Audit Information |
12 Months Ended |
|---|---|
Dec. 31, 2024 | |
| Audit Information [Abstract] | |
| Auditor Firm ID | 34 |
| Auditor Name | Deloitte & Touche LLP |
| Auditor Location | San Francisco, California |
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands |
Dec. 31, 2024 |
Dec. 31, 2023 |
Dec. 31, 2022 |
Dec. 31, 2021 |
Jun. 01, 2021 |
May 28, 2021 |
|---|---|---|---|---|---|---|
| Investments in available-for-sale securities, fair value | $ 1,804,043 | $ 595,187 | ||||
| Investments in available-for-sale securities, amortized cost | 1,807,686 | 596,757 | ||||
| Loans held for investment, allowance for credit loss | 46,684 | 54,695 | ||||
| Other assets, allowance for credit loss | $ 2,444 | $ 1,837 | $ 2,785 | $ 2,292 | ||
| Redeemable preferred stock, par value (in dollars per share) | $ 0.00 | $ 0.00 | $ 0.0000025 | |||
| Redeemable preferred stock, shares authorized (in shares) | 100,000,000 | 100,000,000 | ||||
| Redeemable preferred stock, shares outstanding (in shares) | 0 | 3,234,000 | 3,234,000 | 3,234,000 | ||
| Common stock, par value (in dollars per share) | $ 0.00 | $ 0.00 | ||||
| Common stock, shares authorized (in shares) | 3,100,000,000 | 3,100,000,000 | ||||
| Common stock, shares issued (in shares) | 1,095,357,781 | 975,861,793 | ||||
| Common stock, shares outstanding (in shares) | 1,095,357,781 | 975,861,793 | ||||
| SoFi Technologies | ||||||
| Redeemable preferred stock, par value (in dollars per share) | $ 0.00 | $ 0.00 | ||||
| Redeemable preferred stock, shares authorized (in shares) | 100,000,000 | 100,000,000 | ||||
| Redeemable preferred stock, shares outstanding (in shares) | 0 | 3,234,000 | ||||
| Common stock, par value (in dollars per share) | $ 0.00 | $ 0.00 | ||||
| Common stock, shares authorized (in shares) | 3,100,000,000 | 3,100,000,000 | ||||
| Common stock, shares issued (in shares) | 1,095,357,781 | 975,861,793 | ||||
| Common stock, shares outstanding (in shares) | 1,095,357,781 | 975,861,793 | ||||
| Redemption amount | $ 323,400 | |||||
| Nonvoting Common Stock | ||||||
| Common stock, par value (in dollars per share) | $ 0.0001 | |||||
| Common stock, shares authorized (in shares) | 100,000,000 | 100,000,000 | 100,000,000 | |||
| Common stock, shares issued (in shares) | 0 | 0 | ||||
| Common stock, shares outstanding (in shares) | 0 | 0 |
Consolidated Statements of Operations and Comprehensive Income (Loss) - USD ($) $ in Thousands |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2024 |
Dec. 31, 2023 |
Dec. 31, 2022 |
|
| Interest income | |||
| Loans and securitizations | $ 2,601,988 | $ 1,944,128 | $ 759,504 |
| Other | 205,829 | 106,939 | 13,867 |
| Total interest income | 2,807,817 | 2,051,067 | 773,371 |
| Interest expense | |||
| Securitizations and warehouses | 112,398 | 244,220 | 110,127 |
| Deposits | 930,154 | 507,820 | 59,793 |
| Corporate borrowings | 48,346 | 36,833 | 18,438 |
| Other | 438 | 454 | 917 |
| Total interest expense | 1,091,336 | 789,327 | 189,275 |
| Net interest income | 1,716,481 | 1,261,740 | 584,096 |
| Noninterest income | |||
| Loan origination, sales, and securitizations | 255,870 | 371,812 | 565,372 |
| Servicing | 22,244 | 37,328 | 43,547 |
| Technology products and solutions | 350,810 | 323,972 | 304,901 |
| Loan platform fees | 141,608 | 33,602 | 31,540 |
| Other | 187,846 | 94,335 | 44,079 |
| Total noninterest income | 958,378 | 861,049 | 989,439 |
| Total net revenue | 2,674,859 | 2,122,789 | 1,573,535 |
| Provision for credit losses | 31,712 | 54,945 | 54,332 |
| Noninterest expense | |||
| Technology and product development | 551,787 | 511,419 | 405,257 |
| Sales and marketing | 796,293 | 719,400 | 617,823 |
| Cost of operations | 461,633 | 379,998 | 313,226 |
| General and administrative | 600,089 | 511,011 | 501,618 |
| Goodwill impairment | 0 | 247,174 | 0 |
| Total noninterest expense | 2,409,802 | 2,369,002 | 1,837,924 |
| Income (loss) before income taxes | 233,345 | (301,158) | (318,721) |
| Income tax benefit (expense) | 265,320 | 416 | (1,686) |
| Net income (loss) | 498,665 | (300,742) | (320,407) |
| Other comprehensive income (loss) | |||
| Unrealized gains (losses) on available-for-sale securities, net | (7,158) | 6,410 | (7,260) |
| Foreign currency translation adjustments, net | 2 | 677 | 435 |
| Total other comprehensive income (loss) | (7,156) | 7,087 | (6,825) |
| Comprehensive income (loss) | $ 491,509 | $ (293,655) | $ (327,232) |
| Earnings (loss) per share (Note 19) | |||
| Earnings (loss) per share - basic (in dollars per share) | $ 0.46 | $ (0.36) | $ (0.40) |
| Earnings (loss) per share - diluted (in dollars per share) | $ 0.39 | $ (0.36) | $ (0.40) |
| Weighted average common stock outstanding - basic (in shares) | 1,050,219,000 | 945,024,000 | 900,886,000 |
| Weighted average common stock outstanding - diluted (in shares) | 1,101,390,000 | 945,024,000 | 900,886,000 |
Consolidated Statements of Changes in Temporary Equity and Permanent Equity (Deficit) - USD ($) $ in Thousands |
Total |
Common Stock |
Additional Paid-In Capital |
Accumulated Other Comprehensive Loss |
Accumulated Deficit |
||
|---|---|---|---|---|---|---|---|
| Beginning balance (in shares) at Dec. 31, 2021 | 828,154,462 | ||||||
| Beginning balance at Dec. 31, 2021 | $ 4,377,329 | $ 83 | $ 5,561,831 | $ (1,471) | $ (1,183,114) | ||
| Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
| Share-based compensation expense | 328,571 | 328,571 | |||||
| Equity-based payments to non-employees (in shares) | 100,000 | ||||||
| Vesting of RSUs (in shares) | 23,183,000 | ||||||
| Vesting of RSUs | 0 | $ 2 | (2) | ||||
| Stock withheld related to taxes on vested RSUs (in shares) | (1,196,691) | ||||||
| Stock withheld related to taxes on vested RSUs | (8,983) | (8,983) | |||||
| Exercise of common stock options (in shares) | 1,955,031 | ||||||
| Exercise of common stock options | 2,610 | 2,610 | |||||
| Issuance of common stock in acquisition (in shares) | 81,700,318 | ||||||
| Issuance of common stock in acquisition | 873,377 | $ 8 | 873,369 | ||||
| Vested awards assumed in acquisition | 2,855 | 2,855 | |||||
| Redeemable preferred stock dividends | (40,425) | (40,425) | |||||
| Net income (loss) | (320,407) | (320,407) | |||||
| Other comprehensive income (loss), net of taxes | (6,825) | (6,825) | |||||
| Ending balance (in shares) at Dec. 31, 2022 | 933,896,120 | ||||||
| Ending balance at Dec. 31, 2022 | $ 5,208,102 | $ 93 | 6,719,826 | (8,296) | (1,503,521) | ||
| Temporary equity, beginning balance (in shares) at Dec. 31, 2021 | 3,234,000 | ||||||
| Temporary equity, beginning balance at Dec. 31, 2021 | $ 320,374 | ||||||
| Temporary equity, ending balance (in shares) at Dec. 31, 2022 | 3,234,000 | ||||||
| Temporary equity, ending balance at Dec. 31, 2022 | $ 320,374 | ||||||
| Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
| Share-based compensation expense | 302,342 | 302,342 | |||||
| Vesting of RSUs (in shares) | 33,564,543 | ||||||
| Vesting of RSUs | 0 | $ 3 | (3) | ||||
| Stock withheld related to taxes on vested RSUs (in shares) | (1,866,434) | ||||||
| Stock withheld related to taxes on vested RSUs | (15,300) | (15,300) | |||||
| Exercise of common stock options (in shares) | 796,883 | ||||||
| Exercise of common stock options | $ 1,145 | 1,145 | |||||
| Common stock retired (in shares) | (19,319) | ||||||
| Extinguishment of convertible notes by issuance of common stock (in shares) | 9,490,000 | ||||||
| Extinguishment of convertible notes by issuance of common stock | $ 72,403 | $ 1 | 72,402 | ||||
| Redeemable preferred stock dividends | (40,425) | (40,425) | |||||
| Net income (loss) | (300,742) | (300,742) | |||||
| Other comprehensive income (loss), net of taxes | $ 7,087 | 7,087 | |||||
| Ending balance (in shares) at Dec. 31, 2023 | 975,861,793 | 975,861,793 | |||||
| Ending balance at Dec. 31, 2023 | $ 5,234,612 | $ 97 | 7,039,987 | (1,209) | (1,804,263) | ||
| Temporary equity, ending balance (in shares) at Dec. 31, 2023 | 3,234,000 | ||||||
| Temporary equity, ending balance at Dec. 31, 2023 | [1] | $ 320,374 | |||||
| Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
| Share-based compensation expense | 286,059 | 286,059 | |||||
| Vesting of RSUs (in shares) | 35,609,258 | ||||||
| Vesting of RSUs | 0 | $ 4 | (4) | ||||
| Stock withheld related to taxes on vested RSUs (in shares) | (2,397,214) | ||||||
| Stock withheld related to taxes on vested RSUs | $ (22,601) | (22,601) | |||||
| Exercise of common stock options (in shares) | 3,070,270 | 3,070,270 | |||||
| Exercise of common stock options | $ 21,407 | 21,407 | |||||
| Extinguishment of convertible notes by issuance of common stock (in shares) | 83,213,674 | ||||||
| Extinguishment of convertible notes by issuance of common stock | 614,146 | $ 8 | 614,138 | ||||
| Purchase of capped calls | (90,649) | (90,649) | |||||
| Unwind of capped calls | 10,180 | 10,180 | |||||
| Preferred stock redemption | (3,026) | (3,026) | |||||
| Redeemable preferred stock dividends | (16,503) | (16,503) | |||||
| Net income (loss) | 498,665 | 498,665 | |||||
| Other comprehensive income (loss), net of taxes | $ (7,156) | (7,156) | |||||
| Ending balance (in shares) at Dec. 31, 2024 | 1,095,357,781 | 1,095,357,781 | |||||
| Ending balance at Dec. 31, 2024 | $ 6,525,134 | $ 109 | $ 7,838,988 | $ (8,365) | $ (1,305,598) | ||
| Temporary Equity | |||||||
| Temporary equity, preferred stock redemption (in shares) | (3,234,000) | ||||||
| Temporary equity, preferred stock redemption | $ (320,374) | ||||||
| Temporary equity, ending balance (in shares) at Dec. 31, 2024 | 0 | ||||||
| Temporary equity, ending balance at Dec. 31, 2024 | [1] | $ 0 | |||||
| |||||||
Consolidated Statement of Cash Flows - USD ($) |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2024 |
Dec. 31, 2023 |
Dec. 31, 2022 |
|
| Operating activities | |||
| Net income (loss) | $ 498,665,000 | $ (300,742,000) | $ (320,407,000) |
| Adjustments to reconcile net income (loss) to net cash used in operating activities: | |||
| Share-based compensation expense | 246,152,000 | 271,216,000 | 305,994,000 |
| Depreciation and amortization | 203,498,000 | 201,416,000 | 151,360,000 |
| Goodwill impairment | 0 | 247,174,000 | 0 |
| Deferred debt issuance and discount expense | 13,478,000 | 20,104,000 | 18,292,000 |
| Gain on extinguishment of convertible debt | (62,517,000) | (14,574,000) | 0 |
| Provision for credit losses | 31,712,000 | 54,945,000 | 54,332,000 |
| Deferred income taxes | (286,917,000) | (15,828,000) | (3,498,000) |
| Fair value changes in loans held for investment | (158,215,000) | (44,007,000) | 0 |
| Fair value changes in securitization investments | (2,842,000) | (48,000) | 13,600,000 |
