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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, 2020
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)
N/A
(Former name, former address and former fiscal year, if changed since last report)

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, smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filerAccelerated filer
Non-accelerated filerSmaller reporting company
Emerging growth company

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act). Yes No ☒
As of November 5, 2020, 115,372,565 shares of the registrant's Class A common stock, $0.00001 par value, and 1,869,079,483 shares of the registrant's Class D common stock, $0.00001 par value, were outstanding.




1



PART I. FINANCIAL INFORMATION
Item 1.Financial Statements (unaudited)
Item 2.
Item 3.
Item 4.
PART II. OTHER INFORMATION
Item 1.
Item 1A.
Item 2.
Item 6.
2




PART I — FINANCIAL INFORMATION
Item 1. Financial Statements
Rocket Companies, Inc.
Condensed Consolidated Balance Sheets
(In Thousands, Except Shares and Per Share Amounts)
(Unaudited)
September 30,
2020
December 31,
2019
Assets
Cash and cash equivalents$3,485,137 $1,394,571 
Restricted cash85,351 61,154 
Mortgage loans held for sale, at fair value21,677,400 13,275,735 
Interest rate lock commitments (“IRLCs”), at fair value2,590,319 508,135 
Mortgage servicing rights (“MSRs”), at fair value2,606,149 2,874,972 
MSRs collateral for financing liability, at fair value 205,108 
Notes receivable and due from affiliates13,071 89,937 
Property and equipment, net of accumulated depreciation and amortization of $473,218 and $428,540, respectively
208,029 176,446 
Deferred tax asset, net542,438  
Lease right of use assets241,513 278,921 
Forward commitments, at fair value12,149 3,838 
Loans subject to repurchase right from Ginnie Mae5,554,471 752,442 
Other assets736,802 501,587 
Total assets$37,752,829 $20,122,846 
Liabilities and equity
Liabilities:
Funding facilities$19,089,399 $12,041,878 
Other financing facilities and debt:
Lines of credit374,971 165,000 
Senior Notes, net4,217,194 2,233,791 
Early buy out facility213,339 196,247 
MSRs financing liability, at fair value 189,987 
Accounts payable252,551 157,397 
Lease liabilities274,608 314,353 
Forward commitments, at fair value238,004 43,794 
Investor reserves57,018 54,387 
Notes payable and due to affiliates72,896 62,225 
Tax receivable agreement liability558,142  
Loans subject to repurchase right from Ginnie Mae5,554,471 752,442 
Other liabilities489,500 395,790 
Total liabilities31,392,093 16,607,291 
Equity:
Net parent investment 3,510,698 
Class A common stock, $0.00001 par value - 10,000,000,000 shares authorized, 115,372,565 shares issued and outstanding as of September 30, 2020
1 — 
Class B common stock, $0.00001 par value - 6,000,000,000 shares authorized, none issued and outstanding as of September 30, 2020
  
Class C common stock, $0.00001 par value - 6,000,000,000 shares authorized, none issued and outstanding as of September 30, 2020
  
Class D common stock, $0.00001 par value - 6,000,000,000 shares authorized, 1,869,079,483 shares issued and outstanding as of September 30, 2020
19 — 
Additional paid-in capital272,806  
Retained earnings57,568  
Accumulated other comprehensive income (loss)288 (151)
Non-controlling interest6,030,054 5,008 
Total equity6,360,736 3,515,555 
Total liabilities and equity$37,752,829 $20,122,846 
See accompanying Notes to the Unaudited Condensed Consolidated Financial Statements.
3



