The following discussion and analysis provides information that management
believes is relevant to an assessment and understanding of our consolidated
results of operations and financial condition. You should read this discussion
and analysis in conjunction with the unaudited condensed consolidated financial
statements and notes thereto included elsewhere in this Quarterly Report on Form
10-Q, as well as SoFi Technologies' audited consolidated financial statements
and notes thereto included in our Annual Report on Form 10-K filed with the SEC
on March 1, 2022. Certain amounts may not foot or tie to other disclosures due
to rounding. Certain information in this discussion and analysis or set forth
elsewhere in this Quarterly Report on Form 10-Q contains forward-looking
statements that involve numerous risks and uncertainties, including, but not
limited to, those described under the sections entitled "Cautionary Note
Regarding Forward-Looking Statements" and Item II, Part 1A. "Risk Factors"
included in this Quarterly Report on Form 10-Q. We assume no obligation to
update any of these forward-looking statements. Actual results may differ
materially from those contained in any forward-looking statements.

Business Overview



We are a member-centric, one-stop shop for financial services that, through our
Lending and Financial Services products, allows members to borrow, save, spend,
invest and protect their money. We refer to our customers as "members". Our
mission is to help our members achieve financial independence in order to
realize their ambitions. To us, financial independence does not mean being
wealthy, but rather represents the ability of our members to have the financial
means to achieve their personal objectives at each stage of life, such as owning
a home, having a family, or having a career of their choice - more simply
stated, to have enough money to do what they want. We were founded in 2011 and
have developed a suite of financial products that offers the speed, selection,
content and convenience that only an integrated digital platform can provide. In
order for us to achieve our mission, we have to help people get their money
right, which means providing them with the ability to borrow better, save
better, spend better, invest better and protect better. Everything we do today
is geared toward helping our members "Get Your Money Right" and we strive to
innovate and build ways for our members to achieve this goal.

Our three reportable segments and their respective offerings as of March 31,
2022 were as follows:

            Lending                              Technology Platform                                         Financial Services
•        Student Loans(1)              •              Technology 

Products and • SoFi Checking and • Loan referrals


                                                      Solutions                                Savings
•        Personal Loans                                                               •        SoFi Money              •        SoFi At Work
•        Home Loans                                                                   •        SoFi Invest(2)          •        SoFi Protect
                                                                                      •        SoFi Relay              •        Lantern Credit
                                                                                      •        SoFi Credit Card        •        Equity capital markets
                                                                                                                                and advisory services

__________________

(1)Composed of in-school loans and student loan refinancing.

(2)Our SoFi Invest service is composed of three products: active investing accounts, robo-advisory accounts and digital assets accounts. SoFi Invest also includes our brokerage accounts through 8 Limited in Hong Kong.



We define a member as someone who has a lending relationship with us through
origination and/or ongoing servicing, opened a financial services account,
linked an external account to our platform, or signed up for our credit score
monitoring service. Once someone becomes a member, they are always considered a
member unless they violate our terms of service. Our members have continuous
access to our certified financial planners ("CFPs"), our career advice services,
our member events, our content, educational material, news, and our tools and
calculators, which are provided at no cost to the member. Additionally, our
mobile app and website have a member home feed that is personalized and delivers
content to a member about what they must do that day in their financial life,
what they should consider doing that day in their financial life, and what they
can do that day in their financial life. Since our inception through March 31,
2022, we have served approximately 3.9 million members who have used
approximately 5.9 million products on the SoFi platform.

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                                     Members
                                   In Thousands


                    [[Image Removed: sofi-20220331_g1.jpg]]

We offer our members a suite of financial products and services, enabling them
to borrow, save, spend, invest and protect their finances across one integrated
platform. Our aim is to create a best-in-class, integrated financial services
platform that will generate a virtuous cycle whereby positive member experiences
will lead to more products adopted per member and enhanced profitability for
each additional product by lowering overall member acquisition costs and
increasing the lifetime value of our members. We refer to this virtuous cycle as
our "Financial Services Productivity Loop".

We believe that developing a relationship with our members and gaining their
trust is central to our success as a financial services platform. Through our
mobile technology and continuous effort to improve our financial services
products, we are seeking to build a financial services platform that members can
access for all of their financial services needs. We believe we are in the early
stages of realizing the benefits of our Financial Services Productivity Loop.

In addition to benefiting our members, our products and capabilities are also
designed to appeal to enterprises, such as financial services institutions that
subscribe to our enterprise services called SoFi At Work, and have become
interconnected with the SoFi platform. We have continued to expand our platform
capabilities for enterprises through our acquisition of Galileo in 2020, which
provides technology platform services to financial and non-financial
institutions and which has allowed us to vertically integrate across more of our
financial services, and the Technisys Merger in the first quarter of 2022,
through which we expanded our technology platform services to a broader
international market. We believe that these expansions will deepen our
participation in the entire technology ecosystem powering digital financial
services, allowing us to not only reduce costs to operate our member-centric
business, but also deliver increasing value to our enterprise customers. While
our enterprises are not considered members, they are important contributors to
the growth of the SoFi platform, and also have their own constituents who might
benefit from our products in the future.

While we primarily operate in the United States, we expanded into Hong Kong with
our acquisition of 8 Limited (an investment business), we gained clients in
Mexico and Colombia with our acquisition of Galileo, and we further expanded
into Latin America with the Technisys Merger.

National Bank Charter.  In February 2022, we closed the Bank Merger, pursuant to
which we acquired all of the outstanding equity interests in Golden Pacific and
its wholly-owned subsidiary, which is a national bank. Upon closing the Bank
Merger, we became a bank holding company and Golden Pacific began operating as
SoFi Bank. Golden Pacific's community bank business continues to operate as a
division of SoFi Bank.

As a bank holding company, we allow existing members to convert their SoFi Money
cash management accounts into SoFi Checking and Savings accounts held at SoFi
Bank, which allows us to offer both checking and savings features and higher
interest rates on the accounts, and through which SoFi Bank can use the deposit
accounts as an alternative and more cost-effective source of funding for loans,
as compared to our loan warehouse facility financing arrangements. Additionally,
through SoFi Bank, we expect to, among other things, issue debit cards and
provide ACH, check, and wire transaction services over time. Further, we began
to originate new loans within SoFi Bank and intend to transfer other lending
products, as well as the SoFi Credit Card, to SoFi Bank.

The key expected financial benefits to us of operating a national bank include:
(i) lowering our cost to fund loans, as we can utilize member deposits held at
SoFi Bank to fund loans, which have a lower borrowing cost of funds than our
warehouse and securitization financing model, (ii) holding loans on our balance
sheet for longer periods, thereby enabling us to

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earn interest on these loans for a longer period, and (iii) supporting
origination volume growth by providing an alternative financing option, while
also maintaining our warehouse capacity. See Part II, Item 1A "Risk Factors" for
a discussion of certain potential risks related to being a bank holding company.

IPO Investment Center.  Through our Financial Industry Regulatory Authority
("FINRA")-registered broker-dealer subsidiary, SoFi Securities LLC ("SoFi
Securities"), we are licensed to underwrite securities offerings. In March 2021,
we launched an IPO investment center that allows members with a SoFi active
invest account to invest in Initial Public Offerings ("IPOs"). Through this
offering, we earn underwriting fees for participating in the underwriting
syndicates for IPOs, or we recognize dealer fees for providing dealer services
in partnership with underwriting syndicates for IPOs. Together, these services
are referred to as "equity capital markets services" and are presented within
noninterest income-other in the unaudited condensed consolidated statements of
operations and comprehensive income (loss). See Note 1 to the Notes to Unaudited
Condensed Consolidated Financial Statements for additional information.

Our Reportable Segments



We conduct our business through three reportable segments: Lending, Technology
Platform and Financial Services. Below is a discussion of our segments, their
corresponding products and the ways in which those products generate revenues
and/or incur expenses for the Company.

Lending Segment



We offer personal loans, student loans and home loans and related services. We
believe that our market opportunity within each of these lending channels is
significant. Our lending process primarily leverages an in-application, digital
borrowing experience, which we believe serves as a competitive advantage as
digital lending becomes increasingly ubiquitous. We began accepting new loan
applications and originating new loans within SoFi Bank during the first quarter
of 2022.

A key element of our underwriting process is the ability to facilitate risk-based interest rates that are appropriate for each loan. Using SoFi's proprietary risk models, we project quarterly loan performance, including expected losses and prepayments. The outcome of this process helps us determine a more data-driven, risk-adjusted interest rate that we can offer our members.



Our lending business is primarily a gain-on-sale model, whereby we seek to
originate loans and recognize a gain from these loans when we sell them into
either our whole loan or securitization channels. We sell our whole loans
primarily to large financial institutions, such as bank holding companies, for
which we target a premium to par, and in excess of our costs to originate the
loans. Our loan premiums fluctuate from time to time based on benchmark rates
and credit spreads, and we are not guaranteed a gain on all or any of our loan
sales. In securitization transactions that do not qualify for sale accounting,
the related assets remain on our balance sheet and cash proceeds received are
reported as liabilities, with related interest expense recognized over the life
of the related borrowing. In securitization transactions that qualify for sale
accounting, we typically have insignificant continuing involvement as an
investor.

In the case of both whole loan sales and securitizations, and with the exception
of certain of our home loans, we also continue to retain servicing rights to our
originated loans following transfer.

Furthermore, our platform supports the full transaction lifecycle, including
credit application, underwriting, approval, funding and servicing. Through data
derived at loan origination and throughout the servicing process, SoFi has
life-of-loan performance data on each loan in its ecosystem that we originate
and on which we retain servicing, which provides a meaningful data asset.

Prior to selling our loans, we rely upon warehouse financing and our own capital
to enable us to expand our origination capabilities. By securing our national
bank charter, we believe we can lower our overall cost of asset-backed financing
over time by utilizing our members' deposits held at SoFi Bank to fund our
loans. Net interest income, which we define as the difference between the earned
interest income and interest expense to finance loans, is a key component of the
profitability of our Lending segment. In the first quarter of 2022, we
implemented a funds transfer pricing ("FTP") framework to attribute net interest
income to our business segments based on their usage and/or provision of
funding, which impacts the net interest income in our Lending segment. See Note
17 to the Notes to Unaudited Condensed Consolidated Financial Statements for
additional information on the FTP framework.

Technology Platform Segment

Our Technology Platform segment consists of Galileo, which we acquired in May 2020, and Technisys, which we acquired in March 2022. Galileo is a provider of technology platform services to financial and non-financial institutions.


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Through Galileo, we provide services through a suite of program, event and
authorization application programming interfaces for financial and non-financial
institutions. Technisys is a cloud-native digital and core banking platform with
financial services customers in Latin America.

Through Technisys, we earn technology product and solutions revenue through
sales of software licenses and provision of maintenance and support services
related to those software licenses. We also provide additional technology
solutions for our customers as their business needs evolve over time, which we
refer to as "evolution labs."

Many technology platform segment contracts are multi-year contracts. In certain
of our contracts, we provide for a variety of integrated platform services,
which vary by client and are either non-cancellable or cancellable with a
substantive payment. Pricing structures under these contracts are typically
volume-based, or a combination of activity- and volume-based, and payment terms
are predominantly monthly in arrears. Some of these contracts contain minimum
monthly payments with agreed upon monthly service levels and may contain
penalties if service levels are not met. Our technology platform software
licenses are either perpetual or term based, and are recognized at a point in
time, with the transaction price dependent upon the enforceable term of the
software license in the case of a term-based license. We also have arrangements
that are time and materials based, wherein the contractual term varies by
customer. Finally, maintenance and support services are performed over time, and
typically have a defined period of service.

Financial Services Segment



Our digital suite of financial services products, by nature, provides more daily
interactions with our members and is, therefore, differentiated from our lending
products, which inherently have less consistent touchpoints with our members. We
offer a suite of financial services solutions across our SoFi Checking and
Savings account, SoFi Money cash management account, SoFi Invest, SoFi Credit
Card and SoFi Relay products. We also acquired commercial and consumer banking
loans in the Bank Merger, which we do not expect to have a material impact on
our segment performance. SoFi Checking and Savings provides a digital banking
experience, while a SoFi Money cash management account provides a digital cash
management experience for our members. Following the Bank Merger, we began to
allow members to convert their SoFi Money cash management accounts into SoFi
Checking and Savings accounts held at SoFi Bank. Effective June 5, 2022, our
SoFi Money cash management accounts will no longer earn interest, as we
implement our plan to only build new features for SoFi Checking and Savings and
reduce support of SoFi Money cash management accounts. SoFi Invest is a
mobile-first investment platform offering members access to trading and advisory
solutions, such as active investing, robo-advisory and digital assets accounts.
SoFi Credit Card has no annual fee and is designed to help our members save,
invest and pay down debt through a variable rewards program, with higher rewards
offerings when redeeming into other SoFi products. To complement these products,
we offer financial tracking through SoFi Relay, and partner with other
enterprises through loan referrals and our SoFi At Work service. We also
developed a financial services marketplace platform branded Lantern Credit to
help applicants that do not qualify for SoFi products with alternative products
from other providers, as well as providing a product comparison experience.

We earn revenues in connection with our Financial Services segment through various partnerships and our SoFi Checking and Savings accounts, SoFi Money cash management accounts and SoFi Invest products in the following ways:



•Brokerage fees: We earn brokerage fees from our share lending and payment for
order flow arrangements related to our SoFi Invest product (for which our
clearing broker serves as principal, and we are an agent), exchange conversion
services and digital assets activity. In our share lending arrangements and
payment for order flow arrangements, we do not oversee the execution of the
transactions by our members, but benefit through a negotiated multi-year revenue
sharing arrangement, since our members' brokerage activity drives the share
lending and payment for order flow volume. In our digital assets arrangements,
our fee is calculated as a negotiated percentage of the transaction volume. In
our exchange conversion arrangements, we earn fees for exchanging one currency
for another. Historically, these fees have not been a significant portion of our
total net revenue.

Beginning in the fourth quarter of 2021, we introduced a flat monthly platform
fee that is charged to members associated with our 8 Limited business in Hong
Kong. The fee is assessed at each month end on all members with at least one
open 8 Limited brokerage account (with the exception of accounts for which the
applicable fee exceeds the account's net asset value at month end) regardless of
the volume or frequency of trading activity during the month. The fee is
deducted directly from the member's primary brokerage account.

•Referral fees: Through strategic partnerships, we earn a specified referral fee
in connection with referral activity we facilitate through our platform.
Referral fees are paid to us by third-party partners that offer services to end
users who do not use one of our product offerings, but who were referred to the
partners through our platform. As such, the third-party enterprise partners are
our customers in these referral arrangements. Beginning in the third quarter of
2021, we entered into another type of referral arrangement whereby we earn
referral fulfillment fees for providing pre-qualified

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borrower referrals to a third-party partner who separately contracts with a loan
originator. The referral fulfillment fee is determined as either of two fixed
amounts based on the aggregate origination principal balance of the loan.

