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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 June 30, 2021
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 Technologies, Inc.
(Exact name of registrant as specified in its charter)
Delaware
98-1547291
(State or other jurisdiction of incorporation)
(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 class Trading Symbol(s) Name of each exchange on which registered
Common stock, $0.0001 par value per share SOFI The Nasdaq Global Select Market
Redeemable warrants, each whole warrant exercisable for one share of common stock, $0.0001 par value SOFIW The 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” and “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 July 27, 2021 was 794,692,813 shares.



SOFI TECHNOLOGIES, INC.
TABLE OF CONTENTS
Page
PART I – FINANCIAL INFORMATION
Item 1.
5
6
7
9
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.
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.
As a result of the Business Combination completed on May 28, 2021, share and per share amounts presented in this Quarterly Report on Form 10-Q for periods prior to the Business Combination for Social Finance, Inc. have been retroactively converted by application of the exchange ratio of 1.7428. For more information regarding the Business Combination, see Item I, Note 2 to the Notes to Unaudited Condensed Consolidated Financial Statements and Item 2, Management’s Discussion and Analysis of Financial Condition and Results of Operations included in this Quarterly Report on Form 10-Q.
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. 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 “anticipate”, “believe”, “continue”, “could”, “estimate”, “expect”, “intend”, “may”, “might”, “plan”, “possible”, “potential”, “predict”, “project”, “should”, “strive”, “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 in this Quarterly Report on Form 10-Q may include, for example, statements about:
the effect of and uncertainties related to the COVID-19 pandemic (including any government responses thereto);
our ability to achieve and maintain profitability in the future;
the impact on our business of the regulatory environment and complexities with compliance related to such environment;
our ability to become a bank holding company and acquire a national bank charter;
our ability to respond to general economic conditions;
our ability to manage our growth effectively and our expectations regarding the development and expansion of our business;
our ability to access sources of capital, including debt financing and other sources of capital to finance operations and growth;
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 realize the benefits of our strategy, including what we refer to as our financial services productivity loop;
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 Nasdaq;
our ability to realize the anticipated benefits of the Business Combination;
the outcome of any legal or governmental proceedings that may be instituted against us; and
other factors detailed under Part II, Item 1A “Risk Factors”.
These forward-looking statements are based on information available as of the date of this Quarterly Report on Form 10-Q and current expectations, forecasts and assumptions, and involve a number of judgments, risks and uncertainties. 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.
As a result of a number of known and unknown risks and uncertainties, our actual results or performance may be materially different from those expressed or implied by these forward-looking statements. You should not place undue reliance on these forward-looking statements.

2

Risk Factor Summary
Our business is subject to numerous risks and uncertainties, which illuminate challenges that we face in connection with the successful implementation of our strategy and the growth of our business. The following considerations, among others, may offset our competitive strengths or have a negative effect on our business strategy, which could cause a decline in the price of shares of our securities and result in a loss of all or a portion of your investment:
We have a history of losses and may not achieve profitability in the future.
We operate in a rapidly evolving industry, and have limited experience in our Financial Services and Technology Platform segments, which may make it difficult to evaluate our future prospects.
We have experienced rapid growth in recent years, including through the addition of new lines of business, which may place significant demands on our operational, administrative, compliance and financial resources.
There is no assurance that our revenue and business models will be successful.
We are acquiring a national bank, which is subject to regulatory approvals and other closing conditions, and, if consummated, the acquisition will subject us to significant additional regulation.
Legislative and regulatory policies and related actions in connection with student loans could have a material adverse effect on our student loan portfolios and future originations.
Our results of operations and future prospects depend on our ability to retain existing, and attract new, members. We face intense and increasing competition and, if we do not compete effectively, our competitive positioning and our operating results would be harmed.
Negative publicity could result in a decline in our member growth, or a loss of members, and have a material adverse effect on our business, our brand and our results of operations.
We sell a significant percentage of our unsecured loans to a small number of whole loan purchasers and the loss of one or more significant purchasers could have a negative impact on our operating results.
Galileo, the technology platform-as-a-service we acquired in May 2020, depends on a small number of customers, the loss or disruptions in operations of any of which could have a material adverse effect on its business and financial results, and negatively impact our financial results and results of operations.
Changes in business, economic, or political conditions could impact our business, resulting in lower revenues and other adverse effects to our results of operations.
Legislative and regulatory responses to the COVID-19 pandemic and related economic uncertainty could have a material adverse effect on our current loan portfolios and our loan origination volume.
We operate in a cyclical industry. In an economic downturn, we may not be able to grow our lending business or maintain expected levels of liquidity, loss minimization and revenue growth.
If we do not make accurate credit and pricing decisions or effectively forecast our loss rates, our business and financial results will be harmed, and the harm could be material.
We offer personal loans which have a limited performance history and have not yet been tested in multiple down-cycle economic conditions.
We service all of the personal loans that we originate and have limited loan servicing experience, and we rely on third parties to service the student loans and mortgage loans that we originate. A failure by us or these third parties to service loans properly could result in lost revenue and impact our liquidity.
Fluctuations in interest rates could negatively affect our business.
If one or more of our warehouse facilities, on which we are highly dependent, is terminated, we may be unable to find replacement financing on favorable terms, or at all, which would have a material adverse effect on our business and financial condition.
Higher than expected payment speeds of loans could negatively impact our returns as the holder of the residual interests in securitization trusts holding student and personal loans. These factors could materially alter our net interest income or the value of our residual interest holdings.
Increases in member default rates on loans could make us and our loans less attractive to whole loan buyers, lenders under debt warehouse facilities and investors in securitizations, which may adversely affect our access to financing and our business.
3

We require substantial capital and, in the future, may require additional capital to pursue our business objectives and achieve recurring profitability. If adequate capital is not available to us, including due to the cost and availability of funding in the capital markets, our business, operating results and financial condition may be harmed.
Our Lending segment is highly regulated, and if we fail to comply with federal and state consumer protection laws, rules, regulations and guidance, our business could be adversely affected.
Changes in consumer finance and other applicable laws and regulations, as well as changes in enforcement policies and priorities, may negatively impact the management of our business, results of operations, ability to offer certain products or the terms and conditions upon which they are offered, and ability to compete.
Our Financial Services segment is subject to the regulatory framework applicable to investment management and broker-dealers, including regulation by the Securities and Exchange Commission (the “SEC”) and the Financial Industry Regulation Authority (“FINRA”).
The regulatory regime governing blockchain technologies and digital assets is uncertain, and new regulations or policies may alter our business practices with respect to digital assets. There has recently been an increased regulatory and enforcement focus in this area.
Litigation, regulatory actions and compliance issues could subject us to significant fines, penalties, judgments, remediation costs, negative publicity, changes to our business model, and requirements resulting in increased expenses.
If we fail to establish and maintain proper and effective internal control over financial reporting, our ability to produce accurate and timely financial statements could be impaired, investors may lose confidence in our financial reporting and the trading price of our common stock may decline.
Incorrect estimates or assumptions by management in connection with the preparation of our consolidated financial statements could adversely affect our reported assets, liabilities, income, revenue or expenses.
Cyber-attacks and other security breaches could have an adverse effect on our business, harm our reputation and expose us to liability.
Various disruptions or failures affecting our platform and/or systems or any third-party processor we utilize could result in slowdowns or wholesale failures to process and enable transactions on our platform, including collecting payments on loans and maintaining accurate accounts.
We are subject to complex and stringent data protection and privacy laws and regulations. Any significant or high profile data privacy breach or violation of data privacy laws could result in the loss of business and reputation, litigation against us, liquidated and other damages, and regulatory investigations and penalties that could adversely affect our reputation and operating results and financial condition.
The risks described above should be read together with the text of the full risk factors described in Part II, Item 1A. “Risk Factors” and the other information set forth in this Quarterly Report on Form 10-Q, including our condensed consolidated financial statements and the related notes, as well as in other documents that we file with the SEC. Our business, prospects, financial condition or operating results could be harmed by any of these risks, as well as other risks not currently known to us or that we currently consider immaterial. Certain statements in “Risk Factors” are forward-looking statements. See “Cautionary Statement Regarding Forward-Looking Statements” herein.

4

PART I – FINANCIAL INFORMATION
Item 1. Financial Statements
SoFi Technologies, Inc.
Unaudited Condensed Consolidated Balance Sheets
(In Thousands, Except for Share Data)
June 30, 2021 December 31, 2020
Assets
Cash and cash equivalents $ 461,920  $ 872,582 
Restricted cash and restricted cash equivalents(1)
306,533  450,846 
Loans, less allowance for credit losses on loans at amortized cost of $691 and $219, respectively(1)(2)
4,727,515  4,879,303 
Servicing rights 159,767  149,597 
Securitization investments 407,782  496,935 
Equity method investments —  107,534 
Property, equipment and software 95,123  81,489 
Goodwill 898,527  899,270 
Intangible assets 317,802  355,086 
Operating lease right-of-use assets 113,281  116,858 
Related party notes receivable —  17,923 
Other assets, less allowance for credit losses of $1,230 and $562, respectively
164,750  136,076 
Total assets $ 7,653,000  $ 8,563,499 
Liabilities, temporary equity and permanent equity (deficit)
Liabilities:
Accounts payable, accruals and other liabilities(1)
317,941  412,950 
Operating lease liabilities
135,489  139,796 
Debt(1)
2,319,918  4,798,925 
Residual interests classified as debt(1)
112,545  118,298 
Warrant liabilities 239,343  39,959 
Total liabilities 3,125,236  5,509,928 
Commitments, guarantees, concentrations and contingencies (Note 14)
Temporary equity(3):
Redeemable preferred stock, $0.00 par value: 100,000,000 and 570,562,965 shares authorized; 3,234,000 and 469,150,522 shares issued and outstanding as of June 30, 2021 and December 31, 2020, respectively
320,374  3,173,686 
Permanent equity (deficit):
Common stock, $0.00 par value: 3,100,000,000 and 789,167,056 shares authorized; 794,692,813 and 115,084,358 shares issued and outstanding as of June 30, 2021 and December 31, 2020, respectively(4)
79  — 
Additional paid-in capital 5,249,878  579,228 
Accumulated other comprehensive loss (512) (166)
Accumulated deficit (1,042,055) (699,177)
Total permanent equity (deficit) 4,207,390  (120,115)
Total liabilities, temporary equity and permanent equity (deficit) $ 7,653,000  $ 8,563,499 
_______________
(1)Financial statement line items include amounts in consolidated variable interest entities (“VIEs”). See Note 4.
(2)As of June 30, 2021 and December 31, 2020, includes loans measured at fair value of $4,685,348 and $4,859,068, respectively, and loans measured at amortized cost of $42,167 and $20,235, respectively. See Note 1, Note 3, Note 6 and Note 7.
(3)Redemption amounts are $323,400 and $3,210,470 as of June 30, 2021 and December 31, 2020, respectively.
(4)Includes 100,000,000 non-voting common shares authorized and no non-voting common shares issued and outstanding as of June 30, 2021, and 8,714,000 shares authorized and 2,406,549 shares outstanding as of December 31, 2020. See Note 10 for additional information.



