Rocket Companies (RKT)
Market Price (8/31/2026): $13.77 | Market Cap: $39.1 BilSector: Financials | Industry: Commercial & Residential Mortgage Finance
Rocket Companies (RKT)
Market Price (8/31/2026): $13.77Market Cap: $39.1 BilSector: FinancialsIndustry: Commercial & Residential Mortgage Finance
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
Strong revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is 94% Megatrend and thematic driversMegatrends include Fintech & Digital Payments, Smart Buildings & Proptech, and E-commerce & Digital Retail. Themes include Online Banking & Lending, Show more. | Weak multi-year price returns2Y Excs Rtn is -67%, 3Y Excs Rtn is -36% | Debt is significantNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 62% Expensive valuation multiplesP/EPrice/Earnings or Price/(Net Income) is 83x Not cash flow generativeCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is -7.1%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -16% Yield minus risk free rate is negativeERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -3.2% Key risksRKT key risks include [1] significant integration challenges and execution risks from its aggressive acquisition strategy, Show more. |
| Strong revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is 94% |
| Megatrend and thematic driversMegatrends include Fintech & Digital Payments, Smart Buildings & Proptech, and E-commerce & Digital Retail. Themes include Online Banking & Lending, Show more. |
| Weak multi-year price returns2Y Excs Rtn is -67%, 3Y Excs Rtn is -36% |
| Debt is significantNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 62% |
| Expensive valuation multiplesP/EPrice/Earnings or Price/(Net Income) is 83x |
| Not cash flow generativeCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is -7.1%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -16% |
| Yield minus risk free rate is negativeERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -3.2% |
| Key risksRKT key risks include [1] significant integration challenges and execution risks from its aggressive acquisition strategy, Show more. |
Qualitative Assessment
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Rocket Companies (RKT) stock has lost about 5% since 4/30/2026 because of the following key factors:
1. Mixed Q2 2026 Earnings with a Cautious Q3 Outlook Offset Strong Operational Performance. Rocket Companies (RKT) reported its most profitable quarter in four years for fiscal Q2 2026 (ended June 30, 2026), with GAAP net income of $229 million and adjusted net income of $441 million. The company also achieved record market share gains, with purchase market share reaching 6.2% and refinance share climbing to 14.3%. However, the adjusted revenue of $2.76 billion slightly missed Wall Street's consensus estimate of $2.82 billion. More critically, the company's fiscal Q3 2026 adjusted revenue guidance, set between $2.5 billion and $2.7 billion, came in below analysts' expectations, leading to an initial post-earnings stock slide. This combination of strong historical performance and a conservative near-term outlook contributed to the stock remaining largely range-bound.
2. Persistent High Mortgage Rates Continued to Restrain Housing Market Activity. The period since April 30, 2026, was characterized by elevated mortgage rates, which significantly impacted housing affordability and weakened both purchase and refinance demand. The average 30-year fixed mortgage rate reached 6.69% by August 6, 2026, showing an increase from the previous week and the prior year, with economists not expecting rates to fall below 6% in the near future. This challenging macroeconomic environment was described by Rocket's management as one of the "toughest spring housing markets in years", placing a ceiling on the stock's potential upside despite the company's ability to gain market share within a contracting market.
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Rocket Companies (RKT) stock has lost about 5% since 4/30/2026 because of the following key factors:
1. Mixed Q2 2026 Earnings with a Cautious Q3 Outlook Offset Strong Operational Performance. Rocket Companies (RKT) reported its most profitable quarter in four years for fiscal Q2 2026 (ended June 30, 2026), with GAAP net income of $229 million and adjusted net income of $441 million. The company also achieved record market share gains, with purchase market share reaching 6.2% and refinance share climbing to 14.3%. However, the adjusted revenue of $2.76 billion slightly missed Wall Street's consensus estimate of $2.82 billion. More critically, the company's fiscal Q3 2026 adjusted revenue guidance, set between $2.5 billion and $2.7 billion, came in below analysts' expectations, leading to an initial post-earnings stock slide. This combination of strong historical performance and a conservative near-term outlook contributed to the stock remaining largely range-bound.
2. Persistent High Mortgage Rates Continued to Restrain Housing Market Activity. The period since April 30, 2026, was characterized by elevated mortgage rates, which significantly impacted housing affordability and weakened both purchase and refinance demand. The average 30-year fixed mortgage rate reached 6.69% by August 6, 2026, showing an increase from the previous week and the prior year, with economists not expecting rates to fall below 6% in the near future. This challenging macroeconomic environment was described by Rocket's management as one of the "toughest spring housing markets in years", placing a ceiling on the stock's potential upside despite the company's ability to gain market share within a contracting market.
3. Positive Internal Operational Progress and Strong Liquidity Provided Downside Protection. Despite external headwinds, Rocket Companies demonstrated robust internal operational execution and maintained a strong financial position. The company continued to integrate its acquisitions, Redfin and Mr. Cooper, ahead of schedule, realizing $100 million in annualized synergies from Mr. Cooper during fiscal Q2 2026 and anticipating an additional $100 million beyond the original target by the first half of 2027. Furthermore, Rocket Companies ended fiscal Q2 2026 with a substantial liquidity position of $11.2 billion. This operational efficiency and financial stability likely acted as a floor for the stock, preventing more significant declines in response to the challenging housing market and cautious guidance.
