Rocket Companies Inc

For the period ended Sep 30, 2024. Filed Nov 12, 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.

Sep 30, 2024 · Filed Nov 12, 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)

	September 30,2024	December 31,2023
Assets · (Unaudited)
Cash and cash equivalents	$1,228,234	$1,108,466
Restricted cash	20,363	28,366
Mortgage loans held for sale, at fair value	10,978,259	6,542,232
Interest rate lock commitments (“IRLCs”), at fair value	228,204	132,870
Mortgage servicing rights (“MSRs”), at fair value	6,810,667	6,439,787
Notes receivable and due from affiliates	15,226	19,530
Property and equipment, net of accumulated depreciation and amortization of $598,768 and $536,196, respectively	229,377	250,856
Deferred tax asset, net	535,776	550,149
Lease right of use assets	296,631	347,696
Forward commitments, at fair value	7,655	26,614
Loans subject to repurchase right from Ginnie Mae	2,283,017	1,533,387
Goodwill and intangible assets, net	1,233,954	1,236,765
Other assets	1,250,771	1,015,022
Total assets	$25,118,134	$19,231,740
Liabilities and equity
Liabilities
Funding facilities	$8,499,043	$3,367,383
Other financing facilities and debt
Senior Notes, net	4,037,557	4,033,448
Early buy out facility	106,863	203,208
Accounts payable	175,925	171,350
Lease liabilities	335,950	393,882
Forward commitments, at fair value	62,991	142,988
Investor reserves	99,080	92,389
Notes payable and due to affiliates	30,511	31,006
Tax receivable agreement liability	584,695	584,695
Loans subject to repurchase right from Ginnie Mae	2,283,017	1,533,387
Other liabilities	550,118	376,294
Total liabilities	$16,765,750	$10,930,030
Equity
Class A common stock, $0.00001 par value - 10,000,000,000 shares authorized, 144,920,227 and 135,814,173 shares issued and outstanding as of September 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 September 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 September 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 September 30, 2024 and December 31, 2023.	19	19
Additional paid-in capital	373,362	340,532
Retained earnings	278,955	284,296
Accumulated other comprehensive income	60	52
Non-controlling interest	7,699,987	7,676,810
Total equity	8,352,384	8,301,710
Total liabilities and equity	$25,118,134	$19,231,740

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

($ In Thousands, Except Per Share Amounts)

	Three Months Ended September 30,		Nine Months Ended September 30,
	2024	2023	2024	2023
Revenue
Gain on sale of loans
Gain on sale of loans excluding fair value of originated MSRs, net	$506,688	$241,496	$1,396,128	$786,128
Fair value of originated MSRs	337,702	330,627	906,044	850,027
Gain on sale of loans, net	844,390	572,123	2,302,172	1,636,155
Loan servicing (loss) income
Servicing fee income	373,796	344,061	1,074,219	1,054,037
Change in fair value of MSRs	(878,311)	12,765	(934,744)	(343,137)
Loan servicing (loss) income, net	(504,515)	356,826	139,475	710,900
Interest income
Interest income	108,566	93,868	309,961	241,369
Interest expense on funding facilities	(101,820)	(67,059)	(234,556)	(161,683)
Interest income, net	6,746	26,809	75,405	79,686
Other income	300,327	247,410	814,334	678,722
Total revenue, net	646,948	1,203,168	3,331,386	3,105,463
Expenses
Salaries, commissions and team member benefits	607,526	589,584	1,702,042	1,772,498
General and administrative expenses	221,074	199,399	690,691	595,214
Marketing and advertising expenses	200,528	193,406	617,761	593,853
Depreciation and amortization	28,607	27,636	83,633	83,678
Interest and amortization expense on non-funding debt	38,620	38,354	115,349	115,021
Other expenses	47,912	37,164	128,817	105,191
Total expenses	1,144,267	1,085,543	3,338,293	3,265,455
(Loss) income before income taxes	(497,319)	117,625	(6,907)	(159,992)
Benefit from (provision for) income taxes	15,895	(2,680)	(5,878)	2,606
Net (loss) income	(481,424)	114,945	(12,785)	(157,386)
Net loss (income) attributable to non-controlling interest	459,413	(108,739)	8,284	152,507
Net (loss) income attributable to Rocket Companies	$(22,011)	$6,206	$(4,501)	$(4,879)
(Loss) earnings per share of Class A common stock
Basic	$(0.16)	$0.05	$(0.03)	$(0.04)
Diluted	$(0.19)	$0.04	$(0.03)	$(0.06)
Weighted average shares outstanding
Basic	141,763,221	129,390,501	139,475,981	126,971,718
Diluted	2,003,296,515	1,983,992,350	139,475,981	1,979,203,982
Comprehensive (loss) income
Net (loss) income	$(481,424)	$114,945	$(12,785)	$(157,386)
Cumulative translation adjustment	(358)	164	161	12
Comprehensive (loss) income	(481,782)	115,109	(12,624)	(157,374)
Comprehensive loss (income) attributable to non-controlling interest	459,747	(108,893)	8,133	152,496
Comprehensive (loss) income attributable to Rocket Companies	$(22,035)	$6,216	$(4,491)	$(4,878)

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.