RKT Stock: Gain on Sale, Servicing, Debt and Dividend (2026)

What these filings answer that a quote page does not

Most people who type "rkt stock" want a price. We do not give one, and the filings below are not a view on it. A quote page does not show where the revenue line comes from, what part of it is cash, what the debt looks like or who holds the shares that do not trade. Those answers are in four documents: the 10-Q for June 30, 2026 (accession 0001628280-26-054577), the earnings release attached to the 8-K of August 6, 2026 (0001805284-26-000082), the 10-K for 2025 (0001628280-26-013283) and the proxy statement filed April 29, 2026 (0001805284-26-000056). The ticker is for the Class A shares of the holding company; Rocket Mortgage, LLC is one of its subsidiaries. The last filing we found on EDGAR is an 8-K of August 17, 2026 adding a tenth director, so the June 30 numbers are the newest. The company said in the release it expects Q3 2026 adjusted revenue between $2.5 billion and $2.7 billion; that is the company's guidance, not ours.

Two things in the premise of many searches need correcting. First, there is no regular or recurring dividend (see below). Second, both big purchases people remember did close: Redfin on July 1, 2025 and Mr. Cooper on October 1, 2025, which is why year-over-year comparisons in this quarter are not like for like.

Gain on sale by channel: the margin fell because the mix changed

Rocket reports three origination channels. Direct to Consumer is its own loan officers and app, Rocket Pro is the wholesale broker channel, and Correspondent is where it buys closed loans from other lenders. Correspondent first appears in the 2026 numbers, after the Mr. Cooper purchase; the filings we read do not say where the channel came from.

Rocket Companies by channel, second quarter 2026 against second quarter 2025 (USD millions except margins)

The changes in the last column are our arithmetic from the 10-Q. The company explains the lower combined margin as a mix shift to Correspondent, and says Rocket Pro's 0.69% was driven by investments in its Compass partnership to attract new partners. The mix of loans also moved: conventional conforming loans were $26.6 billion of Q2 closings, FHA and VA $14.0 billion and non-agency $8.5 billion (against $16.3, $7.3 and $5.5 billion), the average loan was $307,000 against $270,000, and the weighted average note rate was 6.26% against 6.76%. In the six months, the total margin was 2.61% against 2.84%, and 94.83% of loans sold kept servicing with Rocket, up from 91.79%. That last number is what feeds the next section: the more servicing Rocket keeps, the more gain on sale is booked as a servicing asset rather than as cash.

Company-reported market share, from the release, rose to 6.2% of purchase originations (5.5% in Q4 2025) and 14.3% of refinances (12.2%). We did not test those shares against any outside source.

How much of the gain on sale is cash

Gain on sale of loans is one line on the income statement, built from five parts. Only one of them is a premium received when a loan is sold.

Parts of gain on sale of loans, net (USD millions)

Read it this way (our arithmetic). The MSR component is a non-cash estimate booked when a loan is sold and its servicing is kept; it was 63.0% of Q2 gain on sale, against 42.0% in Q2 2025. The remaining $446 million fell 5.7% even though locks outside Correspondent grew 29.7%, which fits the mix explanation above. The company's own 10-Q says that the net gain, pipeline and hedge components "should be evaluated in combination" because the pipeline and hedges offset each other; together they were $444 million in Q2, down 6% from $472 million. The MSR component is also why the company's "adjusted revenue" excludes only the later valuation changes: it keeps the $759 million in.

Servicing: $2.0 trillion, and the asset that has to be re-earned

At June 30, 2026 Rocket serviced $2,016.7 billion of unpaid principal balance (UPB) for 9.1 million loans, against $609.2 billion and 2.8 million loans a year earlier and $2,121.9 billion at December 31, 2025. Of the June total, $1,213.6 billion sits behind servicing rights Rocket owns and $803.1 billion (39.8%, our arithmetic) is subserviced or temporarily serviced for others.

Servicing and MSR numbers (USD millions unless stated)

Two points are ours. First, the fair-value charge is mostly the portfolio running off: the $616 million net charge is $639 million of "collection/realization of cash flows", less a $70 million gain from model inputs, plus a $47 million loss on the hedge. Servicing is therefore an asset that is spent each quarter and has to be replaced by new originations or purchases; in Q2 Rocket added $759 million of originated MSRs and bought $151 million. Second, the UPB shrank 5.0% from December to June (our arithmetic) even as Rocket originated $43.3 billion of new MSR UPB in Q2, because $146.4 billion left through sales and subservicing transfers and $48.6 billion through payoffs. Rocket sold $92.5 billion of servicing UPB in the half, keeping subservicing on $63.0 billion of it.