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Stock Movement Drivers
Fundamental Drivers
The -5.8% change in RKT stock from 4/30/2026 to 8/30/2026 was primarily driven by a -33.9% change in the company's P/S Multiple.| (LTM values as of) | 4302026 | 8302026 | Change |
|---|---|---|---|
| Stock Price ($) | 14.62 | 13.77 | -5.8% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 6,243 | 8,957 | 43.5% |
| P/S Multiple | 6.6 | 4.4 | -33.9% |
| Shares Outstanding (Mil) | 2,818 | 2,836 | -0.6% |
| Cumulative Contribution | -5.8% |
Market Drivers
4/30/2026 to 8/30/2026| Return | Correlation | |
|---|---|---|
| RKT | -5.8% | |
| Market (SPY) | 7.1% | 52.7% |
| Sector (XLF) | 11.5% | 28.7% |
Fundamental Drivers
The -23.2% change in RKT stock from 1/31/2026 to 8/30/2026 was primarily driven by a -36.8% change in the company's P/S Multiple.| (LTM values as of) | 1312026 | 8302026 | Change |
|---|---|---|---|
| Stock Price ($) | 17.93 | 13.77 | -23.2% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 5,472 | 8,957 | 63.7% |
| P/S Multiple | 6.9 | 4.4 | -36.8% |
| Shares Outstanding (Mil) | 2,106 | 2,836 | -25.7% |
| Cumulative Contribution | -23.2% |
Market Drivers
1/31/2026 to 8/30/2026| Return | Correlation | |
|---|---|---|
| RKT | -23.2% | |
| Market (SPY) | 11.5% | 51.1% |
| Sector (XLF) | 9.3% | 32.7% |
Fundamental Drivers
The -6.8% change in RKT stock from 7/31/2025 to 8/30/2026 was primarily driven by a -94.8% change in the company's Shares Outstanding (Mil).| (LTM values as of) | 7312025 | 8302026 | Change |
|---|---|---|---|
| Stock Price ($) | 14.77 | 13.77 | -6.8% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 4,579 | 8,957 | 95.6% |
| Net Income Margin (%) | 0.1% | 5.3% | 8547.7% |
| P/E Multiple | 783.4 | 82.9 | -89.4% |
| Shares Outstanding (Mil) | 148 | 2,836 | -94.8% |
| Cumulative Contribution | -6.8% |
Market Drivers
7/31/2025 to 8/30/2026| Return | Correlation | |
|---|---|---|
| RKT | -6.8% | |
| Market (SPY) | 22.7% | 43.0% |
| Sector (XLF) | 12.3% | 31.4% |
Fundamental Drivers
The 33.1% change in RKT stock from 7/31/2023 to 8/30/2026 was primarily driven by a 1143.9% change in the company's P/S Multiple.| (LTM values as of) | 7312023 | 8302026 | Change |
|---|---|---|---|
| Stock Price ($) | 10.34 | 13.77 | 33.1% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 3,681 | 8,957 | 143.4% |
| P/S Multiple | 0.4 | 4.4 | 1143.9% |
| Shares Outstanding (Mil) | 125 | 2,836 | -95.6% |
| Cumulative Contribution | 33.1% |
Market Drivers
7/31/2023 to 8/30/2026| Return | Correlation | |
|---|---|---|
| RKT | 33.1% | |
| Market (SPY) | 74.0% | 32.4% |
| Sector (XLF) | 71.8% | 28.4% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| RKT Return | -28% | -46% | 107% | -22% | 82% | -26% | -16% |
| Peers Return | -30% | -48% | 100% | 9% | 15% | -47% | -52% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | 13% | 106% |
Monthly Win Rates [3] | |||||||
| RKT Win Rate | 50% | 42% | 50% | 42% | 67% | 50% | |
| Peers Win Rate | 42% | 33% | 55% | 47% | 47% | 28% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 50% | |
Max Drawdowns [4] | |||||||
| RKT Max Drawdown | -65% | -55% | -39% | -47% | -29% | -47% | |
| Peers Max Drawdown | -49% | -60% | -38% | -36% | -39% | -62% | |
| S&P 500 Max Drawdown | -5% | -25% | -10% | -8% | -19% | -9% | |
[1] Cumulative total returns since the beginning of 2021
[2] Peers: UWMC, PFSI, LDI, SOFI, Z.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 8/28/2026 (YTD)
How Low Can It Go
| Event | RKT | S&P 500 |
|---|---|---|
| 2025 US Tariff Shock | ||
| % Loss | -10.4% | -18.8% |
| % Gain to Breakeven | 11.6% | 23.1% |
| Time to Breakeven | 4 days | 79 days |
| Summer-Fall 2023 Five Percent Yield Shock | ||
| % Loss | -30.5% | -9.5% |
| % Gain to Breakeven | 43.8% | 10.5% |
| Time to Breakeven | 44 days | 24 days |
| 2023 SVB Regional Banking Crisis | ||
| % Loss | -13.6% | -6.7% |
| % Gain to Breakeven | 15.8% | 7.1% |
| Time to Breakeven | 15 days | 31 days |
| 2022 Inflation Shock & Fed Tightening | ||
| % Loss | -54.1% | -24.5% |
| % Gain to Breakeven | 117.9% | 32.4% |
| Time to Breakeven | 421 days | 427 days |
In The Past
Rocket Companies's stock fell -10.4% during the 2025 US Tariff Shock. Such a loss loss requires a 11.6% gain to breakeven.
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| Event | RKT | S&P 500 |
|---|---|---|
| Summer-Fall 2023 Five Percent Yield Shock | ||
| % Loss | -30.5% | -9.5% |
| % Gain to Breakeven | 43.8% | 10.5% |
| Time to Breakeven | 44 days | 24 days |
| 2022 Inflation Shock & Fed Tightening | ||
| % Loss | -54.1% | -24.5% |
| % Gain to Breakeven | 117.9% | 32.4% |
| Time to Breakeven | 421 days | 427 days |
In The Past
Rocket Companies's stock fell -10.4% during the 2025 US Tariff Shock. Such a loss loss requires a 11.6% gain to breakeven.
Preserve Wealth
Limiting losses and compounding gains is essential to preserving wealth.
Asset Allocation
Actively managed asset allocation strategies protect wealth. Learn more.
About Rocket Companies (RKT)
Rocket Companies (RKT) is a leading tech-driven platform primarily engaged in the real estate, mortgage, and e-Commerce sectors across the United States and Canada. The company's mission is to simplify significant financial transactions for consumers and industry professionals through its extensive digital ecosystem. It operates through two key segments: Direct to Consumer, where it directly serves clients, and Partner Network, collaborating with other businesses and professionals.
The core of Rocket Companies' offerings revolves around its flagship product, Rocket Mortgage, a prominent mortgage lender. This is complemented by a suite of real estate support services, including Amrock for title insurance, property valuation, and settlement, and Rocket Homes, a platform for home searching and real estate agent referrals. The company also extends into digital financing for solar installations via Rocket Solar and provides technology solutions for mortgage professionals through entities like Lendesk and Edison Financial.
Beyond its robust mortgage and real estate services, Rocket Companies diversifies its portfolio with other e-commerce and financial solutions. These include Rocket Auto, an online marketplace for car sales, and Rocket Loans, offering online personal loans. Furthermore, it operates Core Digital Media, a digital advertiser, and provides Truebill (now Rocket Money), a personal finance app designed to help clients manage various aspects of their financial lives. This integrated approach positions Rocket Companies as a comprehensive digital provider for a broad spectrum of consumer financial needs.
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1. Zillow for mortgages and full-service home buying.
2. SoFi for real estate and major life transactions.
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- Rocket Mortgage: Provides mortgage lending services.
- Amrock: Offers title insurance, property valuation, and settlement services for real estate transactions.
- Rocket Homes: A home search platform and real estate agent referral network.
- Rocket Auto: An automotive retail marketplace facilitating online car purchasing.
- Rocket Loans: An online platform for personal loans.
- Core Digital Media: Specializes in digital social and display advertising for mortgage, insurance, and education sectors.
- Rocket Solar: Connects homeowners with digital financing solutions for solar energy installations.
- Truebill: A personal finance app designed to help clients manage their financial lives.
- Lendesk: Provides technology systems for mortgage professionals and private lenders.
- Edison Financial: Operates as a digital mortgage broker.
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Rocket Companies (RKT) primarily sells its services directly to individuals.
The up to three categories of customers it serves are:
- Homeowners, Homebuyers, and Home Sellers: Individuals seeking mortgages, refinancing, home search platforms, real estate agent services, title services, property valuations, and solar financing solutions.
- Individuals Seeking Personal Financing and Financial Management: Consumers looking for personal loans, and those using personal finance apps to manage their financial lives.
- Car Buyers: Individuals in the market to purchase vehicles through an online automotive retail marketplace.
