Business, Basis of Presentation and Accounting Policies (Policies)	6 Months Ended
Jun. 30, 2026
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Consolidation	The Company applies the equity method of accounting to investments where it is able to exercise significant influence, but not control, over the policies and procedures of the entity and owns less than 50% of the voting interests. Investments in certain companies over which the Company does not hold a significant ownership interest and does not have the ability to exercise significant influence over operating and financial decisions of the investee are recorded at fair value, or at cost upon election of measurement alternative, at the end of each reporting period. All significant intercompany transactions and accounts between the businesses comprising the Company have been eliminated in the accompanying Condensed Consolidated Financial Statements. The Company measures certain assets and liabilities at fair value on a recurring basis. Additionally, the Company may measure other assets and liabilities at fair value in the Condensed Consolidated Financial Statements on a nonrecurring basis. For further details of the Company’s transactions refer to Note 3, Fair Value Measurements. All transactions and accounts between related parties with the Company have a history of settlement or will be settled for cash and are reflected as related party transactions.
Basis of Presentation	Our Condensed Consolidated Financial Statements are unaudited and presented in U.S. dollars. They have been prepared in accordance with U.S. GAAP pursuant to the rules and regulations of the SEC. The interim financial information should be read in conjunction with the Consolidated Financial Statements and notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2025, as filed with the SEC. In our opinion, these Condensed Consolidated Financial Statements include all normal and recurring adjustments considered necessary for a fair statement of our results of operations, financial position and cash flows for the periods presented. Our results of operations for any interim period are not necessarily indicative of the results that may be expected for a full fiscal year or for any other future period.
Reclassifications	Reclassifications Beginning in the first quarter of 2026, we reclassified certain interest-related activity within the Condensed Consolidated Statements of Income (Loss) and Comprehensive Income (Loss). These reclassifications have no impact on previously reported consolidated net income, financial position, or cash flows. Prior period amounts that are impacted have been reclassified to conform to the current presentation. Specifically, Interest income, net was retitled to Interest income, and Interest and amortization expense on non-funding debt was retitled to Interest expense.
Management Estimates	Management Estimates The preparation of Condensed Consolidated Financial Statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosures of the fair value of assets and contingent liabilities at the date of the Condensed Consolidated Financial Statements and the reported amounts of revenues and expenses during the reporting period. Management is not aware of any factors that would significantly change its estimates and assumptions as of June 30, 2026. Actual results may differ from these estimates.
Subsequent Events	Subsequent Events In preparing these Condensed Consolidated Financial Statements, the Company evaluated events and transactions for potential recognition or disclosure through the date these Condensed Consolidated Financial Statements were issued.
Cash, Cash Equivalents and Restricted Cash	Cash, Cash Equivalents and Restricted Cash The Company considers all highly liquid investments purchased with a maturity of three months or less to be cash equivalents. We maintain our bank accounts with a relatively small number of high-quality financial institutions. Restricted cash as of June 30, 2026 and 2025 consisted of cash on deposit for a repurchase facility, collected funds pledged to certain financing facilities, client application deposits, title premiums collected from the insured that are due to the underwriter, and principal and interest received in collection accounts for purchased assets. Restricted cash is included in Other assets on the Condensed Consolidated Balance Sheets.
Revenue Recognition	Revenue Recognition Gain on sale of loans, net — consists of the following: Gain on sale of loans excluding fair value of originated MSRs, net — includes all components related to the origination and sale of mortgage loans accounted for as sales under ASC 860, Transfers and Servicing, including (1) net gain on sale of loans, which represents the premium we receive in excess of the loan principal amount and certain fees charged by investors upon sale of loans into the secondary market, (2) loan origination fees (credits), points and certain costs, (3) provision for or benefit from investor reserves, (4) unrealized change in fair value of the Pipeline, and (5) realized and unrealized change in fair value of Pipeline hedges. An estimate of the gains and/or losses is recognized at the time an IRLC is issued, net of a pull-through factor. Subsequent changes in the fair value of IRLCs and MLHFS are recognized in current period earnings. Fair value of originated MSRs — represents the capitalization of originated MSRs at fair value upon sale of loans on a servicing-retained basis. MSR assets are created at the time MLHFS are securitized and sold to investors for cash, while the Company retains the right to service the loan. Loan servicing income, net — consists of the following: Servicing fee income — includes contractual servicing fees, late charges, prepayment penalties and other ancillary fees and such fees are recorded as income as earned upon collection of payments from borrowers. The Company also acts as a subservicer for certain parties that own the underlying servicing rights for loans and receives subservicing fees, which are generally a stated monthly fee per loan that varies based upon loan type and loan status. Subservicing fees are accrued in the period that services are performed. Change in fair value of MSRs, net — includes adjustments for the fair value measurement of MSRs and related liabilities and derivative financial instruments economically hedging the MSR portfolio. Refer to Note 4, Mortgage Servicing Rights and Related Liabilities for information related to the gain/loss on changes in the fair value of MSRs and related liabilities. Refer to Note 10, Derivative Financial Instruments for further information on the derivative financial instruments gain/loss. Interest income — includes revenue generated from deposit income earned on cash deposits, including custodial deposits associated with the servicing portfolio, as well as interest earned on MLHFS and non-mortgage loans held for sale primarily for the period from origination to sale. Interest income is accrued and credited to income daily based on the UPB outstanding and recorded as earned. The accrual of Interest income is generally discontinued when a loan becomes 90 days past due. Loans return to accrual status when the principal and interest become current and it is probable that the amounts are fully collectible. For individual loans that have been modified, a period of six timely payments is required before the loan is returned to an accrual basis. Other income — includes revenue earned from Rocket Close (title, closing and appraisal fees), Rocket Money (subscription revenue and other service-based fees), Real estate services revenue (commission-based brokerage revenue and real estate network referral fees) and Other (additional subsidiary and miscellaneous revenue). The following significant revenue streams fall within the scope of ASC 606, Revenue from Contracts with Customers and are disaggregated hereunder. The remaining revenue streams within the scope of ASC 606 are immaterial, both individually and in aggregate. Rocket Money subscription revenue — The Company recognizes subscription revenue ratably over the contract term beginning on the commencement date of each contract. We have determined that subscriptions represent a stand-ready obligation to perform over the subscription term. These performance obligations are satisfied over time as the customer simultaneously receives and consumes the benefits. Contracts are one month to one year in length. Subscription revenues were $107 and $86 for the three months ended June 30, 2026 and 2025, respectively and $210 and $171 for the six months ended June 30, 2026 and 2025, respectively. Rocket Close closing fee revenue — The Company recognizes closing fees for nonrecurring services provided in connection with the origination of the loan. These fees are recognized at the time of loan closing for purchase transactions or at the end of a client's three-day rescission period for refinance transactions, which represents the point in time the loan closing services performance obligation is satisfied. The consideration received for closing services is a fixed fee per loan that varies by state and loan type. Closing fees were $51 and $32 for the three months ended June 30, 2026 and 2025, respectively and $100 and $56 for the six months ended June 30, 2026 and 2025, respectively. Rocket Close appraisal revenue — The Company recognizes appraisal revenue when the appraisal service is completed. The Company may choose to deliver appraisal services directly to its client or subcontract such services to a third-party licensed and/or certified appraiser. In instances where the Company performs the appraisal, revenue is recognized as the gross amount of consideration received at a fixed price per appraisal. The Company is an agent in instances where a third-party appraiser is involved in the delivery of appraisal services and revenue is recognized net of third-party appraisal expenses. Appraisal revenue was $11 and $10 for the three months ended June 30, 2026 and 2025, respectively and $22 and $19 for the six months ended June 30, 2026 and 2025, respectively. Real estate brokerage services revenue — Brokerage revenue includes our offer and listing services, where our lead agents represent homebuyers and home sellers. We recognize commission-based brokerage revenue upon closing of a brokerage transaction, less the amount of any commission refunds, closing-cost reductions, or promotional offers that may result in a material right under ASC 606. Brokerage revenue is affected by the number of brokerage transactions we close, the mix of brokerage transactions, home-sale prices, commission rates, and the amount we give to customers. Brokerage revenue was $197 and zero for the three months ended June 30, 2026 and 2025, respectively and $335 and zero for the six months ended June 30, 2026 and 2025, respectively. Real estate referral services revenue — The Company recognizes referral services revenue based on arrangements with partner agencies contingent on the closing of a transaction. As this revenue stream is variable, and is contingent on the successful transaction close, the revenue is constrained until the occurrence of the transaction. At this point, the constraint on recognizing revenue is deemed to have been lifted and revenue is recognized for the consideration expected to be received. Referral services revenue was $12 and $15 for the three months ended June 30, 2026 and 2025, respectively and $21 and $25 for the six months ended June 30, 2026 and 2025, respectively. Real estate exchange revenue — Exchange revenue includes fees earned on a proprietary digital exchange for selling foreclosed, real estate owned, and seller-owned property. Revenue is recognized upon transfer of control of promised goods or services to customers in an amount that reflects the consideration expected to be received in exchange for those products. Exchange revenue was $18 and zero for the three months ended June 30, 2026 and 2025, respectively and $33 and zero for the six months ended June 30, 2026 and 2025, respectively. Zillow Partnership revenue — As part of the acquisition of Redfin, the Company has an arrangement with Zillow, Inc. and recognizes revenue from a Content License Agreement and Partnership Agreement, which were combined for accounting purposes. The combined contract contains a single integrated performance obligation to provide content license and lead generation services to Zillow. The $100 upfront payment received by Redfin under the Partnership Agreement was recognized as deferred revenue initially and the Company recognizes revenue on a straight-line basis over the remaining contract term after the acquisition date of Redfin, which approximates the pattern of satisfaction of our performance obligation. The variable consideration related to the per-lead fees will be recognized over time based on the actual number of leads generated and the Company does not believe that it is probable that a significant reversal will occur. Total revenue from these Zillow agreements was $50 and zero for the three months ended June 30, 2026 and 2025, respectively and $92 and zero for the six months ended June 30, 2026 and 2025, respectively.
