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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
(Mark One)
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended March 31, 2024
or
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from     to
Commission file number 001-39606
SoFi_horz_RGB_Turquoise_CircleR_Upward-v2.jpg
SoFi Technologies, Inc.
(Exact name of registrant as specified in its charter)
Delaware
98-1547291
(State or other jurisdiction of incorporation or organization)
(I.R.S. Employer Identification No.)
234 1st Street
San Francisco, California
94105
(Address of principal executive offices)(Zip Code)
(855) 456-7634
(Registrant’s telephone number, including area code)
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol(s)Name of each exchange on which registered
Common stock, $0.0001 par value per shareSOFIThe Nasdaq Global Select Market
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes  ☒    No   ☐ 
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).     Yes  ☒   No  ☐
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filer
Accelerated filer
Non-accelerated filer  
Smaller reporting company
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐ 
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).     Yes   ☐     No  
The number of shares of the registrant’s common stock, par value $0.0001 per share, outstanding as of April 30, 2024 was 1,057,223,164 shares.



SOFI TECHNOLOGIES, INC.
TABLE OF CONTENTS
Page
PART I – FINANCIAL INFORMATION
Item 1.
Item 2.
Item 3.
Item 4.
PART II – OTHER INFORMATION
Item 1.
Item 1A.
Item 2.
Item 3.
Item 4.
Item 5.
Item 6.

1

SoFi Technologies, Inc.                                                            

Glossary of Terms and Acronyms
ACH: Automated clearing house
GAAP: U.S. Generally Accepted Accounting Principles
AFS: Available-for-sale
GLBA: Gramm-Leach-Bliley Act
ALCO: Asset Liability Committee
Golden Pacific: Golden Pacific Bancorp, Inc.
AWS: Amazon Web Services
GSE: Government-Sponsored Enterprise
AOCI: Accumulated other comprehensive income (loss)
HFI: Held for investment
ASU: Accounting Standards Update
HFS: Held for sale
ATDS: Automatic telephone dialing systems
HMDA: Home Mortgage Disclosure Act
BHCA: Bank Holding Company Act of 1956, as amended
IRLC: Interest rate lock commitment
BPS: Basis points
IRS: Internal Revenue Service
BSA: Bank Secrecy Act
LIBOR: London Inter-Bank Offered Rate
CALM: Capital and Asset Liability Management policy
MLA: Military Lending Act
CARES Act: Coronavirus Aid, Relief, and Economic Security Act
MOHELA: Missouri Higher Education Loan Authority
CCPA: California Consumer Privacy Act
MSB: Money services business
CD: Community Development
MSRB: Municipal Securities Rulemaking Board
CET1: Common Equity Tier 1
NACHA: National Automated Clearinghouse Association
CFP: Certified financial planners
Nasdaq: The Nasdaq Global Select Market
CFPA: Consumer Financial Protection Act
OCC: Office of the Comptroller of the Currency
CFPB: Consumer Financial Protection Bureau
OFAC: Office of Foreign Assets Control
CFTC: Commodity Futures Trading Commission
PCD: Purchased credit deteriorated
CISO: Chief Information Security Officer
PFOF: Payment for order flow
CODM: Chief Operating Decision Maker
PSU: Performance stock units
CPA: Colorado Privacy Act
QIA: Qatar Investment Authority
CPPA: California Privacy Protection Act
RESPA: Real Estate Settlement Procedures Act
CPRA: California Privacy Rights Act
ROU: Right-of-use
CRA: Community Reinvestment Act
RSU: Restricted stock units
DACA: Deferred Access for Childhood Arrival
SCH: Social Capital Hedosophia Holdings Corp. V
DCF: Discounted cash flow
SCRA: Servicemembers’ Civil Relief Act
DE&I: Diversity, Equity and Inclusion
SEC: U.S. Securities and Exchange Commission
DEP: Digital engagement practices
SPAC: Special purpose acquisition company
Dodd-Frank Act: Dodd-Frank Wall Street Reform and Consumer
Social Finance: Social Finance, Inc.
Protection Act of 2010
SoFi Bank: SoFi Bank, National Association
DSU: Deferred stock units
SoFi Capital Advisors: SoFi Capital Advisors, LLC
EC: European Commission
SoFi Securities: SoFi Securities LLC
ECOA: Equal Credit Opportunity Act
SoFi Stadium: The LA Stadium and Entertainment District at Hollywood
EFTA: Electronic Fund Transfer Act
Park in Inglewood, California
ESG: Environmental, social and corporate governance
SoFi Wealth: SoFi Wealth LLC
ESIGN: Electronic Signatures in Global and National Commerce Act
SOFR: Secured Overnight Financing Rate
ETF: Exchange-Traded Funds
SPE: Special purpose entity
FCA: Financial Conduct Authority
SRO: Self-regulatory organizations
FCRA: Fair Credit Reporting Act
TBA: To-be-announced security
FDCPA: Fair Debt Collection Practices Act
TCJA: Tax Cuts and Jobs Act
FDIA: Federal Deposit Insurance Act
TCPA: Federal Telephone Consumer Protection Act
FDIC: Federal Deposit Insurance Corporation
Technisys: Technisys S.A., a Luxembourg société anonyme
Federal Reserve: Board of Governors of the Federal Reserve System
TDR: Troubled debt restructuring
FHA: Fair Housing Act
TILA: Truth in Lending Act
FHFA: Federal Housing Finance Agency
UDAAP: Unfair, deceptive or abusive acts or practices
FHLB: Federal Home Loan Bank
UETA: Uniform Electronic Transactions Act
FinCEN: Financial Crimes Enforcement Network
URG: Underrepresented Group
FINRA: Financial Industry Regulatory Authority
VA: United Stated Department of Veterans Affairs
FRB: Federal Reserve Bank of San Francisco
VIE: Variable interest entity
FTC: Federal Trade Commission
Wyndham: Wyndham Capital Mortgage
FTP: Fund transfer pricing

