilities due to valuation assumptions (net of hedges), as this represents a non-cash non-realized adjustment to our Total revenue, net, reflecting changes in market interest rates and assumptions, including OAS and prepayment speeds, which are not indicative of our performance or results of operations. We also exclude gains or losses on sales of MSRs during the period and effects of contractual prepayment protection associated with sales of MSRs. Further, we exclude the Amortization of acquired intangible assets from Adjusted net income and Adjusted EBITDA. The intangible assets related to the Acquisitions were recorded as part of purchase accounting and the related amortization recorded over their useful lives represents a fixed non-cash expense that is not indicative of our ongoing performance or results of operations. Adjusted EBITDA includes interest expense on secured financing which is recorded as a component of Interest expense, as these expenses are a direct cost driven by loan origination volume. By contrast, Bond interest expense is a function of our capital structure and is therefore excluded from Adjusted EBITDA. In determining our non-GAAP provision for income taxes, which can differ significantly from our GAAP provision for income taxes, we apply a long-term projected non-GAAP tax rate that excludes certain significant, non-recurring and period-specific income tax effects, such as changes in judgment or estimates of tax matters related to prior years, changes in the valuation allowance related to deferred tax assets, changes in tax laws, and changes to our business structure including impacts from business combinations. The application of a long-term non-GAAP tax rate helps us assess the core profitability of our business operations and compare to our historical operating results. In arriving at the long-term non-GAAP tax rate used in fiscal year 2026, we evaluated our structure after the Up-C Collapse in 2025 and projections and currently available information for fiscal year 2026 through 2028. In projecting this long-term non-GAAP tax rate, we utilized a three-year financial projection that excludes the direct and indirect income tax effects of the other non-GAAP adjustments reflected above including tax impacts related to nondeductible executive equity compensation. Additionally, we considered our current operating structure and other factors such as our existing and potential tax positions in various jurisdictions and key legislation in major jurisdictions where we operate. The projected long-term non-GAAP tax rate could be subject to change for several reasons, including significant changes in our geographic earnings mix or in application of tax laws in major jurisdictions in which we operate. As such, we periodically re-evaluate the appropriateness of the long-term non-GAAP tax rate and may adjust for significant changes. 46 Our definitions of each of our non-GAAP financial measures allow us to add back certain cash and non-cash expenses, and deduct certain gains that are included in calculating Total revenue, net, Net income (loss) attributable to Rocket Companies or Net income (loss). However, these expenses and gains vary greatly, and are difficult to predict. From time to time in the future, we may include or exclude other items if we believe that doing so is consistent with the goal of providing useful information to investors. Although we use our non-GAAP financial measures to assess the performance of our business, such use is limited because they do not include certain material costs necessary to operate our business. Our non-GAAP financial measures can represent the effect of long-term strategies as opposed to short-term results. Our presentation of our non-GAAP financial measures should not be construed as an indication that our future results will be unaffected by unusual or nonrecurring items. Our non-GAAP financial measures have limitations as analytical tools, and you should not consider them in isolation or as a substitute for analysis of our results as reported under U.S. GAAP. Because of these limitations, our non-GAAP financial measures should not be considered as measures of discretionary cash available to us to invest in the growth of our business or as measures of cash that will be available to us to meet our obligations. Limitations to our non-GAAP financial measures include, but are not limited to: (a) they do not reflect every cash expenditure, future requirements for capital expenditures or contractual commitments; (b) Adjusted EBITDA does not reflect the significant interest expense or the cash requirements necessary to service interest or principal payment on our debt; (c) although Depreciation and amortization are non-cash expenses, the assets being depreciated and amortized will often have to be replaced or require improvements in the future, and Adjusted revenue, Adjusted net income and Adjusted EBITDA do not reflect any cash requirement for such replacements or improvements; and (d) they are not adjusted for all non-cash income or expense items that are reflected in our Condensed Consolidated Statements of Cash Flows. We compensate for these limitations by using our non-GAAP financial measures along with other comparative tools, together with U.S. GAAP measurements, to assist in the evaluation of operating performance. See below for reconciliation of our non-GAAP financial measures to their most comparable U.S. GAAP measures. Additionally, our U.S. GAAP-based measures can be found in the Condensed Consolidated Financial Statements and related notes included elsewhere in this Form 10-Q. Reconciliation of Adjusted revenue to Total revenue, net Three Months Ended June 30,Six Months Ended June 30, 2026202520262025 Total revenue, net $2,784 $1,451 $5,725 $2,553 Change in fair value of MSRs and related liabilities due to valuation assumptions (net of hedges) (1) (23)(20)(142)239 Adjusted revenue $2,761 $1,431 $5,583 $2,792 (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. 