The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.
5

SoFi Technologies, Inc.
Unaudited Condensed Consolidated Statements of Operations and Comprehensive Income (Loss)
(In Thousands, Except for Share and Per Share Data)
Three Months Ended June 30, Six Months Ended June 30,
2021 2020 2021 2020
Interest income
Loans
$ 79,678  $ 77,485  $ 156,899  $ 163,601 
Securitizations
3,794  6,500  8,261  13,561 
Related party notes
—  879  211  1,931 
Other
636  1,201  1,265  4,254 
Total interest income 84,108  86,065  166,636  183,347 
Interest expense
Securitizations and warehouses
26,250  39,678  56,058  87,201 
Corporate borrowings 1,378  3,416  6,386  4,504 
Other
468  224  900  1,746 
Total interest expense 28,096  43,318  63,344  93,451 
Net interest income 56,012  42,747  103,292  89,896 
Noninterest income
Loan origination and sales
109,719  62,958  220,064  167,213 
Securitizations
(26) 7,350  (2,062) (75,754)
Servicing
(224) (18,720) (12,333) (11,661)
Technology Platform fees
44,950  16,202  90,609  16,202 
Other
20,843  4,415  27,688  7,358 
Total noninterest income 175,262  72,205  323,966  103,358 
Total net revenue 231,274  114,952  427,258  193,254 
Noninterest expense
Technology and product development
69,389  47,833  135,337  88,004 
Sales and marketing
94,951  64,267  182,185  126,937 
Cost of operations
60,624  41,408  118,194  74,065 
General and administrative
171,216  53,404  332,913  102,518 
Provision for credit losses 486  —  486  — 
Total noninterest expense 396,666  206,912  769,115  391,524 
Loss before income taxes (165,392) (91,960) (341,857) (198,270)
Income tax (expense) benefit
78  99,768  (1,021) 99,711 
Net income (loss) $ (165,314) $ 7,808  $ (342,878) $ (98,559)
Other comprehensive income (loss)
Foreign currency translation adjustments, net (266) (36) (346) (43)
Total other comprehensive loss (266) (36) (346) (43)
Comprehensive income (loss) $ (165,580) $ 7,772  $ (343,224) $ (98,602)
Loss per share (Note 15)
Loss per share – basic $ (0.48) $ (0.03) $ (1.50) $ (1.68)
Loss per share – diluted $ (0.48) $ (0.03) $ (1.50) $ (1.68)
Weighted average common stock outstanding – basic 365,036,365  72,147,293  241,282,003  70,768,457 
Weighted average common stock outstanding – diluted 365,036,365  72,147,293  241,282,003  70,768,457 



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


6

SoFi Technologies, Inc.
Unaudited Condensed Consolidated Statements of Changes in Temporary Equity and Permanent Equity (Deficit)
(In Thousands, Except for Share Data)
Common Stock
Additional Paid-In Capital
Accumulated
Other
Comprehensive
Loss
Accumulated
Deficit
Permanent Equity (Deficit)
Temporary Equity
Shares
Amount
Shares Amount
Balance at March 31, 2021 68,291,780  $ —  $ 583,349  $ (246) $ (876,741) $ (293,638) 256,459,941  $ 3,173,686 
Retroactive conversion of shares due to Business Combination 50,727,134  —  —  —  —  —  212,690,581  — 
Balance at March 31, 2021, as converted 119,018,914  —  583,349  (246) (876,741) (293,638) 469,150,522  3,173,686 
Stock-based compensation expense —  —  52,154  —  —  52,154  —  — 
Vesting of RSUs 291,264  —  —  —  —  —  —  — 
Stock withheld related to taxes on vested RSUs (134,008) —  (2,614) —  —  (2,614) —  — 
Exercise of common stock options 523,956  —  741  —  —  741  —  — 
Redeemable preferred stock dividends —  —  (10,079) —  —  (10,079) —  — 
Issuance of contingently issuable stock 1,281,132  —  —  —  —  —  —  — 
Cancellation of redeemable preferred stock related to Galileo acquisition —  —  —  —  —  —  (83,856) (743)
Conversion of redeemable preferred stock warrants into permanent equity —  —  161,775  —  —  161,775  —  — 
Conversion of redeemable preferred stock to common stock 450,832,666  45  2,702,524  —  —  2,702,569  (450,832,666) (2,702,569)
Issuance of common stock in connection with Business Combination and PIPE Investment 222,878,889  22  1,789,579  —  —  1,789,601  —  — 
Costs directly attributable to the issuance of common stock in connection with Business Combination and PIPE Investment —  —  (27,539) —  —  (27,539) —  — 
Repurchase of redeemable common stock —  —  —  —  —  —  (15,000,000) (150,000)
Par value change for historical SoFi common stock —  12  (12) —  —  —  —  — 
Foreign currency translation adjustments, net of tax of $0
—  —  —  (266) —  (266) —  — 
Net loss —  —  —  —  (165,314) (165,314) —  — 
Balance at June 30, 2021 794,692,813  $ 79  $ 5,249,878  $ (512) $ (1,042,055) $ 4,207,390  3,234,000  $ 320,374 
Common Stock Additional Paid-In Capital Accumulated Other Comprehensive Loss Accumulated Deficit Permanent Equity (Deficit) Temporary Equity
Shares Amount Shares Amount
Balance at January 1, 2021 66,034,174  $ —  $ 579,228  $ (166) $ (699,177) $ (120,115) 256,459,941  $ 3,173,686 
Retroactive conversion of shares due to Business Combination 49,050,184  —  —  —  —  —  212,690,581  — 
Balance at January 1, 2021, as converted 115,084,358  —  579,228  (166) (699,177) (120,115) 469,150,522  3,173,686 
Stock-based compensation expense —  —  89,608  —  —  89,608  —  — 
Vesting of RSUs 3,945,698  —  —  —  —  —  —  — 
Stock withheld related to taxes on vested RSUs (1,533,724) —  (28,603) —  —  (28,603) —  — 
Exercise of common stock options 2,203,794  —  3,365  —  —  3,365  —  — 
Redeemable preferred stock dividends —  —  (20,047) —  —  (20,047) —  — 
Issuance of contingently issuable stock 1,281,132  —  —  —  —  —  —  — 
Cancellation of redeemable preferred stock related to business combination —  —  —  —  —  —  (83,856) (743)
Conversion of redeemable preferred stock warrants into permanent equity —  —  161,775  —  —  161,775  —  — 
Conversion of redeemable preferred stock to common stock 450,832,666  45  2,702,524  —  —  2,702,569  (450,832,666) (2,702,569)
Issuance of common stock in connection with Business Combination and PIPE Investment 222,878,889  22  1,789,579  —  —  1,789,601  —  — 
Costs directly attributable to the issuance of common stock in connection with Business Combination and PIPE Investment —  —  (27,539) —  —  (27,539) —  — 
Repurchase of redeemable common stock —  —  —  —  —  —  (15,000,000) (150,000)
Change in par for historical SoFi common stock —  12  (12) —  —  —  —  — 
Foreign currency translation adjustments, net of tax of $0
—  —  —  (346) —  (346) —  — 
Net loss —  —  —  —  (342,878) (342,878) —  — 
Balance at June 30, 2021 794,692,813  $ 79  $ 5,249,878  $ (512) $ (1,042,055) $ 4,207,390  3,234,000  $ 320,374 

