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SOFI TECHNOLOGIES, INC.

(SOFI)
  Report
Delayed Nasdaq  -  04:00 2022-09-30 pm EDT
4.880 USD   +0.83%
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SOFI TECHNOLOGIES, INC. Management's Discussion and Analysis of Financial Condition and Results of Operations (form 10-Q)

08/09/2022 | 05:06pm EDT
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 June 30, 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 June 30,
2022, we have served approximately 4.3 million members who have used
approximately 6.6 million products on the SoFi platform.

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                                     Members
                                   In Thousands


                    [[Image Removed: sofi-20220630_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
Bancorp, Inc. and its wholly-owned subsidiary, Golden Pacific Bank, 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. We are
originating all new loan applications within SoFi Bank and transferred SoFi
Credit Card and the majority of other lending products to SoFi Bank.
Additionally, through SoFi Bank, we expect to, among other things, issue SoFi
debit cards and provide ACH, check, and wire transaction services over time.

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

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us to 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.

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. 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. See Note 17 to the Notes to Unaudited Condensed Consolidated Financial
Statements for additional information on the FTP framework.

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 are originating all new loan
applications within SoFi Bank.

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 deposits, warehouse financing and our
own capital to enable us to expand our origination capabilities. We believe our
ability to utilize deposits held at SoFi Bank to fund our loans can lower our
overall cost of asset-backed financing over time. 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 an FTP framework to
attribute net interest income to our business segments based on their usage
and/or provision of funding.

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.
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,

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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 no longer earn interest, as we implemented
our plan to build new features only for SoFi Checking and Savings and reduced
support of our 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,
the latter of which are further discussed below. 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, exchange conversion
services and digital assets activity. In our share lending arrangements and
payment for order flow arrangements, we 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 a referral arrangement whereby we earn referral
fulfillment fees for providing pre-qualified 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 and our SoFi Credit Card
product, which are reduced by fees payable to card associations and our
fulfillment partners. These fees are remitted by merchants and are calculated by
multiplying a set fee percentage 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 SoFi Money

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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. Beginning in the second quarter of 2021, we began earning
underwriting fees related to our membership in underwriting syndicates for IPOs.
We recognize 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. 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. Finally, we earn interest income in the Financial
Services segment on certain commercial real estate and other commercial loans,
such as small business loans. We incur interest expense on SoFi Credit Card
through the FTP framework, which is eliminated in consolidation, as well as
incur interest expense related to SoFi Checking and Savings and SoFi Money cash
management balances.

COVID-19 Pandemic

The ongoing novel coronavirus ("COVID-19") pandemic and its effects continue to
evolve, particularly with the emergence of new variants and sub-variants that
are increasingly transmissible and immune-evading. Macroeconomic conditions have
been volatile and impacted by worker shortages, supply chain issues,
inflationary pressures, vaccine and testing requirements, and measures taken in
response to the emergence of new variants. 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. 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 ongoing impacts from the COVID-19 pandemic.

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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 reportable segment and, in the case of our Lending segment,
adjusted for fair value adjustments attributable to 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 June 30,                  Six Months Ended June 30,
($ in thousands)                                             2022                  2021                  2022                  2021
Lending
Net interest income(1)                                $       114,003          $   56,822          $      208,357          $ 108,599
Total noninterest income                                      143,114             109,469                 301,749            205,669
Total net revenue                                             257,117             166,291                 510,106            314,268
Adjusted net revenue(2)                                       250,681             172,232                 495,053            340,269
Contribution profit                                           141,991              89,188                 274,642            176,874

Technology Platform
Net interest expense                                  $             -          $      (32)         $            -          $     (68)
Total noninterest income                                       83,899              45,329                 144,704             91,430
Total net revenue(3)                                           83,899              45,297                 144,704             91,362
Contribution profit                                            21,841              13,013                  40,096             28,698

Financial Services
Net interest income(1)                                $        12,925          $      542          $       18,807          $     771
Total noninterest income                                       17,438              16,497                  35,099             22,731
Total net revenue                                              30,363              17,039                  53,906             23,502
Contribution loss(3)                                          (53,700)            (24,745)               (103,215)           (60,264)

Corporate/Other(4)
Net interest expense                                  $        (4,199)     

$ (1,320) $ (9,502) $ (6,010) Total noninterest income (loss)

                                (4,653)              3,967                  (6,343)             4,136
Total net revenue (loss)(3)                                    (8,852)              2,647                 (15,845)            (1,874)

Consolidated
Net interest income                                   $       122,729          $   56,012          $      217,662          $ 103,292
Total noninterest income                                      239,798             175,262                 475,209            323,966
Total net revenue                                             362,527             231,274                 692,871            427,258
Adjusted net revenue(2)                                       356,091             237,215                 677,818            453,259
Net loss                                                      (95,835)           (165,314)               (206,192)          (342,878)
Adjusted EBITDA(2)                                             20,304              11,240                  28,988             15,372


___________________
(1)Net interest income for our Lending and Financial Services segments reported
for the three and six months ended June 30, 2022 reflects the implementation of
an FTP framework.

(2)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.


(3)Technology Platform segment total net revenue for the three and six months
ended June 30, 2022 includes $953 and $1,723, respectively, 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.
Additionally, for both the three and six months ended June 30, 2022, total net
revenue for the Technology Platform segment

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included $718 of intercompany fees earned by Technisys from Galileo, which is a
Technisys client. There is an equal and offsetting expense reflected within the
Technology Platform segment directly attributable expenses representing the
intercompany fees incurred by Galileo to Technisys. The intercompany revenue and
expense are eliminated in consolidation. The revenue is eliminated within
Corporate/Other and the expense is adjusted in our reconciliation of directly
attributable expenses below. See Note 17 to the Notes to Unaudited Condensed
Consolidated Financial Statements for additional information.

(4)Corporate/Other (previously referred to as "Other") primarily includes total
net revenue associated with corporate functions, non-recurring gains and losses
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. For
the three and six months ended June 30, 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.

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.


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. We believe that the combination of
the Technisys core banking platform with our existing technology platform
offerings provides 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 allows us to provide members and prospective members
broader and more competitive options across their financial services needs and
lowers our cost of asset-backed financing (by utilizing deposits held at SoFi
Bank to fund our loans). We also believe that operating as a national bank
enables us to offer lower interest rates on loans to members as well as offer
higher interest rates on 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
                                   In Thousands


                    [[Image Removed: sofi-20220630_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 June 30,                 Six Months Ended June 30,
($ in thousands)                                        2022                  2021                 2022                  2021
Total net revenue                                 $      362,527          $

231,274 $ 692,871 $ 427,258 Servicing rights - change in valuation inputs or assumptions(1)

                                  (9,098)               224                 (20,678)            12,333
Residual interests classified as
debt - change in valuation inputs or
assumptions(2)                                             2,662              5,717                   5,625             13,668
Adjusted net revenue                              $      356,091          $ 237,215          $      677,818          $ 453,259


___________________
(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
                                                 June 30,          March 31,           December 31,           September 30,           June 30,
($ in thousands)                                   2022               2022                 2021                   2021                  2021
Total net revenue                              $ 362,527          $ 330,344

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

                          (9,098)           (11,580)                (9,273)                   (409)               224
Residual interests classified as debt -
change in valuation inputs or
assumptions(2)                                     2,662              2,963                  3,541                   5,593              5,717
Adjusted net revenue                           $ 356,091          $ 321,727          $     279,876          $      277,190          $ 237,215


___________________

(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 June 30,                 Six Months Ended June 30,
($ in thousands)                                        2022                  2021                 2022                  2021
Total net revenue - Lending                       $      257,117          $ 

166,291 $ 510,106 $ 314,268 Servicing rights - change in valuation inputs or assumptions(1)

                                  (9,098)               224                 (20,678)            12,333
Residual interests classified as
debt - change in valuation inputs or
assumptions(2)                                             2,662              5,717                   5,625             13,668
Adjusted net revenue - Lending                    $      250,681          $ 

172,232 $ 495,053 $ 340,269

___________________

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

(2)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
                                  In Thousands


                    [[Image Removed: sofi-20220630_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 June 30,                    Six Months Ended June 30,
($ in thousands)                                             2022                  2021                    2022                    2021
Net loss                                               $      (95,835)         $ (165,314)         $     (206,192)             $ (342,878)
Non-GAAP adjustments:
Interest expense - corporate borrowings(1)                      3,450               1,378                   6,099                   6,386
Income tax expense (benefit)(2)                                   119                 (78)                    871                   1,021
Depreciation and amortization(3)                               38,056              24,989                  68,754                  50,966
Share-based expense                                            80,142              52,154                 157,163                  89,608
Transaction-related expense(4)                                    808              21,181                  17,346                  23,359
Fair value changes in warrant liabilities(5)                        -              70,989                       -                 160,909
Servicing rights - change in valuation inputs or
assumptions(6)                                                 (9,098)                224                 (20,678)                 12,333
Residual interests classified as debt - change
in valuation inputs or assumptions(7)                           2,662               5,717                   5,625                  13,668
Total adjustments                                             116,139             176,554                 235,180                 358,250
Adjusted EBITDA                                        $       20,304          $   11,240          $       28,988              $   15,372


___________________
(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 periods, the amortization of debt
discount and debt issuance costs on our convertible notes, and (iii) for the
six-month 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 for the three- and
six-month periods increased due to higher interest rates during the 2022 periods
on identical outstanding debt period over period.

(2)Our income tax expense positions were primarily a function of SoFi Lending
Corp.'s profitability, and for the 2022 periods, SoFi Bank, in state
jurisdictions where separate filings are required. The income tax expense in the
2022 periods 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 three- and six-month 2022 periods increased compared to the comparable 2021 periods 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 periods.


(4)Transaction-related expenses in the 2022 periods primarily included financial
advisory and professional services costs associated with our acquisition of
Technisys. Transaction-related expenses in the three-month 2021 period included
the special payment to the holders of Series 1 Redeemable Preferred Stock in
conjunction with the Business Combination. Transaction-related expenses in the
six-month 2021 period also included financial advisory and professional services
costs associated with our then-pending acquisition of Golden Pacific.