47 Reconciliation of Adjusted net income to Net income (loss) attributable to Rocket Companies Three Months Ended June 30,Six Months Ended June 30, 2026202520262025 Net income (loss) attributable to Rocket Companies$230 $(2)$527 $(12) Net income (loss) impact from pro forma conversion of Class D common shares to Class A common shares (1) 36 (166) Adjustment to income taxes (2) (21)(15)(20)28 Tax-effected Net income (loss) $209 $19 $507 $(150) Share-based compensation expense90 52 178 92 Change in fair value of MSRs and related liabilities due to valuation assumptions (net of hedges) (3) (23)(20)(142)239 Acquisition-related expenses (4) 99 35 178 63 Amortization of acquired intangible assets (5) 112 225 28 28 Tax impact of adjustments (7) (80)(20)(122)(99) Other adjustments (8) 6 9 11 10 Adjusted net income$441 $75 $863 $155 (1) Reflects net income (loss) 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. 48 (2) Refer to Adjustment for Income taxes paragraph above for discussion on the adjustment to income taxes. 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 Income (loss) before income taxes based upon Rocket Companies, Inc. owning 100% of the non-voting common interest units of Holdings LP for the periods presented and (b) the Provision for (benefit from) income taxes for the periods presented. Three Months Ended June 30,Six Months Ended June 30, 2026202520262025 Net income (loss) attributable to Rocket Companies$230 $(2)$527 $(12) Net income (loss) impact from pro forma conversion of Class D common shares to Class A common shares 36 (166) Net loss attributable to non-controlling interest(1) (1) Provision for (benefit from) income taxes52 (10)155 (20) Income (loss) before income taxes$281 $24 $681 $(198) Effective income tax rate for Adjusted income (loss) before income taxes 25.60 %21.39 %25.60 %24.68 % Adjusted (Provision for) benefit from income taxes$(73)$(5)$(175)$48 Provision for (benefit from) income taxes52 (10)155 (20) Adjustment to income taxes$(21)$(15)$(20)$28 Three Months Ended June 30,Six Months Ended June 30, 2026202520262025 Statutory U.S. Federal Income Tax Rate21.00 %21.00 %21.00 %21.00 % Foreign taxes0.01 0.01 0.01 0.01 State and local income taxes (net of federal benefit)4.59 0.38 4.59 3.67 Effective income tax rate for Adjusted net income 25.60 %21.39 %25.60 %24.68 % (3) 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. (4) Primarily consists of transaction costs associated with the Acquisitions and Up-C Collapse, such as professional service fees (including integration costs), and severance expense. (5) Reflects amortization of intangible assets related to the Acquisitions. (6) Reflects litigation accrual related to a specific legal matter recorded in 2026. (7) 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, Litigation accrual and certain Other adjustments, at the effective tax rates for each period. (8) 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 TRA and change in equity investments. 49 Reconciliation of Adjusted diluted weighted average shares outstanding to Diluted weighted average Participating Common Stock outstanding Three Months Ended June 30,Six Months Ended June 30, 2026202520262025 Diluted weighted average Participating Common Stock outstanding2,843,538,118171,438,1052,843,996,649159,643,228 Assumed pro forma conversion of Class D shares (1) 1,828,562,126 1,838,664,679 Adjusted diluted weighted average shares outstanding2,843,538,1182,000,000,2312,843,996,6491,998,307,907 Adjusted net income$441$75$863$155 Adjusted diluted earnings per share$0.16$0.04$0.30$0.08 (1) Reflects the pro forma exchange and conversion of anti-dilutive Class D common shares to Class A common shares. For the three and six months ended June 30, 2025, Class D common shares were anti-dilutive and are excluded from the Diluted weighted average Participating Common Stock outstanding in the table above. Class D common shares were surrendered and retired on June 30, 2025, the date the Up-C Collapse was effectuated. Reconciliation of Adjusted EBITDA to Net income (loss) Three Months Ended June 30,Six Months Ended June 30, 2026202520262025 Net income (loss)$229 $34 $526 $(178) Bond interest expense (1) 142 45 281 84 Provision for (benefit from) income taxes52 (10)155 (20) Depreciation and amortization (2) 33 28 66 54 Share-based compensation expense90 52 178 92 Change in fair value of MSRs and related liabilities due to valuation assumptions (net of hedges) (3) (23)(20)(142)239 Acquisition-related expenses (4) 99 35 178 63 Amortization of acquired intangible assets (5) 112 225 Litigation accrual (6) 28 28 Other adjustments (7) 4 8 9 8 Adjusted EBITDA$766 $172 $1,504 $342 (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). (2) The three and six months ended June 30, 2026 exclude the impact of amortization of acquired intangible assets, which is included as a separate adjustment line. (3) 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. (4) Primarily consists of transaction costs associated with the Acquisitions and Up-C Collapse, such as professional service fees (including integration costs), and severance expense. 50 (5) Reflects amortization of intangible assets related to the Acquisitions. (6) Reflects litigation accrual related to a specific legal matter recorded in 2026. (7) Reflects change in equity investments, as well as changes in estimates of tax rates and other variables of the Tax receivable agreement liability. Key Performance Indicators We monitor key performance indicators and operating metrics across our business to evaluate performance and trends. Mortgage origination metrics, including net rate lock volume and gain on sale margin, provide insight into the performance of our Direct to Consumer, Rocket Pro, and Correspondent channels. Direct to Consumer: Rocket originates mortgage loans directly with homebuyers and homeowners, including new clients, existing servicing clients, and clients referred through enterprise partnerships, while managing the end-to-end experience across new mortgage financing. Rocket Pro (Wholesale): Independent mortgage brokers, community banks, and credit unions originate loans for their clients using Rocket s origination platform, fulfillment capabilities, and products while maintaining their own customer relationships and branding. Correspondent: Rocket purchases closed mortgage loans from approved third-party originators and financial institutions that have been underwritten in accordance with investor guidelines. Operating metrics for our mortgage servicing portfolio include UPB, total number of loans serviced, and metrics that might impact MSR valuation. We operate other businesses that include Rocket Close (title and closing), Rocket Money (personal financial management), Redfin (real estate brokerage), and Rocket Loans (personal loans). Each of these businesses operate distinct business models and have unique operating metrics. 