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


7

SoFi Technologies, Inc.
Unaudited Condensed Consolidated Statements of Changes in Temporary Equity and Permanent Equity (Deficit) (Continued)
(In Thousands, Except for Share Data)
Common Stock
Additional Paid-In Capital
Accumulated
Other
Comprehensive
Loss
Accumulated
Deficit
Permanent Deficit
Temporary Equity
Shares
Amount
Shares Amount
Balance at March 31, 2020
40,284,693  $ —  $ 139,921  $ (28) $ (580,925) $ (441,032) 218,814,230  $ 2,439,731 
Retroactive conversion of shares due to Business Combination 29,923,470  —  —  —  —  —  185,356,535  — 
Balance at March 31, 2020, as converted 70,208,163  —  139,921  (28) (580,925) (441,032) 404,170,765  2,439,731 
Stock-based compensation expense
—  —  23,545  —  —  23,545  —  — 
Equity-based payments to non-employees
—  —  908  —  —  908  —  — 
Vesting of RSUs
3,340,998  —  —  —  —  —  —  — 
Stock withheld related to taxes on vested RSUs
(1,260,845) —  (7,988) —  —  (7,988) —  — 
Exercise of common stock options
68,089  —  180  —  —  180  —  — 
Vested stock options assumed in acquisition
—  —  32,197  —  —  32,197  —  — 
Common stock purchases
(10,687) —  —  —  (40) (40) —  — 
Redeemable preferred stock dividends
—  —  (10,051) —  —  (10,051) —  — 
Note receivable issuance to stockholder, inclusive of interest
—  —  (569) —  —  (569) —  — 
Note receivable payments from stockholder, inclusive of interest
—  —  27,000  —  —  27,000  —  — 
Issuance of redeemable preferred stock in acquisition
—  —  —  —  —  —  91,921,020  814,156 
Issuance of common stock in acquisition
1,919,356  —  15,565  —  —  15,565  —  — 
Foreign currency translation adjustments, net of tax of $0
—  —  —  (36) —  (36) —  — 
Net income —  —  —  —  7,808  7,808  —  — 
Balance at June 30, 2020 74,265,074  $ —  $ 220,708  $ (64) $ (573,157) $ (352,513) 496,091,785  $ 3,253,887 
Common Stock
Additional Paid-In Capital
Accumulated Other Comprehensive Loss
Accumulated Deficit
Permanent Deficit
Temporary Equity
Shares
Amount
Shares
Amount
Balance at January 1, 2020
39,614,844  $ —  $ 135,517  $ (21) $ (474,558) $ (339,062) 218,814,230  $ 2,439,731 
Retroactive conversion of shares due to Business Combination 29,425,906  —  —  —  —  —  185,356,535  — 
Balance at January 1, 2020, as converted 69,040,750  —  135,517  (21) (474,558) (339,062) 404,170,765  2,439,731 
Stock-based compensation expense —  —  43,230  —  —  43,230  —  — 
Equity-based payments to non-employees —  —  908  —  —  908  —  — 
Vesting of RSUs 5,189,750  —  —  —  —  —  —  — 
Stock withheld related to taxes on vested RSUs (2,030,974) —  (12,628) —  —  (12,628) —  — 
Exercise of common stock options 156,879  —  415  —  —  415  —  — 
Vested stock options assumed in acquisition —  —  32,197  —  —  32,197  —  — 
Common stock purchases (10,687) —  —  —  (40) (40) —  — 
Redeemable preferred stock dividends —  —  (20,157) —  —  (20,157) —  — 
Note receivable issuance to stockholder, inclusive of interest —  —  (1,339) —  —  (1,339) —  — 
Note receivable payments from stockholder, inclusive of interest —  —  27,000  —  —  27,000  —  — 
Issuance of redeemable preferred stock in acquisition —  —  —  —  —  —  91,921,020  814,156 
Issuance of common stock in acquisition 1,919,356  —  15,565  —  —  15,565  —  — 
Foreign currency translation adjustments, net of tax of $0
—  —  —  (43) —  (43) —  — 
Net loss —  —  —  —  (98,559) (98,559) —  — 
Balance at June 30, 2020 74,265,074  $ —  $ 220,708  $ (64) $ (573,157) $ (352,513) 496,091,785  $ 3,253,887 
The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.


8

SoFi Technologies, Inc.
Unaudited Condensed Consolidated Statements of Cash Flows
(In Thousands)
Six Months Ended June 30,
2021 2020
Operating activities
Net loss $ (342,878) $ (98,559)
Adjustments to reconcile net loss to net cash provided by operating activities:
Depreciation and amortization
50,966  19,670 
Deferred debt issuance and discount expense
11,450  16,819 
Stock-based compensation expense
89,608  43,230 
Equity-based payments to non-employees
—  908 
Deferred income taxes
637  (99,731)
Equity method investment earnings
—  (3,560)
Accretion of seller note interest expense
—  1,554 
Fair value changes in residual interests classified as debt
13,668  17,514 
Fair value changes in securitization investments
(5,502) (4,075)
Fair value changes in warrant liabilities
160,909  2,018 
Fair value adjustment to related party notes receivable
(169) — 
Other
(3,937) 643 
Changes in operating assets and liabilities:
Originations and purchases of loans
(5,749,363) (5,189,772)
Proceeds from sales and repayments of loans
5,848,655  5,623,441 
Other changes in loans
5,231  30,586 
Servicing assets
(10,170) 17,593 
Related party notes receivable interest income
1,399  204 
Other assets
(21,752) (19,089)
Accounts payable, accruals and other liabilities
33,856  35,531 
Net cash provided by operating activities
$ 82,608  $ 394,925 
Investing activities
Purchases of property, equipment, software and intangible assets
$ (26,808) $ (8,831)
Related party notes receivable issuances
—  (4,246)
Proceeds from repayment of related party notes receivable 16,693  — 
Proceeds from non-securitization investments
107,534  — 
Purchases of non-securitization investments
—  (145)
Receipts from securitization investments
141,920  143,048 
Acquisition of business, net of cash acquired
—  (32,392)
Net cash provided by investing activities
$ 239,339  $ 97,434 






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


9

SoFi Technologies, Inc.
Unaudited Condensed Consolidated Statements of Cash Flows (Continued)
(In Thousands)
Six Months Ended June 30,
2021 2020
Financing activities
Proceeds from debt issuances
$ 3,849,645  $ 5,635,115 
Repayment of debt (6,355,653) (5,901,828)
Payment of debt issuance costs
(4,520) (12,145)
Taxes paid related to net share settlement of stock-based awards
(28,603) (12,628)
Purchases of common stock
(526) (40)
Redemptions of redeemable common and preferred stock (282,859) — 
Proceeds from Business Combination and PIPE Investment 1,989,851  — 
Payment of costs directly attributable to the issuance of common stock in connection with Business Combination and PIPE Investment (26,951) — 
Proceeds from stock option exercises
3,365  415 
Note receivable principal repayments from stockholder
—  24,865 
Payment of redeemable preferred stock dividends
(20,047) (20,157)
Finance lease principal payments
(278) — 
Net cash used in financing activities
$ (876,576) $ (286,403)
Effect of exchange rates on cash and cash equivalents
(346) (43)
Net increase (decrease) in cash, cash equivalents, restricted cash and restricted cash equivalents
$ (554,975) $ 205,913 
Cash, cash equivalents, restricted cash and restricted cash equivalents at beginning of period
1,323,428  690,206 
Cash, cash equivalents, restricted cash and restricted cash equivalents at end of period
$ 768,453  $ 896,119 
Reconciliation to amounts on Consolidated Balance Sheets (as of period end)
Cash and cash equivalents
$ 461,920  $ 641,500 
Restricted cash and restricted cash equivalents
306,533  254,619 
Total cash, cash equivalents, restricted cash and restricted cash equivalents
$ 768,453  $ 896,119 
Supplemental non-cash investing and financing activities
Securitization investments acquired via loan transfers
$ 47,265  $ 151,768 
Non-cash property, equipment, software and intangible asset additions
896  2,636 
Deconsolidation of residual interests classified as debt
—  72,026 
Deconsolidation of securitization debt —  659,029 
Costs directly attributable to the issuance of common stock paid in 2020 588  — 
Reduction to temporary equity associated with purchase price adjustments 743  — 
Warrant liabilities recognized in conjunction with the Business Combination 200,250  — 
Series H warrant liabilities conversion to common stock warrants 39,959  — 
Conversion of temporary equity into permanent equity in conjunction with the Business Combination 2,702,569  — 
Seller note issued in acquisition —  243,998 
Redeemable preferred stock issued in acquisition —  814,156 
Common stock options assumed in acquisition —  32,197 
Issuance of common stock in acquisition —  15,565 
Property, equipment and software acquired in acquisition —  2,026 
Debt assumed in acquisition —  5,832 
Deferred debt issuance costs accrued but not paid 550  1,200 
The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.


10

SoFi Technologies, Inc.
Notes to Unaudited Condensed Consolidated Financial Statements
(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
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”. See Note 2 for additional information on the Business Combination.
SoFi Technologies, Inc. is a financial services platform. SoFi was founded in 2011 to offer an innovative approach to the private student loan market by providing student loan refinancing options. Since its founding, SoFi has expanded its lending strategy to offer home loans, personal loans and credit cards. The Company has also developed non-lending financial products, such as money management and investment product offerings, and has also leveraged its financial services platform to empower other businesses. Through strategic acquisitions made during the year ended December 31, 2020, the Company expanded its investment product offerings into Hong Kong, and now also operates 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. For additional information on these business combinations, see Note 2. These activities form the Company’s three reportable segments through which we conduct our business: Lending, Financial Services and Technology Platform. For additional information on our reportable segments, see Note 16.
Summary of Significant Accounting Policies
Basis of Presentation
The Unaudited 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 Unaudited Condensed Consolidated Financial Statements were prepared in conformity with accounting principles generally accepted in the United States (“GAAP”) and in accordance with the rules and regulations of the Securities and Exchange Commission (“SEC”). We condensed or omitted certain notes and other financial information from the interim financial statements presented herein. The financial data and other information disclosed in these Notes to Unaudited Condensed Consolidated Financial Statements related to the three and six months ended June 30, 2021 and 2020 are unaudited and should be read in conjunction with the annual consolidated statements included in our prospectus filing on Form 424B3 filed with the SEC on May 7, 2021. In the opinion of management, the Unaudited Condensed Consolidated Financial Statements reflect all adjustments, which are of a normal recurring nature, necessary for a fair statement of the Company’s financial condition and results of operations and cash flows for the interim periods presented. The results for the three and six months ended June 30, 2021 are not necessarily indicative of the results to be expected for the full year ending December 31, 2021.
As a result of the Business Combination completed on May 28, 2021, prior period share and per share amounts presented in the accompanying Unaudited Condensed Consolidated Financial Statements and these related notes have been retroactively converted in accordance with Accounting Standards Codification (“ASC”) 805, Business Combinations. See Note 2 for additional information.
Use of Judgments, Assumptions and Estimates
The preparation of our Unaudited Condensed Consolidated Financial Statements and related disclosures in conformity with GAAP requires management to make assumptions and estimates that affect the amounts reported in our Unaudited Condensed Consolidated Financial Statements and accompanying notes. Management bases its estimates on historical experience and on various other factors it believes to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of our assets and liabilities. These judgments, assumptions and estimates include, but are not limited to, the following: (i) fair value measurements; (ii) stock-based compensation expense, and (iii) business combinations. These judgments, estimates and assumptions are inherently subjective in nature and, therefore, actual results may differ from our estimates and assumptions.
11

