Rocket Companies Enters New Financial Obligation

TL;DR

Rocket Companies just signed a new debt agreement, filing an 8-K on Oct 8th.

AI Summary

On October 2, 2024, Rocket Companies, Inc. entered into a material definitive agreement, specifically a direct financial obligation. The company, headquartered at 1050 Woodward Avenue, Detroit, MI, filed this 8-K report on October 8, 2024, detailing this new financial commitment.

Why It Matters

This filing indicates Rocket Companies has taken on a new financial commitment, which could impact its balance sheet and future financial flexibility.

Risk Assessment

Risk Level: medium — Entering into new financial obligations can introduce financial risk, depending on the terms and the company's overall debt structure.

Key Players & Entities

• Rocket Companies, Inc. (company) — Registrant
• October 2, 2024 (date) — Date of earliest event reported
• October 8, 2024 (date) — Date of report
• 1050 Woodward Avenue, Detroit, MI 48226 (address) — Principal executive offices

FAQ

Key Financial Figures

• $0.00001 — stered Class A common stock, par value $0.00001 per share RKT New York Stock Exchange
• $1.0 billion — es for partially committed financing of $1.0 billion. The maturity date of the Wells MRA is
• $2.5 billion — he facility amount from $1.0 billion to $2.5 billion and effectuated certain other technical
• $27.0 billion — redit and early buy out facilities, was $27.0 billion. This figure compares with $25.6 billio
• $25.6 billion — 27.0 billion. This figure compares with $25.6 billion as of June 30, 2024 and $24.3 billion a
• $24.3 billion — h $25.6 billion as of June 30, 2024 and $24.3 billion as of December 31, 2023. Item 2.03 Cr

Filing Documents

• rkt-20241002.htm (8-K) — 28KB
• 0001805284-24-000167.txt ( ) — 150KB
• rkt-20241002.xsd (EX-101.SCH) — 2KB
• rkt-20241002_lab.xml (EX-101.LAB) — 21KB
• rkt-20241002_pre.xml (EX-101.PRE) — 12KB
• rkt-20241002_htm.xml (XML) — 3KB

01 Entry into a Material Definitive Agreement

Item 1.01 Entry into a Material Definitive Agreement. Wells Fargo Bank, N.A. Master Repurchase Agreement On October 2, 2024, Rocket Mortgage, LLC (the "Company"), a Michigan limited liability company and indirect subsidiary of Rocket Companies, Inc., as guarantor, RCKT Mortgage SPE-B, LLC, as seller and Wells Fargo Bank, N.A., as buyer, entered into a Master Repurchase Agreement ("Wells MRA") and the related Pricing Side Letter. The Wells MRA provides for partially committed financing of $1.0 billion. The maturity date of the Wells MRA is October 2, 2026. Borrowings under the Wells MRA accrue interest at rates per annum calculated by the applicable margin (determined based on the type of mortgage loans originated by each borrowing). The Wells MRA contains certain customary events of default, including in the event of a change of control, and certain covenants and restrictions that, among other things, require the Company to cure any margin deficit; as well as limit the Company's ability to pay dividends on or make distributions in respect of its capital stock if an event of default has occurred and is continuing; consolidate, merge, sell, or otherwise dispose of all or substantially all of its assets; and enter into certain transactions with its affiliates. The Company is also subject to certain financial maintenance covenants under the Wells MRA, which require the Company to not exceed a specified ratio of total debt to tangible net worth at the end of each calendar month, and to maintain certain minimum pre-tax net income, liquidity and tangible net worth requirements. Bank of America, N.A. Master Repurchase Agreement Renewal On October 3, 2024, the Company, as guarantor, RCKT Mortgage SPE-A, LLC, as seller and Bank of America, N.A., as buyer, entered into Amendment No. 7 to Amended and Restated Master Repurchase Agreement ("MRA Amendment") and the related Transaction Terms Letter for Amended and Restated Master Repurchase Agreement, which extended the exp

SIGNATURES

SIGNATURES 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. Date: October 8, 2024 ROCKET COMPANIES, INC. By: /s/ Tina V. John Name: Tina V. John Title: Executive Legal Counsel and Secretary