•Payment network fees: We earn payment network fees, which primarily constitute
interchange fees from our SoFi-branded debit cards issued by one of our Member
Banks and our SoFi Credit Card product, which are reduced by fees payable to
card associations and the Member Banks. These fees are remitted by merchants and
are calculated by multiplying a set fee percentage (as stipulated by the debit
card payment network) by the transaction volume processed through such network.
We arrange for performance by a card association and the bank issuer to enable
certain aspects of the SoFi branded transaction card process. We enter into
contracts with both parties that establish the shared economics of SoFi branded
transaction cards. As we continue to transition our former SoFi Money cash
management accounts to SoFi Checking and Savings accounts held at SoFi Bank, we
expect to decrease certain fees payable to third parties over time.

•Enterprise service fees: These fees are earned in connection with services we
provide to enterprise partners through our At Work product, such as when we
facilitate transactions for the benefit of their employees, such as 529 plan
contributions or student loan payments.

•Equity capital markets fees: Equity capital markets fees consist of
underwriting fees and dealer fees. Beginning in the second quarter of 2021, we
earned underwriting fees related to our membership in underwriting syndicates
for IPOs. Beginning in the fourth quarter of 2021, we also earned dealer fees
for providing dealer services in partnership with underwriting syndicates for
IPOs. We are engaged to place IPO shares that are allocated to us by the
underwriters with third-party investors for which we have received a confirmed
order. We recognize both types of equity capital markets fees on the applicable
trade date.

•Net Interest Income: Our Financial Services segment earns interest income from
deposits held at SoFi Bank through our implementation of an FTP framework in the
first quarter of 2022, whereby the Financial Services segment is credited for
the deposit funding it provides to our Lending segment. This interest income has
no impact on our consolidated financial statements. See Note 17 to the Notes to
Unaudited Condensed Consolidated Financial Statements for additional information
on this framework. To a lesser degree, we generate interest income from deposits
sitting in our Member Banks, which are member bank holding companies that we
exclusively relied on prior to becoming a bank holding company to provide cash
management services to our members through our bank sweep program at our
broker-dealer subsidiary. While we continue to utilize Member Banks, we now also
sweep cash management accounts to SoFi Bank. We also generate interest income on
SoFi Credit Card and on cash balances that we hold through SoFi Invest, which
amount is not significant to the segment. Finally, we earn interest income on
legacy Golden Pacific loans that are held on our balance sheet, which primarily
involve commercial real estate and other commercial lending, such as small
business lending. We incur interest expense on SoFi Credit Card through the FTP
framework, which eliminates in consolidation, as well as incur interest expense
related to SoFi Checking and Savings and SoFi Money cash management balances.

COVID-19 Pandemic



On March 11, 2020, the World Health Organization designated the novel
coronavirus ("COVID-19") as a global pandemic and various governmental
restrictions were imposed in an attempt to contain the spread of COVID-19.
Although many government mandates to restrict daily activities have been lifted
in the United States, the ongoing COVID-19 pandemic and its effects continue to
evolve. Worker shortages, supply chain issues, inflationary pressures, vaccine
and testing requirements, and the measures taken in response to the emergence of
new variants have contributed to the volatility of ongoing recovery. We are
unable to predict the future path or impact of any global or regional COVID-19
resurgences, including existing or future variants, or other public health
crises. There can be no assurance that economic recovery will continue or that
consumer behavior will be the same as or return to pre-pandemic levels. The
extent to which the COVID-19 pandemic ultimately impacts our business, results
of operations and financial condition will depend on future developments that
are still uncertain and cannot be predicted. See Part II, Item 1A "Risk
Factors - COVID-19 Pandemic Risks" for additional discussion of the risks and
uncertainties associated with the repercussions of the ongoing impacts from the
COVID-19 pandemic.

Executive Overview

The following tables display key financial measures for our three reportable
segments and our consolidated company that are used, along with our key business
metrics, by management to evaluate our business, measure our performance,
identify trends and make strategic decisions. Contribution profit (loss) is the
primary measure of segment-level profit and loss reviewed by management and is
defined as total net revenue for each reportable segment less expenses directly
attributable to the corresponding reportable segment and, in the case of our
Lending segment, adjusted for fair value adjustments attributable to

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assumption changes associated with our servicing rights and residual interests
classified as debt. See "Results of Operations", "Summary Results by Segment"
and "Non-GAAP Financial Measures" herein for discussion and analysis of these
key financial measures.

                                              Three Months Ended March 31,
($ in thousands)                                  2022                    2021
Lending
Net interest income(1)                $        94,354                  $  51,777
Total noninterest income                      158,635                     96,200
Total net revenue                             252,989                    147,977
Adjusted net revenue(2)(3)                    244,372                    168,037
Contribution profit                           132,651                     87,686

Technology Platform
Net interest income (loss)            $             -                  $     (36)
Total noninterest income                       60,805                     46,101
Total net revenue(4)                           60,805                     46,065
Contribution profit                            18,255                     15,685

Financial Services
Net interest income(1)                $         5,882                  $     229
Total noninterest income                       17,661                      6,234
Total net revenue                              23,543                      6,463
Contribution loss(4)                          (49,515)                   (35,519)

Corporate/Other(5)
Net interest loss                     $        (5,303)                 $  (4,690)
Total noninterest income (loss)                (1,690)                       169
Total net loss(4)                              (6,993)                    (4,521)

Consolidated
Net interest income                   $        94,933                  $  47,280
Total noninterest income                      235,411                    148,704
Total net revenue                             330,344                    195,984
Adjusted net revenue(2)(3)                    321,727                    216,044
Net loss                                     (110,357)                  (177,564)
Adjusted EBITDA(3)                              8,684                      4,132


___________________
(1)Net interest income for our Lending and Financial Services segments reported
for the three months ended March 31, 2022 reflect the implementation of an FTP
framework. See Note 17 to the Notes to Unaudited Condensed Consolidated
Financial Statements for additional information on this framework.

(2)Adjusted net revenue within our Lending segment is used by management to
evaluate our Lending segment and our consolidated results. For our Lending
segment, total net revenue is adjusted to exclude the fair value changes in
servicing rights and residual interests classified as debt due to valuation
inputs and assumption changes (including conditional prepayment and default and
discount rates). We use this adjusted measure in our determination of
contribution profit in the Lending segment, as well as to evaluate our
consolidated results, as it removes non-cash charges that are not realized
during the period and, therefore, do not impact the cash available to fund our
operations, and our overall liquidity position. For our Technology Platform and
Financial Services segments, there are no adjustments from total net revenue to
arrive at the consolidated adjusted net revenue shown in this table.

(3)Adjusted net revenue and adjusted EBITDA are non-GAAP financial measures. For information regarding our uses and definitions of these measures and for reconciliations to the most directly comparable U.S. Generally Accepted Accounting Principles ("GAAP") measures, see "Non-GAAP Financial Measures" herein.



(4)Technology Platform segment total net revenue for the three months ended
March 31, 2022 includes $770 of intercompany fees earned by Galileo from SoFi,
which is a Galileo client. There is an equal and offsetting expense reflected
within the Financial Services segment contribution loss representing the
intercompany fees incurred to Galileo. The intercompany revenue and expense are
eliminated in consolidation. The revenue is eliminated within Corporate/Other
and the expense represents a reconciling item of segment contribution profit
(loss) to consolidated loss before income taxes. For the year ended December 31,
2021, all intercompany amounts were reflected in the fourth quarter, as
inter-quarter amounts were determined to be immaterial. See Note 17 to the Notes
to Unaudited Condensed Consolidated Financial Statements for additional
information.

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(5)Corporate/Other (previously referred to as "Other") primarily includes total
net revenue associated with corporate functions, non-recurring gains from
non-securitization investment activities and interest income and realized gains
and losses associated with investments in available-for-sale ("AFS") debt
securities, all of which are not directly related to a reportable segment.
Beginning in the first quarter of 2022, net interest income within
Corporate/Other also reflects the residual impact from FTP charges and FTP
credits allocated to our reportable segments under our FTP framework. See Note
17 to the Notes to Unaudited Condensed Consolidated Financial Statements for
additional information on this framework.

Key Recent Developments

We continue to execute on our growth and other strategic initiatives and we continue to celebrate launches across our product suite and strategic partnerships, further establishing ourselves as a platform that enables individuals to borrow, save, spend, invest, and protect their assets. Some of our key recent achievements are discussed below.



In March 2022, we closed the Technisys Merger, which added a cloud-native
digital and core banking platform with an existing footprint of clients in Latin
America to our technology platform offerings. The combination with our existing
technology platform offerings is expected to provide an end-to-end vertically
integrated technology stack, which we expect will meet both the expanding needs
of our existing and expected future clients. See Note 2 to the Notes to
Unaudited Condensed Consolidated Financial Statements for additional information
on the Technisys Merger.

In February 2022, we closed the Bank Merger, after which we became a bank
holding company and Golden Pacific began operating as SoFi Bank. We believe
operating a national bank will allow us to provide members and prospective
members broader and more competitive options across their financial services
needs and lower our cost of asset-backed financing (by utilizing our members'
deposits held at SoFi Bank to fund our loans). We also believe that operating as
a national bank will enable us to offer lower interest rates on loans to members
as well as offer higher interest rates on member deposit accounts. See "Business
Overview-National Bank Charter" herein and Note 2 to the Notes to Unaudited
Condensed Consolidated Financial Statements for additional information on the
Bank Merger.

Non-GAAP Financial Measures

Our management and Board of Directors use adjusted net revenue and adjusted
EBITDA, which are non-GAAP financial measures, to evaluate our operating
performance, formulate business plans, help better assess our overall liquidity
position, and make strategic decisions, including those relating to operating
expenses and the allocation of internal resources. Accordingly, we believe that
adjusted net revenue and adjusted EBITDA provide useful information to investors
and others in understanding and evaluating our operating results in the same
manner as our management and Board of Directors.

Adjusted Net Revenue



Adjusted net revenue is defined as total net revenue, adjusted to exclude the
fair value changes in servicing rights and residual interests classified as debt
due to valuation inputs and assumptions changes, which relate only to our
Lending segment. We adjust total net revenue to exclude these items, as they are
non-cash charges that are not realized during the period, and therefore positive
or negative changes do not impact the cash available to fund our operations.
This measure helps provide our management with an understanding of the net
revenue available to finance our operations and helps management better decide
on the proper expenses to authorize for each of our operating segments, to
ultimately help achieve target contribution profit margins. Therefore, the
measure of adjusted net revenue serves as both the starting point for how we
think about the liquidity generated from our operations and also the starting
point for our annual financial planning, the latter of which focuses on the cash
we expect to generate from our operating segments to help fund the current
year's strategic objectives. Adjusted net revenue has limitations as an
analytical tool and should not be considered in isolation from, or as a
substitute for, the analysis of other GAAP financial measures, such as total net
revenue. The primary limitation of adjusted net revenue is its lack of
comparability to other companies that do not utilize this measure or that use a
similar measure that is defined in a different manner.
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                          Quarterly Adjusted Net Revenue


                    [[Image Removed: sofi-20220331_g2.jpg]]

We reconcile adjusted net revenue to total net revenue, the most directly comparable GAAP measure, as presented below for the periods indicated.



                                                                           Three Months Ended March 31,
($ in thousands)                                                              2022                  2021
Total net revenue                                                      $       330,344          $ 195,984
Servicing rights - change in valuation inputs or assumptions(1)                (11,580)            12,109

Residual interests classified as debt - change in valuation inputs or assumptions(2)

                                                         2,963              7,951
Adjusted net revenue                                                   $    

321,727 $ 216,044

___________________


(1)Reflects changes in fair value inputs and assumptions on servicing rights,
including conditional prepayment and default rates and discount rates. These
assumptions are highly sensitive to market interest rate changes and are not
indicative of our performance or results of operations. Moreover, these non-cash
charges are unrealized during the period and, therefore, have no impact on our
cash flows from operations. As such, these positive and negative changes are
adjusted out of total net revenue to provide management and financial users with
better visibility into the net revenue available to finance our operations and
our overall performance.

(2)Reflects changes in fair value inputs and assumptions on residual interests
classified as debt, including conditional prepayment and default rates and
discount rates. When third parties finance our consolidated securitization
variable interest entities ("VIEs") by purchasing residual interests, we receive
proceeds at the time of the closing of the securitization and, thereafter, pass
along contractual cash flows to the residual interest owner. These residual debt
obligations are measured at fair value on a recurring basis, but they have no
impact on our initial financing proceeds, our future obligations to the residual
interest owner (because future residual interest claims are limited to
contractual securitization collateral cash flows), or the general operations of
our business. As such, these positive and negative non-cash changes in fair
value attributable to assumption changes are adjusted out of total net revenue
to provide management and financial users with better visibility into the net
revenue available to finance our operations.

We reconcile adjusted net revenue to total net revenue, the most directly comparable GAAP measure, as presented below for the quarterly periods indicated.


                                                                                         Quarter Ended
                                                March 31,           December 31,           September 30,           June 30,          March 31,
($ in thousands)                                   2022                 2021                   2021                  2021               2021
Total net revenue                              $ 330,344          $    

285,608 $ 272,006 $ 231,274 $ 195,984 Servicing rights - change in valuation inputs or assumptions(1)

                         (11,580)                (9,273)                   (409)               224             12,109
Residual interests classified as debt -
change in valuation inputs or
assumptions(2)                                     2,963                  3,541                   5,593              5,717              7,951
Adjusted net revenue                           $ 321,727          $     279,876          $      277,190          $ 237,215          $ 216,044


___________________

(1)See footnote (1) to the table above.

(2)See footnote (2) to the table above.


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The reconciling items to determine our non-GAAP measure of adjusted net revenue
are applicable only to the Lending segment. The table below presents adjusted
net revenue for the Lending segment for the periods indicated.

                                                                           Three Months Ended March 31,
($ in thousands)                                                              2022                  2021
Total net revenue - Lending(1)                                         $       252,989          $ 147,977
Servicing rights - change in valuation inputs or assumptions(2)                (11,580)            12,109

Residual interests classified as debt - change in valuation inputs or assumptions(3)

                                                         2,963              7,951
Adjusted net revenue - Lending                                         $    

244,372 $ 168,037

___________________


(1)The total net revenue for our Lending segment reported for the three months
ended March 31, 2022 reflects the implementation of an FTP framework to
attribute net interest income to our business segments based on their usage
and/or provision of funding. See Note 17 to the Notes to Unaudited Condensed
Consolidated Financial Statements for additional information on the FTP
framework.

(2)See footnote (1) to the table above.

(3)See footnote (2) to the table above.

