Aurora Investment: Better Overview

Maintain impressive growth & profitability through the cycle Normalized for interest rate movements ✓ Lowest manufacturing cost per loan in the industry ✓ Market leader in digitization and automation ✓ Superior cost structure allows for lowest price for the customer and superior margins for investors ✓ 2020 was not a normal year due to COVID surplus throughout the industry and therefore the company achieved profitability ahead of plan Normalized Assumptions: Remove interest rate volatility by assuming steady-state take rate / GOS Assumption Average Loan Size D2C Take Rate / GOS Rate %1 2020 COVID Normalized $329k 2.75% 2020 Actual No adjustment 3.90% $9.0k $12.8k Non-Mortgage Rev / Loan $569 No adjustment Total Funded Loans 70,288 No adjustment Implied D2C Mortgage Rev/ Loan 1 McKinsey estimate industry steady-state D2C take rate/GOS margin: 3.00% - 3.50%, (3.36% average) vs. 4.06% in 2020 Better 2020 COVID Normalized 2023E Origination Volume ($bn) $24.2 $181.0 Implied Market Share (Fannie) 0.5% 5.6% Mortgage Revenue ($mm) $622.1 $4,425.1 Non-Mortgage Revenue ($mm) $39.0 $714.8 Revenue ($mm) $661.1 $5,139.9 % Growth year-over-year 643% 90% Adj. EBITDA ($mm) $60.9 $1,860.3 % Margin 9% 36% Adj. Net Income ($mm) $7.9 % Margin 1% $1,281.4 25% 31

View entire presentation