| Other | 10,039,000 | (13,621,000) | 20,034,000 |
| Changes in operating assets and liabilities: | |||
| Changes in loans held for sale, net | (2,389,404,000) | (7,779,008,000) | (7,463,474,000) |
| Changes in loans previously classified as held for sale, net | 1,373,101,000 | 140,856,000 | 0 |
| Servicing assets | (161,659,000) | (31,604,000) | 18,405,000 |
| Other assets | (458,450,000) | (5,506,000) | (56,861,000) |
| Accounts payable, accruals and other liabilities | 23,552,000 | 42,088,000 | 6,365,000 |
| Net cash used in operating activities | (1,119,807,000) | (7,227,139,000) | (7,255,858,000) |
| Investing activities | |||
| Purchases of property, equipment and software | (154,265,000) | (111,409,000) | (93,201,000) |
| Capitalized software development costs | (9,352,000) | (9,783,000) | (10,532,000) |
| Purchases of available-for-sale investments | (2,190,545,000) | (800,507,000) | (44,974,000) |
| Proceeds from sales of available-for-sale investments | 185,537,000 | 265,634,000 | 23,497,000 |
| Proceeds from maturities and paydowns of available-for-sale investments | 807,804,000 | 153,828,000 | 15,240,000 |
| Proceeds from sales of loans held for investment | 677,587,000 | 0 | 0 |
| Other changes in loans held for investment, net | (4,183,379,000) | (1,362,418,000) | (173,728,000) |
| Proceeds from securitization investments | 79,799,000 | 108,291,000 | 118,825,000 |
| Proceeds from non-securitization investments | 3,576,000 | 5,354,000 | 0 |
| Purchases of non-securitization investments | (37,752,000) | (66,553,000) | 0 |
| Acquisition of businesses, net of cash acquired | 0 | (72,301,000) | 58,540,000 |
| Net cash used in investing activities | (4,820,990,000) | (1,889,864,000) | (106,333,000) |
| Financing activities | |||
| Net change in deposits | 6,954,484,000 | 11,231,904,000 | 7,152,975,000 |
| Net change in debt facilities | (1,982,644,000) | 180,554,000 | 1,418,456,000 |
| Proceeds from other debt issuances | 845,250,000 | 339,995,000 | 439,990,000 |
| Repayment of other debt | (352,797,000) | (799,859,000) | (516,363,000) |
| Payment of debt issuance costs | (7,620,000) | (11,903,000) | (8,287,000) |
| Purchase of capped calls | (90,649,000) | 0 | 0 |
| Unwind of capped calls | 10,180,000 | 0 | 0 |
| Taxes paid related to net share settlement of share-based awards | (22,601,000) | (15,300,000) | (8,983,000) |
| Proceeds from stock option exercises | 21,407,000 | 1,145,000 | 2,610,000 |
| Payment of redeemable preferred stock dividends | (16,503,000) | (40,425,000) | (40,425,000) |
| Redemption of Series 1 preferred stock | (323,400,000) | 0 | 0 |
| Finance lease principal payments | (530,000) | (509,000) | (488,000) |
| Net cash provided by financing activities | 5,034,577,000 | 10,885,602,000 | 8,439,485,000 |
| Effect of exchange rates on cash and cash equivalents | 2,000 | 677,000 | 571,000 |
| Net increase (decrease) in cash, cash equivalents, restricted cash and restricted cash equivalents | (906,218,000) | 1,769,276,000 | 1,077,865,000 |
| Cash, cash equivalents, restricted cash and restricted cash equivalents at beginning of period | 3,615,578,000 | 1,846,302,000 | 768,437,000 |
| Cash, cash equivalents, restricted cash and restricted cash equivalents at end of period | 2,709,360,000 | 3,615,578,000 | 1,846,302,000 |
| Reconciliation to amounts on consolidated balance sheets (as of period end) | |||
| Cash and cash equivalents | 2,538,293,000 | 3,085,020,000 | 1,421,907,000 |
| Restricted cash and restricted cash equivalents | 171,067,000 | 530,558,000 | 424,395,000 |
| Total cash, cash equivalents, restricted cash and restricted cash equivalents | 2,709,360,000 | 3,615,578,000 | 1,846,302,000 |
| Supplemental cash flow information | |||
| Interest paid | 1,118,032,000 | 720,163,000 | 150,866,000 |
| Income taxes paid, net | 26,910,000 | 14,326,000 | 2,567,000 |
| Supplemental non-cash investing and financing activities | |||
| Deposits credited but not yet received in cash | 403,056,000 | 67,257,000 | 31,305,000 |
| Deconsolidation of securitization and residual debt | 0 | 92,914,000 | 99,695,000 |
| Extinguishment of convertible notes by issuance of common stock | 677,147,000 | 87,047,000 | 0 |
| Securitization investments acquired via loan transfers | 61,901,000 | 18,985,000 | 0 |
| Derecognition of securitization investments | 0 | 5,325,000 | 40,933,000 |
| Deposits assumed in acquisition | 0 | 0 | 158,016,000 |
| Loans held for investment received in acquisition | 0 | 0 | 84,485,000 |
| Available-for-sale securities received in acquisition | $ 0 | $ 0 | $ 10,014,000 |
Organization, Summary of Significant Accounting Policies and New Accounting Standards |
12 Months Ended | ||||||
|---|---|---|---|---|---|---|---|
Dec. 31, 2024 | |||||||
| Organization, Consolidation and Presentation of Financial Statements [Abstract] | |||||||