Adjusted EBITDA



Adjusted EBITDA is defined as net income (loss), adjusted to exclude, as
applicable: (i) corporate borrowing-based interest expense (our adjusted EBITDA
measure is not adjusted for warehouse or securitization-based interest expense,
nor deposit interest expense and finance lease liability interest expense, as
discussed further below), (ii) income tax expense (benefit), (iii) depreciation
and amortization, (iv) share-based expense (inclusive of equity-based payments
to non-employees), (v) impairment expense (inclusive of goodwill impairment and
property, equipment and software abandonments), (vi) transaction-related
expenses, (vii) fair value changes in warrant liabilities, and (viii) fair value
changes in each of servicing rights and residual interests classified as debt
due to valuation assumptions. We believe adjusted EBITDA provides a useful
measure for period-over-period comparisons of our business, as it removes the
effect of certain non-cash items and certain charges that are not indicative of
our core operating performance or results of operations. It is also a measure
that management relies upon to evaluate cash flows generated from operations,
and therefore the extent of additional capital, if any, required to invest in
strategic initiatives. Adjusted EBITDA has limitations as an analytical tool and
should not be considered in isolation from, or as a substitute for, the analysis
of other GAAP financial measures, such as net income (loss). Some of the
limitations of adjusted EBITDA include that it does not reflect the impact of
working capital requirements or capital expenditures and it is not a universally
consistent calculation among companies in our industry, which limits its
usefulness as a comparative measure.

                            Quarterly Adjusted EBITDA


                    [[Image Removed: sofi-20220331_g3.jpg]]

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We reconcile adjusted EBITDA to net loss, the most directly comparable GAAP measure, below for the periods indicated.


                                                                                Three Months Ended March 31,
($ in thousands)                                                                  2022                  2021
Net loss                                                                   $      (110,357)         $ (177,564)
Non-GAAP adjustments:
Interest expense - corporate borrowings(1)                                           2,649               5,008
Income tax expense(2)                                                                  752               1,099
Depreciation and amortization(3)                                                    30,698              25,977
Share-based expense                                                                 77,021              37,454
Transaction-related expense(4)                                                      16,538               2,178
Fair value changes in warrant liabilities(5)                                             -              89,920
Servicing rights - change in valuation inputs or assumptions(6)                    (11,580)             12,109
Residual interests classified as debt - change in valuation inputs
or assumptions(7)                                                                    2,963               7,951
Total adjustments                                                                  119,041             181,696
Adjusted EBITDA                                                            $         8,684          $    4,132


___________________
(1)Our adjusted EBITDA measure adjusts for corporate borrowing-based interest
expense, as these expenses are a function of our capital structure. Corporate
borrowing-based interest expense primarily included (i) interest on our
revolving credit facility, (ii) for the 2022 period, the amortization of debt
discount and debt issuance costs on our convertible notes, and (iii) for the
2021 period, interest on the seller note issued in connection with our
acquisition of Galileo. Our adjusted EBITDA measure does not adjust for interest
expense on warehouse facilities and securitization debt, which are recorded
within interest expense-securitizations and warehouses in the unaudited
condensed consolidated statements of operations and comprehensive income (loss),
as these interest expenses are direct operating expenses driven by loan
origination and sales activity. Additionally, our adjusted EBITDA measure does
not adjust for interest expense on deposits or interest expense on our finance
lease liability in connection with SoFi Stadium, which are recorded within
interest expense-other, as these interest expenses are direct operating
expenses. Revolving credit facility interest expense remained relatively
consistent for the three-month periods, primarily due to identical outstanding
debt and relatively consistent average interest rates.

(2)Our income tax expense positions were primarily a function of SoFi Lending
Corp.'s profitability in state jurisdictions where separate filings are
required. The income tax expense in the 2022 period was partially offset by an
income tax benefit at Technisys. See Note 13 to the Notes to Unaudited Condensed
Consolidated Financial Statements for additional information.

(3)Depreciation and amortization expense for the 2022 period increased compared
to the 2021 period primarily in connection with our recent acquisitions and
growth in our software balance, partially offset by the acceleration of core
banking infrastructure amortization during the 2021 period.

(4)Transaction-related expenses primarily included financial advisory and
professional services costs associated with our acquisition of Technisys in the
2022 period and associated with our then-pending acquisition of Golden Pacific
in the 2021 period.

(5)Our adjusted EBITDA measure excludes the non-cash fair value changes in
warrants accounted for as liabilities, which were measured at fair value through
earnings. The amounts in the 2021 period related to changes in the fair value of
Series H warrants issued by Social Finance in 2019 in connection with certain
redeemable preferred stock issuances. We did not measure the Series H warrants
at fair value subsequent to May 28, 2021 in conjunction with the Business
Combination, as they were reclassified into permanent equity.

(6)Reflects changes in fair value inputs and assumptions, including market
servicing costs, conditional prepayment and default rates and discount rates.
This non-cash change is unrealized during the period and, therefore, has no
impact on our cash flows from operations. As such, these positive and negative
changes in fair value attributable to assumption changes are adjusted out of net
loss to provide management and financial users with better visibility into the
earnings available to finance our operations.

(7)Reflects changes in fair value inputs and assumptions, including conditional
prepayment and default rates and discount rates. When third parties finance our
consolidated VIEs through purchasing residual interests, we receive proceeds at
the time of the securitization close and, thereafter, pass along contractual
cash flows to the residual interest owner. These obligations are measured at
fair value on a recurring basis, which has no impact on our initial financing
proceeds, our future obligations to the residual interest owner (because future
residual interest claims are limited to contractual securitization collateral
cash flows), or the general operations of our business. As such, these positive
and negative non-cash changes in fair value attributable to assumption changes
are adjusted out of net loss to provide management and financial users with
better visibility into the earnings available to finance our operations.

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We reconcile adjusted EBITDA to net loss, the most directly comparable GAAP measure, for the quarterly periods indicated below.



                                                                                              Quarter Ended
                                                     March 31,           December 31,           September 30,           June 30,            March 31,
($ in thousands)                                       2022                  2021                   2021                  2021                2021
Net loss                                           $ (110,357)         $   

(111,012) $ (30,047) $ (165,314) $ (177,564) Non-GAAP adjustments: Interest expense - corporate borrowings

                 2,649                  2,593                   1,366               1,378               5,008
Income tax expense (benefit)                              752                  1,558                     181                 (78)              1,099
Depreciation and amortization                          30,698                 26,527                  24,075              24,989              25,977
Share-based expense                                    77,021                 77,082                  72,681              52,154              37,454

Transaction-related expense                            16,538                  2,753                   1,221              21,181               2,178
Fair value changes in warrant liabilities                   -                 10,824                 (64,405)             70,989              89,920
Servicing rights - change in valuation
inputs or assumptions                                 (11,580)                (9,273)                   (409)                224              12,109
Residual interests classified as debt -
change in valuation inputs or assumptions               2,963                  3,541                   5,593               5,717               7,951
Total adjustments                                     119,041                115,605                  40,303             176,554             181,696
Adjusted EBITDA                                    $    8,684          $       4,593          $       10,256          $   11,240          $    4,132



Key Business Metrics

The table below presents the key business metrics that management uses to
evaluate our business, measure our performance, identify trends and make
strategic decisions.
                                                        March 31, 2022              March 31, 2021                % Change
Members                                                   3,868,334                   2,281,092                           70  %
Total Products                                            5,862,137                   3,184,554                           84  %
Total Products - Lending segment                          1,138,566                     945,227                           20  %
Total Products - Financial Services segment               4,723,571                   2,239,327                          111  %

Total Accounts - Technology Platform segment(1) 109,687,014

          69,572,680                           58  %


___________________


(1)Beginning in the fourth quarter of 2021, we included SoFi accounts on the
Galileo platform-as-a-service in our total accounts metric to better align with
the Technology Platform segment revenue reported in Note 17 to the Notes to
Unaudited Condensed Consolidated Financial Statements. Intercompany revenue is
eliminated in consolidation. We did not recast the total accounts as of
March 31, 2021 to conform to the current year presentation, as the impact was
determined to be immaterial.

See "Summary Results by Segment" for additional metrics we review at the segment level.



Members

We refer to our customers as "members", which we define as someone who has a
lending relationship with us through origination and/or ongoing servicing,
opened a financial services account, linked an external account to our platform,
or signed up for our credit score monitoring service. See "Business Overview".
We view members as an indication not only of the size and a measurement of
growth of our business, but also as a measure of the significant value of the
data we have collected over time. The data we collect from our members helps us
to, among other things: (i) assess loan life performance data on each loan in
our ecosystem, which can inform risk-based interest rates that we can offer our
members, (ii) understand our members' spending behavior to identify and suggest
other products we offer that may align with the members' financial needs, and
(iii) enhance our opportunities to sell additional products to our members, as
our members represent a vital source of marketing opportunities. When we provide
additional products to members, it helps improve our unit economics per member,
as we save on marketing costs that we would otherwise incur to attract new
members. It also increases the lifetime value of an individual member. This in
turn enhances our Financial Services Productivity Loop. Member growth is
generally an indicator of future revenue, but is not directly correlated with
revenues, since not all members who sign up for one of our products fully
utilize or continue to use our products, and not all of our products (such as
our complimentary product, SoFi Relay) provide direct sources of revenue.

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Total Products



Total products refers to the aggregate number of lending and financial services
products that our members have selected on our platform since our inception
through the reporting date, whether or not the members are still registered for
such products. In our Lending segment, total products refers to the number of
home loans, personal loans and student loans that have been originated through
our platform through the reporting date, whether or not such loans have been
paid off. If a member has multiple loan products of the same loan product type,
such as two personal loans, that is counted as a single product. However, if a
member has multiple loan products across loan product types, such as one
personal loan and one home loan, that is counted as two products. In our
Financial Services segment, total products refers to the number of SoFi Money
accounts (presented inclusive of SoFi Money cash management accounts and SoFi
Checking and Savings accounts held at SoFi Bank), SoFi Invest accounts, SoFi
Credit Card accounts (including accounts with a zero dollar balance at the
reporting date), referred loans (which relate to an arrangement in the third
quarter of 2021 and are originated by a third-party partner to which we provide
pre-qualified borrower referrals), SoFi At Work accounts and SoFi Relay accounts
(with either credit score monitoring enabled or external linked accounts) that
have been opened through our platform through the reporting date. Our SoFi
Invest service is composed of three products: active investing accounts,
robo-advisory accounts and digital assets accounts. Our members can select any
one or combination of the three types of SoFi Invest products. If a member has
multiple SoFi Invest products of the same account type, such as two active
investing accounts, that is counted as a single product. However, if a member
has multiple SoFi Invest products across account types, such as one active
investing account and one robo-advisory account, those separate account types
are considered separate products. Total products is a primary indicator of the
size and reach of our Lending and Financial Services segments. Management relies
on total products metrics to understand the effectiveness of our member
acquisition efforts and to gauge the propensity for members to use more than one
product.

                                     Products
                                   In Thousands


                    [[Image Removed: sofi-20220331_g4.jpg]]

Total lending products were composed of the following as of the dates indicated.



Lending Products             March 31, 2022       March 31, 2021        Variance        % Change
Home loans                      24,244               15,961              8,283              52  %
Personal loans                 657,549              517,042            140,507              27  %
Student loans                  456,773              412,224             44,549              11  %
Total lending products       1,138,566              945,227            193,339              20  %


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Total financial services products were composed of the following as of the dates
indicated.

Financial Services Products                      March 31, 2022             March 31, 2021               Variance                 % Change
SoFi Money(1)                                     1,625,000                    823,003                    801,997                         97  %
Invest                                            1,807,478                    854,383                    953,095                        112  %
Credit Card                                         117,009                     19,365                     97,644                        504  %
Referred loans(2)                                    17,239                          -                     17,239                           n/m
Relay                                             1,115,564                    523,451                    592,113                        113  %
At Work                                              41,281                     19,125                     22,156                        116  %
Total financial services products                 4,723,571                  2,239,327                  2,484,244                        111  %


___________________

(1)This category is presented including SoFi Money cash management accounts, as well as SoFi Checking and Savings accounts held at SoFi Bank, which began operating in the first quarter of 2022.

(2)This product type is limited to loans wherein we provide third party fulfillment services.

Technology Platform Total Accounts



In our Technology Platform segment, total accounts refers to the number of open
accounts at Galileo as of the reporting date. Beginning in the fourth quarter of
2021, we included SoFi accounts on the Galileo platform-as-a-service in our
total accounts metric to better align with the Technology Platform segment
revenue reported in Note 17 to the Notes to Unaudited Condensed Consolidated
Financial Statements, which includes intercompany revenue from SoFi.
Intercompany revenue is eliminated in consolidation. We did not recast total
accounts as of March 31, 2021 to conform to the current year presentation, as
the impact was determined to be immaterial. Total accounts is a primary
indicator of the accounts dependent upon our technology platform to use virtual
card products, virtual wallets, make peer-to-peer and bank-to-bank transfers,
receive early paychecks, separate savings from spending balances, make debit
transactions and rely upon real-time authorizations, all of which result in
revenues for the Technology Platform segment. We do not measure total accounts
for the Technisys products and solutions, as the revenue model is not primarily
dependent upon being a fully integrated, stand-ready service.

Key Factors Affecting Operating Results



Our future operating results and cash flows are dependent upon a number of
opportunities, challenges and other factors, including our loan origination
volume, financial services products and member activity on our platform, growth
in technology platform customers, competition and industry trends, general
economic conditions and our ability to optimize our national bank charter. The
key factors affecting our operating results are discussed in our Annual Report
on Form 10-K, with notable updates provided herein.

Student Loan Relief



In April 2022, President Biden directed a sixth extension of the federal student
loan payment moratorium to August 31, 2022. We anticipate that there could be an
additional extension beyond August 2022 by the Biden administration. Increased
focus by policymakers and the current presidential administration on outstanding
student loans has led to discussions of potential legislative and regulatory
actions, among other possible steps, to reduce outstanding balances of loans, or
cancel loans at a significant scale, including the potential forgiveness of
federal student debt. Should there be further student loan relief measures, we
expect that this would decrease the demand for our student loan refinancing
products and would likely have an adverse impact on our results of operations
and overall business.

Industry Trends and General Economic Conditions

Interest Rates



In its May 2022 meeting, the Federal Reserve increased the benchmark interest
rate by 50 basis points after increasing the benchmark interest rate previously
at its March 2022 meeting. We expect additional increases in the benchmark
interest rate during 2022, partially in response to increasing inflation. We
anticipate that in a rising interest rate environment, and operating under a
bank charter, we will be able to offer more competitive interest rates to our
members on their deposits, which we believe would result in increasing demand
for our deposits. However, rising interest rates could unfavorably impact demand
for refinancing loan activities and reduce demand across our loan products. In
addition, if the Federal Reserve does not effectively curb inflation or interest
rates rise unexpectedly or too quickly, it could have a negative impact on the
overall economy which could adversely impact our results of operations.

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Results of Operations



The following table sets forth condensed consolidated statements of income data
for the periods indicated.