The release says Rocket "retained subservicing and recapture services on nearly 80% of the MSRs sold". Recapture, getting a payoff borrower to refinance with Rocket, is the strategic reason for holding the servicing, and the company says legacy Mr. Cooper recapture reached a record in Q2. The filings give a retention rate but no dollar value for recapture.

What Mr. Cooper and Redfin added, and what they cost

Both purchases were paid mainly in Rocket Class A stock. Redfin was a $1,742 million deal: $1,466 million of stock, $24 million of replaced equity awards and $252 million of cash to repay Redfin's term loan. Mr. Cooper was $16,973 million: $13,667 million of stock, $193 million of replaced awards and $3,113 million of cash to settle its senior notes.

Purchase accounting from the 10-Q (USD millions)

The effects now run through the income statement. Real estate services revenue, mostly Redfin commissions, was $261 million in Q2 against $15 million, and Redfin counted 19,000 transactions. Depreciation and amortization rose to $145 million from $27 million; interest expense to $374 million from $155 million (bond interest alone $142 million against $45 million); salaries and commissions to $1,050 million from $623 million. In the six months the company added back $178 million of acquisition-related expenses and $225 million of intangible amortization to reach adjusted net income of $863 million against GAAP net income of $526 million. On the 2025 10-K, the same adjustments left an adjusted net income of $628 million against a net loss of $234 million for the year.

The businesses outside the Mortgage segment (Redfin, Rocket Money, Rocket Loans) earned a contribution margin of $181 million in Q2; the Mortgage segment earned $1,174 million (against $450 million). Rocket now reports one segment, Mortgage, with real estate and personal finance in "All Other".

Debt and liquidity: $27.4 billion, most of it funding lines

At June 30, 2026 the balance sheet carried $16,639 million of secured financing and $10,772 million of net unsecured financing, $27,411 million together (our arithmetic), against $60,977 million of assets and $23,546 million of equity. Goodwill ($10,611 million) and intangibles ($1,995 million) are 53.5% of equity, so tangible equity is $10,940 million and the MSRs equal 172.8% of it (our arithmetic). The company reported total liquidity of $11.2 billion: $3.1 billion of cash, $2.3 billion of undrawn lines and $5.8 billion of undrawn MSR and advance lines.

Senior notes outstanding at June 30, 2026 by year of maturity (USD millions)

The weighted average rate was 5.43% (5.03% at December 31, 2025). In the second quarter the company repaid its $1,150 million 2.875% notes due October 2026 and, after quarter-end, redeemed its $62 million 5.250% notes due 2028 (the table above still counts them), funded by $900 million of 6.125% notes due 2031 and $600 million of 6.500% notes due 2034 that the company says drew more than seven times the amount sold. In the July 16, 2026 8-K it signed a $2.5 billion unsecured revolver maturing July 16, 2029, with net-leverage, corporate-net-debt, minimum-liquidity and tangible-net-worth covenants and a limit on dividends and other restricted payments.

The larger number is the secured side.

Secured financing at June 30, 2026 (USD millions)

The 10-Q says the company was in compliance with all covenants at June 30, 2026, and that most of its facilities have cross-default or cross-acceleration provisions that could end all of them if one is triggered. The mortgage-funding facilities mature mostly in 2027, with six listed for 2026, and the filing lists extensions after the quarter-end for four of them.

Shares, control and the dividend that is not there

Share classes (10-Q for June 30, 2026 and proxy for April 15, 2026)

Class L shares carry one vote like Class A and are held by about 70 holders of record according to the 10-K. The proxy gives the company's founder and chairman, Dan Gilbert, 1,619,247,921 Class L shares (87.6% of the class) and 57.2% of total voting power as of April 15, 2026, and says other former shareholders of the old parent company vote under agreements with him. The 10-K says Class L-1 and L-2 convert into Class A on June 30, 2026 and June 30, 2027; the proxy, filed later, describes the L-1 shares as convertible at the holder's option after June 30, 2026 and automatically on transfer, and the rest converting on the later of June 30, 2027 and the date Class L falls below 79% of voting power. The 10-Q shows 1,848,879,455 Class L shares at June 30, 2026, unchanged. We do not know whether any converted afterwards.

The weighted shares in the Q2 earnings per share (2,843,538,118 diluted) include both classes. That is why GAAP earnings per share was $0.08 in Q2 on $229 million of net income.