SoFi Technologies, Inc.
Notes to Unaudited Condensed Consolidated Financial Statements (continued)
(In Thousands, Unless Otherwise Stated and Except for Share and Per Share Data)
Business Combinations
We account for acquisitions of entities or asset groups that qualify as businesses using the acquisition method of accounting in accordance with ASC 805, Business Combinations. Purchase consideration is allocated to the tangible and intangible assets acquired and liabilities assumed based on the estimated fair values as of the acquisition date, which are measured in accordance with the principles outlined in ASC 820, Fair Value Measurement. The determination of fair value requires management to make estimates about discount rates, future expected cash flows, market conditions and other future events that are highly subjective in nature. The excess of the total purchase consideration over the fair value of the identified net assets acquired is recognized as goodwill. The results of the acquired businesses are included in our results of operations beginning from the date of acquisition. Acquisition-related costs are expensed as incurred.
During the measurement period, which may be up to one year from the acquisition date, we may record adjustments to the allocation of purchase consideration and to the fair values of assets acquired and liabilities assumed to the extent that additional information becomes available. After this period, any subsequent adjustments are recorded in the Consolidated Statements of Operations and Comprehensive Income (Loss).
The Business Combination with SCH during the period ended June 30, 2021 was accounted for as a reverse recapitalization. See Note 2 for additional information.
Consolidation of Variable Interest Entities
We enter into arrangements in which we originate loans, establish a special purpose entity (“SPE”), and transfer loans to the SPE. We retain the servicing rights of those loans and hold additional interests in the SPE. We evaluate each such arrangement to determine whether we have a variable interest. If we determine that we have a variable interest in an SPE, we then determine whether the SPE is a VIE. If the SPE is a VIE, we assess whether we are the primary beneficiary of the VIE, such that we must consolidate the VIE on our Consolidated Balance Sheets. To determine if we are the primary beneficiary, we identify the most significant activities and determine who has the power over those activities, and who absorbs the variability in the economics of the VIE. As of June 30, 2021 and December 31, 2020, we had 13 and 15 consolidated VIEs, respectively, on our Unaudited Condensed Consolidated Balance Sheets. Refer to Note 4 for more details regarding our consolidated VIEs. As of June 30, 2021 and December 31, 2020, there was one and one consolidated VIE, respectively, which did not have securitization debt.
We periodically reassess our involvement with each VIE in which we have a variable interest. We monitor matters related to our ability to control economic performance, such as management of the SPE and its underlying loans, contractual changes in the services provided, the extent of our ownership, and the rights of third parties to terminate us as the VIE servicer. In addition, we monitor the financial performance of each VIE for indications that we may or may not have the right to absorb benefits or the obligation to absorb losses associated with variability in the financial performance of the VIE that could potentially be significant to that VIE, which we define as a variable interest of greater than 10%.
A significant change to the pertinent rights of us or other parties, or a significant change to the ranges of possible financial performance outcomes used in our assessment of the variability of cash flows due to us, could impact the determination of whether or not a VIE should be consolidated in future periods. VIE consolidation and deconsolidation may lead to increased volatility in our financial results and impact period-over-period comparability. Our maximum exposure to loss as a result of our involvement with consolidated VIEs is limited to our investment, which is eliminated in consolidation. There are no liquidity arrangements, guarantees or other commitments by third parties that may affect the fair value or risk of our variable interests in consolidated VIEs.
Fair Value Measurements
Fair value is defined as the price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. We use a three-level fair value hierarchy to classify and disclose all assets and liabilities measured at fair value on a recurring basis in periods subsequent to their initial measurement. The hierarchy requires us to use observable inputs when available and to minimize the use of unobservable inputs when determining fair value. The three levels are defined as follows:
Level 1 — Quoted prices in active markets for identical assets or liabilities, accessible by us at the measurement date.
12

SoFi Technologies, Inc.
Notes to Unaudited Condensed Consolidated Financial Statements (continued)
(In Thousands, Unless Otherwise Stated and Except for Share and Per Share Data)
Level 2 — Quoted prices for similar assets or liabilities in active markets, or quoted prices for identical or similar assets or liabilities in markets that are not active, or observable inputs other than quoted prices.
Level 3 — Unobservable inputs for assets or liabilities for which there is little or no market data, which requires us to develop our own assumptions. These unobservable assumptions reflect estimates of inputs that market participants would use in pricing the asset or liability. Valuation techniques include the use of option pricing models, discounted cash flow models, or similar techniques, which incorporate management’s own estimates of assumptions that market participants would use in pricing the asset or liability.
A financial instrument’s categorization within the fair value hierarchy is based on the lowest level of input that is significant to the fair value measurement. Instruments are categorized in Level 3 of the fair value hierarchy based on the significance of unobservable factors in the overall fair value measurement. As a result, the related gains and losses for assets and liabilities within the Level 3 category presented in Note 7 may include changes in fair value that are attributable to both observable and unobservable inputs.
Transfers of Financial Assets
The transfer of an entire financial asset and, to a much lesser extent, a participating interest in an entire financial asset in which we surrender control over the asset is accounted for as a sale if all of the following conditions are met:
the financial asset is isolated from the transferor and its consolidated affiliates as well as its creditors, even in bankruptcy or other receivership;
the transferee or beneficial interest holders have the right to pledge or exchange the transferred financial asset; and
the transferor, its consolidated affiliates and its agents do not maintain effective control over the transferred financial asset.
Loan sales are aggregated in the financial statements due to the similarity of both the loans transferred and servicing arrangements. The portion of our income relating to ongoing servicing and the fair value of our servicing rights are dependent upon the performance of the sold loans. We measure the gain or loss on the sale of financial assets as the net assets received from the sale less the carrying amount of the loans sold. The net assets received from the sale represent the fair value of any assets obtained or liabilities incurred as part of the transaction, including but not limited to cash, servicing assets, retained securitization investments and recourse obligations.
When securitizing loans, we employ a two-step transaction that includes the isolation of the underlying loans in a trust and the sale of beneficial interests in the trust to a bankruptcy-remote entity. Transfers of financial assets that do not qualify for sale accounting are reported as secured borrowings. Accordingly, the related assets remain on our Consolidated Balance Sheets and continue to be reported and accounted for as if the transfer had not occurred. Cash proceeds received from these transfers are reported as liabilities, with related interest expense recognized over the life of the related secured borrowing.
As a component of the loan sale agreements, we make certain representations to third parties that purchase our previously-held loans, some of which include Federal National Mortgage Association (“FNMA”) repurchase requirements and all of which are standard in nature and do not constrain our ability to recognize a sale for accounting purposes. Any significant estimated post-sale obligations or contingent obligations to the purchaser of the loans arising from these representations are accrued if probable and estimable. Pursuant to ASC 460, Guarantees, we establish a loan repurchase liability, which is based on historical experience and any current developments which would make it probable that we would buy back loans previously sold to third parties at the historical sales price. The loan repurchase liability is presented within accounts payable, accruals and other liabilities in the Unaudited Condensed Consolidated Balance Sheets, with the corresponding charges recorded within noninterest income — loan origination and sales in the Unaudited Condensed Consolidated Statements of Operations and Comprehensive Income (Loss).
Cash and Cash Equivalents
Cash and cash equivalents include unrestricted deposits with financial institutions in checking, money market and short-term certificate of deposit accounts. We consider all highly liquid investments with original maturity dates of three months or less to be cash equivalents.
13

SoFi Technologies, Inc.
Notes to Unaudited Condensed Consolidated Financial Statements (continued)
(In Thousands, Unless Otherwise Stated and Except for Share and Per Share Data)
Restricted Cash and Restricted Cash Equivalents
Restricted cash and restricted cash equivalents consist primarily of cash deposits, certificate of deposit accounts held on reserve, money market funds held by consolidated VIEs, funds reserved for committed stock purchases, and collection balances. These accounts are earmarked as restricted because these balances are either member balances held in our custody, cash segregated for regulatory purposes associated with brokerage activities, escrow requirements for certain debt facilities and derivative agreements, deposits required by various bank holding companies we partner with (“Member Banks”) that support one or more of our products, loan collection balances awaiting disbursement, or represent consolidated VIE cash balances that we cannot use for general operating purposes.
Loans
As of June 30, 2021, our loan portfolio consisted of personal loans, student loans and home loans, which are measured at fair value, and credit card loans, which are measured at amortized cost, and which we began originating in the third quarter of 2020. As of December 31, 2020, we also had a commercial loan, which is further discussed below.
Loans Measured at Fair Value
Our personal loans, student loans and home loans are carried at fair value on a recurring basis and, therefore, all direct fees and costs related to the origination process are recognized in earnings as earned or incurred. We elected the fair value option to measure these loans, as we believe that fair value best reflects the expected economic performance of the loans, as well as our intentions given our gain on sale origination model. We record the initial fair value measurement and subsequent measurement changes in fair value in the period in which the changes occur within noninterest income — loan origination and sales in the Unaudited Condensed Consolidated Statements of Operations and Comprehensive Income (Loss). Our consolidated loans are originated with the intention to sell to third-party investors and are, therefore, considered held for sale. Securitized loans are assets held by consolidated SPEs as collateral for bonds issued, for which fair value changes are recorded within noninterest income — securitizations in the Unaudited Condensed Consolidated Statements of Operations and Comprehensive Income (Loss). Gains or losses recognized upon deconsolidation of a VIE are also recorded within noninterest income — securitizations.
Loans do not trade in an active market with readily observable prices. We determine the fair value of our loans using a discounted cash flow methodology, while also considering market data as it becomes available. We classify loans as Level 3 because the valuations utilize significant unobservable inputs.
We consider a loan to be delinquent when the borrower has not made the scheduled payment amount within one day of the scheduled payment date, provided the borrower is not in school or in deferment, forbearance or within an agreed-upon grace period. Loan deferment is a provision in the student loan contract that permits the borrower to defer payments while enrolled at least half time in school. During the deferment period, interest accrues on the loan balance and is capitalized to the loan when the loan enters repayment status, which begins when the student no longer qualifies for deferment.
Whereas deferment only relates to student loans, forbearance applies to student loans, personal loans and home loans. A borrower in repayment may generally request forbearance for reasons including a FEMA-declared disaster, unemployment, economic hardship or general economic uncertainty. Forbearance typically cannot exceed a total of 12 months over the life of the loan. If forbearance is granted, interest continues to accrue during the forbearance period and is capitalized to the loan when the borrower resumes making payments. At the conclusion of a forbearance period, the contractual monthly payment is recalculated and is generally higher as a result.
Delinquent loans are charged off after 120 days of nonpayment or on the date of confirmed loss, at which time we stop accruing interest and reverse all accrued but unpaid interest as of such date. Additional information about our loans measured at fair value is included in Note 3 through Note 5, as well as Note 7.
Loans Measured at Amortized Cost
As of June 30, 2021 and December 31, 2020, loans measured at amortized cost included credit card loans. We launched our credit card product in the third quarter of 2020, which was expanded to a broader market in the fourth quarter of 2020. Our credit card loan portfolio had a carrying value of $42,167 and $3,723 as of June 30, 2021 and December 31, 2020, respectively. During the fourth quarter of 2020, we also issued a commercial loan, which had a principal balance of $16,500 and
14