Rocket Companies, Inc.
Condensed Consolidated Statements of Income and Comprehensive Income
(In Thousands, Except Shares and Per Share Amounts)
(Unaudited)
Three Months Ended September 30,Nine Months Ended September 30,
2020201920202019
Income:
Revenue
Gain on sale of loans:
Gain on sale of loans excluding fair value of MSRs, net$3,443,885 $1,143,506 $8,814,236 $2,240,876 
Fair value of originated MSRs836,557 416,730 2,041,899 1,159,065 
Gain on sale of loans, net4,280,442 1,560,236 10,856,135 3,399,941 
Loan servicing loss:
Servicing fee income272,158 236,229 779,093 701,090 
Change in fair value of MSRs(374,765)(390,619)(1,918,860)(1,464,582)
Loan servicing loss, net(102,607)(154,390)(1,139,767)(763,492)
Interest income:
Interest income79,890 63,649 231,971 172,286 
Interest expense on funding facilities(69,364)(34,423)(162,580)(90,466)
Interest income, net10,526 29,226 69,391 81,820 
Other income445,757 185,353 1,250,481 470,931 
Total revenue, net4,634,118 1,620,425 11,036,240 3,189,200 
Expenses
Salaries, commissions and team member benefits816,408 564,332 2,354,021 1,509,180 
General and administrative expenses280,705 159,058 763,962 490,998 
Marketing and advertising expenses250,558 240,303 670,749 676,964 
Depreciation and amortization15,329 21,382 47,633 57,174 
Interest and amortization expense on non-funding debt38,016 33,052 104,291 99,220 
Other expenses176,036 102,551 452,709 208,409 
Total expenses1,577,052 1,120,678 4,393,365 3,041,945 
Income before income taxes3,057,066 499,747 6,642,875 147,255 
Provision for income taxes(61,683)(5,117)(84,363)(4,291)
Net income2,995,383 494,630 6,558,512 142,964 
Net income attributable to non-controlling interest(2,937,480)(494,630)(6,500,609)(142,964)
Net income attributable to Rocket Companies$57,903 $ $57,903 $ 
Earnings per share of Class A common stock:
Basic$0.54 N/A$0.54 N/A
Diluted$0.54 N/A$0.54 N/A
Weighted average shares outstanding:
Basic106,265,422 N/A106,265,422 N/A
Diluted106,265,422 N/A106,265,422 N/A
Comprehensive income:
Net income attributable to Rocket Companies$57,903 $ $57,903 $ 
Other comprehensive income2  2  
Unrealized loss on investment securities(4) (4) 
Comprehensive income attributable to Rocket Companies$57,901 $ $57,901 $ 
See accompanying Notes to the Unaudited Condensed Consolidated Financial Statements.
4



Rocket Companies, Inc.
Condensed Consolidated Statements of Changes in Equity
(In Thousands, Except Shares and Per Share Amounts)
(Unaudited)
Class A Common Stock SharesClass A Common Stock AmountClass D Common Stock SharesClass D Common Stock AmountAdditional Paid-in CapitalRetained EarningsNet Parent InvestmentAccumulated Other Comprehensive (Loss) IncomeTotal Non-controlling InterestTotal
Equity
Balance, December 31, 2018 $  $ $ $ $2,783,484 $(868)$6,170 $2,788,786 
Net loss— — — — — — (298,442)— (327)(298,769)
Other comprehensive income— — — — — — — 154 35 189 
Net transfers to Parent— — — — — — (212,777)— — (212,777)
Stock based compensation, net— — — — — — 8,488 — 18 8,506 
Balance, March 31 2019 $  $ $ $ $2,280,753 $(714)$5,896 $2,285,935 
Net loss— — — — — — (52,573)— (324)(52,897)
Other comprehensive income— — — — — — — 444 98 542 
Stock based compensation, net— — — — — — 8,450 — 9 8,459 
Balance, June 30, 2019 $  $ $ $ $2,236,630 $(270)$5,679 $2,242,039 
Net income (loss)— — — — — — 494,960 — (330)494,630 
Other comprehensive loss— — — — — — — (249)(55)(304)
Net transfers to Parent— — — — — — 8,568 — — 8,568 
Stock based compensation, net— — — — — — 8,448 — 9 8,457 
Balance, September 30, 2019 $  $ $ $ $2,748,606 $(519)$5,303 $2,753,390 
































5



See accompanying Notes to the Unaudited Condensed Consolidated Financial Statements.