                                                                         Three Months Ended March 31,            2022 vs 2021
($ in thousands)                                                           2022                  2021              % Change
Interest income
Loans                                                               $       114,385          $   77,221                  48  %
Securitizations                                                               2,758               4,467                 (38) %
Related party notes                                                               -                 211                (100) %
Other                                                                         1,269                 629                 102  %
Total interest income                                                       118,412              82,528                  43  %
Interest expense
Securitizations and warehouses                                               19,906              29,808                 (33) %
Deposits                                                                        431                   -                    n/m
Corporate borrowings                                                          2,649               5,008                 (47) %
Other                                                                           493                 432                  14  %
Total interest expense                                                       23,479              35,248                 (33) %
Net interest income                                                          94,933              47,280                 101  %
Noninterest income
Loan origination and sales                                                  157,704             110,345                  43  %
Securitizations                                                             (11,281)             (2,036)                454  %
Servicing                                                                    12,236             (12,109)               (201) %
Technology products and solutions                                            59,857              45,659                  31  %
Other                                                                        16,895               6,845                 147  %
Total noninterest income                                                    235,411             148,704                  58  %
Total net revenue                                                           330,344             195,984                  69  %
Noninterest expense
Technology and product development                                           81,908              65,948                  24  %
Sales and marketing                                                         138,138              87,234                  58  %
Cost of operations                                                           70,437              57,570                  22  %
General and administrative                                                  136,505             161,697                 (16) %
Provision for credit losses                                                  12,961                   -                    n/m
Total noninterest expense                                                   439,949             372,449                  18  %
Loss before income taxes                                                   (109,605)           (176,465)                (38) %
Income tax expense                                                             (752)             (1,099)                (32) %
Net loss                                                            $      (110,357)         $ (177,564)                (38) %
Other comprehensive loss
Unrealized losses on available-for-sale securities, net                      (4,455)                  -                    n/m
Foreign currency translation adjustments, net                                   (38)                (80)                (53) %
Total other comprehensive loss                                               (4,493)                (80)                   n/m
Comprehensive loss                                                  $      (114,850)         $ (177,644)                (35) %


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Interest Income



The following table presents the components of our total interest income for the
periods indicated.

                                  Three Months Ended March 31,             2022 vs 2021
($ in thousands)                       2022                    2021          % Change
Loans                      $        114,385                 $ 77,221               48  %
Securitizations                       2,758                    4,467              (38) %
Related party notes                       -                      211             (100) %
Other                                 1,269                      629              102  %
Total interest income      $        118,412                 $ 82,528               43  %


Total interest income increased by $35.9 million, or 43%, for the three months
ended March 31, 2022 compared to the three months ended March 31, 2021 due to
the following:

Loans.  Loans interest income increased by $37.2 million, or 48%, primarily
driven by increases in non-securitization personal loan and student loan
interest income of $35.8 million (115%) and $9.4 million (44%), respectively,
which were primarily a function of increases in aggregate average balances for
personal loans and student loans of $1.3 billion (112%) and $1.3 billion (65%),
respectively. The personal loan average balance increase was primarily
attributable to higher origination volume combined with longer loan holding
periods. The student loan average balance increase was primarily attributable to
longer loan holding periods. These increases were offset by an aggregate decline
of $11.6 million (48%) in interest income from consolidated personal loan and
student loan securitizations, which were impacted by declines in average
balances for personal loans and student loans of $312.8 million (60%) and $302.0
million (36%), respectively. The declines in aggregate average balances were
primarily attributable to payment activity and the absence of additions to our
consolidated securitization loan balances. We also had a decline in our whole
loan interest rates. The remaining increase in interest income included $2.6
million attributable to credit card, $0.6 million attributable to the acquired
loan portfolio in the Bank Merger, and $0.4 million attributable to home loans.

Securitizations.  Securitizations interest income decreased by $1.7 million, or
38%, which was primarily attributable to decreases in residual investment
interest income of $0.9 million and asset-backed bonds of $0.8 million related
to decreases in average securitization investment balances period over period,
as securitization payments outpaced new securitization investments. This outcome
was impacted by the absence of any securitization transactions during the 2022
period.

Related Party Notes. We did not have any related party notes interest income in
the 2022 period. Related party notes interest income in the 2021 period of $0.2
million was attributable to our loans to Apex, which were fully settled in
February 2021. See Note 14 to the Notes to Unaudited Condensed Consolidated
Financial Statements for additional information on our related party notes.

Other.  Other interest income increased by $0.6 million, or 102%, primarily due
to interest rate increases and higher average balances period over period that
impacted the interest income we earned on both our interest-bearing cash and
cash equivalents balances and Member Bank deposits. In addition, we earned
interest income of $0.2 million on our investments in AFS debt securities, which
we did not own during the comparable 2021 period.

Interest Expense



The following table presents the components of our total interest expense for
the periods indicated.

                                           Three Months Ended March 31,             2022 vs 2021
($ in thousands)                                2022                    2021          % Change
Securitizations and warehouses      $        19,906                  $ 29,808              (33) %
Deposits                                        431                         -                 n/m
Corporate borrowings                          2,649                     5,008              (47) %
Other                                           493                       432               14  %
Total interest expense              $        23,479                  $ 35,248              (33) %


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Total interest expense decreased by $11.8 million, or 33%, for the three months
ended March 31, 2022 compared to the three months ended March 31, 2021 due to
the following:

Securitizations and Warehouses.  The following tables present the components of
securitizations and warehouses interest expense and other pertinent information.

                                                                Three Months Ended March 31,              2022 vs 2021
($ in thousands)                                                   2022                  2021               % Change
Securitization debt interest expense                        $         5,533          $  10,948                    (49) %
Warehouse debt interest expense                                       9,903             10,531                     (6) %
Residual interests classified as debt interest
expense                                                               1,528              2,199                    (31) %
Debt issuance cost interest expense                                   2,942              6,130                    (52) %
Securitizations and warehouses interest expense             $        19,906          $  29,808                    (33) %



                                                                  Three Months Ended March 31,                 2022 vs 2021
($ in thousands)                                                 2022                        2021                % Change
Average debt balances(1)
Securitization debt                                        $     624,250                $ 1,166,366                    (46) %
Warehouse facilities                                           2,628,279                  2,505,274                      5  %
Weighted average interest rates(2)
Securitization debt                                                  3.5   %                    3.8  %                    n/m
Warehouse facilities                                                 1.5   %                    1.7  %                    n/m


___________________

(1)Average balances were calculated based on four-month ending balances.



(2)Calculated as annualized interest expense divided by average debt balance for
the respective debt category. Interest rates on securitization debt and
warehouse facilities exclude the effect of debt issuance cost interest expense
and amortization of debt discounts and premiums. Table excludes residual
interests classified as debt, as interest expense is dependent on the timing and
extent of securitization loan cash flows and, therefore, a derived weighted
average interest rate using the methodology in the table herein is not
meaningful for the purposes of understanding the change in residual interests
classified as debt related interest expense.

Securitizations and warehouses interest expense decreased by $9.9 million, or 33%, driven by the following:



•Securitization debt interest expense (exclusive of debt issuance and discount
amortization) decreased by $5.4 million (49%), primarily driven by a decline in
the average balance of 46%, which was attributable to payment activity and the
absence of additional securitization debt during the current period.

•Warehouse debt interest expense (exclusive of debt issuance amortization)
decreased by $0.6 million, which was primarily related to the utilization of
warehouse facilities with lower spreads versus benchmark rates during the 2022
period, which was partially offset by an increase in our borrowing base
consistent with an increase in the time we held certain loans on our balance
sheet.

•Residual interests classified as debt interest expense decreased by $0.7 million, which was correlated with a lower balance of residual interests classified as debt during the 2022 period, as the residual debt balances continue to pay down over time and there were no additions to the balance during the current period.



•Debt issuance cost interest expense decreased by $3.2 million, which was
primarily driven by a lower run rate on our issuance cost amortization related
to our loan warehouse facilities, as we have extended certain loan warehouse
facilities over time, which had the effect of lowering the quarterly debt
issuance cost amortization. The variance was also impacted by the acceleration
of certain debt issuance costs during the 2021 period, which contributed to a
favorable variance of $1.4 million period over period.

Deposits.  Deposits interest expense of $0.4 million for the three months ended
March 31, 2022 was related to interest earned by members on deposits held at
SoFi Bank. We expect this expense to correlate in future periods with the size
of our member deposits balances, as well as the interest rate offered on our
SoFi Checking and Savings product.

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Corporate Borrowings. Corporate borrowings interest expense decreased by $2.4 million, or 47%, primarily due to the following:

•Interest expense incurred on the Galileo seller note, which was repaid in February 2021, decreased by $3.6 million.



•We incurred interest expense of $1.3 million in the 2022 period associated with
our issuance of convertible notes in the fourth quarter of 2021, which consisted
of the amortization of the debt discount and debt issuance costs.

•Interest expense on the revolving credit facility was materially consistent
period over period, as the average balance remained consistent and one-month
LIBOR volatility had a marginal impact on the interest expense variance.

Other.  Other interest expense increased by $0.1 million, or 14%, primarily due
to an increase in interest expense related to our SoFi Money cash management and
SoFi Checking and Savings products, primarily associated with an increase in
member cash balances and deposits.

Noninterest Income and Net Revenue

The following table presents the components of our total noninterest income, as well as total net revenue for the periods indicated.



                                              Three Months Ended March 31,            2022 vs 2021
($ in thousands)                                  2022                   2021           % Change
Loan origination and sales             $       157,704                $ 110,345               43  %
Securitizations                                (11,281)                  (2,036)             454  %
Servicing                                       12,236                  (12,109)            (201) %
Technology products and solutions               59,857                   45,659               31  %
Other                                           16,895                    6,845              147  %
Total noninterest income               $       235,411                $ 148,704               58  %
Total net revenue                      $       330,344                $ 195,984               69  %

Total noninterest income increased by $86.7 million, or 58%, for the three months ended March 31, 2022 compared to the three months ended March 31, 2021, due to the following:

Loan Origination and Sales. Loan origination and sales increased by $47.4 million, or 43%, primarily due to the following:



•an increase of $64.5 million in personal loan origination and sales income, of
which $15.1 million was attributable to the net effect of higher origination
volume during the 2022 period, fair value markdowns of loans, and lower
execution prices on sales activity. Our economic hedging activities by design
offset the effects of fair value markdowns and lower sales price execution.
Overall, we had higher gains of $48.6 million on our personal loan economic
hedging activities in the 2022 period, which was inclusive of gains on loan
origination economic hedges made during the period, as well as economic hedges
of loans that remained on our balance sheet from December 31, 2021 or were sold
during 2022, and was amplified by the interest rate volatility during the
current period as compared to the 2021 comparative period;

•an increase of $5.0 million in student loan origination and sales income, which
was inclusive of losses on related student loan commitments of $2.2 million and
interest rate caps of $2.1 million. We had an aggregate $56.6 million decline
due to the impact of lower origination volume in the current quarter at lower
prices, fair value markdowns of loans and lower execution prices on 2022 sales
activity. Offsetting these declines were increases of $65.9 million on our
student loan economic hedging activities for the same reasons as stated in the
foregoing personal loan discussion;

•a decrease of $19.8 million in home loan origination and sales related income,
which was inclusive of the favorable impact related to IRLCs of $1.7 million and
higher gains on home loan pipeline hedges of $9.9 million, which by design
offset some of our period over period declines in home loan fair values. The
remaining home loan origination and sales decrease was primarily attributable to
the effect of originating loans during the quarter at a price below par compared
to a price above par in the prior year quarter, as well as lower execution
prices on sales activity; and

•a decrease of $2.7 million (68%) in home loan origination fees in conjunction with a 58% decrease in origination volume.


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Securitizations.  Securitizations income decreased by $9.2 million, or 454%, for
the three months ended March 31, 2022 compared to the same period in 2021,
primarily due to an aggregate decrease of $14.0 million in securitization loan
fair market value changes, principally due to increases in market interest
rates. We also had a decline in securitization investment fair values of $8.6
million, which was primarily attributable to negative fair value adjustments on
our student loan securitization bonds that were impacted by the interest rate
volatility during the 2022 period. These unfavorable variances were partially
offset by gains on our economic hedges of securitization investments, which
resulted in gains of $6.3 million in the 2022 period.

Partially offsetting these effects was a reduction in securitization loan
write-offs of $2.7 million in the 2022 period, which was correlated with lower
average securitization loan balances and stronger securitization loan credit
performance during the 2022 period. Additionally, we had a decline in residual
debt fair value adjustments of $4.3 million, exclusive of the portion
reclassified to interest expense.

The table below presents additional information related to loan gains and losses
and overall performance.

                                                                  Three Months Ended March 31,              2022 vs 2021
($ in thousands)                                                     2022                  2021               % Change
Gains from non-securitization loan transfers                  $        47,286          $  70,900                    (33) %
Gains from loan securitization transfers(1)                                    -          29,027                   (100) %
Economic derivative hedges of securitization
investments(2)                                                          6,319                     -                    n/m
Economic derivative hedges of loan fair values(3)                     160,607             36,071                    345  %
Home loan origination fees(4)                                           1,293              4,020                    (68) %
Loan write-off expense - whole loans(5)                                (8,074)            (5,125)                    58  %
Loan write-off expense - securitization loans(6)                       (1,651)            (4,381)                   (62) %
Loan repurchase (expense) benefit(7)                                    1,880             (1,483)                  (227) %


___________________

(1)Represents the gain recognized on loan securitization transfers qualifying for sale accounting treatment, excluding the impact of economic hedging activities. We had no loan securitization transfers during the 2022 period.

(2)Represents the gain on interest rate swaps utilized to manage interest rate risk associated with certain of our securitization investments.



(3)During the three months ended March 31, 2022, we had gains on interest rate
swap positions of $134.5 million, comprising $84.5 million related to student
loan hedges and $50.0 million related to personal loan hedges. We also had gains
on interest rate caps of $2.6 million. All of these gains were primarily
attributable to increases in interest rates during the period. We had gains of
$23.5 million on home loan pipeline hedges primarily due to decreases in the
underlying hedge price index during the period. During the three months ended
March 31, 2021, we had gains of $22.5 million on interest rate swap positions,
comprising $21.2 million related to student loan hedges and $1.3 million related
to personal loan hedges, which were primarily due to increases in interest rates
during the period. We also had gains of $13.5 million on mortgage pipeline
hedges primarily due to decreases in the underlying hedge price index during the
period. Our economic hedge gains during the periods also included the impact of
hedging of loan origination volume. Amounts presented herein exclude IRLCs and
student loan commitments, as they are not economic hedges of loan fair values.

(4)For the three months ended March 31, 2022, the decrease was correlated with a 58% decrease in home loan origination volume relative to 2021.



