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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, 2023
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, 2023, 133,397,194 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, 2023














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,
2023
December 31,
2022
Assets(Unaudited)
Cash and cash equivalents$957,254 $722,293 
Restricted cash34,668 66,806 
Mortgage loans held for sale, at fair value8,012,552 7,343,475 
Interest rate lock commitments (“IRLCs”), at fair value92,568 90,635 
Mortgage servicing rights (“MSRs”), at fair value6,678,165 6,946,940 
Notes receivable and due from affiliates10,759 10,796 
Property and equipment, net of accumulated depreciation and amortization of $521,167 and $463,262, respectively
256,411 274,192 
Deferred tax asset, net531,509 537,963 
Lease right of use assets355,412 366,189 
Forward commitments, at fair value168,561 22,444 
Loans subject to repurchase right from Ginnie Mae1,381,127 1,642,392 
Goodwill and intangible assets, net1,242,218 1,258,928 
Other assets927,535 799,159 
Total assets$20,648,739 $20,082,212 
Liabilities and equity
Liabilities
Funding facilities4,670,403 $3,548,699 
Other financing facilities and debt
Senior Notes, net4,032,078 4,027,970 
Early buy out facility256,749 672,882 
Accounts payable199,917 116,331 
Lease liabilities408,009 422,769 
Forward commitments, at fair value16,287 25,117 
Investor reserves95,567 110,147 
Notes payable and due to affiliates30,749 33,463 
Tax receivable agreement liability577,996 613,693 
Loans subject to repurchase right from Ginnie Mae1,381,127 1,642,392 
Other liabilities473,484 393,200 
Total liabilities$12,142,366 $11,606,663 
Equity
Class A common stock, $0.00001 par value - 10,000,000,000 shares authorized, 131,270,295 and 123,491,606 shares issued and outstanding as of September 30, 2023 and December 31, 2022, 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, 2023 and December 31, 2022.
  
Class C common stock, $0.00001 par value - 6,000,000,000 shares authorized, none issued and outstanding as of September 30, 2023 and December 31, 2022.
  
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, 2023 and December 31, 2022.
19 19 
Additional paid-in capital317,004 276,221 
Retained earnings294,770 300,394 
Accumulated other comprehensive income68 69 
Non-controlling interest7,894,511 7,898,845 
Total equity8,506,373 8,475,549 
Total liabilities and equity$20,648,739 $20,082,212 
See accompanying Notes to the Unaudited Condensed Consolidated Financial Statements.
3