51 The following summarizes key performance indicators of the business: Three Months Ended June 30,Six Months Ended June 30, ($ in millions)2026202520262025 DTC net rate lock volume$26,000$17,875$55,884$34,443 Rocket Pro net rate lock volume10,88510,55422,59620,103 Net rate lock volume excluding Correspondent$36,885$28,429$78,480$54,546 Correspondent net rate lock volume10,152 17,945 Net rate lock volume (1) $47,037$28,429$96,425$54,546 DTC gain on sale margin4.13 %3.93 %4.06 %4.03 % Rocket Pro gain on sale margin0.69 %0.88 %0.96 %0.81 % Gain on sale margin excluding Correspondent3.11 %2.80 %3.17 %2.84 % Correspondent gain on sale margin0.19 % %0.17 % % Gain on sale margin (2) 2.48 %2.80 %2.61 %2.84 % June 30, ($ in millions, Units in thousands)20262025 Servicing Portfolio Data Total serviced UPB (includes subserviced)$2,016,711$609,204 MSRs UPB of loans serviced$1,213,607$537,515 UPB of loans subserviced and temporarily serviced$803,104$71,689 Total loans serviced (includes subserviced)9,1162,839 Number of MSRs loans serviced6,3542,646 Number of loans subserviced and temporarily serviced2,762193 MSR fair value multiple (3) 5.354.96 Total serviced MSR delinquency rate (60+)1.37%1.32% Net client retention rate (trailing twelve months) (4) 97%97% Actual prepayment speed10.53 %8.76 % Three Months Ended June 30,Six Months Ended June 30, (Units in thousands)2026202520262025 Select Other Rocket Companies Rocket Close closings (units)9768190120 Rocket Money paying subscribers, at period end 5,0144,4625,0144,462 Rocket Loans closed (units)29215736 Redfin real estate transactions19 N/A33N/A (1) Net rate lock volume represents the UPB of IRLCs and LPCs for the period, net of the pull-through factor, as described in the 2025 Form 10-K. (2) Gain on sale margin is calculated by dividing Gain on sale of loans, net by the net rate lock volume for the period. A detailed description of the components of Gain on sale of loans, net can be found in the 2025 Form 10-K. For purposes of calculating this metric, gain on sale revenue includes all those components, but excludes revenues from Rocket Loans, changes in the investor reserve, and fair value adjustments on repurchased loans held on our balance sheet, such as early buyouts. 52 (3) MSR fair market value multiple is a metric used to determine the relative value of the MSR asset in relation to the annualized retained servicing fee, which is the cash that the holder of the MSR asset would receive from the portfolio as of such date. It is calculated as the quotient of (a) the MSR fair market value as of a specified date divided by (b) the weighted average annualized retained servicing fee for our MSR portfolio as of such date. The weighted average annualized retained servicing fee for our MSR portfolio was 0.29% and 0.28% as of June 30, 2026 and 2025, respectively. The vast majority of our portfolio consists of originated MSRs and consequently, the impact of purchased MSRs does not have a material impact on our weighted average service fee. (4) This metric measures our retention across a greater percentage of our client base versus our recapture rate. We define net client retention rate as the number of clients that were active at the beginning of a period and which remain active at the end of the period, divided by the number of clients that were active at the beginning of the period. This metric excludes clients whose loans were sold during the period as well as clients to whom we did not actively market to due to contractual prohibitions or other business reasons. We define active as those clients who do not pay off their mortgage with us and originate a new mortgage with another lender during the period. Description of Certain Components of Financial Data Refer to the 2025 Form 10-K for the year ended December 31, 2025 for the complete Description of Certain Components of Financial Data. Additionally, refer to Revenue Recognition in Note 1, Business, Basis of Presentation and Significant Accounting Policies for details about the components of revenue and the reclassification of certain interest-type activities. Components of revenue Our sources of revenue include Gain on sale of loans, net, Loan servicing income, net, Interest income and Other income. Components of operating expenses Our operating expenses as presented in the Condensed Statement of Operations Data include Salaries, commissions and team member benefits, General and administrative expenses, Marketing and advertising expenses, Interest expense, Depreciation and amortization, and Other expenses. 53 Results of Operations Summary of Operations Condensed Statement of Operations Data Three Months Ended June 30,Six Months Ended June 30, ($ in millions)2026202520262025 Revenue Gain on sale of loans, net$1,205 $816 $2,581 $1,588 Servicing fee income1,066 401 2,149 802 Change in fair value of MSRs, net(616)(199)(1,101)(648) Interest income583 237 1,090 438 Other income546 196 1,006 373 Total revenue, net2,784 1,451 5,725 2,553 Expenses Salaries, commissions and team member benefits1,050 623 2,129 1,233 General and administrative expenses568 287 1,103 548 Marketing and advertising expenses291 276 636 552 Interest expense374 155 723 264 Depreciation and amortization145 27 291 54 Other expenses75 59 162 100 Total expenses2,503 1,427 5,044 2,751 Income (loss) before income taxes281 24 681 (198) (Provision for) benefit from income taxes(52)10 (155)20 Net income (loss)229 34 526 (178) Net loss (income) attributable to non-controlling interest1 (36)1 166 Net income (loss) attributable to Rocket Companies$230 $(2)$527 $(12) 54 Gain on sale of loans, net The components of Gain on sale of loans, net for the periods presented were as follows: Three Months Ended June 30,Six Months Ended June 30, ($ in millions)2026202520262025 Net gain on sale of loans (1) $344 $361 $964 $712 Fair value of originated MSRs759 343 1,447 608 Benefit from (provision for) investor reserves2 1 (4)(3) Unrealized change in fair value of the Pipeline107 126 (66)425 Realized and unrealized change in fair value of Pipeline