(5)For the three months ended March 31, 2022 and 2021, includes gross write-offs
of $11.8 million and $7.4 million, respectively. During the 2022 period, $0.8
million of the $3.7 million of recoveries were captured via loan sales to a
third-party collection agency. During the 2021 period, $0.5 million of the $2.3
million of recoveries were captured via loan sales to a third-party collection
agency.

(6)For the three months ended March 31, 2022 and 2021, includes gross write-offs
of $3.3 million and $7.4 million, respectively. During the 2022 period, $0.2
million of the $1.6 million of recoveries were captured via loan sales to a
third-party collection agency. During the 2021 period, $1.3 million of the $3.0
million of recoveries were captured via loan sales to a third-party collection
agency.

(7)Represents the (expense) benefit associated with our estimated loan repurchase obligation. See Note 15 to the Notes to Unaudited Condensed Consolidated Financial Statements for additional information.



Servicing. Servicing income increased by $24.3 million, or 201%, for the three
months ended March 31, 2022 compared to the same period in 2021, of which $23.7
million was related to favorable changes in valuation inputs and assumptions,
consisting of $17.0 million related to student loans, $4.4 million related to
home loans and $2.2 million related to personal loans. The favorable variance
was primarily attributable to prepayment rates. Student and personal loans
servicing prepayment rates increased from the fourth quarter of 2020 to the
first quarter of 2021, resulting in a decrease in servicing asset valuations,
versus slightly declining from the fourth quarter of 2021 to the first quarter
of 2022. Home loans servicing prepayment rates declined in both the 2021 and
2022 periods, but had a larger rate of decline during the current period.

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We own the master servicing on all of the servicing rights that we retain and,
in each case, recognize the gross servicing rate applicable to each serviced
loan. Sub-servicers are utilized for all serviced student loans and home loans,
which represents a cost to SoFi, but these arrangements do not impact our
calculation of the weighted average basis points earned for each loan type
serviced. Further, there is no impact on servicing income due to forbearance and
moratoriums on certain debt collection activities, and there are no waivers of
late fees. The table below presents additional information related to our loan
servicing activities.
                                                              Three Months Ended March 31,             2022 vs 2021
($ in thousands)                                                2022                  2021               % Change
Servicing income recognized
Home loans(1)                                             $        2,926          $   1,744                     68  %
Student loans(2)                                                  10,121             12,160                    (17) %
Personal loans(3)                                                  8,992              8,475                      6  %
Servicing rights fair value change
Home loans(4)                                             $        9,052          $   8,124                     11  %
Student loans(5)                                                  (4,046)             5,701                   (171) %
Personal loans(6)                                                    240             (2,182)                  (111) %


______________

(1)The contractual servicing earned on our home loan portfolio was 25 bps and 25 bps during the three months ended March 31, 2022 and 2021, respectively.

(2)The weighted average bps earned for student loan servicing was 42 bps and 41 bps during the three months ended March 31, 2022 and 2021, respectively.

(3)The weighted average bps earned for personal loan servicing was 70 bps and 70 bps during the three months ended March 31, 2022 and 2021, respectively.

(4)The impact on the fair value change resulting from changes in valuation inputs and assumptions was $7.7 million and $3.3 million during the three months ended March 31, 2022 and 2021, respectively.



(5)The impact of the fair value change resulting from changes in valuation
inputs and assumptions was $1.3 million and $(15.7) million during the three
months ended March 31, 2022 and 2021, respectively. In addition, the impact of
the fair value change resulting from the derecognition of servicing due to loan
purchases was $(1.0) million for the three months ended March 31, 2022.

(6)The impact of the fair value change resulting from changes in valuation
inputs and assumptions was $2.5 million and $0.3 million during the three months
ended March 31, 2022 and 2021, respectively. In addition, the impact of the fair
value change resulting from the derecognition of servicing due to loan purchases
was $(0.4) million for the three months ended March 31, 2022.

Technology Products and Solutions. Technology Products and Solutions increased
by $14.2 million, or 31%, for the three months ended March 31, 2022 compared to
the same period in 2021. The current period was bolstered by $6.2 million of
revenue contribution from the Technisys Merger, which closed on March 3, 2022.
In addition, our existing integrated technology solutions contributed an
increase of $8.0 million in revenue period over period, which was predominantly
a function of account growth and activity related to clients that were on our
platform for both the 2021 and 2022 periods.

Other.  Other income increased by $10.1 million, or 147%, for the three months
ended March 31, 2022 compared to the same period in 2021 primarily due to
period-over-period increases in payment network fees of $2.8 million and
referral fees of $5.5 million. The increase in payment network fees (which
includes interchange fees) was primarily attributable to increased credit card
spending on our platform. Lastly, the increase in referral fees was primarily
attributable to growth in our partner relationships and related activity, as we
continue to onboard new partners and help drive volume to our partners, as well
as an increase associated with a referral fulfillment arrangement we entered
into in the third quarter of 2021. Lastly, we had a decline in SoFi Invest
trading losses of $2.1 million period over period.

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Noninterest Expense



The following table presents the components of our total noninterest expense for
the periods indicated.

                                                               Three Months Ended March 31,              2022 vs 2021
($ in thousands)                                                  2022                  2021               % Change
Technology and product development                         $        81,908          $  65,948                     24  %
Sales and marketing                                                138,138             87,234                     58  %
Cost of operations                                                  70,437             57,570                     22  %
General and administrative                                         136,505            161,697                    (16) %
Provision for credit losses                                         12,961                  -                       n/m
Total noninterest expense                                  $       439,949          $ 372,449                     18  %

Total noninterest expense increased by $67.5 million, or 18%, for the three months ended March 31, 2022 compared to the three months ended March 31, 2021, due to the following:

Technology and Product Development. Technology and product development expenses increased by $16.0 million, or 24%, primarily due to:



•an increase in employee compensation and benefits of $11.0 million, inclusive
of an increase in share-based compensation expense of $5.9 million, which was
related to an increase in technology and product personnel in support of our
growth. Moreover, the impact of the Technisys Merger contributed $4.3 million to
the period-over period-variance. We also had an increase in average compensation
in the 2022 period;

•an increase in purchased and internally-developed software amortization of $4.4
million, which was primarily reflective of increased investments in technology
in our Technology Platform segment;

•an increase in software licenses, and tools and subscriptions expense of $1.2 million related to headcount increases and internal technology initiatives; and



•a decrease in amortization expense on intangible assets of $1.0 million, which
was related to the acceleration of our core banking infrastructure through the
first half of 2021, partially offset by other intangible asset amortization of
$1.7 million associated with the Technisys Merger.

Sales and Marketing. Sales and marketing expenses increased by $50.9 million, or 58%, primarily due to:

•an increase in advertising expenditures of $20.5 million, which was primarily attributable to an increase in direct mail, search and social network advertising expenditures in the 2022 period;

•an increase of $14.9 million related to increasing utilization of lead generation channels during the 2022 period;

•an increase in employee compensation and benefits of $6.9 million, inclusive of an increase in share-based compensation expense of $2.7 million, which was correlated with an increase in sales and marketing personnel to support our growth. We also had an increase in average compensation in the 2022 period;

•an increase in direct customer promotional expenditures of $3.7 million, which is one of our levers for stimulating member product adoption and engagement;



•an increase of SoFi Stadium related expenditures of $2.3 million, which is
exclusive of depreciation and interest expense on the embedded lease portion of
our SoFi Stadium agreement; and

•the remaining increase was primarily related to travel and entertainment-related expenditures and software licenses and tools and subscriptions expenses.

Cost of Operations. Cost of operations increased by $12.9 million, or 22%, primarily due to:



•an increase in employee compensation and benefits of $8.9 million, which was
correlated with an increase in cost of operations personnel in support of our
growth, in addition to an increase in average compensation in the 2022 period;

•an increase of $2.2 million in third-party fulfillment costs, which was primarily related to payment processing network association fees associated with increased activity in the Technology Platform segment;


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•an increase in software licenses, tools and subscriptions and other related
fees of $1.8 million consistent with headcount increases and internal technology
initiatives;

•an increase in operational losses of $1.7 million;

•an increase in credit card processing and fulfillment costs of $1.0 million related to increased credit card activity; and



•a decrease in loan origination and servicing expenses of $3.3 million, of which
$4.2 million was related to home loans and was correlated with a decline in home
loan originations during the 2022 period;

General and Administrative. General and administrative expenses decreased by $25.2 million, or 16%, primarily due to:



•favorability resulting from $89.9 million of expense in the 2021 period
associated with the fair value increase of our warrant liabilities. The Series H
warrants were reclassified to permanent equity in the second quarter of 2021 in
conjunction with the Business Combination and, therefore, had no impact on the
2022 period;

•an increase in employee compensation and benefits of $39.1 million, inclusive
of an increase in share-based compensation expense of $28.3 million, which was
related to an increase in general and administrative personnel to support our
growing infrastructure and administrative needs in addition to an increase in
average compensation in the 2022 period;

•an increase in transaction-related expenses of $14.4 million associated with our acquisitions during the 2022 period;

•an increase of $9.3 million related to aggregate credit card and personal loan third party fraud events in the 2022 period;

•an increase in corporate insurance of $2.6 million, which was primarily attributable to the increased costs of being a public company; and

•an increase in occupancy-related costs of $0.6 million.



Provision for Credit Losses. The provision for credit losses of $13.0 million
during the three months ended March 31, 2022 reflects the expected credit losses
of $12.0 million associated with our credit card loans, which reflected elevated
credit card loss rates during the current period, and the remainder associated
with loans acquired in the Bank Merger in the 2022 period.

Net Loss



We had a net loss of $110.4 million for the three months ended March 31, 2022
compared to $177.6 million for the three months ended March 31, 2021. The
decrease in loss for the current period was due to the factors discussed above,
net of the change in income taxes.

For the three months ended March 31, 2022 and 2021, we recorded income tax
expense of $752 and $1,099, respectively, which was primarily due to income tax
expense associated with the profitability of SoFi Lending Corp. in some state
jurisdictions where a separate company filing is required. For the three-months
ended March 31, 2022, this expense was partially offset by income tax benefits
from foreign losses in jurisdictions with net deferred tax liabilities related
to the Technisys Merger.

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Summary Results by Segment

Lending Segment

In the table below, we present certain metrics related to our Lending segment.

                                                                 Three Months Ended March 31,                 2022 vs 2021
Metric                                                            2022                      2021                % Change
Total products (number, as of period end)                      1,138,566                   945,227                     20  %
Origination volume ($ in thousands, during period)
Home loans                                               $       312,383               $   735,604                    (58) %
Personal loans                                                 2,026,004                   805,689                    151  %
Student loans                                                    983,804                 1,004,685                     (2) %
Total                                                    $     3,322,191               $ 2,545,978                     30  %
Loans with a balance (number, as of period end)(1)               629,755                   582,069                      8  %
Average loan balance ($, as of period end)(1)
Home loans                                               $       284,111               $   285,654                     (1) %
Personal loans                                                    23,635                    21,515                     10  %
Student loans(2)                                                  49,297                    52,493                     (6) %


__________________
(1)Loans with a balance and average loan balance include loans on our balance
sheet and transferred loans with which we have a continuing involvement through
our servicing agreements.
(2)In-school loans carry a lower average balance than student loan refinancing
products.

The following table presents additional information on the terms as of March 31, 2022 of the lending products we offer.



              Product                                  Loan Size                            Rates(1)                      Term
     Student Loan Refinancing                                                        Variable rate: 1.74% -           5 - 20 years
                                                      $5,000+ (2)                             7.74%
                                                                                    Fixed rate: 2.74% - 7.74%
          In-School Loans                                                            Variable rate: 1.25% -           5 - 15 years
                                                      $5,000+ (2)                            11.29%
                                                                                       Fixed rate: 3.22% -
                                                                                             10.90%
          Personal Loans                                                               Fixed rate: 5.74% -             2 - 7 years
                                                 $5,000 - $100,000 (2)                       21.78%
                                              $100,000 - $647,200 (3)(4)
                                            (Conforming Normal Cost Areas)
                                                          OR
            Home Loans                               $970,800 (4)                   Fixed rate: 2.13% - 6.00%       10, 15, 20 or 30
                                             (Conforming High Cost Areas)                                                 years
                                                          OR
                                                    $3,000,000 (4)
                                                     (Jumbo Loans)

__________________

(1)Loan annual percentage rates presented reflect rates as advertised as of the date indicated, inclusive of an auto-pay discount.

(2)Minimum loan size may be higher within certain states due to legal or licensing requirements.

(3)Exceptions for loan sizes less than $100,000 are considered on a case-by-case basis.



(4)Represents the maximum loan size offered within each category as of the
reporting date. "Conforming High Cost Areas" refers to FNMA eligible loans above
the normal conforming limit, which is determined by county. "Jumbo Loans" refers
to loans in the jumbo loan program.

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In the table below, we present additional information related to our lending
products.
                                                                          Three Months Ended March 31,
                                                                             2022                  2021
Overall weighted average origination FICO                                        755                 767
Student Loans
Weighted average origination FICO                                                775                 774
Weighted average interest rate earned(1)                                        4.02   %            4.63  %
Interest income recognized ($ in thousands)(2)                        $       37,762           $  32,277
Sales of loans ($ in thousands)                                       $      544,150           $ 936,160
Home Loans
Weighted average origination FICO                                                751                 762
Weighted average interest rate earned(1)                                        2.69   %            1.61  %
Interest income recognized ($ in thousands)(2)                        $        1,180           $     731
Sales of loans ($ in thousands)                                       $      365,370           $ 677,566
Personal Loans
Weighted average origination FICO                                                746                 762
Weighted average interest rate earned(1)                                       11.02   %           10.65  %
Interest income recognized ($ in thousands)(2)                        $       72,110           $  44,001
Sales of loans ($ in thousands)                                       $      977,920           $ 779,441

__________________


(1)Weighted average interest rate earned represents annualized interest income
recognized divided by the average of the four-month unpaid principal balances of
loans outstanding during the period, which are impacted by the timing and extent
of loan sales.

(2)See "Results of Operations-Interest Income" for a discussion of interest income recognized during the periods indicated.

Total Products



Total products in our Lending segment is a subset of our total products metric.
See "Key Business Metrics" for further discussion of this measure as it relates
to our Lending segment.

Origination Volume

We refer to the aggregate dollar amount of loans originated through our platform
in a given period as origination volume. Origination volume is an indicator of
the size and health of our Lending segment and an indicator (together with the
relevant loan characteristics, such as interest rate and prepayment and default
expectations) of revenues and profitability. Changes in origination volume are
driven by the addition of new members and existing members, the latter of which
at times will either refinance into a new SoFi loan or secure an additional,
concurrent loan, as well as macroeconomic factors impacting consumer spending
and borrowing behavior. Since the profitability of the Lending segment is
largely correlated with origination volume, management relies on origination
volume trends to assess the need for external financing to support the Financial
Services segment and the expense budgets for unallocated expenses.

