Rocket Companies, Inc.RKT
Rocket Companies, Inc. Debt Disclosure
Borrowings
The Company maintains various funding facilities, financing facilities and unsecured senior notes, as shown in the tables below. Interest rates typically have two main components; a base rate - most commonly SOFR, which is sometimes subject to a minimum floor - plus a spread. Some facilities have a commitment fee, which can be up to 50 basis points per year. The commitment fee charged by lenders is calculated based on the committed line amount multiplied by a negotiated rate.
The Company is required to maintain certain covenants, including minimum tangible net worth, minimum liquidity, maximum total debt or liabilities to net worth ratio, pretax net income requirements and other customary debt covenants, as defined in the agreements. The Company was in compliance with all covenants as of December 31, 2025 and 2024.
The amount owed and outstanding on the Company’s mortgage loan funding facilities fluctuates based on its origination volume, the amount of time it takes the Company to sell the loans it originates and the Company’s ability to use its cash to self-fund loans. In addition to self-funding, the Company may use surplus cash to “buy-down” the effective interest rate of certain mortgage loan funding facilities or to self-fund a portion of our loan originations. Buy-down funds are included in Cash and cash equivalents on the Consolidated Balance Sheets. We have the ability to withdraw these funds at any time, unless a margin call has been made or a default has occurred under the relevant facilities. We will also deploy cash to self-fund loan originations, a portion of which can be transferred to a mortgage loan funding facility or the early buy out line, provided that such loans meet the eligibility criteria to be placed on such lines. The remaining portion will be funded in normal course over a short period of time, generally less than 45 days.
The terms of the Senior Notes restrict our ability and the ability of our subsidiary guarantors among other things to: (1) merge, consolidate or sell, transfer or lease assets and; (2) create liens on assets.
Funding Facilities
| Facility Type | Collateral | Maturity | Line Amount | Committed Line Amount | Outstanding Balance as of December 31, | |||||||||||||||||||||||||||||||||
2025 | 2024 | |||||||||||||||||||||||||||||||||||||
| Mortgage Loan Funding: | ||||||||||||||||||||||||||||||||||||||
1) Master Repurchase Agreement (1)(15) | Mortgage loans held for sale | 9/16/2027 | $ | 1,000 | $ | 100 | $ | 983 | $ | 406 | ||||||||||||||||||||||||||||
2) Master Repurchase Agreement (2)(15) | Mortgage loans held for sale | N/A | N/A | N/A | N/A | 11 | ||||||||||||||||||||||||||||||||
3) Master Repurchase Agreement (3)(15) | Mortgage loans held for sale | 10/27/2026 | 1,500 | 250 | 437 | 252 | ||||||||||||||||||||||||||||||||
4) Master Repurchase Agreement (15) | Mortgage loans held for sale | 12/17/2027 | 2,500 | 250 | 1,617 | 602 | ||||||||||||||||||||||||||||||||
5) Master Repurchase Agreement (15) | Mortgage loans held for sale | 12/10/2026 | 1,500 | 250 | 1,475 | 107 | ||||||||||||||||||||||||||||||||
6) Master Repurchase Agreement (15) | Mortgage loans held for sale | 9/3/2027 | 1,000 | 100 | 476 | 764 | ||||||||||||||||||||||||||||||||
7) Master Repurchase Agreement (15) | Mortgage loans held for sale | 11/26/2027 | 1,500 | 100 | 1,452 | 1,400 | ||||||||||||||||||||||||||||||||
8) Master Repurchase Agreement (4)(15) | Mortgage loans held for sale | 6/11/2027 | 3,000 | 250 | 2,834 | 1,109 | ||||||||||||||||||||||||||||||||
9) Master Repurchase Agreement (15) | Mortgage loans held for sale | 6/11/2027 | 1,500 | 150 | 1,453 | 730 | ||||||||||||||||||||||||||||||||
