8-KMaterial AgreementsFinancial Events

Rocket Companies, Inc. 8-K Report, Material Agreement (Nov 26, 2025)

Filed November 26, 2025For Securities:RKT

Summary

Rocket Companies, Inc. (RKT) has filed a Current Report (8-K) detailing an amendment to a material definitive agreement. Specifically, its indirect subsidiary, Rocket Mortgage, LLC, entered into Amendment No. 5 to Pricing Letter concerning its Master Repurchase Agreement with Morgan Stanley Bank, N.A. This amendment primarily extends the expiration date of the agreement from December 23, 2026, to November 26, 2027, and incorporates certain technical changes. Crucially for investors, this extension provides continued access to funding and demonstrates an ongoing relationship with a key financial partner. While the total funding capacity under all master repurchase agreements, credit facilities, and other funding sources remained unchanged at $26.4 billion as of November 26, 2025 (consistent with September 30, 2025 levels), this extension mitigates near-term refinancing risk related to this specific agreement and supports the company's operational liquidity.

Key Highlights

  • 1Amendment No. 5 to Pricing Letter extends the Master Repurchase Agreement with Morgan Stanley Bank, N.A.
  • 2The expiration date of the Master Repurchase Agreement is extended from December 23, 2026, to November 26, 2027.
  • 3The amendment includes certain technical changes to the agreement.
  • 4Total funding capacity remained stable at $26.4 billion as of November 26, 2025.
  • 5This funding capacity is consistent with the $26.4 billion reported as of September 30, 2025.
  • 6The total funding capacity of $26.4 billion is lower than the $27.5 billion reported as of December 31, 2024.

Frequently Asked Questions

The primary impact is the extension of the Master Repurchase Agreement with Morgan Stanley Bank, N.A. by one year, moving the expiration date from December 23, 2026, to November 26, 2027. This provides Rocket Mortgage, LLC with continued access to funding under this agreement and demonstrates stability in its financing arrangements.

No, the total funding capacity remained unchanged at $26.4 billion as of November 26, 2025. This figure includes all master repurchase agreements, early funding facilities, unsecured lines of credit, MSR lines of credit, and early buy-out facilities. This is consistent with the amount reported at the end of the third quarter of 2025.

While the funding capacity remained stable at $26.4 billion as of November 26, 2025, this is a decrease compared to the $27.5 billion reported at the end of the fiscal year 2024 (December 31, 2024). The extension of the Morgan Stanley agreement ensures this current capacity remains available through November 2027.

A Master Repurchase Agreement, in this context, is a financing arrangement where Rocket Mortgage, LLC sells mortgage loans or securities to an institution like Morgan Stanley Bank, N.A., with an agreement to repurchase them later. These agreements are crucial for providing the liquidity needed to originate and fund new mortgages.