Rocket Companies Inc

For the period ended Jun 30, 2024. Filed Aug 6, 2024.

About this filing

A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.

Jun 30, 2024 · Filed Aug 6, 2024

RKT$15.19+0.9%Stored close · as of Nov 9, 2026

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Contents

Condensed Consolidated Balance Sheets

($ In Thousands, Except Per Share Amounts)

	June 30,2024	December 31,2023
Assets · (Unaudited)
Cash and cash equivalents	$1,309,494	$1,108,466
Restricted cash	27,764	28,366
Mortgage loans held for sale, at fair value	9,486,922	6,542,232
Interest rate lock commitments (“IRLCs”), at fair value	170,381	132,870
Mortgage servicing rights (“MSRs”), at fair value	7,162,690	6,439,787
Notes receivable and due from affiliates	14,325	19,530
Property and equipment, net of accumulated depreciation and amortization of $576,354 and $536,196, respectively	233,257	250,856
Deferred tax asset, net	528,104	550,149
Lease right of use assets	314,683	347,696
Forward commitments, at fair value	13,025	26,614
Loans subject to repurchase right from Ginnie Mae	1,945,022	1,533,387
Goodwill and intangible assets, net	1,239,819	1,236,765
Other assets	1,203,228	1,015,022
Total assets	$23,648,714	$19,231,740
Liabilities and equity
Liabilities
Funding facilities	7,022,439	$3,367,383
Other financing facilities and debt
Senior Notes, net	4,036,187	4,033,448
Early buy out facility	134,615	203,208
Accounts payable	205,949	171,350
Lease liabilities	356,050	393,882
Forward commitments, at fair value	8,508	142,988
Investor reserves	94,362	92,389
Notes payable and due to affiliates	31,743	31,006
Tax receivable agreement liability	584,695	584,695
Loans subject to repurchase right from Ginnie Mae	1,945,022	1,533,387
Other liabilities	415,223	376,294
Total liabilities	$14,834,793	$10,930,030
Equity
Class A common stock, $0.00001 par value - 10,000,000,000 shares authorized, 139,963,583 and 135,814,173 shares issued and outstanding as of June 30, 2024 and December 31, 2023, respectively.	$1	$1
Class B common stock, $0.00001 par value - 6,000,000,000 shares authorized, none issued and outstanding as of June 30, 2024 and December 31, 2023.	—	—
Class C common stock, $0.00001 par value - 6,000,000,000 shares authorized, none issued and outstanding as of June 30, 2024 and December 31, 2023.	—	—
Class D common stock, $0.00001 par value - 6,000,000,000 shares authorized, 1,848,879,483 shares issued and outstanding as of June 30, 2024 and December 31, 2023.	19	19
Additional paid-in capital	357,610	340,532
Retained earnings	300,958	284,296
Accumulated other comprehensive income	85	52
Non-controlling interest	8,155,248	7,676,810
Total equity	8,813,921	8,301,710
Total liabilities and equity	$23,648,714	$19,231,740

Condensed Consolidated Statements of Income (Loss) and Comprehensive Income (Loss)

($ In Thousands, Except Per Share Amounts)

	Three Months Ended June 30,		Six Months Ended June 30,
	2024	2023	2024	2023
Revenue
Gain on sale of loans
Gain on sale of loans excluding fair value of originated MSRs, net	$413,011	$279,629	$889,440	$544,632
Fair value of originated MSRs	345,545	314,840	568,342	519,400
Gain on sale of loans, net	758,556	594,469	1,457,782	1,064,032
Loan servicing income
Servicing fee income	354,677	343,591	700,423	709,976
Change in fair value of MSRs	(112,941)	42,377	(56,433)	(355,902)
Loan servicing income, net	241,736	385,968	643,990	354,074
Interest income
Interest income	112,415	80,757	201,395	147,501
Interest expense on funding facilities	(81,293)	(59,512)	(132,736)	(94,624)
Interest income, net	31,122	21,245	68,659	52,877
Other income	269,308	234,545	514,007	431,312
Total revenue, net	1,300,722	1,236,227	2,684,438	1,902,295
Expenses
Salaries, commissions and team member benefits	553,420	579,139	1,094,516	1,182,914
General and administrative expenses	232,952	200,425	469,617	395,815
Marketing and advertising expenses	210,937	218,843	417,233	400,447
Depreciation and amortization	28,009	25,357	55,026	56,042
Interest and amortization expense on non-funding debt	38,364	38,334	76,729	76,667
Other expenses	44,998	35,759	80,905	68,027
Total expenses	1,108,680	1,097,857	2,194,026	2,179,912
Income (loss) before income taxes	192,042	138,370	490,412	(277,617)
(Provision for) benefit from income taxes	(14,117)	782	(21,773)	5,286
Net income (loss)	177,925	139,152	468,639	(272,331)
Net (income) loss attributable to non-controlling interest	(176,630)	(131,714)	(451,129)	261,246
Net income (loss) attributable to Rocket Companies	$1,295	$7,438	$17,510	$(11,085)
Earnings (loss) per share of Class A common stock
Basic	$0.01	$0.06	$0.13	$(0.09)
Diluted	$0.01	$0.05	$0.13	$(0.11)
Weighted average shares outstanding
Basic	139,647,845	126,740,748	138,319,794	125,742,282
Diluted	139,647,845	1,979,450,651	138,319,794	1,977,148,197
Comprehensive income (loss)
Net income (loss)	$177,925	$139,152	$468,639	$(272,331)
Cumulative translation adjustment	205	(159)	519	(152)
Unrealized gain on investment securities	—	1,589	—	—
Comprehensive income (loss)	178,130	140,582	469,158	(272,483)
Comprehensive (income) loss attributable to non-controlling interest	(176,822)	(133,052)	(451,614)	261,389
Comprehensive income (loss) attributable to Rocket Companies	$1,308	$7,530	$17,544	$(11,094)

ContentsView on SEC.gov

The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.