Robinhood Markets Files 8-K on Definitive Agreement

Ticker: HOOD · Form: 8-K · Filed: Mar 22, 2024 · CIK: 1783879

Robinhood Markets, INC. 8-K Filing Summary
FieldDetail
CompanyRobinhood Markets, INC. (HOOD)
Form Type8-K
Filed DateMar 22, 2024
Risk Levelmedium
Pages3
Reading Time4 min
Key Dollar Amounts$0.0001, $2.175 billion, $2.25 billion, $1.125 b, $3.375 billion
Sentimentneutral

Sentiment: neutral

Topics: definitive-agreement, financial-obligation

Related Tickers: HOOD

TL;DR

Robinhood signed a new deal, creating financial obligations. Details TBD.

AI Summary

Robinhood Markets, Inc. filed an 8-K on March 22, 2024, to report the entry into a material definitive agreement and the creation of a direct financial obligation. The filing details financial obligations and related exhibits, but specific details of the agreement or obligation are not provided in this excerpt.

Why It Matters

This filing indicates Robinhood has entered into a significant new agreement that may create financial obligations, which could impact its financial health and future operations.

Risk Assessment

Risk Level: medium — The filing indicates a material definitive agreement and a new financial obligation, which inherently carries some risk until the specifics are understood.

Key Players & Entities

FAQ

What is the nature of the material definitive agreement Robinhood Markets, Inc. entered into?

The provided excerpt does not specify the nature of the material definitive agreement.

What is the direct financial obligation created by this filing?

The excerpt states the creation of a direct financial obligation but does not provide specific details about its amount or terms.

When was this 8-K filing submitted?

The filing was submitted on March 22, 2024.

What is Robinhood Markets, Inc.'s principal executive office address?

Robinhood Markets, Inc.'s principal executive offices are located at 85 Willow Road, Menlo Park, CA 94025.

What is the SIC code for Robinhood Markets, Inc.?

The Standard Industrial Classification (SIC) code for Robinhood Markets, Inc. is 6211, which corresponds to SECURITY BROKERS, DEALERS & FLOTATION COMPANIES.

Filing Stats: 976 words · 4 min read · ~3 pages · Grade level 11.7 · Accepted 2024-03-22 16:13:54

Key Financial Figures

Filing Documents

01 Entry into a Material Definitive Agreement

Item 1.01 Entry into a Material Definitive Agreement. On March 22, 2024, Robinhood Securities, LLC ("RHS"), a subsidiary of Robinhood Markets, Inc. (the "Registrant" or "RHM"), entered into the Third Amended and Restated Credit Agreement (the "Credit Agreement") among RHS, as borrower, the lenders party thereto, and JPMorgan Chase Bank, N.A., as administrative agent, amending and restating the $2.175 billion 364-day senior secured revolving credit facility entered into in March 2023. The Credit Agreement provides for a 364-day senior secured revolving credit facility with a total commitment of $2.25 billion. Under circumstances described in the Credit Agreement, the aggregate commitments may be increased by up to $1.125 billion, for a total commitment under the Credit Agreement of $3.375 billion. Borrowings under the Credit Facility must be specified to be Tranche A, Tranche B, Tranche C or a combination thereof. Tranche A loans are secured by users' securities purchased on margin and are used primarily to finance margin loans. Tranche B loans are secured by the right to the return from National Securities Clearing Corporation ("NSCC") of NSCC margin deposits and cash and property in a designated collateral account and used for the purpose of satisfying NSCC deposit requirements. Tranche C loans are secured by the right to the return of eligible funds from any reserve account of the borrower and cash and property in a designated collateral account and used for the purpose of satisfying reserve requirements under Rule 15c3-3 of the Securities Exchange Act of 1934, as amended. Borrowings under the Credit Agreement will bear interest at a rate per annum equal to the greatest of (i) Daily Simple SOFR (as defined in the Credit Agreement) plus 0.10%, (ii) the Federal Funds Effective Rate (as defined in the Credit Agreement) and (iii) the Overnight Bank Funding Rate (as defined in the Credit Agreement), in each case, as of the day the loan is initiated, plus an applica

03 Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet

Item 2.03 Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant. The information set forth in Item 1.01 is incorporated herein by reference.

01 Financial Statements and Exhibits

Item 9.01 Financial Statements and Exhibits. (d) Exhibits Exhibit Number Description 10.1 Third Amended and Restated Credit Agreement, dated as of March 22, 2024, among Robinhood Securities, LLC, as borrower, the lenders party thereto, and JPMorgan Chase Bank, N.A., as administrative agent 104 Cover Page Interactive Data File (the cover page XBRL tags are embedded within the Inline XBRL document) SIGNATURE Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. Robinhood Markets, Inc. Date: March 22, 2024 By: /s/Jason Warnick Name: Jason Warnick Title: Chief Financial Officer

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