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Varun Krishna, Chief Executive Officer
Varun Krishna was appointed Chief Executive Officer of Rocket Companies in September 2023. He also serves on the Rocket Companies Board of Directors. Before joining Rocket, Krishna served as Executive Vice President and General Manager of Intuit Inc.'s Consumer Group, a role he held since May 2022. Prior to that, he held various leadership positions within Intuit's TurboTax and Mint businesses, including Senior Vice President and General Manager from 2020-2022. Earlier in his career, Krishna was Senior Director of Product at PayPal, managing its global consumer product team, and also held executive roles at Groupon and BetterWorks, and product roles at Microsoft. He has a proven track record of driving product growth and enhancing client experiences through strategy and innovation.
Brian Brown, Chief Financial Officer and Treasurer
Brian Brown has served as Chief Financial Officer and Treasurer of Rocket Companies since November 2022. In these roles, he is responsible for the accounting, finance, treasury, tax, investor relations, and procurement functions, as well as overseeing internal audit work. Brown joined Rocket in June 2014. He previously served as Rocket's Chief Accounting Officer since the company's initial public offering in August 2020. From 2014 to 2020, he held various positions at Rocket Mortgage, including Senior Vice President of Accounting and Finance. Before his time at Rocket Mortgage, Brown spent eight years as a senior manager at Ernst & Young, working with financial services and mortgage banking clients.
Bill Emerson, President
Bill Emerson serves as President of Rocket Companies. He previously held the role of Interim Chief Executive Officer from June to September 2023. Emerson was also Vice Chairman of Rock Holdings, Inc. from February 2017 until May 2023, and was responsible for the leadership, growth, and development of company culture in both these roles. He served as Chief Executive Officer of Rocket Mortgage from 2002 to 2017, leading the company through a period of significant growth. Emerson has over 30 years of experience with the company.
Heather Lovier, Chief Operating Officer
Heather Lovier has been Chief Operating Officer of Rocket Companies since June 2024. In this position, she oversees the entire homeownership experience, encompassing strategy and operations for Rocket Mortgage's Banking and Client Experience teams. Lovier focuses on delivering a world-class client journey and utilizing artificial intelligence to enhance the process, while ensuring seamless integration with other Rocket sister companies.
Shawn Malhotra, Chief Technology Officer
Shawn Malhotra serves as the Chief Technology Officer of Rocket Companies, a position he has held since May 2024. In this role, he is responsible for the development and implementation of technology across the Rocket Companies ecosystem. Malhotra is particularly focused on accelerating the rate of innovation and execution within the organization and advancing Rocket's AI initiatives, aiming to achieve AI-fueled homeownership. He was hired as the company's first Chief Technology Officer.
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Key Risks to Rocket Companies (RKT)
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Sensitivity to Interest Rate Fluctuations and Housing Market Conditions: A substantial portion of Rocket Companies' business, including Rocket Mortgage, Amrock, Rocket Homes, Lendesk, and Edison Financial, is directly tied to the mortgage and housing markets. Rising interest rates typically lead to a decrease in mortgage origination volumes and refinancing activity, while a downturn in the housing market, characterized by declining home values or reduced transaction volumes, would negatively impact their core operations and revenue generation.
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Intense Competition: Rocket Companies operates in highly competitive industries across its various segments, including mortgage lending, real estate services, automotive retail, and personal loans. The presence of numerous traditional financial institutions, established real estate platforms, online lenders, and emerging fintech companies can lead to pricing pressure, increased marketing expenses, and challenges in maintaining or growing market share.
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Rocket Companies, Inc. (symbol: RKT) operates across several significant addressable markets in the United States and Canada, primarily in the tech-driven real estate, mortgage, and e-commerce sectors. The company estimates its total addressable market for its ecosystem of businesses, including mortgage originations in the U.S. and Canada, personal loans, home sales, used auto sales, and real estate advertising, to be approximately $5.5 trillion.
United States Market Sizes:
- Mortgage Lending (Rocket Mortgage): The total single-family mortgage origination volume in the U.S. is expected to increase to $2.2 trillion in 2026. The U.S. home mortgage market size was around $180.91 billion in 2023 and is predicted to grow to approximately $501.67 billion by 2032.
- Title Insurance, Property Valuation, and Settlement Services (Amrock): The U.S. title insurance industry conducted over $16.5 billion in business in 2023. The U.S. Title Insurance industry revenue is expected to increase by 1.8% in 2025 alone, after declining at a CAGR of 6.6% over the past five years to $17.1 billion. North America's title insurance market value, estimated at $2 billion in 2023, is projected to reach $2.8 billion by 2032.
- Residential Real Estate (Rocket Homes): The U.S. residential real estate market size is estimated at $3.81 trillion in 2026 and is expected to reach $4.21 trillion by 2031. The total value of U.S. housing climbed to a record $55.1 trillion in June 2025.
- Automotive Retail (Rocket Auto): The U.S. automotive dealership market size is $3.08 trillion in 2026 and is forecast to reach $3.83 trillion by 2031. The U.S. automotive retail market is projected to reach $141.9 billion by 2026. The Americas Automotive Retail Market is projected to grow from $3.9 trillion in 2025 to $5.8 trillion by 2032.
- Personal Loans (Rocket Loans): The U.S. Personal Loans Market size was $93.16 billion in 2025E and is expected to reach $192.79 billion by 2033. Total outstanding personal loan debt in the United States was $276 billion as of Q4 2025. Unsecured personal loans represented a $253 billion market as of Q1 2025.
- Digital Advertising (Core Digital Media): The U.S. digital advertising market size is forecast to increase by $218.3 billion, at a CAGR of 15.2% between 2024 and 2029. Total internet advertising in the U.S. rose by 14.9% last year to $258.6 billion.
- Solar Financing (Rocket Solar): The U.S. solar project financing market size is estimated to reach $1150 billion by 2030. The U.S. solar power market size was $53.45 billion in 2024 and will reach $123.86 billion by 2032. The U.S. Solar PV Industry Market is valued at approximately $30 billion.
- Personal Finance Apps (Truebill/Rocket Money): The U.S. financial app market was estimated at $519.92 million in 2024 and is projected to grow to $1833.58 million by 2035. The global personal finance apps market size was over $31.7 billion in 2025 and is estimated to reach $173.6 billion by the end of 2035. The global personal finance apps market size has grown to $165.9 billion in 2025. The U.S. is projected to contribute around 45.7% of the North American personal finance apps market share.
Canada Market Sizes:
- Mortgage Lending (Rocket Mortgage, Lendesk, Edison Financial): Total outstanding residential mortgage debt in Canada reached $2.3 trillion CAD in August 2025. The newly extended mortgage volume in H1 2025 reached $291 billion.
- Mortgage/Loan Brokers (Lendesk, Edison Financial): The Canada Mortgage/loan Brokers Market reached $778.56 million in 2025 and is forecast to advance to $989.65 million by 2030.
