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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, 2021
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 3, 2021, 135,133,288 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, 2021

Table of Contents
PART I. FINANCIAL INFORMATION
Item 1.
Financial Statements (unaudited)
Condensed Consolidated Balance Sheets
Condensed Consolidated Statements of Income and Comprehensive Income
Condensed Consolidated Statements of Changes in Equity
Condensed Consolidated Statements of Cash Flows
  Notes to Condensed Consolidated Financial Statements
Item 2.
Management's Discussion and Analysis of Financial Condition and Results of Operations
Item 3.
Quantitative and Qualitative Disclosures about Market Risk
Item 4.
Controls and Procedures
PART II. OTHER INFORMATION
Item 1.
Legal Proceedings
Item 1A.
Risk Factors
Item 2.
Unregistered Sales of Equity Securities and Use of Proceeds
Item 6.
Exhibits
Signatures













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,
2021
December 31,
2020
Assets(Unaudited)
Cash and cash equivalents$2,233,667 $1,971,085 
Restricted cash145,978 83,018 
Mortgage loans held for sale, at fair value23,251,936 22,865,106 
Interest rate lock commitments (“IRLCs”), at fair value794,258 1,897,194 
Mortgage servicing rights (“MSRs”), at fair value4,701,045 2,862,685 
MSRs collateral for financing liability, at fair value 205,033 
Notes receivable and due from affiliates9,671 22,172 
Property and equipment, net of accumulated depreciation and amortization of $549,657 and $497,812, respectively
253,886 211,161 
Deferred tax asset, net588,507 519,933 
Lease right of use assets328,361 238,546 
Forward commitments, at fair value253,200 20,584 
Loans subject to repurchase right from Ginnie Mae2,306,673 5,696,608 
Other assets941,843 941,477 
Total assets$35,809,025 $37,534,602 
Liabilities and equity
Liabilities
Funding facilities$16,623,031 $17,742,573 
Other financing facilities and debt
Lines of credit75,000 375,000 
Senior Notes, net2,976,439 2,973,046 
Early buy out facility2,219,319 330,266 
MSRs financing liability, at fair value 187,794 
Accounts payable347,288 251,960 
Lease liabilities381,104 272,274 
Forward commitments, at fair value35,795 506,071 
Investor reserves80,321 87,191 
Notes payable and due to affiliates29,892 73,896 
Tax receivable agreement liability669,738 550,282 
Loans subject to repurchase right from Ginnie Mae2,306,673 5,696,608 
Other liabilities878,613 605,485 
Total liabilities$26,623,213 $29,652,446 
Equity
Class A common stock, $0.00001 par value - 10,000,000,000 shares authorized, 137,367,428 and 115,372,565 shares issued and outstanding as of September 30, 2021 and December 31, 2020, 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, 2021 and December 31, 2020.
  
Class C common stock, $0.00001 par value - 6,000,000,000 shares authorized, none issued and outstanding as of September 30, 2021 and December, 31, 2020.
  