10) Master Repurchase Agreement (15) | Mortgage loans held for sale | 10/2/2026 | 1,500 | 200 | 615 | 567 | ||||||||||||||||||||||||||||||||
11) Master Repurchase Agreement (15) | Mortgage loans held for sale | 6/10/2026 | 500 | — | 30 | N/A | ||||||||||||||||||||||||||||||||
12) Master Repurchase Agreement (5)(15) | Mortgage loans held for sale | 9/30/2027 | 1,200 | — | 145 | N/A | ||||||||||||||||||||||||||||||||
13) Master Repurchase Agreement (6)(15) | Mortgage loans held for sale | 10/16/2026 | 1,000 | 100 | 107 | N/A | ||||||||||||||||||||||||||||||||
14) Master Repurchase Agreement (7)(15) | Mortgage loans held for sale | 7/12/2026 | 200 | 30 | 46 | N/A | ||||||||||||||||||||||||||||||||
15) Master Repurchase Agreement (15) | Mortgage loans held for sale | 4/25/2026 | 100 | — | 16 | N/A | ||||||||||||||||||||||||||||||||
16) Master Repurchase Agreement (8)(15) | Mortgage loans held for sale | 3/26/2027 | 750 | 100 | 514 | N/A | ||||||||||||||||||||||||||||||||
17) Master Repurchase Agreement (9)(15) | Mortgage loans held for sale | 7/10/2026 | 500 | 50 | 234 | N/A | ||||||||||||||||||||||||||||||||
18) Master Repurchase Agreement (10)(15) | Mortgage loans held for sale | 11/18/2026 | 500 | — | 364 | N/A | ||||||||||||||||||||||||||||||||
19) Master Repurchase Agreement (15) | Mortgage loans held for sale | 12/23/2026 | 200 | — | — | N/A | ||||||||||||||||||||||||||||||||
20) Master Repurchase Agreement (11)(15) | Mortgage loans held for sale | 6/26/2026 | 1,500 | — | — | N/A | ||||||||||||||||||||||||||||||||
| $ | 21,450 | $ | 1,930 | $ | 12,798 | $ | 5,948 | |||||||||||||||||||||||||||||||
| Mortgage Loan Early Funding: | ||||||||||||||||||||||||||||||||||||||
21) Early Funding Facility (12)(15) | Mortgage loans held for sale | (12) | $ | 5,000 | — | $ | 575 | $ | 403 | |||||||||||||||||||||||||||||
22) Early Funding Facility (13)(15) | Mortgage loans held for sale | (13) | 2,000 | — | 478 | 290 | ||||||||||||||||||||||||||||||||
| $ | 7,000 | $ | — | $ | 1,053 | $ | 693 | |||||||||||||||||||||||||||||||
| Total Mortgage Funding Facilities | $ | 28,450 | $ | 1,930 | $ | 13,851 | $ | 6,641 | ||||||||||||||||||||||||||||||
| Facility Type | Collateral | Maturity | Line Amount | Committed Line Amount | Outstanding Balance as of December 31, | |||||||||||||||||||||||||||||||||
2025 | 2024 | |||||||||||||||||||||||||||||||||||||
| Personal Loan Funding: | ||||||||||||||||||||||||||||||||||||||
23) Revolving Credit and Security Agreement (14)(16) | Personal loans held for sale | N/A | N/A | N/A | N/A | $ | 160 | |||||||||||||||||||||||||||||||
24) Revolving Credit and Security Agreement (16) | Personal loans held for sale | 8/19/2027 | 200 | 200 | 63 | N/A | ||||||||||||||||||||||||||||||||
25) Credit and Security Agreement (16) | Personal loans held for sale | 11/21/2028 | 150 | 75 | 17 | N/A | ||||||||||||||||||||||||||||||||
26) Revolving Credit and Security Agreement (16) | Personal loans held for sale | 12/20/2026 | 175 | 175 | 13 | N/A | ||||||||||||||||||||||||||||||||
27) Revolving Credit and Security Agreement (16) | Personal loans held for sale | 3/27/2028 | 300 | 100 | 185 | N/A | ||||||||||||||||||||||||||||||||
28) Revolving Credit and Security Agreement (16) | Personal loans held for sale | 12/26/2028 | 300 | 300 | 26 | N/A | ||||||||||||||||||||||||||||||||
| Total Personal Loan Funding Facilities | $ | 1,125 | $ | 850 | $ | 304 | $ | 160 | ||||||||||||||||||||||||||||||
| Total Funding Facilities | $ | 29,575 | $ | 2,780 | $ | 14,155 | $ | 6,801 | ||||||||||||||||||||||||||||||
(1) This facility has an overall line size of $1,000, of which $150 is a sublimit for early buy out financing.