SoFi Technologies, Inc.
Notes to Unaudited Condensed Consolidated Financial Statements (continued)
(In Thousands, Unless Otherwise Stated and Except for Share and Per Share Data)
accumulated unpaid interest of $12 as of December 31, 2020, all of which was repaid during January 2021. For loans measured at amortized cost, we present accrued interest within loans in the Unaudited Condensed Consolidated Balance Sheets.
Allowance for Credit Losses
Effective January 1, 2020, we adopted the provisions of Accounting Standards Update (“ASU”) 2016-13, Measurement of Credit Losses on Financial Instruments, which requires upfront recognition of lifetime expected credit losses using a current expected credit loss model. As of June 30, 2021, the standard was applicable to (i) cash equivalents and restricted cash equivalents, (ii) accounts receivable from contracts with customers, inclusive of servicing related receivables, (iii) margin receivables, which were attributable to our activities at 8 Limited, (iv) certain loan repurchase reserves representing guarantees of credit exposure, and (v) loans measured at amortized cost, including credit card loans. Our approaches to measuring the allowance for credit losses on the applicable financial assets are as follows:
Cash equivalents and restricted cash equivalents: Our cash equivalents and restricted cash equivalents are short-term in nature and of high credit quality; therefore, we determined that our exposure to credit losses over the life of these instruments was immaterial.
Accounts receivable from contracts with customers: Accounts receivable from contracts with customers as of the balance sheet dates are recorded at their original invoice amounts reduced by any allowance for credit losses. In accordance with the standard, we pool our accounts receivable, all of which are short-term in nature and arise from contracts with customers, based on shared risk characteristics to assess their risk of loss, even when that risk is remote. Certain of our historical accounts receivable balances did not have any write-offs. We use the aging method and historical loss rates as a basis for estimating the percentage of current and delinquent accounts receivable balances that will result in credit losses. We consider whether the conditions at the measurement date and reasonable and supportable forecasts about future conditions warrant an adjustment to our historical loss experience. In applying such adjustments, we primarily evaluate changes in customer creditworthiness, current economic conditions, expectations of near-term economic trends and changes in customer payment terms and collection trends. For the measurement dates presented herein, given our methods of collecting funds, and that we have not observed meaningful changes in our customers’ payment behavior, we determined that our historical loss rates remained most indicative of our lifetime expected losses.
When we determine that a receivable is not collectible, we write off the uncollectible amount as a reduction to both the allowance and the gross asset balance. Recoveries are recorded when received and credited to provision for credit losses. Accrued interest is excluded from the measurement of the allowance for credit losses. Any change in the assumptions used in analyzing a specific account receivable may result in an additional allowance for credit losses being recognized in the period in which the change occurs. See Note 6 for additional information on our accounts receivable.
Margin receivables: Our margin receivables, which are associated with margin lending services we offer to members through 8 Limited and which we acquired in 2020, are fully collateralized by the borrowers’ securities under collateral maintenance provisions, to which we regularly monitor adherence. Therefore, using the practical expedient in ASC 326-20-35-6, Financial Instruments — Credit Losses, we did not record expected credit losses on this pool of margin receivables, as the fair value of the underlying collateral is expected to exceed the amortized cost of the receivables.
Loan repurchase reserves: We issue financial guarantees related to certain non-agency loan transfers, which are subject to repurchase based on the occurrence of certain credit-related events within a specified amount of time following loan transfer, which does not exceed 90 days from origination. We estimate the contingent guarantee liability based on our historical repurchase activity for similar types of loans and assess whether adjustments to our historical loss experience are required based on current conditions and forecasts of future conditions, as appropriate, as our exposure under the guarantee is short-term in nature. See Note 14 for additional information on our guarantees.
Credit card loans: Our estimates of the allowance for credit losses as of June 30, 2021 and December 31, 2020 were $691 and $219, respectively. Our credit card loan portfolio consists of small balance, homogenous loans. We pool credit card loans using ten internal risk tier categories. We assign the risk tier of our credit card loans primarily based on credit scores, such as FICO, and by utilizing a proprietary risk model that relies on other attributes from credit bureau data to model account-level charge off probability. These pools are reassessed periodically to confirm that all loans within each pool continue to share similar risk characteristics. We establish an allowance for the pooled credit card loans within each internal risk tier using a combination of historical industry and bureau data, which are then adjusted for current conditions and reasonable and
15

SoFi Technologies, Inc.
Notes to Unaudited Condensed Consolidated Financial Statements (continued)
(In Thousands, Unless Otherwise Stated and Except for Share and Per Share Data)
supportable forecasts of future conditions, including economic conditions. We apply the probability-of-default and loss-given-default methods to the drawn balance of credit card loans within each internal risk tier to estimate the lifetime expected credit losses within each tier, which are then aggregated to determine the allowance for credit losses. We estimate the average life over which expected credit losses may occur for the pools of credit card loans within each risk tier using both internal data and historical industry data for credit card loans with comparable risk profiles, which primarily reflects expectations of future payments on the credit card account. Similarly, we estimate the expected annual loss rate for the pools of credit card loans within each risk tier using historical credit bureau data for credit card loans with comparable risk profiles. We do not measure credit losses on the undrawn credit exposure, as such undrawn credit exposure is unconditionally cancellable by us. Management further considers an evaluation of overall portfolio credit quality based on indicators such as changes in our credit decisioning process, underwriting and collection management policies; the effects of external factors, such as regulatory requirements; general economic conditions; and inherent uncertainties in applying the methodology. The assignment of internal risk tiers and determination of comparable industry and credit bureau data involves subjective management judgment.
When necessary, we apply a separate credit loss methodology to assets that have deteriorated in credit quality and, as such, no longer share similar risk characteristics with other assets in the pool. We either estimate the allowance for credit losses on such assets with deteriorated credit quality individually based on individual risk characteristics or as part of a separate pool of assets that shares similar risk characteristics. This was not material for the periods presented.
Credit card loans are reported as delinquent when they become 30 or more days past due. Credit card loans are charged off after 180 days of nonpayment or on the date of the confirmed loss, at which time we stop accruing interest and reverse all accrued but unpaid interest through interest income as of such date. When a credit card loan is charged off, we record a reduction to the allowance and the credit card loan balance. When recovery payments are received against charged off credit card loans, we record a direct reduction to the provision for credit losses and resume the accrual of interest. Credit card receivables associated with alleged or potential fraudulent transactions are charged off through noninterest expense — general and administrative in the Unaudited Condensed Consolidated Statements of Operations and Comprehensive Income (Loss).
Credit card loans charged off due to delinquency during the three and six months ended June 30, 2021 were immaterial. There were no credit card loans on nonaccrual status as of June 30, 2021 and December 31, 2020. Credit card loans charged off due to alleged or potential fraudulent transactions during the three and six months ended June 30, 2021 were $341. Accrued interest receivables written off during the three and six months ended June 30, 2021 were immaterial.
We elected to exclude interest on credit card loans from the measurement of our allowance, as our policy allows for accrued interest to be reversed in a timely manner. Further, we elected the practical expedient to exclude the accrued interest component of our credit card loans from the quantitative disclosures presented in accordance with the guidance.
Credit Quality Indicators
The primary credit quality indicators that are important to understanding the overall credit performance of our credit card borrowers and their ability to repay are reflected by delinquency status and our internal risk tier categories. The Company monitors these credit quality indicators on an ongoing basis.
The following table presents the amortized cost basis of our credit card loan portfolio (excluding accrued interest and before the allowance for credit losses) by either current or delinquency status as of the dates indicated:
Delinquent Loans
Current 30–59 Days 60–89 Days
≥ 90 Days(1)
Total Delinquent Loans
Total Loans(2)
June 30, 2021
Credit card loans $ 41,792  476  240  117  833  $ 42,625 
December 31, 2020
Credit card loans $ 3,864  74  —  76  $ 3,940 
_______________
(1)As of June 30, 2021, all of the credit card loans that were 90 days or more past due continued to accrue interest.
(2)Presented before allowance for credit losses of $691 and $219 as of June 30, 2021 and December 31, 2020, respectively, and excludes accrued interest of $233 and $2, respectively.
16