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

Three Months Ended September 30,Nine Months Ended September 30,
2023202220232022
Revenue
Gain on sale of loans
Gain on sale of loans excluding fair value of MSRs, net$241,496 $139,733 $786,128 $1,174,268 
Fair value of originated MSRs330,627 426,278 850,027 1,682,366 
Gain on sale of loans, net572,123 566,011 1,636,155 2,856,634 
Loan servicing income
Servicing fee income344,061 364,211 1,054,037 1,088,004 
Change in fair value of MSRs12,765 150,304 (343,137)592,162 
Loan servicing income, net356,826 514,515 710,900 1,680,166 
Interest income
Interest income93,868 95,753 241,369 265,490 
Interest expense on funding facilities(55,924)(46,173)(129,056)(130,576)
Interest income, net37,944 49,580 112,313 134,914 
Other income236,275 164,580 646,095 685,987 
Total revenue, net1,203,168 1,294,686 3,105,463 5,357,701 
Expenses
Salaries, commissions and team member benefits589,584 670,804 1,772,498 2,278,844 
General and administrative expenses199,399 204,290 595,214 709,853 
Marketing and advertising expenses193,406 210,701 593,853 770,281 
Depreciation and amortization27,636 24,211 83,678 70,033 
Interest and amortization expense on non-funding debt38,354 38,317 115,021 115,263 
Other expenses37,164 40,008 105,191 166,098 
Total expenses1,085,543 1,188,331 3,265,455 4,110,372 
Income (loss) before income taxes117,625 106,355 (159,992)1,247,329 
(Provision for) benefit from income taxes(2,680)(10,131)2,606 (54,741)
Net income (loss)114,945 96,224 (157,386)1,192,588 
Net (income) loss attributable to non-controlling interest(108,739)(89,314)152,507 (1,128,551)
Net income (loss) attributable to Rocket Companies$6,206 $6,910 $(4,879)$64,037 
Earnings (loss) per share of Class A common stock
Basic$0.05 $0.06 $(0.04)$0.53 
Diluted$0.04 $0.04 $(0.06)$0.47 
Weighted average shares outstanding
Basic129,390,501 119,020,520 126,971,718 120,156,494 
Diluted1,983,992,350 1,970,665,767 1,979,203,982 1,972,263,268 
Comprehensive income (loss)
Net income (loss)$114,945 $96,224 $(157,386)$1,192,588 
Cumulative translation adjustment164 (990)12 (1,081)
Unrealized gain on investment securities 2,270  516 
Comprehensive income (loss)115,109 97,504 (157,374)1,192,023 
Comprehensive (income) loss attributable to non-controlling interest(108,893)(90,513)152,496 (1,128,016)
Comprehensive income (loss) attributable to Rocket Companies$6,216 $6,991 $(4,878)$64,007 
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, 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, net of forfeitures— — — — — (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, net of forfeitures— — — — — 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.
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, 2022123,491,606 $1 1,848,879,483 $19 $276,221 $300,394 $69 $7,898,845 $8,475,549 
Net loss— — — — — (18,523)— (392,960)(411,483)
Cumulative translation adjustment— — — — — — — 7 7 
Unrealized loss on investment securities— — — — — — (101)(1,488)(1,589)
Share-based compensation, net1,390,650 — — — 3,217 — — 47,596 50,813 
Distributions for state taxes on behalf of unit holders (members), net— — — — — (209)— 326 117 
Special Dividend to Class A Shareholders, net of forfeitures — — — — — 23 — 347 370 
Taxes withheld on employees' restricted share award vesting— — — — (444)— — (6,550)(6,994)
Issuance of Class A common Shares under stock compensation and benefit plans878,817 — — — 456 — — 6,794 7,250 
Change in controlling interest of investment, net— — — — 15,268 (688) (19,275)(4,695)
Balance, March 31, 2023125,761,073 $1 1,848,879,483 $19 $294,718 $280,997 $(32)$7,533,642 $8,109,345 
Net income— — — — — 7,438 — 131,714 139,152 
Cumulative translation adjustment— — — — — — (9)(150)(159)
Unrealized gain on investment securities— — — — — — 101 1,488 1,589 
Share-based compensation, net574,094 — — — 3,170 — — 46,221 49,391 
Contributions from unit holders (members) to subsidiary investment, net— — — — — — — 61,378 61,378 
Special Dividend to Class A Shareholders, net of forfeitures— — — — — 82 — 1,200 1,282 
Taxes withheld on employees' restricted share award vesting— — — — (210)— — (3,050)(3,260)
Issuance of Class A common Shares under stock compensation and benefit plans794,282 — — — 465 — — 6,803 7,268 
Change in controlling interest of investment, net— — — — 3,997 — — (5,129)(1,132)
Balance, June 30, 2023127,129,449 $1 1,848,879,483 $19 $302,140 $288,517 $60 $7,774,117 $8,364,854 
Net income— — — — — 6,206 — 108,739 114,945 
Cumulative translation adjustment— — — — — — 10 154 164 
Share-based compensation, net3,338,087 — — — 2,671 — — 38,213 40,884 
Special Dividend to Class A Shareholders, net of forfeitures— — — — — 47 — 661 708 
Taxes withheld on employees' restricted share award vesting— — — — (1,282)— — (18,165)(19,447)
Issuance of Class A common Shares under stock compensation and benefit plans802,759 — — — 540 — — 7,809 8,349 
Change in controlling interest of investment, net— — — — 12,935 — (2)(17,017)(4,084)
Balance, September 30, 2023131,270,295 $1 1,848,879,483 $19 $317,004 $294,770 $68 $7,894,511 $8,506,373 