(2) This facility was voluntarily terminated in June 2025.
(3) This facility has a 12-month initial term, which can be extended for 3-months at each subsequent 3-month anniversary from the initial start date. Subsequent to December 31, 2025 this facility was extended to January 25, 2027.
(4) This facility has an overall line size of $3,000, of which $3,000 is a sublimit for early buy out financing. Capacity is fully fungible and is not restricted by these allocations.
(5) This facility has an overall line size of $1,200, of which $950 is a sublimit for MSR financing.
(6) Subsequent to December 31, 2025, this facility was paid off in full and voluntarily terminated.
(7) This facility has an overall line size of $200, of which $30 is a sublimit for Advance financing.
(8) This facility has an overall line size of $750, of which $750 is a sublimit for early buy out financing. Capacity is fully fungible and not restricted by these allocations.
(9) Subsequent to December 31, 2025, this facility was amended to increase the total facility size to $1,000
(10) Subsequent to December 31, 2025, this facility was amended to increase the total facility size to $1,000.
(11) Subsequent to December 31, 2025, this facility was paid off in full and voluntarily terminated.
(12) This facility is an evergreen agreement with no stated termination or expiration date. This agreement can be terminated by either party upon written notice.
(13) This facility will be reviewed every 90 days. This facility is an evergreen agreement with no stated termination or expiration date. This agreement can be terminated by either party upon written notice.
(14) This facility was voluntarily terminated in March 2025.
(15) The interest rates charged by lenders on mortgage funding facilities included the applicable base rate plus a spread ranging from 1.00% to 1.63% for the year ended December 31, 2025 and 1.00% to 1.80% for the year ended December 31, 2024
(16) The interest rates charged by lenders on personal loan funding facilities included the applicable base rate plus a spread ranging from 0.80% to 2.50% for the year ended December 31, 2025 and 1.15% for the year ended December 31, 2024.
Financing Facilities
| Facility Type | Collateral | Maturity | Line Amount | Committed Line Amount | Outstanding Balance as of December 31, | |||||||||||||||||||||||||||||||||
2025 | 2024 | |||||||||||||||||||||||||||||||||||||
| Line of Credit Financing Facilities | ||||||||||||||||||||||||||||||||||||||
1) Unsecured line of credit (1) | — | N/A | N/A | N/A | N/A | — | ||||||||||||||||||||||||||||||||
2) Unsecured line of credit (1) | — | N/A | N/A | N/A | N/A | — | ||||||||||||||||||||||||||||||||
3) Revolving credit facility (8) | — | 7/3/2028 | 2,300 | 2,300 | — | — | ||||||||||||||||||||||||||||||||
| $ | 2,300 | $ | 2,300 | $ | — | $ | — | |||||||||||||||||||||||||||||||
| MSR and advance facilities | ||||||||||||||||||||||||||||||||||||||
4) MSR line of credit (2)(8) | MSRs | 12/10/2026 | 1,500 | 250 | — | — | ||||||||||||||||||||||||||||||||
5) MSR line of credit (3)(8) | MSRs | 9/30/2027 | 950 | — | 150 | N/A | ||||||||||||||||||||||||||||||||
