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, 2026 2025 2026 2025 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, 2026 2025 2026 2025 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 expense 90 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 — 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, 2026 2025 2026 2025 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 taxes 52 (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 taxes 52 (10) 155 (20) Adjustment to income taxes $ (21) $ (15) $ (20) $ 28 Three Months Ended June 30, Six Months Ended June 30, 2026 2025 2026 2025 Statutory U.S. Federal Income Tax Rate 21.00 % 21.00 % 21.00 % 21.00 % Foreign taxes 0.01 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, 2026 2025 2026 2025 Diluted weighted average Participating Common Stock outstanding 2,843,538,118 171,438,105 2,843,996,649 159,643,228 Assumed pro forma conversion of Class D shares (1) — 1,828,562,126 — 1,838,664,679 Adjusted diluted weighted average shares outstanding 2,843,538,118 2,000,000,231 2,843,996,649 1,998,307,907 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, 2026 2025 2026 2025 Net income (loss) $ 229 $ 34 $ 526 $ (178) Bond interest expense (1) 142 45 281 84 Provision for (benefit from) income taxes 52 (10) 155 (20) Depreciation and amortization (2) 33 28 66 54 Share-based compensation expense 90 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) 2026 2025 2026 2025 DTC net rate lock volume $ 26,000 $ 17,875 $ 55,884 $ 34,443 Rocket Pro net rate lock volume 10,885 10,554 22,596 20,103 Net rate lock volume excluding Correspondent $ 36,885 $ 28,429 $ 78,480 $ 54,546 Correspondent net rate lock volume 10,152 — 17,945 — Net rate lock volume (1) $ 47,037 $ 28,429 $ 96,425 $ 54,546 DTC gain on sale margin 4.13 % 3.93 % 4.06 % 4.03 % Rocket Pro gain on sale margin 0.69 % 0.88 % 0.96 % 0.81 % Gain on sale margin excluding Correspondent 3.11 % 2.80 % 3.17 % 2.84 % Correspondent gain on sale margin 0.19 % — % 0.17 % — % Gain on sale margin (2) 2.48 % 2.80 % 2.61 % 2.84 % June 30, ($ in millions, Units in thousands) 2026 2025 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) 9,116 2,839 Number of MSRs loans serviced 6,354 2,646 Number of loans subserviced and temporarily serviced 2,762 193 MSR fair value multiple (3) 5.35 4.96 Total serviced MSR delinquency rate (60+) 1.37% 1.32% Net client retention rate (trailing twelve months) (4) 97% 97% Actual prepayment speed 10.53 % 8.76 % Three Months Ended June 30, Six Months Ended June 30, (Units in thousands) 2026 2025 2026 2025 Select Other Rocket Companies Rocket Close closings (units) 97 68 190 120 Rocket Money paying subscribers, at period end 5,014 4,462 5,014 4,462 Rocket Loans closed (units) 29 21 57 36 Redfin real estate transactions 19 N/A 33 N/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) 2026 2025 2026 2025 Revenue Gain on sale of loans, net $ 1,205 $ 816 $ 2,581 $ 1,588 Servicing fee income 1,066 401 2,149 802 Change in fair value of MSRs, net (616) (199) (1,101) (648) Interest income 583 237 1,090 438 Other income 546 196 1,006 373 Total revenue, net 2,784 1,451 5,725 2,553 Expenses Salaries, commissions and team member benefits 1,050 623 2,129 1,233 General and administrative expenses 568 287 1,103 548 Marketing and advertising expenses 291 276 636 552 Interest expense 374 155 723 264 Depreciation and amortization 145 27 291 54 Other expenses 75 59 162 100 Total expenses 2,503 1,427 5,044 2,751 Income (loss) before income taxes 281 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 interest 1 (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) 2026 2025 2026 2025 Net gain on sale of loans (1) $ 344 $ 361 $ 964 $ 712 Fair value of originated MSRs 759 343 1,447 608 Benefit from (provision for) investor reserves 2 1 (4) (3) Unrealized change in fair value of the Pipeline 107 126 (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) 2026 2025 2026 2025 Mortgage Loan Origination Data: Closed loan volume by type: Conventional Conforming $ 26,608 $ 16,287 $ 53,499 $ 28,819 FHA/VA 14,029 7,311 24,684 12,917 Non-Agency 8,488 5,458 15,595 8,904 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 