SoFi Technologies, Inc.
Notes to Unaudited Condensed Consolidated Financial Statements (continued)
(In Thousands, Unless Otherwise Stated and Except for Share and Per Share Data)
The following table presents the amortized cost basis of our credit card loan portfolio (excluding accrued interest and before the allowance for credit losses) by our internal risk tier categories as of the dates indicated. Risk tier category 1 reflects the highest anticipated credit performance based on the factors utilized in our proprietary risk model, which primarily rely on credit bureau attributes, and risk tier category 10 reflects the lowest anticipated credit performance.
Risk Tier Category June 30, 2021 December 31, 2020
1 $ 3,876  $ 570 
2 3,122  390 
3 4,260  282 
4 4,719  321 
5 4,590  492 
6 4,028  335 
7 5,414  338 
8 7,078  696 
9 3,168  169 
10 2,370  347 
Total Credit Card Loans $ 42,625  $ 3,940 
Servicing Rights
Each time we enter into a servicing agreement, we determine whether we should record a servicing asset, servicing liability, or neither a servicing asset nor liability. We elected the fair value option to measure our servicing rights subsequent to initial recognition. We measure the initial and subsequent fair value of our servicing rights using a discounted cash flow methodology, which includes our contractual servicing fee, ancillary income, prepayment rate assumptions, default rate assumptions, a discount rate commensurate with the risk of the servicing asset or liability being valued, and an assumed market cost of servicing, which is based on active quotes from third-party servicers. For servicing rights retained in connection with loan transfers that do not meet the requirements for sale accounting treatment, there is no recognition of a servicing asset or liability.
Servicing rights are initially measured at fair value and recognized as a component of the gain or loss from sales of loans and the initial capitalization is reported within noninterest income — loan origination and sales in the Unaudited Condensed Consolidated Statements of Operations and Comprehensive Income (Loss). Servicing rights are measured at fair value at each subsequent reporting date and changes in fair value are reported in earnings in the period in which they occur. Subsequent measurement changes, including servicing fee payments and fair value changes, are included within noninterest income — servicing in the Unaudited Condensed Consolidated Statements of Operations and Comprehensive Income (Loss). We elected the fair value option to measure our servicing rights to better align with the valuation of our loans, which are impacted by similar factors, such as conditional prepayment rates. We consider the risk of the assets and the observability of inputs in determining the classes of servicing rights. We have three classes of servicing assets: personal loans, home loans and student loans. No servicing was acquired or assumed from a third party during the three and six months ended June 30, 2021 and 2020. There is prepayment and delinquency risk inherent in our servicing rights, but we currently do not use any instruments to mitigate such risks.
See Note 7 for the key inputs used in the fair value measurements of our classes of servicing rights.
Securitization Investments
In Company-sponsored securitization transactions that meet the applicable criteria to be accounted for as a sale, we retain certain residual interests and asset-backed bonds. We measure these investments at fair value on a recurring basis. Gains and losses related to our securitization investments are reported within noninterest income — securitizations in the Unaudited Condensed Consolidated Statements of Operations and Comprehensive Income (Loss). We determine the fair value of our securitization investments using a discounted cash flow methodology, while also considering market data as it becomes available. We classify the residual investments as Level 3 due to the reliance on significant unobservable valuation inputs. We classify asset-backed bonds as Level 2 due to the use of quoted prices for similar assets in markets that are not active, as well as certain factors specific to us.
17

SoFi Technologies, Inc.
Notes to Unaudited Condensed Consolidated Financial Statements (continued)
(In Thousands, Unless Otherwise Stated and Except for Share and Per Share Data)
Our residual investments accrete interest income over the expected life using the effective yield method pursuant to ASC 325-40, Investments — Other, which reflects a portion of the overall fair value adjustment recorded each period on our residual investments. On a quarterly basis, we reevaluate the cash flow estimates over the life of the residual investments to determine if a change to the accretable yield is required on a prospective basis. Additionally, we record interest income associated with asset-backed bonds over the term of the underlying bond using the effective interest method on unpaid bond amounts. Interest income on residual investments and asset-backed bonds is presented within interest income — securitizations in the Unaudited Condensed Consolidated Statements of Operations and Comprehensive Income (Loss).
See Note 7 for the key inputs used in the fair value measurements of our residual investments and asset-backed bonds.
Equity Method Investments
We purchased a 16.7% interest in Apex Clearing Holdings, LLC (“Apex”) for $100,000 in December 2018, which represented our only significant equity method investment at the time. We recorded our portion of Apex equity method earnings within noninterest income — other in the Unaudited Condensed Consolidated Statements of Operations and Comprehensive Income (Loss) and as an increase to the carrying value of our equity method investment in the Unaudited Condensed Consolidated Balance Sheets. We recognized equity method earnings on our investment in Apex of $2,599 and $3,596 during the three and six months ended June 30, 2020, which included basis difference amortization. During the six months ended June 30, 2020, we invested an additional $145 in Apex.
The seller of the Apex interest had call rights over our initial equity interest in Apex (“Seller Call Option”) from April 14, 2020 to December 14, 2023, which rights were exercised in January 2021. Therefore, we ceased recognizing Apex equity investment income subsequent to the call date. As of December 31, 2020, we measured the carrying value of the Apex equity method investment equal to the call payment that we received in January 2021 of $107,534. There was no equity method investment balance as of June 30, 2021.
We did not receive any distributions during the three and six months ended June 30, 2021 or 2020.
We also had an equity method investment balance related to a residential mortgage origination joint venture, which was discontinued in the third quarter of 2020. For the three and six months ended June 30, 2020, the earnings related to this joint venture were immaterial.
Derivative Financial Instruments
We enter into derivative contracts to manage future loan sale execution risk. We did not elect hedge accounting, as management’s hedging intentions are to economically hedge the risk of unfavorable changes in the fair value of our student loans, personal loans and home loans. Our derivative instruments include interest rate futures, interest rate options, interest rate swaps, interest rate lock commitments (“IRLC”), credit default swaps and mortgage pipeline hedges. The interest rate futures, interest rate options and mortgage pipeline hedges are measured at fair value and categorized as Level 1 fair value assets and liabilities, as all contracts held are traded in active markets for identical assets or liabilities and quoted prices are accessible by us at the measurement date. The interest rate swaps are measured at fair value and categorized as Level 2 fair value assets and liabilities, as all contracts held are traded in active markets for similar assets or liabilities and other observable inputs are available at the measurement date. IRLCs are categorized as Level 3 fair value assets and liabilities, as the fair value is highly dependent on an assumed loan funding probability. Changes in derivative instrument fair values are recognized in earnings as they occur. Depending on the measurement date position, derivative financial instruments are presented within other assets or accounts payable, accruals and other liabilities in the Unaudited Condensed Consolidated Balance Sheets.
In addition, in the past we have entered into derivative contracts to hedge the market risk associated with some of our non-securitization investments, which are also presented within other assets or accounts payable, accruals and other liabilities in the Unaudited Condensed Consolidated Balance Sheets. We did not elect hedge accounting.
18

SoFi Technologies, Inc.
Notes to Unaudited Condensed Consolidated Financial Statements (continued)
(In Thousands, Unless Otherwise Stated and Except for Share and Per Share Data)
The following table presents the gains (losses) recognized on our derivative instruments during the periods indicated:
Three Months Ended June 30, Six Months Ended June 30,
2021 2020 2021 2020
Derivative contracts to manage future loan sale execution risk(1)(2)
$ (13,937) $ (10,566) $ 22,134  $ (46,287)
IRLCs(1)(3)
642  6,390  (7,860) 17,131 
Derivative contracts to manage market risk associated with non-securitization investments(4)
—  —  —  996 
Total
$ (13,295) $ (4,176) $ 14,274  $ (28,160)
_____________________
(1) Recorded within noninterest income — loan origination and sales in the Unaudited Condensed Consolidated Statements of Operations and Comprehensive Income (Loss).
(2) The loss recognized during the six months ended June 30, 2020 was inclusive of a $22,487 gain on credit default swaps that were opened and settled during the period.
(3) IRLCs are not an economic hedge of loan fair values.
(4) For the six months ended June 30, 2020, the gain was recorded within noninterest income — other in the Unaudited Condensed Consolidated Statements of Operations and Comprehensive Income (Loss). We did not have any such derivative contracts to hedge our non-securitization investments during the 2021 periods.
Certain derivative instruments are subject to enforceable master netting arrangements. Accordingly, we present our net asset or liability position by counterparty in the Unaudited Condensed Consolidated Balance Sheets. Additionally, since our cash collateral balances do not approximate the fair value of the derivative position, we do not offset our right to reclaim cash collateral or obligation to return cash collateral against recognized derivative assets or liabilities. As of June 30, 2021, our derivative instruments were in liability positions totaling $1,081, with no offsetting asset positions and cash collateral of $888 related to our master netting arrangements. As of December 31, 2020, our derivative instruments were in liability positions totaling $2,955, with no offsetting asset positions and cash collateral of $1,746 related to our master netting arrangements. The cash collateral was included within restricted cash and restricted cash equivalents in the Unaudited Condensed Consolidated Balance Sheets. See Note 7 for additional information on our derivative assets and liabilities. Our derivative instruments are reported within net cash provided by operating activities in the Unaudited Condensed Consolidated Statements of Cash Flows.
Residual Interests Classified as Debt
For residual interests related to consolidated securitizations, the residual interests held by third parties are presented as residual interests classified as debt in the Unaudited Condensed Consolidated Balance Sheets. We measure residual interests classified as debt at fair value on a recurring basis. We record subsequent measurement changes in fair value in the period in which the change occurs within noninterest income — securitizations in the Unaudited Condensed Consolidated Statements of Operations and Comprehensive Income (Loss). We determine the fair value of residual interests classified as debt using a discounted cash flow methodology, while also considering market data as it becomes available. We classify the residual interests classified as debt as Level 3 due to the reliance on significant unobservable valuation inputs.
We recognize interest expense related to residual interests classified as debt over the expected life using the effective yield method, which reflects a portion of the overall fair value adjustment recorded each period on our residual interests classified as debt. Interest expense related to residual interests classified as debt is presented within interest expense — securitizations and warehouses in the Unaudited Condensed Consolidated Statements of Operations and Comprehensive Income (Loss). On a quarterly basis, we reevaluate the cash flow estimates to determine if a change to the accretable yield is required on a prospective basis.
See Note 7 for the key inputs used in the fair value measurements of residual interests classified as debt.
19

SoFi Technologies, Inc.
Notes to Unaudited Condensed Consolidated Financial Statements (continued)
(In Thousands, Unless Otherwise Stated and Except for Share and Per Share Data)
Loan Origination and Sales Activities
We measure our loans at fair value and, therefore, all direct fees and costs related to the origination process are recognized in earnings as earned or incurred. Direct fees, which primarily relate to home loan originations, and direct loan origination costs are recorded within noninterest income — loan origination and sales and noninterest expense — cost of operations, respectively, in the Consolidated Statements of Operations and Comprehensive Income (Loss).
As part of our loan sale agreements, we may retain the rights to service sold loans. We calculate a gain or loss on the sale based on the sum of the proceeds from the sale and any servicing asset recognized, less the carrying value of the loans sold. Our gain or loss calculation is also inclusive of repurchase liabilities recognized at the time of sale.
For our credit card loans, direct loan origination costs are deferred within other assets in the Unaudited Condensed Consolidated Balance Sheets and amortized on a straight-line basis over the privilege period, which we have determined to be 12 months, within interest income — loans in the Consolidated Statements of Operations and Comprehensive Income (Loss). During the three and six months ended June 30, 2021, we amortized $102 of deferred costs into interest income and had a remaining balance of deferred costs of $1,124 within other assets as of June 30, 2021.
Revenue Recognition
In accordance with ASC 606, Revenue from Contracts with Customers, 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.
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. Revenues from contracts with customers are presented within noninterest income — Technology Platform fees and noninterest income — other in the Unaudited Condensed Consolidated Statements of Operations and Comprehensive Income
20