2

SoFi Technologies, Inc.                                                            

SoFi Technologies, Inc.
As used in this Quarterly Report on Form 10-Q, unless the context requires otherwise, references to “SoFi”, the “Company”, “we”, “us”, and “our”, and similar references refer to SoFi Technologies, Inc. and its wholly-owned subsidiaries following the Business Combination (as defined herein) and to Social Finance, Inc. prior to the Business Combination.
Social Finance, Inc. (“Social Finance”) entered into a merger agreement (the “Agreement”) with Social Capital Hedosophia Holdings Corp. V (“SCH”) on January 7, 2021. The transactions contemplated by the terms of the Agreement were completed on May 28, 2021 (the “Closing”), in conjunction with which SCH changed its name to SoFi Technologies, Inc. (hereafter referred to, collectively with its subsidiaries, as “SoFi”, the “Company”, “we”, “us” or “our”, unless the context otherwise requires). The transactions contemplated in the Agreement are collectively referred to as the “Business Combination”.
In February 2022, we acquired Golden Pacific Bancorp, Inc. (“Golden Pacific”), a bank holding company, and its wholly-owned subsidiary, Golden Pacific Bank, National Association, a national bank (the “Bank Merger”), after which we became a bank holding company and renamed Golden Pacific Bank as SoFi Bank, National Association (“SoFi Bank”).
In March 2022, we acquired Technisys S.A. (“Technisys”), a Luxembourg société anonyme and a cloud-native digital multi-product core banking platform (the “Technisys Merger”).
In April 2023, we acquired Wyndham, a fintech mortgage lender.
See Note 2. Business Combinations to the Notes to Condensed Consolidated Financial Statements within Part I, Item 1. for information on our business combinations.
Refer to Glossary of Terms and Acronyms for the definitions of certain terms, acronyms and abbreviations used in this document.
CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS
This Quarterly Report on Form 10-Q contains statements that are forward-looking and as such are not historical facts. This includes, without limitation, statements regarding the financial position, business strategy and the plans and objectives of management for our future operations; anticipated trends and prospects in the industries in which our business operates; new products, services and related strategies; anticipated actions by governmental authorities; and macroeconomic conditions. These statements constitute projections, forecasts and forward-looking statements, and are not guarantees of performance. Such statements can be identified by the fact that they do not relate strictly to historical or current facts. When used in this Quarterly Report on Form 10-Q, words such as “aim”, “allow”, “anticipate”, “believe”, “can”, “continue”, “could”, “estimate”, “expect”, “if”, “intend”, “likely”, “may”, “might”, “opportunity”, “plan”, “possible”, “potential”, “predict”, “project”, “should”, “strive”, “will”, “would” and similar expressions may identify forward-looking statements, but the absence of these words does not mean that a statement is not forward-looking.
Forward-looking statements are subject to risks, uncertainties, and other factors described in Part II, Item 1A. “Risk Factors” and elsewhere in this Quarterly Report on Form 10-Q and our other filings with the SEC and include, among other things:
our ability to achieve and maintain profitability in the future;
the impact on our business of the regulatory environment and complexities with compliance;
the effect and impact of evolving laws, rules, regulations and government enforcement policies, including any federal or state loan forgiveness programs;
the impact of adverse developments affecting the U.S. or global banking industry, including bank failures and liquidity concerns, which could cause economic and market volatility, and regulatory responses thereto;
our ability to manage our growth effectively and our expectations regarding the development and expansion of our business;
our ability to continue to originate and sell loans to third parties, and the impact of the performance of loans held on our balance sheet;
our ability to access sources of capital on favorable terms, if at all, including debt financing, deposits and other sources of capital to finance operations and growth;
the impact of and our ability to respond to general economic conditions and other macroeconomic and geopolitical factors, such as elevated and fluctuating interest rates, inflationary pressures, counterparty risk, changing customer demand, capital markets volatility, instability in the financial services industry, a potential U.S. government shutdown,