6) MSR line of credit (4)(8) | MSRs | 11/17/2026 | 50 | 50 | — | N/A | ||||||||||||||||||||||||||||||||
7) MSR line of credit (8) | MSRs | 4/2/2027 | 1,750 | 700 | 700 | N/A | ||||||||||||||||||||||||||||||||
8) MSR line of credit (5)(8) | MSRs | 7/20/2027 | 950 | 950 | 450 | N/A | ||||||||||||||||||||||||||||||||
9) MSR line of credit (8) | MSRs | 4/1/2027 | 500 | — | 360 | N/A | ||||||||||||||||||||||||||||||||
10) MSR line of credit (8) | MSRs | 7/23/2027 | 500 | 150 | 150 | N/A | ||||||||||||||||||||||||||||||||
11) MSR line of credit (8) | MSRs | 7/17/2027 | 500 | 250 | 310 | N/A | ||||||||||||||||||||||||||||||||
12) MSR line of credit (6)(8) | MSRs | 7/25/2027 | 1,500 | 1,200 | 440 | N/A | ||||||||||||||||||||||||||||||||
13) MSR line of credit (8) | MSRs | 6/27/2027 | 500 | 250 | 265 | N/A | ||||||||||||||||||||||||||||||||
14) MSR line of credit (8) | MSRs | 6/25/2027 | 300 | — | 150 | N/A | ||||||||||||||||||||||||||||||||
15) Advance facility (8) | Servicing advance receivables | 8/13/2027 | 500 | 500 | 364 | N/A | ||||||||||||||||||||||||||||||||
16) Advance facility (7)(8) | Servicing advance receivables | 7/12/2026 | 30 | 30 | 1 | N/A | ||||||||||||||||||||||||||||||||
17) Advance facility (8) | Servicing advance receivables | 12/1/2027 | 350 | 127 | 99 | N/A | ||||||||||||||||||||||||||||||||
18) Advance facility (6)(8) | Servicing advance receivables | 7/25/2027 | 500 | 500 | 342 | N/A | ||||||||||||||||||||||||||||||||
| Total MSR and Advance Facilities | $ | 10,380 | $ | 4,957 | $ | 3,781 | $ | — | ||||||||||||||||||||||||||||||
(1) Refer to Note 8, Transactions with Related Parties for additional details regarding this unsecured line of credit. These facilities were voluntarily terminated in June 2025.
(2) This facility is a sublimit of Master Repurchase Agreement 5, found above in Funding Facilities. Subsequent to December 31, 2025, this facility sublimit was voluntarily terminated.
(3) This facility is a sublimit of Master Repurchase Agreement 12, found above in Funding Facilities. Refer to subfootnote 5, Funding Facilities for additional details regarding this financing facility.
(4) Subsequent to December 31, 2025, this facility was voluntarily terminated.
(5) Subsequent to December 31, 2025, this facility was amended to decrease the total facility size to $875, fully committed.
(6) Total capacity for this facility is $2,000, of which $500 is internally allocated for Advance financing and $1,500 is internally allocated for MSR financing. Capacity is fully fungible and is not restricted by these allocations.
(7) This facility is a sublimit of Master Repurchase Agreement 14, found above in Funding Facilities. Refer to subfootnote 7, Funding Facilities for additional details regarding this financing facility.
(8) The interest rates charged by lenders on financing facilities included the applicable base rate, plus a spread ranging from 1.45% to 3.25% for the years ended December 31, 2025 and December 31, 2024.
Unsecured Senior Notes
The Company's Senior Notes listed below are unsecured obligation notes with no requirement to pledge collateral for the borrowings.
