RKT · Rocket Companies

135 filings

RKT SEC Filings

Rocket Companies - 135 total filings

Filing record · 2020–202610-K710-Q208-K108

Showing 1–50 of 135 filings

Rocket Companies Quarterly Report for Q3 Ended Sep 30, 2026

Rocket Companies, Inc. reported a significant turnaround in its financial performance for the nine months ended September 30, 2026, swinging to a net income of $1.236 billion from a net loss of $136 million in the prior year period. This improvement was driven by strong growth in mortgage origination volume, which increased by 65% year-over-year, and a substantial rise in servicing fee income, bolstered by a larger average portfolio size following recent acquisitions. The company's strategic acquisitions of Redfin and Mr. Cooper, completed in 2025, are being integrated and appear to be contributing to a more robust, vertically integrated homeownership platform. Despite challenges in the broader market, including rising interest rates impacting affordability, Rocket Companies demonstrated resilience. The company's Adjusted EBITDA also saw substantial growth, reaching $2.3 billion for the nine-month period, up from $690 million in the prior year. While total revenue also increased significantly, it's important for investors to note the impact of valuation changes on Mortgage Servicing Rights (MSRs), which can introduce volatility. The company's balance sheet shows a healthy liquidity position, with substantial cash and cash equivalents and available credit lines, enabling it to navigate the current economic environment.

Oct 30, 2026 8-K

Rocket Companies 8-K Report, Financial Results (Oct 29, 2026)

Rocket Companies, Inc. (RKT) has reported strong financial results for the third quarter of 2026, demonstrating significant revenue growth and a return to profitability. Total revenue, net, surged to $3.28 billion, a substantial increase from $1.695 billion in the same quarter last year. The company also reported a GAAP net income of $709 million, a significant improvement from a net loss of $124 million in Q3 2025. Adjusted revenue and adjusted net income also showed robust gains, indicating underlying operational strength. Management attributes the improved performance to strategic initiatives focused on market share gains in both purchase and refinance segments, technological investments, and enhanced business economics. The company highlights its market leadership, its successful integration of Redfin and Compass, and the expanding capabilities of its AI-powered platform as key drivers. With a strong liquidity position of $11.4 billion and a significant servicing portfolio, Rocket Companies appears well-positioned for continued growth.

Oct 29, 2026 8-K

Rocket Companies 8-K Report, Executive Changes (Aug 17, 2026)

Rocket Companies (NYSE: RKT) filed an 8-K on August 17, 2026 to report the appointment of Sarah Watterson as an independent Class III director, expanding the Board from nine to ten members. The filing is governance-focused and does not disclose any financial results, guidance, or material transactions. Ms. Watterson brings experience across investment banking and capital markets (Goldman Sachs, Fortress Investment Group), infrastructure development (Brightline West), and senior roles including CEO and Head of Investor Relations, which the company frames as valuable for its capital markets perspective. The Board determined she is independent under SEC and NYSE standards and has no material relationship with the company beyond her directorship, and she and her immediate family have no related-person transactions requiring disclosure under Item 404(a). Her compensation follows the non-affiliated director program: a $75,000 annual cash retainer (prorated for partial years) and an initial RSU grant valued at $215,000 that vests after one year, with ongoing annual equity grants set by the Board. She will also sign the company's standard director indemnification agreement. For investors, this is a routine board refresh with modest cost implications. The press release, furnished under Item 7.01 and not deemed filed, ties the appointment to the company's broader expansion through the Redfin and Mr. Cooper acquisitions, its partnership with Compass International Holdings, and investments in AI and data. The filing itself does not quantify any of those initiatives, so the appointment is best read as a governance signal rather than a change in operating or financial outlook.

Aug 17, 2026 10-Q

Rocket Companies Quarterly Report for Q2 Ended Jun 30, 2026

Rocket Companies, Inc. (RKT) reported a strong rebound in its financial performance for the quarter and six months ended June 30, 2026. The company posted significant increases in total revenue, driven by robust growth in mortgage origination volume and a substantial rise in servicing fee income. Net income swung from a loss in the prior year's comparable periods to a solid profit, reflecting improved operational efficiency and the positive impact of recent strategic acquisitions. The company's strategic focus on a vertically integrated homeownership platform, further bolstered by the acquisitions of Redfin and Mr. Cooper, appears to be yielding positive results. Management highlighted increased origination volume across its Direct to Consumer (DTC) and Rocket Pro channels, contributing to higher gains on loan sales. The expansion of its servicing portfolio also significantly boosted servicing fee income, a key driver of recurring revenue. Investors should note the substantial increase in expenses, particularly in salaries, commissions, and general administrative costs, largely attributable to integration efforts and higher variable compensation tied to increased origination volume. However, the overall profitability improvement and strong Adjusted EBITDA suggest effective cost management amidst growth.

Aug 7, 2026 8-K

Rocket Companies 8-K Report, Financial Results (Aug 6, 2026)

Rocket Companies (RKT) reported second-quarter 2026 results that point to a sharp earnings rebound. Total revenue, net rose to $2.78 billion from $1.45 billion a year earlier, and GAAP net income reached $229 million versus $34 million. Adjusted net income was $441 million, up from $75 million, and adjusted EBITDA more than quadrupled to $766 million from $172 million. Management highlighted record purchase (6.2%) and refinance (14.3%) market share and the company's most profitable quarter in four years. Much of the year-over-year improvement reflects the Mr. Cooper and Redfin acquisitions, which expanded the servicing portfolio to $2.0 trillion UPB and added significant amortization and interest expense, so the comparison is not like-for-like. Quality of earnings deserves attention. Gain on sale margin on total closed volume was 2.48%, with correspondent at just 0.19% and Rocket Pro at 0.69%, reflecting deliberate investments in broker partner growth. Interest expense nearly tripled, and GAAP net income relies heavily on fair value of originated MSRs (a $759 million contribution in Q2) offset by a $616 million negative change in MSR fair value. Total liquidity of $11.2 billion and a $1.5 billion senior notes refinancing in June strengthen the balance sheet, but the company guided Q3 2026 adjusted revenue to $2.5-2.7 billion, a range that sits below Q2's $2.76 billion and implies sequential moderation. The company also moved to a single Mortgage segment reporting structure, with personal finance and real estate reported as All Other. Investors should weigh the strong top-line recovery and recapture strategy against the reliance on non-GAAP adjustments, the high cost of acquisition-related integration, and the softer Q3 outlook.

Aug 6, 2026 8-K

Rocket Companies 8-K Report, Material Agreement (Jul 16, 2026)

Rocket Companies, Inc. (RKT) announced on July 16, 2026, the entry into a new $2.5 billion Revolving Credit Agreement (the "2026 Credit Agreement") maturing in July 2029. This new facility replaces the Company's prior revolving credit agreement from April 2025, with no early termination penalties incurred. The proceeds from the 2026 Credit Agreement are designated for general corporate purposes, providing the company with enhanced financial flexibility and liquidity. The 2026 Credit Agreement is unsecured and carries variable interest rates based on a base rate plus an applicable margin. It also includes a commitment fee on unused portions. While offering financial resources, the agreement imposes customary covenants and restrictions on the Company's ability to incur additional debt, pay dividends, make restricted payments, and engage in significant asset dispositions or affiliate transactions. The agreement also includes financial maintenance covenants related to net leverage, corporate net debt, liquidity, and tangible net worth, which investors should monitor for compliance.

Jul 16, 2026 8-K

Rocket Companies 8-K Report, Material Agreement (Jun 16, 2026)

Rocket Companies, Inc. has successfully closed a significant debt offering, raising a total of $1.5 billion through the issuance of 6.125% senior notes due 2031 and 6.500% senior notes due 2034. This offering, conducted through private transactions under Rule 144A and Regulation S, is strategically intended to refinance existing debt, specifically the 2.875% Senior Notes due 2026 and 5.250% Senior Notes due 2028, along with other subsidiary indebtedness. The successful completion of this offering satisfies the conditions for the redemption of these maturing notes, signaling proactive debt management by the company. This refinancing activity allows Rocket Companies to extend its debt maturity profile and potentially reduce overall interest expenses, depending on the final cost of the new debt relative to the refinanced obligations. The issuance of senior unsecured notes, guaranteed by certain domestic subsidiaries, provides the company with substantial capital. Investors should note the terms of these new notes, including their respective interest rates, maturity dates, and the company's optional redemption provisions, which offer flexibility in future debt management. The covenants included in the indenture also outline limitations on asset disposals and provide for a change of control repurchase offer, which are important considerations for bondholders.