On the dividend, the 10-Q and 10-K describe one: the board declared a special dividend of $0.80 per Class A share on March 10, 2025, paid April 3, 2025 for $120.1 million, in connection with the Up-C Collapse, the June 30, 2025 corporate simplification. The 10-K adds: "We expect to retain future earnings, if any, to fund the growth of our business", and that credit facility terms restrict dividends. We found no dividend declared in 2026 in the filings or in 8-K item lists through August 17, 2026. Sites that show a yield or a "special dividend" history for RKT are reading something other than a recurring payout. That matters for the reader we write for: RKT is a growth-and-leverage stock with servicing cash flows, not an income vehicle, and it cannot be compared with the distributions of a REIT, BDC or interval fund on the same terms.

Legal and risk items in the latest filings

The 10-Q's one specific contingency is the HouseCanary case against Rocket Close, the title and appraisal subsidiary. A retrial in the first quarter of 2026 ended on March 6, 2026 with a Bexar County jury verdict of $175 million in damages for HouseCanary; the company says judgment has not been entered and that it will defend. Reserves for legal and administrative matters were $103 million at June 30, 2026 against $74 million at December 31, 2025, and the company added back a $28 million litigation accrual in Q2. The filing warns that a judgment above specified thresholds that is not paid, bonded or stayed could be treated as a default under funding facilities.

The 10-K's risk factor on the loans people in our audience care about says loans on rental or investment properties "tend to default more than loans secured by properties regularly occupied or used by the client" and can be costlier to service. It also reports that in January 2025 the federal housing agencies amended their agreements with Fannie Mae and Freddie Mac to remove caps on investment-property and second-home loans. Rocket does not report how many investor loans it makes: the words "investment property" are in the 10-K three times and nowhere in the 10-Q. For the lender's investor-loan record in federal loan-level data, see our Rocket Mortgage investment-property page.

How RKT compares with the income vehicles on this site

This site mostly covers vehicles that pay out: non-traded REITs and BDCs, interval funds, listed BDCs and mortgage REITs. Rocket is not one. It is an operating company with a $60 billion balance sheet that finances loans for days or weeks, sells most of them to agencies (82.87% of loans sold in Q2 went to GSEs or the government), and keeps servicing. Its earnings swing with mortgage rates in a way that dividend coverage tables do not show: in Q2 rising rates raised the MSR value by $70 million, and in the first half of 2025, with falling rates, the same item was a $286 million loss. If you came from our pages on listed BDCs or mortgage REIT dividends looking for a payout to compare, the filings give none.

If you are a real-estate investor looking for a loan

What the public record supports about Rocket as a lender for rental property is narrow. It sells most of its loans to Fannie Mae, Freddie Mac and the government (82.87% in Q2 2026), so an agency-style loan, underwritten on your personal finances, is the product the filings describe; the 10-K does not mention DSCR loans, and the 10-Q's loan table has no occupancy split. Whether a given loan fits depends on rules and rates that change weekly and that no filing states. Our guides to investment property mortgage rates, conventional versus DSCR loans and what a DSCR loan is cover the choice. If you want a second quote from a lender that writes rental-property loans based on the property's rent, the box below lists three.

What a reader can do with this

1. Read the next 10-Q for four lines. Total gain-on-sale margin and the margin excluding Correspondent; the share of gain on sale that is originated MSRs; the MSR line and its sensitivity; the revolver and the 2027 convertible, the first debt to mature.
2. Treat adjusted figures as management's definition. The company adds back share-based pay, acquisition costs, amortization of acquired intangibles, MSR valuation changes and a litigation accrual. In Q2 these took GAAP net income of $229 million to adjusted net income of $441 million.
3. Watch the share count, not only the price. The 1.85 billion Class L shares are a different kind of supply from the 982 million that trade; only the filings tell you when that changes.
4. If you also hold a non-traded vehicle, this page does not tell you anything about it. Our pages on non-traded BDCs and NAV REIT redemption status cover those.

This is analysis of public documents, not investment, legal or tax advice. It is not a view on the price of any security.

FAQ

All figures are from Rocket Companies, Inc. (SEC CIK 1805284) documents read on EDGAR on October 15, 2026: Form 10-Q for the quarter ended June 30, 2026 (accession 0001628280-26-054577, filed August 7, 2026); the earnings release dated August 6, 2026 attached as Exhibit 99.1 to Form 8-K (0001805284-26-000082); Form 10-K for 2025 (0001628280-26-013283, filed March 2, 2026); the definitive proxy statement DEF 14A (0001805284-26-000056, filed April 29, 2026); and Forms 8-K of June 16, 2026 (0000950142-26-001804) and July 16, 2026 (0000950142-26-002106). Percentages marked "our arithmetic" are computed from the components shown in the data file. Adjusted measures and market-share figures are the company's own definitions and were not tested against outside sources. We give no price, target or recommendation.