| Facility Type | Maturity | Interest Rate | Outstanding Principal as of December 31, | |||||||||||||||||||||||
2025 | 2024 | |||||||||||||||||||||||||
Unsecured Senior Notes (1) | 10/15/2026 | 2.875 | % | $ | 1,150 | $ | 1,150 | |||||||||||||||||||
Unsecured Convertible Senior Notes (2) | 4/1/2027 | 0.500 | % | 503 | N/A | |||||||||||||||||||||
Unsecured Senior Notes (1) | 1/15/2028 | 5.250 | % | 62 | 62 | |||||||||||||||||||||
Unsecured Senior Notes (1) | 3/1/2029 | 3.625 | % | 750 | 750 | |||||||||||||||||||||
Unsecured Senior Notes (1) | 8/1/2029 | 6.500 | % | 12 | N/A | |||||||||||||||||||||
Unsecured Senior Notes (1) | 8/1/2029 | 6.500 | % | 738 | N/A | |||||||||||||||||||||
Unsecured Senior Notes (1) (3) | 8/1/2030 | 6.125 | % | 2,000 | N/A | |||||||||||||||||||||
Unsecured Senior Notes (1) | 12/15/2030 | 5.125 | % | 76 | N/A | |||||||||||||||||||||
Unsecured Senior Notes (1) | 3/1/2031 | 3.875 | % | 1,250 | 1,250 | |||||||||||||||||||||
Unsecured Senior Notes (1) | 11/15/2031 | 5.750 | % | 64 | N/A | |||||||||||||||||||||
Unsecured Senior Notes (1) | 2/1/2032 | 7.125 | % | 45 | N/A | |||||||||||||||||||||
Unsecured Senior Notes (1) | 2/1/2032 | 7.125 | % | 955 | N/A | |||||||||||||||||||||
Unsecured Senior Notes (1) (4) | 8/1/2033 | 6.375 | % | 2,000 | N/A | |||||||||||||||||||||
Unsecured Senior Notes (1) | 10/15/2033 | 4.000 | % | 850 | 850 | |||||||||||||||||||||
Total Senior Notes | $ | 10,455 | $ | 4,062 | ||||||||||||||||||||||
| Unamortized premium, net of unamortized discount | 28 | — | ||||||||||||||||||||||||
| Unamortized issuance costs | (60) | (23) | ||||||||||||||||||||||||
Senior Notes, net | $ | 10,423 | $ | 4,039 | ||||||||||||||||||||||
| Weighted Average Interest Rate | 5.03 | % | 3.59 | % | ||||||||||||||||||||||
(1) The indentures provide that the Company may redeem all or a portion of the unsecured senior notes at any time on or after certain fixed dates at the applicable redemption prices set forth in the indentures plus accrued and unpaid interest, to the redemption dates.
(2) The 2027 Convertible Senior Notes are unsecured obligation notes with no asset required to pledge for this borrowing. For the year ended December 31, 2025, the contractual interest expenses incurred were $1. The effective interest rate on the 2027 Convertible Senior Notes is 0.54%. The 2027 Convertible Senior Notes are convertible to cash, shares of the Company's common stock, or a combination thereof, at our election. The conversion rate is 8.47 shares of common stock per $1 principal amount. The free conversion date is January 1, 2027.
(3) In October 2025, the Company completed the offering of $2,000 of unsecured senior notes due 2030.
(4) In October 2025, the Company completed the offering of $2,000 unsecured senior notes due 2033.
The following table outlines the contractual maturities (by UPB) of unsecured senior notes (excluding interest and debt discount and premiums) for the years ended as follows:
| Year | Amount | |||||||
| 2026 | $ | 1,150 | ||||||
| 2027 | 503 | |||||||
| 2028 | 62 | |||||||
| 2029 | 1,500 | |||||||
| 2030 | 2,076 | |||||||
| Thereafter | 5,164 | |||||||
| Total | $ | 10,455 | ||||||
Refer to Note 3, Fair Value Measurements for information pertaining to the fair value of the Company’s debt as of December 31, 2025 and 2024.
Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Mar 2, 2026 | Showing above |
| 2024 | Mar 3, 2025 | |
| 2023 | Feb 27, 2024 | |
| 2022 | Mar 1, 2023 | |
| 2021 | Mar 1, 2022 | |
| 2020 | Mar 24, 2021 | |
About Debt Disclosures
Debt disclosures detail a company's borrowing structure — the types of instruments, interest rates, maturity schedule, and covenant restrictions that define its financial obligations and flexibility. This section is essential for assessing refinancing risk, interest rate exposure, and the margin of safety against financial distress.
Key signals: the maturity schedule reveals concentration risk — large maturities within 1-2 years during tight credit markets can force dilutive refinancing or asset sales. Compare the fair value of debt against carrying amount to gauge whether the market views the company's credit risk differently than the balance sheet suggests. Watch covenant compliance disclosures for tightening cushions, especially leverage and interest coverage ratios. Variable-rate debt exposure quantifies sensitivity to interest rate changes. Secured versus unsecured mix affects recovery rates and future borrowing capacity. Compare net debt-to-EBITDA against industry peers and covenant limits to assess financial health.