Rocket Companies completed two significant all-stock acquisitions in 2025: Redfin on July 1, 2025, and Mr. Cooper on October 1, 2025, aiming to expand its homeownership ecosystem. The company also completed an Up-C Collapse on June 30, 2025, simplifying its organizational and capital structure, resulting in only Class A and Class L common stock outstanding. Mortgage loan origination volume increased by 29% to $130.4 billion in 2025, up from $101.2 billion in 2024. Rocket Companies reported a Net Loss of $234 million in 2025, a significant shift from a Net Income of $636 million in 2024. Adjusted EBITDA grew by $419 million to $1.3 billion in 2025, compared to $862 million in 2024. Total serviced unpaid principal balance (UPB) reached $2.1 trillion as of December 31, 2025, a substantial increase from $593.3 billion in 2024, largely due to the Mr. Cooper acquisition. The net client retention rate for the servicing portfolio remained strong at 97% on an annual basis. Total revenue, net, increased to $6,695 million in 2025 from $5,101 million in 2024, while total expenses surged to $6,909 million from $4,433 million. Loan servicing income, net, decreased by $96 million to $787 million in 2025, primarily due to a $951 million decrease in the fair value of Mortgage Servicing Rights (MSRs), net. Salaries, commissions, and team member benefits increased by 46% to $3.3 billion, and general and administrative expenses rose by 61% to $1.4 billion, largely due to acquisition-related costs and higher origination volume. Marketing and advertising expenses increased by 32% to $1.1 billion, driven by the unified Rocket brand restage and performance marketing. Interest and amortization expense on non-funding debt increased by 184% to $438 million, due to newly issued and assumed senior notes in 2025. Rocket Close closings increased to 294,000 units, Rocket Money paying subscribers grew to 4.583 million, and Rocket Loans closed units rose to 82,000 in 2025.