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SoFi Technologies, Inc.                                                            

the upcoming U.S. presidential elections, the possibility of a recession, and domestic or international conflicts or disputes;
the success of our marketing efforts and our ability to expand our member base;
our ability to grow market share in existing markets or any new markets we may enter;
our ability to develop new products, features and functionality that are competitive and meet market needs;
our ability to diversify our business and broaden our suite of financial services offerings;
our ability to realize the benefits of our strategy, including what we refer to as our Financial Services Productivity Loop, and achieve scale in our Financial Services segment;
our ability to successfully operate as a bank holding company, and to operate SoFi Bank;
our ability to make accurate credit and pricing decisions or effectively forecast our loss rates;
our ability to establish and maintain an effective system of internal controls over financial reporting;
our ability to maintain the listing of our securities on the Nasdaq;
our ability to realize the anticipated benefits of the Bank Merger, the Technisys Merger, our acquisition of Wyndham, and any other acquisitions we undertake, including our expectations with regards to such acquisitions;
our ability to successfully expand our operations into foreign jurisdictions, including compliance with a variety of foreign laws; and
the outcome of any legal or governmental proceedings that may be instituted against us.
Forward-looking statements are based on information available as of the date of this Quarterly Report on Form 10-Q and reflect current expectations, forecasts and assumptions, and involve a number of judgments, risks and uncertainties. New risks and uncertainties emerge from time to time, and it is not possible for us to predict all risks and uncertainties that could have an impact on the forward-looking statements contained in this Quarterly Report on Form 10-Q. The results, events, and circumstances reflected in the forward-looking statements may not be achieved or occur, and actual results, events, or circumstances could differ materially from those described in the forward-looking statements. Accordingly, forward-looking statements should not be relied upon as representing our views as of any subsequent date, and we do not undertake any obligation to update forward-looking statements to reflect events or circumstances after the date they were made, whether as a result of new information, future events or otherwise, except as may be required under applicable securities laws.
TRADEMARKS
This document contains references to trademarks, service marks and trade names owned by us or belonging to other entities. Solely for convenience, trademarks, service marks and trade names referred to in this document may appear without the ® or ™ symbols, but such references are not intended to indicate, in any way, that we or the applicable licensor will not assert, to the fullest extent under applicable law, our or its rights to these trademarks, service marks and trade names. SoFi Technologies does not intend its use or display of other companies’ trademarks, service marks or trade names to imply a relationship with, or endorsement or sponsorship of it by, any other companies. All trademarks, service marks and trade names included in this document are the property of their respective owners.

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SoFi Technologies, Inc.                                                            

PART I – FINANCIAL INFORMATION
Item 1. Financial Statements
SoFi Technologies, Inc.
Condensed Consolidated Balance Sheets
(Unaudited)
(In Thousands, Except for Share Data)
March 31,
2024
December 31,
2023
Assets
Cash and cash equivalents$3,693,390 $3,085,020 
Restricted cash and restricted cash equivalents454,518 530,558 
Investment securities (includes available-for-sale securities of $838,506 and $595,187 at fair value with associated amortized cost of $839,936 and $596,757, as of March 31, 2024 and December 31, 2023, respectively)
973,098 701,935 
Loans held for sale, at fair value15,116,482 15,396,771 
Loans held for investment, at fair value
6,834,161 6,725,484 
Loans held for investment, at amortized cost (less allowance for credit losses of $51,313 and $54,695, as of March 31, 2024 and December 31, 2023, respectively)
1,250,231 836,159 
Servicing rights240,752 180,469 
Property, equipment and software228,049 216,908 
Goodwill1,393,505 1,393,505 
Intangible assets347,495 364,048 
Operating lease right-of-use assets87,362 89,635 
Other assets (less allowance for credit losses of $2,109 and $1,837, as of March 31, 2024 and December 31, 2023, respectively)
686,717 554,366 
Total assets
$31,305,760 

$30,074,858 
Liabilities, temporary equity and permanent equity
Liabilities:
Deposits:
Interest-bearing deposits$21,550,137 $18,568,993 
Noninterest-bearing deposits54,457 51,670 
Total deposits21,604,594 18,620,663 
Accounts payable, accruals and other liabilities
554,185 549,748 
Operating lease liabilities
105,556 108,649 
Debt 2,891,317 5,233,416 
Residual interests classified as debt
4,129 7,396 
Total liabilities25,159,781 24,519,872 
Commitments, guarantees, concentrations and contingencies (Note 15)
Temporary equity(1):
Redeemable preferred stock, $0.00 par value: 100,000,000 and 100,000,000 shares authorized; 3,234,000 and 3,234,000 shares issued and outstanding, as of March 31, 2024 and December 31, 2023, respectively
320,374 320,374 
Permanent equity:
Common stock, $0.00 par value: 3,100,000,000 and 3,100,000,000 shares authorized; 1,056,491,365 and 975,861,793 shares issued and outstanding, as of March 31, 2024 and December 31, 2023, respectively(2)
105 97 
Additional paid-in capital7,543,808 7,039,987 
Accumulated other comprehensive loss
(2,088)(1,209)
Accumulated deficit(1,716,220)(1,804,263)
Total permanent equity5,825,605 5,234,612 
Total liabilities, temporary equity and permanent equity$31,305,760 $30,074,858 
______________
(1)Redemption amount is $323,400 as of March 31, 2024 and December 31, 2023.
(2)Includes 100,000,000 non-voting common shares authorized and no non-voting common shares issued and outstanding as of March 31, 2024 and December 31, 2023. See Note 10. Equity for additional information.


