Rocket Companies Inc - Ordinary Shares Class A

Q2 results were strong despite “one of the toughest spring markets in years” (rates up → affordability down). - Adjusted revenue: $2.8B (near midpoint of guidance). - Adjusted EBITDA margin expanded to 28% (from 26% in Q1). - Adjusted diluted EPS: $0.16 (up from $0.15 in Q1). - Total net rate lock volume: $47B; total closed loan volume: $49B. - Management called this their most profitable quarter in 4 years and emphasized they gained share while industry demand weakened.

Market share: record gains, driven by recapture + earlier funnel conversion (Rocket’s “ecosystem” model). - Purchase share: 6.2% (from 5.5% in Q4; +13% QoQ based on their framing). - Refinance share: 14.3% (from 12.2% in Q4; +17%). - Refi share gains attributed largely to Mr. Cooper recapture and being ahead of synergy goal. - Purchase gains attributed to Redfin lead flow and Compass/Pro distribution traction.

Integration progress and synergy upside (opportunity) with sequential expense decline (forecast). - Redfin + Mr. Cooper integrations “well ahead of plan.” - Servicing migration: completed one of the largest in the industry; positioned to deploy AI and capture cross-sell. - Expense synergies: achieved $100M annualized Mr. Cooper expense synergies in Q2; on track to reach $400M total by year end. - Importantly, they also stated a new line of sight to ~$100M additional annualized expense savings above the original $400M goal, expected to be realized in the first half of 2020 (as stated in transcript; likely refers to early next year depending on company calendar).