10-Q 1 rkt-20220930.htm 10-Q rkt-20220930
0001805284--12-312022Q3false00018052842022-01-012022-09-300001805284us-gaap:CommonClassAMember2022-11-02xbrli:shares0001805284rkt:CommonClassDMember2022-11-0200018052842022-09-30iso4217:USD00018052842021-12-310001805284us-gaap:InterestRateLockCommitmentsMember2022-09-300001805284us-gaap:InterestRateLockCommitmentsMember2021-12-310001805284us-gaap:ForwardContractsMember2022-09-300001805284us-gaap:ForwardContractsMember2021-12-310001805284us-gaap:CommonClassAMember2021-12-31iso4217:USDxbrli:shares0001805284us-gaap:CommonClassAMember2022-09-300001805284us-gaap:CommonClassBMember2022-09-300001805284us-gaap:CommonClassBMember2021-12-310001805284us-gaap:CommonClassCMember2021-12-310001805284us-gaap:CommonClassCMember2022-09-300001805284rkt:CommonClassDMember2021-12-310001805284rkt:CommonClassDMember2022-09-3000018052842022-07-012022-09-3000018052842021-07-012021-09-3000018052842021-01-012021-09-300001805284us-gaap:CommonClassAMemberus-gaap:CommonStockMember2020-12-310001805284rkt:CommonClassDMemberus-gaap:CommonStockMember2020-12-310001805284us-gaap:AdditionalPaidInCapitalMember2020-12-310001805284us-gaap:RetainedEarningsMember2020-12-310001805284us-gaap:AccumulatedOtherComprehensiveIncomeMember2020-12-310001805284us-gaap:NoncontrollingInterestMember2020-12-3100018052842020-12-310001805284us-gaap:RetainedEarningsMember2021-01-012021-03-310001805284us-gaap:NoncontrollingInterestMember2021-01-012021-03-3100018052842021-01-012021-03-310001805284us-gaap:AccumulatedOtherComprehensiveIncomeMember2021-01-012021-03-310001805284us-gaap:CommonClassAMemberus-gaap:CommonStockMember2021-01-012021-03-310001805284us-gaap:AdditionalPaidInCapitalMember2021-01-012021-03-310001805284rkt:CommonClassDMemberus-gaap:CommonStockMember2021-01-012021-03-310001805284us-gaap:CommonClassAMemberus-gaap:CommonStockMember2021-03-310001805284rkt:CommonClassDMemberus-gaap:CommonStockMember2021-03-310001805284us-gaap:AdditionalPaidInCapitalMember2021-03-310001805284us-gaap:RetainedEarningsMember2021-03-310001805284us-gaap:AccumulatedOtherComprehensiveIncomeMember2021-03-310001805284us-gaap:NoncontrollingInterestMember2021-03-3100018052842021-03-310001805284us-gaap:RetainedEarningsMember2021-04-012021-06-300001805284us-gaap:NoncontrollingInterestMember2021-04-012021-06-3000018052842021-04-012021-06-300001805284us-gaap:AccumulatedOtherComprehensiveIncomeMember2021-04-012021-06-300001805284us-gaap:CommonClassAMemberus-gaap:CommonStockMember2021-04-012021-06-300001805284us-gaap:AdditionalPaidInCapitalMember2021-04-012021-06-300001805284us-gaap:CommonClassAMemberus-gaap:CommonStockMember2021-06-300001805284rkt:CommonClassDMemberus-gaap:CommonStockMember2021-06-300001805284us-gaap:AdditionalPaidInCapitalMember2021-06-300001805284us-gaap:RetainedEarningsMember2021-06-300001805284us-gaap:AccumulatedOtherComprehensiveIncomeMember2021-06-300001805284us-gaap:NoncontrollingInterestMember2021-06-3000018052842021-06-300001805284us-gaap:RetainedEarningsMember2021-07-012021-09-300001805284us-gaap:NoncontrollingInterestMember2021-07-012021-09-300001805284us-gaap:AccumulatedOtherComprehensiveIncomeMember2021-07-012021-09-300001805284us-gaap:CommonClassAMemberus-gaap:CommonStockMember2021-07-012021-09-300001805284us-gaap:AdditionalPaidInCapitalMember2021-07-012021-09-300001805284us-gaap:CommonClassAMemberus-gaap:CommonStockMember2021-09-300001805284rkt:CommonClassDMemberus-gaap:CommonStockMember2021-09-300001805284us-gaap:AdditionalPaidInCapitalMember2021-09-300001805284us-gaap:RetainedEarningsMember2021-09-300001805284us-gaap:AccumulatedOtherComprehensiveIncomeMember2021-09-300001805284us-gaap:NoncontrollingInterestMember2021-09-3000018052842021-09-300001805284us-gaap:CommonClassAMemberus-gaap:CommonStockMember2021-12-310001805284rkt:CommonClassDMemberus-gaap:CommonStockMember2021-12-310001805284us-gaap:AdditionalPaidInCapitalMember2021-12-310001805284us-gaap:RetainedEarningsMember2021-12-310001805284us-gaap:AccumulatedOtherComprehensiveIncomeMember2021-12-310001805284us-gaap:NoncontrollingInterestMember2021-12-310001805284us-gaap:RetainedEarningsMember2022-01-012022-03-310001805284us-gaap:NoncontrollingInterestMember2022-01-012022-03-3100018052842022-01-012022-03-310001805284us-gaap:AccumulatedOtherComprehensiveIncomeMember2022-01-012022-03-310001805284us-gaap:CommonClassAMemberus-gaap:CommonStockMember2022-01-012022-03-310001805284us-gaap:AdditionalPaidInCapitalMember2022-01-012022-03-310001805284us-gaap:CommonClassAMemberus-gaap:CommonStockMember2022-03-310001805284rkt:CommonClassDMemberus-gaap:CommonStockMember2022-03-310001805284us-gaap:AdditionalPaidInCapitalMember2022-03-310001805284us-gaap:RetainedEarningsMember2022-03-310001805284us-gaap:AccumulatedOtherComprehensiveIncomeMember2022-03-310001805284us-gaap:NoncontrollingInterestMember2022-03-3100018052842022-03-310001805284us-gaap:RetainedEarningsMember2022-04-012022-06-300001805284us-gaap:NoncontrollingInterestMember2022-04-012022-06-3000018052842022-04-012022-06-300001805284us-gaap:AccumulatedOtherComprehensiveIncomeMember2022-04-012022-06-300001805284us-gaap:CommonClassAMemberus-gaap:CommonStockMember2022-04-012022-06-300001805284us-gaap:AdditionalPaidInCapitalMember2022-04-012022-06-300001805284us-gaap:CommonClassAMemberus-gaap:CommonStockMember2022-06-300001805284rkt:CommonClassDMemberus-gaap:CommonStockMember2022-06-300001805284us-gaap:AdditionalPaidInCapitalMember2022-06-300001805284us-gaap:RetainedEarningsMember2022-06-300001805284us-gaap:AccumulatedOtherComprehensiveIncomeMember2022-06-300001805284us-gaap:NoncontrollingInterestMember2022-06-3000018052842022-06-300001805284us-gaap:RetainedEarningsMember2022-07-012022-09-300001805284us-gaap:NoncontrollingInterestMember2022-07-012022-09-300001805284us-gaap:AccumulatedOtherComprehensiveIncomeMember2022-07-012022-09-300001805284us-gaap:CommonClassAMemberus-gaap:CommonStockMember2022-07-012022-09-300001805284us-gaap:AdditionalPaidInCapitalMember2022-07-012022-09-300001805284us-gaap:CommonClassAMemberus-gaap:CommonStockMember2022-09-300001805284rkt:CommonClassDMemberus-gaap:CommonStockMember2022-09-300001805284us-gaap:AdditionalPaidInCapitalMember2022-09-