The accompanying notes are an integral part of these condensed consolidated financial statements.
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SoFi Technologies, Inc.                                                            

SoFi Technologies, Inc.
Condensed Consolidated Balance Sheets (Continued)
(Unaudited)
(In Thousands, Except for Share Data)
The following table presents the assets and liabilities of consolidated VIEs which are included in our condensed consolidated balance sheets. The assets in the below table may only be used to settle obligations of consolidated VIEs and are in excess of those obligations as of the dates presented. Additionally, the assets and liabilities in the table below exclude intercompany balances, which eliminate upon consolidation.
March 31,
2024
December 31,
2023
Assets
Restricted cash and restricted cash equivalents$45,297 $50,547 
Loans held for sale, at fair value388,980 502,757 
Loans held for investment, at fair value158,191 221,461 
Total assets
$592,468 $774,765 
Liabilities
Accounts payable, accruals and other liabilities$750 $1,773 
Debt 255,943 420,974 
Residual interests classified as debt4,129 7,396 
Total liabilities
$260,822 $430,143 





The accompanying notes are an integral part of these condensed consolidated financial statements.
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SoFi Technologies, Inc.                                                            

SoFi Technologies, Inc.
Condensed Consolidated Statements of Operations and Comprehensive Income (Loss)
(Unaudited)
(In Thousands, Except for Share and Per Share Data)
Three Months Ended March 31,
20242023
Interest income
Loans and securitizations
$620,228 $360,396 
Other
45,683 11,168 
Total interest income665,911 371,564 
Interest expense
Securitizations and warehouses
40,921 54,324 
Deposits211,451 73,116 
Corporate borrowings10,711 8,000 
Other
110 114 
Total interest expense263,193 135,554 
Net interest income402,718 236,010 
Noninterest income
Loan origination, sales, and securitizations
57,000 

