Rocket Companies, Inc. (RKT) SEC Filings & Earnings Calls

MSR fair value volatility

“Change in fair value of MSRs, net $(616) for the three months ended June 30, 2026 compared to $(199) for the same period in 2025.”

Integration risk from acquisitions

“The Company has applied the acquisition method of accounting in accordance with ASC 805, Business Combinations and recognized assets acquired and liabilities assumed at their fair value as of the date of acquisition with the excess of consideration transferred over the fair value of net assets acquired recorded as goodwill.” · word for word

Interest rate sensitivity

“Interest expense $374 for the three months ended June 30, 2026 compared to $155 for the same period in 2025.”

Mortgage rate sensitivity and housing market affordability could impact future origination volumes.

“One of the toughest spring housing markets in years.” · word for word

Correspondent gain on sale margin remains very low at 0.19%.

“Correspondent gain on sale margin was 0.19%.” · word for word

Credit facility includes financial maintenance covenants (net leverage, liquidity, tangible net worth) that could constrain operations if breached.

“Company is subject to certain financial maintenance covenants...not exceed specified net leverage and corporate net debt ratios...maintain minimum liquidity and tangible net worth.”

Increased leverage from new debt, though proceeds are used for refinancing; interest rate risk if rates rise further.

“New notes add $1.5B in debt; existing notes being redeemed.”

Higher interest rate on new notes compared to retired notes may increase interest expense.

“New notes carry 6.125% and 6.500% coupons vs. retired 2.875% and 5.250% notes.”

Higher interest rate on new notes compared to retired notes may increase interest expense.

“New notes likely carry higher coupons than the retired 2.875% notes.”

Integration Risk from Acquisitions

“The Company has applied the acquisition method of accounting... The tax-related liabilities and other contingencies are preliminary and subject to change as additional information becomes available” · word for word

MSR Fair Value Volatility

“Change in fair value of MSRs, net $(485) (2026) vs $(449) (2025)” · word for word

Sensitivity to mortgage rates and housing market conditions.

“Mortgage origination volume and gain on sale margins sensitive to interest rates.”

Controlled company governance risk

“As Dan controls more than 50% of our combined voting power, we are considered a controlled company for the purposes of the rules and corporate governance standards of the NYSE.” · word for word

Tax Receivable Agreement liability

“Of the $590 million Tax Receivable Agreement liability recorded as of December 31, 2025, we estimate that, as a result of the amount of the increases in the tax basis in Holdings LLC's assets from the purchase of Holdings LLC Units (along with the corresponding shares of the Class D common stock) in connection with the IPO, the over-allotment option (greensh” · word for word

Related party transactions concentration

“From time to time, we have entered into various transactions and agreements with RHI and RHI II, their subsidiaries, and certain other affiliates of Dan Gilbert, our founder and Chairman, and certain other affiliates of Jennifer Gilbert, who resigned from her position as director in September 2025.” · word for word

Interest rate sensitivity

“Our business is significantly impacted by interest rates. Changes in prevailing interest rates, U.S. monetary policies or other macroeconomic conditions affecting interest rates have had and may in the future have a detrimental effect on our business.” · word for word

Cybersecurity breach risk

“Cyberattacks, security breaches or a failure to comply with information security laws or regulations could result in serious harm to our reputation and adversely affect our business.” · word for word

Acquisition integration risk

“We may not achieve the intended benefits of our acquisition of Redfin and acquisition of Mr. Cooper, and the Redfin Acquisition or the Mr. Cooper Acquisition may disrupt our current plans or operations.” · word for word

AI regulatory risk

“Issues related to the development, proliferation and use of AI could give rise to legal and/or regulatory action, damage our reputation or otherwise materially harm our business.” · word for word

Integration risk from Redfin and Mr. Cooper acquisitions appears managed but remains a factor.

“Integration efforts have paced ahead of plan. Redfin has fully realized $140 million in expense synergies in less than six months.” · word for word

Mortgage rate sensitivity could impact future origination volumes.

“Mortgage rate environment not explicitly discussed but inherent to mortgage banking.”

Preliminary results may differ from final audited financials.

“These preliminary results should not be viewed as a substitute for the Company’s fourth quarter and full year 2025 financial statements” · word for word

Declining funding capacity trend may indicate tightening credit conditions.

“Capacity down from $26.4B (Sep 2025) and $27.5B (Dec 2024).”

Slight decline in total funding capacity from $27.5B to $26.4B over past year may indicate tightening credit conditions

“total funding capacity...$27.5 billion as of December 31, 2024”

Fair value losses on MSRs

“Change in fair value of MSRs $(479,602) for Q3 2025 vs $(878,311) for Q3 2024.”

Integration risk from acquisitions

“Redfin acquisition closed July 1, 2025 and Mr. Cooper acquisition closed October 1, 2025.”

GAAP net loss of $124 million, though improved from $481 million loss prior year; adjusted net income declined 5% YoY.

“GAAP net loss of $124 million; adjusted net income of $158 million, down from $166 million prior year.”

Integration risk from Mr. Cooper acquisition; significant debt incurred for prefunding ($4.0B cash on balance sheet related to transaction).

“$5.8 billion of cash on the balance sheet includes $4.0 billion of prefunding debt related to the Mr. Cooper transaction.” · word for word