v3.26.1
Acquisitions
 6 Months Ended
Jun. 30, 2026
Business Combination, Asset Acquisition, Transaction between Entities under Common Control, and Joint Venture Formation [Abstract]  
Acquisitions Acquisitions
During 2025, the Company completed two strategic acquisitions intended to expand and integrate its residential real estate and mortgage capabilities across the homeownership lifecycle. The acquisitions of Redfin and Mr. Cooper enhance the Company’s homeownership ecosystem by combining Redfin’s home search portal and digital real estate brokerage and Mr. Cooper’s mortgage servicing operations and the Company’s mortgage financing operations.

Redfin Acquisition

Effective July 1, 2025, the Company acquired 100% of the outstanding shares of Redfin, in an all-stock transaction. The Company included the financial results of Redfin in its Condensed Consolidated Financial Statements from the date of acquisition.

The acquisition-date fair value of the consideration transferred for the Redfin Acquisition was approximately $1,742. The consideration transferred consisted of (i) $1,466 attributable to Rocket Class A common stock issued to Redfin stockholders, (ii) $24 related to converted Redfin equity awards attributable to pre-combination service, and (iii) $252 in cash paid to settle Redfin’s outstanding term loan principal, accrued interest, and prepayment premium.

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. During the quarter ended June 30, 2026, the Company finalized the purchase price allocation for the Redfin Acquisition. No measurement-period adjustments were recorded, and there were no changes to the amounts previously disclosed.
The following table summarizes the purchase price allocation to our Condensed Consolidated Balance Sheets as of the acquisition date:
Fair Value
Assets acquired
Cash and cash equivalents$173 
Mortgage loans held for sale165 
Derivative assets5 
MSRs2 
Property and equipment12 
Intangible assets881 
Other assets223 
Total assets acquired$1,461 
Liabilities assumed
Secured financing$158 
Unsecured financing526 
Derivative liabilities2 
Accounts payable and Other liabilities266 
Total liabilities assumed$952 
Net identifiable assets acquired$509 
Goodwill1,233 
Total consideration transferred$1,742 
The resulting goodwill is primarily attributed to the assembled workforce, synergies from integrating Redfin’s brokerage and home search platform with Rocket’s mortgage and real estate ecosystem, and opportunities for future market expansion. Goodwill generated as a result of the Redfin Acquisition is not deductible for tax purposes.

Identifiable Intangible Assets Acquired

The following table sets forth the components of identifiable intangible assets acquired and their estimated useful lives as of the acquisition date:
Fair ValueUseful Life
Developed technology and other$356 4 years
Trade name350 5 years
Customer relationships175 
4 - 6 years
Intangible assets acquired$881 
Mr. Cooper Acquisition

Effective October 1, 2025, the Company acquired 100% of the outstanding shares of Mr. Cooper Group, the country's largest residential mortgage servicer headquartered in Coppell, Texas and incorporated in Delaware, in an all-stock transaction. The Company included the financial results of Mr. Cooper in its Condensed Consolidated Financial Statements from the date of acquisition.

The acquisition-date fair value of the consideration transferred for the acquisition of Mr. Cooper was approximately $16,973. The consideration transferred consisted of (i) $13,667 attributable to Rocket Class A common stock issued to Mr. Cooper stockholders, (ii) $193 related to converted Mr. Cooper equity awards attributable to pre-combination service, and (iii) $3,113 of cash paid to settle Mr. Cooper’s outstanding unsecured senior notes, accrued interest, and other related fees.
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. The tax-related liabilities and other contingencies are preliminary and subject to change as additional information becomes available and certain tax matters are finalized. Additional information that existed as of the acquisition date but at the time was unknown to the Company may become known to the Company during the remainder of the measurement period, a period not to exceed 12 months from the acquisition date, which may result in adjustments to the preliminary amounts recognized.

The following table summarizes the preliminary purchase price allocation to our Condensed Consolidated Balance Sheets as of the acquisition date:
Fair Value
Assets acquired
Cash and cash equivalents$684 
Mortgage loans held for sale2,720 
Derivative assets116 
MSRs11,604 
Advance receivables, net1,043 
Property and equipment50 
Loans subject to repurchase right from Ginnie Mae1,423 
Intangible assets1,438 
Other assets800 
Total assets acquired$19,878 
Liabilities assumed
Secured financing$6,461 
Unsecured financing1,956 
Derivative liabilities71 
Loans subject to repurchase right from Ginnie Mae1,423 
Accounts payable and Other liabilities1,245 
Total liabilities assumed$11,156 
Net identifiable assets acquired$8,722 
Goodwill8,251 
Total consideration transferred$16,973 
The resulting goodwill is primarily attributed to the assembled workforce, anticipated synergies from integrating Mr. Cooper’s loan servicing and mortgage origination operations with Rocket’s mortgage and real estate ecosystem, and opportunities for future market expansion. Goodwill generated as a result of the Mr. Cooper Acquisition is not expected to be deductible for tax purposes.

Identifiable Intangible Assets Acquired

The following table sets forth the components of identifiable intangible assets acquired and their estimated useful lives as of the acquisition date:
Fair ValueUseful Life
Customer relationships$1,175 7 years
Developed technology250 3 years
Trade name13 
0.25 years
Intangible assets acquired$1,438 
Unaudited Pro Forma Financial Information

Total revenue, net and Net income (loss) since the acquisition dates of Redfin and Mr. Cooper were not provided as it is impracticable for the Company to distinguish legacy Redfin and Mr. Cooper information due to the ongoing integration and system conversion efforts.

The following unaudited pro forma financial information summarizes the combined results of operations for Rocket, Redfin, and Mr. Cooper, as if the Acquisitions had both been consummated on January 1, 2024. The unaudited pro forma financial information was as follows:
Three Months Ended June 30, 2025
Six Months Ended June 30, 2025
(Unaudited)
Total revenue, net
$2,564 $4,645 
Net income (loss)$151 $(73)
The unaudited pro forma financial information presented is for informational purposes only and is not necessarily indicative of the results of operations that would have been achieved if the Acquisitions were both consummated on January 1, 2024, and is not indicative of future operating results. The unaudited pro forma information for all periods presented includes the following adjustments, where applicable, for business combination accounting effects resulting from the Acquisitions: (i) incremental amortization of acquisition-related intangibles and reversal of contract asset amortization, (ii) net share-based compensation expense from Rocket replacement equity awards, (iii) Interest and amortization expense on non-funding debt related to the assumed notes from the Acquisitions and the refinancing of certain historical Mr. Cooper notes with new Rocket notes, and (iv) the related tax effects.

The significant nonrecurring adjustments reflected in the unaudited pro forma consolidated information above include the impact of transaction costs of $74, the third party fees related to the Mr. Cooper notes assumed by Rocket Companies of $15, and the one-time discretionary payments of $10 made to certain former Redfin employees, all of which have been recognized as if incurred on the assumed acquisition date of January 1, 2024.