Rocket Companies, Inc. Files 10-Q for Period Ending March 31, 2024

Ticker: RKT · Form: 10-Q · Filed: 2024-05-07T00:00:00.000Z

Sentiment: neutral

Topics: 10-Q, Rocket Companies, Financials, Quarterly Report, Mortgage Banking

TL;DR

<b>Rocket Companies, Inc. filed its Q1 2024 10-Q, detailing financial positions and commitments.</b>

AI Summary

Rocket Companies, Inc. (RKT) filed a Quarterly Report (10-Q) with the SEC on May 7, 2024. Rocket Companies, Inc. filed a 10-Q report for the period ending March 31, 2024. The filing covers the first quarter of 2024. Key financial data points such as common stock, additional paid-in capital, retained earnings, and accumulated other comprehensive income are detailed. The report includes information on interest rate lock commitments and forward contracts as of March 31, 2024, and December 31, 2023. Data on related and non-related party transactions as of March 31, 2024, and December 31, 2023, is also presented.

Why It Matters

For investors and stakeholders tracking Rocket Companies, Inc., this filing contains several important signals. This filing provides investors with the latest quarterly financial snapshot of Rocket Companies, Inc., crucial for understanding performance and financial health. The inclusion of data on interest rate lock commitments and forward contracts offers insight into the company's exposure to market fluctuations and its hedging strategies.

Risk Assessment

Risk Level: low — Rocket Companies, Inc. shows low risk based on this filing. The filing is a standard 10-Q, providing routine financial disclosures without immediate red flags.

Analyst Insight

Monitor future filings for trends in interest rate lock commitments and forward contracts to assess market risk exposure.

Key Numbers

Key Players & Entities

FAQ

When did Rocket Companies, Inc. file this 10-Q?

Rocket Companies, Inc. filed this Quarterly Report (10-Q) with the SEC on May 7, 2024.

What is a 10-Q filing?

A 10-Q is a quarterly financial report with unaudited financials, management discussion, and interim business updates. This particular 10-Q was filed by Rocket Companies, Inc. (RKT).

Where can I read the original 10-Q filing from Rocket Companies, Inc.?

You can access the original filing directly on the SEC's EDGAR system. The filing is publicly available and includes all exhibits and attachments submitted by Rocket Companies, Inc..

What are the key takeaways from Rocket Companies, Inc.'s 10-Q?

Rocket Companies, Inc. filed this 10-Q on May 7, 2024. Key takeaways: Rocket Companies, Inc. filed a 10-Q report for the period ending March 31, 2024.. The filing covers the first quarter of 2024.. Key financial data points such as common stock, additional paid-in capital, retained earnings, and accumulated other comprehensive income are detailed..

Is Rocket Companies, Inc. a risky investment based on this filing?

Based on this 10-Q, Rocket Companies, Inc. presents a relatively low-risk profile. The filing is a standard 10-Q, providing routine financial disclosures without immediate red flags.

What should investors do after reading Rocket Companies, Inc.'s 10-Q?

Monitor future filings for trends in interest rate lock commitments and forward contracts to assess market risk exposure. The overall sentiment from this filing is neutral.

How does Rocket Companies, Inc. compare to its industry peers?

Rocket Companies operates in the mortgage banking and loan correspondent industry, which is sensitive to interest rate changes and economic conditions.

Are there regulatory concerns for Rocket Companies, Inc.?

The filing is made under the Securities Exchange Act of 1934, requiring public companies to submit regular financial disclosures.

Industry Context

Rocket Companies operates in the mortgage banking and loan correspondent industry, which is sensitive to interest rate changes and economic conditions.

Regulatory Implications

The filing is made under the Securities Exchange Act of 1934, requiring public companies to submit regular financial disclosures.

What Investors Should Do

  1. Review the full 10-Q for detailed financial statements and management's discussion and analysis.
  2. Compare the reported financial data with previous quarters and the same quarter in the prior year.
  3. Analyze the company's disclosures regarding interest rate lock commitments and forward contracts for risk assessment.

Key Dates

Year-Over-Year Comparison

This filing represents the Q1 2024 update, following the company's previous filings which would include the Q4 2023 and full-year 2023 reports.

Filing Stats: 4,604 words · 18 min read · ~15 pages · Grade level 14.7 · Accepted 2024-05-07 17:10:49

Key Financial Figures

Filing Documents

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION Item 1.

Financial Statements (unaudited)

Financial Statements (unaudited) Condensed Consolidated Balance Sheets 3 Condensed Consolidated Statements of Income (Loss) and Comprehensive Income (Loss) 4 Condensed Consolidated Statements of Changes in Equity 5 Condensed Consolidated Statements of Cash Flows 6 Notes to Condensed Consolidated Financial Statements 7 Item 2.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 32 Item 3.

Quantitative and Qualitative Disclosures about Market Risk

Quantitative and Qualitative Disclosures about Market Risk 50 Item 4.

Controls and Procedures

Controls and Procedures 50

OTHER INFORMATION

PART II. OTHER INFORMATION Item 1.

Legal Proceedings

Legal Proceedings 51 Item 1A.

Risk Factors

Risk Factors 51 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 51 Item 5. Other Information 51 Item 6. Exhibits 52 Signature 53 2

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION

Financial Statements (unaudited)

Item 1. Financial Statements (unaudited) Rocket Companies, Inc. Condensed Consolidated Balance Sheets ($ In Thousands, Except Per Share Amounts) March 31, 2024 December 31, 2023 Assets (Unaudited) Cash and cash equivalents $ 861,410 $ 1,108,466 Restricted cash 31,975 28,366 Mortgage loans held for sale, at fair value 9,416,229 6,542,232 Interest rate lock commitments ("IRLCs"), at fair value 202,873 132,870 Mortgage servicing rights ("MSRs"), at fair value 6,691,341 6,439,787 Notes receivable and due from affiliates 18,574 19,530 Property and equipment, net of accumulated depreciation and amortization of $ 556,734 and $ 536,196 , respectively 243,476 250,856 Deferred tax asset, net 543,896 550,149 Lease right of use assets 313,408 347,696 Forward commitments, at fair value 496 26,614 Loans subject to repurchase right from Ginnie Mae 1,601,648 1,533,387 Goodwill and intangible assets, net 1,245,907 1,236,765 Other assets 1,047,942 1,015,022 Total assets $ 22,219,175 $ 19,231,740 Liabilities and equity Liabilities Funding facilities 6,145,452 $ 3,367,383 Other financing facilities and debt Senior Notes, net 4,034,818 4,033,448 Early buy out facility 171,748 203,208 Accounts payable 189,038 171,350 Lease liabilities 357,524 393,882 Forward commitments, at fair value 22,785 142,988 Investor reserves 95,041 92,389 Notes payable and due to affiliates 31,325 31,006 Tax receivable agreement liability 584,695 584,695 Loans subject to repurchase right from Ginnie Mae 1,601,648 1,533,387 Other liabilities 375,650 376,294 Total liabilities $ 13,609,724 $ 10,930,030 Equity Class A common stock, $ 0.00001 par value - 10,000,000,000 shares authorized, 138,811,617 and 135,814,173 shares issued and outstanding as of March 31, 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 March 31, 2024 and December 31, 2023. — — Class C common

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