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Expected Drivers of Future Revenue Growth for Rocket Companies (RKT)
Over the next 2-3 years, Rocket Companies (RKT) is positioned for revenue growth driven by several strategic initiatives and market dynamics:
- Expansion of the Homeownership Ecosystem through Strategic Acquisitions: Rocket Companies is actively pursuing a "one-stop shop" strategy for homeownership, significantly bolstered by recent acquisitions such as Redfin and a merger with Mr. Cooper Group. This integration aims to combine real estate listings, brokerage services, mortgage origination, and loan servicing, creating a more comprehensive offering for clients. The combined servicing portfolio, which is projected to approach 10 million homeowners, is expected to become a substantial source of repeatable, lower-cost leads, especially as mortgage rates potentially decline and trigger refinancing activity. This strategy enhances the company's scale, stability, and efficiency in the housing market.
- Increased Mortgage Market Share (Organic Growth): Rocket Companies has set aggressive organic growth targets within its core mortgage business. The company aims to double its purchase mortgage market share from 4% to 8% and expand its refinance market share from 12% to 20% by 2027. This growth is expected to be achieved by leveraging its multichannel reach, established origination and servicing flywheel, and continuous investment in its advanced technology platform.
- Diversification into Adjacent Financial Services: Beyond its core mortgage business, Rocket Companies is diversifying its revenue streams by expanding into complementary financial services. This includes growing its real estate services through Rocket Homes, expanding its presence in the automotive retail marketplace via Rocket Auto, and enhancing personal finance solutions through Truebill (now Rocket Money) and Rocket Loans. This multi-faceted expansion aims to build a more integrated financial ecosystem, increasing customer lifetime value and fostering a more resilient business model.
- Technological Innovation and AI-driven Efficiencies: A key driver for Rocket Companies is its continuous investment in technology and artificial intelligence (AI). The company consistently focuses on research and development to enhance its digital capabilities, streamline the mortgage process, and improve the overall customer experience. AI and automation are being leveraged to enhance operational efficiency, with the company demonstrating the ability to double loan volume capacity with a reduced headcount compared to previous years. This technological edge is crucial for maintaining a competitive advantage and efficiently capturing market volume, particularly as market conditions evolve.
- Expansion in the Canadian Market: Rocket Companies has identified the Canadian mortgage market as a significant growth opportunity. Through its investments in Lendesk and Edison Financial (which has rebranded as Rocket Mortgage Canada), the company plans to expand its tech-driven mortgage services across Canada. Rocket Mortgage Canada aims to become a direct lender in the market, leveraging its proprietary technology and customer service expertise to capture a share of the approximately $761 billion CAD annual mortgage originations market.
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Share Repurchases
- Rocket Companies authorized a $1 billion share repurchase program in November 2020.
- As of November 2, 2022, Rocket Companies had repurchased 32.1 million shares for a total of $408.8 million under the $1 billion program.
- A renewed share repurchase program, also for up to $1 billion, was approved on November 1, 2022, and was set to remain in effect for a two-year period.
Share Issuance
- Rocket Companies' shares outstanding significantly increased in 2025, with 2.843 billion shares outstanding at the end of Q4 2025, marking a 1915.59% increase year-over-year.
- In June 2025, the company completed an "Up-C Collapse" which simplified its capital structure by exchanging and retiring Class D common shares and Holdings Units for newly created Class L common stock.
- As of February 23, 2026, 970,935,922 shares of Class A common stock and 1,848,879,455 shares of Class L common stock were outstanding.
Outbound Investments
- In 2025, Rocket Companies completed two major all-stock acquisitions: Redfin on July 1, 2025, and Mr. Cooper on October 1, 2025.
- The acquisition of Redfin was valued at $1.75 billion.
- The agreement to acquire Mr. Cooper Group was valued at $9.4 billion.
Capital Expenditures
- Rocket Companies invested $40.0 million in capital expenditures in Q4 2025.
Peer Outperformance in Commercial & Residential Mortgage Finance
| Industry | Names | 1Y med | 3Y med | 5Y med | Top 3 by 5Y |
|---|---|---|---|---|---|
| Investment Banking & Brokerage | 13 | 5.0% | 126.6% | 135.2% | IBKR 508% · SNEX 232% · GS 181% |
| Reinsurance | 6 | 21.1% | 83.2% | 123.8% | SPNT 146% · RGA 135% · MTG 128% |
| Diversified Banks | 12 | 36.8% | 128.8% | 113.9% | JPM 153% · CM 152% · RY 138% |