hedges(7)(15)240 (154) Gain on sale of loans, net$1,205 $816 $2,581 $1,588 (1) Net gain on sale of loans represents the premium we receive in excess of the loan principal amount and certain fees charged by investors upon sale of loans into the secondary market, plus net origination fees. The table below provides details of the characteristics of our mortgage loan production: Three Months Ended June 30,Six Months Ended June 30, ($ in millions)2026202520262025 Mortgage Loan Origination Data: Closed loan volume by type: Conventional Conforming$26,608$16,287$53,499$28,819 FHA/VA14,0297,31124,68412,917 Non-Agency8,4885,45815,5958,904 Total closed loan volume$49,125$29,056$93,778$50,640 Closed loan volume by channel: DTC closed loan volume$28,059$17,982$54,836$31,533 Rocket Pro closed loan volume11,11111,07422,10819,107 Correspondent closed loan volume9,955 16,834 Total closed loan volume$49,125$29,056$93,778$50,640 Closed loan metrics: Average loan amount (1) $307$270$308$270 Weighted average loan-to-value ratio74.03 %71.45 %73.11 %71.33 % Weighted average credit score740742740740 Weighted average loan rate6.26 %6.76 %6.19 %6.78 % Percentage of loans sold: To GSEs and government82.87 %80.74 %82.52 %80.54 % To other counterparties17.13 %19.26 %17.48 %19.46 % Servicing-retained94.65 %90.03 %94.83 %91.79 % Servicing-released5.35 %9.97 %5.17 %8.21 % (1) Average loan amount is presented in thousands. 55 Overview of the Gain on sale of loans, net table At the time an IRLC is issued, an estimate of the Gain on sale of loans, net is recognized in the Unrealized change in fair value of the Pipeline component in the table above. Subsequent changes in the fair value of IRLCs and MLHFS are recognized in this same component as the loan progresses through closing, which is when the IRLC moves to a MLHFS (where it remains until sold into the secondary market). The goal of our Pipeline hedge strategy is to mitigate the impact of interest rate changes from the point of the IRLC through the sale of the loan. The Unrealized change in fair value of IRLCs and MLHFS each period is dependent on several factors, including mortgage origination volume, duration of the Pipeline, and movement of interest rates during that period as compared to the immediately preceding period. Loans originated during an increasing rate environment generally decrease in value and loans originated during a decreasing rate environment generally increase in value. When the mortgage loan is sold into the secondary market, any difference between the proceeds received and the current fair value of the loan is recognized as a realized gain on sale and moves from the Unrealized change in fair value of the Pipeline component, to the Net gain on sale of loans component in the table above. The component Realized and unrealized change in fair value related to the Pipeline hedges is intended to economically hedge (or offset) the various fair value adjustments that impact the Unrealized change in fair value of the Pipeline and the Net gain on sale of loans components. As a result, these three components should be evaluated in combination when evaluating Gain on sale of loans, net, as the sum of these components are primarily driven by net rate lock volume. Furthermore, at the point of sale of the loan, the Fair value of originated MSRs and the Benefit from (provision for) investor reserves are recognized each in their respective components shown above. Three months ended June 30, 2026 summary Gain on sale of loans, net was $1.2 billion, an increase of $389 million, or 48%, compared to $816 million in 2025, primarily driven by an increase in mortgage production. Net gain on sale of loans, Unrealized change in fair value of the Pipeline, and Realized and unrealized change in fair value of Pipeline hedges was $444 million, a decrease of $28 million, or 6%, compared to $472 million in 2025. This decrease was primarily driven by a mix shift to Correspondent, offset by an increase in net rate lock volume in the current period. The Fair value of originated MSRs was $759 million, an increase of $416 million, compared to $343 million in 2025. The change was driven by the increase in sold loan volume and MSR fair value multiple, as well as a mix shift to Correspondent in the current period. The Investor reserves liability balance was relatively flat in the current and prior period. The Benefit from investor reserves was $2 million, comparable to $1 million in 2025. Six months ended June 30, 2026 summary Gain on sale of loans, net was $2.6 billion, an increase of $1.0 billion, or 63%, compared to $1.6 billion in 2025, primarily driven by an increase in mortgage production. Net gain on sale of loans, Unrealized change in fair value of the Pipeline, and Realized and unrealized change in fair value of Pipeline hedges was $1.1 billion, an increase of $155 million, or 16%, compared to $983 million in 2025. The change was primarily driven by an increase in net rate lock volume, offset by a mix shift to Correspondent in the current period. The Fair value of originated MSRs was $1.4 billion, an increase of $839 million, compared to $608 million in 2025. The change was driven by the increase in sold loan volume and MSR fair value multiple, as well as a mix shift to Correspondent in the current period. The Investor reserves liability balance was relatively flat in the current and prior period. The Provision for investor reserves was $4 million, comparable to $3 million, in 2025. 