Rocket Companies Inc - Ordinary Shares Class A

Q1 2026 performance beat + strong profitability - Adjusted revenue: $2.822B, above the high end of guidance - Adjusted EBITDA: $738M, margin expanded to 26% (from 23% in Q4) — described as the most profitable quarter in 4 years - Adjusted diluted EPS: $0.15 vs $0.11 in Q4 - Key driver: Rocket emphasized its ecosystem/platform durability through volatile rates (early-quarter rate declines then reversal in March).

Market dynamics: rates volatility hurt expectations but demand remained “resilient” - Rates fell early in Q1 (30-year fixed ~6.15% in January → <6% by end of Feb) then rose again in March (to ~6.5%). - Management highlighted the spring season was uneven; existing home sales in March: -1% YoY and ~-4% vs Feb. - They pointed to a major external swing: conflict in the Middle East (late Feb) → higher oil prices/inflation concerns → rates rose and consumer sentiment weakened.

Q1 volume + mix strength: recapture, servicing, and product diversification - Net rate lock volume: $49B, +19% QoQ - Market share gains in both purchase and refinance (QoQ and YoY) - Servicing/cash-flow engine: $1B+ income from servicing fees in Q1; Rocket stressed the scale/quality of its $2.1T unpaid principal balance - Recapture momentum: closed loan volume from servicing hit an all-time high; 54% of refinance closings came from existing service clients - Margin/quality: gain on sale margin (ex correspondent): 322 bps, highest since Q1 2021. - Revenue mix (less rate-sensitive): ~70% of revenue from recurring or less rate-sensitive sources (a key “balance” narrative).