During the three months ended March 31, 2022, home loan origination volume
declined relative to the corresponding 2021 period due to rising interest rates
relative to the 2021 levels, which tends to lower demand for home loans overall
and shift demand from refinance originations to purchase originations, the
latter of which is a more competitive landscape.

During the three months ended March 31, 2022, personal loan origination volume
increased significantly relative to the corresponding 2021 period, primarily due
to the improved economic outlook and consumer confidence levels in the 2022
period relative to the 2021 period, which we believe increased the overall
demand for our personal loans. We also increased our loan application approval
rate during the second half of 2021 and maintained those approval levels during
2022, which positively impacted the 2022 period.

During the three months ended March 31, 2022, student loan origination volume
decreased modestly relative to the 2021 period, as demand for student loan
refinancing products continued to be unfavorably impacted by the automatic
suspension of principal and interest payments on federally-held student loans
that was extended most recently through August 2022.

Loans with a Balance and Average Loan Balance



Loans with a balance refers to the number of loans that have a balance greater
than zero dollars as of the reporting date. Loans with a balance allows
management to better understand the unit economics of acquiring a loan in
relation to the lifetime value of that loan. Average loan balance is defined as
the total unpaid principal balance of the loans divided by loans

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with a balance within the respective loan product category as of the reporting date. Average loan balance tends to fluctuate based on the pace of loan originations relative to loan repayments and the initial loan origination size.

Lending Segment Results of Operations



The following table presents the measure of contribution profit for the Lending
segment for the periods indicated. The information is derived from our internal
financial reporting used for corporate management purposes. During the three
months ended March 31, 2022, we implemented an FTP framework to attribute net
interest income to our business segments based on their usage and/or provision
of funding, as further discussed below. Refer to Note 17 to the Notes to
Unaudited Condensed Consolidated Financial Statements for more information on
the FTP framework.
                                                                Three Months Ended March 31,              2022 vs 2021
($ in thousands)                                                   2022                  2021               % Change
Net revenue
Net interest income(1)                                      $        94,354          $  51,777                     82  %
Noninterest income                                                  158,635             96,200                     65  %
Total net revenue                                                   252,989            147,977                     71  %
Servicing rights - change in valuation inputs or
assumptions(2)                                                      (11,580)            12,109                   (196) %
Residual interests classified as debt - change in
valuation inputs or assumptions(3)                                    2,963              7,951                    (63) %
Directly attributable expenses(4)                                  (111,721)           (80,351)                    39  %
Contribution profit                                         $       132,651          $  87,686                     51  %

Adjusted net revenue(5)                                     $       244,372          $ 168,037                     45  %


___________________
(1)Net interest income and, thereby, total net revenue and contribution profit
for our Lending segment reported for the three months ended March 31, 2022
reflects the implementation of an FTP framework, under which Lending segment net
interest income represents the difference between interest income earned on our
loans and an FTP charge for the segment's use of funds to originate loans, which
can fluctuate based on changes in interest rates, funding curves, the
composition of our balance sheet and the availability of capital. For the
comparative period ended March 31, 2021, Lending segment net interest income
reflected the external financing costs for our loans. If we had applied our
current FTP framework during the comparative period, the Lending segment net
interest income would have decreased by $0.1 million, which we deemed
immaterial.

(2)Reflects changes in fair value inputs and assumptions, including market
servicing costs, conditional prepayment and default rates and discount rates.
This non-cash change, which is recorded within noninterest income in the
unaudited condensed consolidated statements of operations and comprehensive
income (loss) is unrealized during the period and, therefore, has no impact on
our cash flows from operations. As such, the changes in fair value attributable
to assumption changes are adjusted to provide management and financial users
with better visibility into the cash flows available to finance our operations.

(3)Reflects changes in fair value inputs and assumptions, including conditional
prepayment and default rates and discount rates. When third parties finance our
consolidated VIEs through purchasing residual interests, we receive proceeds at
the time of the securitization close and, thereafter, pass along contractual
cash flows to the residual interest owner. These obligations are measured at
fair value on a recurring basis, with fair value changes recorded within
noninterest income in the unaudited condensed consolidated statements of
operations and comprehensive income (loss). The fair value change attributable
to assumption changes has no impact on our initial financing proceeds, our
future obligations to the residual interest owner (because future residual
interest claims are limited to contractual securitization collateral cash
flows), or the general operations of our business. As such, this non-cash change
in fair value is adjusted to provide management and financial users with better
visibility into the cash flows available to finance our operations.

(4)For a disaggregation of the directly attributable expenses allocated to the
Lending segment in each of the periods presented, see "Directly Attributable
Expenses" below.

(5)Adjusted net revenue is a non-GAAP financial measure. For information
regarding our use and definition of this measure and for a reconciliation to the
most directly comparable U.S. GAAP measure, total net revenue, see "Non-GAAP
Financial Measures" herein.

Net interest income

Net interest income in our Lending segment increased by $42.6 million, or 82%,
for the three months ended March 31, 2022 compared to the three months ended
March 31, 2021, due to the following:

Loans Interest Income.  Loans interest income increased by $34.0 million, or
44%, period over period. See "Results of Operations-Interest Income-Loans" for
information on the primary drivers of the variance related to our personal
loans, student loans and home loans.

Securitizations Interest Income.  Securitizations interest income decreased by
$1.7 million, or 38%, period over period. See "Results of Operations-Interest
Income-Securitizations" for information on the primary drivers of the variance.

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Interest Expense. Interest expense in our Lending segment decreased by $10.3 million, or 35%, period over period.



For the full 2022 period compared to the full 2021 period, interest expense in
our Lending segment reflected the following: (i) a decline in securitization
debt interest expense (exclusive of debt issuance and discount amortization) of
$5.4 million; (ii) a decline in residual interests classified as debt interest
expense of $0.7 million; and (iii) a decline in debt issuance cost interest
expense of $3.2 million. Additionally, in the 2022 period, we recognized the
actual interest incurred on our use of securitizations and warehouse facilities
for one month of $1.7 million and FTP interest expense for two months of $7.8
million, which was a framework we implemented during the quarter. In the 2021
period, which was prior to our implementation of an FTP framework, we recognized
the actual interest incurred on our use of securitizations and warehouse
facilities for the full quarter of $10.5 million. See Note 17 to the Notes to
Unaudited Condensed Consolidated Financial Statements for further discussion of
the FTP framework.

Noninterest income

Noninterest income in our Lending segment increased by $62.4 million, or 65%,
for the three months ended March 31, 2022 compared to the three months ended
March 31, 2021, due to the following:

Loan Origination and Sales. Loan origination and sales increased by $47.4 million, or 43%, period over period. See "Results of Operations-Noninterest Income and Net Revenue-Loan Origination and Sales" for information on the primary drivers of the variance.

Securitizations. Securitizations income decreased by $9.2 million, or 454%, period over period. See "Results of Operations-Noninterest Income and Net Revenue-Securitizations" for information on the primary drivers of the variance.



Servicing. Servicing income increased by $24.3 million, or 201%, period over
period. See "Results of Operations-Noninterest Income and Net Revenue-Servicing"
for information on the primary drivers of the variance.

Directly attributable expenses



The directly attributable expenses allocated to the Lending segment that were
used in the determination of the segment's contribution profit were as follows.
                                                            Three Months Ended March 31,           2022 vs 2021
($ in thousands)                                              2022                2021               % Change
Direct advertising                                        $   41,794          $  27,849                     50  %
Compensation and benefits                                     23,568             21,398                     10  %
Lead generation                                               21,883              6,710                    226  %
Loan origination and servicing costs                          10,631             13,992                    (24) %
Unused warehouse line fees                                     2,684              3,701                    (27) %
Professional services                                          1,520              1,441                      5  %
Other(1)                                                       9,641              5,260                     83  %
Directly attributable expenses                            $  111,721          $  80,351                     39  %


______________

(1)Other expenses primarily include loan marketing expenses, third party loan fraud, member promotional expenses, tools and subscriptions, travel and occupancy-related costs.

Lending segment directly attributable expenses for the three months ended March 31, 2022 increased by $31.4 million, or 39%, compared to the three months ended March 31, 2021, primarily due to the following:



•increases of $15.2 million due to increasing utilization of lead generation
channels associated with increased personal loan origination volume in the 2022
period;

•increases of $13.9 million in direct advertising related to direct mail, search engine and social network advertising, partially offset by declines in television advertisement;



•increases of $2.2 million in allocated compensation and related benefits, which
primarily reflected increases in headcount allocated to the lending segment,
partially offset by declines in home loan commissions of $0.8 million
attributable to a decline in home loan originations period over period;

•increases of $0.1 million in professional services costs, which were largely audit and advisory related costs;


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•increases of $4.4 million in other expenses, primarily related to third-party
personal loan fraud of $5.3 million during the 2022 period, which was offset by
a decline in bad debt expense of $0.8 million;

•decreases of $3.4 million in loan origination and servicing costs, which was
largely attributable to declines in home loan origination costs of $4.4 million
that correlated with the decline in period-over-period home loan origination
volume. This decline was partially offset by an increase in personal loan
origination costs of $1.2 million, which corresponded with the increase in
personal loan origination volume period over period; and

•decreases of $1.0 million in unused warehouse line fees due to higher average committed warehouse line usage and lower unused fee rates.

Technology Platform Segment

In the table below, we present a metric that is related to Galileo within our Technology Platform segment.



                                                                2022 vs 2021
                    March 31, 2022         March 31, 2021         % Change
Total accounts     109,687,014            69,572,680                    58  %


See "Key Business Metrics" for further discussion of this measure as it relates to our Technology Platform segment.

Technology Platform Segment Results of Operations



The following table presents the measure of contribution profit for the
Technology Platform segment for the periods indicated. The information is
derived from our internal financial reporting used for corporate management
purposes. Refer to Note 17 to the Notes to Unaudited Condensed Consolidated
Financial Statements for further information regarding Technology Platform
segment performance.

                                                              Three Months Ended March 31,              2022 vs 2021
($ in thousands)                                                 2022                  2021               % Change
Net revenue
Net interest income (loss)                                $             -          $     (36)                  (100) %
Noninterest income                                                 60,805             46,101                     32  %
Total net revenue                                                  60,805             46,065                     32  %
Directly attributable expenses(1)                                 (42,550)           (30,380)                    40  %
Contribution profit                                       $        18,255          $  15,685                     16  %


___________________

(1)For a disaggregation of the directly attributable expenses allocated to the Technology Platform segment in each of the periods presented, see "Directly Attributable Expenses" below.

Noninterest income

Noninterest income in our Technology Platform segment increased by $14.7 million, or 32%, for the three months ended March 31, 2022 compared to the three months ended March 31, 2021, due to the following:



Technology Products and Solutions. Technology products and solutions revenues
increased by $15.0 million, or 33%, period over period. See "Results of
Operations-Noninterest Income and Net Revenue-Technology Products and Solutions"
for information on the primary drivers of the variance. In addition, the
variance includes $0.8 million of intercompany revenue during the 2022 period.

Other. Other income decreased by $0.3 million, or 60%, period over period, which was correlated with a decline in payment network transaction volume on our technology platform.



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Directly attributable expenses



The directly attributable expenses allocated to the Technology Platform segment
that were used in the determination of the segment's contribution profit were as
follows.

                                           Three Months Ended March 31,             2022 vs 2021
($ in thousands)                                2022                    2021          % Change
Compensation and benefits           $        25,277                  $ 16,181               56  %
Product fulfillment                           9,360                     6,998               34  %
Tools and subscriptions                       3,246                     1,860               75  %
Professional services                         2,299                     2,069               11  %
Other(1)                                      2,368                     3,272              (28) %
Directly attributable expenses      $        42,550                  $ 30,380               40  %


___________________

(1)Other expenses are primarily related to advertising and marketing, occupancy-related costs, bad debt and data center expenses.



Technology Platform segment directly attributable expenses for the three months
ended March 31, 2022 increased by $12.2 million, or 40%, compared to the three
months ended March 31, 2021, primarily due to the following:

•increases of $9.1 million in compensation and benefits expense, which was
correlated with an increase in personnel to support segment growth, as well as
an increase in average compensation during the 2022 period. In addition, the
segment had expense of $5.1 million related to Technisys compensation and
benefits during the 2022 period;

•increases of $2.4 million in product fulfillment costs, primarily related to
payment processing network association fees associated with increased activity
on the platform. These fees grew by 27% during the 2022 period compared to 2021,
which positively correlated with the applicable integrated platform-as-a-service
growth in our technology products and solutions revenues;

•increases of $1.4 million in tools and subscriptions costs related to headcount increases and internal technology initiatives to support the growth of the platform, along with the inclusion of Technisys in our 2022 results;



•increases of $0.2 million in professional services costs, of which $0.8 million
were related to the operations of Technisys in the 2022 period, with a partially
offsetting decrease due to a decline in legal fees period over period; and

•decreases of $0.9 million in other expenses, which were primarily related to a
reversal of provision for credit losses in the 2022 period associated with the
recovery of significantly aged accounts receivable.

Financial Services Segment



In the table below, we present a key metric related to our Financial Services
segment.

                                                                                                              2022 vs. 2021
Metric                                                    March 31, 2022             March 31, 2021              % Change
Total products (number, as of period end)                  4,723,571                  2,239,327                        111  %


Total products in our Financial Services segment is a subset of our total products metric. See "Key Business Metrics" for a further discussion of this measure as it relates to our Financial Services segment.

Financial Services Segment Results of Operations



The following table presents the measure of contribution loss for the Financial
Services segment for the periods indicated. The information is derived from our
internal financial reporting used for corporate management purposes. During the
three months ended March 31, 2022, we implemented an FTP framework to attribute
net interest income to our business

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segments based on their usage and/or provision of funding, as further discussed below. Refer to Note 17 to the Notes to Unaudited Condensed Consolidated Financial Statements for more information on the FTP framework.



                                              Three Months Ended March 31,            2022 vs 2021
($ in thousands)                                  2022                   2021           % Change
Net revenue
Net interest income(1)                 $         5,882                $     229                 n/m
Noninterest income                              17,661                    6,234              183  %
Total net revenue                               23,543                    6,463              264  %
Directly attributable expenses(2)              (73,058)                 (41,982)              74  %
Contribution loss                      $       (49,515)               $ (35,519)              39  %


___________________
(1)Net interest income and, thereby, total net revenue and contribution loss for
our Financial Services segment reported for the three months ended March 31,
2022 reflects the implementation of an FTP framework, under which Financial
Services segment net interest income reflects the difference between an FTP
credit for the segment's provision of deposits as a source of funding and an FTP
charge for the segment's use of funds to originate credit card loans. For the
comparative period ended March 31, 2021, our Financial Services segment net
interest income was nominal, as it did not have deposits and the credit card
product was nascent. As such, the Financial Services segment net interest income
would not have been materially impacted by the application of the FTP framework
to the comparative 2021 period.