Variable Interest Entities and Consolidation of the Collateralized Financing Entity and Nonconsolidated Variable Interest Entities	Variable Interest Entities The Company consolidates VIEs in which it is the primary beneficiary. The Company’s consolidated VIEs relate to asset-backed financing arrangements and a CFE. Both types of VIEs are consolidated under ASC 810, Consolidation, as the Company has the power to direct the activities that most significantly impact each entity’s economic performance and has the obligation to absorb losses or the right to receive benefits that could be significant. The key distinction between the two categories relates to the nature of the underlying assets, the financing structure, and the applicable accounting election. Asset-Backed Financing Arrangements In the normal course of business, the Company enters into asset-backed financing arrangements with SPEs, which primarily consist of limited liability companies and trusts established for a limited purpose. Through these arrangements, the Company transfers financial assets, including MLHFS, MSRs, advance receivables and non-mortgage loans held for sale, to SPEs in exchange for cash under the terms of its facility or financing agreements. The Company evaluated and concluded that the SPEs meet the criteria as a VIE and the Company is the primary beneficiary. These SPEs obtain financing through the issuance of debt or repurchase arrangements supported by collections on the underlying financial assets. Holders of the debt issued by these entities can look only to the assets of the entities themselves for satisfaction of the debt and have limited to no recourse against the Company. Consolidation of the Collateralized Financing Entity In the normal course of business, the Company transfers financial assets to a trust that qualifies as a CFE. Unlike the asset-backed financing arrangements described above, the Company has elected to apply the CFE measurement alternative under ASC 810 to this entity. A CFE is a VIE that holds financial assets, issues beneficial interests in those assets and has no more than nominal equity. The related assets are not available for general use by the Company and creditors have no recourse to the Company for the related liabilities. Under the CFE election, the Company measures both the financial assets and the financial liabilities of the entity using the more observable of the two, which the Company has determined to be the fair value of the financial assets. Nonconsolidated Variable Interest Entities In the normal course of business, the Company transfers financial assets to certain entities where the Company holds a variable interest. Accordingly, the Company has evaluated and concluded that such entities are VIEs; however, the Company is not the primary beneficiary. The Company primarily holds variable interests through either beneficial interests in securitization trusts (accounted for as investment securities) or ownership interests (accounted for as equity investments) and has continuing involvement through servicing or subservicing. The assets of the VIEs are not available for general use by the Company and creditors have no recourse to the Company for the related liabilities. The underlying performance of the transferred financial assets impacts the fair value of such transferred assets and ultimately the financial performance of the VIEs.
Non-Controlling Interest	Non-Controlling Interest During the second quarter of 2026, the Company sold a non-controlling interest in Roosevelt, an investment management firm that was previously a wholly-owned subsidiary of Rocket Companies, to a third-party. As of June 30, 2026, the Company held 75.1% of Roosevelt, with a third-party holding the remaining 24.9%; accordingly, this is recognized as a non-controlling interest within our Condensed Consolidated Financial Statements.
Accounting Standards Issued but Not Yet Adopted	Accounting Standards Issued but Not Yet Adopted In November 2024, the FASB issued ASU 2024-03: Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosure (Subtopic 220-40) – Disaggregation of Income Statement Expenses. The new guidance requires companies to disclose information about specific expenses at each interim and annual reporting period. The guidance is effective for fiscal years beginning after December 15, 2026 and interim periods with fiscal years beginning after December 15, 2027. The Company is in the process of evaluating the requirements of the update, which may result in expanded disclosures upon adoption. In September 2025, the FASB issued ASU 2025-06: Intangibles - Goodwill and Other - Internal-Use Software (Subtopic 350-40). The new guidance updates the requirements for capitalizing software costs. The guidance is effective for fiscal years beginning after December 15, 2027. The Company is in the process of evaluating the requirements of the update, which is expected to result in changes to the Company's policy for capitalizing software costs.