(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 periods 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
                                                     June 30,           March 31,           December 31,           September 30,           June 30,
($ in thousands)                                       2022               2022                  2021                   2021                  2021
Net loss                                           $ (95,835)         $ (110,357)         $    (111,012)         $      (30,047)         $ (165,314)
Non-GAAP adjustments:
Interest expense - corporate borrowings                3,450               2,649                  2,593                   1,366               1,378
Income tax expense (benefit)                             119                 752                  1,558                     181                 (78)
Depreciation and amortization                         38,056              30,698                 26,527                  24,075              24,989
Share-based expense                                   80,142              77,021                 77,082                  72,681              52,154

Transaction-related expense                              808              16,538                  2,753                   1,221              21,181
Fair value changes in warrant liabilities                  -                   -                 10,824                 (64,405)             70,989
Servicing rights - change in valuation
inputs or assumptions                                 (9,098)            (11,580)                (9,273)                   (409)                224
Residual interests classified as debt -
change in valuation inputs or assumptions              2,662               2,963                  3,541                   5,593               5,717
Total adjustments                                    116,139             119,041                115,605                  40,303             176,554
Adjusted EBITDA                                    $  20,304          $    8,684          $       4,593          $       10,256          $   11,240



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:
                                                         June 30, 2022               June 30, 2021                % Change
Members                                                   4,318,705                   2,560,492                           69  %
Total Products                                            6,564,174                   3,667,121                           79  %
Total Products - Lending segment                          1,202,027                     981,440                           22  %
Total Products - Financial Services segment               5,362,147                   2,685,681                          100  %

Total Accounts - Technology Platform segment(1) 116,570,038

          78,902,156                           48  %


___________________

(1)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. Intercompany
revenue is eliminated in consolidation. We did not recast the total accounts as
of June 30, 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-20220630_g4.jpg]]

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


Lending Products              June 30, 2022        June 30, 2021        Variance        % Change
Home loans                      25,128               18,102              7,026              39  %
Personal loans                 714,735              544,068            170,667              31  %
Student loans                  462,164              419,270             42,894              10  %
Total lending products       1,202,027              981,440            220,587              22  %


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

Financial Services Products                      June 30, 2022              June 30, 2021                Variance                 % Change
SoFi Money(1)                                     1,837,138                    954,519                    882,619                         92  %
Invest                                            1,961,425                  1,038,570                    922,855                         89  %
Credit Card                                         139,781                     42,744                     97,037                        227  %
Referred loans(2)                                    28,037                          -                     28,037                           n/m
Relay                                             1,344,538                    626,195                    718,343                        115  %
At Work                                              51,228                     23,653                     27,575                        117  %
Total financial services products                 5,362,147                  2,685,681                  2,676,466                        100  %


___________________

(1)Includes SoFi Checking and Savings accounts held at SoFi Bank, beginning in the first quarter of 2022, and SoFi Money cash management accounts.

(2)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 June 30, 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.

                     June 30, 2022         June 30, 2021           Variance          % Change
Total Accounts     116,570,038            78,902,156             37,667,882              48  %


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.

Industry Trends and General Economic Conditions

Interest Rates and Macroeconomic Conditions


The Federal Reserve has increased the benchmark interest rate four times during
2022: 25 basis points in March 2022, 50 basis points in May 2022, and 75 basis
points in each of June and July 2022. We expect additional increases in the
benchmark interest rate during the remainder of 2022, largely 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 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. In addition to
rising interest rates, the U.S. economy experienced negative gross domestic
product growth in the first and second quarters of 2022 and consumer confidence
indicators are down. Negative changes to macroeconomic conditions may result in
decreased demand for our products, increased operating costs and negatively
impact our results of operations.

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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 continue to decrease the demand for our student loan
refinancing products and would likely have an adverse impact on our results of
operations and overall business.

Results of Operations

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

                                                Three Months Ended June 30,            2022 vs 2021                Six Months Ended June 30,               2022 vs 2021
($ in thousands)                                 2022                  2021              % Change                  2022                    2021              % Change
Interest income
Loans                                      $      145,337          $   79,678                  82  %       $      259,722              $  156,899                  66  %
Securitizations                                     2,567               3,794                 (32) %                5,325                   8,261                 (36) %
Related party notes                                     -                   -                   -  %                    -                     211                (100) %
Other                                               1,608                 636                 153  %                2,877                   1,265                 127  %
Total interest income                             149,512              84,108                  78  %              267,924                 166,636                  61  %
Interest expense
Securitizations and warehouses                     18,599              26,250                 (29) %               38,505                  56,058                 (31) %
Deposits                                            4,543                   -                    n/m                4,974                       -                    n/m
Corporate borrowings                                3,450               1,378                 150  %                6,099                   6,386                  (4) %
Other                                                 191                 468                 (59) %                  684                     900                 (24) %
Total interest expense                             26,783              28,096                  (5) %               50,262                  63,344                 (21) %
Net interest income                               122,729              56,012                 119  %              217,662                 103,292                 111  %
Noninterest income
Loan origination and sales                        144,414             109,719                  32  %              302,118                 220,064                  37  %
Securitizations                                   (11,737)                (26)                   n/m              (23,018)                 (2,062)                   n/m
Servicing                                          10,471                (224)                   n/m               22,707                 (12,333)               (284) %
Technology products and solutions                  81,670              44,950                  82  %              141,527                  90,609                  56  %
Other                                              14,980              20,843                 (28) %               31,875                  27,688                  15  %
Total noninterest income                          239,798             175,262                  37  %              475,209                 323,966                  47  %
Total net revenue                                 362,527             231,274                  57  %              692,871                 427,258                  62  %
Noninterest expense
Technology and product development                 99,366              69,389                  43  %              181,274                 135,337                  34  %
Sales and marketing                               143,854              94,951                  52  %              281,992                 182,185                  55  %
Cost of operations                                 79,091              60,624                  30  %              149,528                 118,194                  27  %
General and administrative                        125,829             171,216                 (27) %              262,334                 332,913                 (21) %
Provision for credit losses                        10,103                 486                    n/m               23,064                     486                    n/m
Total noninterest expense                         458,243             396,666                  16  %              898,192                 769,115                  17  %
Loss before income taxes                          (95,716)           (165,392)                (42) %             (205,321)               (341,857)                (40) %
Income tax (expense) benefit                         (119)                 78                (253) %                 (871)                 (1,021)                (15) %
Net loss                                   $      (95,835)         $ (165,314)                (42) %       $     (206,192)             $ (342,878)                (40) %
Other comprehensive loss
Unrealized losses on
available-for-sale securities, net         $       (1,991)         $        -                    n/m       $       (6,446)             $        -                    n/m
Foreign currency translation
adjustments, net                                      (56)               (266)                (79) %                  (94)                   (346)                (73) %
Total other comprehensive loss                     (2,047)               (266)                670  %               (6,540)                   (346)                   n/m
Comprehensive loss                         $      (97,882)         $ (165,580)                (41) %       $     (212,732)             $ (343,224)                (38) %


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Interest Income

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

                                               Three Months Ended June 30,             2022 vs 2021             Six Months Ended June 30,              2022 vs 2021
($ in thousands)                                  2022                 2021              % Change                2022                  2021              % Change
Loans                                      $       145,337          $ 79,678                   82  %       $      259,722          $ 156,899                   66  %
Securitizations                                      2,567             3,794                  (32) %                5,325              8,261                  (36) %
Related party notes                                      -                 -                    -  %                    -                211                 (100) %
Other                                                1,608               636                  153  %                2,877              1,265                  127  %
Total interest income                      $       149,512          $ 84,108                   78  %       $      267,924          $ 166,636                   61  %


Total interest income increased by $65.4 million, or 78%, for the three months ended June 30, 2022 compared to the three months ended June 30, 2021, and increased by $101.3 million, or 61%, for the six months ended June 30, 2022 compared to the six months ended June 30, 2021, the components of which are discussed below.


Three Months-Loans.  Loans interest income increased by $65.7 million, or 82%,
primarily driven by increases in non-securitization personal loan and student
loan interest income of $61.7 million (173%) and $9.1 million (41%),
respectively, which were primarily a function of increases in aggregate average
balances for personal loans and student loans of $2.0 billion (158%) and $1.2
billion (60%), 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. We also had an increase in our
whole loan interest rates. These increases were offset by decreases in interest
income from consolidated personal loan and student loan securitizations of $6.5
million (61%) and $3.1 million (32%), respectively, which were impacted by
decreases in average balances for personal loans and student loans of $265.0
million (63%) and $251.0 million (34%), respectively. The decreases in aggregate
average balances were primarily attributable to payment activity and the absence
of additions to our consolidated securitization loan balances. The remaining
increase in interest income included $3.2 million attributable to credit card,
$1.1 million attributable to the acquired loan portfolio in the Bank Merger, and
$0.1 million attributable to home loans.

Six Months-Loans.  Loans interest income increased by $102.8 million, or 66%,
primarily driven by increases in non-securitization personal loan and student
loan interest income of $97.5 million and $18.5 million, respectively, which
were primarily a function of increases in average balances for personal loans
and student loans of $1.6 billion (133%) and $1.2 billion (61%), respectively,
attributable to longer loan holding periods. These increases were offset by
decreases in interest income from consolidated personal loan and student loan
securitizations of $14.1 million (60%) and $7.0 million (34%), respectively,
which were impacted by decreases in average balances for personal loans and
student loans of $288.9 million (62%) and $277.6 million (35%), respectively.
The decreases in aggregate average balances were primarily attributable to
payment activity and the absence of additions to our consolidated securitization
loan balances. The remaining increase in interest income included $5.8 million
attributable to credit card, $1.7 million attributable to the acquired loan
portfolio in the Bank Merger, and $0.6 million attributable to home loans.

Three Months-Securitizations. Securitizations interest income decreased by $1.2 million, or 32%, which was primarily attributable to decreases in residual investment interest income of $0.6 million and asset-backed bonds of $0.7 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.

Six Months-Securitizations. Securitizations interest income decreased by $2.9 million, or 36%, which was primarily attributable to decreases in residual investment interest income of $1.5 million and asset-backed bonds of $1.6 million related to decreases in average securitization investment balances period over period. This outcome was impacted by the absence of any securitization transactions during the 2022 period.


Six Months-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.

Three Months-Other.  Other interest income increased by $1.0 million, or 153%,
primarily due to $0.8 million higher interest income earned on our
interest-bearing cash and cash equivalents balances primarily due to higher
average balances period over period, and interest income of $0.4 million earned
on our investments in AFS debt securities, which we did not own

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during the comparable 2021 period, partially offset by a decrease of $0.4 million in interest earned on Member Bank deposits, as member balances have migrated to SoFi Bank.