volume 11,111 11,074 22,108 19,107 Correspondent closed loan volume 9,955 — 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 ratio 74.03 % 71.45 % 73.11 % 71.33 % Weighted average credit score 740 742 740 740 Weighted average loan rate 6.26 % 6.76 % 6.19 % 6.78 % Percentage of loans sold: To GSEs and government 82.87 % 80.74 % 82.52 % 80.54 % To other counterparties 17.13 % 19.26 % 17.48 % 19.46 % Servicing-retained 94.65 % 90.03 % 94.83 % 91.79 % Servicing-released 5.35 % 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) 2026 2025 2026 2025 Contractually specified servicing fees $ 903 $ 382 $ 1,822 $ 763 Subservicing income 103 3 214 7 Other ancillary income 60 16 113 32 Servicing fee income 1,066 401 2,149 802 Change in valuation model inputs or assumptions for MSRs and related liabilities 70 (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, 2026 2025 MSRs metrics: Weighted average loan interest rate 4.57% 4.46% Weighted average annual service fee 0.29% 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 $286 million in 2025. This change was driven by an increase in interest rates during the current period, compared to a decrease in the same period in 2025. 57 MSR and Subservicing Portfolio The following table summarizes changes to MSR and subservicing and other portfolio UPB: Three Months Ended June 30, 2026 ($ in millions) MSR Subservicing and Other Total Balance at beginning of period $ 1,257,976 $ 851,798 $ 2,109,774 Additions: Originations 43,264 — 43,264 Acquisitions/Increase in subservicing (1) 8,578 72,151 80,729 Deductions: Dispositions/Decrease in subservicing (2) (52,926) (93,490) (146,416) Principal reductions and other (9,671) (11,256) (20,927) Voluntary reductions (3) (33,044) (15,553) (48,597) Involuntary reductions (4) (555) (534) (1,089) Net changes in loans serviced by others (15) (12) (27) Balance at end of period $ 1,213,607 $ 803,104 $ 2,016,711 (1) Amount for Subservicing and Other UPB includes transfers from MSR for MSRs sold with subservicing rights retained. (2) Amount for MSR UPB includes transfers to Subservicing and Other for MSRs sold with subservicing rights retained. (3) Voluntary reductions are related to loan payoffs by customers. (4) Involuntary reductions refer to loan defaults, loan liquidations and loan charge offs. The following table provides a rollforward of MSR and subservicing and other portfolio UPB: Six Months Ended June 30, 2026 ($ in millions) MSR Subservicing and Other Total Balance at beginning of period $ 1,290,325 $ 831,558 $ 2,121,883 Additions: Originations 83,424 29 83,453 Acquisitions/Increase in subservicing (1) 20,451 127,911 148,362 Deductions: Dispositions/Decrease in subservicing (2) (92,738) (105,692) (198,430) Principal reductions and other (22,032) (16,233) (38,265) Voluntary reductions (3) (64,843) (33,609) (98,452) Involuntary reductions (4) (950) (848) (1,798) Net changes in loans serviced by others (30) (12) (42) Balance at end of period $ 1,213,607 $ 803,104 $ 2,016,711 (1) Amount for Subservicing and Other UPB includes transfers from MSR for MSRs sold with subservicing rights retained. (2) Amount for MSR UPB includes transfers to Subservicing and Other for MSRs sold with subservicing rights retained. 58 (3) Voluntary reductions are related to loan payoffs by customers. (4) Involuntary reductions refer to loan defaults, loan liquidations and loan charge offs. Interest income Three Months Ended June 30, Six Months Ended June 30, ($ in millions) 2026 2025 2026 2025 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) 2026 2025 2026 2025 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) 2026 2025 2026 2025 Salaries, commissions and team member benefits $ 1,050 $ 623 $ 2,129 $ 1,233 General and administrative expenses 568 287 1,103 548 Marketing and advertising expenses 291 276 636 552 Interest expense 374 155 723 264 Depreciation and amortization 145 27 291 54 Other expenses 75 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) 2026 2025 2026 2025 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 revenue 2,251 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 expenses 1,077 799 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