Rocket Companies, Inc. · NYSE:RKT
Rocket Companies — Merger or Acquisition (March 2025)
24 slides from Rocket Companies's merger presentation, Mar 31, 2025
Slide 1: Rocket Companies to acquire Mr. Cooper
Rocket Companies to acquire Mr. Cooper Accelerating the mission to help everyone home. March 31, 2025
Slide 2: Disclaimer
Disclaimer Important Information for Investors and Stockholders Cautionary Statement Regarding Forward-Looking Information This communication contains statements regarding the proposed transaction between Rocket Companies, Inc. (“Rocket”) and Mr. Cooper Group Inc. (“Mr. Cooper”); future financial an
Slide 3: Strategic rationale: accelerating the mission to help everyone home
Powerful homeownership platform with largest servicer + and largest originator, driving client benefits at scale Accelerate origination–servicing recapture flywheel by powering 1 of every 6 American mortgages Strategic rationale Fuel AI innovation by combining 30 petabytes of data and industry-leadi
Slide 4: Transaction summary
Rocket + Mr. Cooper Transaction summary Structure • 100% stock consideration • Mr. Cooper shareholders will receive a fixed number of shares of Rocket Class A common stock for each share of Mr. Cooper common stock • Exchange ratio of 11.0x is equal to $143.33 in value per Mr. Cooper share • Pro form
Slide 5: Homeownership partner for life
Rocket + Mr. Cooper Homeownership partner for life An end-to-end platform … … every step of the client journey. Year 1 Purchase first home Home search Year 3 Refinance into lower rate Home financing Year 5 Title and closing Purchase bigger home Year 10 Loan servicing Cash out equity for kitchen remo
Slide 6: Integrated homeownership platform
Rocket + Mr. Cooper Integrated homeownership platform 3K loan officers delivering a 76 NPS 62M monthly visitors $2.1T servicing UPB #1 most visited real estate #1 largest mortgage #1 largest mortgage brokerage website originator in the U.S.1 servicer in the U.S.2 12K+ lead and partner 10M servicing
Slide 7: Mr. Cooper business snapshot
Rocket + Mr. Cooper Mr. Cooper business snapshot Company profile Company operations $1,056M CEO Jay Bray HQ Dallas, TX Servicing and origination Special servicing Other Great Place to Work $523M 7,900 team members certified 6 years in a row Real estate auction Document processing platform Originatio
Slide 8: Revenue diversification strengthens foundation with upside for growth
Rocket + Mr. Cooper Revenue diversification strengthens foundation with upside for growth 2024 pro forma revenue composition Origination Servicing Other In $, Millions + 28% 17% $8,097 24% 36% Personal finance, 44% title & closing, other $5,101 $2,996 businesses and interest income 59% 17% 47% Recur
Slide 9: Combined scale significantly enhances platform capabilities
Rocket + Mr. Cooper Combined scale significantly enhances platform capabilities + $2.1T 9.5M 462K 3x 30PB servicing origination industry servicing UPB data lake3 clients clients1 recapture rate2 $593B 2.8M 377K 83% 14PB + + + + + $1,556B 6.7M 85K 50% 16PB Note: Data for full year 2024. balances are
Slide 10: Leveraging leading technology and data to deliver client-first experiences
Rocket + Mr. Cooper Leveraging leading technology and data to deliver client-first experiences 850M annual client 3M clients 14PB data1 150M annual client 7M clients 16PB data interactions interactions Industry-leading proprietary loan origination platform Industry-leading servicing tech systems Roc
Slide 11: Accelerating the origination-servicing recapture flywheel
Rocket + Mr. Cooper Accelerating the origination-servicing recapture flywheel Rocket + Redfin 62M monthly visitors High recapture drives repeat origination $0 client acquisition cost (CAC) through recapture 9.5M servicing clients Rocket + Mr. Cooper 11
Slide 12: Durable earnings growth potential due to combined scale and recapture ability