Six Months-Other.  Other interest income increased by $1.6 million, or 127%,
primarily due to $1.0 million higher interest income earned on our
interest-bearing cash and cash equivalents balances primarily due to higher
average balances period over period, and interest income of $0.7 million earned
on our investments in AFS debt securities, which we did not own during the
comparable 2021 period, partially offset by a decrease of $0.4 million in
interest earned on Member Bank deposits, as member balances have increasingly
migrated to SoFi Bank.

Interest Expense

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


                                                     Three Months Ended June 30,            2022 vs 2021            Six Months Ended June 30,             2022 vs 2021
($ in thousands)                                       2022                 2021              % Change                2022                2021              % Change
Securitizations and warehouses                   $       18,599          $ 26,250                  (29) %       $      38,505          $ 56,058                  (31) %
Deposits                                                  4,543                 -                     n/m               4,974                 -                     n/m
Corporate borrowings                                      3,450             1,378                  150  %               6,099             6,386                   (4) %
Other                                                       191               468                  (59) %                 684               900                  (24) %
Total interest expense                           $       26,783          $ 28,096                   (5) %       $      50,262          $ 63,344                  (21) %


Total interest expense decreased by $1.3 million, or 5%, for the three months ended June 30, 2022 compared to the three months ended June 30, 2021, and decreased by $13.1 million, or 21%, for the six months ended June 30, 2022 compared to the same period in 2021, the components of which are discussed below.


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

                                           Three Months Ended June 30,            2022 vs 2021            Six Months Ended June 30,             2022 vs 2021
($ in thousands)                             2022                 2021              % Change                2022                2021              % Change
Securitization debt interest
expense                                $        5,204          $  9,414                  (45) %       $      10,737          $ 20,362                  (47) %
Warehouse debt interest expense                 9,717             9,370                    4  %              19,620            19,901                   (1) %
Residual interests classified as
debt interest expense                           1,037             2,146                  (52) %               2,565             4,345                  (41) %
Debt issuance cost interest
expense                                         2,641             5,320                  (50) %               5,583            11,450                  (51) %
Securitizations and warehouses
interest expense                       $       18,599          $ 26,250                  (29) %       $      38,505          $ 56,058                  (31) %



                                           Three Months Ended June 30,             2022 vs 2021               Six Months Ended June 30,                2022 vs 2021
($ in thousands)                            2022                  2021               % Change                 2022                    2021               % Change
Average debt balances(1)
Securitization debt                   $      547,049          $  983,849                  (44) %       $    586,075              $ 1,075,775                  (46) %
Warehouse facilities                       2,093,373           2,330,664                  (10) %          2,318,839                2,435,666                   (5) %
Weighted average interest
rates(2)
Securitization debt                         3.8%                  3.8%                       n/m              3.7%                    3.8%                       n/m
Warehouse facilities                        1.9%                  1.6%                       n/m              1.7%                    1.6%                       n/m


___________________

(1)Average balances were calculated based on four- and seven-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.

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Securitizations and warehouses interest expense decreased by $7.7 million, or
29%, for the three months ended June 30, 2022 compared to the three months ended
June 30, 2021, and decreased by $17.6 million, or 31%, for the six months ended
June 30, 2022 compared to the six months ended June 30, 2021, driven by the
following:

•Securitization debt interest expense (exclusive of debt issuance and discount
amortization) decreased by $4.2 million (45%) for the three months ended June
30, 2022 compared to the same period in 2021, and decreased by $9.6 million
(47%) for the six months ended June 30, 2022 compared to the same period in 2021
primarily driven by a decline in the average balance of securitization debt of
44% and 46%, respectively, which was attributable to payment activity and the
absence of additional securitization debt during the 2022 periods.

•Warehouse debt interest expense (exclusive of debt issuance amortization)
increased by $0.3 million (4%) for the three months ended June 30, 2022 compared
to the same period in 2021, and decreased by $0.3 million (1)% for the six
months ended June 30, 2022 compared to the same period in 2021. The three-month
increase in interest expense was attributable to sharp increases in benchmark
rates, which were partially mitigated through a decrease in our borrowing base
and negotiated decreases in borrowing spreads. The six-month decrease in
interest expense was primarily related to the utilization of warehouse
facilities with lower spreads during the 2022 period combined with a decrease in
our borrowing base, which was partially offset by an increase in benchmark
rates.

•Residual interests classified as debt interest expense decreased by $1.1
million (52%) for the three months ended June 30, 2022 compared to the same
period in 2021, and decreased by $1.8 million (41%) for the six months ended
June 30, 2022 compared to the same period in 2021, which were correlated with
lower balances of residual interests classified as debt during the 2022 periods,
as the residual debt balances continue to pay down over time and there were no
additions to the balance during the 2022 periods.

•Debt issuance cost interest expense decreased by $2.7 million (50%) for the
three months ended June 30, 2022 compared to 2021, and decreased by $5.9 million
(51%) for the six months ended June 30, 2022 compared to the same period in
2021, which were 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 periods, which
contributed to favorable variances of $1.5 million and $2.8 million,
respectively, period over period.

Deposits.  Deposits interest expense of $4.5 million and $5.0 million for the
three and six months ended June 30, 2022, respectively, was related to interest
earned by members on deposits held at SoFi Bank, which had average balances of
$1.8 billion and $1.1 billion, respectively. Deposit accounts also earned a
higher interest rate during the second quarter of 2022.

Corporate Borrowings.  Corporate borrowings interest expense increased by $2.1
million, or 150%, for the three months ended June 30, 2022 compared to the same
period in 2021, and decreased by $0.3 million, or 4%, for the six months ended
June 30, 2022 compared to the same period in 2021, primarily due to the
following:

•We incurred interest expense of $1.3 million and $2.5 million for the three- and six-month 2022 periods, respectively, 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 our revolving credit facility increased by $0.8 million for
each of the three- and six-month periods, as one-month LIBOR increased during
the second quarter of 2022, while the average balance remained constant.

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


Other.  Other interest expense decreased by $0.3 million, or 59%, for the three
months ended June 30, 2022 compared to the same period in 2021, and decreased by
$0.2 million, or 24%, for the six months ended June 30, 2022 compared to the
same period in 2021, primarily due to a decrease in interest expense related to
our SoFi Money cash management product, as these accounts ceased earning
interest effective June 5, 2022.

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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 June 30,             2022 vs 2021             Six Months Ended June 30,              2022 vs 2021
($ in thousands)                             2022                  2021              % Change                2022                  2021              % Change
Loan origination and sales             $      144,414          $ 109,719                   32  %       $      302,118          $ 220,064                   37  %
Securitizations                               (11,737)               (26)                    n/m              (23,018)            (2,062)                    n/m
Servicing                                      10,471               (224)                    n/m               22,707            (12,333)                (284) %
Technology products and
solutions                                      81,670             44,950                   82  %              141,527             90,609                   56  %
Other                                          14,980             20,843                  (28) %               31,875             27,688                   15  %
Total noninterest income               $      239,798          $ 175,262                   37  %       $      475,209          $ 323,966                   47  %
Total net revenue                      $      362,527          $ 231,274                   57  %       $      692,871          $ 427,258                   62  %

Total noninterest income increased by $64.5 million, or 37%, for the three months ended June 30, 2022 compared to the three months ended June 30, 2021, and increased by $151.2 million, or 47%, for the six months ended June 30, 2022 compared to the six months ended June 30, 2021, the components of which are discussed below.

Three Months-Loan Origination and Sales. Loan origination and sales increased by $34.7 million, or 32%, primarily due to the following:


•an increase of $46.9 million (83%) in personal loan origination and sales
income, of which $21.7 million was attributable to the net effect of (i) higher
origination volume during the 2022 period, (ii) fair value markups of loans, and
(iii) lower execution prices on sales activity. Our economic hedging activities
are designed to offset the effects of fair value marks and sales price
execution. Overall, we had an increase of $25.2 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 March 31, 2022 or were
sold during the 2022 period, and was amplified by the interest rate volatility
during the current period as compared to the 2021 period;

•an increase of $2.1 million (6%) in student loan origination and sales income,
which was inclusive of losses on related student loan commitments of $0.3
million and interest rate caps of $0.9 million. We had an aggregate $31.8
million decline due to the combined impacts of (i) lower origination volume in
the current quarter at lower prices, (ii) lower fair value marks of loans, and
(iii) lower execution prices on 2022 sales activity. Offsetting these declines
were increases of $34.2 million on our student loan economic hedging activities
for the same reasons as stated in the foregoing personal loan discussion;

•a decrease of $13.9 million (83%) in home loan origination and sales related
income, of which $40.7 million was attributable to the effect of lower
origination volume in the current quarter at lower prices, as well as lower
execution prices on sales activity. Offsetting this decline was the favorable
impact related to IRLCs of $3.5 million and higher gains on home loan pipeline
hedges of $23.2 million, which offset some of our period-over-period declines in
home loan fair values; and

•a decrease of $1.1 million (30%) in home loan origination fees, which was
driven by a 58% decrease in origination volume that was partially mitigated by
higher fees earned per loan originated due the rising interest rate environment
in the 2022 period.

Six Months-Loan Origination and Sales. Loan origination and sales increased by $82.1 million, or 37%, primarily due to the following:


•an increase of $108.5 million (122%) in personal loan origination and sales
income, of which $34.7 million was attributable to the net effect of (i)
significantly higher origination volume during the 2022 period, (ii) lower fair
value marks of loans, and (iii) lower execution prices on sales activity. Our
economic hedging activities are designed to offset the effects of fair value
marks and sales price execution. Overall, we had higher gains of $73.8 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 the 2022 period, and was amplified by the
interest rate volatility during the current period as compared to the 2021
period;

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•an increase of $7.1 million (9%) in student loan origination and sales income,
of which $98.0 million was related to our student loan economic hedging
activities for the same reasons as stated in the foregoing personal loan
discussion. This increase was partially offset by an aggregate $88.5 million
decline due to the combined impacts of (i) lower origination volume in the 2022
period at lower prices, (ii) lower fair value mark of loans, and (iii) lower
execution prices on 2022 sales activity. Additionally, we had losses on student
loan commitments of $2.5 million and interest rate caps of $3.0 million;

•a decrease of $33.8 million (79%) in home loan origination and sales related
income, of which $72.2 million was attributable to the effect of lower
origination volume in the 2022 period at lower prices, as well as lower
execution prices on sales activity. Offsetting this decline was the favorable
impact related to IRLCs of $5.2 million and higher gains on home loan pipeline
hedges of $33.2 million, which offset some of our period-over-period declines in
home loan fair values; and

•a decrease of $3.9 million (50%) in home loan origination fees, which was
driven by a 58% decrease in origination volume that was partially mitigated by
higher fees earned per loan originated due the rising interest rate environment
in the 2022 period.