Jun 16, 2026 8-K

Rocket Companies 8-K Report, Corporate Update (Jun 10, 2026)

On June 9, 2026, Rocket Companies (NYSE: RKT) priced an upsized private offering of senior unsecured notes totaling $1.5 billion, up from the previously announced $1.2 billion. The offering consists of $900 million of 6.125% senior notes due 2031 and $600 million of 6.500% senior notes due 2034. The notes will be fully and unconditionally guaranteed on a senior unsecured basis by the company's domestic subsidiaries that guarantee its existing senior notes. Closing is expected on June 16, 2026, subject to customary conditions. The primary purpose of the offering is refinancing. Proceeds will be used to repay Rocket Mortgage, LLC's 2.875% Senior Notes due 2026 and 5.250% Senior Notes due 2028, along with certain other company and subsidiary debt. Conditional redemption notices were issued for the full principal amount of both Rocket Mortgage notes, with redemptions scheduled for on or about June 19, 2026 (2026 notes) and July 9, 2026 (2028 notes), at 100% of principal plus accrued interest. Both redemptions are contingent on the offering closing. The filing does not disclose how much of the proceeds goes to each category of debt, the total principal of the Rocket Mortgage notes being retired, or the net economic effect on interest expense. For investors, the transaction is a liability management action that extends debt maturities and adds roughly $1.5 billion of new unsecured debt. The new coupons of 6.125% and 6.500% should be compared against the 2.875% and 5.250% coupons being retired, so the overall effect on the company's interest cost depends on the repayment mix and any remaining balances. The filing is a Rule 144A and Regulation S offering, so the notes are not registered and are offered only to qualified institutional buyers and non-U.S. persons. The filing does not provide the company's leverage, liquidity, or earnings impact.

Jun 10, 2026 8-K

Rocket Companies 8-K Report, Shareholder Vote Results (Jun 10, 2026)

Rocket Companies, Inc. (RKT) filed an 8-K on June 10, 2026, reporting the outcomes of its 2026 Annual Meeting of Stockholders. The meeting saw the election of three Class III directors, the ratification of Ernst & Young LLP as the independent registered public accounting firm for fiscal year 2026, and the approval of an amendment to increase the shares available under the Team Member Stock Purchase Plan (TMSPP). All proposals presented to shareholders passed with significant majority support. The election of directors, Varun Krishna, Matthew Rizik, and Suzanne Shank, received substantial 'For' votes, indicating strong shareholder confidence in their leadership. The ratification of Ernst & Young LLP as auditors also passed with overwhelming approval, reassuring investors about the integrity of the company's financial reporting. Furthermore, the amendment to the TMSPP to increase authorized shares was approved, suggesting a continued commitment to employee equity participation.

Jun 10, 2026 8-K

Rocket Companies 8-K Report, Corporate Update (Jun 9, 2026)

On June 9, 2026, Rocket Companies (NYSE: RKT) announced a proposed private offering of $1.2 billion aggregate principal amount of senior unsecured notes, split evenly into $600 million due 2031 and $600 million due 2034. The notes will be guaranteed by the company's domestic subsidiaries that guarantee its existing senior notes, and offered only to qualified institutional buyers under Rule 144A and to non-U.S. persons under Regulation S. The company intends to use the proceeds to repay Rocket Mortgage, LLC's 2.875% Senior Notes due 2026 and certain other indebtedness of the company and its subsidiaries. Because the offering is not yet priced and the filing does not disclose coupon or pricing terms, investors cannot yet assess the cost of the new debt. The filing is primarily a refinancing and liability-management event rather than a change in operating strategy. The filing also supplies supplemental financial information tied to the October 1, 2025 acquisition of Mr. Cooper Group. It includes Mr. Cooper's unaudited condensed consolidated financial statements for the nine months ended September 30, 2025 (Exhibit 99.2) and unaudited pro forma combined financial information for Rocket (Exhibit 99.3). The pro forma statements give effect to the Redfin, Mr. Cooper and Up-C collapse transactions as if they occurred on January 1, 2025. Under those pro forma figures, Rocket's combined net income for Q1 2026 was $319 million, or $0.11 per diluted share, compared with a pro forma net loss of $328 million in Q1 2025. For full-year 2025, pro forma net income was $75 million, but after preferred and dividend-equivalent adjustments, pro forma EPS was a loss of $(0.03). The pro forma data should be read with care. It reflects Mr. Cooper's results on a pre-acquisition basis, excludes synergies and integration costs, and uses a blended 24% tax rate that differs from actual effective rates. The Mr. Cooper statements are unaudited and cover a period that predates the acquisition close. Investors should therefore treat the filing as a debt-refinancing disclosure plus historical context for the Mr. Cooper combination, and should watch for the final pricing, coupon, and use-of-proceeds details in subsequent filings.

Jun 9, 2026 10-Q

Rocket Companies Quarterly Report for Q1 Ended Mar 31, 2026

Rocket Companies, Inc. (RKT) reported a significant turnaround in its financial performance for the first quarter of 2026, achieving net income of $297 million compared to a net loss of $212 million in the prior year period. This improvement was driven by a substantial increase in total revenue, which more than doubled to $2.94 billion, up from $1.10 billion in Q1 2025. The company's gain on sale of loans, net, saw a robust increase to $1.38 billion from $772 million, bolstered by higher origination volumes and a favorable change in mortgage servicing rights (MSRs) fair value. Interest income also significantly increased to $507 million, reflecting higher origination volumes and custodial deposit income from a larger servicing portfolio. The company also highlighted the successful integration of its 2025 acquisitions of Redfin and Mr. Cooper. These strategic moves, along with the Up-C collapse completed in June 2025, have simplified its capital structure and are expected to drive future synergies. Despite increased expenses, particularly in salaries, general and administrative, and marketing, the company's overall profitability improved markedly, demonstrating the effectiveness of its integrated strategy and its ability to navigate a volatile interest rate environment.

May 12, 2026 8-K

Rocket Companies 8-K Report, Financial Results (May 7, 2026)

Rocket Companies (NYSE: RKT) reported first quarter 2026 results that beat the top end of its own guidance. Total revenue, net was $2.94 billion versus $1.10 billion a year earlier, and GAAP net income swung to $297 million from a loss of $212 million. Adjusted revenue of $2.82 billion and adjusted EBITDA of $738 million (versus $169 million) reflect the contribution of the Mr. Cooper acquisition, which closed in October 2025, alongside the Redfin acquisition from July 2025. Management reported $49.4 billion in net rate lock volume and $44.7 billion in closed origination volume, with a total gain-on-sale margin of 2.74%. Note that the company reclassified certain interest-related items beginning in Q1 2026, so year-over-year comparisons of revenue and expense lines are affected by presentation changes, though net income is unaffected. The quarter's most important investor data points are the integration progress and the outlook. Management says it is on track to realize the full $400 million expense synergy target by the end of 2026, a year earlier than originally planned, and has migrated more than half of the servicing portfolio to a unified platform. Liquidity stood at $9.4 billion, and the servicing portfolio reached $2.1 trillion across 9.4 million loans. For Q2 2026, the company guided adjusted revenue to $2.7 billion to $2.9 billion. Investors should weigh the strong earnings rebound against the large non-GAAP adjustments, the sizable MSR valuation swing, and the higher leverage implied by the acquisitions, since secured financing fell modestly while total equity rose to $23.2 billion. This 8-K furnishes the earnings press release and supplemental materials under Items 2.02 and 7.01, so the information is not deemed filed under Section 18 of the Exchange Act. Management will discuss the results on a conference call at 4:30 p.m. ET on May 7, 2026, and the detailed Form 10-Q is forthcoming.