SoFi Technologies, Inc.
Notes to Unaudited Condensed Consolidated Financial Statements (continued)
(In Thousands, Unless Otherwise Stated and Except for Share and Per Share Data)
(Loss). There are no revenues from contracts with customers attributable to our Lending segment for any of the periods presented.
Three Months Ended June 30, Six Months Ended June 30,
2021 2020 2021 2020
Financial Services
Referrals
$ 3,140  $ 1,163  $ 5,394  $ 2,752 
Brokerage
7,054  869  11,666  1,046 
Payment network
1,473  523  2,675  821 
Underwriting fees 1,760  —  1,760  — 
Enterprise services
2,696  57  2,754  111 
Total
$ 16,123  $ 2,612  $ 24,249  $ 4,730 
Technology Platform
Technology Platform fees
$ 44,950  $ 16,202  $ 90,609  $ 16,202 
Payment network
379  236  821  236 
Total
$ 45,329  $ 16,438  $ 91,430  $ 16,438 
Total Revenue from Contracts with Customers
Technology Platform fees
$ 44,950  $ 16,202  $ 90,609  $ 16,202 
Referrals
3,140  1,163  5,394  2,752 
Payment network
1,852  759  3,496  1,057 
Brokerage
7,054  869  11,666  1,046 
Underwriting fees 1,760  —  1,760  — 
Enterprise services
2,696  57  2,754  111 
Total
$ 61,452  $ 19,050  $ 115,679  $ 21,168 

Technology Platform Fees
Commencing in May 2020 with our acquisition of Galileo, we earn Technology Platform fees for providing an integrated platform as a service for financial and non-financial institutions. Within our technology platform fee arrangements, certain contracts contain a provision for a fixed, upfront implementation fee related to setup activities, which represents an advance payment for future technology platform services. Our implementation fees are recognized ratably over the contract life, as we consider the implementation fee partially earned each month that we meet our performance obligation over the life of the contract. We had deferred revenues of $2,686 and $2,520 as of June 30, 2021 and December 31, 2020, respectively, which are presented within accounts payable, accruals and other liabilities in the Unaudited Condensed Consolidated Balance Sheets. During the three and six months ended June 30, 2021, we recognized revenue of $182 and $338, respectively, associated with deferred revenues within noninterest income — Technology Platform fees in the Unaudited Condensed Consolidated Statements of Operations and Comprehensive Income (Loss). During the three and six months ended June 30, 2020, we recognized revenue of $76 and $76, respectively, associated with deferred revenues.
Sales commissions: Capitalized sales commissions presented within other assets in the Unaudited Condensed Consolidated Balance Sheets, which are incurred in connection with obtaining a technology platform-as-a-service contract, were $558 and $527 as of June 30, 2021 and December 31, 2020, respectively. Additionally, we incur ongoing monthly commissions, which are expensed as incurred, as the benefit of such sales efforts are realized only in the period in which the commissions are earned. During the three and six months ended June 30, 2021, commissions recorded within noninterest expense — sales and marketing in the Unaudited Condensed Consolidated Statements of Operations and Comprehensive Income (Loss) were $961 and $1,770, respectively, of which $79 and $143, respectively, represented amortization of capitalized sales commissions. During the three and six months ended June 30, 2020, commissions were $262 and $262, of which $18 and $18 represented amortization of capitalized sales commissions.
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SoFi Technologies, Inc.
Notes to Unaudited Condensed Consolidated Financial Statements (continued)
(In Thousands, Unless Otherwise Stated and Except for Share and Per Share Data)
Enterprise Services
Commencing in the second quarter of 2021, enterprise services also includes fees for providing advisory services in connection with helping operating companies successfully complete the business combination process, inclusive of obtaining the required shareholder votes. The amount of revenue is recorded on a gross basis within noninterest income — other in the Unaudited Condensed Consolidated Statements of Operations and Comprehensive Income (Loss), as we fully control the fulfillment of our performance obligation acting in the capacity of a principal. Out-of-pocket expenses associated with satisfying the performance obligation are recognized at the time the related revenue is recognized and presented as part of noninterest expense — general and administrative.

Underwriting Fees
Commencing in the second quarter of 2021, we earned underwriting fees related to our membership in underwriting syndicates for initial public offerings. The underwriting of securities is the only performance obligation in our underwriting agreements, and we recognize underwriting fees on the trade date. Moreover, we are a principal in our underwriting agreements, because we demonstrate the requisite control over the satisfaction of the performance obligation through the assumption of underwriter liability for our designated share allotment. As such, we recognize underwriting fee revenue on a gross basis within noninterest income — other in the Unaudited Condensed Consolidated Statements of Operations and Comprehensive Income (Loss).
Contract Assets
As of June 30, 2021 and December 31, 2020, accounts receivable, net associated with revenue from contracts with customers was $30,410 and $23,278, respectively, which was reported within other assets in the Unaudited Condensed Consolidated Balance Sheets.
Loss Contingencies
Loss contingencies, including claims and legal actions arising in the ordinary course of business, are recorded in accounts payable, accruals and other liabilities in the Unaudited Condensed Consolidated Balance Sheets. Such liabilities and associated expenses are recorded when the likelihood of loss is probable and an amount or range of loss can be reasonably estimated. Such estimates are based on the best information available at the time. As additional information becomes available, we reassess the potential liability and record an estimate in the period in which the adjustment is probable and an amount or range can be reasonably estimated. Due to the inherent uncertainties of loss contingencies, estimates may be different from the actual outcomes. With respect to legal proceedings, we recognize legal fees as they are incurred within noninterest expense — general and administrative in our Unaudited Condensed Consolidated Statements of Operations and Comprehensive Income (Loss). See Note 14 for discussion of contingent matters.
Recently Adopted Accounting Standards
We did not adopt any accounting standards during the six months ended June 30, 2021.
Recent Accounting Standards Issued, But Not Yet Adopted
Facilitation of the Effects of Reference Rate Reform on Financial Reporting
In March 2020, the FASB issued ASU 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting. In January 2021, the FASB issued ASU 2021-01, Reference Rate Reform (Topic 848): Scope, which clarifies the scope of Topic 848 for certain derivative instruments that use an interest rate for margining, discounting or contract price alignment. ASU 2020-04 and ASU 2021-01 were both effective upon issuance and may be applied to contract modifications from January 1, 2020 through December 31, 2022. We are in the process of reviewing our borrowings and Series 1 redeemable preferred stock dividends that utilize LIBOR as the reference rate and are evaluating options for modifying such arrangements in accordance with the provisions of the standard and the potential impact that such modifications may have on our consolidated financial statements and related disclosures.
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SoFi Technologies, Inc.
Notes to Unaudited Condensed Consolidated Financial Statements (continued)
(In Thousands, Unless Otherwise Stated and Except for Share and Per Share Data)
Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity
In August 2020, the FASB issued ASU 2020-06, Debt — Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging — Contracts in Entity’s Own Equity (Subtopic 815-40): Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity. This ASU simplifies the accounting for certain convertible instruments, amends the guidance on derivative scope exceptions for contracts in an entity’s own equity, and modifies the guidance on diluted earnings per share calculations as a result of these changes. The standard is effective for fiscal years and interim periods beginning after December 15, 2023. Early adoption is permitted, but no earlier than fiscal years beginning after December 15, 2020, including interim periods within those fiscal years. We are currently evaluating the effect of adopting this standard on our consolidated financial statements and related disclosures.
Note 2. Business Combinations
Merger with Social Capital Hedosophia Holdings Corp. V
On January 7, 2021, Social Finance entered into the Agreement by and among Social Finance, SCH, a Cayman Islands exempted company limited by shares, and Plutus Merger Sub Inc., a Delaware corporation and a wholly owned subsidiary of SCH (“Merger Sub”). Pursuant to the Agreement, Merger Sub merged with and into Social Finance. Upon the Closing on May 28, 2021, the separate corporate existence of Merger Sub ceased and Social Finance survived the merger and became a wholly-owned subsidiary of SCH. On May 28, 2021, SCH also filed a notice of deregistration with the Cayman Islands Registrar of Companies, together with the necessary accompanying documents, and filed a certificate of incorporation and a certificate of corporate domestication with the Secretary of State of the State of Delaware, under which SCH was domesticated as a Delaware corporation, changing its name from “Social Capital Hedosophia Holdings Corp. V” to “SoFi Technologies, Inc.” These transactions are collectively referred to as the “Business Combination”.
The Business Combination was accounted for as a reverse recapitalization whereby SCH was determined to be the accounting acquiree and Social Finance to be the accounting acquirer. This accounting treatment is the equivalent of Social Finance issuing stock for the net assets of SCH, accompanied by a recapitalization whereby no goodwill or other intangible assets are recorded. Operations prior to the Business Combination are those of Social Finance. At the Closing, we received gross cash consideration of $764.8 million as a result of the reverse recapitalization, which was then reduced by:
A redemption of redeemable common stock (classified as temporary equity) of $150.0 million;
A Special Payment (as defined in Note 9), which was accounted for as an embedded derivative, and made to our Series 1 preferred stockholders of $21.2 million (which was expensed as incurred); and
Our equity issuance costs.
In connection with the Business Combination, Social Finance incurred $27.5 million of equity issuance costs, consisting of advisory, legal, share registration and other professional fees, which are recorded within additional paid-in capital as a reduction of proceeds. We paid $0.6 million of the equity issuance costs during 2020.
In connection with the Business Combination, SCH entered into subscription agreements with certain investors (the “Third Party PIPE Investors”), whereby it issued 122,500,000 shares of common stock at $10.00 per share (“PIPE Shares”) for an aggregate purchase price of $1.225 billion (“PIPE Investment”), which closed simultaneously with the consummation of the Business Combination. Upon the Closing, the PIPE Shares were automatically converted into shares of SoFi Technologies common stock on a one-for-one basis.
Upon the Closing, holders of Social Finance common stock received shares of SoFi Technologies common stock in an amount determined by application of the exchange ratio of 1.7428 (“Exchange Ratio”), which was based on Social Finance’s implied price per share prior to the Business Combination. Additionally, holders of Social Finance preferred stock (with the exception of the Series 1 preferred stockholders) received shares of SoFi Technologies common stock in amounts determined by application of either the Exchange Ratio or a multiplier of the Exchange Ratio, as provided by the Agreement.
Acquisition of Golden Pacific Bancorp, Inc.
During March 2021, the Company and Golden Pacific Bancorp, Inc. (“Golden Pacific”), a California corporation, entered into an Agreement and Plan of Merger (the “Bank Merger”), by and among the Company, a wholly-owned subsidiary of the
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SoFi Technologies, Inc.
Notes to Unaudited Condensed Consolidated Financial Statements (continued)
(In Thousands, Unless Otherwise Stated and Except for Share and Per Share Data)
Company and Golden Pacific, pursuant to which the Company will acquire all of the outstanding equity interests in Golden Pacific and thereby acquire its wholly-owned subsidiary, Golden Pacific Bank, National Association (“Golden Pacific Bank”), for total cash purchase consideration of $22.3 million, of which approximately $0.7 million could be held back by the Company in escrow (“Holdback Amount”) if certain legal proceedings with which Golden Pacific is involved as a plaintiff are not resolved at the time the Bank Merger closes. The Holdback Amount will be used for further financing or costs incurred associated with the litigation and any remaining amount upon resolution of the litigation will be released to the Golden Pacific shareholders. Alternatively, if the legal proceedings are resolved prior to the close of the Bank Merger and a favorable settlement is received, the merger consideration will be increased by the amount of such proceeds, net of all fees and expenses and taxes payable in respect of such proceeds, such that the settlement will be returned to the Golden Pacific shareholders.
Golden Pacific is duly registered as a bank holding company with the Board of Governors of the Federal Reserve System. Golden Pacific Bank is a national banking association duly organized and validly existing and in good standing under the laws of the United States and is regulated by the Office of the Comptroller of the Currency (the “OCC”). Deposit accounts of Golden Pacific Bank are insured by the FDIC through the Deposit Insurance Fund to the fullest extent permitted by law. The closing of the Bank Merger is subject to regulatory approval, including approval from the OCC of a revised business plan for Golden Pacific Bank, and approval from the Federal Reserve to become a bank holding company and for a change of control, and other customary closing conditions, which the Company anticipates can be completed by the end of 2021. The Bank Merger will be accounted for as a business combination. The purchase consideration will be allocated to the tangible and intangible assets acquired and liabilities assumed based on the estimated fair values as of the acquisition date. The acquisition is not expected to be a significant acquisition under ASC 805 or Regulation S-X, Rule 3-05. In March 2021, the Company submitted an application to the Federal Reserve to become a bank holding company. The application review process is ongoing.
Acquisition of Galileo Financial Technologies, Inc.
On May 14, 2020, we acquired Galileo Financial Technologies, Inc. and its subsidiaries (“Galileo”) by acquiring 100% of the outstanding Galileo stock as of that date. Galileo primarily provides technology platform services to financial and non-financial institutions. Our acquisition of Galileo enabled us to diversify our business from primarily consumer-based to also serve institutions that rely upon Galileo’s integrated platform as a service to serve their clients.
The following table presents the components of the purchase consideration to acquire Galileo:
Cash paid $ 75,633 
Seller note 243,998 
Fair value of preferred stock issued(1)
813,413 
Fair value of common stock options assumed(2)
32,197 
Total purchase consideration $ 1,165,241 
___________________
(1) The preferred stock issued was subject to adjustment as part of the closing net working capital calculation, which was finalized in April 2021 and reduced the total purchase price consideration, as reflected herein and discussed below. See Note 9 for additional information. As of June 30, 2021, there were no remaining open items with regard to the purchase price allocation process for Galileo.
(2) We contemporaneously converted outstanding options to acquire common stock of Galileo into corresponding options to acquire common stock of SoFi (“Replacement Options”) at an exchange ratio of one Galileo option to 3.83 Replacement Options.
Upon the finalization of the closing net working capital calculation in April 2021, the total purchase price consideration was reduced by $743, which was settled through the return to SoFi of an equivalent value of 83,856 previously issued Series H-1 preferred stock, which were retired upon receipt. In April 2021, the adjustment similarly reduced the carrying value of
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SoFi Technologies, Inc.
Notes to Unaudited Condensed Consolidated Financial Statements (continued)
(In Thousands, Unless Otherwise Stated and Except for Share and Per Share Data)
recognized goodwill, and did not impact the estimated fair values of the assets acquired and liabilities assumed in conjunction with the transaction. There were no other adjustments to goodwill during the three and six months ended June 30, 2021.
None of the goodwill recognized is deductible for tax purposes. Goodwill is primarily attributable to synergies expected from leveraging SoFi’s resources to further build upon Galileo’s product offerings, scaling Galileo’s operations and expanding its market reach. As such, the goodwill is fully allocated to the Technology Platform segment.
Identifiable intangible assets at the date of acquisition included finite-lived intangible assets with a gross carrying amount of $388,000, as follows:
Gross Carrying Amount
Weighted Average Useful Life (Years)
Developed technology
$ 253,000  8.6
Customer-related
125,000  3.6
Trade names, trademarks and domain names
10,000  8.6