Three Months-Securitizations.  Securitizations income decreased by $11.7
million, primarily due to an aggregate decrease of $13.9 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 $4.6 million, which was primarily attributable to negative fair value
adjustments on our securitization bonds that were impacted by the interest rate
volatility during the 2022 period. These unfavorable variances were partially
offset by gains of $2.7 million in the 2022 period on our economic hedges of
securitization investments.

Additionally, securitizations income was favorably impacted by a reduction in
securitization loan write-offs of $2.9 million in the 2022 period, which was
correlated with lower average securitization loan balances and stronger
securitization loan credit performance during the 2022 period, as well as a
decline in residual debt fair value adjustments of $1.9 million, exclusive of
the portion reclassified to interest expense.

Six Months-Securitizations.  Securitizations income decreased by $21.0 million,
primarily due to an aggregate decrease of $27.9 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 $13.2
million, which was primarily attributable to negative fair value adjustments on
our securitization bonds that were impacted by the interest rate volatility
during the 2022 period. These unfavorable variances were partially offset by
gains of $9.1 million in the 2022 period on our economic hedges of
securitization investments.

Additionally, securitizations income was favorably impacted by a reduction in
securitization loan write-offs of $5.6 million in the 2022 period, which was
correlated with lower average securitization loan balances and stronger
securitization loan credit performance during the 2022 period, as well as a
decline in residual debt fair value adjustments of $6.3 million, exclusive of
the portion reclassified to interest expense.

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

                                             Three Months Ended June 30,            2022 vs 2021             Six Months Ended June 30,             2022 vs 2021
($ in thousands)                               2022                 2021              % Change                2022                 2021              % Change
Gains from non-securitization loan
transfers                                $       21,581          $ 71,064                  (70) %       $      68,867          $ 141,964                  (51) %
Gains from loan securitization
transfers(1)                                          -            18,021                 (100) %                   -             47,048                 (100) %
Economic derivative hedges of
securitization investments(2)                     2,749                 -                     n/m               9,068                  -                

n/m

Economic derivative hedges of loan
fair values(3)                                   69,535           (13,937)                (599) %             230,142             22,134                  940  %
Home loan origination fees(4)                     2,638             3,770                  (30) %               3,931              7,790                  (50) %
Loan write-off expense - whole
loans(5)                                        (13,603)           (3,600)                 278  %             (21,677)            (8,725)                 148  %
Loan write-off expense -
securitization loans(6)                            (425)           (3,296)                 (87) %              (2,076)            (7,676)                 (73) %
Loan repurchase (expense)
benefit(7)                                          (93)             (915)                 (90) %               1,787             (2,398)                (175) %


___________________
(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 three and six
months ended June 30, 2022.

(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 June 30, 2022, we had gains on interest rate
swap positions of $53.4 million, which comprised $28.6 million related to
student loan hedges and $24.8 million related to personal loan hedges. We also
had gains on interest rate caps of $0.9 million. These gains were primarily
attributable to increases in interest rates during the period. We also had gains
of $15.2 million on home loan pipeline hedges primarily due to decreases in the
underlying hedge price index during the period. During the three months ended
June 30, 2021, we had losses of $5.9 million on interest rate swap positions,
primarily due to declines in interest rates during the period, and losses of
$8.0 million on mortgage pipeline hedges due to increases in the underlying
hedge price index. During the six months ended June 30, 2022 and 2021, we had
gains of $187.9 million and $16.6 million, respectively, on interest rate swap
positions. The six-month 2022 period gains comprised $113.2 million related to
student loan hedges and $74.8 million related to personal loan hedges. We also
had gains on interest rate caps of $3.5 million. These gains were primarily
attributable to increases in interest rates during the 2022 period. We also had
gains of $38.7 million and $5.6 million during the six months ended June 30,
2022 and 2021, respectively, on mortgage pipeline hedges primarily due to
decreases in the underlying hedge price index during the periods. 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 and six months ended June 30, 2022, the decreases relative to
the comparable 2021 periods were correlated with a 58% decrease in each period
in home loan origination volume, which was partially mitigated by higher fees
earned per loan originated due the rising interest rate environment in 2022.

(5)For the three months ended June 30, 2022 and 2021, includes gross write-offs
of $17.7 million and $6.6 million, respectively. During the three-month 2022
period, $1.0 million of the $4.1 million of recoveries were captured via loan
sales to a third-party collection agency. During the three-month 2021 period,
$1.4 million of the $3.0 million of recoveries were captured via loan sales to a
third-party collection agency. For the six months ended June 30, 2022 and 2021,
includes gross write-offs of $29.5 million and $14.0 million, respectively.
During the six-month 2022 period, $1.7 million of the $7.8 million of recoveries
were captured via loan sales to a third-party collection agency. During the
six-month 2021 period, $1.9 million of the $5.2 million of recoveries were
captured via loan sales to a third-party collection agency.

(6)For the three months ended June 30, 2022 and 2021, includes gross write-offs
of $2.2 million and $5.8 million, respectively. During the three-month 2022
period, $0.2 million of the $1.8 million of recoveries were captured via loan
sales to a third-party collection agency. During the three-month 2021 period,
$0.6 million of the $2.5 million of recoveries were captured via loan sales to a
third-party collection agency. For the six months ended June 30, 2022 and 2021,
includes gross write-offs of $5.5 million and $13.2 million, respectively.
During the six-month 2022 period, $0.3 million of the $3.4 million of recoveries
were captured via loan sales to a third-party collection agency. During the
six-month 2021 period, $1.9 million of the $5.5 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.


Three Months-Servicing. Servicing income increased by $10.7 million, of which
$9.3 million was related to favorable changes in valuation inputs and
assumptions, consisting of $6.1 million related to student loans, $3.0 million
related to home loans and $0.2 million related to personal loans. The favorable
variances were primarily attributable to prepayment rates, as our prepayment
rate assumptions increased modestly during the 2021 period compared to a
decrease during the 2022 period. We also earned $1.3 million of servicing income
in the 2022 period associated with referral activity we facilitate through our
platform.

Six Months-Servicing. Servicing income increased by $35.0 million, of which
$33.0 million was related to favorable changes in valuation inputs and
assumptions, consisting of $23.1 million related to student loans, $7.4 million
related to home loans and $2.5 million related to personal loans. The favorable
variances were primarily attributable to prepayment rates, as our prepayment
rate assumptions increased during the 2021 period compared to a decrease during
the 2022 period. We also earned $1.9 million of servicing income in the 2022
period associated with referral activity we facilitate through our platform.

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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 for the periods indicated:

                                     Three Months Ended June 30,         2022 vs 2021            Six Months Ended June 30,             2022 vs 2021
($ in thousands)                        2022              2021             % Change                2022                2021              % Change
Servicing income recognized
Home loans(1)                        $  3,103          $ 2,065                   50  %       $       6,029          $  3,809                   58  %
Student loans(2)                        9,705           12,068                  (20) %              19,826            24,228                  (18) %
Personal loans(3)                       9,103            8,329                    9  %              18,095            16,804                    8  %
Servicing rights fair value
change
Home loans(4)                        $  2,581          $ 5,519                  (53) %       $      11,633          $ 13,643                  (15) %
Student loans(5)                       (1,038)          (6,737)                 (85) %              (5,084)           (1,036)                 391  %
Personal loans(6)                       1,916             (255)                (851) %               2,156            (2,437)                (188) %


______________

(1)The contractual servicing earned on our home loan servicing portfolio was 25 bps during all periods presented.


(2)The weighted average bps earned for student loan servicing was 42 bps and 44
bps during the three months ended June 30, 2022 and 2021, respectively, and 42
bps during each of the six months ended June 30, 2022 and 2021.

(3)The weighted average bps earned for personal loan servicing was 70 bps and 71
bps during the three months ended June 30, 2022 and 2021, respectively, and 70
bps during each of the six months ended June 30, 2022 and 2021.

(4)The impact on the fair value change resulting from changes in home loan
valuation inputs and assumptions was $1.2 million and $(1.8) million during the
three months ended June 30, 2022 and 2021, respectively, and $8.9 million and
$1.5 million during the six months ended June 30, 2022 and 2021, respectively.

(5)The impact on the fair value change resulting from changes in student loan
valuation inputs and assumptions was $5.7 million and $(0.4) million during the
three months ended June 30, 2022 and 2021, respectively, and $7.0 million and
$(16.1) million during the six months ended June 30, 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 during
the three months ended June 30, 2021, and $(1.1) million and $(0.4) million
during the six months ended June 30, 2022 and 2021, respectively.

(6)The impact on the fair value change resulting from changes in personal loan
valuation inputs and assumptions was $2.2 million and $1.9 million during the
three months ended June 30, 2022 and 2021, respectively, and $4.7 million and
$2.2 million during the six months ended June 30, 2022 and 2021, respectively.
In addition, the impact of the fair value change resulting from the
derecognition of servicing due to loan purchases was $(0.1) million and $(0.2)
million during the three months ended June 30, 2022 and 2021, respectively, and
$(0.5) million and $(0.2) million during the six months ended June 30, 2022 and
2021, respectively.

Three Months-Technology Products and Solutions. Technology products and
solutions fees increased by $36.7 million, or 82%. The 2022 period was bolstered
by $20.3 million of revenue contribution from the Technisys Merger, which closed
in March 2022. In addition, our existing integrated technology solutions
contributed an increase of $16.4 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.

Six Months-Technology Products and Solutions.  Technology products and solutions
fees increased by $50.9 million, or 56%. The 2022 period was bolstered by $26.5
million of revenue contribution from the Technisys Merger, which closed in March
2022. In addition, our existing integrated technology solutions contributed an
increase of $24.4 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 periods.

