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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, 2024
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 filer☒Accelerated filer☐
Non-accelerated filer☐Smaller 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 5, 2024, 145,835,235 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.






Rocket Companies, Inc.
Form 10-Q
For the period ended September 30, 2024














2


PART I. FINANCIAL INFORMATION

Item 1. Financial Statements
Rocket Companies, Inc.
Condensed Consolidated Balance Sheets
($ In Thousands, Except Per Share Amounts)
September 30,
2024		December 31,
2023
Assets(Unaudited)
Cash and cash equivalents$1,228,234 $1,108,466 
Restricted cash20,363 28,366 
Mortgage loans held for sale, at fair value10,978,259 6,542,232 
Interest rate lock commitments (“IRLCs”), at fair value228,204 132,870 
Mortgage servicing rights (“MSRs”), at fair value6,810,667 6,439,787 
Notes receivable and due from affiliates15,226 19,530 
Property and equipment, net of accumulated depreciation and amortization of $598,768 and $536,196, respectively
229,377 250,856 
Deferred tax asset, net535,776 550,149 
Lease right of use assets296,631 347,696 
Forward commitments, at fair value7,655 26,614 
Loans subject to repurchase right from Ginnie Mae2,283,017 1,533,387 
Goodwill and intangible assets, net1,233,954 1,236,765 
Other assets1,250,771 1,015,022 
Total assets$25,118,134 $19,231,740 
Liabilities and equity
Liabilities
Funding facilities$8,499,043 $3,367,383 
Other financing facilities and debt
Senior Notes, net4,037,557 4,033,448 
Early buy out facility106,863 203,208 
Accounts payable175,925 171,350 
Lease liabilities335,950 393,882 
Forward commitments, at fair value62,991 142,988 
Investor reserves99,080 92,389 
Notes payable and due to affiliates30,511 31,006 
Tax receivable agreement liability584,695 584,695 
Loans subject to repurchase right from Ginnie Mae2,283,017 1,533,387 
Other liabilities550,118 376,294 
Total liabilities$16,765,750 $10,930,030 
Equity
Class A common stock, $0.00001 par value - 10,000,000,000 shares authorized, 144,920,227 and 135,814,173 shares issued and outstanding as of September 30, 2024 and December 31, 2023, respectively.
$1 $1 
Class B common stock, $0.00001 par value - 6,000,000,000 shares authorized, none issued and outstanding as of September 30, 2024 and December 31, 2023.
— — 
Class C common stock, $0.00001 par value - 6,000,000,000 shares authorized, none issued and outstanding as of September 30, 2024 and December 31, 2023.
— — 
Class 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, 2024 and December 31, 2023.
19 19 
Additional paid-in capital373,362 340,532 
Retained earnings278,955 284,296 
Accumulated other comprehensive income60 52 
Non-controlling interest7,699,987 7,676,810 
Total equity8,352,384 8,301,710 
Total liabilities and equity$25,118,134 $19,231,740 
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 Per Share Amounts)
(Unaudited)