| Organization, Summary of Significant Accounting Policies and New Accounting Standards | Note 1. Organization, Summary of Significant Accounting Policies and New Accounting Standards Organization SoFi is a financial services platform that was founded in 2011 to offer an innovative approach to the private student loan market by providing student loan refinancing options. The Company conducts its business through three reportable segments: Lending, Technology Platform and Financial Services. Since its founding, SoFi has expanded its lending and financial services strategy to offer personal loans, home loans and credit cards. The Company has also developed additional financial products, such as money management and investment product offerings, and has also leveraged its financial services platform to empower other businesses. The Company has continued to expand its product offerings through strategic acquisitions. During 2020, the Company expanded its investment product offerings into Hong Kong through the acquisition of 8 Limited, and also began to operate as a platform as a service for a variety of financial service providers, providing the infrastructure to facilitate core client-facing and back-end capabilities, such as account setup, account funding, direct deposit, authorizations and processing, payments functionality and check account balance features through the acquisition of Galileo. During 2022, the Company became a bank holding company and began operating as SoFi Bank, National Association, through its acquisition of Golden Pacific Bancorp, Inc., and expanded its platform to include a cloud-native digital and core banking platform with customers in Latin America through its acquisition of Technisys, allowing the Company to expand its technology platform services to a broader international market. During 2023, the Company acquired Wyndham Capital Mortgage, a fintech mortgage lender. For additional information on our recent business combinations, see Note 2. Business Combinations. For additional information on our reportable segments, see Note 20. Business Segment and Geographic Information. The Company has elected to be treated as a financial holding company pursuant to Section 4(l) of the BHCA. As a financial holding company, the Company is authorized to engage in a broader set of financial activities than a bank holding company that has not elected to be treated as a financial holding company. Financial holding companies may also engage in activities that are determined by the Federal Reserve to be complementary to financial activities. Summary of Significant Accounting Policies Basis of Presentation The consolidated financial statements include the accounts of the Company, its wholly-owned and majority-owned subsidiaries and certain consolidated VIEs. All intercompany accounts were eliminated in consolidation. The consolidated financial statements were prepared in conformity with GAAP and in accordance with the rules and regulations of the SEC. In our consolidated financial statements, we made the following presentation changes in 2024: •in our consolidated statements of cash flows beginning in the first quarter of 2024, reclassified amounts related to fair value changes in residual interests classified as debt into other within the adjustments to reconcile net income (loss) to net cash provided used in operating activities. There was no impact to net cash used in operating activities; •in our consolidated statements of operations and comprehensive income (loss) beginning in the third quarter of 2024, reclassified amounts related to our Loan Platform Business previously included within the financial statement line item noninterest income—other to separate presentation in noninterest income—loan platform fees. See Note 3. Revenue for presentation of disaggregated revenue; and •in our consolidated statements of operations and comprehensive income (loss) beginning in the fourth quarter of 2024, updated the presentation to present the provision for credit losses below total net revenue and above noninterest expenses, from its previous presentation within total noninterest expense. In all instances, the respective prior period amounts were recast to conform to the current period presentation. Use of Judgments, Assumptions and Estimates The preparation of our consolidated financial statements and related disclosures in conformity with GAAP requires management to make assumptions and estimates that affect the reported amounts of assets, liabilities, revenue and expenses as well as the disclosures of contingent assets and liabilities. These estimates and assumptions are inherently subjective in nature and, therefore, actual results may differ from our estimates and assumptions, and the differences could be material. Management bases its estimates on historical experience and on various other factors it believes to be reasonable under the circumstances. These assumptions and estimates include, but are not limited to, the following: (i) fair value measurements, (ii) business combinations, (iii) goodwill, and (iv) valuation allowance on deferred tax assets. Business Combinations We account for acquisitions of entities or asset groups that qualify as businesses using the acquisition method of accounting. Purchase consideration is allocated to the tangible and intangible assets acquired and liabilities assumed based on the estimated fair values as of the acquisition date, which are measured in accordance with fair value measurement accounting principles. The determination of fair value requires management to make estimates about discount rates, future expected cash flows, market conditions and other future events that are highly subjective in nature. The excess of the total purchase