Fair Value Measurements	Fair value is the price that would be received if an asset were sold or the price that would be paid to transfer a liability in an orderly transaction between willing market participants at the measurement date. Required disclosures include classification of fair value measurements within a three-level hierarchy (Level 1, Level 2 and Level 3). Classification of a fair value measurement within the hierarchy is dependent on the classification and significance of the inputs used to determine the fair value measurement. Observable inputs are those that are observed, implied from, or corroborated with externally available market information. Unobservable inputs represent the Company’s estimates of market participants’ assumptions. There have been no significant changes to the valuation techniques and inputs used by the Company in estimating fair values of Level 2 and Level 3 assets and liabilities as disclosed in the 2025 Form 10-K, with the exception of the following: Investment securities — Investment securities includes: (1) trading debt securities that are recorded at fair value using observable market prices for similar securities or identical securities that are traded in less active markets, which are classified as Level 2 and (2) available for sale debt securities that are recorded at fair value using an internal valuation model that calculates the present value of estimated net future cash flows utilizing unobservable inputs, which are classified as Level 3. The Company has elected the fair value option for the Level 3 available for sale debt securities and accordingly recognizes the changes in fair value for all investment securities within the Condensed Consolidated Statements of Income (Loss) and Comprehensive Income (Loss). Non-mortgage loan servicing rights: The fair value of non-mortgage loan servicing rights is determined using an internal valuation model that calculates the present value of the estimated net future cash flows. The discounted cash flow model includes estimates of prepayment speeds, cost to service, delinquencies, ancillary revenues, and other assumptions. These assets are classified as Level 3.
Income Taxes	Tax Receivable Agreement We are a party to a TRA and related TRA Amendment with RHI II, LLC and Mr. Gilbert that provides for the payment by the Company of 90% of the amount of cash savings, if any, in U.S. federal, state and local income tax or franchise tax that the Company actually realizes as a result of certain increases in tax basis and other tax benefits. Refer to the 2025 Form 10-K for the year ended December 31, 2025 for the complete description of the Tax Receivable Agreement, including the terms of the amendment executed in connection with the Up-C Collapse. Tax Distributions Prior to the Up-C Collapse, Holdings LLC made pro rata tax distributions to holders of Holdings LLC Units. Any future tax distributions after the Up-C Collapse would remain within the consolidated financial reporting group. For the three and six months ended June 30, 2025, Holdings LLC paid tax distributions totaling $114 to holders of Holdings LLC Units other than Rocket Companies. Refer to the 2025 Form 10-K for further details.
Derivative Financial Instruments	Derivative instruments are used as part of the overall strategy to manage exposure to, or to hedge, interest rate risks related to the Pipeline and the MSR portfolio. The Company economically hedges the Pipeline separately from the MSR portfolio primarily using third-party derivative instruments. Such derivative instruments utilized by the Company include IRLCs, LPCs, Forward commitments, and Treasury futures. The Company’s derivative instruments are not designated as accounting hedging instruments, and therefore, changes in fair value are recorded in current period Net income (loss). Changes in the fair value of IRLCs, LPCs, and Pipeline hedges are recognized in Gain on sale of loans, net on the Condensed Consolidated Statements of Income (Loss) and Comprehensive Income (Loss). Changes in the fair value of all derivative instruments economically hedging the MSR portfolio are recorded in Change in fair value of MSRs, net on the Condensed Consolidated Statements of Income (Loss) and Comprehensive Income (Loss). The cash flows related to IRLCs, LPCs, and Pipeline hedges are included within the Gain on sale of loans excluding fair value of originated MSRs, net and the cash flows related to MSR hedges are included within Other operating activities, both in the Condensed Consolidated Statements of Cash Flows.
Earnings Per Share	The Company applies the two-class method for calculating and presenting earnings per share for Class A common stock and Class L common stock, which have equal rights to participate in earnings and dividends on a per share basis. RSUs and PSUs are included in the weighted-average Shares of Class A common stock outstanding in the calculation of basic earnings per share once fully vested. Refer to the 2025 Form 10-K for the complete description of the changes to the earnings per share resulting from the Up-C Collapse. Basic earnings per share of Participating Common Stock is computed by dividing Net income (loss) attributable to Rocket Companies by the weighted-average number of shares of Participating Common Stock outstanding during the period. Diluted earnings per share of Participating Common Stock is computed by dividing Net income (loss) attributable to Rocket Companies by the weighted-average number of shares of Participating Common Stock outstanding adjusted to give effect to potentially dilutive securities. Diluted earnings per share reflects the dilutive effect of potential common shares from share-based awards, shares issuable on the conversion of convertible debt and Class D common stock. The treasury stock method is used to calculate the dilutive effect of outstanding share-based awards, which assumes the proceeds upon vesting or exercise of awards would be used to purchase common stock at the average price for the period. The if-converted method is used to calculate the dilutive effect of converting our Convertible Senior Notes and Class D common stock to Class A common stock. Under the if-converted method, the denominator of the diluted earnings per share calculation is adjusted to reflect the full number of common shares issuable upon conversion of our Convertible Senior Notes and Class D common stock while the numerator is adjusted to add back interest and amortization expense for the period related to our Convertible Senior Notes. Prior to the Up-C Collapse, Holdings LLC Units paired with Class D common stock were evaluated for dilutive effect under the if-converted method. Refer to the 2025 Form 10-K for further details.