May 7, 2026 10-K

Rocket Companies Annual Report, Year Ended Dec 31, 2025

Rocket Companies, Inc. reported a net loss of $234 million for the year ended December 31, 2025, a significant shift from a net income of $636 million in the prior year. This downturn was primarily driven by substantial acquisition-related expenses, including transaction costs and amortization of acquired intangible assets stemming from the strategic acquisitions of Redfin and Mr. Cooper. Despite the net loss, the company's adjusted EBITDA showed strength, reaching $1.3 billion, indicating operational profitability before these one-time expenses. The company's total revenue increased by 31% to $6.7 billion, largely fueled by a 29% increase in closed loan origination volume to $130.4 billion and a significant rise in servicing fee income, which grew by $855 million due to the integration of Mr. Cooper's servicing portfolio. Other income also saw substantial growth, up 79% to $2.0 billion, driven by contributions from Redfin's real estate services and increased deposit income. Rocket Companies continues to emphasize its integrated homeownership ecosystem, with ongoing integration efforts for Redfin and Mr. Cooper proceeding as expected. The company's liquidity position remains strong with $10.1 billion in total liquidity as of December 31, 2025. However, investors should monitor the impact of integration costs, the competitive mortgage market, and interest rate sensitivity on future profitability.

Mar 2, 2026 8-K

Rocket Companies 8-K Report, Financial Results (Feb 26, 2026)

Rocket Companies (RKT) reported Q4 2025 results that beat its own guidance, with adjusted revenue of $2.44 billion coming in above the high end of the range and adjusted EBITDA of $592 million, up from $177 million a year earlier. Q4 GAAP net income was $68 million, versus $649 million in Q4 2024, which included a large non-controlling interest effect. Full-year 2025 was a GAAP net loss of $234 million (-$0.05 per diluted share) and adjusted EPS of $0.28. The year was dominated by the Redfin (closed July 2025) and Mr. Cooper (closed October 2025) acquisitions, which drove a sharp rise in servicing scale, goodwill ($10.6 billion from $1.1 billion), and intangibles, and a far larger share count after the Up-C collapse. Operating momentum in the quarter was strong. Total closed origination volume reached $47.3 billion, the highest Q4 in four years on several metrics, and purchase market share rose to 5.5% from 3.8% a year earlier. The servicing portfolio grew to $2.1 trillion (9.5 million loans), generating roughly $5.0 billion of annualized recurring cash flow. Management reported Redfin has fully realized $140 million of expense synergies in under six months, and Mr. Cooper synergies are expected ahead of the original end-2027 target. Liquidity stood at $10.1 billion at year-end. Investors should weigh several items. Q4 GAAP earnings were heavily affected by fair-value MSR swings and $175 million of acquisition-related expenses, and the company's adjusted metrics exclude these items, so the gap between GAAP and adjusted results remains material. Q1 2026 adjusted revenue guidance of $2.6-$2.8 billion includes a $150 million reclassification of warehouse interest from contra-revenue to expense, which raises reported revenue and expenses without affecting net income or cash flow. The company also announced a three-year strategic alliance with Compass and a leadership change in which CFO Brian Brown was named President while retaining the CFO role.

Feb 26, 2026 8-K

Rocket Companies 8-K Report, Financial Results (Feb 3, 2026)

Rocket Companies, Inc. (RKT) announced preliminary fourth-quarter 2025 results, indicating a strong performance in net rate lock volume and gain on sale margin. The company expects these metrics to reach their highest levels since the fourth quarter of 2021, signaling a potential rebound and improved profitability. Investors should note that these are preliminary figures and not a substitute for the full financial statements. The official earnings release and a conference call are scheduled for February 26, 2026, where detailed financial performance for the fourth quarter and full year 2025 will be provided. This announcement offers an early positive outlook, but a comprehensive understanding will require the complete financial report.

Feb 3, 2026 8-K

Rocket Companies 8-K Report, Material Agreement (Dec 22, 2025)

Rocket Companies, Inc. (RKT) has filed an 8-K report detailing an amendment to its Master Repurchase Agreement (MRA) and a correction to its prior proxy statement filing. The MRA Amendment, entered into on December 19, 2025, extends the agreement's expiration date from October 3, 2026, to December 17, 2027. This extension provides continued access to funding facilities, although the total funding capacity has seen a slight decrease compared to previous periods. Furthermore, the company identified and corrected an inadvertent date error in its May 29, 2025 proxy statement. This correction clarifies the deadline for stockholders to submit proposals for the 2026 annual meeting to January 29, 2026. Investors should note these updates regarding the company's financial arrangements and shareholder engagement processes.

Dec 22, 2025 8-K

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

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.

Nov 26, 2025 10-Q

Rocket Companies Quarterly Report for Q3 Ended Sep 30, 2025

Rocket Companies, Inc. (RKT) reported its third-quarter 2025 financial results, revealing a significant increase in total assets to $33.6 billion from $24.5 billion at the end of 2024, largely driven by acquisitions and increased mortgage loans held for sale. The company reported a net loss of $123.9 million for the quarter, a notable improvement from the $481.4 million net loss in the prior year's quarter, though still a loss. Total revenue saw a substantial increase to $1.6 billion, up from $646.9 million in the same period last year, bolstered by strong performance in gain on sale of loans and other income, the latter being significantly impacted by the Redfin acquisition. Key developments during the period include the completion of the Redfin acquisition on July 1, 2025, and the Mr. Cooper acquisition on October 1, 2025, which are expected to reshape the company's future operations and financial profile. The company also completed an "Up-C Collapse" on June 30, 2025, simplifying its organizational structure. Despite the net loss, the company's liquidity position remains strong, with cash and cash equivalents totaling $5.8 billion as of September 30, 2025. Management highlighted improvements in Adjusted EBITDA, indicating operational efficiency gains. Investors should monitor the integration progress of the recent acquisitions and their impact on future profitability and market positioning.

Nov 6, 2025 8-K

Rocket Companies 8-K Report, Financial Results (Oct 30, 2025)

Rocket Companies (RKT) reported third-quarter 2025 results with total revenue, net of $1.61 billion (up from $647 million a year earlier), adjusted revenue of $1.78 billion (up 35% year over year and above the high end of guidance), a GAAP net loss of $124 million (narrowed from $481 million), adjusted net income of $158 million, and adjusted EBITDA of $349 million (up from $286 million). Closed mortgage origination volume rose 14% to $32.4 billion, net rate lock volume rose 20% to $35.8 billion, and gain on sale margin edged up to 2.80%. The headline event was the October 1 all-stock acquisition of Mr. Cooper Group, which added the largest U.S. home loan servicer (about $613 billion in servicing UPB and roughly $1.7 billion of annualized servicing fee income) and increased the Class A float to 35%. Note that the quarter's GAAP results largely predate the acquisition, so Q4 2025 will be the first full quarter reflecting Redfin and Mr. Cooper. The balance sheet and liquidity picture is more complex. Total liquidity was $9.3 billion at September 30, including $5.8 billion of cash, of which $4.0 billion was prefunding debt for the Mr. Cooper deal. Senior notes rose to $8.5 billion from $4.0 billion at year-end 2024, and total equity was $8.85 billion. Management guided Q4 2025 adjusted revenue to $2.1-2.3 billion. Investors should weigh the strong origination growth and the servicing scale against the higher leverage, the integration burden, and the reliance on non-GAAP measures that exclude MSR valuation changes and acquisition costs, which were $96 million in the quarter.