Three Months Ended September 30,Nine Months Ended September 30,
2024202320242023
Revenue
Gain on sale of loans
Gain on sale of loans excluding fair value of originated MSRs, net$506,688 $241,496 $1,396,128 $786,128 
Fair value of originated MSRs337,702 330,627 906,044 850,027 
Gain on sale of loans, net844,390 572,123 2,302,172 1,636,155 
Loan servicing (loss) income
Servicing fee income373,796 344,061 1,074,219 1,054,037 
Change in fair value of MSRs(878,311)12,765 (934,744)(343,137)
Loan servicing (loss) income, net(504,515)356,826 139,475 710,900 
Interest income
Interest income108,566 93,868 309,961 241,369 
Interest expense on funding facilities(101,820)(67,059)(234,556)(161,683)
Interest income, net6,746 26,809 75,405 79,686 
Other income300,327 247,410 814,334 678,722 
Total revenue, net646,948 1,203,168 3,331,386 3,105,463 
Expenses
Salaries, commissions and team member benefits607,526 589,584 1,702,042 1,772,498 
General and administrative expenses221,074 199,399 690,691 595,214 
Marketing and advertising expenses200,528 193,406 617,761 593,853 
Depreciation and amortization28,607 27,636 83,633 83,678 
Interest and amortization expense on non-funding debt38,620 38,354 115,349 115,021 
Other expenses47,912 37,164 128,817 105,191 
Total expenses1,144,267 1,085,543 3,338,293 3,265,455 
(Loss) income before income taxes(497,319)117,625 (6,907)(159,992)
Benefit from (provision for) income taxes15,895 (2,680)(5,878)2,606 
Net (loss) income(481,424)114,945 (12,785)(157,386)
Net loss (income) attributable to non-controlling interest459,413 (108,739)8,284 152,507 
Net (loss) income attributable to Rocket Companies$(22,011)$6,206 $(4,501)$(4,879)
(Loss) earnings per share of Class A common stock
Basic$(0.16)$0.05 $(0.03)$(0.04)
Diluted$(0.19)$0.04 $(0.03)$(0.06)
Weighted average shares outstanding
Basic141,763,221 129,390,501 139,475,981 126,971,718 
Diluted2,003,296,515 1,983,992,350 139,475,981 1,979,203,982 
Comprehensive (loss) income
Net (loss) income$(481,424)$114,945 $(12,785)$(157,386)
Cumulative translation adjustment(358)164 161 12 
Comprehensive (loss) income(481,782)115,109 (12,624)(157,374)
Comprehensive loss (income) attributable to non-controlling interest459,747 (108,893)8,133 152,496 
Comprehensive (loss) income attributable to Rocket Companies$(22,035)$6,216 $(4,491)$(4,878)