300001805284us-gaap:RetainedEarningsMember2022-09-300001805284us-gaap:AccumulatedOtherComprehensiveIncomeMember2022-09-300001805284us-gaap:NoncontrollingInterestMember2022-09-30rkt:segment0001805284rkt:RocketMoneyFormerlyKnownAsTruebillIncMember2021-12-232021-12-230001805284rkt:RocketMoneyFormerlyKnownAsTruebillIncMember2022-09-300001805284rkt:RocketMoneyFormerlyKnownAsTruebillIncMember2021-12-310001805284rkt:RocketMoneyFormerlyKnownAsTruebillIncMember2022-01-012022-09-30rkt:reporting_unit0001805284us-gaap:SubsequentEventMember2022-11-010001805284us-gaap:SubsequentEventMember2022-11-012022-11-010001805284us-gaap:CommonClassAMember2022-02-242022-02-240001805284rkt:RKTHoldingsLLCMember2022-02-242022-02-240001805284us-gaap:CommonClassAMember2021-02-252021-02-250001805284rkt:RKTHoldingsLLCMember2021-02-252021-02-250001805284rkt:ClosingFeesMember2022-07-012022-09-300001805284rkt:ClosingFeesMember2021-07-012021-09-300001805284rkt:ClosingFeesMember2022-01-012022-09-300001805284rkt:ClosingFeesMember2021-01-012021-09-300001805284rkt:AppraisalRevenueMember2022-07-012022-09-300001805284rkt:AppraisalRevenueMember2021-07-012021-09-300001805284rkt:AppraisalRevenueMember2022-01-012022-09-300001805284rkt:AppraisalRevenueMember2021-01-012021-09-300001805284rkt:SubscriptionRevenueMember2022-07-012022-09-300001805284rkt:SubscriptionRevenueMember2022-01-012022-09-300001805284rkt:RealEstateNetworkReferralMember2022-07-012022-09-300001805284rkt:RealEstateNetworkReferralMember2021-07-012021-09-300001805284rkt:RealEstateNetworkReferralMember2022-01-012022-09-300001805284rkt:RealEstateNetworkReferralMember2021-01-012021-09-300001805284rkt:ContactCenterMember2022-07-012022-09-300001805284rkt:ContactCenterMember2021-07-012021-09-300001805284rkt:ContactCenterMember2022-01-012022-09-300001805284rkt:ContactCenterMember2021-01-012021-09-300001805284us-gaap:ServiceMember2022-07-012022-09-300001805284us-gaap:ServiceMember2021-07-012021-09-300001805284us-gaap:ServiceMember2022-01-012022-09-300001805284us-gaap:ServiceMember2021-01-012021-09-300001805284rkt:CoreDigitalMediaLeadGenerationRevenueMember2022-07-012022-09-300001805284rkt:CoreDigitalMediaLeadGenerationRevenueMember2021-07-012021-09-300001805284rkt:CoreDigitalMediaLeadGenerationRevenueMember2022-01-012022-09-300001805284rkt:CoreDigitalMediaLeadGenerationRevenueMember2021-01-012021-09-300001805284us-gaap:USTreasurySecuritiesMember2021-09-300001805284us-gaap:USTreasurySecuritiesMember2022-09-300001805284rkt:RKTHoldingsLLCMember2022-01-012022-09-30xbrli:pure0001805284us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel1Member2022-09-300001805284us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMember2022-09-300001805284us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMember2022-09-300001805284us-gaap:FairValueMeasurementsRecurringMember2022-09-300001805284us-gaap:FairValueMeasurementsRecurringMemberus-gaap:InterestRateLockCommitmentsMemberus-gaap:FairValueInputsLevel1Member2022-09-300001805284us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:InterestRateLockCommitmentsMember2022-09-300001805284us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:InterestRateLockCommitmentsMember2022-09-300001805284us-gaap:FairValueMeasurementsRecurringMemberus-gaap:InterestRateLockCommitmentsMember2022-09-300001805284us-gaap:ForwardContractsMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel1Member2022-09-300001805284us-gaap:FairValueInputsLevel2Memberus-gaap:ForwardContractsMemberus-gaap:FairValueMeasurementsRecurringMember2022-09-300001805284us-gaap:FairValueInputsLevel3Memberus-gaap:ForwardContractsMemberus-gaap:FairValueMeasurementsRecurringMember2022-09-300001805284us-gaap:ForwardContractsMemberus-gaap:FairValueMeasurementsRecurringMember2022-09-300001805284us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel1Member2021-12-310001805284us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMember2021-12-310001805284us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMember2021-12-310001805284us-gaap:FairValueMeasurementsRecurringMember2021-12-310001805284us-gaap:FairValueMeasurementsRecurringMemberus-gaap:InterestRateLockCommitmentsMemberus-gaap:FairValueInputsLevel1Member2021-12-310001805284us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:InterestRateLockCommitmentsMember2021-12-310001805284us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:InterestRateLockCommitmentsMember2021-12-310001805284us-gaap:FairValueMeasurementsRecurringMemberus-gaap:InterestRateLockCommitmentsMember2021-12-310001805284us-gaap:ForwardContractsMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel1Member2021-12-310001805284us-gaap:FairValueInputsLevel2Memberus-gaap:ForwardContractsMemberus-gaap:FairValueMeasurementsRecurringMember2021-12-310001805284us-gaap:FairValueInputsLevel3Memberus-gaap:ForwardContractsMemberus-gaap:FairValueMeasurementsRecurringMember2021-12-310001805284us-gaap:ForwardContractsMemberus-gaap:FairValueMeasurementsRecurringMember2021-12-310001805284us-gaap:FairValueInputsLevel3Memberus-gaap:MeasurementInputQuotedPriceMembersrt:MinimumMember2022-09-300001805284us-gaap:FairValueInputsLevel3Memberus-gaap:MeasurementInputQuotedPriceMembersrt:MaximumMember2022-09-300001805284us-gaap:FairValueInputsLevel3Membersrt:WeightedAverageMemberus-gaap:MeasurementInputQuotedPriceMember2022-09-300001805284us-gaap:FairValueInputsLevel3Memberus-gaap:MeasurementInputQuotedPriceMembersrt:MinimumMember2021-12-310001805284us-gaap:FairValueInputsLevel3Memberus-gaap:MeasurementInputQuotedPriceMembersrt:MaximumMember2021-12-310001805284us-gaap:FairValueInputsLevel3Membersrt:WeightedAverageMemberus-gaap:MeasurementInputQuotedPriceMember2021-12-310001805284us-gaap:FairValueInputsLevel3Membersrt:MinimumMemberus-gaap:InterestRateLockCommitmentsMemberrkt:MeasurementInputLoanFundingProbabilityMember2022-09-300001805284us-gaap:FairValueInputsLevel3Memberus-gaap:InterestRateLockCommitmentsMembersrt:MaximumMemberrkt:MeasurementInputLoanFundingProbabilityMember2022-09-300001805284us-gaap:FairValueInputsLevel3Membersrt:WeightedAverageMemberus-gaap:InterestRateLockCommitmentsMemberrkt:MeasurementInputLoanFundingProbabilityMember2