Business, Basis of Presentation and Accounting Policies (Policies)

6 Months Ended

Jun. 30, 2026

Organization, Consolidation and Presentation of Financial Statements [Abstract]

The Company applies the equity method of accounting to investments where it is able to exercise significant influence, but not control, over the policies and procedures of the entity and owns less than 50% of the voting interests. Investments in certain companies over which the Company does not hold a significant ownership interest and does not have the ability to exercise significant influence over operating and financial decisions of the investee are recorded at fair value, or at cost upon election of measurement alternative, at the end of each reporting period.

All significant intercompany transactions and accounts between the businesses comprising the Company have been eliminated in the accompanying Condensed Consolidated Financial Statements.

The Company measures certain assets and liabilities at fair value on a recurring basis. Additionally, the Company may measure other assets and liabilities at fair value in the Condensed Consolidated Financial Statements on a nonrecurring basis. For further details of the Company’s transactions refer to Note 3, Fair Value Measurements.

All transactions and accounts between related parties with the Company have a history of settlement or will be settled for cash and are reflected as related party transactions.

Basis of Presentation

Our Condensed Consolidated Financial Statements are unaudited and presented in U.S. dollars. They have been prepared in accordance with U.S. GAAP pursuant to the rules and regulations of the SEC. The interim financial information should be read in conjunction with the Consolidated Financial Statements and notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2025, as filed with the SEC. In our opinion, these Condensed Consolidated Financial Statements include all normal and recurring adjustments considered necessary for a fair statement of our results of operations, financial position and cash flows for the periods presented. Our results of operations for any interim period are not necessarily indicative of the results that may be expected for a full fiscal year or for any other future period.

Reclassifications

Beginning in the first quarter of 2026, we reclassified certain interest-related activity within the Condensed Consolidated Statements of Income (Loss) and Comprehensive Income (Loss). These reclassifications have no impact on previously reported consolidated net income, financial position, or cash flows. Prior period amounts that are impacted have been reclassified to conform to the current presentation. Specifically, Interest income, net was retitled to Interest income, and Interest and amortization expense on non-funding debt was retitled to Interest expense.

Management Estimates

The preparation of Condensed Consolidated Financial Statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosures of the fair value of assets and contingent liabilities at the date of the Condensed Consolidated Financial Statements and the reported amounts of revenues and expenses during the reporting period. Management is not aware of any factors that would significantly change its estimates and assumptions as of June 30, 2026. Actual results may differ from these estimates.

Subsequent Events

In preparing these Condensed Consolidated Financial Statements, the Company evaluated events and transactions for potential recognition or disclosure through the date these Condensed Consolidated Financial Statements were issued.

Cash, Cash Equivalents and Restricted Cash

The Company considers all highly liquid investments purchased with a maturity of three months or less to be cash equivalents. We maintain our bank accounts with a relatively small number of high-quality financial institutions.

Restricted cash as of June 30, 2026 and 2025 consisted of cash on deposit for a repurchase facility, collected funds pledged to certain financing facilities, client application deposits, title premiums collected from the insured that are due to the underwriter, and principal and interest received in collection accounts for purchased assets. Restricted cash is included in Other assets on the Condensed Consolidated Balance Sheets.

Revenue Recognition

Gain on sale of loans, net — consists of the following:

Gain on sale of loans excluding fair value of originated MSRs, net — includes all components related to the origination and sale of mortgage loans accounted for as sales under ASC 860, Transfers and Servicing, including (1) net gain on sale of loans, which represents the premium we receive in excess of the loan principal amount and certain fees charged by investors upon sale of loans into the secondary market, (2) loan origination fees (credits), points and certain costs, (3) provision for or benefit from investor reserves, (4) unrealized change in fair value of the Pipeline, and (5) realized and unrealized change in fair value of Pipeline hedges. An estimate of the gains and/or losses is recognized at the time an IRLC is issued, net of a pull-through factor. Subsequent changes in the fair value of IRLCs and MLHFS are recognized in current period earnings.

Fair value of originated MSRs — represents the capitalization of originated MSRs at fair value upon sale of loans on a servicing-retained basis. MSR assets are created at the time MLHFS are securitized and sold to investors for cash, while the Company retains the right to service the loan.

Loan servicing income, net — consists of the following:

Servicing fee income — includes contractual servicing fees, late charges, prepayment penalties and other ancillary fees and such fees are recorded as income as earned upon collection of payments from borrowers. The Company also acts as a subservicer for certain parties that own the underlying servicing rights for loans and receives subservicing fees, which are generally a stated monthly fee per loan that varies based upon loan type and loan status. Subservicing fees are accrued in the period that services are performed.