Three Months-Other.  Other income decreased by $5.9 million, or 28%, primarily
due to (i) a $6.4 million impact from a loss in the 2022 period on a venture
capital investment compared to a gain in the 2021 period on the same investment,
(ii) the absence in the 2022 period of $1.8 million of equity capital markets
services fees earned in the 2021 period, (iii) a $2.9 million decrease in
brokerage fees related to lower digital assets trading activity, and (iv) a $2.5
million decrease in enterprise services revenue primarily due to the absence of
advisory services revenues in the 2022 period. These decreases were partially
offset by increases in referral fees of $5.7 million and payment network fees of
$1.7 million. 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 in the third
quarter of 2021. The increase in payment network fees (which includes
interchange fees) was primarily attributable to increased credit card spending
on our platform.

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Six Months-Other.  Other income increased by $4.2 million, or 15%, primarily due
to increases in referral fees of $11.2 million and payment network fees of $4.5
million. 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 in the third
quarter of 2021. The increase in payment network fees (which includes
interchange fees) was primarily attributable to increased credit card spending
on our platform. We also had a decline in SoFi Invest trading losses of $1.6
million period over period, which had a favorable impact on the other income
variance. These impacts were partially offset by (i) a $7.0 million impact from
losses on venture capital investments in the 2022 period compared to gains in
the 2021 period, (ii) a $2.8 million decrease in brokerage fees related to lower
digital assets trading activity, (iii) a $2.3 million decrease in enterprise
services revenue primarily due to the absence of advisory service revenues in
the 2022 period, and (iv) the absence in the 2022 period of $1.8 million of
equity capital markets services fees earned in the 2021 period.

Noninterest Expense


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

                                          Three Months Ended June 30,             2022 vs 2021             Six Months Ended June 30,              2022 vs 2021
($ in thousands)                            2022                  2021              % Change                2022                  2021              % Change
Technology and product
development                           $       99,366          $  69,389                   43  %       $      181,274          $ 135,337                   34  %
Sales and marketing                          143,854             94,951                   52  %              281,992            182,185                   55  %
Cost of operations                            79,091             60,624                   30  %              149,528            118,194                   27  %
General and administrative                   125,829            171,216                  (27) %              262,334            332,913                  (21) %
Provision for credit losses                   10,103                486                     n/m               23,064                486                     n/m
Total noninterest expense             $      458,243          $ 396,666                   16  %       $      898,192          $ 769,115                   17  %

Total noninterest expense increased by $61.6 million, or 16%, for the three months ended June 30, 2022 compared to the three months ended June 30, 2021, and increased by $129.1 million, or 17%, for the six months ended June 30, 2022 compared to the six months ended June 30, 2021, the components of which are discussed below.

Three Months-Technology and Product Development. Technology and product development expenses increased by $30.0 million, or 43%, primarily due to:


•an increase in employee compensation and benefits of $15.9 million, inclusive
of an increase in share-based compensation expense of $1.7 million, and of which
$9.4 million was attributable to employee compensation and benefits at
Technisys. The remaining increase was related to an increase in technology and
product personnel in support of our growth, as well as an increase in average
compensation in the 2022 period;

•an increase in purchased and internally-developed software amortization of $5.9
million, which was primarily reflective of increased investments in technology
in our Technology Platform segment;

•an increase in amortization expense on intangible assets of $4.3 million, which
was related to intangible asset amortization of $5.6 million associated with
acquired intangible assets in the Technisys Merger, partially offset by $1.3
million associated with the acceleration of our core banking infrastructure
through the first half of 2021; and

•an increase in software licenses, and tools and subscriptions expense of $1.3 million related to headcount increases and internal technology initiatives.

Six Months-Technology and Product Development. Technology and product development expenses increased by $45.9 million, or 34%, primarily due to:


•an increase in employee compensation and benefits of $26.9 million, inclusive
of an increase in share-based compensation expense of $7.6 million, and of which
$13.8 million was attributable to employee compensation and benefits at
Technisys. The remaining increase was related to an increase in technology and
product personnel in support of our growth, as well as an increase in average
compensation in the 2022 period;

•an increase in purchased and internally-developed software amortization of $10.3 million, which was primarily reflective of increased investments in technology in our Technology Platform segment;


•an increase in amortization expense on intangible assets of $3.3 million, which
was related to intangible asset amortization of $7.3 million associated with
acquired intangible assets in the Technisys Merger, partially offset by $4.1
million associated with the acceleration of our core banking infrastructure
through the first half of 2021; and

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•an increase in software licenses, and tools and subscriptions expense of $2.5 million related to headcount increases and internal technology initiatives.

Three Months-Sales and Marketing. Sales and marketing expenses increased by $48.9 million, or 52%, primarily due to:

•an increase in advertising expenditures of $18.8 million, which was primarily attributable to an increase in direct mail, search and social network advertising expenditures in the 2022 period;

•an increase of $13.5 million related to increasing utilization of lead generation channels during the 2022 period;


•an increase in employee compensation and benefits of $8.2 million, inclusive of
an increase in share-based compensation expense of $2.3 million and of which
$1.9 million was attributable to Technisys. The remaining increase was
correlated with an increase in sales and marketing personnel to support our
growth;

•an increase in direct customer promotional expenditures of $2.7 million, which is one of our levers for stimulating member product adoption and engagement; and

•increases in travel and entertainment-related expenditures and software licenses and tools and subscriptions expenses.

Six Months-Sales and Marketing. Sales and marketing expenses increased by $99.8 million, or 55%, primarily due to:

•an increase in advertising expenditures of $39.4 million, which was primarily attributable to an increase in direct mail, search and social network advertising expenditures in the 2022 period;

•an increase of $28.3 million related to increasing utilization of lead generation channels during the 2022 period;


•an increase in employee compensation and benefits of $15.1 million, inclusive
of an increase in share-based compensation expense of $5.0 million and of which
$2.3 million was attributable to Technisys. The remaining increase was
correlated with an increase in sales and marketing personnel to support our
growth;

•an increase in direct customer promotional expenditures of $6.5 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

•increases related to travel and entertainment-related expenditures and software licenses and tools and subscriptions expenses.

Three Months-Cost of Operations. Cost of operations increased by $18.5 million, or 30%, primarily due to:


•an increase in employee compensation and benefits of $10.3 million, inclusive
of an increase in share-based compensation expense of $2.1 million, which was
correlated with an increase in cost of operations personnel in support of our
growth, as well as 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;

•an increase in software licenses, tools and subscriptions and other related fees of $3.3 million, consistent with headcount increases and internal technology initiatives;

•an increase in credit card processing and fulfillment costs of $0.7 million related to increased credit card activity;

•an increase in operational losses of $0.4 million; and


•a decrease in loan origination and servicing expenses of $3.1 million, of which
$4.8 million was related to home loans, partially offset by an increase of $1.8
million related to personal loans, which were primarily attributable to changes
in origination volume period over period.

Six Months-Cost of Operations. Cost of operations increased by $31.3 million, or 27%, primarily due to:


•an increase in employee compensation and benefits of $19.2 million, inclusive
of an increase in share-based compensation expense of $4.8 million, which was
correlated with an increase in cost of operations personnel in support of our
growth, as well as an increase in average compensation in the 2022 period;

•an increase of $4.5 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 $5.2 million, consistent with headcount increases and internal technology initiatives;

•an increase in operational losses of $2.1 million;

•an increase in credit card processing and fulfillment costs of $1.6 million related to increased credit card activity; and


•a decrease in loan origination and servicing expenses of $6.4 million, of which
$9.0 million was related to home loans, partially offset by an increase of $2.9
million related to personal loans, which were primarily attributable to changes
in origination volume period over period.

Three Months-General and Administrative. General and administrative expenses decreased by $45.4 million, or 27%, primarily due to:


•favorability resulting from the absence in the 2022 period of $71.0 million of
expense incurred 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;

•a decrease in transaction-related expenses of $20.4 million, of which $21.2
million of the variance was attributable to the special payment made to the
Series 1 preferred stockholders in the second quarter of 2021 associated with
the Business Combination;

•an increase in employee compensation and benefits of $35.0 million, inclusive
of an increase in share-based compensation expense of $21.8 million and
additional increases attributable to Technisys of $1.8 million. The remaining
increase was related to an increase in general and administrative personnel to
support our growing infrastructure and administrative needs, as well as an
increase in average compensation in the 2022 period;

•an increase of $4.4 million related to aggregate credit card and personal loan third party fraud events in the 2022 period; and


•an increase in corporate insurance of $1.3 million and professional services
costs of $1.6 million, which were primarily attributable to the increased costs
of being a public company.

Six Months-General and Administrative. General and administrative expenses decreased by $70.6 million, or 21%, primarily due to:


•favorability resulting from the absence in the 2022 period of $160.9 million of
expense incurred 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;

•a decrease in transaction-related expenses of $6.0 million during the 2022
period, which was attributable to the special payment of $21.2 million to the
Series 1 preferred stockholders in the second quarter of 2021 associated with
the Business Combination, partially offset by costs associated with our
acquisitions in the 2022 period;

•an increase in employee compensation and benefits of $74.1 million, inclusive
of an increase in share-based compensation expense of $50.2 million and
additional increases attributable to Technisys of $2.1 million. The remaining
increase 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 of $13.7 million related to aggregate credit card and personal loan third party fraud events in the 2022 period; and


•an increase in corporate insurance of $3.9 million and professional services
costs of $1.1 million, which were primarily attributable to the increased costs
of being a public company.

Three Months-Provision for Credit Losses. The provision for credit losses increased by $9.6 million, which reflected higher average credit card balances combined with elevated credit card loss rates during the 2022 period.


Six Months-Provision for Credit Losses. The provision for credit losses
increased by $22.6 million, which reflected higher average credit card balances
combined with elevated credit card loss rates during the 2022 period. The
provision in the 2022 period was also impacted by loans acquired in the Bank
Merger.

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Net Loss

We had a net loss of $95.8 million for the three months ended June 30, 2022
compared to $165.3 million for the three months ended June 30, 2021, and a net
loss of $206.2 million for the six months ended June 30, 2022 compared to $342.9
million for the six months ended June 30, 2021. The decreases in losses for the
current periods were due to the factors discussed above, net of the change in
income taxes.