022-09-300001805284us-gaap:FairValueInputsLevel3Membersrt:MinimumMemberus-gaap:InterestRateLockCommitmentsMemberrkt:MeasurementInputLoanFundingProbabilityMember2021-12-310001805284us-gaap:FairValueInputsLevel3Memberus-gaap:InterestRateLockCommitmentsMembersrt:MaximumMemberrkt:MeasurementInputLoanFundingProbabilityMember2021-12-310001805284us-gaap:FairValueInputsLevel3Membersrt:WeightedAverageMemberus-gaap:InterestRateLockCommitmentsMemberrkt:MeasurementInputLoanFundingProbabilityMember2021-12-310001805284us-gaap:FairValueInputsLevel3Membersrt:MinimumMemberus-gaap:MeasurementInputDiscountRateMember2022-09-300001805284us-gaap:FairValueInputsLevel3Memberus-gaap:MeasurementInputDiscountRateMembersrt:MaximumMember2022-09-300001805284us-gaap:FairValueInputsLevel3Membersrt:WeightedAverageMemberus-gaap:MeasurementInputDiscountRateMember2022-09-300001805284us-gaap:FairValueInputsLevel3Membersrt:MinimumMemberus-gaap:MeasurementInputDiscountRateMember2021-12-310001805284us-gaap:FairValueInputsLevel3Memberus-gaap:MeasurementInputDiscountRateMembersrt:MaximumMember2021-12-310001805284us-gaap:FairValueInputsLevel3Membersrt:WeightedAverageMemberus-gaap:MeasurementInputDiscountRateMember2021-12-310001805284us-gaap:MeasurementInputPrepaymentRateMemberus-gaap:FairValueInputsLevel3Membersrt:MinimumMember2022-09-300001805284us-gaap:MeasurementInputPrepaymentRateMemberus-gaap:FairValueInputsLevel3Membersrt:MaximumMember2022-09-300001805284us-gaap:MeasurementInputPrepaymentRateMemberus-gaap:FairValueInputsLevel3Membersrt:WeightedAverageMember2022-09-300001805284us-gaap:MeasurementInputPrepaymentRateMemberus-gaap:FairValueInputsLevel3Membersrt:MinimumMember2021-12-310001805284us-gaap:MeasurementInputPrepaymentRateMemberus-gaap:FairValueInputsLevel3Membersrt:MaximumMember2021-12-310001805284us-gaap:MeasurementInputPrepaymentRateMemberus-gaap:FairValueInputsLevel3Membersrt:WeightedAverageMember2021-12-310001805284rkt:MortgageLoansHeldForSaleMember2022-06-300001805284us-gaap:DerivativeFinancialInstrumentsAssetsMember2022-06-300001805284rkt:MortgageLoansHeldForSaleMember2022-07-012022-09-300001805284us-gaap:DerivativeFinancialInstrumentsAssetsMember2022-07-012022-09-300001805284rkt:MortgageLoansHeldForSaleMember2022-09-300001805284us-gaap:DerivativeFinancialInstrumentsAssetsMember2022-09-300001805284rkt:MortgageLoansHeldForSaleMember2021-06-300001805284us-gaap:DerivativeFinancialInstrumentsAssetsMember2021-06-300001805284rkt:MortgageLoansHeldForSaleMember2021-07-012021-09-300001805284us-gaap:DerivativeFinancialInstrumentsAssetsMember2021-07-012021-09-300001805284rkt:MortgageLoansHeldForSaleMember2021-09-300001805284us-gaap:DerivativeFinancialInstrumentsAssetsMember2021-09-300001805284rkt:MortgageLoansHeldForSaleMember2021-12-310001805284us-gaap:DerivativeFinancialInstrumentsAssetsMember2021-12-310001805284rkt:MortgageLoansHeldForSaleMember2022-01-012022-09-300001805284us-gaap:DerivativeFinancialInstrumentsAssetsMember2022-01-012022-09-300001805284rkt:MortgageLoansHeldForSaleMember2020-12-310001805284us-gaap:DerivativeFinancialInstrumentsAssetsMember2020-12-310001805284rkt:MortgageLoansHeldForSaleMember2021-01-012021-09-300001805284us-gaap:DerivativeFinancialInstrumentsAssetsMember2021-01-012021-09-300001805284us-gaap:CarryingReportedAmountFairValueDisclosureMemberrkt:UnsecuredRedeemableSeniorNotesMaturingOct152026Member2022-09-300001805284us-gaap:EstimateOfFairValueFairValueDisclosureMemberrkt:UnsecuredRedeemableSeniorNotesMaturingOct152026Member2022-09-300001805284us-gaap:CarryingReportedAmountFairValueDisclosureMemberrkt:UnsecuredRedeemableSeniorNotesMaturingOct152026Member2021-12-310001805284us-gaap:EstimateOfFairValueFairValueDisclosureMemberrkt:UnsecuredRedeemableSeniorNotesMaturingOct152026Member2021-12-310001805284us-gaap:CarryingReportedAmountFairValueDisclosureMemberrkt:UnsecuredRedeemableSeniorNotesMaturingJan152028Member2022-09-300001805284us-gaap:EstimateOfFairValueFairValueDisclosureMemberrkt:UnsecuredRedeemableSeniorNotesMaturingJan152028Member2022-09-300001805284us-gaap:CarryingReportedAmountFairValueDisclosureMemberrkt:UnsecuredRedeemableSeniorNotesMaturingJan152028Member2021-12-310001805284us-gaap:EstimateOfFairValueFairValueDisclosureMemberrkt:UnsecuredRedeemableSeniorNotesMaturingJan152028Member2021-12-310001805284rkt:UnsecuredRedeemableSeniorNotesMaturingMar012029Memberus-gaap:CarryingReportedAmountFairValueDisclosureMember2022-09-300001805284rkt:UnsecuredRedeemableSeniorNotesMaturingMar012029Memberus-gaap:EstimateOfFairValueFairValueDisclosureMember2022-09-300001805284rkt:UnsecuredRedeemableSeniorNotesMaturingMar012029Memberus-gaap:CarryingReportedAmountFairValueDisclosureMember2021-12-310001805284rkt:UnsecuredRedeemableSeniorNotesMaturingMar012029Memberus-gaap:EstimateOfFairValueFairValueDisclosureMember2021-12-310001805284us-gaap:CarryingReportedAmountFairValueDisclosureMemberrkt:UnsecuredRedeemableSeniorNotesMaturingMar012031Member2022-09-300001805284us-gaap:EstimateOfFairValueFairValueDisclosureMemberrkt:UnsecuredRedeemableSeniorNotesMaturingMar012031Member2022-09-300001805284us-gaap:CarryingReportedAmountFairValueDisclosureMemberrkt:UnsecuredRedeemableSeniorNotesMaturingMar012031Member2021-12-310001805284us-gaap:EstimateOfFairValueFairValueDisclosureMemberrkt:UnsecuredRedeemableSeniorNotesMaturingMar012031Member2021-12-310001805284us-gaap:CarryingReportedAmountFairValueDisclosureMemberrkt:UnsecuredRedeemableSeniorNotesMaturingOct152033Member2022-09-300001805284us-gaap:EstimateOfFairValueFairValueDisclosureMemberrkt:UnsecuredRedeemableSeniorNotesMaturingOct152033Member2022-09-300001805284us-gaap:CarryingReportedAmountFairValueDisclosureMemberrkt:UnsecuredRedeemableSeniorNotesMaturingOct152033Member2021-12-310001805284us-gaap:EstimateOfFairValueFairValueDisclosureMemberrkt:UnsecuredRedeemableSeniorNotesMaturingOct152033Member2021-12-310001805284us-gaap:CarryingReportedAmountFairValueDisclosureMember2022-09-300001805284us-gaap:EstimateOfFairValueFairValueDisclosureMember2022-09-300001805284us-gaap:CarryingReportedAmountFairValueDisclosureMember2021-12-310001805284us-gaap:EstimateOfFairValueFairValueDisclosureMember2021-12-3100018052842021-01-012021-12-