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,
20232022
Operating activities
Net (loss) income$(157,386)$1,192,588 
Adjustments to reconcile net (loss) income to net cash (used in) provided by operating activities:
Depreciation and amortization83,678 70,033 
(Benefit from) provision for deferred income taxes(3,587)35,768 
Origination of mortgage servicing rights(850,027)(1,682,366)
Change in fair value of MSRs, net321,866 (683,001)
Gain on sale of loans excluding fair value of MSRs, net(786,128)(1,174,268)
Disbursements of mortgage loans held for sale(61,002,673)(115,269,087)
Proceeds from sale of loans held for sale60,950,186 126,613,458 
Share-based compensation expense144,748 168,380 
Change in assets and liabilities
Due from affiliates36 (1,426)
Other assets(128,040)134,652 
Accounts payable83,586 (67,712)
Due to affiliates(3,251)(4,442)
Other liabilities63,433 272,307 
Total adjustments$(1,126,173)$8,412,296 
Net cash (used in) provided by operating activities$(1,283,559)$9,604,884 
Investing activities
Proceeds from sale of MSRs$897,894 $473,971 
Net purchase of MSRs(106,389)(18,640)
Decrease in mortgage loans held for investment7,325 14,796 
Purchases of investment securities, available for sale(5,472) 
Sales of investment securities, available for sale6,479  
Purchase and other additions of property and equipment, net of disposals(60,876)(87,958)
Net cash provided by investing activities$738,961 $382,169 
Financing activities
Net borrowings (payments) on funding facilities$1,121,704 $(7,842,222)
Net payments on lines of credit (75,000)
Net payments on early buy out facility(416,133)(1,082,326)
Net borrowings on notes payable from unconsolidated affiliates536 1,257 
Stock issuance19,475 31,316 
Share repurchase (166,000)
Taxes withheld on employees' restricted share award vesting(29,701)(31,539)
Contributions (distributions) to other unit holders (members of Holdings)51,528 (2,141,411)
Net cash provided by (used in) financing activities$747,409 $(11,305,925)
Effects of exchange rate changes on cash and cash equivalents12 (1,081)
Net increase (decrease) in cash and cash equivalents and restricted cash202,823 (1,319,953)
Cash and cash equivalents and restricted cash, beginning of period789,099 2,211,597 
Cash and cash equivalents and restricted cash, end of period$991,922 $891,644 
Non-cash activities
Loans transferred to other real estate owned$2,011 $1,075 
Supplemental disclosures
Cash paid for interest on related party borrowings$7,984 $4,061 

See accompanying Notes to the Unaudited Condensed Consolidated Financial Statements.
7

Rocket Companies, Inc.
Notes to Unaudited Condensed Consolidated Financial Statements
(Dollars in Thousands, Except Shares and Per Share)

1. Business, Basis of Presentation and Accounting Policies

Rocket Companies, Inc. (the "Company", and together with its consolidated subsidiaries, "Rocket Companies", "we", "us", "our") was incorporated in Delaware on February 26, 2020 as a wholly owned subsidiary of Rock Holdings Inc. ("RHI") for the purpose of facilitating an initial public offering ("IPO") of its Class A common stock, $0.00001 par value (the “Class A common stock”) and other related transactions in order to carry on the business of RKT Holdings, LLC ("Holdings") and its wholly owned subsidiaries.

We are a Detroit-based fintech holding company consisting of tech-driven mortgage, real estate and financial services businesses - including Rocket Mortgage, Rocket Homes, Rocket Loans, and Rocket Money. We are committed to providing an industry-leading client experience powered by our simple, fast and trusted digital solutions. In addition to Rocket Mortgage, one of the nation’s largest mortgage lenders, we have expanded into complementary industries, such as, real estate services, personal finance, and personal and solar lending. Our business operations are organized into the following two segments: (1) Direct to Consumer and (2) Partner Network, as described in Note 11, Segments.

Rocket Companies, Inc. is a holding company. Its primary material asset is the equity interest in Holdings which, including through its direct and indirect subsidiaries, conducts a majority of the Company's operations. Holdings is a Michigan limited liability company and wholly owns the following entities, with each entity's subsidiaries identified in parentheses: Rocket Mortgage, LLC, Amrock Holdings, LLC (“Amrock”, and "Nexsys Technologies LLC"), Amrock Title Insurance Company ("ATI"), LMB HoldCo LLC (“Core Digital Media”), RCRA Holdings LLC (Rock Connections LLC dba "'Rocket Connections” and “Rocket Auto”), Rocket Homes Real Estate LLC (“Rocket Homes”), RockLoans Holdings LLC (“Rocket Loans” and "Rocket Solar"), Rock Central LLC dba Rocket Central, Rocket Money, Inc.(“Rocket Money”),Rocket Worldwide Holdings Inc. (EFB Holdings Inc. (“Rocket Mortgage Canada”) and Lendesk Canada Holdings Inc. ("Lendesk Technologies")), Woodward Capital Management LLC, and Rocket Card, LLC. As used herein, “Rocket Mortgage” refers to either the Rocket Mortgage brand or platform, or the Rocket Mortgage business, as the context allows.