Change in fair value of MSRs, net — includes adjustments for the fair value measurement of MSRs and related liabilities and derivative financial instruments economically hedging the MSR portfolio. Refer to Note 4, Mortgage Servicing Rights and Related Liabilities for information related to the gain/loss on changes in the fair value of MSRs and related liabilities. Refer to Note 10, Derivative Financial Instruments for further information on the derivative financial instruments gain/loss.

Interest income — includes revenue generated from deposit income earned on cash deposits, including custodial deposits associated with the servicing portfolio, as well as interest earned on MLHFS and non-mortgage loans held for sale primarily for the period from origination to sale. Interest income is accrued and credited to income daily based on the UPB outstanding and recorded as earned. The accrual of Interest income is generally discontinued when a loan becomes 90 days past due. Loans return to accrual status when the principal and interest become current and it is probable that the amounts are fully collectible. For individual loans that have been modified, a period of six timely payments is required before the loan is returned to an accrual basis.

Other income — includes revenue earned from Rocket Close (title, closing and appraisal fees), Rocket Money (subscription revenue and other service-based fees), Real estate services revenue (commission-based brokerage revenue and real estate network referral fees) and Other (additional subsidiary and miscellaneous revenue).

The following significant revenue streams fall within the scope of ASC 606, Revenue from Contracts with Customers and are disaggregated hereunder. The remaining revenue streams within the scope of ASC 606 are immaterial, both individually and in aggregate.

Rocket Money subscription revenue — The Company recognizes subscription revenue ratably over the contract term beginning on the commencement date of each contract. We have determined that subscriptions represent a stand-ready obligation to perform over the subscription term. These performance obligations are satisfied over time as the customer simultaneously receives and consumes the benefits. Contracts are one month to one year in length. Subscription revenues were $107 and $86 for the three months ended June 30, 2026 and 2025, respectively and $210 and $171 for the six months ended June 30, 2026 and 2025, respectively.

Rocket Close closing fee revenue — The Company recognizes closing fees for nonrecurring services provided in connection with the origination of the loan. These fees are recognized at the time of loan closing for purchase transactions or at the end of a client's three-day rescission period for refinance transactions, which represents the point in time the loan closing services performance obligation is satisfied. The consideration received for closing services is a fixed fee per loan that varies by state and loan type. Closing fees were $51 and $32 for the three months ended June 30, 2026 and 2025, respectively and $100 and $56 for the six months ended June 30, 2026 and 2025, respectively.

Rocket Close appraisal revenue — The Company recognizes appraisal revenue when the appraisal service is completed. The Company may choose to deliver appraisal services directly to its client or subcontract such services to a third-party licensed and/or certified appraiser. In instances where the Company performs the appraisal, revenue is recognized as the gross amount of consideration received at a fixed price per appraisal. The Company is an agent in instances where a third-party appraiser is involved in the delivery of appraisal services and revenue is recognized net of third-party appraisal expenses. Appraisal revenue was $11 and $10 for the three months ended June 30, 2026 and 2025, respectively and $22 and $19 for the six months ended June 30, 2026 and 2025, respectively.

Real estate brokerage services revenue — Brokerage revenue includes our offer and listing services, where our lead agents represent homebuyers and home sellers. We recognize commission-based brokerage revenue upon closing of a brokerage transaction, less the amount of any commission refunds, closing-cost reductions, or promotional offers that may result in a material right under ASC 606. Brokerage revenue is affected by the number of brokerage transactions we close, the mix of brokerage transactions, home-sale prices, commission rates, and the amount we give to customers. Brokerage revenue was $197 and zero for the three months ended June 30, 2026 and 2025, respectively and $335 and zero for the six months ended June 30, 2026 and 2025, respectively.

Real estate referral services revenue — The Company recognizes referral services revenue based on arrangements with partner agencies contingent on the closing of a transaction. As this revenue stream is variable, and is contingent on the successful transaction close, the revenue is constrained until the occurrence of the transaction. At this point, the constraint on recognizing revenue is deemed to have been lifted and revenue is recognized for the consideration expected to be received. Referral services revenue was $12 and $15 for the three months ended June 30, 2026 and 2025, respectively and $21 and $25 for the six months ended June 30, 2026 and 2025, respectively.

Real estate exchange revenue — Exchange revenue includes fees earned on a proprietary digital exchange for selling foreclosed, real estate owned, and seller-owned property. Revenue is recognized upon transfer of control of promised goods or services to customers in an amount that reflects the consideration expected to be received in exchange for those products. Exchange revenue was $18 and zero for the three months ended June 30, 2026 and 2025, respectively and $33 and zero for the six months ended June 30, 2026 and 2025, respectively.