123,334 
Servicing
6,974 12,742 
Technology products and solutions
85,672 72,801 
Other
92,631 27,271 
Total noninterest income242,277 236,148 
Total net revenue644,995 472,158 
Noninterest expense
Technology and product development
130,920 117,059 
Sales and marketing
167,366 175,154 
Cost of operations
100,061 83,908 
General and administrative
145,240 123,689 
Provision for credit losses7,182 8,407 
Total noninterest expense550,769 508,217 
Income (loss) before income taxes
94,226 (36,059)
Income tax (expense) benefit
(6,183)1,637 
Net income (loss)
$88,043 $(34,422)
Other comprehensive income (loss)
Unrealized (losses) gains on available-for-sale securities, net
(700)2,248 
Foreign currency translation adjustments, net(179)(293)
Total other comprehensive income (loss)(879)1,955 
Comprehensive income (loss)
$87,164 $(32,467)
Earnings (loss) per share (Note 16)
Earnings (loss) per share – basic$0.08 $(0.05)
Earnings (loss) per share – diluted$0.02 $(0.05)
Weighted average common stock outstanding – basic982,617,492 929,270,723 
Weighted average common stock outstanding – diluted1,042,476,501 929,270,723 
The accompanying notes are an integral part of these condensed consolidated financial statements.
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SoFi Technologies, Inc.
SoFi Technologies, Inc.
Condensed Consolidated Statements of Changes in Temporary Equity and Permanent Equity
(Unaudited)
(In Thousands, Except for Share Data)
Common StockAdditional Paid-In Capital
Accumulated Other Comprehensive Loss
Accumulated DeficitPermanent EquityTemporary Equity
SharesAmountSharesAmount
Balance at January 1, 2024975,861,793 $97 $7,039,987 $(1,209)$(1,804,263)$5,234,612 3,234,000 $320,374 
Share-based compensation expense— — 63,388 — — 63,388 — — 
Vesting of RSUs8,360,975 1 (1)— — — — — 
Stock withheld related to taxes on vested RSUs(524,837)— (3,760)— — (3,760)— — 
Exercise of common stock options171,555 — 466 — — 466 — — 
Extinguishment of convertible notes by issuance of common stock
72,621,879 7 534,276 — — 534,283 — — 
Purchases of capped calls— — (90,649)— — (90,649)— — 
Unwind of capped calls— — 10,180 — — 10,180 — — 
Redeemable preferred stock dividends— — (10,079)— — (10,079)— — 
Net income
— — — — 88,043 88,043 — — 
Other comprehensive loss, net of taxes
— — — (879)— (879)— — 
Balance at March 31, 20241,056,491,365 $105 $7,543,808 $(2,088)$(1,716,220)$5,825,605 3,234,000 $320,374 
Common StockAdditional Paid-In CapitalAccumulated Other Comprehensive LossAccumulated DeficitPermanent EquityTemporary Equity
SharesAmountSharesAmount
Balance at January 1, 2023
933,896,120 $93 $6,719,826 $(8,296)$(1,503,521)$5,208,102 3,234,000 $320,374 
Share-based compensation expense— — 70,653 — — 70,653 — — 
Vesting of RSUs6,737,174 1 (1)— — — — — 
Stock withheld related to taxes on vested RSUs(455,690)— (2,416)— — (2,416)— — 
Exercise of common stock options161,231 — 168 — — 168 — — 
Redeemable preferred stock dividends— — (9,968)— — (9,968)— — 
Net loss— — — — (34,422)(34,422)— — 
Other comprehensive income, net of taxes
— — — 1,955 — 1,955 — — 
Balance at March 31, 2023940,338,835 $94 $6,778,262 $(6,341)$(1,537,943)$5,234,072 3,234,000 $320,374 
The accompanying notes are an integral part of these condensed consolidated financial statements.
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SoFi Technologies, Inc.
SoFi Technologies, Inc.
Condensed Consolidated Statements of Cash Flows
(Unaudited)
(In Thousands)
Three Months Ended March 31,
20242023
Operating activities
Net income (loss)
$88,043 $(34,422)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Share-based compensation expense55,082 64,226 
Depreciation and amortization48,539 45,321 
Deferred debt issuance and discount expense4,232 4,852 
Gain on extinguishment of convertible debt
(59,194) 
Provision for credit losses7,182 8,407 
Deferred income taxes(967)68 
Fair value changes in loans held for investment
(33,257) 
Fair value changes in securitization investments(1,711)100 
Other(1,713)(2,228)
Changes in operating assets and liabilities:
Changes in loans held for sale, net244,672 (2,301,031)
Changes in loans previously classified as held for sale, net
492,226  
Servicing assets(60,283)3,340 
Other assets(37,192)15,823 
Accounts payable, accruals and other liabilities(7,411)(17,216)
Net cash provided by (used in) operating activities
$738,248 $(2,212,760)
Investing activities
Purchases of property, equipment and software$(31,984)$(23,720)
Capitalized software development costs(2,128)(2,814)
Purchases of available-for-sale investments(368,569)(260,608)
Proceeds from sales of available-for-sale investments 265,634 
Proceeds from maturities and paydowns of available-for-sale investments131,317 20,409 
Changes in loans held for investment, net(990,605)(29,544)
Proceeds from securitization investments9,483 15,999 
Proceeds from non-securitization investments2,517  
Purchases of non-securitization investments(11,215)(7,563)
Acquisition of businesses, net of cash acquired (17,946)
Net cash used in investing activities
$(1,261,184)$(40,153)
The accompanying notes are an integral part of these condensed consolidated financial statements.
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SoFi Technologies, Inc.
SoFi Technologies, Inc.
Condensed Consolidated Statements of Cash Flows (Continued)
(Unaudited)
(In Thousands)
Three Months Ended March 31,
20242023
Financing activities
Net change in deposits$2,896,894 $2,754,540 
Net change in debt facilities(2,427,339)444,106 
Proceeds from other debt issuances845,250 339,995 
Repayment of other debt(170,447)(147,985)
Payment of debt issuance costs(5,020)(3,865)
Purchase of capped calls
(90,649) 
Unwind of capped calls
10,180  
Taxes paid related to net share settlement of share-based awards(3,760)(2,416)
Proceeds from stock option exercises466 168 
Finance lease principal payments(130)(125)
Net cash provided by financing activities$1,055,445 $3,384,418 
Effect of exchange rates on cash and cash equivalents
(179)(293)
Net increase in cash, cash equivalents, restricted cash and restricted cash equivalents
$532,330 $1,131,212 
Cash, cash equivalents, restricted cash and restricted cash equivalents at beginning of period
3,615,578 1,846,302 
Cash, cash equivalents, restricted cash and restricted cash equivalents at end of period
$4,147,908 $2,977,514 
Reconciliation to amounts on condensed consolidated balance sheets (as of period end)
Cash and cash equivalents
$3,693,390 $2,487,778 
Restricted cash and restricted cash equivalents
454,518 489,736 
Total cash, cash equivalents, restricted cash and restricted cash equivalents
$4,147,908 $2,977,514 
Supplemental non-cash investing and financing activities
Extinguishment of convertible notes by issuance of common stock$593,910 $ 
Deposits credited but not yet received in cash87,038 39,701 
Share-based compensation capitalized related to internally-developed software8,306 6,427 


The accompanying notes are an integral part of these condensed consolidated financial statements.
10

SoFi Technologies, Inc.
SoFi Technologies, Inc.
Notes to Condensed Consolidated Financial Statements
(Unaudited)
(In Thousands, Unless Otherwise Stated and Except for Share and Per Share Data)