Basis of Presentation and Consolidation

As the sole managing member of Holdings, the Company operates and controls all of the business affairs of Holdings, and through Holdings and its subsidiaries, conducts its business. Holdings is considered a variable interest entity (“VIE”) and we consolidate the financial results of Holdings under the guidance of ASC 810, Consolidation. A portion of our Net income (loss) is allocated to Net (income) loss attributable to non-controlling interest. For further details, refer below to Variable Interest Entities and Note 12, Non-controlling Interest.

All significant intercompany transactions and accounts between the businesses comprising the Company have been eliminated in the accompanying condensed consolidated financial statements.

The Company's derivatives, IRLCs, MSRs, mortgage and non-mortgage loans held for sale, and available for sale and trading investment securities are measured at fair value on a recurring basis. Additionally, other assets may be required to be measured at fair value in the condensed consolidated financial statements on a nonrecurring basis. Examples of such measurements are mortgage loans transferred between held for investment and held for sale, certain impaired loans, and other real estate owned. For further details of the Company's transactions refer to Note 2, Fair Value Measurements.

All transactions and accounts between RHI and other related parties with the Company have a history of settlement or will be settled for cash and are reflected as related party transactions. For further details of the Company’s related party transactions refer to Note 6, Transactions with Related Parties.

Our condensed consolidated financial statements are unaudited and presented in U.S. dollars. They have been prepared in accordance with accounting principles generally accepted in the United States of America ("U.S. GAAP") pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”). The interim financial information should be read in conjunction with the consolidated financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2022, as filed with the SEC. In our opinion, these condensed consolidated financial statements include all normal and recurring adjustments considered necessary for a fair statement of our results of operations, financial position and cash flows for the periods presented. Certain prior period amounts have been reclassified to conform to the current period financial statement presentation. However, our results of operations for any interim period are not necessarily indicative of the results that may be expected for a full fiscal year or for any other future period.
8

Rocket Companies, Inc.
Notes to Unaudited Condensed Consolidated Financial Statements (Continued)
(In Thousands, Except Shares and Per Share Amounts)

Management Estimates

The preparation of condensed consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosures of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Although management is not currently aware of any factors that would significantly change its estimates and assumptions, actual results may differ from these estimates.

Subsequent Events

In preparing these condensed consolidated financial statements, the Company evaluated events and transactions for potential recognition or disclosure through the date these condensed consolidated financial statements were issued. Refer to Note 5, Borrowings for disclosures on changes to the Company's debt agreements that occurred subsequent to September 30, 2023.

Share Repurchase Authorization

On November 1, 2022, the Company's board of directors approved the renewal of the share repurchase program effective November 11, 2022 (the "Share Repurchase Program"). The share repurchase program renews and extends the previously approved share repurchase program and authorizes the Company to repurchase shares of the Company’s common stock in an aggregate value, not to exceed $1 billion, from time to time, in the open market or through privately negotiated transactions, in accordance with applicable securities laws. The share repurchase program will remain in effect for a two-year period terminating in November 2024. The share repurchase program does not obligate the Company to make any repurchases at any specific time. The timing and extent to which the Company repurchases its shares will depend upon, among other things, market conditions, share price, liquidity targets, regulatory requirements and other factors. As of September 30, 2023 approximately $590.7 million remain available under the Share Repurchase Program. There were no share repurchases during the nine months ended September 30, 2023.

Special Dividends

On February 24, 2022, our board of directors authorized and declared a cash dividend (the "2022 Special Dividend") of $1.01 per share to the holders of our Class A common stock. The 2022 Special Dividend was paid on March 22, 2022 to holders of the Class A common stock of record as of the close of business on March 8, 2022. The Company funded the 2022 Special Dividend from cash distributions of approximately $2.0 billion by Holdings to all of its members, including the Company. There was no dividend authorized or declared during the nine months ended September 30, 2023.