310001805284srt:MinimumMemberrkt:FundingFacilitiesAndOtherFinancingFacilitiesMember2022-01-012022-09-300001805284rkt:FundingFacilitiesAndOtherFinancingFacilitiesMembersrt:MaximumMember2022-01-012022-09-300001805284rkt:MasterRepurchaseAgreementDueOct202023Memberus-gaap:SecuredDebtMember2022-09-300001805284rkt:MasterRepurchaseAgreementDueOct202023Memberus-gaap:SecuredDebtMember2021-12-310001805284rkt:MasterRepurchaseAgreementDueDec012022Memberus-gaap:SecuredDebtMember2022-09-300001805284rkt:MasterRepurchaseAgreementDueDec012022Memberus-gaap:SecuredDebtMember2021-12-310001805284rkt:MasterRepurchaseAgreementDueAug92024Memberus-gaap:SecuredDebtMember2022-09-300001805284rkt:MasterRepurchaseAgreementDueAug92024Memberus-gaap:SecuredDebtMember2021-12-310001805284us-gaap:SecuredDebtMemberrkt:MasterRepurchaseAgreementDueJuly262023Member2022-09-300001805284us-gaap:SecuredDebtMemberrkt:MasterRepurchaseAgreementDueJuly262023Member2021-12-310001805284rkt:MasterRepurchaseAgreementDueMay42023Memberus-gaap:SecuredDebtMember2022-09-300001805284rkt:MasterRepurchaseAgreementDueMay42023Memberus-gaap:SecuredDebtMember2021-12-310001805284rkt:MasterRepurchaseAgreementDueSep92024Memberus-gaap:SecuredDebtMember2022-09-300001805284rkt:MasterRepurchaseAgreementDueSep92024Memberus-gaap:SecuredDebtMember2021-12-310001805284rkt:MasterRepurchaseAgreementDueSep152023Memberus-gaap:SecuredDebtMember2022-09-300001805284rkt:MasterRepurchaseAgreementDueSep152023Memberus-gaap:SecuredDebtMember2021-12-310001805284rkt:MasterRepurchaseAgreementDueSep222023TwoMemberus-gaap:SecuredDebtMember2022-09-300001805284rkt:MasterRepurchaseAgreementDueSep222023TwoMemberus-gaap:SecuredDebtMember2021-12-310001805284rkt:MasterRepurchaseAgreementDueSep272024Memberus-gaap:SecuredDebtMember2022-09-300001805284rkt:MasterRepurchaseAgreementDueSep272024Memberus-gaap:SecuredDebtMember2021-12-310001805284rkt:MasterRepurchaseAgreementDueDec162022Memberus-gaap:SecuredDebtMember2022-09-300001805284rkt:MasterRepurchaseAgreementDueDec162022Memberus-gaap:SecuredDebtMember2021-12-310001805284rkt:MasterRepurchaseAgreementFundingMemberus-gaap:SecuredDebtMember2022-09-300001805284rkt:MasterRepurchaseAgreementFundingMemberus-gaap:SecuredDebtMember2021-12-310001805284rkt:EarlyFundingFacilityEvergreenAgreementOneMemberus-gaap:SecuredDebtMember2022-09-300001805284rkt:EarlyFundingFacilityEvergreenAgreementOneMemberus-gaap:SecuredDebtMember2021-12-310001805284rkt:EarlyFundingFacilityEvergreenAgreementTwoMemberus-gaap:SecuredDebtMember2022-09-300001805284rkt:EarlyFundingFacilityEvergreenAgreementTwoMemberus-gaap:SecuredDebtMember2021-12-310001805284rkt:EarlyFundingFacilityMemberus-gaap:SecuredDebtMember2022-09-300001805284rkt:EarlyFundingFacilityMemberus-gaap:SecuredDebtMember2021-12-310001805284us-gaap:SecuredDebtMember2022-09-300001805284us-gaap:SecuredDebtMemberrkt:MasterRepurchaseAgreementDueJuly262023Member2022-01-012022-09-300001805284rkt:MasterRepurchaseAgreementDueJan262023Memberus-gaap:SubsequentEventMemberus-gaap:SecuredDebtMember2022-11-090001805284us-gaap:SubsequentEventMemberrkt:MasterRepurchaseAgreementDueMay42023Memberus-gaap:SecuredDebtMember2022-11-090001805284rkt:MasterRepurchaseAgreementDueApr202023Memberus-gaap:SubsequentEventMemberus-gaap:SecuredDebtMember2022-11-090001805284rkt:EarlyFundingFacilityEvergreenAgreementTwoMemberus-gaap:SecuredDebtMember2022-01-012022-09-300001805284srt:MinimumMemberus-gaap:BaseRateMemberus-gaap:SecuredDebtMember2022-01-012022-09-300001805284us-gaap:BaseRateMemberus-gaap:SecuredDebtMembersrt:MaximumMember2022-01-012022-09-300001805284srt:MinimumMemberus-gaap:BaseRateMemberus-gaap:SecuredDebtMember2021-01-012021-12-310001805284us-gaap:BaseRateMemberus-gaap:SecuredDebtMembersrt:MaximumMember2021-01-012021-12-310001805284rkt:UnsecuredLineOfCreditFiveMembersrt:AffiliatedEntityMemberus-gaap:LineOfCreditMember2022-09-300001805284rkt:UnsecuredLineOfCreditFiveMembersrt:AffiliatedEntityMemberus-gaap:LineOfCreditMember2021-12-310001805284srt:AffiliatedEntityMemberus-gaap:LineOfCreditMemberrkt:UnsecuredLineOfCreditSixMember2022-09-300001805284srt:AffiliatedEntityMemberus-gaap:LineOfCreditMemberrkt:UnsecuredLineOfCreditSixMember2021-12-310001805284us-gaap:RevolvingCreditFacilityMemberrkt:RevolvingCreditFacilityMaturingAug102025Member2022-09-300001805284us-gaap:RevolvingCreditFacilityMemberrkt:RevolvingCreditFacilityMaturingAug102025Member2021-12-310001805284us-gaap:LineOfCreditMemberrkt:MortgageServingRightsLineOfCreditMaturingOct202023Member2022-09-300001805284us-gaap:LineOfCreditMemberrkt:MortgageServingRightsLineOfCreditMaturingOct202023Member2021-12-310001805284rkt:MortgageServingRightsLineOfCreditMaturingSep92024Memberus-gaap:LineOfCreditMember2022-09-300001805284rkt:MortgageServingRightsLineOfCreditMaturingSep92024Memberus-gaap:LineOfCreditMember2021-12-310001805284rkt:MortgageServingRightsLineOfCreditMemberus-gaap:LineOfCreditMember2022-09-300001805284rkt:MortgageServingRightsLineOfCreditMemberus-gaap:LineOfCreditMember2021-12-310001805284rkt:LineOfCreditAndRevolvingCreditFacilityMember2022-09-300001805284rkt:LineOfCreditAndRevolvingCreditFacilityMember2021-12-310001805284rkt:EarlyBuyoutFacilityMember2022-09-300001805284rkt:EarlyBuyoutFacilityMembersrt:MinimumMemberus-gaap:BaseRateMember2021-01-012021-12-310001805284rkt:LineOfCreditAndRevolvingCreditFacilityMembersrt:MinimumMemberus-gaap:BaseRateMember2022-01-012022-09-300001805284rkt:EarlyBuyoutFacilityMemberus-gaap:BaseRateMembersrt:MaximumMember2022-01-012022-09-300001805284rkt:LineOfCreditAndRevolvingCreditFacilityMemberus-gaap:BaseRateMembersrt:MaximumMember2021-01-012021-12-310001805284rkt:UnsecuredRedeemableSeniorNotesMaturingOct152026Memberus-gaap:UnsecuredDebtMember2022-09-300001805284rkt:UnsecuredRedeemableSeniorNotesMaturingOct152026Memberus-gaap:UnsecuredDebtMember2021-12-310001805284rkt:UnsecuredRedeemableSeniorNotesMaturingJan152028Memberus-gaap:UnsecuredDebtMember2022-09-300001805284rkt:UnsecuredRedeemableSeniorNotesMaturingJan152028Memberus-gaap:UnsecuredDebtMember2021-12-310001805284rkt:UnsecuredRedeemableSeniorNotesMaturingMar012029Memberus-gaap:UnsecuredDebtMember2022-09-300001805284rkt:UnsecuredRedeemableSeniorNotesMaturingMar012029Memberus-gaap:UnsecuredDebtMember2021-12-310001805284rkt:UnsecuredRedeemableSeniorNotesMaturingMar012031Memberus-gaap:UnsecuredDebtMember2022-09-300001805284rkt:UnsecuredRedeemableSeniorNotesMaturingMar012031Memberus-gaap:UnsecuredDebtMember2021-12-310001805284rkt:UnsecuredRedeemableSeniorNotesMaturingOct152033Memberus-gaap:UnsecuredDebtMember2022-09-300001805284rkt:UnsecuredRedeemableSeniorNotesMaturingOct152033Memberus-gaap:UnsecuredDebtMember2021-12-310001805284us-gaap:UnsecuredDebtMember2022-09-300001805284us-gaap:UnsecuredDebtMember2021-12-310001805284rkt:UnsecuredLineOfCreditFiveMemberrkt:RHILineOfCreditMembersrt:AffiliatedEntityMemberus-gaap:LineOfCreditMember2021-09-160001805284rkt:UnsecuredLineOfCreditFiveMemberrkt:RHILineOfCreditMembersrt:AffiliatedEntityMemberus-gaap:LineOfCreditMemberus-gaap:LondonInterbankOfferedRateLIBORMember2021-09-162021-09-160001805284rkt:UnsecuredLineOfCreditFiveMemberrkt:RHILineOfCreditMembersrt:AffiliatedEntityMemberus-gaap:LineOfCreditMember2022-09-300001805284rkt:UnsecuredLineOfCreditFiveMemberrkt:RHILineOfCreditMembersrt:AffiliatedEntityMemberus-gaap:LineOfCreditMember2021-12-310001805284rkt:UnsecuredLineOfCreditFiveMemberrkt:RHILineOfCreditMembersrt:AffiliatedEntityMemberus-gaap:LineOfCreditMember2022-07-012022-09-300001805284rkt:UnsecuredLineOfCreditFiveMemberrkt:RHILineOfCreditMembersrt:AffiliatedEntityMemberus-gaap:LineOfCreditMember2021-07-012021-09-300001805284rkt:UnsecuredLineOfCreditFiveMemberrkt:RHILineOfCreditMembersrt:AffiliatedEntityMemberus-gaap:LineOfCreditMember2022-01-012022-09-300001805284rkt:UnsecuredLineOfCreditFiveMemberrkt:RHILineOfCreditMembersrt:AffiliatedEntityMemberus-gaap:LineOfCreditMember2021-01-012021-09-300001805284rkt:UnsecuredLineOfCreditFiveMemberrkt:RHILineOfCreditMembersrt:AffiliatedEntityMemberus-gaap:LineOfCreditMember2021-09-300001805284rkt:RHIAndAmrockTitleInsuranceCompanyDebentureMembersrt:AffiliatedEntityMember2022-09-300001805284rkt:RHIAndAmrockTitleInsuranceCompanyDebentureMembersrt:AffiliatedEntityMember2022-01-012022-09-300001805284rkt:RHIAndAmrockTitleInsuranceCompanyDebentureMembersrt:AffiliatedEntityMember2022-07-012022-09-300001805284rkt:RHIAndAmrockTitleInsuranceCompanyDebentureMembersrt:AffiliatedEntityMember2021-01-012021-09-300001805284rkt:RHIAndAmrockTitleInsuranceCompanyDebentureMembersrt:AffiliatedEntityMember2021-07-012021-09-300001805284rkt:RHILineOfCreditMembersrt:AffiliatedEntityMemberus-gaap:LineOfCreditMemberrkt:UnsecuredLineOfCreditSixMember2020-07-310001805284rkt:RHILineOfCreditMembersrt:AffiliatedEntityMemberus-gaap:LineOfCreditMemberus-gaap:LondonInterbankOfferedRateLIBORMemberrkt:UnsecuredLineOfCreditSixMember2020-07-312020-07-310001805284rkt:RHILineOfCreditMembersrt:AffiliatedEntityMemberus-gaap:LineOfCreditMemberrkt:UnsecuredLineOfCreditSixMember2021-01-012021-12-310001805284rkt:RHILineOfCreditMembersrt:AffiliatedEntityMemberus-gaap:LineOfCreditMemberrkt:UnsecuredLineOfCreditSixMember2022-01-012022-09-300001805284rkt:RHILineOfCreditMembersrt:AffiliatedEntityMemberus-gaap:LineOfCreditMemberrkt:UnsecuredLineOfCreditSixMember2021-12-310001805284rkt:RHILineOfCreditMembersrt:AffiliatedEntityMemberus-gaap:LineOfCreditMemberrkt:UnsecuredLineOfCreditSixMember2022-09-300001805284srt:AffiliatedEntityMember2022-09-300001805284srt:AffiliatedEntityMember2021-12-310001805284srt:AffiliatedEntityMember2022-01-012022-09-300001805284srt:AffiliatedEntityMember2021-01-012021-12-310001805284srt:AffiliatedEntityMemberrkt:ServicesAndProductsAgreementsMember2022-07-012022-09-300001805284srt:AffiliatedEntityMemberrkt:ServicesAndProductsAgreementsMember2021-07-012021-09-300001805284srt:AffiliatedEntityMemberrkt:ServicesAndProductsAgreementsMember2022-01-012022-09-300001805284srt:AffiliatedEntityMemberrkt:ServicesAndProductsAgreementsMember2021-01-012021-09-300001805284rkt:RHIAgreementsMember2022-09-300001805284srt:AffiliatedEntityMemberrkt:PromotionalSponsorshipsMember2022-07-012022-09-300001805284srt:AffiliatedEntityMemberrkt:PromotionalSponsorshipsMember2021-07-012021-09-300001805284srt:AffiliatedEntityMemberrkt:PromotionalSponsorshipsMember2022-01-012022-09-300001805284srt:AffiliatedEntityMemberrkt:PromotionalSponsorshipsMember2021-01-012021-09-300001805284srt:AffiliatedEntityMemberrkt:BedrockManagementServicesLLCLeaseAgreementsMember2022-07-012022-09-300001805284srt:AffiliatedEntityMemberrkt:BedrockManagementServicesLLCLeaseAgreementsMember2021-07-012021-09-300001805284srt:AffiliatedEntityMemberrkt:BedrockManagementServicesLLCLeaseAgreementsMember2022-01-012022-09-300001805284srt:AffiliatedEntityMemberrkt:BedrockManagementServicesLLCLeaseAgreementsMember2021-01-012021-09-300001805284us-gaap:CommonClassAMember2021-03-312021-03-310001805284rkt:InvestmentInSubsidiaryOrPartnershipMember2021-03-312021-03-3100018052842021-03-312021-03-310001805284us-gaap:ForwardContractsMember2022-07-012022-09-300001805284us-gaap:ForwardContractsMember2021-07-012021-09-300001805284us-gaap:ForwardContractsMember2022-01-012022-09-300001805284us-gaap:ForwardContractsMember2021-01-012021-09-300001805284us-gaap:InterestRateLockCommitmentsMemberus-gaap:NondesignatedMember2022-09-300001805284us-gaap:InterestRateLockCommitmentsMember2022-09-300001805284us-gaap:NondesignatedMemberus-gaap:ForwardContractsMember2022-09-300001805284us-gaap:ForwardContractsMember2022-09-300001805284us-gaap:InterestRateLockCommitmentsMemberus-gaap:NondesignatedMember2021-12-310001805284us-gaap:InterestRateLockCommitmentsMember2021-12-310001805284us-gaap:NondesignatedMemberus-gaap:ForwardContractsMember2021-12-310001805284us-gaap:ForwardContractsMember2021-12-310001805284us-gaap:InterestRateLockCommitmentsMember2022-09-302022-09-300001805284us-gaap:InterestRateLockCommitmentsMember2021-12-312021-12-310001805284us-gaap:MortgagesMember2022-09-300001805284us-gaap:MortgagesMember2021-12-310001805284rkt:MortgageServicingRightsWithServicingReleasedMember2022-09-300001805284rkt:MortgageServicingRightsWithServicingReleasedMember2021-12-310001805284us-gaap:FinancialGuaranteeMember2022-09-300001805284us-gaap:FinancialGuaranteeMember2021-12-310001805284rkt:DirectToCustomerSegmentMemberus-gaap:OperatingSegmentsMember2022-07-012022-09-300001805284us-gaap:OperatingSegmentsMemberrkt:PartnerNetworkSegmentMember2022-07-012022-09-300001805284us-gaap:OperatingSegmentsMember2022-07-012022-09-300001805284us-gaap:CorporateNonSegmentMember2022-07-012022-09-300001805284rkt:DirectToCustomerSegmentMemberus-gaap:OperatingSegmentsMember2022-01-012022-09-300001805284us-gaap:OperatingSegmentsMemberrkt:PartnerNetworkSegmentMember2022-01-012022-09-300001805284us-gaap:OperatingSegmentsMember2022-01-012022-09-300001805284us-gaap:CorporateNonSegmentMember2022-01-012022-09-300001805284rkt:DirectToCustomerSegmentMemberus-gaap:OperatingSegmentsMember2021-07-012021-09-300001805284us-gaap:OperatingSegmentsMemberrkt:PartnerNetworkSegmentMember2021-07-012021-09-300001805284us-gaap:OperatingSegmentsMember2021-07-012021-09-300001805284us-gaap:CorporateNonSegmentMember2021-07-012021-09-300001805284rkt:DirectToCustomerSegmentMemberus-gaap:OperatingSegmentsMember2021-01-012021-09-300001805284us-gaap:OperatingSegmentsMemberrkt:PartnerNetworkSegmentMember2021-01-012021-09-300001805284us-gaap:OperatingSegmentsMember2021-01-012021-09-300001805284us-gaap:CorporateNonSegmentMember2021-01-012021-09-300001805284us-gaap:MaterialReconcilingItemsMember2022-07-012022-09-300001805284us-gaap:MaterialReconcilingItemsMember2021-07-012021-09-300001805284us-gaap:MaterialReconcilingItemsMember2022-01-012022-09-300001805284us-gaap:MaterialReconcilingItemsMember2021-01-012021-09-300001805284rkt:RKTHoldingsLLCMemberrkt:RocketCompaniesIncMember2022-09-300001805284rkt:RKTHoldingsLLCMemberrkt:RocketCompaniesIncMember2022-06-302022-06-300001805284rkt:RKTHoldingsLLCMemberrkt:RocketCompaniesIncMember2021-12-310001805284rkt:RKTHoldingsLLCMemberrkt:RocketCompaniesIncMember2021-12-312021-12-310001805284rkt:RKTHoldingsLLCMemberrkt:RocketCompaniesIncChairmanMember2022-09-300001805284rkt:RKTHoldingsLLCMemberrkt:RocketCompaniesIncChairmanMember2022-06-302022-06-300001805284rkt:RKTHoldingsLLCMemberrkt:RocketCompaniesIncChairmanMember2021-12-310001805284rkt:RKTHoldingsLLCMemberrkt:RocketCompaniesIncChairmanMember2021-12-312021-12-310001805284rkt:RKTHoldingsLLCMemberrkt:RockHoldingsIncMember2022-09-300001805284rkt:RKTHoldingsLLCMemberrkt:RockHoldingsIncMember2022-06-302022-06-300001805284rkt:RKTHoldingsLLCMemberrkt:RockHoldingsIncMember2021-12-310001805284rkt:RKTHoldingsLLCMemberrkt:RockHoldingsIncMember2021-12-312021-12-310001805284rkt:RKTHoldingsLLCMember2022-09-300001805284rkt:RKTHoldingsLLCMember2022-06-302022-06-300001805284rkt:RKTHoldingsLLCMember2021-12-310001805284rkt:RKTHoldingsLLCMember2021-12-312021-12-310001805284us-gaap:CommonClassAMember2020-11-012022-09-300001805284us-gaap:RestrictedStockUnitsRSUMember2022-07-012022-09-300001805284us-gaap:RestrictedStockUnitsRSUMember2022-01-012022-09-300001805284us-gaap:RestrictedStockUnitsRSUMembersrt:MinimumMember2022-01-012022-09-300001805284us-gaap:RestrictedStockUnitsRSUMembersrt:MaximumMember2022-01-012022-09-300001805284rkt:TeamMemberStockPurchasePlanMember2022-09-300001805284rkt:TeamMemberStockPurchasePlanMember2022-07-012022-09-300001805284rkt:TeamMemberStockPurchasePlanMember2021-07-012021-09-300001805284rkt:TeamMemberStockPurchasePlanMember2022-01-012022-09-300001805284rkt:TeamMemberStockPurchasePlanMember2021-01-012021-09-300001805284rkt:A2020OmnibusIncentivePlanRKTMemberus-gaap:RestrictedStockUnitsRSUMember2022-07-012022-09-300001805284rkt:A2020OmnibusIncentivePlanRKTMemberus-gaap:RestrictedStockUnitsRSUMember2021-07-012021-09-300001805284rkt:A2020OmnibusIncentivePlanRKTMemberus-gaap:RestrictedStockUnitsRSUMember2022-01-012022-09-300001805284rkt:A2020OmnibusIncentivePlanRKTMemberus-gaap:RestrictedStockUnitsRSUMember2021-01-012021-09-300001805284rkt:A2020OmnibusIncentivePlanRKTMemberus-gaap:EmployeeStockOptionMember2022-07-012022-09-300001805284rkt:A2020OmnibusIncentivePlanRKTMemberus-gaap:EmployeeStockOptionMember2021-07-012021-09-300001805284rkt:A2020OmnibusIncentivePlanRKTMemberus-gaap:EmployeeStockOptionMember2022-01-012022-09-300001805284rkt:A2020OmnibusIncentivePlanRKTMemberus-gaap:EmployeeStockOptionMember2021-01-012021-09-300001805284rkt:A2020OmnibusIncentivePlanRKTMemberrkt:EmployeeStockPurchasePlanMember2022-07-012022-09-300001805284rkt:A2020OmnibusIncentivePlanRKTMemberrkt:EmployeeStockPurchasePlanMember2021-07-012021-09-300001805284rkt:A2020OmnibusIncentivePlanRKTMemberrkt:EmployeeStockPurchasePlanMember2022-01-012022-09-300001805284rkt:A2020OmnibusIncentivePlanRKTMemberrkt:EmployeeStockPurchasePlanMember2021-01-012021-09-300001805284rkt:A2020OmnibusIncentivePlanRKTMember2022-07-012022-09-300001805284rkt:A2020OmnibusIncentivePlanRKTMember2021-07-012021-09-300001805284rkt:A2020OmnibusIncentivePlanRKTMember2022-01-012022-09-300001805284rkt:A2020OmnibusIncentivePlanRKTMember2021-01-012021-09-300001805284us-gaap:RestrictedStockUnitsRSUMemberrkt:OtherSponsoredPlansMember2022-07-012022-09-300001805284us-gaap:RestrictedStockUnitsRSUMemberrkt:OtherSponsoredPlansMember2021-07-012021-09-300001805284us-gaap:RestrictedStockUnitsRSUMemberrkt:OtherSponsoredPlansMember2022-01-012022-09-300001805284us-gaap:RestrictedStockUnitsRSUMemberrkt:OtherSponsoredPlansMember2021-01-012021-09-300001805284rkt:SubsidiaryPlanAwardsMemberrkt:OtherSponsoredPlansMember2022-07-012022-09-300001805284rkt:SubsidiaryPlanAwardsMemberrkt:OtherSponsoredPlansMember2021-07-012021-09-300001805284rkt:SubsidiaryPlanAwardsMemberrkt:OtherSponsoredPlansMember2022-01-012022-09-300001805284rkt:SubsidiaryPlanAwardsMemberrkt:OtherSponsoredPlansMember2021-01-012021-09-300001805284us-gaap:CommonClassBMember2021-09-300001805284us-gaap:RestrictedStockUnitsRSUMember2021-07-012021-09-300001805284rkt:EmployeeStockPurchasePlanMember2022-07-012022-09-300001805284rkt:EmployeeStockPurchasePlanMember2021-07-012021-09-300001805284us-gaap:RestrictedStockUnitsRSUMember2021-01-012021-09-300001805284rkt:EmployeeStockPurchasePlanMember2022-01-012022-09-300001805284rkt:EmployeeStockPurchasePlanMember2021-01-012021-09-300001805284us-gaap:EmployeeStockMember2022-01-012022-09-300001805284us-gaap:EmployeeStockMember2022-07-012022-09-300001805284rkt:HoldingsUnitsExchangeableAndRelatedClassDCommonStockMember2021-01-012021-09-30


UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
(Mark One)
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended September 30, 2022
or
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from _______________ to _______________

Commission file number: 001-39432

Rocket Companies, Inc.
(Exact name of registrant as specified in its charter)
Delaware84-4946470
(State or other jurisdiction of incorporation or organization)(I.R.S. Employer Identification No.)
1050 Woodward Avenue, Detroit, MI
48226
(Address of principal executive offices)(Zip Code)

(313) 373-7990
(Registrant’s telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol(s)Name of each exchange on which registered
Class A common stock, par value $0.00001 per shareRKTNew York Stock Exchange

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and "emerging growth company" in Rule 12b-2 of the Exchange Act.

Large accelerated filerAccelerated filer
Non-accelerated filerSmaller reporting company
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act). Yes No ☒
As of November 2, 2022, 121,778,560 shares of the registrant's Class A common stock, $0.00001 par value, and 1,848,879,483 shares of the registrant's Class D common stock, $0.00001 par value, were outstanding.

1



Rocket Companies, Inc.
Form 10-Q
For the period ended September 30, 2022














2



PART I. FINANCIAL INFORMATION

Item 1. Financial Statements (unaudited)
Rocket Companies, Inc.
Condensed Consolidated Balance Sheets
(In Thousands, Except Shares and Per Share Amounts)
September 30,
2022
December 31,
2021
Assets(Unaudited)
Cash and cash equivalents$825,926 $2,131,174 
Restricted cash65,718 80,423 
Mortgage loans held for sale, at fair value9,123,110 19,323,568 
Interest rate lock commitments (“IRLCs”), at fair value7,743 538,861 
Mortgage servicing rights (“MSRs”), at fair value7,260,066 5,385,613 
Notes receivable and due from affiliates11,179 9,753 
Property and equipment, net of accumulated depreciation and amortization of $616,332 and $567,406, respectively
274,480 254,376 
Deferred tax asset, net513,515 572,049 
Lease right of use assets381,232 427,895 
Forward commitments, at fair value690,396 17,337 
Loans subject to repurchase right from Ginnie Mae1,471,823 1,918,032 
Other assets1,975,414 2,115,814 
Total assets$22,600,602 $32,774,895 
Liabilities and equity
Liabilities
Funding facilities4,909,369 $12,751,592 
Other financing facilities and debt
Lines of credit 75,000 
Senior Notes, net4,026,600 4,022,491 
Early buy out facility814,458 1,896,784 
Accounts payable203,832 271,544 
Lease liabilities439,171 482,184 
Forward commitments, at fair value84,699 19,911 
Investor reserves106,217 78,888 
Notes payable and due to affiliates30,465 33,650 
Tax receivable agreement liability623,498 688,573 
Loans subject to repurchase right from Ginnie Mae1,471,823 1,918,032 
Other liabilities979,210 776,714 
Total liabilities$13,689,342 $23,015,363 
Equity
Class A common stock, $0.00001 par value - 10,000,000,000 shares authorized, 121,386,911 and 126,437,703 shares issued and outstanding as of September 30, 2022 and December 31, 2021, 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, 2022 and December 31, 2021.
  
Class C common stock, $0.00001 par value - 6,000,000,000 shares authorized, none issued and outstanding as of September 30, 2022 and December 31, 2021.
  
Class D common stock, $0.00001 par value - 6,000,000,000 shares authorized, 1,848,879,483 shares issued and outstanding as of September 30, 2022 and December 31, 2021.
19 19 
Additional paid-in capital242,074 287,558 
Retained earnings316,381 378,005 
Accumulated other comprehensive income58 81 
Non-controlling interest8,352,727 9,093,868 
Total equity8,911,260 9,759,532 
Total liabilities and equity$22,600,602 $32,774,895 
See accompanying Notes to the Unaudited Condensed Consolidated Financial Statements.
3



Rocket Companies, Inc.
Condensed Consolidated Statements of Income and Comprehensive Income
(In Thousands, Except Shares and Per Share Amounts)
(Unaudited)

Three Months Ended September 30,Nine Months Ended September 30,
2022202120222021
Revenue
Gain on sale of loans
Gain on sale of loans excluding fair value of MSRs, net$139,733 $1,746,971 $1,174,268 $5,610,627 
Fair value of originated MSRs426,278 907,242 1,682,366 2,937,517 
Gain on sale of loans, net566,011 2,654,213 2,856,634 8,548,144 
Loan servicing income (loss)
Servicing fee income364,211 334,348 1,088,004 970,058 
Change in fair value of MSRs150,304 (341,361)592,162 (556,201)
Loan servicing income (loss)514,515 (7,013)1,680,166 413,857 
Interest income
Interest income95,753 129,963 265,490 311,853 
Interest expense on funding facilities(46,173)(72,778)(130,576)(205,000)
Interest income, net49,580 57,185 134,914 106,853 
Other income164,580 410,345 685,987 1,252,845 
Total revenue, net1,294,686 3,114,730 5,357,701 10,321,699 
Expenses
Salaries, commissions and team member benefits670,804 870,010 2,278,844 2,552,679 
General and administrative expenses204,290 313,405 709,853 867,639 
Marketing and advertising expenses210,701 316,471 770,281 943,999 
Depreciation and amortization24,211 19,577 70,033 55,470 
Interest and amortization expense on non-funding debt38,317 34,163 115,263 104,772 
Other expenses40,008 135,415 166,098 467,584 
Total expenses1,188,331 1,689,041 4,110,372 4,992,143 
Income before income taxes106,355 1,425,689 1,247,329 5,329,556 
Provision for income taxes(10,131)(32,830)(54,741)(122,709)
Net income96,224 1,392,859 1,192,588 5,206,847 
Net income attributable to non-controlling interest(89,314)(1,317,522)(1,128,551)(4,946,688)
Net income attributable to Rocket Companies$6,910 $75,337 $64,037 $260,159 
Earnings per share of Class A common stock
Basic$0.06 $0.55 $0.53 2.00 
Diluted$0.04 $0.54 $0.47 2.00 
Weighted average shares outstanding
Basic119,020,520 137,664,471 120,156,494 129,902,253 
Diluted1,970,665,767 1,990,828,351 1,972,263,268 135,392,670 
Comprehensive income
Net income$96,224 $1,392,859 $1,192,588 $5,206,847 
Cumulative translation adjustment(990)(995)(1,081)(194)
Unrealized gain (loss) on investment securities2,270 (3,639)516 (3,475)
Comprehensive income97,504 1,388,225 1,192,023 5,203,178 
Comprehensive income attributable to non-controlling interest(90,513)(1,313,201)(1,128,016)(4,943,273)
Comprehensive income attributable to Rocket Companies$6,991 $75,024 $64,007 $259,905 
See accompanying Notes to the Unaudited Condensed Consolidated Financial Statements.
4