See accompanying Notes to the Unaudited Condensed Consolidated Financial Statements.
4
Rocket Companies, Inc.
Condensed Consolidated Statements of Changes in Equity
($ In Thousands)
(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 of refunds— — — — — (209)— 326 117 
Forfeitures of Special Dividend to Class A Shareholders— — — — — 23 — 347 370 
Taxes withheld on team members' restricted share award vesting
— — — — (444)— — (6,550)(6,994)
Issuance of Class A common stock under share-based compensation plans
878,817 — — — 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 
Forfeitures of Special Dividend to Class A Shareholders— — — — — 82 — 1,200 1,282 
Taxes withheld on employees' restricted share award vesting— — — — (210)— — (3,050)(3,260)
Issuance of Class A common stock under share-based compensation plans
794,282 — — — 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 
Forfeitures of Special Dividend to Class A Shareholders— — — — — 47 — 661 708 
Taxes withheld on employees' restricted share award vesting— — — — (1,282)— — (18,165)(19,447)
Issuance of Class A common stock under share-based compensation plans
802,759 — — — 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 $8,506,373 
5
Rocket Companies, Inc.
Condensed Consolidated Statements of Changes in Equity
($ In Thousands)
(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, 2023135,814,173 $1 1,848,879,483 $19 $340,532 $284,296 $52 $7,676,810 $8,301,710 
Net income— — — — — 16,215 — 274,499 290,714 
Cumulative translation adjustment— — — — — — 21 293 314 
Share-based compensation, net2,458,761 — — — 2,060 — — 27,722 29,782 
Distributions for state taxes on behalf of unit holders (members)
— — — — — (19)— (255)(274)
Forfeitures of Special Dividend to Class A Shareholders— — — — — 2 — 29 31 
Taxes withheld on team members' restricted share award vesting
— — — — (1,152)— — (15,410)(16,562)
Issuance of Class A common stock under share-based compensation plans
538,683 — — — 454 — — 6,161 6,615 
Change in controlling interest of investment, net— — — — 8,917 — (1)(11,795)(2,879)
Balance, March 31, 2024138,811,617 $1 1,848,879,483 $19 $350,811 $300,494 $72 $7,958,054 $8,609,451 
Net income— $— — $— $— $1,295 $— $176,630 $177,925 
Cumulative translation adjustment— — — — — — 13 192 205 
Share-based compensation, net506,140 — — — 2,652 — — 35,095 37,747 
Distributions for state taxes on behalf of unit holders (members)
— — — — — (6)— (86)(92)
Distributions to unit holders (members) from subsidiary investment, net
— — — — — (837)— (13,013)(13,850)
Forfeitures of Special Dividend to Class A Shareholders— — — — — 12 — 161 173 
Taxes withheld on employees' restricted share award vesting— — — — (305)— — (4,029)(4,334)
Issuance of Class A common stock under share-based compensation plans
645,826 — — — 554 — — 7,357 7,911 
Change in controlling interest of investment, net— — — — 3,898 — — (5,113)(1,215)
Balance, June 30, 2024139,963,583 $1 1,848,879,483 $19 $357,610 $300,958 $85 $8,155,248 $8,813,921 
Net loss— — — — — (22,011)— (459,413)(481,424)
Cumulative translation adjustment— — — — — — (24)(334)(358)
Share-based compensation, net3,576,274 — — — 2,760 — — 35,883 38,643 
Distributions for state taxes on behalf of unit holders (members)
— — — — — (2)— (30)(32)
Forfeitures of Special Dividend to Class A Shareholders— — — — — 10 — 139 149 
Issuance of Class A Common Shares upon exercise of stock options
775,211 — — — 992 — — 12,846 13,838 
Taxes withheld on employees' restricted share award vesting— — — — (2,632)— — (33,688)(36,320)
Issuance of Class A common stock under share-based compensation plans
605,159 — — — 612 — — 8,060 8,672 
Change in controlling interest of investment, net— — — — 14,020 — (1)(18,724)(4,705)
Balance, September 30, 2024144,920,227 $1 1,848,879,483 $19 $373,362 $278,955 $60 $7,699,987 $8,352,384 

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,
20242023
Operating activities
Net loss
$(12,785)$(157,386)
Adjustments to reconcile Net loss to Net cash used in operating activities:
Depreciation and amortization83,633 83,678 
Provision for (benefit from) deferred income taxes5,600 (3,587)
Origination of MSRs
(906,044)(850,027)
Change in fair value of MSRs, net940,747 321,866 
Gain on sale of loans excluding fair value of originated MSRs, net(1,396,128)(786,128)
Disbursements of mortgage loans held for sale(72,075,853)(61,002,673)
Proceeds from sale of mortgage loans held for sale
68,853,271 60,950,186 
Disbursements of non-mortgage loans held for sale
(236,845)(125,756)
Change in fair value of non-mortgage loans held for sale
1,503 2,785 
Share-based compensation expense109,925 144,748 
Change in assets and liabilities
Due from affiliates4,304 36 
Other assets44,460 (5,069)
Accounts payable4,576 83,586 
Due to affiliates(495)(3,251)
Other liabilities107,723 63,433 
Total adjustments$(4,459,623)$(1,126,173)
Net cash used in operating activities$(4,472,408)$(1,283,559)
Investing activities
Net proceeds from sale of MSRs$219,694 $897,894 
Net purchase of MSRs(641,975)(106,389)
Decrease in mortgage loans held for investment11,243 7,325 
Purchases of investment securities, available for sale— (5,472)
Sales of investment securities, available for sale— 6,479 
Purchase and other additions of property and equipment, net of disposals(48,787)(60,876)
Net cash (used in) provided by investing activities$(459,825)$738,961 
Financing activities
Net borrowings on funding facilities$5,131,660 $1,121,704 
Net payments on early buy out facility(96,345)(416,133)
Net borrowings on notes payable from unconsolidated affiliates— 536 
Proceeds from consolidated CFE, net51,030 — 
Stock issuance33,288 19,475 
Taxes withheld on team members' restricted share award vesting
(57,216)(29,701)
(Distributions to) contributions from other unit holders (members of Holdings)(18,580)51,528 
Net cash provided by financing activities$5,043,837 $747,409 
Effects of exchange rate changes on cash and cash equivalents161 12 
Net increase in cash and cash equivalents and restricted cash111,765 202,823 
Cash and cash equivalents and restricted cash, beginning of period1,136,832 789,099 
Cash and cash equivalents and restricted cash, end of period$1,248,597 $991,922 
Non-cash activities
Loans transferred to other real estate owned$3,046 $2,011 
Supplemental disclosures
Cash paid for interest on related party borrowings$1,291 $1,286 