For the three months ended June 30, 2022 and 2021, we recorded income tax
(expense) benefit of $(0.1) million and $0.1 million, respectively. For the six
months ended June 30, 2022 and 2021, we recorded income tax (expense) of $(0.9)
million and $(1.0) million, respectively. The income tax expense was primarily
due to income tax expense associated with the profitability of SoFi Lending
Corp. and, for the 2022 periods, SoFi Bank, in some state jurisdictions where
separate company filing is required. In the 2022 periods, this expense was
partially offset by income tax benefits from foreign losses in jurisdictions
with net deferred tax liabilities related to the Technisys Merger.

Summary Results by Segment

Lending Segment


In the table below, we present certain metrics related to our Lending segment
for the periods indicated:

                                            Three Months Ended June 30,                2022 vs 2021              Six Months Ended June 30,               2022 vs 2021
Metric                                       2022                     2021               % Change                2022                   2021               % Change
Total products (number, as of
period end)                               1,202,027                  981,440                   22  %            1,202,027              981,440                   22  %
Origination volume ($ in
thousands, during period)
Home loans                          $       332,047              $   792,228                  (58) %       $      644,430          $ 1,527,832                  (58) %
Personal loans                            2,471,849                1,294,384                   91  %            4,497,853            2,100,073                  114  %
Student loans                               398,722                  859,497                  (54) %            1,382,526            1,864,182                  (26) %
Total                               $     3,202,618              $ 2,946,109                    9  %       $    6,524,809          $ 5,492,087                   19  %
Loans with a balance (number,
as of period end)(1)                        663,387                  581,627                   14  %              663,387              581,627                   14  %
Average loan balance ($, as
of period end)(1)
Home loans                          $       287,205              $   286,200                    -  %       $      287,205          $   286,200                    -  %
Personal loans                               24,421                   21,691                   13  %               24,421               21,691                   13  %
Student loans(2)                             48,474                   51,320                   (6) %               48,474               51,320                   (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.


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.

Home Loans.  During the three and six months ended June 30, 2022, home loan
origination volume declined relative to the corresponding 2021 periods 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 and has
historically represented a smaller percentage of our home loan originations.

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Personal Loans.  During the three and six months ended June 30, 2022, personal
loan origination volume increased significantly relative to the corresponding
2021 periods, primarily due to increased demand driven by expanded marketing
efforts amid a backdrop of steady consumer confidence levels in the 2022 periods
relative to the 2021 periods, combined with a positive impact from increased
loan application approval rates that were implemented during the second half of
2021 and maintained during 2022.

Student Loans.  During the three and six months ended June 30, 2022, student
loan origination volume decreased relative to the corresponding 2021 periods, as
demand for student loan refinancing products continued to be unfavorably
impacted by the ongoing suspension of principal and interest payments on
federally-held student loans, combined with a rising interest rate environment
in 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 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.

The following table presents additional information on the terms as of June 30, 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)                             7.99%
                                                                                    Fixed rate: 3.24% - 7.99%
          In-School Loans                                                            Variable rate: 1.44% -           5 - 15 years
                                                      $1,000+ (2)                            13.79%
                                                                                       Fixed rate: 3.75% -
                                                                                             13.55%
          Personal Loans                                                               Fixed rate: 6.99% -             2 - 7 years
                                                 $5,000 - $100,000 (2)                       22.23%
                                              $100,000 - $647,200 (3)(4)
                                            (Conforming Normal Cost Areas)
                                                          OR
            Home Loans                               $970,800 (4)                   Fixed rate: 2.38% - 6.88%       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, as applicable.

(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 during the periods indicated:


                                                      Three Months Ended June 30,                  Six Months Ended June 30,
                                                        2022                   2021                2022                  2021
Overall weighted average origination FICO                    751                 761                   753                  763
Student Loans
Weighted average origination FICO                            773                 776                   774                  775
Weighted average interest rate earned(1)                    4.08   %            4.65  %               4.04  %              4.60  %
Interest income recognized ($ in
thousands)(2)                                    $        38,078           

$ 32,091 $ 75,840 $ 64,368 Sales of loans ($ in thousands)

                  $       259,690           

$ 610,941 $ 803,840 $ 1,547,101 Home Loans Weighted average origination FICO

                            744                 755                   748                  758
Weighted average interest rate earned(1)                    2.91   %            1.87  %               2.77  %              1.80  %
Interest income recognized ($ in
thousands)(2)                                    $         1,052           

$ 945 $ 2,232 $ 1,676 Sales of loans ($ in thousands)

                  $       342,780           

$ 841,642 $ 708,150 $ 1,519,208 Personal Loans Weighted average origination FICO

                            748                 754                   747                  757
Weighted average interest rate earned(1)                   11.62   %           10.78  %              11.34  %             10.58  %
Interest income recognized ($ in
thousands)(2)                                    $       101,475           

$ 46,206 $ 173,585 $ 90,206 Sales of loans ($ in thousands)

                  $     1,123,898           

$ 970,135 $ 2,101,818 $ 1,749,576

__________________

(1)Weighted average interest rate earned represents annualized interest income
recognized divided by the average of the four- and seven-month unpaid principal
balances of loans outstanding during the period, which are impacted by the
timing and extent of loan sales. The weighted average interest rates earned for
the comparative 2021 periods were recast to conform to the current period
methodology for calculating average balances.

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

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. In the first quarter
of 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.

                                           Three Months Ended June 30,             2022 vs 2021             Six Months Ended June 30,              2022 vs 2021
($ in thousands)                             2022                  2021              % Change                2022                  2021              % Change
Net interest income(1)                 $      114,003          $  56,822                  101  %       $      208,357          $ 108,599                   92  %
Noninterest income                            143,114            109,469                   31  %              301,749            205,669                   47  %
Total net revenue                             257,117            166,291                   55  %              510,106            314,268                   62  %
Servicing rights - change in
valuation inputs or
assumptions(2)                                 (9,098)               224                     n/m              (20,678)            12,333                 (268) %
Residual interests classified as
debt - change in valuation
inputs or assumptions(3)                        2,662              5,717                  (53) %                5,625             13,668                  (59) %
Directly attributable
expenses(4)                                  (108,690)           (83,044)                  31  %             (220,411)          (163,395)                  35  %
Contribution profit                    $      141,991          $  89,188                   59  %       $      274,642          $ 176,874                   55  %
Adjusted net revenue(5)                $      250,681          $ 172,232                   46  %       $      495,053          $ 340,269                   45  %


___________________
(1)Net interest income and, thereby, total net revenue and contribution profit
for our Lending segment reported for the three and six months ended June 30,
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 periods ended June 30, 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 three and six month periods,
the Lending segment net interest income would have increased by $1.4 million and
$2.7 million, respectively.

(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.

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(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 $57.2 million, or 101%,
for the three months ended June 30, 2022 compared to the same period in 2021,
and increased by $99.8 million, or 92%, for the six months ended June 30, 2022
compared to the same period in 2021, the components of which are discussed
below.

Three Months-Loans Interest Income.  Loans interest income increased by $61.4
million, or 77%, for the three months ended June 30, 2022 compared to the same
period in 2021. See "Results of Operations-Interest Income-Three Months-Loans"
for information on the primary drivers of the variance related to our personal
loans, student loans and home loans.

Six Months-Loans Interest Income.  Loans interest income increased by $95.3
million, or 61%, for the six months ended June 30, 2022 compared to the same
period in 2021. See "Results of Operations-Interest Income-Six Months-Loans" for
information on the primary drivers of the variance related to our personal
loans, student loans and home loans.

Three Months-Securitizations Interest Income.  Securitizations interest income
decreased by $1.2 million, or 32%, for the three months ended June 30, 2022
compared to the same period in 2021. See "Results of Operations-Interest
Income-Three Months-Securitizations" for information on the primary drivers of
the variance.

Six Months-Securitizations Interest Income.  Securitizations interest income
decreased by $2.9 million, or 36%, for the six months ended June 30, 2022
compared to the same period in 2021. See "Results of Operations-Interest
Income-Six Months-Securitizations" for information on the primary drivers of the
variance.

Interest Expense. Interest expense increased by $3.0 million, or 11%, for the three months ended June 30, 2022 compared to the same period in 2021, and decreased by $7.4 million, or 13%, for the six months ended June 30, 2022 compared to the same period in 2021.


For the three and six month 2022 periods relative to the comparable 2021
periods, 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 $4.2 million and $9.6 million, respectively; (ii) a
decline in residual interests classified as debt interest expense of $1.1
million and $1.8 million, respectively; and (iii) a decline in debt issuance
cost interest expense of $2.8 million and $6.2 million, respectively.
Additionally, in the six-month 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 five months of $28.2 million, which
was a framework we implemented during the first quarter. In the 2021 periods,
which were 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 three and six month periods of $9.3 million and $19.8 million,
respectively.

Noninterest income


Noninterest income in our Lending segment increased by $33.6 million, or 31%,
for the three months ended June 30, 2022 compared to the same period in 2021,
and increased by $96.1 million, or 47%, for the six months ended June 30, 2022
compared to the same period in 2021, the components of which are discussed
below.

Three Months-Loan Origination and Sales. Loan origination and sales increased by
$34.7 million, or 32%, for the three months ended June 30, 2022 compared to the
same period in 2021. See "Results of Operations-Noninterest Income and Net
Revenue-Three Months-Loan Origination and Sales" for information on the primary
drivers of the variance.

Six Months-Loan Origination and Sales. Loan origination and sales increased by
$82.1 million, or 37%, for the six months ended June 30, 2022 compared to the
same period in 2021. See "Results of Operations-Noninterest Income and Net
Revenue-Six Months-Loan Origination and Sales" for information on the primary
drivers of the variance.

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Three Months-Securitizations.  Securitizations income decreased by $11.7 million
for the three months ended June 30, 2022 compared to the same period in 2021.
See "Results of Operations-Noninterest Income and Net Revenue-Three
Months-Securitizations" for information on the primary drivers of the variance.

Six Months-Securitizations.  Securitizations income decreased by $21.0 million
for the six months ended June 30, 2022 compared to the same period in 2021. See
"Results of Operations-Noninterest Income and Net Revenue-Six
Months-Securitizations" for information on the primary drivers of the variance.

Three Months-Servicing. Servicing income increased by $10.6 million for the three months ended June 30, 2022 compared to the same period in 2021. See "Results of Operations-Noninterest Income and Net Revenue-Servicing" for information on the primary drivers of the variance.