| Life & Health Insurance | 19 | 11.8% | 55.0% | 87.6% | UNM 307% · FG 215% · MFC 178% |
| Property & Casualty Insurance | 41 | 12.8% | 75.6% | 65.1% | ASIC 2658900% · HRTG 406% · UVE 276% |
| Regional Banks | 262 | 25.7% | 83.4% | 65.0% | GCBC 374% · ESQ 351% · NBN 296% |
| Multi-line Insurance | 9 | 13.6% | 78.2% | 58.0% | GNW 166% · L 100% · SLF 89% |
| Multi-Sector Holdings | 6 | 3.3% | 15.4% | 37.6% | BRK-B 77% · JEF 76% · VOYA 74% |
| Consumer Finance | 30 | 9.1% | 80.1% | 34.6% | ENVA 606% · EZPW 379% · FCFS 172% |
| Insurance Brokers | 15 | -3.8% | 7.8% | 32.5% | LIFE 601% · AJG 96% · ARX 88% |
| Asset Management & Custody Banks | 83 | -8.1% | 20.3% | 21.1% | SII 348% · WT 317% · VCTR 295% |
| Financial Exchanges & Data | 15 | 0.1% | 22.2% | 14.0% | VIRT 222% · CBOE 162% · CME 75% |
| Commercial & Residential Mortgage Finance ← | 12 | -37.7% | 17.1% | 4.0% | FNMA 517% · FMCC 501% · ESNT 62% |
| Specialized Finance | 3 | 15.6% | 46.5% | 2.6% | EFC 35% · CACC 3% · HASI -16% |
| Mortgage REITs | 33 | -8.4% | 9.6% | -16.9% | RITM 53% · NREF 52% · DX 40% |
| Transaction & Payment Processing Services | 15 | 2.3% | 3.1% | -40.7% | MA 77% · V 73% · CPAY 55% |
| Diversified Capital Markets | 21 | -22.1% | 4.3% | -47.1% | BTCS 584% · OPY 184% · LPLA 157% |
| Diversified Financial Services | 5 | -3.2% | 53.1% | -63.8% | FRHC 171% · EQH 84% · TMS -64% |
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Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 15.91 |
| Mkt Cap | 6.0 |
| Rev LTM | 3,558 |
| Op Inc LTM | 278 |
| FCF LTM | -1,645 |
| FCF 3Y Avg | -2,040 |
| CFO LTM | -1,210 |
| CFO 3Y Avg | -1,686 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 25.8% |
| Rev Chg 3Y Avg | 22.5% |
| Rev Chg Q | 20.1% |
| QoQ Delta Rev Chg LTM | 4.8% |
| Op Inc Chg LTM | 81.3% |
| Op Inc Chg 3Y Avg | 35.4% |
| Op Mgn LTM | 5.9% |
| Op Mgn 3Y Avg | 3.4% |
| QoQ Delta Op Mgn LTM | 0.2% |
| CFO/Rev LTM | -30.9% |
| CFO/Rev 3Y Avg | -55.1% |
| FCF/Rev LTM | -33.2% |
| FCF/Rev 3Y Avg | -57.2% |
Price Behavior
| Market Price | $13.77 | |
| Market Cap ($ Bil) | 38.9 | |
| First Trading Date | 08/06/2020 | |
| Distance from 52W High | -41.3% | |
| 50 Days | 200 Days | |
| DMA Price | $14.25 | $16.25 |
| DMA Trend | down | indeterminate |
| Distance from DMA | -3.4% | -15.2% |
| 3M | 1YR | |
| Volatility | 62.8% | 58.3% |
| Downside Capture | 274.38 | 267.52 |
| Upside Capture | 230.12 | 181.82 |
| Correlation (SPY) | 50.6% | 47.6% |
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | 0.98 | 2.03 | 2.44 | 2.21 | 1.94 | 1.18 |
| Up Beta | -4.18 | 1.68 | 2.68 | 2.03 | 2.71 | 0.86 |
| Down Beta | 1.26 | 2.19 | 2.19 | 1.73 | 1.19 | 0.44 |
| Up Capture | 85% | 189% | 216% | 208% | 238% | 628% |
| Bmk +ve Days | 11 | 22 | 35 | 67 | 138 | 427 |
| Stock +ve Days | 8 | 20 | 31 | 60 | 122 | 364 |
| Down Capture | 361% | 214% | 251% | 220% | 159% | 111% |
| Bmk -ve Days | 11 | 21 | 28 | 59 | 114 | 326 |
| Stock -ve Days | 14 | 23 | 32 | 66 | 129 | 382 |
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with RKT | |
|---|---|---|---|---|
| RKT | -23.9% | 58.0% | -0.25 | - |
| Sector ETF (XLF) | 9.4% | 14.5% | 0.39 | 34.5% |
| Equity (SPY) | 20.1% | 12.8% | 1.16 | 47.7% |
| Gold (GLD) | 30.9% | 29.0% | 0.92 | 26.4% |
| Commodities (DBC) | 39.9% | 20.3% | 1.54 | -26.5% |
| Real Estate (VNQ) | 9.9% | 13.7% | 0.44 | 40.9% |
| Bitcoin (BTCUSD) | -30.1% | 43.7% | -0.70 | 14.6% |
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Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with RKT | |
|---|---|---|---|---|
| RKT | -0.7% | 54.5% | 0.19 | - |
| Sector ETF (XLF) | 10.9% | 18.4% | 0.45 | 35.9% |
| Equity (SPY) | 13.1% | 17.2% | 0.59 | 43.4% |
| Gold (GLD) | 19.7% | 18.7% | 0.85 | 15.6% |
| Commodities (DBC) | 11.5% | 19.6% | 0.46 | -3.4% |
| Real Estate (VNQ) | 2.0% | 18.9% | 0.00 | 49.3% |
| Bitcoin (BTCUSD) | 9.6% | 52.7% | 0.37 | 20.8% |
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Based On 10-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with RKT | |
|---|---|---|---|---|
| RKT | -1.9% | 64.4% | 0.20 | - |
| Sector ETF (XLF) | 13.6% | 22.0% | 0.56 | 25.8% |
| Equity (SPY) | 15.2% | 17.9% | 0.72 | 35.3% |
| Gold (GLD) | 12.2% | 16.3% | 0.61 | 12.8% |
| Commodities (DBC) | 7.3% | 18.0% | 0.33 | -1.4% |
| Real Estate (VNQ) | 5.0% | 20.7% | 0.20 | 38.5% |
| Bitcoin (BTCUSD) | 63.4% | 66.1% | 1.03 | 14.9% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Returns Analyses
Earnings Returns History
Updated 8/17/2026| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 8/6/2026 | 3.8% | 13.8% | |
| 5/7/2026 | 10.9% | 0.9% | -12.7% |
| 2/26/2026 | 2.4% | -11.9% | -23.1% |
| 10/30/2025 | 4.5% | -2.1% | 23.9% |
| 7/31/2025 | 12.0% | 18.8% | 20.3% |
| 5/8/2025 | -4.6% | 9.6% | 9.4% |
| 2/27/2025 | 9.1% | 15.7% | 7.3% |
| 11/12/2024 | -9.1% | -11.8% | -19.5% |
| ... | |||
| SUMMARY STATS | |||
| # Positive | 15 | 16 | 13 |
| # Negative | 10 | 9 | 11 |
| Median Positive | 6.5% | 13.1% | 20.3% |
| Median Negative | -4.2% | -8.8% | -12.7% |
| Max Positive | 12.3% | 35.0% | 28.7% |