Oct 30, 2025 8-K

Rocket Companies 8-K/A Report, Exhibit Filing (Oct 10, 2025)

On October 1, 2025, Rocket Companies (RKT) completed its acquisition of Mr. Cooper Group, issuing 705,205,413 Class A shares to Mr. Cooper stockholders at 11.00 Rocket shares per Mr. Cooper share. This 8-K/A supplements the original October 1 filing with unaudited pro forma condensed combined financials (Article 11 of Regulation S-X) that combine Rocket, Redfin (closed July 1, 2025), and Mr. Cooper as of June 30, 2025 and for the six months ended June 30, 2025 and fiscal 2024. The pro forma figures are illustrative: they exclude synergies, integration costs, and post-June 30 operating results, and the purchase price allocations are explicitly preliminary. The key pro forma metrics are a combined total asset base of about $56.2 billion (versus Rocket's historical $30.4 billion), total equity of about $22.7 billion, and a pro forma weighted average share count of roughly 2.8 billion. Pro forma net loss for the six months ended June 30, 2025 was $(100.9) million, or $(0.09) per share, compared with a pro forma net income of $581.5 million, or $0.21 per share, for fiscal 2024. Pro forma total revenue, net was $4.43 billion for the first half of 2025 and $9.11 billion for 2024. Goodwill and intangibles rose sharply: the Mr. Cooper allocation alone implies about $7.9 billion of goodwill and $1.86 billion of intangibles, and the Redfin allocation implies about $1.2 billion of goodwill and $881 million of intangibles. Financing was handled through $4.0 billion of new senior unsecured notes (due 2030 and 2033), which funded redemption of Mr. Cooper's 2026–2028 notes, tender purchases of its 2030 and 2031 notes, and an exchange of its 2029 and 2032 notes. The $4.95 billion bridge facility was not drawn. Investors should weigh the step-up in scale and goodwill against the higher leverage, the dilution from 705 million new shares, and the fact that these figures are preliminary and not indicative of future results.

Oct 10, 2025 8-K

Rocket Companies 8-K Report, Material Agreement (Oct 1, 2025)

On October 1, 2025, Rocket Companies (NYSE: RKT) completed its acquisition of Mr. Cooper Group, a transaction valued at roughly $14.2 billion that the company describes as the largest independent mortgage deal in history. Under the merger agreement dated March 31, 2025, each Mr. Cooper share converted into 11.00 shares of Rocket Class A common stock plus cash in lieu of fractional shares. The combination pairs the country's largest home loan originator with what the filing and press release describe as the largest mortgage servicer, creating a combined servicing portfolio of nearly 10 million homeowners. Rocket also closed its Redfin acquisition in July 2025, so the company now spans home search, origination, title, closing, and servicing. The financing side of the deal is largely a debt-management exercise. Rocket issued $738.1 million of 6.500% senior notes due 2029 and $955.3 million of 7.125% senior notes due 2032 in exchange for Nationstar notes, with 98.41% and 95.53% of the respective series tendered. Separately, Nationstar's 5.125% 2030 and 5.750% 2031 notes were tendered for cash at 88.36% and 89.29% participation. Rocket also assumed the borrower role under its revolving credit facility, which rose from $1.15 billion to $2.3 billion. The new notes are guaranteed by Rocket Mortgage and the Mr. Cooper entities, and the tender and exchange offers stripped most restrictive covenants from the legacy Nationstar notes. Investors should watch leverage, integration execution, and the earnings impact of these changes as the company reports results, though the filing itself contains no pro forma financials, which are due by amendment. Leadership changes accompany the close. Jay Bray, Mr. Cooper's former CEO, becomes President and CEO of Rocket Mortgage, joins the board as a Class II director, and is an executive officer. Tagar Olson, a former Mr. Cooper director, joins as a Class I director. Varun Krishna succeeds Bill Emerson as President of Rocket effective upon Emerson's retirement on December 31, 2025. Director Jennifer Gilbert resigned effective September 30, 2025, without disagreement with the company. The board expanded to nine members.

Oct 1, 2025 8-K

Rocket Companies 8-K Report, Material Agreement (Sep 24, 2025)

Rocket Companies, Inc. (RKT) has filed an 8-K detailing an amendment to its Master Repurchase Agreement (MRA) with UBS AG New York Branch. The key impact for investors is the extension of this agreement's expiration date from November 24, 2026, to September 16, 2027. This extension provides continued access to funding and demonstrates ongoing operational stability with a key financial partner. Furthermore, the amendment resulted in a slight increase in the company's total funding capacity. As of September 18, 2025, following the amendment, the total funding capacity across all agreements (including MRAs, credit lines, etc.) stands at $26.4 billion, up from $26.2 billion at the end of the second quarter of 2025. This modest growth in available capital is a positive indicator for RKT's liquidity and its ability to fund its mortgage origination and servicing operations.

Sep 24, 2025 8-K

Rocket Companies 8-K Report, Corporate Update (Sep 22, 2025)

Rocket Companies (RKT) disclosed in an 8-K filed September 22, 2025 that its subsidiary-level preparations for the pending acquisition of Mr. Cooper Group are advancing. Nationstar Mortgage Holdings, a wholly-owned Mr. Cooper subsidiary, delivered conditional notices to redeem all of its outstanding 5.000% senior notes due 2026, 6.000% senior notes due 2027, and 5.500% senior notes due 2028, with redemption scheduled for October 1, 2025. The redemptions are contingent on the Mr. Cooper Acquisition closing by 9:00 a.m. New York time on the redemption date. If the condition is not met, the redemption date may be deferred or the notices rescinded. The filing also outlines a post-closing internal reorganization. Nationstar would contribute its assets and liabilities, including Nationstar Mortgage LLC, to Rocket Mortgage, LLC, which would assume Nationstar's obligations under its 6.500% 2029, 5.125% 2030, 5.750% 2031, and 7.125% 2032 senior notes. Rocket expects the acquisition to close in the fourth quarter of 2025, subject to regulatory approvals and other customary conditions. The filing is informational and does not itself constitute a redemption notice. For investors, the key takeaways are the expected Q4 2025 closing timeline and the consolidation of Nationstar's debt structure under Rocket Mortgage. The filing lists fourteen risk factors, including the possibility the deal fails or is delayed, regulatory conditions, synergy realization, integration risk, and the value of RKT shares to be issued. Because the filing is a forward-looking disclosure, the actual outcome depends on regulatory approvals and closing conditions that are not yet satisfied.

Sep 22, 2025 8-K

Rocket Companies 8-K Report, Material Agreement (Sep 10, 2025)

Rocket Companies, Inc. (RKT) has announced a significant update to its financing arrangements through an Amended and Restated Master Repurchase Agreement with Bank of Montreal. This agreement, effective September 4, 2025, extends the facility's expiration to September 3, 2027, and importantly, increases the total funding capacity from $800 million to $1.0 billion. This move is intended to enhance Rocket Mortgage, LLC's, a key subsidiary, liquidity and operational flexibility. This enhancement to the repurchase facility contributes to Rocket Companies' overall funding capacity, bringing the total available funding across all agreements to $26.4 billion as of the event date. This is a slight increase from the $26.2 billion reported at the end of the second quarter of 2025 and demonstrates the company's continued efforts to maintain a robust liquidity position. Investors should view this as a positive development, indicating management's proactive approach to securing necessary capital to support its business operations and potentially capitalize on market opportunities.

Sep 10, 2025 8-K

Rocket Companies 8-K Report, Corporate Update (Sep 3, 2025)

Rocket Companies (RKT) disclosed on September 2, 2025 that it extended the expiration dates of its tender offers and consent solicitations for Nationstar Mortgage Holdings' senior notes, and of its related exchange offers, from September 2 to 5:00 p.m. NYC time on September 30, 2025. Both sets of offers are tied to Rocket's pending acquisition of Mr. Cooper Group. Rocket expects to keep extending the deadlines until the Mr. Cooper deal can close substantially concurrently with settlement, so the timing is tied to deal closing rather than a fixed date. The tender offers cover $650M of 5.125% notes due 2030 and $600M of 5.750% notes due 2031, which Rocket is seeking to retire. Tendered amounts as of September 2 were about 88% of the 2030 notes and about 89% of the 2031 notes. The exchange offers cover $750M of 6.500% notes due 2029 and $1.0B of 7.125% notes due 2032, for up to $1.75B of new Rocket senior notes. Participation was very high: about 98% of the 2029 notes and about 96% of the 2032 notes were tendered. Consent solicitations passed at the early tender deadline of August 15, 2025. The proposed amendments remove the change-of-control offer requirement, strip most restrictive covenants and most events of default, and will take effect only when Rocket accepts the notes for purchase or exchange. For investors, the filing is primarily a procedural update. It signals that Rocket is consolidating Mr. Cooper's debt into its own capital structure and that bondholders have largely supported the plan. Completion remains subject to the Mr. Cooper merger closing, and the filing lists multiple risks, including approvals, including Mr. Cooper stockholder approval, litigation, integration, and termination-fee exposure. The filing does not disclose deal-level financials or updated guidance, so investors should review the S-4/A and subsequent filings for the merger's economics and status.

