Rocket Companies Q3 2024 10-Q Filed

TL;DR

**Rocket Companies Q3 2024 10-Q is in. Key mortgage metrics updated.**

AI Summary

Rocket Companies, Inc. filed its 10-Q for the period ending September 30, 2024. The filing details the company's financial performance and position, including key figures related to its mortgage banking and loan correspondent business. Specific financial data points such as interest rate lock commitments and forward contracts are provided for the periods ending September 30, 2024, and December 31, 2023.

Why It Matters

This filing provides investors with an update on Rocket Companies' financial health and operational performance in the mortgage sector, crucial for understanding its market position and future outlook.

Risk Assessment

Risk Level: medium — The company operates in the volatile mortgage industry, which is sensitive to interest rate changes and economic conditions.

Key Numbers

• 2024-09-30 — Reporting Period End Date (Indicates the end of the fiscal quarter for which financial data is reported.)
• 2023-12-31 — Prior Year End Date (Provides a comparative point for financial performance analysis.)

Key Players & Entities

• Rocket Companies, Inc. (company) — Filer of the 10-Q
• 2024-09-30 (date) — End of the reporting period
• 2023-12-31 (date) — Prior period end date for comparison
• 1050 WOODWARD AVENUE, DETROIT, MI 48226 (address) — Company's business and mailing address

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-20240930.htm (10-Q) — 2328KB
• a101-sixthamendmenttolease.htm (EX-10.1) — 64KB
• a102-masterrepurchaseagree.htm (EX-10.2) — 975KB
• a103-amendmentno7toamended.htm (EX-10.3) — 37KB
• a311-q32024rocketcompanies.htm (EX-31.1) — 10KB
• a312-q32024rocketcompanies.htm (EX-31.2) — 10KB
• a321-q32024rocketcompanies.htm (EX-32.1) — 6KB
• a322-q32024rocketcompanies.htm (EX-32.2) — 6KB
• image_0.jpg (GRAPHIC) — 1073KB
• image_1.jpg (GRAPHIC) — 1083KB
• 0001805284-24-000176.txt ( ) — 15570KB
• rkt-20240930.xsd (EX-101.SCH) — 72KB
• rkt-20240930_cal.xml (EX-101.CAL) — 81KB
• rkt-20240930_def.xml (EX-101.DEF) — 356KB
• rkt-20240930_lab.xml (EX-101.LAB) — 786KB
• rkt-20240930_pre.xml (EX-101.PRE) — 563KB
• rkt-20240930_htm.xml (XML) — 2177KB

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 38 Item 3.

Quantitative and Qualitative Disclosures about Market Risk

Quantitative and Qualitative Disclosures about Market Risk 57 Item 4.

Controls and Procedures

Controls and Procedures 57

OTHER INFORMATION

PART II. OTHER INFORMATION Item 1.

Legal Proceedings

Legal Proceedings 59 Item 1A.

Risk Factors

Risk Factors 59 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 59 Item 5. Other Information 59 Item 6. Exhibits 60 Signature 61 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) 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