56 Loan servicing income, net For the periods presented, Loan servicing income, net consisted of the following: Three Months Ended June 30,Six Months Ended June 30, ($ in millions)2026202520262025 Contractually specified servicing fees$903 $382 $1,822 $763 Subservicing income103 3 214 7 Other ancillary income60 16 113 32 Servicing fee income1,066 401 2,149 802 Change in valuation model inputs or assumptions for MSRs and related liabilities70 (25)349 (286) Change in fair value of MSR hedge(47)45 (207)47 Collection/realization of cash flows(639)(219)(1,243)(409) Change in fair value of MSRs, net(616)(199)(1,101)(648) Loan servicing income, net$450 $202 $1,048 $154 Loan Servicing Data June 30, 20262025 MSRs metrics: Weighted average loan interest rate4.57%4.46% Weighted average annual service fee0.29%0.28% Three months ended June 30, 2026 summary Loan servicing income, net was $450 million, an increase of $248 million, compared to $202 million in 2025, due to the $665 million increase in Servicing fee income resulting from the larger average portfolio size during 2026, partially offset by the decrease in Change in fair value of MSRs, net. The $417 million decrease in Change in fair value of MSRs, net was primarily driven by the Collection / realization of cash flows due to the larger average portfolio size during 2026. The Change in valuation model inputs or assumptions for MSRs and related liabilities was mostly offset by the Change in fair value of MSR hedge. In 2026, the Change in valuation model inputs or assumptions for MSRs and related liabilities was a $70 million increase, compared to a decrease of $25 million in 2025. This change was driven by an increase in interest rates during the second quarter of 2026, compared to a decrease in the same period in 2025. Six months ended June 30, 2026 summary Loan servicing income, net was $1.0 billion, an increase of $894 million, compared to $154 million in 2025, primarily due to the $1.3 billion increase in Servicing fee income resulting from the larger average portfolio size during 2026, partially offset by the $453 million decrease in Change in fair value of MSRs, net. The $453 million decrease in Change in fair value of MSRs, net was primarily driven by Collection / realization of cash flows due to the larger average portfolio size during 2026, partially offset by the Change in valuation model inputs or assumptions for MSRs and related liabilities and Change in fair value of MSR hedge. In 2026, the Change in valuation model inputs or assumptions for MSRs and related liabilities was a $349 million increase, compared to a decrease of $286 million in 2025. This change was driven by an increase in interest rates during the current period, compared to a decrease in the same period in 2025. 57 MSR and Subservicing Portfolio The following table summarizes changes to MSR and subservicing and other portfolio UPB: MSR Subservicing and Other Total$1,257,976 $851,798 $2,109,774 43,264 43,264 8,578 72,151 80,729 (52,926)(93,490)(146,416)(9,671)(11,256)(20,927)(33,044)(15,553)(48,597)(555)(534)(1,089)(15)(12)(27)$1,213,607 $803,104 $2,016,711 MSR Subservicing and Other Total$1,290,325 $831,558 $2,121,883 83,424 29 83,453 20,451 127,911 148,362 (92,738)(105,692)(198,430)(22,032)(16,233)(38,265)(64,843)(33,609)(98,452)(950)(848)(1,798)(30)(12)(42)$1,213,607 $803,104 $2,016,711 Six Months Ended June 30, ($ in millions)2026202520262025 Interest income$583 $237 $1,090 $438 Three months ended June 30, 2026 summary Interest income was $583 million, an increase of $346 million, compared to $237 million in 2025. The increase was primarily driven by custodial deposit income associated with our larger average servicing portfolio in 2026, as well as higher mortgage loan origination volume. Six months ended June 30, 2026 summary Interest income was $1.1 billion, an increase of $652 million, compared to $438 million in 2025. The increase was primarily driven by custodial deposit income associated with our larger average servicing portfolio in 2026, as well as higher mortgage loan origination volume. Other income The components of Other income for the periods presented were as follows: Three Months Ended June 30,Six Months Ended June 30, ($ in millions)2026202520262025 Real estate services revenue $261 $15 $453 $25 Rocket Close revenue 127 83 255 147 Rocket Money revenue 118 98 235 193 Other (1) 40 63 8 Total other income $546 $196 $1,006 $373 (1) Other consists of additional subsidiary and miscellaneous revenue. Three months ended June 30, 2026 summary Other income was $546 million, an increase of $350 million, compared to $196 million in 2025, primarily driven by a $246 million increase in Real estate services revenue from incremental real estate transactions associated with Redfin. Additionally, there was a $44 million increase in Rocket Close revenue, driven by higher mortgage loan origination volume, and a $20 million increase in Rocket Money revenue associated with growth in paying subscribers. Six months ended June 30, 2026 summary Other income was $1.0 billion, an increase of $633 million, compared to $373 million in 2025, driven by a $428 million increase in Real estate services revenue from incremental real estate transactions associated with Redfin. Additionally, there was a $108 million increase in Rocket Close revenue, driven by higher mortgage loan origination volume, and a $42 million increase in Rocket Money revenue associated with growth in paying subscribers. 59 Expenses Expenses for the periods presented were as follows: Three Months Ended June 30,Six Months Ended June 30, ($ in millions)2026202520262025 Salaries, commissions and team member benefits$1,050 $623 $2,129 $1,233 General and administrative expenses568 287 1,103 548 Marketing and advertising expenses291 276 636 552 Interest expense374 155 723 264 Depreciation and amortization145 27 291 54 Other expenses75 59 162 100 Total expenses$2,503 $1,427 $5,044 $2,751 Three months ended June 30, 2026 summary Total expenses during the period were $2.5 billion, an increase of $1.1 billion, or 75%, compared to 2025. Salaries, commissions and team member benefits were $1.1 billion, an increase of $427 million, or 69%, compared to $623 million, primarily due to increased variable compensation driven by higher origination volume, as well as expenses associated with additional team members from the Acquisitions. General and administrative expenses were $568 million, an increase of $281 million, compared to $287 million in 2025, primarily driven by Acquisition-related expenses, as well as an increase in variable costs associated with the increase in origination volume. Interest expense was $374 million, an increase of $219 million, compared to $155 million in 2025, driven by the senior notes issued and assumed in 2025, as well as increased utilization of mortgage loan funding facilities associated with higher origination volume. Depreciation and amortization expenses were $145 million, an increase of $118 million, compared to $27 million in 2025, due to an increase in amortization of intangible assets associated with the Acquisitions. Six months ended June 30, 2026 summary Total expenses during the period were $5.0 billion, an increase of $2.3 billion, or 83%, compared to 2025. Salaries, commissions and team member benefits were $2.1 billion, an increase of $896 million, or 73%, compared to $1.2 billion, largely due to an increase in variable compensation driven by higher origination volume, as well as expenses associated with additional team members from the Acquisitions. General and administrative expenses were $1.1 billion, an increase of $555 million, compared to $548 million in 2025, primarily driven by Acquisition-related expenses, as well as an increase in variable costs associated with the increase in origination volume. Interest expense was $723 million, an increase of $459 million, compared to $264 million in 2025, driven by the senior notes issued and assumed in 2025, as well as increased utilization of mortgage loan funding facilities associated with higher origination volume. Depreciation and amortization expenses were $291 million, an increase of $237 million, compared to $54 million in 2025, due to an increase in amortization of intangible assets associated with the Acquisitions. Summary results by segment Beginning in the second quarter of 2026, the Company has one reportable segment, Mortgage. The discussion of results below reflects the new segment reporting structure, with prior-period information recast for comparability. For additional discussion, see Note 13, Segments of the notes to the Condensed Consolidated Financial Statements of this Form 10-Q. The Mortgage segment includes our mortgage origination, servicing, title, closing and appraisal businesses, supporting clients throughout their homeownership journey. Our origination and servicing businesses are connected by our recapture engine, which extends client relationships beyond origination and creates opportunities to recapture clients future refinance and purchase transactions. The segment generates revenue from the origination, sale, and servicing of mortgage loans and from subservicing and servicing acquisition activities, as well as title and settlement services and appraisal management. 60 The CODM uses Contribution margin as the measure of profit or loss to assess performance and allocate resources to each segment. Contribution margin represents Total revenue, net, adjusted for the Change in fair value of MSRs and related liabilities due to valuation assumptions (net of hedges) less Directly attributable expenses. Directly attributable expenses include Salaries, commissions and team member benefits, General and administrative expenses, Marketing and advertising expenses, Interest expense and Other expenses, such as mortgage servicing related expenses and expenses generated from Rocket Close (title and settlement services). See below for our overview and discussion of segment results for the three and six months ended June 30, 2026 and 2025. Mortgage Results Three Months Ended June 30,Six Months Ended June 30, ($ in millions)2026202520262025 Revenues Gain on sale of loans, net $1,175 $794 $2,523 $1,550 Servicing fee income 1,061 400 2,141 800 Change in fair value of MSRs, net (613)(199)(1,098)(648) Interest income 540 201 1,009 374 Other income 111 73 221 130 Total revenue, net 2,274 1,269 4,796 2,206 Change in fair value of MSRs and related liabilities due to valuation assumptions (net of hedges) (23)(20)(142)239 Adjusted revenue2,251 1,249 4,654 2,445 Expenses Salaries, commissions and team member benefits 442 331 901 661 General and administrative expenses 172 102 378 185 Marketing and advertising expenses 174 230 370 446 Interest expense 225 91 428 155 Other expenses 64 45 143 83 Directly attributable expenses1,077 799 2,220 1,530 Contribution margin$1,174 $450 $2,434 $915 Three months ended June 30, 2026 summary Adjusted revenue was $2.3 billion, an increase of $1.0 billion, or 80%, compared to $1.2 billion in 2025, primarily driven by higher Servicing fee income, Gain on sale of loans, net, and Interest income. Servicing fee income increased $661 million, due to the larger average portfolio size in 2026. Gain on sale of loans, net increased $381 million, driven by an increase in mortgage production. Interest income increased $339 million primarily driven by custodial deposit income, as well as higher mortgage loan origination volume. These increases were partially offset by Change in fair value of MSRs, net, specifically the Collection/realization of cash flows, which were impacted by the larger average servicing portfolio in 2026. Directly attributable expenses were $1.1 billion, an increase of $278 million, or 35%, compared to $799 million in 2025, primarily due to increased Interest expense, Salaries, commissions and team member benefits, and General and administrative expenses. 61 Interest expense increased due to the senior notes issued and assumed in 2025, as well as increased utilization of mortgage loan funding facilities associated with higher origination volume. The increase in Salaries, commissions and team member benefits was due to variable compensation associated with higher origination volume, as well as expenses associated with additional team members from the fourth quarter 2025 acquisition of Mr. Cooper. Higher General and administrative expenses were driven by acquisition-related expenses, as well as an increase in variable costs associated with the increase in origination volume. Contribution margin was $1.2 billion, an increase of $724 million, compared to $450 million in 2025. The increase in Contribution margin was primarily driven by an increase in Adjusted revenue, partially offset by higher Directly attributable expenses, as described above. Six months ended June 30, 2026 summary Adjusted revenue was $4.7 billion, an increase of $2.2 billion, or 90%, compared to $2.4 billion in 2025, primarily driven by higher Servicing fee income, Gain on sale of loans, net, and Interest income. Servicing fee income increased $1.3 billion, due to the larger average portfolio size in 2026. Gain on sale of loans, net increased $973 million, driven by an increase in mortgage production. Interest income increased $635 million, primarily driven by custodial deposit income, as well as higher mortgage loan origination volume. These increases were partially offset by Change in fair value of MSRs, net, specifically the Collection/realization of cash