Revenue Recognition

Gain on sale of loans, net — includes all components related to the origination and sale of mortgage loans, including (1) net gain on sale of loans, which represents the premium we receive in excess of the loan principal amount and certain fees charged by investors upon sale of loans into the secondary market, (2) loan origination fees (credits), points and certain costs, (3) provision for or benefit from investor reserves, (4) the change in fair value of interest rate locks and loans held for sale, (5) the gain or loss on forward commitments hedging loans held for sale and interest rate lock commitments (IRLCs), and (6) the fair value of originated MSRs. An estimate of the Gain on sale of loans, net is recognized at the time an IRLC is issued, net of a pull-through factor. Subsequent changes in the fair value of IRLCs and mortgage loans held for sale are recognized in current period earnings. When the mortgage loan is sold into the secondary market, any difference between the proceeds received and the current fair value of the loan is recognized in current period earnings in Gain on sale of loans, net. Included in Gain on sale of loans, net is the Fair value of originated MSRs, which represents the estimated fair value of MSRs related to loans which we have sold and retained the right to service. Refer to Note 3, Mortgage Servicing Rights for information related to the gain/(loss), net in the fair value of MSRs.

Loan servicing income, net — includes income from servicing, sub-servicing and ancillary fees, and is recorded to income as earned, which is upon collection of payments from borrowers. This amount also includes the Change in fair value of MSRs, which is the adjustment for the fair value measurement of the MSR asset as of the respective balance sheet date.

9

Rocket Companies, Inc.
Notes to Unaudited Condensed Consolidated Financial Statements (Continued)
(In Thousands, Except Shares and Per Share Amounts)
Interest income, net — includes interest earned on mortgage loans held for sale and mortgage loans held for investment net of the interest expense paid on our loan funding facilities. Interest income is recorded as earned and interest expense is recorded as incurred. Interest income is accrued and credited to income daily based on the unpaid principal balance outstanding. The accrual of interest is generally discontinued when a loan becomes 90 days past due.

Other income — is derived primarily from closing fees, net appraisal revenue, net title insurance fees, personal finance subscription revenue, deposit interest income, real estate network referral fees, contact center revenue, personal loans business, professional service fees, and lead generation revenue.

The following revenue streams fall within the scope of ASC Topic 606 — Revenue from Contracts with Customers and are disaggregated hereunder:

Rocket Money subscription revenue — The Company recognizes subscription revenue ratably over the contract term beginning on the commencement date of each contract. We have determined that subscriptions represent a stand-ready obligation to perform over the subscription term. These performance obligations are satisfied over time as the customer simultaneously receives and consumes the benefits. Contracts are one month to one year in length. Subscription revenues were $46,448 and $32,649 for the three months ended September 30, 2023 and 2022, respectively and $128,627 and $84,578 for the nine months ended September 30, 2023 and 2022, respectively.

Amrock closing fees — The Company recognizes closing fees for non-recurring services provided in connection with the origination of the loan. These fees are recognized at the time of loan closing for purchase transactions or at the end of a client's three-day rescission period for refinance transactions, which represents the point in time the loan closing services performance obligation is satisfied. The consideration received for closing services is a fixed fee per loan that varies by state and loan type. Closing fees were $21,172 and $24,534 for the three months ended September 30, 2023 and 2022, respectively and $59,470 and $139,441 for the nine months ended September 30, 2023 and 2022, respectively.

Amrock appraisal revenue, net — The Company recognizes appraisal revenue when the appraisal service is completed. The Company may choose to deliver appraisal services directly to its client or subcontract such services to a third-party licensed and/or certified appraiser. In instances where the Company performs the appraisal, revenue is recognized as the gross amount of consideration received at a fixed price per appraisal. The Company is an agent in instances where a third-party appraiser is involved in the delivery of appraisal services and revenue is recognized net of third-party appraisal expenses. Appraisal revenue, net of intercompany eliminations, were $8,279 and $14,946 for the three months ended September 30, 2023 and 2022, respectively and $33,098 and $52,262 for the nine months ended September 30, 2023 and 2022, respectively.

Rocket Homes real estate network referral fees — The Company recognizes real estate network referral fee revenue based on arrangements with partner agencies contingent on the closing of a transaction. As this revenue stream is variable, and is contingent on the successful transaction close, the revenue is constrained until the occurrence of the transaction. At this point, the constraint on recognizing revenue is deemed to have been lifted and revenue is recognized for the consideration expected to be received. Real estate network referral fees, net of intercompany eliminations, were $16,841 and $12,647 for the three months ended September 30, 2023 and 2022, respectively and $37,588 and $38,916 for the nine months ended September 30, 2023 and 2022, respectively.