See accompanying Notes to the Unaudited Condensed Consolidated Financial Statements.
7
Rocket Companies, Inc.
Notes to Unaudited Condensed Consolidated Financial Statements
($ in Thousands, Except Per Share Amounts or Unless Otherwise Noted)

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 Rocket, LLC dba RKT Holdings (“Holdings”) and its wholly owned subsidiaries.

We are a Detroit‑based fintech company including mortgage, real estate and personal finance business. We are committed to delivering industry-best client experiences through our AI-fueled homeownership strategy. Our full suite of products empowers our clients across financial wellness, personal loans, home search, mortgage finance, title and closing. We believe our widely recognized “Rocket” brand is synonymous with simple, fast and trusted digital experiences. Through these businesses, we seek to deliver innovative client solutions leveraging our Rocket platform. Our business operations are organized into the following two segments: (1) Direct to Consumer and (2) Partner Network, refer to 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 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”), Rocket Title Insurance Company (“RTI”) or previously Amrock Title Insurance Company, LMB HoldCo LLC (“Core Digital Media”), RCRA Holdings LLC (Rock Connections LLC dba “Rocket Connections”), Rocket Homes Real Estate LLC (“Rocket Homes”), RockLoans Holdings LLC (“Rocket Loans”), 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 (loss) income is allocated to Net loss (income) attributable to non-controlling interest. For further details, refer below to Variable Interest Entities and Note 12, Non-controlling Interest.

For further details on the Company's other consolidated VIE, refer below to Variable Interest Entities.

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 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. 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.

8
Rocket Companies, Inc.
Notes to Unaudited Condensed Consolidated Financial Statements (Continued)
($ in Thousands, Except Per Share Amounts or Unless Otherwise Noted)
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, 2023, 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. 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.

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. Management is not aware of any factors that would significantly change its estimates and assumptions, actual results may differ from these estimates, as of September 30, 2024.

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, 2024.

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.

Loan servicing (loss) 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. Refer to Note 3, Mortgage Servicing Rights for information related to the gain/(loss) on changes in the fair value of MSRs.

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 (“UPB”) outstanding. The accrual of interest income is generally discontinued when a loan becomes 90 days past due.

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

The following significant revenue streams fall within the scope of ASC Topic 606 — Revenue from Contracts with Customers and are disaggregated hereunder. The remaining revenue streams within the scope of ASC 606 are immaterial, both individually and in aggregate.

9
Rocket Companies, Inc.
Notes to Unaudited Condensed Consolidated Financial Statements (Continued)
($ in Thousands, Except Per Share Amounts or Unless Otherwise Noted)
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 $65,950 and $46,448 for the three months ended September 30, 2024 and 2023, respectively and $192,119 and $128,627 for the nine months ended September 30, 2024 and 2023, 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 $29,231 and $21,172 for the three months ended September 30, 2024 and 2023, respectively and $75,057 and $59,470 for the nine months ended September 30, 2024 and 2023, 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 was $9,222 and $8,279 for the three months ended September 30, 2024 and 2023, respectively and $27,552 and $33,098 for the nine months ended September 30, 2024 and 2023, 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 were $14,363 and $16,841 for the three months ended September 30, 2024 and 2023, respectively and $40,657 and $37,588 for the nine months ended September 30, 2024 and 2023, 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, 2024 and 2023 consisted of cash on deposit for a repurchase facility, client application deposits, title premiums collected from the insured that are due to the underwriter, and principal and interest received in collection accounts for purchased assets.
September 30,
20242023
Cash and cash equivalents$1,228,234 $957,254 
Restricted cash20,363 34,668 
Total cash, cash equivalents and restricted cash in the statement of cash flows
$1,248,597 $991,922 