Zillow Partnership revenue — As part of the acquisition of Redfin, the Company has an arrangement with Zillow, Inc. and recognizes revenue from a Content License Agreement and Partnership Agreement, which were combined for accounting purposes. The combined contract contains a single integrated performance obligation to provide content license and lead generation services to Zillow. The $100 upfront payment received by Redfin under the Partnership Agreement was recognized as deferred revenue initially and the Company recognizes revenue on a straight-line basis over the remaining contract term after the acquisition date of Redfin, which approximates the pattern of satisfaction of our performance obligation. The variable consideration related to the per-lead fees will be recognized over time based on the actual number of leads generated and the Company does not believe that it is probable that a significant reversal will occur. Total revenue from these Zillow agreements was $50 and zero for the three months ended June 30, 2026 and 2025, respectively and $92 and zero for the six months ended June 30, 2026 and 2025, respectively.

Variable Interest Entities and Consolidation of the Collateralized Financing Entity and Nonconsolidated Variable Interest Entities

Variable Interest Entities

The Company consolidates VIEs in which it is the primary beneficiary. The Company’s consolidated VIEs relate to asset-backed financing arrangements and a CFE. Both types of VIEs are consolidated under ASC 810, Consolidation, as the Company has the power to direct the activities that most significantly impact each entity’s economic performance and has the obligation to absorb losses or the right to receive benefits that could be significant. The key distinction between the two categories relates to the nature of the underlying assets, the financing structure, and the applicable accounting election.

Asset-Backed Financing Arrangements

In the normal course of business, the Company enters into asset-backed financing arrangements with SPEs, which primarily consist of limited liability companies and trusts established for a limited purpose. Through these arrangements, the Company transfers financial assets, including MLHFS, MSRs, advance receivables and non-mortgage loans held for sale, to SPEs in exchange for cash under the terms of its facility or financing agreements. The Company evaluated and concluded that the SPEs meet the criteria as a VIE and the Company is the primary beneficiary. These SPEs obtain financing through the issuance of debt or repurchase arrangements supported by collections on the underlying financial assets. Holders of the debt issued by these entities can look only to the assets of the entities themselves for satisfaction of the debt and have limited to no recourse against the Company.

Consolidation of the Collateralized Financing Entity

In the normal course of business, the Company transfers financial assets to a trust that qualifies as a CFE. Unlike the asset-backed financing arrangements described above, the Company has elected to apply the CFE measurement alternative under ASC 810 to this entity. A CFE is a VIE that holds financial assets, issues beneficial interests in those assets and has no more than nominal equity. The related assets are not available for general use by the Company and creditors have no recourse to the Company for the related liabilities. Under the CFE election, the Company measures both the financial assets and the financial liabilities of the entity using the more observable of the two, which the Company has determined to be the fair value of the financial assets.

Nonconsolidated Variable Interest Entities

In the normal course of business, the Company transfers financial assets to certain entities where the Company holds a variable interest. Accordingly, the Company has evaluated and concluded that such entities are VIEs; however, the Company is not the primary beneficiary. The Company primarily holds variable interests through either beneficial interests in securitization trusts (accounted for as investment securities) or ownership interests (accounted for as equity investments) and has continuing involvement through servicing or subservicing. The assets of the VIEs are not available for general use by the Company and creditors have no recourse to the Company for the related liabilities. The underlying performance of the transferred financial assets impacts the fair value of such transferred assets and ultimately the financial performance of the VIEs.

Non-Controlling Interest

During the second quarter of 2026, the Company sold a non-controlling interest in Roosevelt, an investment management firm that was previously a wholly-owned subsidiary of Rocket Companies, to a third-party. As of June 30, 2026, the Company held 75.1% of Roosevelt, with a third-party holding the remaining 24.9%; accordingly, this is recognized as a non-controlling interest within our Condensed Consolidated Financial Statements.

Accounting Standards Issued but Not Yet Adopted

In November 2024, the FASB issued ASU 2024-03: Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosure (Subtopic 220-40) – Disaggregation of Income Statement Expenses. The new guidance requires companies to disclose information about specific expenses at each interim and annual reporting period. The guidance is effective for fiscal years beginning after December 15, 2026 and interim periods with fiscal years beginning after December 15, 2027. The Company is in the process of evaluating the requirements of the update, which may result in expanded disclosures upon adoption.

In September 2025, the FASB issued ASU 2025-06: Intangibles - Goodwill and Other - Internal-Use Software (Subtopic 350-40). The new guidance updates the requirements for capitalizing software costs. The guidance is effective for fiscal years beginning after December 15, 2027. The Company is in the process of evaluating the requirements of the update, which is expected to result in changes to the Company's policy for capitalizing software costs.

Fair Value Measurements

Fair value is the price that would be received if an asset were sold or the price that would be paid to transfer a liability in an orderly transaction between willing market participants at the measurement date. Required disclosures include classification of fair value measurements within a three-level hierarchy (Level 1, Level 2 and Level 3). Classification of a fair value measurement within the hierarchy is dependent on the classification and significance of the inputs used to determine the fair value measurement. Observable inputs are those that are observed, implied from, or corroborated with externally available market information. Unobservable inputs represent the Company’s estimates of market participants’ assumptions.