Sep 3, 2025 8-K

Rocket Companies 8-K Report, Executive Changes (Aug 20, 2025)

Rocket Companies, Inc. (RKT) has filed an 8-K report announcing the upcoming retirement of Bill Emerson from his role as President, effective December 31, 2025. Mr. Emerson will continue to serve on the Company's Board of Directors, ensuring a degree of continuity. This leadership transition, while significant, appears to be planned, with Mr. Emerson staying on as a director.

Aug 20, 2025 8-K

Rocket Companies 8-K Report, Corporate Update (Aug 18, 2025)

Rocket Companies (RKT) disclosed early results of its tender offers, consent solicitations, exchange offers, and consent solicitations for senior notes issued by Nationstar Mortgage Holdings Inc., a subsidiary of Mr. Cooper Group. These transactions are part of Rocket's pending acquisition of Mr. Cooper under a merger agreement dated March 31, 2025. Participation was high: 88.33% of the 2030 Notes and 89.13% of the 2031 Notes were tendered in the cash tender offers, and 98.45% of the 2029 Notes and 95.42% of the 2032 Notes were tendered in the exchange offers, with consents received from a majority of each series. For noteholders, the cash tender offers pay $1,012.50 per $1,000 principal for early tenders, including a $50.00 early payment, plus accrued interest. The exchange offers convert each $1,000 of 2029 or 2032 Notes into $1,000 of new Rocket senior notes with identical coupons and maturities, plus a $2.50 cash consent payment. Early-tendered exchange volume of about $1.69 billion sits within the $1.75 billion cap on new Rocket notes. Tendered amounts in the cash tender offers total about $1.11 billion of principal. The consent solicitations would strip most protective terms from the Nationstar notes, including change-of-control offers, substantially all restrictive covenants, certain defeasance conditions, and most events of default. These amendments become operative only when Rocket accepts the tendered notes, which is tied to completion of the Mr. Cooper acquisition. The offers expire September 2, 2025, but Rocket expects to extend them until the acquisition closes, so the outcome depends on the deal closing.

Aug 18, 2025 8-K

Rocket Companies 8-K Report, Corporate Update (Aug 11, 2025)

Rocket Companies (RKT) filed this 8-K on August 11, 2025 to supply financial statements for its acquisition of Redfin Corporation, which closed July 1, 2025, and pro forma combined financial information. The filing does not modify Rocket's Q2 2025 10-Q. Redfin's unaudited Q2 2025 results show revenue of $280.5 million for the quarter (down from $295.2 million a year earlier), a net loss of $38.4 million (vs. $27.9 million), and a six-month net loss of $130.9 million. Restructuring charges rose sharply to $27.2 million for the six months, largely tied to the Zillow rentals partnership and roughly 450 job eliminations. Redfin's stockholders' deficit widened to $(179.7) million at June 30, 2025, and its balance sheet carries about $730 million in convertible notes and term loan debt, which Rocket repaid in full on July 15, 2025. The pro forma statements are the more important piece for investors. They combine Rocket, Redfin, and the pending Mr. Cooper acquisition as if all had occurred on January 1, 2024. For the six months ended June 30, 2025, pro forma combined net loss attributable to Rocket is $(102.7) million, or $(0.09) per share, versus Rocket's standalone net loss of $(12.2) million attributable to Rocket. Pro forma combined total assets are about $55.3 billion, and goodwill and intangibles rise substantially because of the preliminary purchase price allocation. The Redfin purchase consideration is preliminarily valued at about $1.77 billion, producing roughly $1.31 billion of goodwill. The Redfin deal was paid in Rocket Class A shares at a 0.7926 exchange ratio, issuing about 103.4 million shares. The pro forma figures exclude synergies, integration costs, and the Zillow partnership effects, and they reflect preliminary fair value estimates that may change materially. The filing also documents the June 30, 2025 Up-C collapse, which reduced Rocket's share classes and created Class L common stock, and it discloses that Rocket plans a $4.0 billion senior unsecured notes offering to refinance Mr. Cooper debt. Investors should weigh the near-term earnings drag from acquisition amortization and restructuring against the strategic goal of scale in mortgage servicing and real estate services.

Aug 11, 2025 10-Q

Rocket Companies Quarterly Report for Q2 Ended Jun 30, 2025

Rocket Companies, Inc. (RKT) reported its financial results for the second quarter and first half of 2025. The company saw an increase in residential mortgage loan originations for both periods, driven by higher origination volumes and a stable gain on sale margin in the Direct to Consumer segment. However, overall Net Income and Adjusted EBITDA decreased significantly compared to the prior year, primarily due to increased operating expenses, including marketing and acquisition-related costs, and adverse changes in the fair value of Mortgage Servicing Rights (MSRs). Financially, the company significantly increased its cash and cash equivalents, largely due to a $4 billion senior notes offering. This was accompanied by a decrease in total equity, primarily due to deferred tax impacts from the Up-C Collapse. The company also completed the acquisition of Redfin in July 2025 and remains on track to close the Mr. Cooper acquisition in Q4 2025, signaling a strategic shift towards a more integrated mortgage and real estate platform. While the company reported a net loss for the first six months of 2025, management believes its current liquidity and resources are adequate to fund ongoing operations.

Aug 8, 2025 8-K

Rocket Companies 8-K Report, Corporate Update (Aug 4, 2025)

Rocket Companies (RKT) filed an 8-K on August 4, 2025 announcing a set of debt-related transactions tied to its pending acquisition of Mr. Cooper Group Inc. Through its subsidiary Nationstar Mortgage Holdings, Rocket commenced (1) cash tender offers for any and all of Nationstar's $650.0 million 5.125% Senior Notes due 2030 and $600.0 million 5.750% Senior Notes due 2031, and (2) exchange offers for any and all of Nationstar's $750.0 million 6.500% Senior Notes due 2029 and $1.0 billion 7.125% Senior Notes due 2032, exchanging them for up to $1.75 billion of new Rocket senior notes. Both offers are paired with consent solicitations seeking to strip out change-of-control offer requirements, substantially all restrictive covenants, certain defeasance conditions, and all events of default other than non-payment of principal and interest. The tender offer pricing is $962.50 base consideration plus a $50.00 early tender payment per $1,000 principal (total $1,012.50) for holders tendering by the August 15, 2025 early deadline, with accrued interest paid on top. Exchange offer holders who tender early receive $1,000 of new Rocket notes per $1,000 exchanged if majority consents are received, or $950 otherwise, plus a $2.50 consent payment per $1,000. Both offers expire September 2, 2025 unless extended. The new Rocket notes would be guaranteed by Rocket Mortgage, Redfin, Mr. Cooper and its domestic subsidiaries, and the offers are conditioned on the substantially concurrent closing of the Mr. Cooper acquisition under the March 31, 2025 merger agreement. For investors, the filing signals that Rocket is planning to consolidate Nationstar's roughly $3.0 billion of senior notes into its own capital structure and largely remove bondholder protections. This is a mechanical step tied to deal closing rather than a standalone financial event, and the filing itself does not disclose financial results or valuation. The main risks flagged are the possibility the Mr. Cooper transaction does not close, stockholder approval and regulatory hurdles, and the effect of covenant stripping on bondholders, who have limited remedies if the offers succeed.

