Rocket Companies, Inc.

Previous wording

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 and trusted digital experiences.

Current wording

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.

Previous wording

We originated $44.7 billion in residential mortgage loans, an increase of $23.1 billion, compared to $21.6 billion in 2025. Our Net income for the period was $297 million, an increase of $509 million, compared to a Net loss of $212 million in 2025. We generated Adjusted EBITDA of $738 million, an increase of $569 million, compared to $169 million in 2025. For more information on Adjusted EBITDA, please see “Non-GAAP Financial Measures” below.

Current wording

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.

Previous wording

Non-GAAP Financial Measures ($ In Millions, Except Per Share Amounts)

Current wording

Non-GAAP Financial Measures ($ In Millions, Except Share and Per Share Amounts)

Previous wording

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. Our non-GAAP financial measures are not calculated in accordance with GAAP and should not be considered as a substitute for revenue, 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. 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.

Current wording

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.

Previous wording

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, 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 and Other.

Current wording

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.

Previous wording

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 revenues, reflecting changes in market interest rates and assumptions, including OAS and prepayment speeds, which are not indicative of our performance or results of operation. 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 intangible assets recognized from the Acquisitions 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.

Current wording

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.

Previous wording

Limitations to our non-GAAP financial measures included, but are not limited to:

Current wording

Limitations to our non-GAAP financial measures include, but are not limited to:

Previous wording

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 the (Provision for) benefit from income taxes reflects the difference between (a) the income tax computed using the effective tax rates below applied to the Adjusted income (loss) before income taxes based upon Rocket Companies, Inc. owning 100% of the non-voting common interest units of Holdings LP for all three months presented and (b) the (Provision for) benefit from income taxes for the periods presented.

Current wording

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.

Previous wording

(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 and Other adjustments, at the effective tax rates for each period.

Current wording

(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.

Previous wording

(1) Reflects the pro forma exchange and conversion of anti-dilutive Class D common shares to Class A common shares. For the three months ended March 31, 2025, Class D common shares were dilutive and are included in 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.

Current wording

(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.

Previous wording

(2) The three months ended March 31, 2026 exclude the impact of amortization of acquired intangible assets.

Current wording

(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.

Previous wording

(2) Net rate lock volume includes the UPB of loans subject to IRLCs, net of the pull-through factor as described in the Description of Certain Components of Financial Data section above.

Current wording

(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.

Previous wording

(1) 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 below in Description of Certain Components of Financial Data. 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.

Current wording

(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.

Previous wording

(2)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 March 31, 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.

Current wording

(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.

Previous wording

(3)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.

Current wording

(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.

Previous wording

Our sources of revenue include Gain on sale of loans, net, Loan servicing income (loss), net, Interest incomeand Other income.

Current wording

Our sources of revenue include Gain on sale of loans, net, Loan servicing income, net, Interest incomeand Other income.

Previous wording

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 (loss) 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 (loss) 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 Provision for investor reserves are recognized each in their respective components shown above.

Current wording

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.

Previous wording

The Fair value of originated MSRs was $688 million, an increase of $423 million, compared to $265 million in 2025. The change was driven by the increase in sold loan volume.

Current wording

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.

Previous wording

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 $694 million, an increase of $183 million, or 36%, compared to $511 million in 2025. This change was primarily driven by an increase in net rate lock volume.

Current wording

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.

Previous wording

The Investor reserves liability balance was relatively flat in the current and prior period. The $2 million increase in Provision for investor reserves expense was primarily due to an increase in losses on repurchased loans in the current period, compared to 2025.

Current wording

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.

Previous wording

For the periods presented, Loan servicing income (loss), net consisted of the following:

Current wording

For the periods presented, Loan servicing income, net consisted of the following:

Previous wording

Loan servicing income, net was $598 million, a change of $646 million, compared to $48 million Loan servicing loss, net in 2025, due to the $682 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.

Current wording

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.

Previous wording

The $36 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, mostly offset by the Change in valuation model inputs or assumptions. In 2026, the Change in valuation model inputs or assumptions was a $279 million increase, compared to a decrease of $261 million in 2025. This change was driven by an increase in interest rates during the first quarter of 2026, compared to a decrease in the same period in 2025.

Current wording

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.