Rocket Companies, Inc.
Condensed Consolidated Statements of Changes in Equity
(In Thousands, Except Shares and Per Share Amounts)
(Unaudited)
Class A Common
Stock Shares
Class A Common
Stock Amount
Class D Common
Stock Shares
Class D Common
Stock Amount
Additional
Paid-in Capital
Retained
Earnings
Accumulated Other
Comprehensive
Income (Loss)
Total
Non-controlling
Interest
Total
Equity
Balance, December 31, 2020115,372,565 $1 1,869,079,483 $19 $282,743 $207,422 $317 $7,391,654 $7,882,156 
Net income— — — — — 123,702 — 2,653,636 2,777,338 
Cumulative translation adjustment— — — — — — 14 293 307 
Unrealized loss on investment securities— — — — — — (21)(343)(364)
Share-based compensation, net2,300 — — — 2,116 — — 37,033 39,149 
Distributions for state taxes on behalf of unit holders (members), net— — — — — (281)— (4,559)(4,840)
Distributions to unit holders (members) from subsidiary investment, net— — — — — — — (2,242,999)(2,242,999)
Special Dividend to Class A Shareholders— — — — — (145,903)— — (145,903)
Change in controlling interest of investment, net20,200,000 — (20,200,000)— 85,351 (1)55 (84,420)985 
Balance, March 31, 2021135,574,865 $1 1,848,879,483 $19 $370,210 $184,939 $365 $7,750,295 $8,305,829 
Net income— — — — — 61,120 — 975,530 1,036,650 
Cumulative translation adjustment— — — — — — 29 465 494 
Unrealized gain on investment securities— — — — — — 36 491 527 
Share-based compensation, net4,177 — — — 2,621 — — 35,622 38,243 
Distributions for state taxes on behalf of unit holders (members), net— — — — — (1,346)— (18,255)(19,601)
Distributions to unit holders (members) from subsidiary investment, net— — — — — — — (1,188,294)(1,188,294)
Special Dividend to Class A Shareholders— — — — — 211 — 111 322 
Pushdown of dividend equivalent— — — — — 16,427 — (16,427) 
Issuance of Class A Common Shares under stock compensation and benefit plans896,701 — — — 1,369 — — 18,582 19,951 
Repurchase of Class A Common Shares(496,829)— — — (8,313)— — — (8,313)
Increase in controlling interest of investment, net of income taxes and Tax receivable agreement liability— — — — (1,971)— 1 1,970  
Balance, June 30, 2021135,978,914 $1 1,848,879,483 $19 $363,916 $261,351 $431 $7,560,090 $8,185,808 
Net income— — — — — 75,337 — 1,317,522 1,392,859 
Cumulative translation adjustment— — — — — — (59)(936)(995)
Unrealized loss on investment securities— — — — — — (253)(3,386)(3,639)
Share-based compensation, net2,508,497 — — — 2,654 — — 35,656 38,310 
Distributions for state taxes on behalf of unit holders (members), net— — — — — (118)— (1,594)(1,712)
Distributions to unit holders (members) from subsidiary investment, net— — — — — — — (393,463)(393,463)
Dividend adjustments from forfeited restricted stock units— — — — — 24 — 312 336 
Taxes withheld on employees' restricted share award vesting— — — — (877)— — (11,706)(12,583)
Issuance of Class A Common Shares under stock compensation and benefit plans947,358 — — — 1,135 — — 15,328 16,463 
Repurchase of Class A Common Shares(2,067,341)— — — (35,572)— — — (35,572)
Change in controlling interest of investment, net— — — — 36,604 — 5 (36,609) 
Balance, September 30, 2021137,367,428 $1 1,848,879,483 $19 $367,860 $336,594 $124 $8,481,214 $9,185,812 
See accompanying Notes to the Unaudited Condensed Consolidated Financial Statements.
5

Rocket Companies, Inc.
Condensed Consolidated Statements of Changes in Equity
(In Thousands, Except Shares and Per Share Amounts)
(Unaudited)
Class A Common
Stock Shares
Class A Common
Stock Amount
Class D Common
Stock Shares
Class D Common
Stock Amount
Additional
Paid-in Capital
Retained
Earnings
Accumulated Other
Comprehensive
Income (Loss)
Total
Non-controlling
Interest
Total
Equity
Balance, December 31, 2021126,437,703 $1 1,848,879,483 $19 $287,558 $378,005 $81 $9,093,868 $9,759,532 
Net income— — — — — 53,712 — 982,896 1,036,608 
Cumulative translation adjustment— — — — — — 31 557 588 
Unrealized loss on investment securities— — — — — — (92)(1,403)(1,495)
Share-based compensation, net186,891 — — — 3,288 — — 50,093 53,381 
Distributions for state taxes on behalf of unit holders (members), net— — — — — (2,171)— (33,536)(35,707)
Distributions to unit holders (members) from subsidiary investment, net— — — — 725 — — (1,856,575)(1,855,850)
Special Dividend to Class A Shareholders— — — — — (123,752)— (31,830)(155,582)
Taxes withheld on employees' restricted share award vesting— — — — (77)— — (1,220)(1,297)
Issuance of Class A common Shares under stock compensation and benefit plans1,018,875 — — — 930 — — 12,743 13,673 
Repurchase of Class A common Shares(8,016,465)— — — (100,162)— — — (100,162)
Change in controlling interest of investment, net— — — — 49,196 — 2 (61,591)(12,393)
Balance, March 31, 2022119,627,004 $1 1,848,879,483 $19 $241,458 $305,794 $22 $8,154,002 $8,701,296 
Net income— — — — — 3,415 — 56,341 59,756 
Cumulative translation adjustment— — — — — — (34)(645)(679)
Unrealized loss on investment securities— — — — — — (16)(243)(259)
Share-based compensation, net721,224 — — — 4,089 — — 50,596 54,685 
Distributions for state taxes on behalf of unit holders (members), net— — — — — (385)— (6,069)(6,454)
Special Dividend to Class A Shareholders— — — — — 80 — 1,249 1,329 
Taxes withheld on employees' restricted share award vesting— — — — (9)— — (2,833)(2,842)
Issuance of Class A common Shares under stock compensation and benefit plans1,456,798 — — — 824 — — 12,855 13,679 
Repurchase of Class A common Shares(5,471,600)— — — (45,280)— — — (45,280)
Change in controlling interest of investment, net— — — — 24,620 — 2 (27,650)(3,028)
Balance, June 30, 2022116,333,426 $1 1,848,879,483 $19 $225,702 $308,904 $(26)$8,237,603 $8,772,203 
Net income— — — — — 6,910 — 89,314 96,224 
Cumulative translation adjustment— — — — — — (52)(938)(990)
Unrealized gain on investment securities— — — — — — 133 2,137 2,270 
Share-based compensation, net6,484,334 — — — 3,341 — — 51,924 55,265 
Distributions for state taxes on behalf of unit holders (members), net— — — — — 573 — 8,725 9,298 
Contributions from unit holders (members) from subsidiary investment, net— — — — (7)— — 24,722 24,715 
Special Dividend to Class A Shareholders— — — — — (6)— (79)(85)
Taxes withheld on employees' restricted share award vesting— — — — (1,682)— — (25,718)(27,400)
Issuance of Class A common Shares under stock compensation and benefit plans1,032,558 — — — 516 — — 8,259 8,775 
Repurchase of Class A common Shares(2,463,407)— — — (20,558)— — — (20,558)
Change in controlling interest of investment, net— — — — 34,762 — 3 (43,222)(8,457)
Balance, September 30, 2022121,386,911 $1 1,848,879,483 $19 $242,074 $316,381 $58 $8,352,727 $8,911,260 

See accompanying Notes to the Unaudited Condensed Consolidated Financial Statements.
6


Rocket Companies, Inc.
Condensed Consolidated Statements of Cash Flows
(In Thousands)
(Unaudited)
Nine Months Ended September 30,
20222021
Operating activities
Net income $1,192,588 $5,206,847 
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization70,033 55,470 
Provision for deferred income taxes35,768 54,817 
Origination of mortgage servicing rights(1,682,366)(2,937,517)
Change in fair value of MSRs, net(683,001)