On this page of StockholderLetter.com we present the 4/26/2024 shareholder letter from Rocket Companies, Inc. — ticker symbol RKT. Reading current and past RKT letters to shareholders can bring important insights into the investment thesis.
2023 ANNUAL REPORT

FUELED BY ARTIFICIAL INTELLIGENCE, ROCKET IS ON A MISSION TO HELP E VE RYON E H OME . AT ROCKET, WE VE SUPERCHARGED CREATIVE IDEATION BY LEVERAGING THE POWER OF GENERATIVE AI. MUCH OF THE VISUAL CONTENT IN THIS REPORT WAS POWERED BY AI, FURTHER AMPLIFYING HUMAN CREATIVIT Y AND INNOVATION.
A LETTER FROM OUR CEO D E A R RO C K ET SH AR EHOLDER S, It is an incredible honor to be writing my first letter to you as CEO. My journey at Rocket over the past several months has been nothing short of awe-inspiring, as I ve witnessed firsthand the passion, dedication and innovation from our team members who drive this company forward. 94% OF AMERICANS At Rocket, we are undertaking a truly noble endeavor: helping Americans achieve homeownership. For the vast majority of people in this country, homeownership is viewed as the embodiment of the American dream symbolizing stability, financial security and a reliable means of building intergenerational wealth. Rocket is uniquely suited to help our clients navigate this historically fragmented and stressful process through our ability to deliver speed, certainty and value. VIEW HOMEOWNERSHIP AS A VITAL PART OF THE AMERICAN DREAM Our market opportunity is vast. There is a roughly $2 trillion market in mortgage and a massive $5 trillion total addressable market in homeownership as a whole. The mortgage market remains highly fragmented, with the top 10 mortgage lenders comprising just 39% of all originations in 2023, according to Inside Mortgage Finance. Homebuying is an antiquated, manual process that is ripe for disruption, and Rocket is committed to redefining the category through AI. A few months ago, the Rocket leadership team and I assessed the state of our business. We dove deep, engaging in healthy discussion and debate, and reviewing our competitive strengths, gaps and opportunities. We analyzed 150 companies, conducted 1,200 interviews with team members and outside experts and performed 2,500 hours of research. The outcome of this effort was a clear strategy to enable AI-fueled homeownership. With this north star, we simplified our organization, narrowed our focus, aligned our resources to our strategic priorities and, now, we re executing with far greater velocity. Rocket is uniquely positioned to lead the transformation of the homebuying industry. We have 10 petabytes of data in our environments, and thousands of attributes on our clients which gives us an accurate profile of who they are today and how we can help them achieve their dreams in the future. We generate more than 50 million call logs annually, which we use to gain insights to continuously improve our client service. With decades of investment in technology and a robust data foundation, we are AI-ready. 2
We are already actively deploying AI across our company. For example, as of December 2023, nearly 2/3 of income verifications were automated without an underwriter needing to intervene, with zero audit findings contributing to faster turn times and higher accuracy. We are diligently applying these advances in automation at scale across underwriting and banking. HIGHLY FRAGMENTED MARKET In another example, we facilitated 3.1 million interactions with our servicing clients in 2023. Notably, approximately 70% of our servicing calls and chats are fully self-serve with interactions only escalating to team members where the human touch is required. Our servicing calls and chats are increasingly AI-powered, providing clients with smart, conversational experiences 24 hours a day, 7 days a week. TOP 10 PLAYERS COMPRISE ONLY 39% OF MORTGAGE ORIGINATION MARKET The consistent themes across these examples are harnessing the power of our data and artificial intelligence, automating at scale, and driving efficiency, speed and accuracy. We are just scratching the surface, and the benefits when deployed at full scale will be a game-changer for our organization. By leveraging AI, we will transform an industry that is ripe for innovation and establish Rocket as the premier choice for clients and partners, including local real estate agents, mortgage brokers and financial institutions. We are committed to redefining the homebuying experience through AI, and delivering scaled growth in market share, revenue and profitability. I am both humbled and energized to lead Rocket on this transformative journey. The best is yet to come. Sincerely, VARUN KRISHNA Chief Executive Officer and Member of the Board 2023 ANNUAL REPORT 3
 • shareholder letter icon 4/26/2024 Letter Continued (Full PDF)
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RKT 4/26/2024 Shareholder/Stockholder Letter Transcript:

2023
ANNUAL REPORT


FUELED BY
ARTIFICIAL INTELLIGENCE,
ROCKET IS ON A MISSION TO
HELP
E VE RYON E
H OME .
AT ROCKET, WE    VE SUPERCHARGED CREATIVE IDEATION BY
LEVERAGING THE POWER OF GENERATIVE AI. MUCH OF THE
VISUAL CONTENT IN THIS REPORT WAS POWERED BY AI, FURTHER
AMPLIFYING HUMAN CREATIVIT Y AND INNOVATION.