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 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.

10
Rocket Companies, Inc.
Notes to Unaudited Condensed Consolidated Financial Statements (Continued)
($ in Thousands, Except Per Share Amounts or Unless Otherwise Noted)
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.

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. Rocket Companies, Inc. has no contractual requirement to provide financial support to Holdings.

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, 2024.

During the quarter ended September 30, 2024, a subsidiary of the Company transferred assets to a trust for which the Company holds a variable interest. Management concluded the Company has power to direct activities impacting the trust’s economic performance and therefore is a consolidated VIE in accordance with ASC 810, Consolidation. The Company has elected to account for the assets and liabilities of the VIE as a collateralized financing entity (“CFE”). A CFE is a VIE that holds financial assets, issues beneficial interests in those assets and has no more than nominal equity. The related assets are not available for general use by the Company and creditors have no recourse to the Company for the related liabilities.

Recently Adopted Accounting Standards

In March 2023, the FASB issued 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. There was no impact to the Company’s Consolidated Financial Statements and related disclosures upon adoption in January of 2024.

Accounting Standards Issued but Not Yet Adopted

In November 2023, the FASB issued ASU 2023-07: Improvements to Reportable Segment Disclosures. The new guidance requires additional disclosures around significant segment expenses and the chief operating decision maker. The guidance is effective for fiscal years beginning after December 15, 2023 and interim periods with fiscal years beginning after December 15, 2024. The Company is in the process of evaluating the requirements of the update, which is expected to result in expanded disclosures upon adoption.

In December 2023, the FASB issued ASU 2023-09: Income Taxes (Topic 740) – Improvements to Income Tax Disclosures. The new guidance requires additional disclosures relating to the tax rate reconciliation and the income taxes paid information. The guidance is effective for fiscal years beginning after December 15, 2024. The Company is in the process of evaluating the requirements of the update, which is expected to result in expanded disclosures upon adoption.

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.
11
Rocket Companies, Inc.
Notes to Unaudited Condensed Consolidated Financial Statements (Continued)
($ in Thousands, Except Per Share Amounts or Unless Otherwise Noted)

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, 2024 or December 31, 2023.

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.

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 and contractual servicing fee 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. As of March 31, 2023, the investment securities were classified as available for sale. The investments securities were subsequently transferred to the trading classification during 2023 due to the intent and frequency of purchases and sales.

Non-mortgage loans held for sale: Non-mortgage loans held for sale are personal loans, including solar loans. 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.

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Rocket Companies, Inc.
Notes to Unaudited Condensed Consolidated Financial Statements (Continued)
($ in Thousands, Except Per Share Amounts or Unless Otherwise Noted)
Assets and Liabilities of the consolidated CFE: Assets and liabilities represent non-mortgage loans and investment debt certificates at the consolidated CFE, respectively. The Company has elected the fair value option and to measure both the assets and liabilities of the consolidated CFE using the more observable of the fair value of the financial assets or the fair value of the financial liabilities. The Company determined inputs to the fair value measurement of the financial assets to be more observable. The fair value of the assets and liabilities of the consolidated CFE are determined using an internal valuation model that calculates the present value of estimated net future cash flows and are classified as Level 3. The net equity in the consolidated CFE represents the fair value of the Company’s beneficial interest in the entity.

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, 2024 or the year ended December 31, 2023.