| Max Negative | -16.6% | -26.8% | -26.5% |
| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 8/6/2026 | 3.8% | 13.8% | |
| 5/7/2026 | 10.9% | 0.9% | -12.7% |
| 2/26/2026 | 2.4% | -11.9% | -23.1% |
| 10/30/2025 | 4.5% | -2.1% | 23.9% |
| 7/31/2025 | 12.0% | 18.8% | 20.3% |
| 5/8/2025 | -4.6% | 9.6% | 9.4% |
| 2/27/2025 | 9.1% | 15.7% | 7.3% |
| 11/12/2024 | -9.1% | -11.8% | -19.5% |
| 8/1/2024 | 12.3% | 16.9% | 27.9% |
| 5/2/2024 | 4.5% | 10.7% | 11.2% |
| 2/22/2024 | 5.3% | 14.4% | 28.7% |
| 11/2/2023 | 6.5% | -3.0% | 21.5% |
| 8/3/2023 | 10.5% | 16.6% | 4.0% |
| 5/4/2023 | -2.9% | -6.0% | -4.5% |
| 2/28/2023 | 2.2% | 4.7% | 13.5% |
| 11/3/2022 | -3.1% | 12.4% | 26.7% |
| 8/4/2022 | -3.3% | 1.9% | -25.9% |
| 5/10/2022 | -5.2% | 12.2% | 6.9% |
| 2/24/2022 | 5.8% | 20.9% | -3.2% |
| 11/4/2021 | -3.7% | -8.8% | -11.0% |
| 8/12/2021 | 10.2% | -0.1% | -3.1% |
| 5/5/2021 | -16.6% | -26.8% | -13.3% |
| 2/25/2021 | 9.8% | 35.0% | 25.7% |
| 11/10/2020 | -2.5% | 2.8% | -3.7% |
| 9/2/2020 | -15.4% | -26.1% | -26.5% |
| SUMMARY STATS | |||
| # Positive | 15 | 16 | 13 |
| # Negative | 10 | 9 | 11 |
| Median Positive | 6.5% | 13.1% | 20.3% |
| Median Negative | -4.2% | -8.8% | -12.7% |
| Max Positive | 12.3% | 35.0% | 28.7% |
| Max Negative | -16.6% | -26.8% | -26.5% |
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 06/30/2026 | 08/07/2026 | 10-Q |
| 03/31/2026 | 05/12/2026 | 10-Q |
| 12/31/2025 | 03/02/2026 | 10-K |
| 09/30/2025 | 11/06/2025 | 10-Q |
| 06/30/2025 | 08/08/2025 | 10-Q |
| 03/31/2025 | 05/09/2025 | 10-Q |
| 12/31/2024 | 03/03/2025 | 10-K |
| 09/30/2024 | 11/12/2024 | 10-Q |
| 06/30/2024 | 08/06/2024 | 10-Q |
| 03/31/2024 | 05/07/2024 | 10-Q |
| 12/31/2023 | 02/27/2024 | 10-K |
| 09/30/2023 | 11/09/2023 | 10-Q |
| 06/30/2023 | 08/09/2023 | 10-Q |
| 03/31/2023 | 05/10/2023 | 10-Q |
| 12/31/2022 | 03/01/2023 | 10-K |
| 09/30/2022 | 11/09/2022 | 10-Q |
| Report Date | Filing Date | Filing |
|---|---|---|
| 06/30/2026 | 08/07/2026 | 10-Q |
| 03/31/2026 | 05/12/2026 | 10-Q |
| 12/31/2025 | 03/02/2026 | 10-K |
| 09/30/2025 | 11/06/2025 | 10-Q |
| 06/30/2025 | 08/08/2025 | 10-Q |
| 03/31/2025 | 05/09/2025 | 10-Q |
| 12/31/2024 | 03/03/2025 | 10-K |
| 09/30/2024 | 11/12/2024 | 10-Q |
| 06/30/2024 | 08/06/2024 | 10-Q |
| 03/31/2024 | 05/07/2024 | 10-Q |
| 12/31/2023 | 02/27/2024 | 10-K |
| 09/30/2023 | 11/09/2023 | 10-Q |
| 06/30/2023 | 08/09/2023 | 10-Q |
| 03/31/2023 | 05/10/2023 | 10-Q |
| 12/31/2022 | 03/01/2023 | 10-K |
| 09/30/2022 | 11/09/2022 | 10-Q |
| 06/30/2022 | 08/09/2022 | 10-Q |
| 03/31/2022 | 05/10/2022 | 10-Q |
| 12/31/2021 | 03/01/2022 | 10-K |
| 09/30/2021 | 11/09/2021 | 10-Q |
| 06/30/2021 | 08/13/2021 | 10-Q |
| 03/31/2021 | 05/14/2021 | 10-Q |
| 12/31/2020 | 03/24/2021 | 10-K |
| 09/30/2020 | 11/12/2020 | 10-Q |
| 06/30/2020 | 09/02/2020 | 10-Q |
| 03/31/2020 | 08/10/2020 | 424B4 |
Recent Forward Guidance
Updated 8/7/2026Latest: Q2 2026 Earnings Reported 8/6/2026
| Forward Guidance | Guidance Change | ||||||
|---|---|---|---|---|---|---|---|
| Metric | Low | Mid | High | % Chg | % Delta | Change | Prior |
| Q3 2026 Adjusted Revenue | 2.50 Bil | 2.60 Bil | 2.70 Bil | -7.1% | Lower New | Guidance: 2.80 Bil for Q2 2026 | |
Prior: Q1 2026 Earnings Reported 5/7/2026
| Forward Guidance | Guidance Change | ||||||
|---|---|---|---|---|---|---|---|
| Metric | Low | Mid | High | % Chg | % Delta | Change | Prior |
| Q2 2026 Adjusted Revenue | 2.70 Bil | 2.80 Bil | 2.90 Bil | 3.7% | Higher New | Guidance: 2.70 Bil for Q1 2026 | |
| 2026 Expense Synergy Target | 400.00 Mil | ||||||
Q4 2025 Earnings Reported 2/26/2026
| Forward Guidance | Guidance Change | ||||||
|---|---|---|---|---|---|---|---|
| Metric | Low | Mid | High | % Chg | % Delta | Change | Prior |
| Q1 2026 Adjusted Revenue | 2.60 Bil | 2.70 Bil | 2.80 Bil | 22.7% | Higher New | Guidance: 2.20 Bil for Q4 2025 | |
Q3 2025 Earnings Reported 10/30/2025
| Forward Guidance | Guidance Change | ||||||
|---|---|---|---|---|---|---|---|
| Metric | Low | Mid | High | % Chg | % Delta | Change | Prior |
| Q4 2025 Adjusted Revenue | 2.10 Bil | 2.20 Bil | 2.30 Bil | 31.3% | Higher New | Guidance: 1.68 Bil for Q3 2025 | |
Insider Activity
Updated 6/11/2026| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Rizik, Matthew | Direct | Sell | 1132026 | 22.99 | 2,500 | 57,486 | 23,880,408 | Form | |
| 2 | Rizik, Matthew | Direct | Sell | 1132026 | 22.78 | 2,500 | 56,944 | 23,712,197 | Form | |
| 3 | Rizik, Matthew | Direct | Sell | 1072026 | 20.98 | 2,500 | 52,438 | 21,993,147 | Form | |
| 4 | Rizik, Matthew | Direct | Sell | 1072026 | 21.04 | 2,500 | 52,610 | 22,118,002 | Form | |
| 5 | Rizik, Matthew | Direct | Sell | 1052026 | 19.70 | 2,500 | 49,245 | 20,752,447 | Form |
| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Rizik, Matthew | Direct | Sell | 1132026 | 22.99 | 2,500 | 57,486 | 23,880,408 | Form | |
| 2 | Rizik, Matthew | Direct | Sell | 1132026 | 22.78 | 2,500 | 56,944 | 23,712,197 | Form | |
| 3 | Rizik, Matthew | Direct | Sell | 1072026 | 20.98 | 2,500 | 52,438 | 21,993,147 | Form | |
| 4 | Rizik, Matthew | Direct | Sell | 1072026 | 21.04 | 2,500 | 52,610 | 22,118,002 | Form | |