(2)For a disaggregation of the directly attributable expenses allocated to the Financial Services segment in each of the periods presented, see "Directly Attributable Expenses" below.

Net interest income



Net interest income in our Financial Services segment increased by $5.7 million
for the three months ended March 31, 2022 compared to the three months ended
March 31, 2021. For the 2022 period, net interest income primarily reflected net
interest income earned on our credit card loans, and net interest income based
on our FTP framework, which corresponded with the level of deposits at SoFi
Bank. The gross interest income FTP credit applied to the Financial Services
segment was $3.2 million during the 2022 period and eliminates in consolidation.
In addition, net interest income earned on our credit card loans increased by
$2.3 million period over period, which was attributable to a growth in average
balance.

Noninterest income

Noninterest income in our Financial Services segment increased by $11.4 million,
or 183%, for the three months ended March 31, 2022 compared to the three months
ended March 31, 2021, primarily due to the following:

•increases in referral fees of $5.5 million, which were primarily attributable
to growth in our partner relationships and related activity, as we continue to
onboard new partners and help drive volume to these partners, as well as
increases associated with a referral fulfillment arrangement we entered into in
the third quarter of 2021;

•increases in payment network fees of $3.1 million and brokerage-related fees of
$0.1 million, the former of which coincided with increased credit card and debit
card transaction volume;

•a reduction in trading losses related to our SoFi Invest product of $2.1 million; and

•increases of $0.5 million in non-payment network related credit card fees.


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Directly attributable expenses



The directly attributable expenses allocated to the Financial Services segment
that were used in the determination of the segment's contribution loss were as
follows:

                                                              Three Months Ended March 31,              2022 vs 2021
($ in thousands)                                                 2022                  2021               % Change
Compensation and benefits                                 $        23,938          $  18,784                     27  %
Provision for credit losses                                        12,961                  -                       n/m
Product fulfillment                                                 7,197              5,043                     43  %
Direct advertising                                                  6,852              3,768                     82  %
Member incentives                                                   6,603              4,981                     33  %
Lead generation                                                     2,509              2,818                    (11) %
Professional services                                               1,100              1,568                    (30) %
Intercompany technology platform expenses                             770                  -                       n/m
Other(1)                                                           11,128              5,020                    122  %
Directly attributable expenses                            $        73,058          $  41,982                     74  %


___________________

(1)Other expenses primarily include tools and subscriptions, operational product losses, third party fraud expense, travel and occupancy-related costs, and marketing-related expenses.



Financial Services directly attributable expenses for the three months ended
March 31, 2022 increased by $31.1 million, or 74%, compared to the three months
ended March 31, 2021, primarily due to the following:

•increases of $13.0 million related to our provision for credit losses, to which
our credit card loans contributed $12.0 million, and the remainder was
associated with loans acquired in the Bank Merger during the 2022 period. The
increase in provision for credit losses for credit card loans was reflective of
both an increase in average balance and an increase in our estimate of the
expected future credit loss rate;

•increases of $5.2 million in compensation and benefits expense, which was
consistent with our ongoing prioritization of growth in the Financial Services
segment, which required additional staffing;

•increases of $3.1 million in direct advertising costs primarily driven by an
increase in search engine and social network marketing. All marketing
initiatives were primarily related to the continued promotion of, and growth in,
our Financial Services products;

•increases of $2.2 million in product fulfillment costs related to SoFi Invest,
SoFi Checking and Savings, and SoFi Money cash management, which included such
activities as brokerage expenses and debit card fulfillment services, operating
SoFi Bank, and operating our cash management sweep program. In addition, we had
$1.1 million of higher costs related to credit card fulfillment in the 2022
period;

•increases of $1.6 million primarily related to direct member incentives
utilized to drive adoption and usage of our various Financial Services products,
the most significant of which was SoFi Money cash management and SoFi Checking
and Savings;

•increases of $6.1 million in other costs, which were primarily related to
operational product losses of $2.1 million and third-party credit card fraud of
$4.0 million;

•decreases of $0.5 million in professional services costs, which were primarily
related to reduced third-party technology and product consulting and contractor
usage; and

•decreases of $0.3 million related to lead generation, which was consistent with our efforts to rely less on referrals period over period for product growth.

Corporate/Other Non-Reportable Segment



Non-segment operations are classified as Corporate/Other (previously referred to
as "Other"), which includes net revenues associated with corporate functions
that are not directly related to a reportable segment, as well as, beginning in
the first quarter of 2022, the financial impact of our capital management
activities within the treasury function, which reflects the

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residual impact from the FTP charges and FTP credits on our reportable segments
under our FTP framework. Refer to Note 17 to the Notes to Unaudited Condensed
Consolidated Financial Statements for more information on the FTP framework.

Reconciliation of Directly Attributable Expenses



The following table reconciles directly attributable expenses allocated to our
reportable segments to total noninterest expense in the unaudited condensed
consolidated statements of operations and comprehensive income (loss) for the
periods indicated.
                                                                         Three Months Ended March 31,
($ in thousands)                                                           2022                  2021
Reportable segments directly attributable expenses                  $      (227,329)         $ (152,713)
Intercompany technology platform expenses                                       770                   -
Expenses not allocated to segments:
Share-based compensation expense                                            (77,021)            (37,454)
Depreciation and amortization expense                                       (30,698)            (25,977)
Employee-related costs(1)                                                   (42,690)            (32,280)
Fair value changes in warrant liabilities                                         -             (89,920)

Other corporate and unallocated expenses(2)                                 (62,981)            (34,105)
Total noninterest expense                                           $      (439,949)         $ (372,449)


___________________
(1)Includes compensation, benefits, recruiting, certain occupancy-related costs
and various travel costs of executive management, certain technology groups and
general and administrative functions that are not directly attributable to the
reportable segments.

(2)Includes corporate overhead costs that are not allocated to reportable segments, such as certain advertising, promotional and corporate marketing costs, transaction-related expenses, certain tools and subscription costs, and professional services costs.

Liquidity and Capital Resources



We require substantial liquidity to fund our current operating requirements,
which primarily include loan originations and the losses generated by our
Financial Services segment. We expect these requirements to increase as we
continue to pursue our strategic growth goals. Historically, our Lending cash
flow variability has related to loan origination and sales volume, our available
funding sources and utilization of our warehouse facilities. Moreover, given our
continued growth initiatives, we have seen variability in financing cash flows
due to the timing and extent of common stock and redeemable preferred stock
raises, redemptions and additional uses and repayments of debt, and our
convertible notes issuance. Remaining operating cash flow variability is largely
related to our investments in our business, such as technology and product
investments and sales and marketing initiatives. Our capital expenditures have
historically been less significant relative to our operating and financing cash
flows, and we expect this trend to continue for the foreseeable future.

To continue to achieve our liquidity objectives, we analyze and monitor
liquidity needs and strive to maintain excess liquidity and access to diverse
funding sources. We define our liquidity risk as the risk that we will not be
able to:

•Originate loans at our current pace, or at all;

•Sell our loans at favorable prices, or at all;

•Meet our minimum capital requirements as a bank holding company and a national banking association;

•Meet our contractual obligations as they become due;

•Increase or extend the maturity of our revolving credit facility capacity;

•Satisfy our obligation to repay the convertible notes if they do not convert into common stock before maturity;

•Meet margin requirements associated with hedging or financing agreements;

•Fund continued operating losses in our business, especially if such operating losses continue at the current level for an extended period of time; or

•Make future investments in the necessary technological and operating infrastructure to support our business.



During the three months ended March 31, 2022, we generated negative cash flows
from operations. The primary drivers of operating cash flows related to our
Lending segment are origination volume, the holding period of our loans, loan
sale execution and, to a lesser extent, the timing of loan repayments. We either
fund our loan originations entirely using our

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own capital, through proceeds from securitization transactions (applicable to
2021 only), via SoFi bank deposits or receive an advance rate from our various
warehouse facilities to finance the majority of the loan amount. Our cash flows
from operations were also impacted by material net losses in both periods. If
our current net losses continue for the foreseeable future, we may raise
additional capital in the form of equity or debt, which may not be at favorable
terms when compared to previous financing transactions.

We have also utilized our revolving credit facility capacity to fund current
liquidity needs in the normal course of business, such as general corporate
activities. Our revolving credit facility had remaining capacity of $74.0
million as of March 31, 2022, of which $6.0 million was not available for
general borrowing purposes because it was utilized to secure the
uncollateralized portion of certain letters of credit issued to secure certain
of our operating lease obligations. As of March 31, 2022, the remaining $3.1
million of the $9.1 million letters of credit outstanding was collateralized by
cash deposits with the banking institution, which were presented within
restricted cash and restricted cash equivalents in the unaudited condensed
consolidated balance sheets. As of March 31, 2022, we also maintained letters of
credit associated with our banking activities of $8.2 million, which serve as
collateral for public deposits and are collateralized by loans.

Our warehouse facility and securitization debt is secured by a continuing lien on, and security interest in, the loans financed by the proceeds.



Our operating lease obligations consist of our leases of real property from
third parties under non-cancellable operating lease agreements, which primarily
include the leases of office space, as well as our rights to certain suites and
event space within SoFi Stadium, the latter of which we apply the short-term
lease exemption practical expedient and do not capitalize the lease obligation.
Our finance lease obligations consist of our rights to certain physical signage
within SoFi Stadium. Additionally, our securitization transactions require us to
maintain a continuing financial interest in the form of securitization
investments when we deconsolidate the SPE or in consolidation of the SPE when we
have a significant financial interest. In either instance, the continuing
financial interest requires us to maintain capital in the SPE that would
otherwise be available to us if we had sold loans through a different channel.

We are currently dependent on the success of our lending business. Our ability
to access whole loan buyers, to sell our loans on favorable terms, to maintain
adequate warehouse capacity at favorable terms, to access new SoFi bank deposits
and grow existing bank deposits and to strategically manage our continuing
financial interest in securitization-related transfers is critical to our growth
strategy and our ability to have adequate liquidity to fund our balance sheet.
There is no guarantee that we will be able to execute on our strategy as it
relates to the timing and pricing of securitization-related transfers.
Therefore, we may hold securitization interests for longer than planned or be
forced to liquidate at suboptimal prices. Securitization transfers are also
negatively impacted during recessionary periods, wherein purchasers may be more
risk averse.

Further, future uncertainties around the demand for our personal loans and
around the student loan refinance market in general should be considered when
assessing our future liquidity and solvency prospects. Principal and interest
payments on federally-held student loans were suspended most recently through
August 2022, which in turn has continued to lower the propensity for borrowers
to refinance into SoFi student loans relative to pre-COVID levels. To the extent
that additional measures, such as student loan forgiveness or a further
extension of the student loan payment moratorium, are implemented, it may
negatively impact our future student loan origination volume. In the future, our
loan origination volume and our resulting loan balances, and any positive cash
flows thereof, could be lower based on strategic decisions to tighten our credit
standards. See "Key Factors Affecting Operating Results-Student Loan Relief".

As a bank holding company, we are subject to regulatory capital and liquidity
rules issued by the Federal Reserve and other U.S. banking regulators, including
the OCC and FDIC. Shortly after we closed the Bank Merger, we allocated $750
million in capital to SoFi Bank. Golden Pacific's community bank business
continues to operate as a division of SoFi Bank. We are required to manage our
capital position to maintain sufficient capital to satisfy these regulatory
rules and support our business activities, including the requirement to maintain
minimum regulatory capital ratios in accordance with the Basel Committee on
Banking Supervision standardized approach for U.S. banking organizations (U.S.
Basel III). If the Federal Reserve finds that we are not "well-capitalized" or
"well-managed", we would be required to take remedial action to comply with all
applicable capital and management requirements, which may contain additional
limitations or conditions relating to our activities. Additionally, the
applicable federal regulatory authority is authorized to determine, under
certain circumstances relating to the financial condition of a bank or bank
holding company, that the payment of dividends would be an unsafe or unsound
practice and to prohibit payment thereof. As of March 31, 2022, our regulatory
capital ratios exceeded the thresholds required to be regarded as a
well-capitalized institution, and meet all capital adequacy requirements to
which we are subject. There have been no events or conditions since March 31,
2022 that management believes would change our categorization. See Note 18 to
the Notes to Unaudited Condensed Consolidated Financial Statements for
additional information on our regulatory capital requirements.

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Our material commitments requiring, or potentially requiring, the use of cash in future periods are primarily composed of the following:

•warehouse facility borrowings, which primarily carry variable interest rates and have terms expiring through January 2032. See Note 9 to the Notes to Unaudited Condensed Consolidated Financial Statements for additional key terms;

•revolving credit facility borrowings, which includes principal balance and variable interest. See Note 9 for additional information;

•convertible senior notes, which do not bear regular interest, and will mature in October 2026 unless earlier repurchased, redeemed or converted. See "Borrowings" below for additional information;

•operating lease obligations, primarily composed of leases of office premises with terms expiring from 2022 through 2031, as well as operating leases associated with SoFi Stadium, which expire in 2040;

•finance lease obligations, composed of our rights to certain physical signage within SoFi Stadium, which expire in 2040;



•the remaining commitment arising out of our agreement (which does not include
the foregoing operating lease and finance lease obligations, but includes
certain payments for which we are applying the short-term lease exemption) for
the naming and sponsorship rights to SoFi Stadium, which pertain primarily to
sponsorship and advertising opportunities related to the stadium itself, as well
as the surrounding performance venue and planned retail district. See Note 15 to
the Notes to Unaudited Condensed Consolidated Financial Statements for
additional information on our SoFi Stadium arrangement, including a contingent
matter associated with SoFi Stadium payments; and

•the remaining commitment related to a four-year cloud computing services arrangement that we executed in the fourth quarter of 2021.



As it relates to our securitization debt, the maturity of the notes issued by
the various trusts occurs upon either the maturity of the loan collateral or
full payment of the loan collateral held in the trusts, the timing of which
cannot be reasonably estimated. Our own liquidity resources are not required to
make any contractual payments on our securitization borrowings.

We may require liquidity resources associated with our guarantee arrangements.
We have a three-year obligation to FNMA on loans that we sell to FNMA, to
repurchase any originated loans that do not meet FNMA guidelines, and we are
required to pay the full initial purchase price back to FNMA. In addition, we
make standard representations and warranties related to other student, personal
and non-FNMA home loan transfers, as well as limited credit-related repurchase
guarantees on certain such transfers. If realized, any of the repurchases would
require the use of cash. See "Other Arrangements", as well as Note 15 to the
Notes to Unaudited Condensed Consolidated Financial Statements for further
information on our guarantee obligations. We believe we have adequate liquidity
to meet these expected obligations.

Our long-term liquidity strategy includes growing our SoFi bank deposit base,
maintaining adequate warehouse capacity (which we expect to decrease as a
percentage of our total funding base over time), maintaining corporate debt and
other sources of financing, as well as effectively managing the capital raised
through debt and equity transactions. Although our goal is to increase our cash
flow from operations, there can be no assurance that our future operating plans
will lead to improved operating cash flows.