Professional service fees — The Company recognizes professional service fee revenue based on the delivery of services (e.g., human resources, technology, training) over the term of a contract. Consideration for the promised services is received through a combination of a fixed fee for the period and incremental fees paid for optional services that are available at an incremental rate determined at the time such services are requested. The Company recognizes the annual fee ratably over the life of the contract, as the performance obligation is satisfied equally over the term of the contract. For the optional services, revenue is only recognized at the time the services are requested and delivered and pricing is agreed upon. Professional service fee revenues were $2,203 and $3,030 for the three months ended September 30, 2023 and 2022, respectively and $6,672 and $9,140 for the nine months ended September 30, 2023 and 2022, respectively, and were rendered entirely to related parties.

10

Rocket Companies, Inc.
Notes to Unaudited Condensed Consolidated Financial Statements (Continued)
(In Thousands, Except Shares and Per Share Amounts)
Core Digital Media lead generation revenue — The Company recognizes online consumer acquisition revenue based on successful delivery of marketing leads to a client at a fixed fee per lead. This service is satisfied at the time the lead is delivered, at which time revenue for the service is recognized. Online consumer acquisition revenue, net of intercompany eliminations, were $1,277 and $1,392 for the three months ended September 30, 2023 and 2022, respectively and $3,381 and $8,306 for the nine months ended September 30, 2023 and 2022, respectively.

Rocket Connections and Rocket Auto contact center revenue — The Company recognizes contact center revenue for communication services including client support and sales. Consideration received mainly includes a fixed base fee and/or a variable contingent fee. The fixed base fee is recognized ratably over the period of performance, as the performance obligation is considered to be satisfied equally throughout the service period. The variable contingent fee related to car sales is constrained until the sale of the car is completed. Contact center revenues, net of intercompany eliminations, were $115 and $2,349 for the three months ended September 30, 2023 and 2022, respectively and $824 and $15,506 for the nine months ended September 30, 2023 and 2022, respectively.

Cash, Cash Equivalents and Restricted Cash

The Company considers all highly liquid investments purchased with a maturity of three months or less to be cash equivalents. We maintain our bank accounts with a relatively small number of high-quality financial institutions.

Restricted cash as of September 30, 2023 and 2022 consisted of cash on deposit for a repurchase facility and client application deposits, title premiums collected from the insured that are due to the underwritten, and principal and interest received in collection accounts for purchased assets. In 2022, the Company also had a $25,000 bond.

September 30,
20232022
Cash and cash equivalents$957,254 $825,926 
Restricted cash34,668 65,718 
Total cash, cash equivalents, and restricted cash in the statement of cash flows$991,922 $891,644 

Loans subject to repurchase right from Ginnie Mae

For certain loans sold to Ginnie Mae, the Company as the servicer has the unilateral right to repurchase any individual loan in a Ginnie Mae securitization pool if that loan meets defined criteria, including being delinquent more than 90 days. Once the Company has the unilateral right to repurchase the delinquent loan, the Company has effectively regained control over the loan and must re-recognize the loan on the Condensed Consolidated Balance Sheets and establish a corresponding finance liability regardless of the Company's intention to repurchase the loan. The asset and corresponding liability are recorded at the unpaid principal balance of the loan, which approximates its fair value.

Variable Interest Entities

Rocket Companies, Inc. is the managing member of Holdings with 100% of the management and voting power in Holdings. In its capacity as managing member, Rocket Companies, Inc. has the sole authority to make decisions on behalf of Holdings and bind Holdings to signed agreements. Further, Holdings maintains separate capital accounts for its investors as a mechanism for tracking earnings and subsequent distribution rights. Accordingly, management concluded that Holdings is a limited partnership or similar legal entity as contemplated in ASC 810, Consolidation.

Furthermore, management concluded that Rocket Companies, Inc. is Holdings’ primary beneficiary. As the primary beneficiary, Rocket Companies, Inc. consolidates the results and operations of Holdings for financial reporting purposes under the variable interest consolidation model guidance in ASC 810.