The following unaudited supplemental pro forma financial information presents the Company’s consolidated results of operations for the three and six months ended June 30, 2020 as if the business combination had occurred on January 1, 2020:
Three Months Ended Six Months Ended
June 30, 2020 June 30, 2020
Total net revenue $ 127,190  $ 226,468 
Net income (loss) 5,214  (112,424)
The unaudited supplemental pro forma financial information is presented for comparative purposes only and is not necessarily indicative of the actual results of operations that would have been achieved, nor is it indicative of future results of operations.
The unaudited supplemental pro forma financial information reflects pro forma adjustments that give effect to applying the Company’s accounting policies and certain events the Company believes to be directly attributable to the acquisition. The pro forma adjustments primarily include:
incremental straight-line amortization expense associated with acquired intangible assets;
adjustments to depreciation expense resulting from accounting policy alignment between the acquirer and acquiree;
incremental accretion of interest on the seller note;
incremental post-combination stock-based compensation expense associated with the Replacement Options as if they had been granted on January 1, 2020;
incremental acquisition-related costs; and
the related income tax effects, at the statutory tax rate applicable for the period, of the pro forma adjustments noted above.
The unaudited supplemental pro forma financial information does not give effect to any anticipated cost savings, operating efficiencies or other synergies that may be associated with the acquisition, or any estimated costs that have been or will be incurred by the Company to integrate the assets and operations of Galileo.
Other Acquisitions
On April 28, 2020, the Company acquired 100% of the outstanding stock of 8 Limited, a Hong Kong brokerage services firm, for total consideration of $16,126, consisting of $561 in cash and $15,565 in fair value of Social Finance common stock issued. Of the 2,240,005 shares of Social Finance’s common stock issuable in connection with the acquisition, 1,919,356 shares were issued at the date of acquisition and the remaining issuable common stock is subject to certain representations and warranties and is expected to be issued within 18 months of the date of acquisition. The share awards issued in connection with
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SoFi Technologies, Inc.
Notes to Unaudited Condensed Consolidated Financial Statements (continued)
(In Thousands, Unless Otherwise Stated and Except for Share and Per Share Data)
this acquisition have both performance and service-based requirements. The excess of the total purchase consideration over the fair value of the net assets acquired of $10,239 was allocated to goodwill, none of which is deductible for tax purposes. As the acquisition was not determined to be a significant acquisition as contemplated in ASC 805, the Company did not disclose the pro forma impact of this acquisition to the results of operations for the three and six months ended June 30, 2020.
Identifiable intangible assets at the date of acquisition included finite-lived intangible assets for developed technology, customer-related contracts and broker-dealer license and trading rights with an aggregate fair value of $5,038. The intangible assets are being amortized over a period of 3.6 to 5.7 years based on the estimated economic benefit derived from each of the underlying assets.
Note 3. Loans
As of June 30, 2021, our loan portfolio consisted of personal loans, student loans and home loans, which are measured at fair value, and credit card 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, as applicable, as of the dates indicated:
June 30, December 31,
2021 2020
Loans at fair value
Securitized student loans
$ 716,980  $ 908,427 
Securitized personal loans
374,099  559,743 
Student loans
2,022,513  1,958,032 
Home loans
182,313  179,689 
Personal loans
1,389,443  1,253,177 
Total loans at fair value 4,685,348  4,859,068 
Loans at amortized cost(1)
Credit card loans(2)
42,167  3,723 
Commercial loan(3)
—  16,512 
Total loans at amortized cost 42,167  20,235 
Total loans
$ 4,727,515  $ 4,879,303 
_____________________
(1) See Note 1 for additional information on our loans at amortized cost as it pertains to the allowance for credit losses pursuant to ASC 326.
(2) During the six months ended June 30, 2021, we had originations of credit card loans of $107,346 and gross repayments on credit card loans of $68,661.
(3) During the fourth quarter of 2020, we issued a commercial loan with a principal balance of $16,500 and which had accumulated interest of $12 as of December 31, 2020, all of which was repaid in January 2021.
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SoFi Technologies, Inc.
Notes to Unaudited Condensed Consolidated Financial Statements (continued)
(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 measured at fair value on a recurring basis as of the dates indicated:
Student Loans
Home Loans
Personal Loans
Total
June 30, 2021
Unpaid principal
$ 2,646,209  $ 178,373  $ 1,705,269  $ 4,529,851 
Accumulated interest
7,820  123  9,218  17,161 
Cumulative fair value adjustments
85,464  3,817  49,055  138,336 
Total fair value of loans
$ 2,739,493  $ 182,313  $ 1,763,542  $ 4,685,348 
December 31, 2020
Unpaid principal
$ 2,774,511  $ 171,967  $ 1,780,246  $ 4,726,724 
Accumulated interest
9,472  141  11,558  21,171 
Cumulative fair value adjustments
82,476  7,581  21,116  111,173 
Total fair value of loans
$ 2,866,459  $ 179,689  $ 1,812,920