ValueAct Adds to Rocket and Amazon Stakes in Q2

One position grew by nearly half. In its second-quarter filing, ValueAct Capital reported owning 41.67 million shares of Rocket Companies, after adding 13.45 million during the three months ended June 30. The stake was worth about $656 million at quarter-end. Amazon was a smaller add: ValueAct bought 57,100 shares, lifting its holding to 2.94 million shares valued at roughly $701 million.

Those figures come from a quarterly snapshot, not a real-time portfolio. ValueAct filed the report on August 14, and the disclosed market values reflect June 30 prices; the filing also covers reportable U.S. securities, not every position the firm may hold. The numbers nevertheless show a sharp contrast in the two moves: Amazon’s share count rose about 2%, while Rocket’s jumped nearly 48%.

Rocket is no longer just a mortgage originator. After buying Redfin in July 2025 and Mr. Cooper in October, it has been assembling businesses spanning home search, brokerage, loan origination and mortgage servicing. Servicing can bring in fees on loans already on the books, offering a steadier revenue stream when high borrowing costs discourage new buyers and refinancing. By June 30, Rocket said its servicing portfolio covered $2 trillion in unpaid principal across 9.1 million loans.

The operating picture has improved, though comparisons need care. Rocket reported $2.78 billion in second-quarter revenue, up from $1.45 billion a year earlier, and $229 million in GAAP net income. The recently acquired businesses make that year-over-year jump difficult to read as purely organic growth. For the third quarter, the company forecast adjusted revenue of $2.5 billion to $2.7 billion.

Rates remain the test. Freddie Mac put the average 30-year fixed mortgage at 6.95% for the week ended September 17, a level that can keep homebuying and refinancing subdued. Rocket’s expanded platform may cushion that pressure, but integrating acquisitions and converting its large servicing base into new loans are execution challenges, not automatic payoffs. ValueAct’s filing documents the bet; it does not guarantee the outcome.