Aug 4, 2025 8-K

Rocket Companies 8-K Report, Financial Results (Jul 31, 2025)

Rocket Companies (RKT) reported second-quarter 2025 results on July 31, 2025, with total revenue, net of $1.36 billion (up from $1.30 billion a year earlier) and adjusted revenue of $1.34 billion, which management said came in above the high end of guidance. GAAP net income was $34 million, down sharply from $178 million in Q2 2024, while adjusted net income was $75 million and adjusted EBITDA was $172 million (versus $225 million). GAAP diluted EPS was $(0.01) and adjusted diluted EPS was $0.04. Mortgage volume grew, with closed loan origination volume up 18% to $29.1 billion and net rate lock volume up 13% to $28.4 billion, but gain on sale margin compressed 19 bps to 2.80%. Year-to-date GAAP results were a net loss of $178 million, driven largely by a $239 million swing in the fair value of MSRs relative to 2024 and elevated expenses. The quarter was dominated by corporate transactions. The all-stock Redfin acquisition closed July 1, 2025, with each Redfin share exchanged for 0.7926 Rocket Class A shares, increasing the Class A float to roughly 12%. The Up-C structure was collapsed on June 30, reducing common share classes from four to two. Rocket also issued $4.0 billion of senior notes in June to fund the pending Mr. Cooper acquisition, which management said remains on track for Q4 2025. Total liquidity stood at $9.1 billion, including $5.1 billion of cash. Management guided Q3 2025 adjusted revenue to $1.600–$1.750 billion, which will include a full quarter of Redfin's results. Rocket also shut down its Canadian mortgage operations and began winding down the Rocket Visa Signature credit card program. Investors should weigh the strong origination growth and the forward guidance against the margin compression, the GAAP loss year to date, and the significant dilution and leverage implications of the Redfin and Mr. Cooper transactions. The Q3 outlook is the first test of how much the Redfin combination contributes to revenue, and the Mr. Cooper closing and the associated debt redemptions will materially reshape the balance sheet. Note that the 8-K furnishes the press release and supplemental materials under Items 2.02 and 7.01, so the information is not deemed filed under Section 18 of the Exchange Act.

Jul 31, 2025 8-K

Rocket Companies 8-K/A Report, Exhibit Filing (Jul 1, 2025)

Rocket Companies, Inc. (RKT) has filed an amendment to its Form 8-K to provide important pro forma financial information related to its recently completed organizational structure simplification and ongoing strategic acquisitions. The "Up-C Collapse" was completed on June 30, 2025, which simplified the company's capital structure by eliminating the high-vote/low-vote structure and reducing common stock classes. This simplification is intended to enhance Rocket's ability to use its stock for acquisitions and improve equity liquidity. The filing also confirms the completion of the Redfin Corporation acquisition on July 1, 2025, and provides pro forma financial statements reflecting the combined entities as of March 31, 2025, and for the periods ending March 31, 2025, and December 31, 2024. The acquisition of Mr. Cooper Group Inc. remains subject to customary closing conditions. Investors should note that while the organizational simplification and Redfin acquisition are complete, the Mr. Cooper acquisition is still pending.

Jul 1, 2025 8-K

Rocket Companies 8-K Report, Material Agreement (Jul 1, 2025)

On July 1, 2025, Rocket Companies (NYSE: RKT) completed its acquisition of Redfin, making Redfin a wholly owned subsidiary. Redfin shareholders received 0.7926 shares of Rocket common stock per Redfin share. The same filing also reports the completion of the Up-C Collapse, which eliminated Rocket's high-vote/low-vote structure and reduced its share classes from four to two (Class A public shares and Class L shares held by Dan Gilbert and Rock Holdings). As part of the transaction, Rocket became co-obligor on Redfin's convertible notes (2025 and 2027 maturities) and Redfin agreed to guarantee Rocket's and Rocket Mortgage's senior notes. The filing's pro forma financials, prepared as if the Redfin and pending Mr. Cooper transactions had closed, show a combined company with roughly $50.9 billion in total assets and $19.0 billion in equity as of March 31, 2025. Pro forma Q1 2025 net loss attributable to Rocket was about $233.5 million, versus a pro forma FY2024 net income of about $639 million. Redfin's purchase consideration is preliminarily estimated at about $1.77 billion, with roughly $1.33 billion allocated to goodwill and $815 million to intangibles. These figures are preliminary and will change after purchase accounting is finalized. Investors should note several items: the Redfin Merger added about 101 million Class A shares to the share count, the convertible notes can be converted into up to 6.4 million shares, and the pro forma results exclude integration costs and synergies. The filing also indicates that the Mr. Cooper acquisition, which is pending, is expected to add roughly 704 million shares and $4.0 billion of new senior notes. Rocket's near-term story is therefore dominated by integration, dilution, leverage, and the timing of that second deal.

Jul 1, 2025 8-K

Rocket Companies 8-K Report, Material Agreement (Jun 30, 2025)

Rocket Companies, Inc. (RKT) has filed an 8-K report detailing the completion of its organizational and capital structure simplification, referred to as the "Up-C Collapse." This significant event effectively eliminates the company's "Up-C" structure, resolves its high-vote/low-vote stock classes, and reduces the number of common stock classes from four to two. The primary objectives of this restructuring are to create a more streamlined corporate profile and enhance the company's ability to utilize its common stock for strategic acquisitions, including the previously announced acquisitions of Redfin Corporation and Mr. Cooper Group Inc. The completion of the Up-C Collapse was a prerequisite for the closings of both the Redfin and Mr. Cooper acquisitions, which are still subject to their own customary closing conditions. This filing also outlines amendments to material agreements, most notably the Tax Receivable Agreement, which will no longer apply to exchanges occurring on or after the transaction agreement date, including the "DG Exchange." Furthermore, new agreements like an Indemnity Agreement and a Letter Agreement have been established, and certain partnership agreements have been amended or restated to reflect the new structure. Investors should note the new Class L Common Stock, its conversion rights to Class A Common Stock, and the voting power limitations designed to maintain a specific voting threshold for Class L shares.

Jun 30, 2025 8-K

Rocket Companies 8-K Report, Material Agreement (Jun 23, 2025)

Rocket Companies, Inc. has announced the successful closing of a substantial debt offering, raising $4.0 billion in aggregate principal amount through the issuance of 6.125% senior notes due 2030 and 6.375% senior notes due 2033. These notes were issued in private transactions to qualified institutional buyers and certain non-U.S. investors. The primary purpose of this offering is to finance significant strategic initiatives, including the redemption of existing debt related to the anticipated Mr. Cooper Group Inc. acquisition and the repayment of secured debt, potentially including obligations of Redfin Corporation post-acquisition. This move indicates a strategic financial restructuring aimed at consolidating debt and supporting transformative M&A activity. Investors should note the specific terms and conditions tied to the use of proceeds and potential redemption events. The notes are subject to special mandatory redemption under certain conditions, notably if the Mr. Cooper acquisition does not close by September 30, 2026. Furthermore, the company has entered into supplemental indentures to guarantee existing senior notes of Rocket Mortgage and its subsidiaries, demonstrating a broader commitment to its debt obligations across its operational entities. The inclusion of guarantees from Redfin and Mr. Cooper upon acquisition closing will further secure these new notes.

Jun 23, 2025 8-K

Rocket Companies 8-K Report, Material Agreement (Jun 17, 2025)

Rocket Companies, Inc. (RKT) has filed an 8-K report detailing significant updates to its financing arrangements and its 2025 Annual Meeting of Stockholders. The company successfully amended and extended its Master Repurchase Agreements (MRAs) with JPMorgan Chase Bank, National Association, increasing the total facility size from $2.0 billion to $3.0 billion and extending the termination date to June 11, 2027. Concurrently, an amendment to the Santander Master Repurchase Agreement renewed and increased its facility from $750 million to $1.0 billion, also extending its termination date to June 11, 2027. These enhancements collectively boosted Rocket's total funding capacity across all facilities to $28.2 billion as of June 16, 2025, up from $28.0 billion at the end of the first quarter.