We had unrestricted cash and cash equivalents of $1.3 billion as of March 31,
2022. We believe our existing cash and cash equivalents balance, investments in
AFS debt securities, SoFi Bank deposits, available capacity under our revolving
credit facility, together with additional warehouses or other financing we
expect to be able to obtain at reasonable terms, will be sufficient to cover net
losses, meet our existing working capital and capital expenditure needs, as well
as our planned growth for at least the next 12 months. Our non-securitization
loans also represent a key source of liquidity for us, and should be considered
in assessing our overall liquidity. We have relationships with whole loan buyers
who we believe we will be able to continue to rely on to generate near-term
liquidity. Securitization markets can also generate additional liquidity, albeit
to a lesser extent, as it involves accessing a much less liquid securitization
residual investment market, and in certain cases we are required to maintain a
minimum investment due to securitization risk retention rules.

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Borrowings



Our borrowings as of March 31, 2022 primarily included our loan and risk
retention warehouse facilities, asset-backed securitization debt, revolving
credit facility and convertible notes. A detailed description of each of our
borrowing arrangements is included in Note 9 to the Notes to Unaudited Condensed
Consolidated Financial Statements.

The amount of financing actually advanced on each individual loan under our loan
warehouse facilities, as determined by agreed-upon advance rates, may be less
than the stated advance rate depending, in part, on changes in underlying loan
characteristics of the loans securing the financings. Each of our loan warehouse
facilities allows the lender providing the funds to evaluate the market value of
the loans that are serving as collateral for the borrowings or advances being
made. As it relates to our current risk retention warehouse facilities, if the
lender determines that the value of the collateral has decreased, the lender can
require us to provide additional collateral or reduce the amount outstanding
with respect to those loans (e.g., initiate a margin call). Our inability or
unwillingness to satisfy the request could result in the termination of the
facilities and possible default under our other loan funding facilities. In
addition, a large unanticipated margin call could have a material adverse effect
on our liquidity.

The amount owed and outstanding on our loan warehouse facilities fluctuates
significantly based on our origination volume, sales volume, the amount of time
it takes us to sell our loans, and the amount of loans being self-funded with
cash. We may, from time to time, use surplus cash to self-fund a portion of our
loan originations and risk retention in the case of securitization transfers.

We have various affirmative and negative financial covenants, as well as
non-financial covenants, related to our warehouse debt and revolving credit
facility, as well as our Series 1 Redeemable Preferred Stock. Additionally, we
have compliance requirements associated with our convertible notes, and certain
provisions of the arrangement could change in the event of a "Make-Whole
Fundamental Change", as defined in the indenture.

The availability of funds under our warehouse facilities and revolving credit
facility is subject to, among other conditions, our continued compliance with
the covenants. These financial covenants include, but are not limited to,
maintaining: (i) a certain minimum tangible net worth, (ii) minimum cash and
cash equivalents, and (iii) a maximum leverage ratio of total debt to tangible
net worth. A breach of these covenants can result in an event of default under
these facilities and allows the lenders to pursue certain remedies. Our
subsidiaries are restricted in the amount that can be distributed to SoFi only
to the extent that such distributions would cause the financial covenants to not
be met.

In addition, pursuant to our amended and restated agreement related to our Series 1 Redeemable Preferred Stock, we are subject to the following financial covenants:

•Tangible net worth to total debt ratio requirement, which excludes our warehouse, risk retention and securitization related debt;

•Tangible net worth to Series 1 Redeemable Preferred Stock ratio requirement; and

•Minimum excess equity requirements, where the measure of equity includes permanent equity and SoFi Technologies Redeemable Preferred Stock (exclusive of Series 1 Redeemable Preferred Stock), as applicable.

We were in compliance with all covenants.



Additionally, in October 2021, we closed on the issuance and sale of
$1.2 billion aggregate principal amount of convertible senior notes, which do
not bear regular interest, will mature in October 2026 (unless earlier
repurchased, redeemed or converted) and will be convertible by the noteholders
beginning in April 2026 under certain circumstances. We will settle conversions
by paying or delivering, at our election, cash, shares of our common stock or a
combination of cash and shares of our common stock, based on the applicable
conversion rate(s). The convertible notes will be redeemable, in whole or in
part, at our option at any time, and from time to time, beginning in October
2024 at a cash redemption price equal to the principal amount of the notes to be
redeemed, plus accrued interest, if any. The conversion rate and conversion
price will be subject to customary adjustments upon the occurrence of certain
events. In addition, if certain corporate events that constitute a "Make-Whole
Fundamental Change" (as defined in the indenture) occur, then the conversion
rate will, in certain circumstances, be increased for a specified period of
time. In addition, calling any note for redemption will also constitute a
Make-Whole Fundamental Change with respect to that note, in which case the
conversion rate applicable to the conversion of that note will be increased in
certain circumstances if it is converted after it is called for redemption.
Therefore, redemption events and conversion events (to the extent we elect to
cash settle) could require a material use of cash at the time of the event.

Additionally, the convertible notes may incur special interest in the event of
default, or additional interest if the Company has not satisfied certain
reporting conditions or the convertible notes are not otherwise freely tradable,
as such term is

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defined in the indenture. If special interest or additional interest is incurred on the convertible notes, it could require an additional use of cash.



In connection with the pricing of the convertible notes and with the exercise by
the initial purchasers of their option to purchase additional notes, which
option was exercised, we entered into privately negotiated capped call
transactions with certain financial institutions (the "Capped Call
Transactions"). The Capped Call Transactions are expected to generally reduce
the potential dilutive effect on the common stock upon any conversion of the
notes and/or offset any cash payments we are required to make in excess of the
principal amount of the converted notes, as the case may be.

The net proceeds from the convertible debt issuance were $1.176 billion. We used
$113.8 million of the net proceeds to fund the cost of entering into the Capped
Call Transactions. We allotted the remainder of the net proceeds (i) to pay
related expenses and (ii) for general corporate purposes.

Cash Flow and Liquidity Analysis

The following table provides a summary of cash flow data during the periods indicated.


                                                                            Three Months Ended March 31,
($ in thousands)                                                             2022                    2021
Net cash provided by (used in) operating activities                  $      (1,011,224)         $    340,051
Net cash provided by investing activities                                       49,879               180,947
Net cash provided by (used in) financing activities                          1,895,158            (1,145,779)


Cash Flows from Operating Activities



For the three months ended March 31, 2022, net cash used in operating activities
of $1.0 billion stemmed from a net loss of $110.4 million and an unfavorable
change in our operating assets net of operating liabilities of $1.0 billion,
partially offset by a positive adjustment for non-cash items of $137.6 million.
The change in operating assets net of operating liabilities was primarily a
result of our loan origination and sales activities. We originated loans of $3.3
billion during the period and also purchased loans of $0.3 billion. These cash
uses were largely offset by principal payments on loans of $0.6 billion and
proceeds from loan sales of $1.9 billion.

For the three months ended March 31, 2021, net cash provided by operating
activities of $340.1 million stemmed from a net loss of $177.6 million that was
positively adjusted for non-cash items of $164.8 million, and a favorable change
in our operating assets net of operating liabilities of $352.8 million. The
change in operating assets net of operating liabilities was primarily a result
of our loan origination and sales activities. We originated loans of $2.6
billion during the period and also purchased loans of $1.2 million. These cash
uses were offset by principal payments from members of $0.5 billion and proceeds
from loan sales of $2.4 billion.

Cash Flows from Investing Activities



For the three months ended March 31, 2022, net cash provided by investing
activities of $49.9 million was primarily attributable to proceeds of $42.8
million from our securitization investments, the aggregate net cash acquired
from the Technisys Merger and Bank Merger of $73.3 million, and proceeds of
$29.6 million from sales, maturities and paydowns of our investments in AFS debt
securities. These sources were offset by cash uses of $33.9 million related to
loan activities, $25.1 million for purchases of property, equipment and
software, which primarily included internally-developed software and purchased
software, and cash uses of $36.8 million related to purchases of AFS debt
securities.

For the three months ended March 31, 2021, net cash provided by investing
activities of $180.9 million was primarily attributable to proceeds of $107.5
million from the call on our equity method investment in Apex and proceeds of
$64.2 million from our securitization investments. Additionally, Apex repaid its
outstanding principal balance of $16.7 million. Lastly, we used $7.4 million for
purchases of property, equipment and software.

Cash Flows from Financing Activities



For the three months ended March 31, 2022, net cash provided by financing
activities was $1.9 billion. We received $3.6 billion of proceeds from debt
financing activities related to our lending activities, all of which was related
to our warehouse activities. These debt proceeds were partially offset by $2.6
billion of debt repayments, of which $2.5 billion were related to our warehouse
facilities. Our payments of debt issuance costs were in the normal course of
business and reflective of our recurring debt warehouse facility activity, which
involves securing new warehouse facilities and extending existing

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warehouse facilities. Additionally, we had net cash sources from our SoFi Bank
deposits of $961.8 million. Finally, we paid taxes of $3.6 million related to
RSU vesting.

For the three months ended March 31, 2021, net cash used in financing activities
was $1.1 billion. We received $1.9 billion of proceeds from debt financing
activities related to our lending activities. These debt proceeds were more than
offset by $2.9 billion of debt repayments, of which $2.5 billion were related to
our warehouse facilities. Our payments of debt issuance costs were in the normal
course of business and reflective of our recurring debt warehouse facility
activity. We also paid taxes of $26.0 million related to RSU vesting. Finally,
we paid $132.9 million to repurchase redeemable preferred stock and $0.5 million
to repurchase common stock during the period.

Other Arrangements



We enter into arrangements in which we originate loans, establish an SPE and
transfer loans to the SPE, which has historically served as an important source
of liquidity. We also retain the servicing rights of the underlying loans and
hold additional interests in the SPE. When an SPE is determined not to be a VIE
or when an SPE is determined to be a VIE but we are not the primary beneficiary,
the SPE is not consolidated. In addition, a significant change to the pertinent
rights of other parties or our pertinent rights, 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 is consolidated. VIE consolidation and deconsolidation may lead to
increased volatility in our financial results and impact period-over-period
comparability.

Historically, we have established personal loan trusts and student loan trusts
that were created and designed to transfer credit and interest rate risk
associated with the underlying loans through the issuance of collateralized
notes and residual certificates. We hold a variable interest in the trusts
through our ownership of collateralized notes in the form of asset-backed bonds
and residual certificates in the trusts. The residual certificates absorb
variability and represent the equity ownership interest in the equity portion of
the personal loan trusts and student loan trusts.

We are also the servicer for all trusts in which we hold a financial interest.
Although we have the power as servicer to perform the activities that most
impact the economic performance of the VIE, we do not hold a significant
financial interest in the trusts and, therefore, we are not the primary
beneficiary. Further, we do not provide financial support beyond our initial
equity investment, and our maximum exposure to loss as a result of our
involvement with nonconsolidated VIEs is limited to our investment. For a more
detailed discussion of nonconsolidated VIEs, including activity in relation to
the establishment of trusts, the aggregate outstanding values of variable
interests and the deconsolidation of VIEs, see Note 5 to the Notes to Unaudited
Condensed Consolidated Financial Statements.

As a component of our loan sale agreements, we make certain representations to
third parties that purchased our previously held loans, which includes FNMA
repurchase requirements, general representations and warranties and
credit-related repurchase requirements, all of which are standard in nature and,
therefore, do not constrain our ability to recognize a sale for accounting
purposes. 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. Our credit-related repurchase requirements are assessed for credit
losses. During the three months ended March 31, 2022, we made repurchases of
$2.6 million associated with these arrangements. As of March 31, 2022 and
December 31, 2021, we accrued liabilities of $5.2 million and $7.4 million,
respectively, related to our estimated repurchase obligation.

Financial Condition Summary

March 31, 2022 compared to December 31, 2021

Changes in the composition and balance of our assets and liabilities as of March 31, 2022 compared to December 31, 2021 were principally attributed to the following:

•an increase of $933.8 million in cash and cash equivalents and restricted cash and restricted cash equivalents. See "Cash Flow and Liquidity Analysis" for further discussion of our cash flow activity;

•an increase of $4.9 million in investments in AFS debt securities, which we began purchasing during the third quarter of 2021, and was inclusive of an increase of $9.5 million attributable to the Golden Pacific acquisition assets;

•an increase in total loans of $1.2 billion, which was primarily related to personal and student loans;



•a decrease in securitization investments of $49.3 million, of which $42.8
million was related to cash receipts. There were no securitization investments
made during the first quarter of 2022;

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•an increase in intangible assets of $220.9 million, of which $240.0 million was
related to our two acquisitions during the current quarter, with a partially
offsetting decrease attributable to amortization expense;

•an increase in goodwill of $717.2 million related to our two acquisitions during the current quarter;

•an increase in deposits of $1.2 billion, which was attributable to our launch of SoFi bank during the current quarter;



•an increase in deferred tax liabilities of $55.1 million, which was primarily
attributable to the separately identifiable intangible assets acquired in the
Technisys Merger;

•an increase of $1.0 billion in gross warehouse facility debt to support our
originations during the current quarter, which reflected the net impact of $3.6
billion of cash borrowings and $2.5 billion of cash repayments; and

•a decrease of $84.2 million in liabilities related to gross securitization debt, which was settled with proceeds from related collateral repayments.

Critical Accounting Policies and Estimates



Our consolidated financial statements have been prepared in accordance with
accounting principles generally accepted in the United States. In preparing our
consolidated financial statements, we make judgments, estimates and assumptions
that affect reported amounts of assets and liabilities, as well as revenues and
expenses. We base our assumptions, judgments and estimates on historical
experience and various other factors that we believe to be reasonable under the
circumstances. The results involve judgments about the carrying values of assets
and liabilities not readily apparent from other sources. Actual results could
differ materially from these estimates under different assumptions or
conditions. We regularly evaluate our estimates, assumptions and judgments,
particularly those that include the most difficult, subjective or complex
judgments and are often about matters that are inherently uncertain. We evaluate
our critical accounting policies and estimates on an ongoing basis and update
them as necessary based on changes in market conditions or factors specific to
us. There have been no material changes in our significant accounting policies
or critical accounting estimates during the first quarter of 2022. For a
complete discussion of our significant accounting policies and critical
accounting estimates, see Note 1 to the Notes to Consolidated Financial
Statements for a summary of our significant accounting policies and
"Management's Discussion and Analysis of Financial Condition and Results of
Operations-Critical Accounting Policies and Estimates" in our Annual Report on
Form 10-K for the year ended December 31, 2021.

Recent Accounting Standards Issued, But Not Yet Adopted

See Note 1 to the Notes to Unaudited Condensed Consolidated Financial Statements and Note 1 to the Notes to Consolidated Financial Statements in our Annual Report on Form 10-K for the year ended December 31, 2021.

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