Rocket Companies Q2 2024 10-Q Filed

TL;DR

Rocket's Q2 2024 10-Q is in, check the numbers for mortgage biz.

AI Summary

Rocket Companies, Inc. filed its 10-Q for the period ending June 30, 2024. The filing details the company's financial performance and position, including key metrics related to its mortgage banking and loan origination business. Specific financial figures and operational details for the second quarter of 2024 are presented.

Why It Matters

This filing provides investors and analysts with the latest financial data for Rocket Companies, crucial for understanding the company's performance in the mortgage and real estate sectors.

Risk Assessment

Risk Level: medium — The company operates in the volatile mortgage and real estate markets, which are subject to significant economic and interest rate fluctuations.

Key Numbers

• 2024-06-30 — End of Reporting Period (Financial data is reported as of this date.)
• 2023-12-31 — Previous Year End (Comparative financial data from the prior year-end.)
• 2024-01-01 — Start of Reporting Period (Beginning of the fiscal period covered by the report.)

Key Players & Entities

• Rocket Companies, Inc. (company) — Filer
• 20240630 (date) — Period of Report
• 20240806 (date) — Filing Date
• 1050 WOODWARD AVENUE (address) — Business and Mail Address
• DETROIT (city) — Business and Mail City
• MI (state) — Business and Mail State
• 48226 (zip_code) — Business and Mail Zip

FAQ

Key Financial Figures

• $0.00001 — stered Class A common stock, par value $0.00001 per share RKT New York Stock Exchange

Filing Documents

• rkt-20240630.htm (10-Q) — 2208KB
• a31-destinyxrocketcoarcert.htm (EX-3.1) — 157KB
• exhibit101bana-rocketxamen.htm (EX-10.1) — 24KB
• exhibit10220240507fifthame.htm (EX-10.2) — 44KB
• exhibit103bana-rocketxamen.htm (EX-10.3) — 31KB
• exhibit104jpm-rocketeboxar.htm (EX-10.4) — 1386KB
• exhibit105202406131000webw.htm (EX-10.5) — 106KB
• exhibit106rocketmortgage-r.htm (EX-10.6) — 983KB
• exhibit107rocketllcthirdar.htm (EX-10.7) — 408KB
• exhibit108jpm-rocketxamend.htm (EX-10.8) — 1326KB
• exhibit109jpm-rocketxxamdt.htm (EX-10.9) — 1078KB
• a311-q22024rocketcompanies.htm (EX-31.1) — 10KB
• a312-q22024rocketcompanies.htm (EX-31.2) — 10KB
• a321-q22024rocketcompanies.htm (EX-32.1) — 6KB
• a322-q22024rocketcompanies.htm (EX-32.2) — 6KB
• image.jpg (GRAPHIC) — 47KB
• image1.jpg (GRAPHIC) — 53KB
• image1b.jpg (GRAPHIC) — 10KB
• image_0.jpg (GRAPHIC) — 2KB
• image_0b.jpg (GRAPHIC) — 38KB
• image_1.jpg (GRAPHIC) — 2KB
• image_11.jpg (GRAPHIC) — 49KB
• image_3.jpg (GRAPHIC) — 126KB
• imageb.jpg (GRAPHIC) — 56KB
• 0001805284-24-000137.txt ( ) — 18016KB
• rkt-20240630.xsd (EX-101.SCH) — 72KB
• rkt-20240630_cal.xml (EX-101.CAL) — 81KB
• rkt-20240630_def.xml (EX-101.DEF) — 355KB
• rkt-20240630_lab.xml (EX-101.LAB) — 781KB
• rkt-20240630_pre.xml (EX-101.PRE) — 561KB
• rkt-20240630_htm.xml (XML) — 2078KB

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION Item 1.

Financial Statements

Financial Statements 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 7 Notes to Condensed Consolidated Financial Statements 8 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 36 Item 3.

Quantitative and Qualitative Disclosures about Market Risk

Quantitative and Qualitative Disclosures about Market Risk 55 Item 4.

Controls and Procedures

Controls and Procedures 56

OTHER INFORMATION

PART II. OTHER INFORMATION Item 1.

Legal Proceedings

Legal Proceedings 57 Item 1A.

Risk Factors

Risk Factors 57 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 57 Item 5. Other Information 57 Item 6. Exhibits 59 Signature 60 2

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION

Financial Statements

Item 1. Financial Statements Rocket Companies, Inc. 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