consideration over the fair value of the identified net assets acquired is recognized as goodwill. The results of the acquired businesses are included in our results of operations beginning from the date of acquisition. Acquisition-related costs are expensed as incurred. During the measurement period, which may be up to one year from the acquisition date, we may record adjustments to the allocation of purchase consideration and to the fair values of assets acquired and liabilities assumed to the extent that additional information becomes available. After this period, any subsequent adjustments are recorded in the consolidated statements of operations and comprehensive income (loss). Variable Interest Entities VIEs are entities that, by design, either (a) lack sufficient equity to permit the entity to finance its activities without additional subordinated financial support from other parties; or (b) have equity investors that lack any of (i) the ability to make significant decisions relating to the entity’s operations through voting rights, (ii) the obligation to absorb the expected losses, or (iii) the right to receive the residual returns of the entity. The primary beneficiary of a VIE (i.e., the party that has a controlling financial interest) is required to consolidate the assets and liabilities of the VIE. The primary beneficiary is the party that has both (a) the power to direct the activities of the VIE that most significantly impact the VIE’s economic performance; and (b) the obligation to absorb losses or the right to receive benefits from the VIE that could potentially be significant to the VIE. The most common type of VIE with which we are involved is an SPE. SPEs are commonly used in whole loans sales and securitization transactions to isolate certain assets and distribute their related cash flows to investors. In determining whether we have the power to direct the activities of a VIE that most significantly impact that VIE’s economic performance, we consider all the facts and circumstances, including our role in establishing the VIE and our ongoing rights and responsibilities. First, we identify the activities that most significantly impact the VIE’s economic performance; second, we identify which party, if any, has power over those activities. In general, the parties that make the most significant decisions affecting the VIE (such as collateral managers, servicers, or owners of call options or liquidation rights over the VIE’s assets) or have the right to unilaterally remove those decision-makers are deemed to have the power to direct the activities that most significantly impact the VIE’s economic performance. In determining whether we have the obligation to absorb losses of the VIE or the right to receive benefits from the VIE that could potentially be significant to the VIE, we consider all of our economic interests, including debt and equity investments, servicing fees, and other arrangements deemed to be variable interests in the VIE. This assessment requires that we apply judgment in determining whether these interests, in the aggregate, are considered potentially significant to the VIE. Factors considered in assessing significance include: the design of the VIE, including its capitalization structure; subordination of interests; payment priority; relative share of interests held across various classes within the VIE’s capital structure; and the reasons for which we hold the interests. We perform on-going reassessments to evaluate whether changes in the facts and circumstances regarding each identified VIE, such as changes in the entity’s capital structure or changes in the nature of our involvement with the entity, cause a change to the VIE designation or change to our consolidation conclusion. Refer to Note 7. Securitization and Variable Interest Entities for more details regarding our consolidated VIEs. Fair Value Measurements Fair value is defined as the price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. We use a three-level fair value hierarchy to classify and disclose all assets and liabilities measured at fair value on a recurring basis in periods subsequent to their initial measurement. The hierarchy requires us to use observable inputs when available and to minimize the use of unobservable inputs when determining fair value. The three levels are defined as follows: •Level 1 — Quoted prices in active markets for identical assets or liabilities, accessible by us at the measurement date. •Level 2 — Quoted prices for similar assets or liabilities in active markets, or quoted prices for identical or similar assets or liabilities in markets that are not active, or observable inputs other than quoted prices. •Level 3 — Unobservable inputs for assets or liabilities for which there is little or no market data, which requires us to develop our own assumptions. These unobservable assumptions reflect estimates of inputs that market participants would use in pricing the asset or liability. Valuation techniques include the use of option pricing models, discounted cash flow models, or similar techniques, which incorporate management’s own estimates of assumptions that market participants would use in pricing the asset or liability. A financial instrument’s categorization within the fair value hierarchy is based on the lowest