There have been no significant changes to the valuation techniques and inputs used by the Company in estimating fair values of Level 2 and Level 3 assets and liabilities as disclosed in the 2025 Form 10-K, with the exception of the following:

Investment securities — Investment securities includes: (1) trading debt securities that are recorded at fair value using observable market prices for similar securities or identical securities that are traded in less active markets, which are classified as Level 2 and (2) available for sale debt securities that are recorded at fair value using an internal valuation model that calculates the present value of estimated net future cash flows utilizing unobservable inputs, which are classified as Level 3. The Company has elected the fair value option for the Level 3 available for sale debt securities and accordingly recognizes the changes in fair value for all investment securities within the Condensed Consolidated Statements of Income (Loss) and Comprehensive Income (Loss).

Non-mortgage loan servicing rights: The fair value of non-mortgage loan servicing rights is determined using an internal valuation model that calculates the present value of the estimated net future cash flows. The discounted cash flow model includes estimates of prepayment speeds, cost to service, delinquencies, ancillary revenues, and other assumptions. These assets are classified as Level 3.

Income Taxes

Tax Receivable Agreement

We are a party to a TRA and related TRA Amendment with RHI II, LLC and Mr. Gilbert that provides for the payment by the Company of 90% of the amount of cash savings, if any, in U.S. federal, state and local income tax or franchise tax that the Company actually realizes as a result of certain increases in tax basis and other tax benefits. Refer to the 2025 Form 10-K for the year ended December 31, 2025 for the complete description of the Tax Receivable Agreement, including the terms of the amendment executed in connection with the Up-C Collapse.

Tax Distributions

Prior to the Up-C Collapse, Holdings LLC made pro rata tax distributions to holders of Holdings LLC Units. Any future tax distributions after the Up-C Collapse would remain within the consolidated financial reporting group. For the three and six months ended June 30, 2025, Holdings LLC paid tax distributions totaling $114 to holders of Holdings LLC Units other than Rocket Companies. Refer to the 2025 Form 10-K for further details.

Derivative Financial Instruments

Derivative instruments are used as part of the overall strategy to manage exposure to, or to hedge, interest rate risks related to the Pipeline and the MSR portfolio. The Company economically hedges the Pipeline separately from the MSR portfolio primarily using third-party derivative instruments. Such derivative instruments utilized by the Company include IRLCs, LPCs, Forward commitments, and Treasury futures. The Company’s derivative instruments are not designated as accounting hedging instruments, and therefore, changes in fair value are recorded in current period Net income (loss). Changes in the fair value of IRLCs, LPCs, and Pipeline hedges are recognized in Gain on sale of loans, net on the Condensed Consolidated Statements of Income (Loss) and Comprehensive Income (Loss). Changes in the fair value of all derivative instruments economically hedging the MSR portfolio are recorded in Change in fair value of MSRs, net on the Condensed Consolidated Statements of Income (Loss) and Comprehensive Income (Loss). The cash flows related to IRLCs, LPCs, and Pipeline hedges are included within the Gain on sale of loans excluding fair value of originated MSRs, net and the cash flows related to MSR hedges are included within Other operating activities, both in the Condensed Consolidated Statements of Cash Flows.

Earnings Per Share

The Company applies the two-class method for calculating and presenting earnings per share for Class A common stock and Class L common stock, which have equal rights to participate in earnings and dividends on a per share basis. RSUs and PSUs are included in the weighted-average Shares of Class A common stock outstanding in the calculation of basic earnings per share once fully vested.

Refer to the 2025 Form 10-K for the complete description of the changes to the earnings per share resulting from the Up-C Collapse.

Basic earnings per share of Participating Common Stock is computed by dividing Net income (loss) attributable to Rocket Companies by the weighted-average number of shares of Participating Common Stock outstanding during the period. Diluted earnings per share of Participating Common Stock is computed by dividing Net income (loss) attributable to Rocket Companies by the weighted-average number of shares of Participating Common Stock outstanding adjusted to give effect to potentially dilutive securities.

Diluted earnings per share reflects the dilutive effect of potential common shares from share-based awards, shares issuable on the conversion of convertible debt and Class D common stock. The treasury stock method is used to calculate the dilutive effect of outstanding share-based awards, which assumes the proceeds upon vesting or exercise of awards would be used to purchase common stock at the average price for the period. The if-converted method is used to calculate the dilutive effect of converting our Convertible Senior Notes and Class D common stock to Class A common stock. Under the if-converted method, the denominator of the diluted earnings per share calculation is adjusted to reflect the full number of common shares issuable upon conversion of our Convertible Senior Notes and Class D common stock while the numerator is adjusted to add back interest and amortization expense for the period related to our Convertible Senior Notes. Prior to the Up-C Collapse, Holdings LLC Units paired with Class D common stock were evaluated for dilutive effect under the if-converted method. Refer to the 2025 Form 10-K for further details.