Previous wording

(4) Involuntary reductions refer to loan defaults, loan liquidations and loan chargeoffs.

Current wording

(4) Involuntary reductions refer to loan defaults, loan liquidations and loan charge offs.

Previous wording

Interest income was $507 million, an increase of $306 million, compared to $201 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.

Current wording

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.

Previous wording

Other income was $460 million, an increase of $284 million, compared to $176 million in 2025, primarily driven by a $182 million increase in Real estate services revenue from incremental real estate transactions associated with Redfin, which was acquired in the third quarter of 2025. Additionally, there was a $64 million increase in Rocket Close revenue, driven by higher mortgage loan origination volume.

Current wording

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.

Previous wording

Total expenses during the period were $2.5 billion, an increase of $1.2 billion, or 92%, compared to 2025. Salaries, commissions and team member benefits were $1.1 billion, an increase of $469 million, or 77%, compared to $610 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 $535 million, an increase of $274 million, compared to $261 million in 2025, primarily driven by Acquisition-related expenses, as well as an increase in variable costs associated with the increase in origination volume. Marketing and advertising expenses were $345 million, an increase of $69 million, or 25%, compared to $276 million, primarily driven by an increase in performance marketing associated with higher origination volume. Interest expense was $349 million, an increase of $240 million, compared to $109 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.

Current wording

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.

Previous wording

We measure the performance of the segments primarily on a contribution margin basis. Contribution margin is intended to measure the direct profitability of each segment and is calculated as Adjusted revenue less directly attributable expenses. Adjusted revenue is a non-GAAP financial measure described above. 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 months ended March 31, 2026 and 2025. For additional discussion, see Note 12, Segments of the notes to the unaudited Condensed Consolidated Financial Statements of this Form 10-Q.

Current wording

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.

Previous wording

Partner Network Adjusted revenue was $300.0 million, an increase of $157.0 million, or 110%, compared to $143.0 million in 2025, primarily due to increased Gain on sale of loans, net and Interest income, both driven by higher mortgage production volume.

Current wording

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.

Previous wording

Gain on sale of loans, net increased $502 million, driven by an increase in net rate lock volume. Servicing fee income increased $680 million due to the larger average portfolio size in 2026. Interest income increased $245 million million primarily driven by custodial deposit income, as well as higher mortgage loan origination volume. These increases were partially offset by Changes in fair value of MSRs, specifically the Collection/realization of cash flows, which were impacted by the larger average servicing portfolio in 2026.

Current wording

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.

Previous wording

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. 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. 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.

Current wording

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.

Previous wording

Direct to Consumer Contribution margin was $1.1 billion, an increase of $740.0 million, or 182%, compared to $407 million in 2025. The increase in Contribution margin was primarily driven by an increase in Adjusted revenue, offset by higher Directly attributable expenses, as described above.

Current wording

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.

Previous wording

Partner Network Contribution margin was $144.0 million, an increase of $87.0 million, or 153%, compared to $57.0 million in 2025. The increase in Contribution margin was primarily driven by an increase in Adjusted revenue, offset by higher Directly attributable expenses, as described above.

Current wording

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.

Previous wording

We remain in a strong liquidity position, with total liquidity of $9.4 billion as of March 31, 2026, which includes $2.7 billion of Cash and cash equivalents, $2.3 billion of undrawn lines of credit, and $4.4 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.

Current wording

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.

Previous wording

Our Cash and cash equivalents and restricted cash were $3.0 billion as of March 31, 2026, an increase of $1.6 billion, compared to $1.4 billion as of March 31, 2025. The increase was primarily driven by acquired cash and cash equivalents and restricted cash from the Acquisitions.

Current wording

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.

Previous wording

Equity was $23.2 billion as of March 31, 2026, an increase of $14.6 billion, compared to $8.6 billion as of March 31, 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, Acquisitionsand 8, Income Taxes, of the Condensed Consolidated Financial Statements, for further detail.

Current wording

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, Acquisitionsand 9, Income Taxes, of the Condensed Consolidated Financial Statements, for further detail.

Previous wording

During the three months ended March 31, 2026 and 2025, the Company had not paid any material tax distributions. Dividend distributions are at the discretion of our board of directors.

Current wording

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.

Previous wording

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 contingent assets and 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.

Current wording

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.