Rocket Companies, Inc.'s relationship with Holdings results in no recourse to the general credit of Rocket Companies, Inc. Holdings and its consolidated subsidiaries represents Rocket Companies, Inc.'s sole investment. Rocket Companies, Inc. shares in the income and losses of Holdings in direct proportion to Rocket Companies, Inc.'s ownership percentage. Further, Rocket Companies, Inc. has no contractual requirement to provide financial support to Holdings.

11

Rocket Companies, Inc.
Notes to Unaudited Condensed Consolidated Financial Statements (Continued)
(In Thousands, Except Shares and Per Share Amounts)
Rocket Companies, Inc.’s financial position, performance and cash flows effectively represent those of Holdings and its subsidiaries as of and for the period ended September 30, 2023.

Accounting Standards Issued but Not Yet Adopted

In March 2023, the Financial Accounting Standards Board ("FASB") issued Accounting Standard Update (“ASU”) 2023-01, Leases (Topic 842): Common Control Arrangements. The new guidance requires all lessees in a lease with a lessor under common control to amortize leasehold improvements over the useful life of the common control group and provides new guidance for recognizing a transfer of assets between entities under common control as an adjustment to equity when the lessee no longer controls the use of the underlying asset. This guidance is effective for fiscal years beginning after December 15, 2023. The Company expects no impact to the Consolidated Financial Statements and related disclosures upon adoption.

In October 2023, the FASB issued ASU 2023-06: Disclosure Improvements. The new guidance clarifies or improves disclosure and presentation requirements on a variety of Topics in the Codification. The amendments will align the requirements in the FASB Accounting Standard Codification with the SEC’s regulations. The Company is in the process of evaluating the impact that the adoption of this ASU will have to the Consolidated Financial Statements and related disclosures, which is not expected to be material.

2. Fair Value Measurements

Fair value is the price that would be received if an asset were sold or the price that would be paid to transfer a liability in an orderly transaction between willing market participants at the measurement date. Required disclosures include classification of fair value measurements within a three-level hierarchy (Level 1, Level 2, and Level 3). Classification of a fair value measurement within the hierarchy is dependent on the classification and significance of the inputs used to determine the fair value measurement. Observable inputs are those that are observed, implied from, or corroborated with externally available market information. Unobservable inputs represent the Company’s estimates of market participants’ assumptions.

Fair value measurements are classified in the following manner:

Level 1—Valuation is based on quoted prices in active markets for identical assets or liabilities at the measurement date.

Level 2—Valuation is based on either observable prices for identical assets or liabilities in inactive markets, observable prices for similar assets or liabilities, or other inputs that are derived directly from, or through correlation to, observable market data at the measurement date.

Level 3—Valuation is based on the Company’s internal models using assumptions at the measurement date that a market participant would use.

In determining fair value measurement, the Company uses observable inputs whenever possible. The level of a fair value measurement within the hierarchy is dependent on the lowest level of input that has a significant impact on the measurement as a whole. If quoted market prices are available at the measurement date or are available for similar instruments, such prices are used in the measurements. If observable market data is not available at the measurement date, judgment is required to measure fair value.

The following is a description of measurement techniques for items recorded at fair value on a recurring basis. There were no material items recorded at fair value on a nonrecurring basis as of September 30, 2023 or December 31, 2022.

Mortgage loans held for sale: Loans held for sale that trade in active secondary markets are valued using Level 2 measurements derived from observable market data, including market prices of securities backed by similar mortgage loans adjusted for certain factors to approximate the fair value of a whole mortgage loan, including the value attributable to mortgage servicing and credit risk. Loans held for sale for which there is little to no observable trading activity of similar instruments are valued using Level 3 measurements based upon dealer price quotes and internal models.

12

Rocket Companies, Inc.
Notes to Unaudited Condensed Consolidated Financial Statements (Continued)
(In Thousands, Except Shares and Per Share Amounts)
IRLCs: The fair value of IRLCs is based on current market prices of securities backed by similar mortgage loans (as determined above under mortgage loans held for sale), net of costs to close the loans, subject to the estimated loan funding probability, or “pull-through factor”. Given the significant and unobservable nature of the pull-through factor, IRLCs are classified as Level 3.

MSRs: The fair value of MSRs is determined using an internal valuation model that calculates the present value of estimated net future cash flows. The model includes estimates of prepayment speeds, discount rate, cost to service, float earnings, contractual servicing fee income, and ancillary income among others. MSRs are classified as Level 3.