Note 1. Organization, Summary of Significant Accounting Policies and New Accounting Standards
Organization
SoFi is a financial services platform that was founded in 2011 to offer an innovative approach to the private student loan market by providing student loan refinancing options. The Company conducts its business through three reportable segments: Lending, Technology Platform and Financial Services. Since its founding, SoFi has expanded its lending and financial services strategy to offer personal loans, home loans and credit cards. The Company has also developed additional financial products, such as money management and investment product offerings, and has also leveraged its financial services platform to empower other businesses. The Company has continued to expand its product offerings through strategic acquisitions. During 2020, the Company expanded its investment product offerings into Hong Kong through the acquisition of 8 Limited, and also began to operate as a platform as a service for a variety of financial service providers, providing the infrastructure to facilitate core client-facing and back-end capabilities, such as account setup, account funding, direct deposit, authorizations and processing, payments functionality and check account balance features through the acquisition of Galileo. During 2022, the Company became a bank holding company and began operating as SoFi Bank, National Association, through its acquisition of Golden Pacific Bancorp, Inc., and expanded its platform to include a cloud-native digital and core banking platform with customers in Latin America through its acquisition of Technisys, allowing the Company to expand its technology platform services to a broader international market. During 2023, the Company acquired Wyndham Capital Mortgage, a fintech mortgage lender. For additional information on our recent business combinations, see Note 2. Business Combinations. For additional information on our reportable segments, see Note 17. Business Segment Information.
Summary of Significant Accounting Policies
Basis of Presentation
The condensed consolidated financial statements include the accounts of the Company, its wholly-owned and majority-owned subsidiaries and certain consolidated VIEs. All intercompany accounts were eliminated in consolidation. The condensed consolidated financial statements were prepared in conformity with GAAP and in accordance with the rules and regulations of the SEC. We condensed or omitted certain notes and other financial information from the interim financial statements presented herein.
These condensed consolidated financial statements should be read in conjunction with the consolidated statements included in our annual filing on Form 10-K filed with the SEC on February 27, 2024 (“Form 10-K”). In the opinion of management, the condensed consolidated financial statements reflect all adjustments, which are of a normal recurring nature, necessary for a fair presentation of the Company’s financial condition and results of operations and cash flows for the interim periods presented. The results for the three months ended March 31, 2024 are not necessarily indicative of the results to be expected for the full year ending December 31, 2024.
In our unaudited condensed consolidated statements of cash flows, we reclassified amounts related to fair value changes in residual interests classified as debt into other within the adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities. The prior period amount was recast to conform to the current period presentation. There was no impact to net cash provided by (used in) operating activities.
Use of Judgments, Assumptions and Estimates
The preparation of our condensed consolidated financial statements and related disclosures in conformity with GAAP requires management to make assumptions and estimates that affect the reported amounts of assets, liabilities, revenue and expenses as well as the disclosures of contingent assets and liabilities. These estimates and assumptions are inherently subjective in nature; therefore, actual results may differ from our estimates and assumptions, and the differences could be material. Management bases its estimates on historical experience and on various other factors it believes to be reasonable under the circumstances. These assumptions and estimates include, but are not limited to, the following: (i) fair value measurements, (ii) business combinations, and (iii) goodwill.
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SoFi Technologies, Inc.                                            
SoFi Technologies, Inc.
Notes to Condensed Consolidated Financial Statements (Continued)
(Unaudited)
(In Thousands, Unless Otherwise Stated and Except for Share and Per Share Data)
Borrowings and Financing Costs
Convertible Senior Notes
In March 2024, we issued $862.5 million aggregate principal amount of convertible senior notes due 2029 (the “2029 convertible notes”). The 2029 convertible notes will mature on March 15, 2029, unless earlier repurchased, redeemed or converted. We will settle conversions by paying or delivering cash, and if applicable, shares of our common stock, based on the applicable conversion rate. The 2029 convertible notes will also be redeemable, in whole or in part, at our option at any time, and from time to time, on or after March 15, 2027 through the 30th scheduled trading day immediately before the maturity date, at a cash redemption price equal to the principal amount of the convertible notes to be redeemed, plus accrued and unpaid interest, if any, thereon to, but excluding, the redemption date, but only if certain liquidity conditions described in the indenture are satisfied and certain conditions are met with respect to the last reported sale price per share of our common stock prior to conversion. See Note 9. Debt for more detailed disclosure of the term and features of the 2029 convertible notes.
We concluded that the conversion rights, optional redemption rights, and contingent repurchase rights did not require bifurcation as derivative instruments, which we reevaluate each reporting period. The additional interest and special interest that accrue on the notes in the event of our failure to comply with certain registration or reporting requirements are required to be bifurcated from the host contract, as the reporting requirement triggering event is not clearly and closely related to the host convertible debt contract. The value was determined to be immaterial; therefore, we accounted for the 2029 convertible notes wholly as debt, which was recognized on the settlement date. Accordingly, we allocated all debt issuance costs to the debt instrument.
In connection with the pricing of the 2029 convertible notes, we entered into privately negotiated capped call transactions with certain financial institutions, as defined and further discussed below.
Capped Call Transactions
In March 2024, we entered into privately negotiated capped call transactions (the “2029 capped call transactions”) with certain financial institutions (the “capped call counterparties”). The 2029 capped call transactions initially cover, subject to customary anti-dilution adjustments, the number of shares of our common stock that initially underlie the convertible notes. The capped call transactions are net purchased call options on our own common stock. The 2029 capped call transactions are separate transactions entered into by the Company with each of the capped call counterparties, are not part of the terms of the 2029 convertible notes, and do not affect any holder’s rights under the 2029 convertible notes. Holders of the 2029 convertible notes do not have any rights with respect to the 2029 capped call transactions. See Note 10. Equity for additional information.
As the 2029 capped call transactions are legally detachable and separately exercisable from the 2029 convertible notes, they were evaluated as freestanding instruments. We concluded that the 2029 capped call transactions meet the scope exceptions for derivative instruments, and as such, the capped call transactions meet the criteria for classification in equity and are included as a reduction to additional paid-in capital.
Recent Accounting Standards Issued, But Not Yet Adopted
Improvements to Reportable Segment Disclosures
In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280) — Improvements to Reportable Segment Disclosures. The ASU improves reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses. The standard is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. The standard should be applied retrospectively to all prior periods presented in the financial statements. We are currently evaluating the impact of this amendment on our consolidated financial statements.
Improvements to Income Tax Disclosures
In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740) — Improvements to Income Tax Disclosures. The ASU improves income tax disclosures primarily related to enhancements of the rate reconciliation and income taxes paid information. The standard is effective for annual periods beginning after December 15, 2024. The standard should be
12