Rocket Companies, Inc.
Condensed Consolidated Statements of Changes in Equity (continued)
(In Thousands, Except Shares and Per Share Amounts)
(Unaudited)
Class A Common Stock SharesClass A Common StockClass D Common Stock SharesClass D Common StockAdditional Paid-in CapitalRetained EarningsNet Parent InvestmentAccumulated Other Comprehensive (Loss) IncomeTotal Non-controlling InterestTotal
Equity
Balance, December 31, 2019 $  $ $ $ $3,510,698 $(151)$5,008 $3,515,555 
Net income (loss)—  —    99,487  (441)99,046 
Other comprehensive loss—  —     (1,439)(320)(1,759)
Net transfers from Parent—  —    21,918   21,918 
Stock based compensation, net—  —    29,049  9 29,058 
Balance, March 31, 2020 $  $ $ $ $3,661,152 $(1,590)$4,256 $3,663,818 
Net income (loss)      3,464,518  (436)3,464,082 
Other comprehensive income       588 131 719 
Net transfers to Parent      (1,612,629)  (1,612,629)
Stock based compensation, net      31,246  8 31,254 
Other equity adjustment      156 (156)  
Unrealized gain on investment securities       7,087 7,087 
Non-controlling interest attributed to dissolution        (884)(884)
Balance, June 30, 2020 $  $ $ $ $5,544,443 $5,929 $3,075 $5,553,447 
Net income (loss) attributed to NPI prior to reorganization transactions      1,080,283  (177)1,080,106 
Other comprehensive income attributed to NPI prior to reorganization transactions       309 68 377 
Net transfers to parent      (2,236,995)  (2,236,995)
Stock based compensation attributed to NPI prior to reorganization transactions      885  3 888 
Effect of reorganization transactions372,565  1,984,079,483 20 245,920  (4,388,616)(5,923)4,185,331 36,732 
Distributions for state taxes on behalf of shareholders, net      (335)  (5,670)(6,005)
Proceeds received from IPO, net of cost100,000,000 1 (100,000,000) 1,758,719    (14,645)1,744,075 
Proceeds received from Greenshoe option15,000,000  (15,000,000) 263,925     263,925 
Use of proceeds to purchase Class D shares and Holding Units from RHI    (1)(2,023,424)    (2,023,425)
Increase in controlling interest resulting from Greenshoe    2,047 4,847  (26)(6,868) 
Net income subsequent to reorganization transactions     53,056   1,862,222 1,915,278 
Other comprehensive income subsequent to reorganization transactions       2 32 34 
Unrealized loss on investment securities       (3)(63)(66)
Stock Based Compensation subsequent to reorganization transactions    25,619    6,746 32,365 
Balance, September 30, 2020115,372,565$1 1,869,079,483$19 $272,806 $57,568 $ $288 $6,030,054 $6,360,736 

See accompanying Notes to the Unaudited Condensed Consolidated Financial Statements.
6


Rocket Companies, Inc.
Condensed Consolidated Statements of Cash Flows
(In Thousands)
(Unaudited)
Nine Months Ended September 30,
20202019
Operating activities
Net income $6,558,512 $142,964 
Adjustments to reconcile net income to net cash used in operating activities:
Depreciation and amortization47,633 57,174 
Change in non-controlling interest  
Origination of mortgage servicing rights(2,041,899)(1,159,065)
Change in fair value of MSRs1,918,860 1,464,582 
Gain on sale of loans excluding fair value of MSRs, net(8,814,236)(2,240,876)
Disbursements of mortgage loans held for sale(209,540,623)(92,839,248)
Proceeds from sale of loans held for sale208,127,818 88,686,026 
Stock-based compensation expense93,565 25,423 
Change in assets and liabilities:
Due from affiliates16,350 (3,649)
Deferred tax asset, net32,021  
Other assets(232,635)(46,809)
Accounts payable95,154 70,193 
Due to affiliates20,130 10,663 
Premium recapture and indemnification losses paid(3,067)(1,252)
Other liabilities60,797 (67,997)
Total adjustments(10,220,132)(6,044,835)
Net cash used in operating activities(3,661,620)(5,901,871)
Investing activities
Proceeds from sale of MSRs320,028  
Net decrease (increase) in notes receivable from affiliates60,516 (1,239)
Decrease (increase) in mortgage loans held for investment6,203 (15,022)
Net increase in investment securities(2,500) 
Purchase and other additions of property and equipment, net of disposals(73,195)(37,380)
Net cash provided by (used in) investing activities311,052 (53,641)
Financing activities
Net borrowings on funding facilities7,047,521 5,428,336 
Net borrowings on lines of credit209,971  
Net borrowings on senior notes, net2,000,000  
Net borrowings on early buy out facility17,092 119,780 
Net (payments) borrowings notes payable from unconsolidated affiliates(9,459)35,483 
Proceeds from MSRs financing liability14,121 323,288 
Issuance of Class D Shares to RHI20  
Proceeds from Class A Shares Issued prior to Offering6,706  
Proceeds received from IPO, net of cost1,744,075  
Proceeds received from Greenshoe option263,925  
Use of Proceeds to Purchase Class D Shares and Holding Units from RHI(2,023,424) 
Cash distributions to holding company(6,005) 
Net transfers to Parent(3,798,582)(204,209)
Net cash provided by financing activities5,465,961 5,702,678 
Effects of exchange rate changes on cash and cash equivalents(630)426 
Net increase (decrease) in cash and cash equivalents and restricted cash2,114,763 (252,408)
Cash and cash equivalents and restricted cash, beginning of period1,455,725 1,136,322 
Cash and cash equivalents and restricted cash, end of period$3,570,488 $883,914 
Non-cash activities
Loans transferred to other real estate owned$960 $2,305 
Supplemental disclosures
Cash paid for interest on related party borrowings$2,126 $3,403 
See accompanying Notes to the Unaudited Condensed Consolidated Financial Statements.
7



Rocket Companies, Inc.