flows, which were impacted by the larger average servicing portfolio in 2026. Directly attributable expenses were $2.2 billion, an increase of $690 million, or 45%, compared to $1.5 billion in 2025, primarily due to increased Interest expense, Salaries, commissions and team member benefits, and General and administrative expenses. Interest expense increased due to the senior notes issued and assumed in 2025, as well as increased utilization of mortgage loan funding facilities associated with higher origination volume. The increase in Salaries, commissions and team member benefits was due to variable compensation associated with higher origination volume, as well as expenses associated with additional team members from the fourth quarter 2025 acquisition of Mr. Cooper. Higher General and administrative expenses were driven by acquisition-related expenses, as well as an increase in variable costs associated with the increase in origination volume. Mortgage Contribution margin was $2.4 billion, an increase of $1.5 billion, compared to $915 million in 2025. The increase in Contribution margin was primarily driven by an increase in Adjusted revenue, partially offset by higher Directly attributable expenses, as described above. Liquidity and Capital Resources Historically, our primary sources of liquidity have included: cash flow from our operations, including: sale of whole loans into the secondary market; sale of MSRs and excess servicing cash flows into the secondary market; loan origination fees; servicing fee income; interest income on loans held for sale; and other income. borrowings, including secured and unsecured financing; and 62 cash and marketable securities on hand. Historically, our primary uses of funds have included: origination of loans; interest expense; repayment of debt; operating expenses; and acquisition of MSRs. In order to originate and aggregate loans for sale into the secondary market, we use our own working capital and borrow or obtain money on a short-term basis primarily through secured financing facilities, generally established with large global banks. When we sell a pool of loans in the secondary market, the proceeds received from the sale of the loans are used to pay back the amounts we owe on the secured financing facilities. We rely on the cash generated from the sale of loans to fund future loans and repay borrowings under our secured financing facilities. Delays or failures to sell loans in the secondary market could have an adverse effect on our liquidity position. We remain in a strong liquidity position, with total liquidity of $11.2 billion as of June 30, 2026, which includes $3.1 billion of Cash and cash equivalents, $2.3 billion of undrawn lines of credit, and $5.8 billion of undrawn available MSR and advance lines of credit. Margin cash held on behalf of counterparties is recorded in Cash and cash equivalents, and the related liability is classified in Accounts payable and other liabilities in the Condensed Consolidated Balance Sheets. Margin cash pledged to counterparties is excluded from Cash and cash equivalents and instead recorded in Other assets, as a receivable, in the Condensed Consolidated Balance Sheets. We are also subject to contingencies which may have a significant impact on the use of our cash. We believe that our available cash, as well as the sources of liquidity described above, provide adequate resources to fund our anticipated ongoing operational and capital needs. June 30, 2026 compared to June 30, 2025 Cash Flows Our Cash and cash equivalents and restricted cash were $3.4 billion as of June 30, 2026, a decrease of $1.7 billion, compared to $5.1 billion as of June 30, 2025. As of June 30, 2025, cash included proceeds from the Company's $4.0 billion senior notes offering completed in June 2025. Subsequently, a substantial portion of those proceeds was used in connection with the Acquisitions, primarily to repay or refinance indebtedness of the acquired companies. These uses were partially offset by cash and restricted cash acquired in the Acquisitions. Equity Equity was $23.5 billion as of June 30, 2026, an increase of $16.1 billion, compared to $7.4 billion as of June 30, 2025. The increase primarily reflects an increase of $1.5 billion and $13.9 billion as a result of the Redfin Acquisition and Mr. Cooper Acquisition, respectively, partially offset by a reduction to Change in controlling interest of investment, net, driven by $1.3 billion of deferred tax impacts during 2025 associated with the Up-C Collapse. Refer to Notes 2, Acquisitions and 9, Income Taxes, of the Condensed Consolidated Financial Statements, for further detail. Distributions During the three and six months ended June 30, 2026, the Company had not paid any material tax distributions. For the three and six months ended June 30, 2025, Holdings LLC paid tax distributions totaling $114 million to holders of Holdings LLC Units other than Rocket Companies. Dividend distributions are at the discretion of our board of directors. 63 In connection with the Up-C Collapse transaction defined in Note 1, Business, Basis of Presentation and Significant Accounting Policies in this Form 10-Q, our board of directors authorized and declared a cash dividend (the 2025 Special Dividend ) on March 10, 2025 of $0.80 per share to the holders of our Class A common stock. The 2025 Special Dividend was paid on April 3, 2025 to holders of the Class A common stock of record as of the close of business on March 20, 2025. Contractual Obligations, Commercial Commitments and Other Contingencies There were no material changes outside the ordinary course of business to our outstanding contractual obligations as of June 30, 2026 from information and amounts previously disclosed as of December 31, 2025 in our Annual Report on Form 10-K under the caption Contractual Obligations, Commercial Commitments and Other Contingencies. Refer to Note 11, Commitments and Contingencies, of the notes to the Condensed Consolidated Financial Statements for further discussion of contractual obligations, commercial commitments and other contingencies, including legal contingencies. New Accounting Pronouncements Not Yet Effective See Note 1, Business, Basis of Presentation and Significant Accounting Policies of the notes to the Condensed Consolidated Financial Statements for