| 5 | Rizik, Matthew | Direct | Sell | 1052026 | 19.70 | 2,500 | 49,245 | 20,752,447 | Form | |
| 6 | Rizik, Matthew | Direct | Sell | 1052026 | 19.45 | 2,500 | 48,631 | 20,542,540 | Form | |
| 7 | Rizik, Matthew | Direct | Sell | 12312025 | 19.88 | 2,500 | 49,701 | 21,044,225 | Form | |
| 8 | Rizik, Matthew | Direct | Sell | 12312025 | 19.25 | 2,500 | 48,117 | 20,421,654 | Form | |
| 9 | Rizik, Matthew | Direct | Sell | 12292025 | 19.38 | 2,500 | 48,452 | 20,612,072 | Form | |
| 10 | Rizik, Matthew | Direct | Sell | 12292025 | 19.44 | 2,500 | 48,591 | 20,719,902 | Form | |
| 11 | Rizik, Matthew | Direct | Sell | 12292025 | 18.92 | 2,500 | 47,307 | 20,219,907 | Form | |
| 12 | Rizik, Matthew | Direct | Sell | 12232025 | 18.99 | 2,500 | 47,478 | 20,340,045 | Form | |
| 13 | Rizik, Matthew | Direct | Sell | 12232025 | 19.21 | 2,500 | 48,014 | 20,618,118 | Form | |
| 14 | Rizik, Matthew | Direct | Sell | 12192025 | 18.83 | 2,500 | 47,076 | 20,262,296 | Form | |
| 15 | Rizik, Matthew | Direct | Sell | 12192025 | 18.21 | 2,500 | 45,538 | 19,645,533 | Form | |
| 16 | Rizik, Matthew | Direct | Sell | 12172025 | 18.08 | 2,500 | 45,198 | 19,544,158 | Form | |
| 17 | Rizik, Matthew | Direct | Sell | 12172025 | 17.97 | 2,500 | 44,936 | 19,476,018 | Form | |
| 18 | Rizik, Matthew | Direct | Sell | 12122025 | 18.99 | 2,500 | 47,484 | 20,627,516 | Form | |
| 19 | Rizik, Matthew | Direct | Sell | 12122025 | 19.47 | 2,500 | 48,670 | 21,191,837 | Form | |
| 20 | Rizik, Matthew | Direct | Sell | 12122025 | 19.17 | 2,500 | 47,916 | 20,911,232 | Form | |
| 21 | Rizik, Matthew | Direct | Sell | 12092025 | 18.81 | 2,500 | 47,016 | 20,565,585 | Form | |
| 22 | Rizik, Matthew | Direct | Sell | 12092025 | 18.78 | 2,500 | 46,950 | 20,583,337 | Form | |
| 23 | Rizik, Matthew | Direct | Sell | 12082025 | 19.34 | 2,500 | 48,344 | 19,109,107 | Form | |
| 24 | Rizik, Matthew | Direct | Sell | 12082025 | 19.86 | 2,500 | 49,644 | 19,672,706 | Form | |
| 25 | Rizik, Matthew | Direct | Sell | 12042025 | 19.98 | 2,500 | 49,948 | 19,842,823 | Form | |
| 26 | Rizik, Matthew | Direct | Sell | 12042025 | 20.21 | 2,500 | 50,536 | 20,127,155 | Form | |
| 27 | Rizik, Matthew | Direct | Sell | 12022025 | 19.81 | 2,500 | 49,534 | 19,777,818 | Form | |
| 28 | Rizik, Matthew | Direct | Sell | 12022025 | 19.89 | 2,500 | 49,722 | 19,902,304 | Form | |
| 29 | Rizik, Matthew | Direct | Sell | 11282025 | 19.85 | 2,500 | 49,618 | 19,910,594 | Form | |
| 30 | Rizik, Matthew | Direct | Sell | 11282025 | 19.29 | 2,500 | 48,225 | 19,399,644 | Form | |
| 31 | Rizik, Matthew | Direct | Sell | 11252025 | 17.77 | 2,500 | 44,436 | 17,919,664 | Form | |
| 32 | Rizik, Matthew | Direct | Sell | 11252025 | 17.03 | 2,500 | 42,585 | 17,216,193 | Form | |
| 33 | Rizik, Matthew | Direct | Sell | 11212025 | 16.91 | 2,500 | 42,285 | 17,136,994 | Form | |
| 34 | Rizik, Matthew | Direct | Sell | 11212025 | 17.04 | 2,500 | 42,594 | 17,304,818 | Form | |
| 35 | Rizik, Matthew | Direct | Sell | 11192025 | 16.78 | 2,500 | 41,962 | 17,089,811 | Form | |
| 36 | Rizik, Matthew | Direct | Sell | 11192025 | 16.70 | 2,500 | 41,758 | 17,048,485 | Form | |
| 37 | Rizik, Matthew | Direct | Sell | 11172025 | 17.17 | 2,500 | 42,933 | 17,571,446 | Form | |
| 38 | Rizik, Matthew | Direct | Sell | 11172025 | 17.47 | 2,500 | 43,663 | 17,913,674 | Form | |
| 39 | Rizik, Matthew | Direct | Sell | 11132025 | 17.69 | 2,500 | 44,222 | 18,187,238 | Form | |
| 40 | Rizik, Matthew | Direct | Sell | 11132025 | 17.46 | 2,500 | 43,652 | 17,996,464 | Form |
Investor Activity (13F)
Updated Aug 31, 2026Active managers (13F portfolio over $250M, at least 3 holdings) with a position over $5M that is either over 10% of their portfolio or held in a concentrated book of 50 or fewer total positions. Index/ETF, sovereign, bank, community-bank and charitable/donor-advised filers are excluded.
| Active Manager | Value | % of Portfolio | Total Positions | QoQ | Filing |
|---|---|---|---|---|---|
| Veridan Wealth LLC | $84.6 Mil | 31.9% | 79 | Hold | 13F |
| OCO Capital Partners, L.P. | $57.0 Mil | 15.0% | 8 | ADD +12.7% | 13F |
| Cooperman Leon G | $299.5 Mil | 9.8% | 41 | Hold | 13F |
| Technology Crossover Management X, Ltd. | $63.4 Mil | 8.1% | 6 | Hold | 13F |
| Newbrook Capital Advisors LP | $40.1 Mil | 7.5% | 15 | ADD +27.3% | 13F |
| ValueAct Holdings, L.P. | $402.1 Mil | 7.0% | 18 | TRIM -28.4% | 13F |
| One Fin Capital Management LP | $17.1 Mil | 6.6% | 19 | TRIM -9.8% | 13F |
| Lodge Hill Capital, LLC | $33.9 Mil | 6.6% | 22 | ADD +7.9% | 13F |
| Broad Bay Capital Management, LP | $61.5 Mil | 6.3% | 24 | Hold | 13F |
| Hillman Co | $15.5 Mil | 6.0% | 14 | Hold | 13F |
| Wolf Hill Capital Management, LP | $41.8 Mil | 5.9% | 20 | TRIM -59.4% | 13F |
| Kettle Hill Capital Management, LLC | $22.4 Mil | 5.6% | 45 | ADD +111.0% | 13F |
| Park Presidio Capital LLC | $75.9 Mil | 5.3% | 13 | ADD +63.8% | 13F |
| Compass Rose Asset Management, LP | $15.5 Mil | 5.1% | 15 | New | 13F |
| Slate Path Capital LP | $329.9 Mil | 4.9% | 44 | TRIM -9.9% | 13F |