SoFi Technologies, Inc.                                            
SoFi Technologies, Inc.
Notes to Condensed Consolidated Financial Statements (Continued)
(Unaudited)
(In Thousands, Unless Otherwise Stated and Except for Share and Per Share Data)
applied on a prospective basis with the option to apply the standard retrospectively. We are currently evaluating the impact of this amendment on our consolidated financial statements.
Note 2. Business Combinations
Acquisition of Wyndham Capital Mortgage
On April 3, 2023, we acquired all of the outstanding equity interests in Wyndham for cash consideration. With the acquisition of Wyndham, a fintech mortgage lender, we broadened our suite of home loan products and now manage the technology for a digitized mortgage experience. The acquisition was accounted for as a business combination. The purchase consideration was allocated to the tangible and intangible assets acquired and liabilities assumed based on the estimated fair values as of the acquisition date. The excess of the total purchase consideration over the fair value of the net assets acquired is allocated to goodwill, which is deductible for tax purposes. No adjustments were made to the fair value of the net assets during the year subsequent to the acquisition. The acquisition was not determined to be a significant acquisition.
Acquisition of Technisys S.A.
There were 6,305,595 shares issued in the acquisition of Technisys that were held in escrow. During the year ended December 31, 2023, we released 6,259,736 of the escrow shares. The remaining 45,859 shares continue to be held in escrow pending resolution of outstanding indemnification claims by SoFi.
Goodwill and Intangible Assets
Goodwill as of both March 31, 2024 and December 31, 2023 was $1,393,505. As of March 31, 2024, goodwill attributable to the Lending, Technology Platform and Financial Services reportable segments was $17,688, $1,338,658 and $37,159, respectively. Management does not believe that the goodwill in any of the reporting units is impaired as of March 31, 2024.
13

SoFi Technologies, Inc.                                            
SoFi Technologies, Inc.
Notes to Condensed Consolidated Financial Statements (Continued)
(Unaudited)
(In Thousands, Unless Otherwise Stated and Except for Share and Per Share Data)
Note 3. Revenue
In each of our revenue arrangements, revenue is recognized when control of the promised goods or services is transferred to the customer in an amount that reflects our expected consideration in exchange for those goods or services. Our arrangements are discussed in our Annual Report on Form 10-K, with notable updates provided herein.
Disaggregated Revenue
The table below presents revenue from contracts with customers disaggregated by type of service, which best depicts how the revenue and cash flows are affected by economic factors, and by the reportable segment to which each revenue stream relates, as well as a reconciliation of total revenue from contracts with customers to total noninterest income. Revenue from contracts with customers is presented within noninterest income—technology products and solutions and noninterest income—other in the condensed consolidated statements of operations and comprehensive income (loss). There were no revenues from contracts with customers attributable to our Lending segment for any of the periods presented.
Three Months Ended March 31,
20242023
Financial Services
Referrals
$12,736 $9,626 
Interchange
12,002 7,269 
Brokerage
4,034 4,878 
Other(1)
927 487 
Total financial services
$29,699 $22,260 
Technology Platform(2)
Technology services
84,650 72,129 
Other(1)
1,260 1,093 
Total technology platform
85,910 73,222 
Total revenue from contracts with customers
115,609 95,482 
Other Sources of Revenue
Loan origination, sales, and securitizations57,000 123,334 
Servicing6,974 12,742 
Other62,694 4,590 
Total other sources of revenue
$126,668 $140,666 
Total noninterest income$242,277 $236,148 
_____________________
(1) Financial Services includes revenues from enterprise services and equity capital markets services. Technology Platform includes revenues from software licenses and associated services, and payment network fees for serving as a transaction card program manager for enterprise customers that are the program marketers for separate card programs.
(2) Related to these technology platform services, we had deferred revenue of $5,655 and $5,718 as of March 31, 2024 and December 31, 2023, respectively, which are presented within accounts payable, accruals and other liabilities in the condensed consolidated balance sheets. We recognized revenue of $1,300 and $2,340 during the three months ended March 31, 2024 and 2023, respectively, associated with deferred revenue within noninterest income—technology products and solutions in the condensed consolidated statements of operations and comprehensive income (loss).
Contract Balances
As of March 31, 2024 and December 31, 2023, accounts receivable, net associated with revenue from contracts with customers was $66,323 and $60,466, respectively, reported within other assets in the condensed consolidated balance sheets.
14