Rocket + Mr. Cooper Durable earnings growth potential due to combined scale and recapture ability $1,262B 21% of owned > 6.5% mortgage rate $ 174B portfolio UPB 6.0% - 6.5% mortgage rate $ 92B + < 6.0% mortgage rate $ 996B Pro forma Owned MSR UPB 1 Note: Pro forma owned MSR UPB as of 12/31/2024, exc
Slide 13: $500M+ of highly achievable run-rate synergies
Rocket + Mr. Cooper $500M+ of highly achievable run-rate synergies Synergy Category Description Rate & term recapture 15-point uplift to Mr. Cooper’s recapture rate applied to in-the-money serviced loans Revenue $100M+ Title and closing Apply Rocket’s title and close attachment to now-eligible Mr. C
Slide 14: Rate and term recapture synergy cases
Rocket + Mr. Cooper Rate and term recapture synergy cases Upside+ $330M Upside $150M Underwriting $65M 30-year fixed rate mortgage: 6.5% 30-year fixed rate mortgage: 6.0% 30-year fixed rate mortgage: 6.0% Mr. Cooper In-the-money UPB: $41B Mr. Cooper In-the-money UPB: $100B Mr. Cooper In-the-money UP
Slide 15: Deep funding and liquidity profile
Rocket + Mr. Cooper Deep funding and liquidity profile Funding capacity Available liquidity $52B of combined funding capacity Warehouse facilities $52B Over $11B in combined available liquidity Available cash $11B Financing facilities Undrawn line of credit Unsecured bonds $9B $32B $8B $4B $16B $7B
Slide 16: Brands renowned for exceptional client service
Rocket + Mr. Cooper Brands renowned for exceptional client service #1 Mortgage brand Freddie Mac’s Top Honor Servicer Honors and Rewards Program (SHARP) 76 Net promoter score Fannie Mae’s Top Honor Servicer Total Achievement and Rewards (STAR) Most awarded mortgage brand 22 J.D. Power awards across
Slide 17: Culture of client-centric innovation and operational excellence
Rocket + Mr. Cooper Culture of client-centric innovation and operational excellence We are the “they” Cheerleaders for our team Obsessed with finding a better way Challengers of convention Every client, every time Champions for our customers 17
Slide 18: Accelerating the mission to help everyone
Powerful homeownership platform with largest servicer + and largest originator, driving client benefits at scale Accelerate origination–servicing recapture flywheel by powering 1 of every 6 American mortgages Strategic rationale Fuel AI innovation by combining 30 petabytes of data and industry-leadi
Slide 19: Appendix
Appendix 19
Slide 20: Pro forma capitalization
Rocket + Mr. Cooper: Appendix Pro forma capitalization In $, Millions A B C D Rocket1 Mr. Cooper Pro Forma2 12/31/2024 12/31/2024 Combined 1 Warehouse funding facilities 6,855 2,016 8,871 2 Other secured financing 93 1,247 1,340 3 Funding debt $6,948 $3,263 $10,211 4 MSR facilities - 3,650 3,650 5 S
Slide 21: Pro forma P&L
Rocket + Mr. Cooper: Appendix Pro forma P&L In $, Millions A B Pro Forma 12 months ended December 31, 2024 Revenue 1 Gain on sale revenue $3,536 2 Servicing fee revenue 3,684 3 Servicing amortization (1,664) 4 Net servicing fee 2,020 5 Mark to market 280 6 Interest income 1,213 7 Other income 969 8
Slide 22: Pro forma balance sheet
Rocket + Mr. Cooper: Appendix Pro forma balance sheet In $, Millions A B Pro Forma As of December 31, 2024 Assets 1 Cash and cash equivalents $1,548 2 Mortgage servicing rights (MSRs), at fair value 19,372 3 Mortgage loans held for sale, at fair value 11,384 4 Goodwill and other intangibles 8,726 5
Slide 23: Pro forma servicing UPB
Rocket + Mr. Cooper: Appendix Pro forma servicing UPB In $, Billions Owned $2,149 Subserviced $1,556 $1,262 $736 $593 $526 $68 $820 $888 Pro forma Note: Pro-forma owned MSR UPB as of 12/31/2024 23
Slide 24: Pro forma share count
Rocket + Mr. Cooper: Appendix Pro forma share count Post RDFN 2024 10K filing Post RDFN Close and COOP Close Class A 7% Class A 12% Class A 35% Class D 93% Class L1 88% Class L1 65% Total Total estimated Total estimated 2.00 B 2.11 B 2.83 B outstanding shares outstanding shares outstanding shares 1)
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