Six Months-Servicing. Servicing income increased by $35.0 million, or 283%, for the six months ended June 30, 2022 compared to the same period in 2021. 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
for the periods indicated:

                                           Three Months Ended                                          Six Months Ended
                                                June 30,                    2022 vs 2021                   June 30,                    2022 vs 2021
($ in thousands)                         2022               2021              % Change              2022               2021              % Change
Direct advertising                   $   41,097          $ 29,467                   39  %       $  82,891          $  57,316                   45  %
Compensation and benefits                26,570            20,909                   27  %          50,138             42,307                   19  %
Lead generation                          21,499            11,702                   84  %          43,382             18,412                  136  %
Loan origination and servicing
costs                                    10,471            13,545                  (23) %          21,102             27,537                  (23) %
Professional services                     2,349             1,256                   87  %           3,869              2,697                   43  %
Other(1)                                  6,704             6,165                    9  %          19,029             15,126                   26  %

Directly attributable expenses $ 108,690 $ 83,044

        31  %       $ 220,411          $ 163,395                   35  %

______________

(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 and six months
ended June 30, 2022 increased by $25.6 million, or 31%, and $57.0 million, or
35%, respectively, compared to the same periods in 2021, primarily due to the
following:

•increases of $11.6 million for the three-month period and $25.6 million for the
six-month period in direct advertising related to direct mail, search engine and
social network advertising, partially offset by declines in television
advertisement;

•increases of $9.8 million for the three-month period and $25.0 million for the
six-month period due to increasing utilization of lead generation channels
primarily associated with increased personal loan origination volume in the 2022
periods;

•increases of $5.7 million for the three-month period and $7.8 million for the
six-month period 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 $0.3 million and $1.1 million for
the three and six-month periods, respectively, attributable to declines in home
loan originations;

•increases of $1.1 million for the three-month period and $1.2 million for the
six-month period in professional services costs, which were largely audit and
advisory related costs;

•increases of $0.5 million for the three-month period and $3.9 million for the
six-month period in other expenses. The three-month variance was primarily
related to increased tools and subscriptions costs. The six-month variance was
primarily related to third-party personal loan fraud of $5.3 million during the
2022 period and increased tools and subscriptions costs, which were partially
offset by a decline in bad debt expense of $0.8 million; and

•decreases of $3.1 million for the three-month period and $6.4 million for the
six-month period in loan origination and servicing costs, which were largely
attributable to decreases in home loan origination costs of $4.7 million and
$9.1 million, respectively, that correlated with declines in home loan
origination volume. This decline was partially offset

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by increases in personal loan origination costs of $1.6 million and $2.8 million, respectively, which corresponded with increases in personal loan origination volume.

Technology Platform Segment

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

                                                                2022 vs 2021
                     June 30, 2022         June 30, 2021          % Change
Total accounts     116,570,038            78,902,156                    48  %


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 June 30,            2022 vs 2021            Six Months Ended June 30,             2022 vs 2021
($ in thousands)                           2022                 2021              % Change                2022                2021              % Change
Net interest expense                 $            -          $    (32)                (100) %       $           -          $    (68)                (100) %
Noninterest income                           83,899            45,329                   85  %             144,704            91,430                   58  %
Total net revenue                            83,899            45,297                   85  %             144,704            91,362                   58  %
Directly attributable
expenses(1)                                 (62,058)          (32,284)                  92  %            (104,608)          (62,664)                  67  %
Contribution profit                  $       21,841          $ 13,013                   68  %       $      40,096          $ 28,698                   40  %


___________________

(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 $38.6
million, or 85%, for the three months ended June 30, 2022 compared to the same
period in 2021, and increased by $53.3 million, or 58%, for the six months ended
June 30, 2022 compared to the same period in 2021, the components of which are
discussed below.

Three and Six Months-Technology Products and Solutions. Technology products and
solutions revenues increased by $38.4 million, or 85%, for the three months
ended June 30, 2022 compared to the same period in 2021 and by $53.4 million, or
59%, for the six months ended June 30, 2022 compared to the same period in 2021.
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 variances are inclusive of $1.7 million and $2.4 million of
intercompany revenue for the three and six months ended June 30, 2022,
respectively.

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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 for the periods indicated:

                                               Three Months Ended June 30,            2022 vs 2021             Six Months Ended June 30,             2022 vs 2021
($ in thousands)                                 2022                 2021              % Change                2022                 2021              % Change
Compensation and benefits                  $       36,405          $ 16,321                  123  %       $       61,682          $ 32,502                   90  %
Product fulfillment                                 9,598             7,460                   29  %               18,958            14,458                   31  %
Tools and subscriptions                             4,881             2,733                   79  %                8,127             4,593                   77  %
Professional services                               4,584             1,847                  148  %                6,883             3,916                   76  %
Other(1)                                            6,590             3,923                   68  %                8,958             7,195                   25  %
Directly attributable expenses             $       62,058          $ 32,284                   92  %       $      104,608          $ 62,664                   67  %


___________________

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


Technology Platform segment directly attributable expenses increased by $29.8
million, or 92%, for the three months ended June 30, 2022 compared to the same
period in 2021 and by $41.9 million, or 67%, for the six months ended June 30,
2022 compared to the same period in 2021, primarily due to the following:

•increases of $20.1 million for the three-month period and $29.2 million for the
six-month period 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 periods. Technisys compensation and
benefits contributed $13.5 million and $18.7 million during the three- and
six-month 2022 periods, respectively;

•increases of $2.1 million for the three-month period and $4.5 million for the
six-month period in product fulfillment costs, primarily related to payment
processing network association fees associated with increased activity on the
platform. These fees grew by 28% during both the three- and six-month 2022
periods relative to the comparable 2021 periods, which positively correlated
with the applicable integrated platform-as-a-service growth in our technology
products and solutions revenues;

•increases of $2.1 million for the three-month period and $3.5 million for the
six-month period 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 $2.7 million for the three-month period and $3.0 million for the
six-month period in professional services costs, of which $2.6 million and $3.2
million, respectively, were related to the operations of Technisys; and

•increases of $2.7 million for the three-month period and $1.8 million for the
six-month period in other expenses, which were primarily related to advertising,
marketing and travel and occupancy-related costs that were largely incurred at
Technisys, partially offset by a reversal of provision for credit losses in the
six-month 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                                                    June 30, 2022              June 30, 2021               % Change
Total products (number, as of period end)                  5,362,147                  2,685,681                        100  %


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

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first quarter of 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.

                                              Three Months Ended June 30,             2022 vs 2021                Six Months Ended June 30,                2022 vs 2021
($ in thousands)                                2022                  2021              % Change                   2022                    2021              % Change
Net interest income(1)                    $       12,925          $     542                     n/m       $       18,807               $     771                     n/m
Noninterest income                                17,438             16,497                    6  %               35,099                  22,731                   54  %
Total net revenue                                 30,363             17,039                   78  %               53,906                  23,502                  129  %
Directly attributable expenses(2)                (84,063)           (41,784)                 101  %             (157,121)                (83,766)                  88  %
Contribution loss                         $      (53,700)         $ (24,745)                 117  %       $     (103,215)              $ (60,264)                  71  %


___________________
(1)Net interest income and, thereby, total net revenue and contribution loss for
our Financial Services segment reported for the three and six months ended
June 30, 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 periods ended June 30, 2021, our Financial Services segment net
interest income was nominal, as it did not have deposits and the credit card
product was nascent. If we had applied our current FTP framework during the
comparative three and six month periods, the Financial Services segment net
interest income would have decreased by $0.1 million and $0.1 million,
respectively.

(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 $12.4 million
for the three months ended June 30, 2022 compared to the same period in 2021 and
by $18.0 million for the six months ended June 30, 2022 compared to the same
period in 2021. For the three- and six-month 2022 periods, net interest income
primarily reflected net interest income earned on our deposits of $8.7 million
and $11.5 million, respectively, which includes interest income based on our FTP
framework (which eliminates in consolidation) and interest expense to members,
and corresponds with the level of deposits at SoFi Bank. In addition, net
interest income earned on our credit card loans increased by $2.6 million and
$5.6 million for the three and six month periods, respectively, which was
attributable to growth in the average balance.

Noninterest income


Noninterest income in our Financial Services segment increased by $0.9 million,
or 6%, for the three months ended June 30, 2022 compared to the same period in
2021 and by $12.4 million, or 54% for the six months ended June 30, 2022
compared to the same period in 2021, primarily due to the following:

•increases in referral fees of $5.7 million for the three-month period and
$11.2 million for the six-month period, which were primarily attributable to a
referral fulfillment arrangement we entered in the third quarter of 2021, as
well as growth in our partner relationships and related activity, as we continue
to onboard new partners and help drive volume to these partners;

•increases in payment network fees of $1.5 million for the three-month period
and $4.6 million for the six-month period, which coincided with increased credit
card and debit card transaction volume;

•increases of $0.6 million for the three-month period and $1.1 million for the six-month period in non-payment network related credit card fees;

•a reduction in trading losses related to our SoFi Invest product during the six-month period of $1.6 million;


•decreases in brokerage-related fees of $2.9 million for the three-month period
and $2.8 million for the six-month period, which coincided with lower digital
assets trading volume on our platform during the 2022 periods;

•decreases in enterprise service fees of $2.5 million for the three-month period
and $2.3 million for the six-month period, which were primarily related to
advisory service revenues of $2.6 million recognized in the second quarter of
2021; and

•decreases in equity capital markets services of $1.8 million for both the three
and six-month periods, related to underwriting fee revenue recognized in the
second quarter of 2021.