level of input that is significant to the fair value measurement. Instruments are categorized in Level 3 of the fair value hierarchy based on the significance of unobservable factors in the overall fair value measurement. As a result, the related gains and losses for assets and liabilities within the Level 3 category presented in Note 15. Fair Value Measurements may include changes in fair value that are attributable to both observable and unobservable inputs. We utilize third-party valuation specialists to perform a valuation of these Level 2 and Level 3 financial instruments on a monthly basis with quarterly oversight by a Valuation Working Group established by the Company that comprises leaders across finance, capital markets and accounting. Transfers of Financial Assets The transfer of an entire financial asset is accounted for as a sale if all of the following conditions are met: •the financial asset is isolated from the transferor and its consolidated affiliates as well as its creditors, even in bankruptcy or other receivership; •the transferee or beneficial interest holders have the right to pledge or exchange the transferred financial asset; and •the transferor, its consolidated affiliates and its agents do not maintain effective control over the transferred financial asset. Loan sales are aggregated in the financial statements due to the similarity of both the loans transferred and servicing arrangements. The portion of our income relating to ongoing servicing and the fair value of our servicing rights are dependent upon the performance of the sold loans. We measure the gain or loss on the sale of financial assets as the net assets received from the sale less the carrying amount of the loans sold. The net assets received from the sale represent the fair value of any assets obtained or liabilities incurred as part of the transaction, including but not limited to cash, servicing assets, retained securitization investments and recourse obligations. When securitizing loans, we employ a two-step transaction that includes the isolation of the underlying loans in a trust and the sale of beneficial interests in the trust to a bankruptcy-remote entity. Transfers of financial assets that do not qualify for sale accounting are reported as secured borrowings. Accordingly, the related assets remain on our consolidated balance sheets and continue to be reported and accounted for as if the transfer had not occurred. Cash proceeds received from these transfers are reported as liabilities, with related interest expense recognized over the life of the related secured borrowing. As a component of the loan sale agreements, we make certain representations to third parties that purchase our previously-held loans, some of which include GSE repurchase requirements and all of which are standard in nature and do not constrain our ability to recognize a sale for accounting purposes. Any significant estimated post-sale obligations or contingent obligations to the purchaser of the loans arising from these representations are accrued if probable and estimable, which approximates fair value. We establish a loan repurchase liability, which is based on historical experience and any current developments which would make it probable that we would buy back loans previously sold to third parties at the historical sales price. The loan repurchase liability is presented within accounts payable, accruals and other liabilities in the consolidated balance sheets, with the corresponding charges recorded within noninterest income—loan origination, sales, and securitizations in the consolidated statements of operations and comprehensive income (loss) or within noninterest income - loan platform fees in the consolidated statements of operations and comprehensive income (loss) in connection with transfers of loans held for sale and carried at the lower of amortized cost or fair value as part of our Loan Platform Business. Cash and Cash Equivalents Cash and cash equivalents primarily include unrestricted deposits with financial institutions in checking, money market and short-term certificate of deposit accounts and certain short-term commercial paper. We consider all highly liquid investments with original maturity dates of three months or less to be cash equivalents. Restricted Cash and Restricted Cash Equivalents Restricted cash and restricted cash equivalents primarily include cash deposits, certificate of deposit accounts held on reserve, money market funds held by consolidated VIEs and collection balances. These accounts are earmarked as restricted because the balances are either member balances held in our custody, cash segregated for regulatory purposes associated with brokerage activities, escrow requirements for certain debt facilities and derivative agreements, deposits required by various bank holding companies we partner with (“Member Banks”) that support one or more of our products, loan collection balances awaiting disbursement, consolidated VIE cash balances that we cannot use for general operating purposes, or other legally restricted balances. Investments in Debt Securities The accounting and measurement framework for our investments in debt securities is determined based on the security classification. We do not hold investments in debt securities for trading