| Think Investments LP | $28.9 Mil | 3.9% | 30 | ADD +45.1% | 13F |
| Lone Peak Global Investors LLC | $22.0 Mil | 3.7% | 42 | ADD +22.9% | 13F |
| Nishkama Capital, LLC | $25.5 Mil | 3.6% | 39 | ADD +183.9% | 13F |
| Philosophy Capital Management LLC | $28.5 Mil | 3.3% | 36 | ADD +85.4% | 13F |
| Soma Equity Partners LP | $45.0 Mil | 3.3% | 20 | New | 13F |
| Durable Capital Partners LP | $275.1 Mil | 2.8% | 37 | ADD +10.5% | 13F |
| Bruni J V & Co /Co | $25.9 Mil | 2.7% | 31 | Hold | 13F |
| Thames Capital Management LLC | $13.3 Mil | 2.4% | 43 | Hold | 13F |
| Hudson Way Capital Management LLC | $22.4 Mil | 2.1% | 16 | TRIM -21.1% | 13F |
| No Street GP LP | $31.4 Mil | 2.1% | 31 | TRIM -22.8% | 13F |
| Active Manager | Value | % of Portfolio | Total Positions | QoQ | Filing |
|---|---|---|---|---|---|
| Soma Equity Partners LP | $45.0 Mil | 3.3% | 20 | New | 13F |
| Compass Rose Asset Management, LP | $15.5 Mil | 5.1% | 15 | New | 13F |
| Kinetic Partners Management, LP | $8.6 Mil | 0.5% | 49 | New | 13F |
| Cander Asset Management LP | $5.6 Mil | 1.0% | 43 | ADD +243.6% | 13F |
| Nishkama Capital, LLC | $25.5 Mil | 3.6% | 39 | ADD +183.9% | 13F |
| Kettle Hill Capital Management, LLC | $22.4 Mil | 5.6% | 45 | ADD +111.0% | 13F |
| Philosophy Capital Management LLC | $28.5 Mil | 3.3% | 36 | ADD +85.4% | 13F |
| Maple Rock Capital Partners Inc. | $44.6 Mil | 1.5% | 44 | ADD +72.2% | 13F |
| Park Presidio Capital LLC | $75.9 Mil | 5.3% | 13 | ADD +63.8% | 13F |
| Caledonia (Private) Investments Pty Ltd | $14.7 Mil | 0.4% | 16 | ADD +56.9% | 13F |
| Think Investments LP | $28.9 Mil | 3.9% | 30 | ADD +45.1% | 13F |
| Newbrook Capital Advisors LP | $40.1 Mil | 7.5% | 15 | ADD +27.3% | 13F |
| Lone Peak Global Investors LLC | $22.0 Mil | 3.7% | 42 | ADD +22.9% | 13F |
| OCO Capital Partners, L.P. | $57.0 Mil | 15.0% | 8 | ADD +12.7% | 13F |
| Durable Capital Partners LP | $275.1 Mil | 2.8% | 37 | ADD +10.5% | 13F |
| Lodge Hill Capital, LLC | $33.9 Mil | 6.6% | 22 | ADD +7.9% | 13F |
| Active Manager | Value | % of Portfolio | Total Positions | QoQ | As Of | Filing |
|---|---|---|---|---|---|---|
| Third Point LLC | $184.2 Mil | 2.5% | 44 | Exited | Dec 31, 2025 | 13F |
| ThornTree Capital Partners LP | $43.2 Mil | 7.2% | 15 | Exited | Dec 31, 2025 | 13F |
| Avala Global LP | $21.8 Mil | 1.0% | 22 | Exited | Dec 31, 2025 | 13F |
| Alta Park Capital, LP | $18.8 Mil | 2.3% | 34 | Exited | Dec 31, 2025 | 13F |
| Wolf Hill Capital Management, LP | $41.8 Mil | 5.9% | 20 | TRIM -59.4% | Mar 31, 2026 | 13F |
| PointState Capital LP | $40.2 Mil | 0.9% | 44 | TRIM -54.7% | Mar 31, 2026 | 13F |
| Cartenna Capital, LP | $32.1 Mil | 1.4% | 41 | TRIM -33.8% | Mar 31, 2026 | 13F |
| ValueAct Holdings, L.P. | $402.1 Mil | 7.0% | 18 | TRIM -28.4% | Mar 31, 2026 | 13F |
| No Street GP LP | $31.4 Mil | 2.1% | 31 | TRIM -22.8% | Mar 31, 2026 | 13F |
| Hudson Way Capital Management LLC | $22.4 Mil | 2.1% | 16 | TRIM -21.1% | Mar 31, 2026 | 13F |
| Slate Path Capital LP | $329.9 Mil | 4.9% | 44 | TRIM -9.9% | Mar 31, 2026 | 13F |
| One Fin Capital Management LP | $17.1 Mil | 6.6% | 19 | TRIM -9.8% | Mar 31, 2026 | 13F |
| Active Manager | Value | % of Portfolio | Total Positions | QoQ | Filing |
|---|---|---|---|---|---|
| ValueAct Holdings, L.P. | $402.1 Mil | 7.0% | 18 | TRIM -28.4% | 13F |
| Slate Path Capital LP | $329.9 Mil | 4.9% | 44 | TRIM -9.9% | 13F |
| Cooperman Leon G | $299.5 Mil | 9.8% | 41 | Hold | 13F |
| Durable Capital Partners LP | $275.1 Mil | 2.8% | 37 | ADD +10.5% | 13F |
| Veridan Wealth LLC | $84.6 Mil | 31.9% | 79 | Hold | 13F |
| Park Presidio Capital LLC | $75.9 Mil | 5.3% | 13 | ADD +63.8% | 13F |
| Technology Crossover Management X, Ltd. | $63.4 Mil | 8.1% | 6 | Hold | 13F |
| Broad Bay Capital Management, LP | $61.5 Mil | 6.3% | 24 | Hold | 13F |
| OCO Capital Partners, L.P. | $57.0 Mil | 15.0% | 8 | ADD +12.7% | 13F |
| Soma Equity Partners LP | $45.0 Mil | 3.3% | 20 | New | 13F |
| Maple Rock Capital Partners Inc. | $44.6 Mil | 1.5% | 44 | ADD +72.2% | 13F |
| Wolf Hill Capital Management, LP | $41.8 Mil | 5.9% | 20 | TRIM -59.4% | 13F |
| PointState Capital LP | $40.2 Mil | 0.9% | 44 | TRIM -54.7% | 13F |
| Newbrook Capital Advisors LP | $40.1 Mil | 7.5% | 15 | ADD +27.3% | 13F |
| Lodge Hill Capital, LLC | $33.9 Mil | 6.6% | 22 | ADD +7.9% | 13F |
| Cartenna Capital, LP | $32.1 Mil | 1.4% | 41 | TRIM -33.8% | 13F |
| No Street GP LP | $31.4 Mil | 2.1% | 31 | TRIM -22.8% | 13F |
| Think Investments LP | $28.9 Mil | 3.9% | 30 | ADD +45.1% | 13F |
| Philosophy Capital Management LLC | $28.5 Mil | 3.3% | 36 | ADD +85.4% | 13F |
| Bruni J V & Co /Co | $25.9 Mil | 2.7% | 31 | Hold | 13F |
| Nishkama Capital, LLC | $25.5 Mil | 3.6% | 39 | ADD +183.9% | 13F |
| Kettle Hill Capital Management, LLC | $22.4 Mil | 5.6% | 45 | ADD +111.0% | 13F |
| Hudson Way Capital Management LLC | $22.4 Mil | 2.1% | 16 | TRIM -21.1% | 13F |
| Lone Peak Global Investors LLC | $22.0 Mil | 3.7% | 42 | ADD +22.9% | 13F |
| One Fin Capital Management LP | $17.1 Mil | 6.6% | 19 | TRIM -9.8% | 13F |
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