A LETTER FROM OUR CEO
D E A R RO C K ET SH AR EHOLDER S,
It is an incredible honor to be writing my first letter to you as CEO. My journey at Rocket over
the past several months has been nothing short of awe-inspiring, as I   ve witnessed firsthand the
passion, dedication and innovation from our team members who drive this company forward.
94%
OF AMERICANS
At Rocket, we are undertaking a truly noble endeavor:
helping Americans achieve homeownership. For the
vast majority of people in this country, homeownership
is viewed as the embodiment of the American dream    
symbolizing stability, financial security and a reliable
means of building intergenerational wealth. Rocket
is uniquely suited to help our clients navigate this
historically fragmented and stressful process through
our ability to deliver speed, certainty and value.
VIEW HOMEOWNERSHIP
AS A VITAL PART OF THE
AMERICAN DREAM
Our market opportunity is vast. There is a roughly $2
trillion market in mortgage and a massive $5 trillion
total addressable market in homeownership as a
whole. The mortgage market remains highly fragmented, with the top 10 mortgage lenders
comprising just 39% of all originations in 2023, according to Inside Mortgage Finance.
Homebuying is an antiquated, manual process that is ripe for disruption, and Rocket is
committed to redefining the category through AI.
A few months ago, the Rocket leadership team and I assessed the state of our business.
We dove deep, engaging in healthy discussion and debate, and reviewing our competitive
strengths, gaps and opportunities. We analyzed 150 companies, conducted 1,200 interviews
with team members and outside experts and performed 2,500 hours of research. The outcome
of this effort was a clear strategy to enable AI-fueled homeownership. With this north star,
we simplified our organization, narrowed our focus, aligned our resources to our strategic
priorities and, now, we   re executing with far greater velocity.
Rocket is uniquely positioned to lead the transformation of the homebuying industry. We
have 10 petabytes of data in our environments, and thousands of attributes on our clients    
which gives us an accurate profile of who they are today and how we can help them achieve
their dreams in the future. We generate more than 50 million call logs annually, which we
use to gain insights to continuously improve our client service. With decades of investment
in technology and a robust data foundation, we are AI-ready.
2

We are already actively deploying AI across our company.
For example, as of December 2023, nearly 2/3 of income
verifications were automated without an underwriter
needing to intervene, with zero audit findings    
contributing to faster turn times and higher accuracy.
We are diligently applying these advances in automation
at scale across underwriting and banking.
HIGHLY
FRAGMENTED
MARKET
In another example, we facilitated 3.1 million interactions
with our servicing clients in 2023. Notably, approximately
70% of our servicing calls and chats are fully self-serve    
with interactions only escalating to team members where
the human touch is required. Our servicing calls and chats
are increasingly AI-powered, providing clients with smart,
conversational experiences 24 hours a day, 7 days a week.
TOP 10 PLAYERS COMPRISE
ONLY 39% OF MORTGAGE
ORIGINATION MARKET
The consistent themes across these examples are harnessing the power of our data and
artificial intelligence, automating at scale, and driving efficiency, speed and accuracy.
We are just scratching the surface, and the benefits when deployed at full scale will be
a game-changer for our organization.
By leveraging AI, we will transform an industry that is ripe for innovation and establish Rocket
as the premier choice for clients and partners, including local real estate agents, mortgage
brokers and financial institutions. We are committed to redefining the homebuying experience
through AI, and delivering scaled growth in market share, revenue and profitability.
I am both humbled and energized to lead Rocket on this transformative journey. The best
is yet to come.
Sincerely,
VARUN KRISHNA
Chief Executive Officer and Member of the Board
2023 ANNUAL REPORT
3


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