Jun 17, 2025 8-K

Rocket Companies 8-K Report, Corporate Update (Jun 5, 2025)

On June 3, 2025, Rocket Companies (NYSE: RKT) announced a proposed private offering of $4.0 billion in senior unsecured notes, consisting of $2.0 billion of 6.125% notes due 2030 and $2.0 billion of 6.375% notes due 2033, and priced the offering on June 5, 2025. The Notes are offered under Rule 144A and Regulation S, so they are not registered under the Securities Act. The filing states the offering is expected to close on June 20, 2025, subject to customary conditions, and it is not contingent on completing either the pending Redfin or Mr. Cooper acquisitions. The proceeds are earmarked mainly for financing the Mr. Cooper Acquisition. At closing of that deal, Rocket plans to redeem Nationstar Mortgage Holdings (NMH) senior notes due 2026, 2027 and 2028 at par plus accrued interest. The company also has discretion to redeem, repurchase or amend several other NMH notes, pay offering and redemption costs, and after the Mr. Cooper closing, repay secured debt across the combined group, including Redfin and Mr. Cooper. This refinancing structure signals management's intent to consolidate and reprice acquired debt, though the filing does not quantify the resulting interest savings. For investors, the key risk is leverage and execution. The Notes carry a special mandatory redemption if the Mr. Cooper Acquisition is not completed by September 30, 2026, and a partial redemption applies to any proceeds not deployed within 45 days of closing. Because the coupons are 6.125% and 6.375%, the new debt is priced at a meaningful yield, and the guarantee structure extends to Redfin and Mr. Cooper upon closing. The 8-K itself does not provide pro forma leverage metrics, deal valuation, or synergy estimates, so those should be sought in the merger documentation and subsequent disclosures.

Jun 5, 2025 8-K

Rocket Companies 8-K Report, Executive Changes (May 23, 2025)

Rocket Companies, Inc. (RKT) has filed an 8-K report detailing a change in its Board of Directors. Nancy Tellem, a Class II director, has announced her decision not to seek re-election at the upcoming annual stockholder meeting scheduled for June 11, 2025. This departure is stated to be unrelated to any disagreements with the Company, which is a positive signal for governance stability. The Board has concurrently decided to reduce its size to eight directors, effective upon the conclusion of Ms. Tellem's current term.

May 23, 2025 10-Q

Rocket Companies Quarterly Report for Q1 Ended Mar 31, 2025

Rocket Companies, Inc. (RKT) reported its first-quarter 2025 financial results, marked by a significant shift from profitability in the prior year to a net loss in the current period. Total revenue declined to $1.037 billion from $1.384 billion year-over-year, primarily impacted by a substantial negative change in the fair value of Mortgage Servicing Rights (MSRs). Despite this, the company saw an increase in closed loan origination volume and a rise in 'Other Income,' driven by strong performance in its Rocket Money segment. The company is navigating a dynamic market characterized by persistent inflation, stable interest rates, and ongoing challenges in housing affordability and inventory. Significant strategic developments include the announced Up-C Collapse to simplify its corporate structure, and pending all-stock acquisitions of Redfin Corporation and Mr. Cooper Group Inc., which are expected to close later in 2025. These transactions represent a substantial pivot towards industry consolidation and expanded market reach.

May 9, 2025 8-K

Rocket Companies 8-K Report, Financial Results (May 8, 2025)

Rocket Companies (RKT) reported a first quarter 2025 GAAP net loss of $212 million, or $(0.08) per diluted share, compared with GAAP net income of $291 million in Q1 2024. The swing was driven mainly by a $259 million negative change in fair value of mortgage servicing rights (MSRs) net of hedges, which the company excludes from its non-GAAP measures. On an adjusted basis, results were steadier: adjusted revenue rose 11% year over year to $1.296 billion, at the high end of guidance, adjusted net income was $80 million ($0.04 per diluted share, flat with the prior year), and adjusted EBITDA was $169 million versus $174 million. Closed loan origination volume grew 7% to $21.6 billion and net rate lock volume rose 17% to $26.1 billion, but gain on sale margin compressed 22 basis points to 2.89%. Segment performance was mixed. Direct to Consumer adjusted revenue rose 16% to $1.017 billion and contribution margin increased to $407 million from $344 million, while Partner Network revenue fell sharply to $114 million from $170 million and its contribution margin was halved to $57 million. Total liquidity stood at $8.1 billion, and total equity declined to $8.6 billion from $9.0 billion, largely reflecting the non-controlling interest decline. Management guided Q2 2025 adjusted revenue to $1.175 billion to $1.325 billion. The filing also highlights pending all-stock acquisitions of Redfin ($1.75 billion, expected to close in Q2 or Q3 2025) and Mr. Cooper Group ($9.4 billion, expected to close in Q4 2025), along with the Up-C structure collapse and a $0.80 per share special dividend paid in April 2025.

May 8, 2025 8-K

Rocket Companies 8-K Report, Material Agreement (May 2, 2025)

Rocket Companies, Inc. (RKT) announced the entry into a new Revolving Credit Agreement on April 30, 2025, replacing its previous credit facility. This new agreement, initially providing $1.15 billion in commitments, has the potential to increase to $2.25 billion upon the successful consummation of the Mr. Cooper Group Inc. acquisition, assumption of debt obligations by the parent company, and guaranties from Mr. Cooper, its subsidiaries, or Redfin Corporation. The proceeds are designated for general corporate purposes. This refinancing is a significant event for investors, signaling a potential increase in liquidity and flexibility, especially if the Mr. Cooper acquisition proceeds. The increased credit facility could support future growth initiatives or provide a stronger financial cushion during periods of market volatility. However, investors should note the covenants and restrictions, including limitations on debt incurrence and dividend payments, as well as financial maintenance covenants related to leverage, liquidity, and net worth, which are standard for such agreements.

May 2, 2025 10-K

Rocket Companies Annual Report (Amendment), Year Ended Dec 31, 2024

Rocket Companies, Inc. (RKT) filed an amendment to its 2024 10-K report, focusing on its governance and executive compensation. The filing highlights the company's leadership structure, with Dan Gilbert serving as Chairman of the Board, and Varun Krishna as CEO. Key to investors is the ongoing controlled company status due to RHI's significant voting power, which influences corporate governance flexibility. Significant emphasis is placed on the company's executive compensation strategy for 2024, which saw enhancements to better align pay with performance. This included a transition to a more metrics-based Annual Incentive Plan (AIP) and the introduction of performance-based restricted stock units (PSUs) alongside time-based RSUs. The company reported strong financial performance in its AIP metrics, with adjusted revenue and EBITDA exceeding targets, leading to a 139% payout of target bonuses. Long-term equity awards, particularly PSUs, are now tied to relative total shareholder return and market share growth, aiming to drive long-term stockholder value. The report also details a major corporate restructuring, the "Up-C Collapse," planned for March 2025, which will simplify the capital structure and eliminate the high-vote/low-vote stock structure, making RHI a direct subsidiary of Rocket Companies.

Apr 28, 2025 8-K

Rocket Companies 8-K Report, Material Agreement (Mar 31, 2025)

On March 31, 2025, Rocket Companies (NYSE: RKT) entered into a definitive Agreement and Plan of Merger to acquire Mr. Cooper Group (NASDAQ: COOP) in an all-stock transaction valued at about $9.4 billion in equity value. Mr. Cooper shareholders will receive 11.0 Rocket Class A shares per COOP share, plus a $2.00 per share special dividend paid by Mr. Cooper before closing. The filing states the implied value is $143.33 per share based on the March 28, 2025 close, a 35% premium to Mr. Cooper's 30-day VWAP. Pro forma, Rocket shareholders would own about 75% of the combined company and Mr. Cooper shareholders about 25%, and the deal is expected to close in Q4 2025, subject to Mr. Cooper stockholder approval, HSR and other regulatory clearances, and an S-4 registration. Strategically, the combination would create a servicing portfolio of roughly $2.1 trillion in UPB across nearly 10 million clients, which Rocket describes as one in every six U.S. mortgages. Management projects about $500 million in annual run-rate synergies, comprising $400 million of cost savings and $100 million of incremental pre-tax revenue from higher recapture rates and cross-selling title, closing and appraisal services. The deal is described as accretive to Rocket's adjusted EPS immediately after closing. Rocket's existing stockholder approval has already been obtained via written consent from Rock Holdings Inc., so no further Rocket stockholder vote is needed. Key risk items for investors include a $306.9 million termination fee payable by Mr. Cooper in certain superior-proposal scenarios, a $500 million reverse termination fee payable by Rocket if regulatory approvals fail, an outside End Date of December 31, 2025 (extendable to April 30, 2026 and September 30, 2026 for regulatory delays), and the expected financing via a $4.95 billion 364-day JPMorgan bridge facility. Rocket also disclosed a pending Redfin acquisition, and the pro forma figures in the investor presentation assume that transaction is completed.