purposes, nor do we have investments in debt securities that we have the intent and ability to hold to maturity. Therefore, we classify our investments in debt securities as available-for-sale. We record investments in AFS debt securities at fair value in our consolidated balance sheets, with unrealized gains and losses recorded, net of tax, as a component of AOCI. See Note 15. Fair Value Measurements for additional information on our fair value estimates for investments in AFS debt securities. The amortized cost basis of our investments in AFS debt securities reflects the security’s acquisition cost, adjusted for amortization of premium or accretion of discount, and collection of cash and charge-offs, as applicable. For purposes of determining gross realized gains and losses on AFS debt securities, the cost of securities sold is based on specific identification. We elected to present accrued interest for AFS debt securities within investment securities in the consolidated balance sheets. Purchase discounts, premiums, and other basis adjustments for investments in AFS debt securities are generally amortized into interest income over the contractual life of the security using the effective interest method. However, premiums on certain callable debt securities are amortized to the earliest call date. Amortization of premiums and discounts and other basis adjustments for investments in AFS debt securities, as well as interest income earned on the investments, are recognized within interest income—other, and realized gains and losses on investments in AFS debt securities are recognized within noninterest income—other in the consolidated statements of operations and comprehensive income (loss). An investment in AFS debt security is evaluated for an impairment if its fair value is less than its amortized cost. If we determine that we have the intent to sell the impaired investment in AFS debt security, or if it is more likely than not that we will be required to sell the impaired investment in AFS debt security before recovery of its amortized cost, we recognize the full impairment loss reflecting the difference between the amortized cost (net of any prior recognized allowance) and the fair value of the investment in AFS debt security within noninterest income—other in the consolidated statements of operations and comprehensive income (loss). If neither of the above conditions exists, we evaluate whether the impairment loss is attributable to credit-related or non-credit-related factors. Any impairment that is not credit-related is recognized within other comprehensive income (loss), net of taxes. See the section “Allowance for Credit Losses” in this Note for the factors we consider in identifying credit-related impairment and the treatment of credit losses. See Note 6. Investment Securities for additional information on our investments in AFS debt securities. Securitization Investments In Company-sponsored securitization transactions that meet the applicable criteria to be accounted for as a sale, we retain certain residual interests and asset-backed bonds that we report within investment securities in the consolidated balance sheets. We elected the fair value option for these investments and gains and losses are reported within noninterest income—loan origination, sales, and securitizations in the consolidated statements of operations and comprehensive income (loss). We determine the fair value of our securitization investments using a discounted cash flow methodology, while also considering market data as it becomes available. Our residual investments accrete interest income over the expected life using the effective yield method, which reflects a portion of the overall fair value adjustment recorded each period on our residual investments. On a quarterly basis, we reevaluate the cash flow estimates over the life of the residual investments to determine if a change to the accretable yield is required on a prospective basis. Additionally, we record interest income associated with asset-backed bonds over the term of the underlying bond using the effective interest method on unpaid bond amounts. Interest income on residual investments and asset-backed bonds is presented within interest income—loans and securitizations in the consolidated statements of operations and comprehensive income (loss). See Note 15. Fair Value Measurements for the key inputs used in the fair value measurements of our residual investments and asset-backed bonds. Investments in Equity Securities Our investments in equity securities primarily consist of investments for which fair values are not readily determinable, which we elect to measure using the alternative method of accounting, under which they are measured at cost less any impairment and adjusted for changes resulting from observable price changes in orderly transactions for identical or similar investments of the same issuers. Our investments in equity securities are presented within other assets in the consolidated balance sheets. Adjustments to the carrying values of our investments in equity securities, such as impairments and unrealized gains, are recognized within noninterest income—other in the consolidated statements of operations and comprehensive income (loss). Loans Loan Classification We classify loans as held for