Rocket Companies fell to a third-quarter net loss of $124 million on net revenue of $1.61 billion, the Detroit-based parent company of mortgage lending giant Rocket Mortgage reported Thursday.

That compares with a net loss of $481 million on $647 million in net revenue during the same quarter in 2024. In the previous quarter, the company reported net income of $34 million on net revenue of $1.36 billion.

"Rocket delivered a standout quarter, balancing short and long term execution in a category of one," Varun Krishna, CEO and director of Rocket Companies said in a statement Thursday. "I am very proud of the Rocket team for surpassing the high end of our adjusted revenue guidance range, accelerating Redfin momentum and closing the Mr. Cooper transaction — the largest independent mortgage company deal in history. We are building a vertically integrated homeownership platform for the AI era."

The earnings report comes after Rocket announced earlier this month that it had closed on its $14.2 billion acquisition of Mr. Cooper.

Rocket reported adjusted net income of $158 million for the third quarter, compared with $166 million in the same period last year. Adjusted revenue totaled $1.78 billion, compared with $1.32 billion in the third quarter of 2024.

Rocket Mortgage reported $32.4 billion in closed loan origination volume, up 14% compared with $28.5 billion in the same period last year. The gain-on-sale margin was 2.80%, compared with 2.78% in the third quarter of 2024.

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