Mar 31, 2025 8-K

Rocket Companies 8-K Report, Material Agreement (Mar 10, 2025)

Rocket Companies, Inc. has announced a significant restructuring initiative to simplify its organizational and capital structure. The core of this initiative is the "Up-C Collapse," which will eliminate the company's existing Up-C structure. This change will result in all common stock classes having one vote per share and reduce the number of common stock classes from four to two. Post-restructuring, public stockholders will retain their current Class A common stock, while significant stockholders like Mr. Daniel Gilbert and other Rock Holdings Inc. shareholders will directly hold common stock in Rocket Companies, Inc., rather than through limited liability company interests. This move aims to enhance equity liquidity, improve the company's ability to use its stock for acquisitions, and create a more transparent corporate profile.

Mar 10, 2025 8-K

Rocket Companies 8-K Report, Material Agreement (Mar 10, 2025)

On March 9, 2025, Rocket Companies (RKT) agreed to acquire Redfin Corporation (RDFN) in an all-stock merger valued at $1.75 billion of equity value, at a fixed exchange ratio of 0.7926 Rocket Class A shares per Redfin share ($12.50 per Redfin share based on the announcement). The company describes the premium as 63% over Redfin's 30-day VWAP ending March 7, 2025. Upon closing, Rocket shareholders are expected to own about 95% of the combined company on a fully diluted basis and Redfin shareholders about 5%. Management frames the deal as a way to funnel Redfin's roughly 50 million monthly visitors and agent network into Rocket's mortgage, title and servicing businesses, with a goal of more than $200 million in run-rate synergies by 2027 (about $140 million cost and more than $60 million revenue) and adjusted EPS accretion by the end of 2026. The deal is subject to customary conditions, including Redfin stockholder approval, HSR antitrust clearance, effectiveness of Rocket's S-4 registration statement, NYSE listing of the new shares, and completion of Rocket's Up-C structure collapse. Either party can terminate if the merger is not closed by December 9, 2025, and Redfin owes Rocket a $65.5 million termination fee if it walks away for a superior proposal. The companies expect closing in the second or third quarter of 2025. Redfin CEO Glenn Kelman is expected to continue leading the Redfin business, reporting to Rocket CEO Varun Krishna. Separately, Rocket announced the collapse of its Up-C structure, which eliminates the high-vote/low-vote share structure and reduces share classes from four to two. Founder Dan Gilbert and other Rock Holdings stockholders will hold common stock directly, with one vote per share in place of 10 votes per Class D share, and will be subject to a lock-up. Rocket also declared a special cash dividend of $0.80 per Class A share, payable April 3, 2025 to holders of record on March 20, 2025. Investors should note that the filing's merger terms and synergy targets are management projections and that the representations in the merger agreement are qualified by a confidential disclosure letter.

Mar 10, 2025 10-K

Rocket Companies Annual Report, Year Ended Dec 31, 2024

Rocket Companies, Inc. reported a significant turnaround in its financial performance for the fiscal year ended December 31, 2024. The company transitioned from a net loss in the prior year to a net income of $635.8 million, with Adjusted EBITDA reaching $862.4 million. This improvement was driven by a substantial increase in mortgage origination volume, up 29% year-over-year to $101.2 billion, and a higher gain on sale margin. The company continues to emphasize its technology-driven approach, particularly its investments in Artificial Intelligence (AI) to enhance the homeownership experience across its mortgage, real estate, and personal finance platforms. The rebranding of key businesses under the "Rocket" umbrella, including the acquisition of Rocket.com and the renaming of Amrock to Rocket Close, signals a strategic push for a unified and inclusive brand identity. Despite a challenging macroeconomic environment characterized by elevated interest rates and housing inventory constraints, Rocket Companies demonstrated resilience, growing its servicing portfolio and seeing positive revenue contributions from its diversified businesses like Rocket Money.

Mar 3, 2025 8-K

Rocket Companies 8-K Report, Financial Results (Feb 27, 2025)

Rocket Companies (NYSE: RKT) reported strong fourth-quarter and full-year 2024 results, with growth driven primarily by its mortgage origination business. Full-year 2024 total revenue, net was $5.1 billion (up 34% year over year) and adjusted revenue was $4.9 billion (up 30%). GAAP net income was $636 million, or $0.21 per diluted share, versus a net loss of $390 million in 2023, and adjusted net income was $456 million, or $0.23 adjusted diluted EPS. Full-year adjusted EBITDA reached $862 million, compared with $67 million in 2023. Closed loan origination volume rose 29% to $101.2 billion and gain on sale margin widened 32 bps to 2.95%, while management cited purchase market share growth of 8%. Q4 2024 was the standout quarter, with closed loan origination volume of $27.8 billion (up 61% year over year), GAAP net income of $649 million, and adjusted net income of $85 million. Much of the reported GAAP profit reflects a $582 million positive change in the fair value of MSRs from valuation assumptions, which the company excludes from its adjusted metrics; investors should weigh GAAP and adjusted figures together. Servicing portfolio UPB grew to $593 billion, and the company generated $1.5 billion of recurring servicing fee income. Total liquidity was $8.2 billion at year-end. For Q1 2025, management guided adjusted revenue to a range of $1.175 billion to $1.325 billion. The filing is a furnished (not filed) 8-K, so the information is not subject to Section 18 liability, and the full detail is in the forthcoming Form 10-K. Investors should also note that the company's MSR valuation swings and interest-rate sensitivity remain key drivers of quarterly earnings volatility.

Feb 27, 2025 8-K

Rocket Companies 8-K Report, Material Agreement (Jan 2, 2025)

Rocket Companies, Inc. (RKT) announced a significant amendment to its Master Repurchase Agreement (MRA) with Morgan Stanley Bank, N.A. The amendment, effective December 26, 2024, extends the agreement's expiration date from May 6, 2026, to December 23, 2026, and crucially, increases the facility amount from $1.0 billion to $1.5 billion. This expansion signals continued confidence from a key financial partner and enhances Rocket's liquidity and operational flexibility.

Jan 2, 2025 8-K

Rocket Companies 8-K Report, Material Agreement (Dec 16, 2024)

Rocket Companies, Inc. (RKT) announced through its indirect subsidiary, Rocket Mortgage, LLC, the extension of a key Master Repurchase Agreement (MRA) and a Mortgage Servicing Rights (MSR) Facility with Citibank, N.A. These agreements, originally set to expire in November 2025, have been extended to December 10, 2026, with certain technical adjustments. This extension provides crucial continuity for Rocket Mortgage's funding sources, particularly for its mortgage origination and servicing operations. The company also reported an increase in its total funding capacity to $27.0 billion as of December 10, 2024, up from $24.5 billion at the end of the third quarter of 2024 and $24.3 billion at the end of 2023. This expanded funding availability is a positive indicator for the company's operational flexibility and its ability to manage liquidity in the current market environment.

Dec 16, 2024 8-K

Rocket Companies 8-K Report, Material Agreement (Dec 3, 2024)

Rocket Companies, Inc. (RKT) has filed an 8-K to disclose an amendment to a material definitive agreement, specifically an amendment to its Master Repurchase Agreement (MRA) with UBS AG. This amendment extends the expiration date of the agreement from November 27, 2024, to November 24, 2026, providing an extended period of financial flexibility. The amendment also includes certain technical adjustments to the agreement. This extension is a positive development for investors as it enhances the company's liquidity and financial stability. The total funding capacity, across all its repurchase agreements, facilities, and lines of credit, has increased to $27.0 billion as of November 26, 2024, up from $24.5 billion at the end of the third quarter of 2024 and $24.3 billion at the end of 2023. This increased funding capacity provides Rocket Companies with greater resources to manage its operations and potential future growth opportunities.

Dec 3, 2024