details of recently issued accounting pronouncements and their expected impact on our Condensed Consolidated Financial Statements. Critical Accounting Policies and Estimates The preparation of Condensed Consolidated Financial Statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of the fair value of assets and contingent liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. We have identified certain accounting policies as being critical because they require us to make difficult, subjective or complex judgments about matters that are uncertain. We believe that the judgment, estimates and assumptions used in the preparation of our Condensed Consolidated Financial Statements are appropriate given the factual circumstances at the time. However, actual results could differ and the use of other assumptions or estimates could result in material differences in our results of operations or financial condition. Refer to Part II - Item 7A. Quantitative and Qualitative Disclosures about Market Risk of our 2025 Form 10-K for the detailed discussion of our critical accounting policies and estimates. There have been no changes to our critical accounting policies, as described in our 2025 Form 10-K. 64 Item 3. Quantitative and Qualitative Disclosures about Market Risk There have been no material changes to the Company's exposure to market risks since what was disclosed in the Company's December 31, 2025 Annual Report on Form 10-K. Item 4. Controls and Procedures Evaluation of Disclosure Controls and Procedures Our management, with the participation of our CEO and CFO, has evaluated the effectiveness of our disclosure controls and procedures (as defined in Rules 13a-15(e) and 15d-15(e) under the Exchange Act), as of the end of the period covered by this Form 10-Q. Based on such evaluation, our CEO and CFO have concluded that as of June 30, 2026, our disclosure controls and procedures are designed at a reasonable assurance level and are effective to provide reasonable assurance that information we are required to disclose in reports that we file or submit under the Exchange Act is recorded, processed, summarized and reported within the time periods specified in the rules and forms of the SEC, and that such information is accumulated and communicated to our management, including our CEO and CFO, as appropriate, to allow timely decisions regarding required disclosure. Changes in Internal Control over Financial Reporting There were no changes in our internal control over financial reporting identified in our management s evaluation pursuant to Rules 13a-15(d) and 15d-15(d) of the Exchange Act during the period covered by this Form 10-Q that materially affected, or are reasonably likely to materially affect, our internal control over financial reporting. Limitations on Effectiveness of Controls and Procedures In designing and evaluating the disclosure controls and procedures and internal control over financial reporting, management recognizes that any controls and procedures, no matter how well designed and operated, can provide only reasonable assurance of achieving the desired control objectives. Because of inherent limitations, internal controls over financial reporting may not prevent or detect misstatements. In addition, the design of disclosure controls and procedures must reflect the fact that there are resource constraints and that management is required to apply judgment in evaluating the benefits of possible controls and procedures relative to their costs. 65 PART II. OTHER INFORMATION Item 1. Legal Proceedings In the ordinary course of business, we may be involved in various pending or threatened legal actions. The litigation process is inherently uncertain and it is possible that the resolution of such matters might have a material adverse effect upon our financial condition and/or results of operations. However, in the opinion of our management, matters pending or threatened against us are not expected to have a material adverse effect on our business, financial condition and results of operations. Refer to Note 11, Commitments and Contingencies, to the Condensed Consolidated Financial Statements under the heading Legal included in this Quarterly Report on Form 10-Q for legal proceedings and related matters. Item 1A. Risk Factors There have been no material changes or additions to the risk factors previously disclosed under Risk Factors included in our Annual Report on Form 10-K filed for the year ended December 31, 2025. The risk factors described in our 2025 Form 10-K are not the only risks we face. Any of the risks described in our 2025 Form 10-K could materially affect our business, financial condition or future results and the actual outcome of matters as to which forward-looking statements are made. Additional risks and uncertainties not currently known to us, or that we currently deem to be immaterial, also may materially adversely affect our business, financial condition and/or future results. Item 2. Unregistered Sales of Equity Securities and Use of Proceeds None. Item 5. Other Information Our insider trading policy permits our officers and directors to establish pre-approved stock trading plans pursuant to Rule 10b5-1 promulgated under the Exchange Act. Rule 10b5-1 allows insiders to adopt written stock trading plans at a time when they are unaware of material non-public information which establish predetermined trading parameters that do not permit the insider to subsequently exercise any influence over how, when or whether to effect trades. On June 16, 2026, Jay Bray, a member of our board of directors who also serves as the president and chief executive officer of Rocket Mortgage, adopted a pre-approved Rule 10b5-1 trading plan to sell up to 2,700,000 shares of our Class A common stock. Mr. Bray s Rule 10b5-1 trading plan was entered into during an open insider trading window and is intended to satisfy the affirmative defense of Rule 10b5-1(c) under the Exchange Act, and the Company s policies regarding transactions in Company securities. Mr. Bray s trading plan is scheduled to terminate on September 15, 2027, subject to early termination for certain specified events set forth within the plan. As required by securities laws, completed trades under the trading plan are reported by the individual on Form 4s filed with the SEC. 66