Class D common stock, $0.00001 par value - 6,000,000,000 shares authorized, 1,848,879,483 and 1,869,079,483 shares issued and outstanding as of September 30, 2021 and December 31, 2020, respectively.
19 19 
Additional paid-in capital367,860 282,743 
Retained earnings336,594 207,422 
Accumulated other comprehensive income124 317 
Non-controlling interest8,481,214 7,391,654 
Total equity9,185,812 7,882,156 
Total liabilities and equity$35,809,025 $37,534,602 
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,
2021202020212020
Revenue
Gain on sale of loans
Gain on sale of loans excluding fair value of MSRs, net$1,746,971 $3,443,885 $5,610,627 $8,814,236 
Fair value of originated MSRs907,242 836,557 2,937,517 2,041,899 
Gain on sale of loans, net2,654,213 4,280,442 8,548,144 10,856,135 
Loan servicing (loss) income
Servicing fee income334,348 272,158 970,058 779,093 
Change in fair value of MSRs(341,361)(392,688)(556,201)(1,985,545)
Loan servicing (loss) income, net(7,013)(120,530)413,857 (1,206,452)
Interest income
Interest income129,963 79,890 311,853 231,971 
Interest expense on funding facilities(72,778)(69,364)(205,000)(162,580)
Interest income, net57,185 10,526 106,853 69,391 
Other income410,345 445,757 1,252,845 1,250,481 
Total revenue, net3,114,730 4,616,195 10,321,699 10,969,555 
Expenses
Salaries, commissions and team member benefits870,010 816,408 2,552,679 2,354,021 
General and administrative expenses313,405 280,705 867,639 763,962 
Marketing and advertising expenses316,471 250,558 943,999 670,749 
Depreciation and amortization19,577 15,329 55,470 47,633 
Interest and amortization expense on non-funding debt34,163 38,016 104,772 104,291 
Other expenses135,415 158,113 467,584 386,024 
Total expenses1,689,041 1,559,129 4,992,143 4,326,680 
Income before income taxes1,425,689 3,057,066 5,329,556 6,642,875 
Provision for income taxes(32,830)(61,683)(122,709)(84,363)
Net income1,392,859 2,995,383 5,206,847 6,558,512 
Net income attributable to non-controlling interest(1,317,522)(2,937,480)(4,946,688)(6,500,609)
Net income attributable to Rocket Companies$75,337 $57,903 $260,159 $57,903 
Earnings per share of Class A common stock
Basic$0.55 $0.54 $2.00 0.54 
Diluted$0.54 $0.54 $2.00 0.54 
Weighted average shares outstanding
Basic137,664,471 106,265,422 129,902,253 106,265,422 
Diluted1,990,828,351 106,265,422 135,392,670 106,265,422 
Comprehensive income
Net income$1,392,859 $2,995,383 $5,206,847 $6,558,512 
Cumulative translation adjustment(995)410 (194)(630)
Unrealized (loss) gain on investment securities(3,639)(66)(3,475)7,021 
Comprehensive income1,388,225 2,995,727 5,203,178 6,564,903 
Comprehensive income attributable to non-controlling interest(1,313,201)(2,937,826)(4,943,273)(6,507,002)
Comprehensive income attributable to Rocket Companies$75,024 $57,901 $259,905 $57,901 
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 SharesClass A Common Stock AmountClass D Common Stock SharesClass D Common Stock AmountAdditional Paid-in CapitalRetained EarningsNet Parent InvestmentAccumulated Other Comprehensive Income (Loss)Total Non-controlling InterestTotal
Equity
Balance, December 31, 2019 $  $ $ $ $3,510,698 $(151)$5,008 $3,515,555 
Net income (loss)— — — — — — 99,487 — (440)99,047 
Other comprehensive loss— — — — — — — (1,439)(321)(1,760)
Net transfers to Parent— — — — — — 21,919 — — 21,919 
Share-based compensation, net— — — — — — 29,049 — 9 29,058 
Balance, March 31, 2020 $  $ $ $ $3,661,153 $(1,590)$4,256 $3,663,819 
Net income (loss)— — — — — — 3,464,518 — (436)3,464,082 
Other comprehensive income— — — — — — — 588 131 719 
Net transfers to Parent— — — — — — (1,612,629)— — (1,612,629)
Share-based compensation, net— — — — — — 31,244 — 9 31,253 
Other equity adjustment— — — — — — 156 (156)—  
Unrealized gain on investment securities— — — — — — — 7,087 — 7,087 
Non-controlling interest attributed to dissolution— — — — — — — — (884)(884)
Balance, June 30, 2020 $  $ $ $ $5,544,442 $5,929 $3,076 $5,553,447 
Net income (loss) attributed to NPI prior to reorganization transactions— — — — — — 1,080,284 — (178)1,080,106 
Other comprehensive income attributed to NPI prior to reorganization transactions— — — — — — — 309 68 377 
Net transfers to parent— — — — — — (2,236,995)— — (2,236,995)
Stock based compensation attributed to NPI prior to reorganization transactions— — — — — — 885 — 3 888 
Effect of reorganization transactions372,565 — 1,984,079,483 20 245,920  (4,388,616)(5,923)4,185,331 36,732 
Distributions for state taxes on behalf of unit holders (members), net— — — — — (335)— — (5,670)(6,005)
Proceeds received from IPO, net of cost100,000,000 1 (100,000,000)— 1,758,719 — — — (14,645)1,744,075 
Proceeds received from Greenshoe option15,000,000 — (15,000,000)— 263,925 — — — — 263,925 
Use of proceeds to purchase Class D shares and Holding Units from RHI— — — (1)(2,023,424)— — — — (2,023,425)
Increase in controlling interest resulting from Greenshoe— — — — 2,047 4,847 — (26)(6,868) 
Net income subsequent to reorganization transactions— — — — — 53,056 — — 1,862,222 1,915,278 
Other comprehensive income subsequent to reorganization transactions— — — — — — — 2 32 34 
Unrealized loss on investment securities— — — — — — — (3)(63)(66)
Stock Based Compensation subsequent to reorganization transactions— — — — 25,619 — — — 6,746 32,365 
Balance, September 30, 2020115,372,565 $1 1,869,079,483 $19 $272,806 $57,568 $ $288 $6,030,054 $6,360,736 


See accompanying Notes to the Unaudited Condensed Consolidated Financial Statements.





5



Rocket Companies, Inc.
Condensed Consolidated Statements of Changes in Equity (Continued)
(In Thousands, Except Shares and Per Share Amounts)
(Unaudited)
Class A Common Stock SharesClass A Common Stock AmountClass D Common Stock SharesClass D Common Stock AmountAdditional Paid-in CapitalRetained EarningsNet Parent InvestmentAccumulated Other Comprehensive Income (Loss)Total Non-controlling InterestTotal
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 
Other comprehensive income— — — — — — — 14 293 307 
Share-based compensation, net2,300 — — — 2,116 — — — 37,033 39,149 
Unrealized loss on investment securities— — — — — — — (21)(343)(364)
Distributions for state taxes on behalf of unit holders (members), net— — — — — (281)— — (4,559)(4,840)
Distributions to unit holders (members) from subsidiary investment— — — — — — — — (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 
Other comprehensive income— — — — — — — 29 465 494 
Share-based compensation, net4,177 — — — 2,621 — — — 35,622 38,243 
Unrealized gain on investment securities— — — — — — — 36 491 527 
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— — — — — — — — (1,188,294)(1,188,294)
Dividend adjustments from forfeited restricted stock units— — — — — 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)
Change in controlling interest of investment, net— — — — (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 
Other comprehensive loss       (59)(936)(995)
Share-based compensation, net2,508,497    2,654    35,656 38,310 
Unrealized loss on investment securities       (253)(3,386)(3,639)
Distributions for state taxes on behalf of unit holders (members), net     (118)  (1,594)(1,712)
Distributions to unit holders (members) from subsidiary investment        (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.
6


Rocket Companies, Inc.
Condensed Consolidated Statements of Cash Flows
(In Thousands)
(Unaudited)
Nine Months Ended September 30,
20212020
Operating activities
Net income $5,206,847 $6,558,512 
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Depreciation and amortization55,470 47,633 
Provision for deferred income taxes54,817 32,021