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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 for the periods indicated:

                                         Three Months Ended June 30,            2022 vs 2021             Six Months Ended June 30,             2022 vs 2021
($ in thousands)                           2022                 2021              % Change                2022                 2021              % Change
Compensation and benefits            $       26,371          $ 19,800                   33  %       $       50,309          $ 38,584                   30  %
Provision for credit losses                  10,103               486                     n/m               23,064               486                     n/m
Direct advertising                            9,299             3,030                  207  %               16,151             6,798                  138  %
Member incentives                             9,202             4,309                  114  %               15,805             9,290                   70  %
Product fulfillment                           8,228             5,074                   62  %               15,425            10,117                   52  %
Lead generation                               6,064             2,388                  154  %                8,573             5,206                   65  %
Professional services                         1,234               836                   48  %                2,334             2,404                   (3) %
Intercompany technology
platform expenses                               953                 -                     n/m                1,723                 -                     n/m
Other(1)                                     12,609             5,861                  115  %               23,737            10,881                  118  %
Directly attributable expenses       $       84,063          $ 41,784                  101  %       $      157,121          $ 83,766                   88  %


___________________

(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 increased by $42.3 million, or
101%, for the three months ended June 30, 2022 compared to the same period in
2021 and by $73.4 million, or 88%, for the six months ended June 30, 2022
compared to the same period in 2021, primarily due to the following:

•increases of $9.6 million for the three-month period and $22.6 million for the
six-month period related to our provision for credit losses, which were
primarily related to increases in the provision for credit card loans of
$10.3 million and $22.2 million, respectively, due to higher average credit card
balances combined with elevated credit card loss rates during the 2022 periods.
The remaining changes were associated with loans acquired in the Bank Merger
during the first quarter of 2022;

•increases of $6.6 million for the three-month period and $11.7 million for the
six-month period in compensation and benefits expense, which were consistent
with our ongoing prioritization of growth in the Financial Services segment,
which required additional staffing;

•increases of $6.3 million for the three-month period and $9.4 million for the
six-month period in direct advertising costs primarily driven by an increase in
search engine and social network marketing. The marketing initiatives were
primarily related to the continued promotion of, and growth in, our Financial
Services products;

•increases of $4.9 million for the three-month period and $6.5 million for the
six-month period primarily related to increased direct member incentives
utilized to drive adoption and usage of our Financial Services products, the
most significant of which was SoFi Checking and Savings, partially offset by
lower incentives related to SoFi Invest;

•increases of $3.2 million for the three-month period and $5.3 million for the
six-month period in product fulfillment costs related to 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 $0.9 million
and $2.0 million of higher costs related to credit card fulfillment for the
three- and six-month 2022 periods, respectively;

•increases of $3.7 million for the three-month period and $3.4 million for the
six-month period related to lead generation, primarily related to SoFi Checking
and Savings;

•an increase of $0.4 million for the three-month period in professional services costs; and


•increases of $6.7 million for the three-month period and $12.9 million for the
six-month period in other costs, which were primarily related to third-party
credit card fraud of $4.4 million and $8.4 million, respectively, and
operational product losses of $0.6 million and $2.7 million, respectively. In
addition, we had increases in travel and occupancy-related costs and tools and
subscriptions costs.

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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 residual impact from
the FTP charges and FTP credits on our reportable segments under our 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 June 30,                     Six Months Ended June 30,
($ in thousands)                                    2022                  2021                    2022                    2021
Reportable segments directly attributable
expenses                                     $      (254,811)         $ (157,112)         $     (482,140)             $ (309,825)
Intercompany expenses                                  1,671                   -                   2,441                       -
Expenses not allocated to segments:
Share-based compensation expense                     (80,142)            (52,154)               (157,163)                (89,608)
Depreciation and amortization expense                (38,056)            (24,989)                (68,754)                (50,966)
Employee-related costs(1)                            (45,316)            (36,944)                (88,006)                (69,224)
Fair value change of warrant liabilities                   -             (70,989)                      -                (160,909)
Special payment(2)                                         -             (21,181)                      -                 (21,181)
Other corporate and unallocated expenses(3)          (41,589)            (33,297)               (104,570)                (67,402)
Total noninterest expense                    $      (458,243)         $ (396,666)         $     (898,192)             $ (769,115)


___________________

(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)Included a special payment to the Series 1 preferred stockholders in connection with the Business Combination in the second quarter of 2021.


(3)Represents corporate overhead costs that are not allocated to reportable
segments, which primarily includes corporate marketing and advertising costs,
tools and subscription costs, professional services costs, corporate insurance
expense and transaction-related expenses.

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 growth in deposits, 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;

•Grow or maintain our deposit base over time;

•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 our convertible notes if they do not convert into common stock before maturity;

•Meet margin requirements associated with hedging or financing agreements;

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•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 six months ended June 30, 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 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 June 30, 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 June 30, 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 June 30, 2022, we also maintained letters of credit associated
with our banking activities of $9.7 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, home
loans and around the student loan refinance market in general, including as a
result of worsening macroeconomic conditions, 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
continue to 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 also 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. 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

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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 June 30, 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 June 30,
2022 that management believes would change the categorization. See Note 18 to
the Notes to Unaudited Condensed Consolidated Financial Statements for
additional information on our regulatory capital requirements.

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 continuing to grow 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 $707.3 million as of June 30,
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, could result in worse

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execution as compared to whole loans sales, and in certain cases we are required to maintain a minimum investment due to securitization risk retention rules.

Borrowings


Our borrowings as of June 30, 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
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.

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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 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:


                                                                              Six Months Ended June 30,
($ in thousands)                                                              2022                     2021
Net cash provided by (used in) operating activities                  $     (1,956,723)             $   82,608
Net cash provided by (used in) investing activities                            (4,918)                239,339
Net cash provided by (used in) financing activities                         2,192,231                (876,576)


Cash Flows from Operating Activities


For the six months ended June 30, 2022, net cash used in operating activities of
$2.0 billion stemmed from a net loss of $206.2 million and an unfavorable change
in our operating assets net of operating liabilities of $2.0 billion, partially
offset by a positive adjustment for non-cash items of $277.3 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 $6.5 billion
during the period and also purchased loans of $0.4 billion. These cash uses were
largely offset by principal payments on loans of $1.2 billion and proceeds from
loan sales of $3.6 billion.

For the six months ended June 30, 2021, net cash provided by operating
activities of $82.6 million stemmed from a net loss of $342.9 million that was
positively adjusted for non-cash items of $317.6 million, and a favorable change
in our operating assets net of operating liabilities of $107.9 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 $5.6
billion during the period and also purchased loans of $149.9 million. These cash
uses were offset by principal payments on loans of $1.1 billion and proceeds
from loan sales of $4.8 billion.

Cash Flows from Investing Activities


For the six months ended June 30, 2022, net cash used in investing activities of
$4.9 million was primarily attributable to proceeds of $76.0 million from our
securitization investments, the aggregate net cash acquired from the Technisys
Merger and Bank Merger of $58.5 million, and proceeds of $37.4 million from
sales, maturities and paydowns of our investments in AFS debt securities. These
sources were more than offset by net cash uses of $81.9 million related to loan
activities, primarily driven by credit card loans, $50.0 million for purchases
of property, equipment and software, which primarily included
internally-developed software and purchased software, and cash uses of $45.0
million related to purchases of AFS debt securities.

For the six months ended June 30, 2021, net cash provided by investing
activities of $239.3 million was primarily attributable to proceeds from Apex of
$107.5 million from the call on our equity method investment and $16.7 million
from repayment of the outstanding principal balance on its related party notes,
as well as proceeds of $141.9 million from our securitization investments. These
sources were partially offset by a cash use of $26.8 million for purchases of
property, equipment and software, which primarily included internally-developed
software, purchased software, and furniture and fixtures.

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Cash Flows from Financing Activities


For the six months ended June 30, 2022, net cash provided by financing
activities of $2.2 billion was primarily attributable to net cash sources from
our SoFi Bank deposits of $2.5 billion. Additionally, our debt repayments
related to our lending activities of $5.0 billion, of which $4.8 billion were
related to our warehouse facilities, were largely offset by proceeds from debt
financing activities of $4.7 billion. 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 warehouse facilities. Finally, we paid redeemable preferred
stock dividends of $20.0 million and taxes related to RSU vesting of $5.8
million.

For the six months ended June 30, 2021, net cash used in financing activities
was $0.9 billion. We received proceeds from the Business Combination and PIPE
Investment of $2.0 billion, and paid costs directly related to the Business
Combination and PIPE Investment of $27.0 million. We received $3.8 billion of
proceeds from debt financing activities related to our lending activities. These
debt proceeds were more than offset by $6.4 billion of debt repayments, of which
$5.7 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 warehouse facilities. We also paid
taxes related to RSU vesting of $28.6 million, as well as redeemable preferred
stock dividends of $20.0 million. Finally, we paid $282.9 million to repurchase
redeemable common and preferred stock, of which $150.0 million related to
redeemable common stock repurchased in conjunction with the Business
Combination, 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. 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 and six months ended June 30, 2022, we made repurchases of $5.8
million and $8.4 million, respectively, associated with these arrangements. As
of June 30, 2022 and December 31, 2021, we accrued liabilities of $4.8 million
and $7.4 million, respectively, related to our estimated repurchase obligation.

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Financial Condition Summary

June 30, 2022 compared to December 31, 2021

Changes in the composition and balance of our assets and liabilities as of June 30, 2022 compared to December 31, 2021 were principally attributed to the following:

•an increase of $230.5 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 $3.0 million in investments in AFS debt securities, which we began purchasing during the third quarter of 2021, and was inclusive of an increase of $8.8 million attributable to the Golden Pacific acquisition assets;

•an increase in total loans of $2.1 billion, which was primarily related to personal and student loans;

•an increase in intangible assets of $196.5 million, of which $240.0 million was related to our two acquisitions during the first quarter of 2022, with a partially offsetting decrease attributable to amortization expense;


•an increase in goodwill of $726.8 million related to our two acquisitions
during the first quarter of 2022. See Note 2 to the Notes to Unaudited Condensed
Consolidated Financial Statements for additional information;

•a decrease in securitization investments of $86.0 million, of which $76.0
million was related to cash receipts. There were no securitization investments
made during the first half of 2022;

•an increase in deposits of $2.7 billion, which was attributable to our launch of SoFi Bank during the first quarter of 2022;


•an increase in deferred tax liabilities of $55.0 million, which was primarily
attributable to the separately identifiable intangible assets acquired in the
Technisys Merger;

•a decrease of $75.5 million in gross warehouse facility debt to support our
originations during the current period, which reflected the net impact of $4.8
billion of cash repayments and $4.7 billion of cash borrowings; and

•a decrease of $153.7 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 half of 2022. For a complete
discussion of our significant accounting policies and critical accounting
estimates, refer to our Annual Report on Form 10-K for the year ended December
31, 2021 within 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".

Recent Accounting Standards Issued, But Not Yet Adopted

See Note 1 to the Notes to Unaudited Condensed Consolidated Financial Statements herein 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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