SoFi Technologies, Inc.                                            
SoFi Technologies, Inc.
Notes to Condensed Consolidated Financial Statements (Continued)
(Unaudited)
(In Thousands, Unless Otherwise Stated and Except for Share and Per Share Data)
Note 4. Loans
As of March 31, 2024, our loan portfolio consisted of (i) loans held for sale, including personal loans and home loans, which are measured at fair value under the fair value option, (ii) loans held for investment, including student loans, which are measured at fair value under the fair value option, and (iii) loans held for investment, including senior secured loans, credit cards, and commercial and consumer banking loans, which are measured at amortized cost. Below is a disaggregated presentation of our loans, inclusive of fair market value adjustments and accrued interest income and net of the allowance for credit losses, as applicable:
March 31,
2024
December 31,
2023
Loans held for sale
Personal loans(1)
$15,057,005 $15,330,573 
Home loans
59,477 66,198 
Total loans held for sale, at fair value15,116,482 15,396,771 
Loans held for investment(2)
Student loans(3)
6,834,161 6,725,484 
Total loans held for investment, at fair value
6,834,161 6,725,484 
Senior secured loans
845,794 446,463 
Credit card
272,931 272,628 
Commercial and consumer banking:
Commercial real estate122,612 106,326 
Commercial and industrial5,522 6,075 
Residential real estate and other consumer3,372 4,667 
Total commercial and consumer banking131,506 117,068 
Total loans held for investment, at amortized cost1,250,231 836,159 
Total loans held for investment
8,084,392 7,561,643 
Total loans
$23,200,874 

$22,958,414 
_____________________
(1) Includes $388,980 and $502,757 of personal loans in consolidated VIEs as of March 31, 2024 and December 31, 2023, respectively.
(2) See Note 5. Allowance for Credit Losses for additional information on our loans at amortized cost as it pertains to the allowance for credit losses.
(3) Includes $2,343,557 and $2,459,103 of student loans covered by financial guarantee, and $158,191 and $221,461 of student loans in consolidated VIEs as of March 31, 2024 and December 31, 2023, respectively.

15

SoFi Technologies, Inc.                                            
SoFi Technologies, Inc.
Notes to Condensed Consolidated Financial Statements (Continued)
(Unaudited)
(In Thousands, Unless Otherwise Stated and Except for Share and Per Share Data)
Loans Measured at Fair Value
The following table summarizes the aggregate fair value of our loans, for which we elected the fair value option. See Note 12. Fair Value Measurements for the assumptions used in our fair value model.
Personal Loans
Student Loans
Home Loans
Total
March 31, 2024
Unpaid principal
$14,332,874 $6,559,211 $58,304 $20,950,389 
Accumulated interest
116,366 27,414 22 143,802 
Cumulative fair value adjustments
607,765 247,536 1,151 856,452 
Total fair value of loans(1)
$15,057,005 $6,834,161 $59,477 $21,950,643 
December 31, 2023
Unpaid principal
$14,498,629 $6,445,586 $67,406 $21,011,621 
Accumulated interest
114,541 34,357 92 148,990 
Cumulative fair value adjustments
717,403 245,541 (1,300)961,644 
Total fair value of loans(1)
$15,330,573 $6,725,484 $66,198 $22,122,255 
__________________
(1) Each component of the fair value of loans is impacted by charge-offs during the period. Our fair value assumption for annual default rate incorporates fair value markdowns on loans beginning when they are 10 days or more delinquent, with additional markdowns at 30, 60 and 90 days past due.
The following table summarizes the aggregate fair value of loans 90 days or more delinquent. As delinquent personal loans and student loans are charged off after 120 days of delinquency, amounts presented below represent the fair value of loans that are 90 to 120 days delinquent.
Personal Loans
Student Loans
Home Loans
Total
March 31, 2024
Unpaid principal balance
$102,581 $8,735 $198 $111,514 
Accumulated interest
4,313 184 11 4,508 
Cumulative fair value adjustments(1)
(87,603)(5,397)(99)(93,099)
Fair value of loans 90 days or more delinquent (2)
$19,291