Forward commitments: The Company’s forward commitments are valued based on quoted prices for similar assets in an active market with inputs that are observable and are classified within Level 2 of the valuation hierarchy.

Investment Securities: Investment securities are trading debt securities that are recorded at fair value using observable market prices for similar securities or identical securities that are traded in less active markets, which are classified as Level 2 and include highly rated municipal, government, and corporate bonds.

Non-mortgage loans held for sale: Non-mortgage loans held for sale are personal loans including loans to finance solar panel installation projects. The fair value of non-mortgage loans is determined using an internal valuation model that calculates the present value of estimated net future cash flows. Non-mortgage loans are classified as Level 3.

Assets and Liabilities Measured at Fair Value on a Recurring Basis

The table below shows a summary of financial statement items that are measured at estimated fair value on a recurring basis, including assets measured under the fair value option. There were no material transfers of assets or liabilities recorded at fair value on a recurring basis between Levels 1, 2 or 3 during the nine months ended September 30, 2023 or the year ended December 31, 2022.

Level 1Level 2Level 3Total
Balance at September 30, 2023
Assets:
Mortgage loans held for sale (1) $ $7,510,307 $502,245 $8,012,552 
IRLCs  92,568 92,568 
MSRs  6,678,165 6,678,165 
Forward commitments 168,561  168,561 
Investment securities (2) 38,208  38,208 
Non-mortgage loans held for sale (2)  122,971 122,971 
Total assets$ $7,717,076 $7,395,949 $15,113,025 
Liabilities:
Forward commitments$ $16,287 $ $16,287 
Total liabilities$ $16,287 $ $16,287 
Balance at December 31, 2022
Assets:
Mortgage loans held for sale (1)$ $6,260,745 $1,082,730 $7,343,475 
IRLCs  90,635 90,635 
MSRs  6,946,940 6,946,940 
Forward commitments 22,444  22,444 
Total assets$ $6,283,189 $8,120,305 $14,403,494 
Liabilities:
Forward commitments$ $25,117 $ $25,117 
Total liabilities$ $25,117 $ $25,117 
13

Rocket Companies, Inc.
Notes to Unaudited Condensed Consolidated Financial Statements (Continued)
(In Thousands, Except Shares and Per Share Amounts)
(1)     As of September 30, 2023 and December 31, 2022, $226.9 million and $314.4 million of unpaid principal balance of the level 3 mortgage loans held for sale were 90 days or more delinquent and were in non-accrual status.

(2)    These assets are included in Other assets on the Condensed Consolidated Balance Sheets.

The following tables present the quantitative information about recurring Level 3 fair value financial instruments and the fair value measurements as of:
September 30, 2023December 31, 2022
Unobservable InputRangeWeighted AverageRangeWeighted Average
Mortgage loans held for sale
Model pricing
67% - 100%
86 %
67% - 100%
86 %
IRLCs
Loan funding probability
0% - 100%
72 %
0% - 100%
68 %
MSRs
Discount rate
9.5% - 12.5%
9.9 %
9.5% - 12.5%
9.9 %
Conditional prepayment rate
6.7% - 33.5%
7.2 %
6.1% - 26.6%
6.9 %
Non-mortgage loans held for sale
Discount rate
8.5% - 9.3%
8.6 %N/AN/A

































14

Rocket Companies, Inc.
Notes to Unaudited Condensed Consolidated Financial Statements (Continued)
(In Thousands, Except Shares and Per Share Amounts)
The table below presents a reconciliation of Level 3 assets measured at fair value on a recurring basis for the three and nine months ended September 30, 2023 and 2022. Mortgage servicing rights are also classified as a Level 3 asset measured at fair value on a recurring basis and its reconciliation is found in Note 3, Mortgage Servicing Rights.

Mortgage Loans Held for SaleIRLCsNon-Mortgage Loans Held for Sale
Balance at June 30, 2023$632,378 $127,690 $78,490 
Transfers in (1)180,127  46,513 
Transfers out/principal reductions (1)(276,249)  
Net transfers and revaluation losses (35,122) 
Total losses included in net income for assets held at the end of the reporting date(34,011) (2,032)
Balance at September 30, 2023$502,245 $92,568 $122,971 
Balance at June 30, 2022$1,557,784 $309,497 $