Level 1Level 2Level 3Total
Balance at September 30, 2024
Assets:
Mortgage loans held for sale (1)
$— $10,681,964 $296,295 $10,978,259 
IRLCs— — 228,204 228,204 
MSRs— — 6,810,667 6,810,667 
Forward commitments— 7,655 — 7,655 
Investment securities (2)
— 41,105 — 41,105 
Non-mortgage loans held for sale (2)
— — 250,881 250,881 
Assets of the consolidated CFE (3)
— — 61,107 61,107 
Total assets$— $10,730,724 $7,647,154 $18,377,878 
Liabilities:
Forward commitments$— $62,991 $— $62,991 
Liabilities of the consolidated CFE (3)
— — 51,030 51,030 
Total liabilities$— $62,991 $51,030 $114,021 
Balance at December 31, 2023
Assets:
Mortgage loans held for sale (1)
$— $6,103,714 $438,518 $6,542,232 
IRLCs— — 132,870 132,870 
MSRs— — 6,439,787 6,439,787 
Forward commitments— 26,614 — 26,614 
Investment securities (2)
— 39,518 — 39,518 
Non-mortgage loans held for sale (2)
— — 163,018 163,018 
Total assets$— $6,169,846 $7,174,193 $13,344,039 
Liabilities:
Forward commitments$— $142,988 $— $142,988 
Total liabilities$— $142,988 $— $142,988 

(1)     As of September 30, 2024 and December 31, 2023, $138.7 million and $195.6 million of unpaid principal balance of the level 3 mortgage loans held for sale were 90 days or more delinquent and were considered in non-accrual status.

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

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Rocket Companies, Inc.
Notes to Unaudited Condensed Consolidated Financial Statements (Continued)
($ in Thousands, Except Per Share Amounts or Unless Otherwise Noted)
(3)    Asset and Liabilities of the consolidated CFE are included in Other assets and Other liabilities, respectively, on the Condensed Consolidated Balance Sheets. These financial instruments transferred into Level 3 during the three months ended September 30, 2024.


The following tables present the quantitative information about material recurring Level 3 fair value financial instruments and the fair value measurements as of:
September 30, 2024December 31, 2023
Unobservable InputRangeWeighted AverageRangeWeighted Average
Mortgage loans held for sale
Model pricing
70% - 103%
90 %
68% - 100%
87 %
IRLCs
Pull-through probability
0% - 100%
75 %
0% - 100%
72 %
MSRs
Discount rate
9.5% - 12.5%
9.9 %
9.5% - 12.5%
9.9 %
Conditional prepayment rate
6.7% - 20.8%
8.1 %
6.6% - 37.0%
7.5 %
Non-mortgage loans held for sale
Discount rate
0.0% - 9.3%
7.5 %
8.5% - 9.3%
8.6 %
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, 2024 and 2023. 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.

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Rocket Companies, Inc.
Notes to Unaudited Condensed Consolidated Financial Statements (Continued)
($ in Thousands, Except Per Share Amounts or Unless Otherwise Noted)
Mortgage Loans Held for SaleIRLCsNon-Mortgage Loans Held for Sale
Balance at June 30, 2024
$351,853 $170,381 $269,460 
Transfers in (1)
104,668 — 72,406 
Transfers out/principal reductions (1)
(169,435)— (91,071)
Net transfers and revaluation gains— 57,823 — 
Total gains included in Net (loss) income for assets held at the end of the reporting date9,209 — 86 
Balance at September 30, 2024$296,295 $228,204 $250,881 
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 (loss) 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 December 31, 2023
$438,518 $132,870 $163,018 
Transfers in (1)
322,404 — 236,845 
Transfers out/principal reductions (1)
(464,972)— (147,479)
Net transfers and revaluation gains— 95,334 — 
Total gains (losses) included in Net (loss) income for assets held at the end of the reporting date345 — (1,503)
Balance at September 30, 2024