sale or held for investment based on management’s assessment of its intent and ability to hold the loans for the foreseeable future or until maturity, which may change over time. A loan that is initially designated as held for sale or held for investment may be reclassified when our intent for that loan changes. The accounting and measurement framework for loans differs depending on the loan classification and whether we elect the fair value option. The presentation within the consolidated statements of cash flows is based on management’s intent at origination. Cash flows related to loans that are originated with the intent to sell are included in cash flows from operating activities in the consolidated statements of cash flows. Cash flows related to loans that are originated with the intent to hold for investment are included in cash flows from investing activities in the consolidated statements of cash flows. Our loan portfolio primarily consists of: (i) personal loans, student loans and home loans, which are measured at fair value and held for sale or held for investment, and (ii) secured loans, credit cards, and commercial and consumer banking loans, which are measured at amortized cost and held for investment. The commercial and consumer banking portfolio is primarily inclusive of commercial real estate loans, commercial and industrial loans and residential real estate and other consumer loans. Loans Held For Sale, at Lower of Amortized Cost or Fair Value During 2024, we began originating personal loans on behalf of third parties as part of our Loan Platform Business. These loans are generally held for a short period of time prior to sale and are held for sale and carried at the lower of amortized cost or fair value. Direct origination fees and costs for these loans are deferred and included as part of the carrying value of the loans and, upon the sale of a loan, are recognized as part of the gain or loss included within noninterest income - loan platform fees in the consolidated statements of operations and comprehensive income (loss). Servicing rights recognized in connection with the sale of these loans are initially measured at fair value and recognized as a component of the gain or loss from sales of loans and the initial capitalization is reported within noninterest income—loan platform fees in the consolidated statements of operations and comprehensive income (loss). Subsequent measurement changes for all servicing rights, including servicing fee payments and fair value changes, are included within noninterest income—servicing in the consolidated statements of operations and comprehensive income (loss). Upon sale of these loans, we establish a loan repurchase liability, which is based on historical experience and any current developments which would make it probable that we would buy back loans previously sold to third parties at the historical sales price. The loan repurchase liability is presented within accounts payable, accruals and other liabilities in the consolidated balance sheets, with the corresponding charges recorded within noninterest income—loan platform fees in the consolidated statements of operations and comprehensive income (loss). Interest income on loans held for sale at the lower of amortized cost or fair value is accrued and recognized based on the contractual rate of interest within interest income—loans and securitizations in the consolidated statements of operations and comprehensive income (loss). As of December 31, 2024, there were no material personal loans held for sale, at lower of amortized cost or fair value. Loans Measured at Fair Value We elected the fair value option to measure our personal loans, student loans and home loans, as we believe that fair value best reflects the expected economic performance of the loans. Therefore, these loans are carried at fair value on a recurring basis. During the year ended December 31, 2023, we transferred certain home loans out of Level 3 and into Level 2 due to an update to pricing sources utilized by third-party valuation specialists, as part of the integration of Wyndham. Other loans do not trade in an active market with readily observable prices and are classified as Level 3. We determine the fair value of our loans using a discounted cash flow methodology, while also considering market data as it becomes available. Direct origination fees, which primarily relate to personal and home loans, are recognized in earnings as earned and are recorded within noninterest income—loan origination, sales, and securitizations in the consolidated statements of operations and comprehensive income (loss). Direct loan origination costs are recognized in earnings as incurred and are recorded within noninterest expense—cost of operations in the consolidated statements of operations and comprehensive income (loss). We record the initial fair value measurement and subsequent measurement changes in fair value in the period in which the changes occur within noninterest income—loan origination, sales, and securitizations in the consolidated statements of operations and comprehensive income (loss). We record cash flows related to loans originally designated as held for sale within cash flows from operating activities in the consolidated statements of cash flows. We record cash flows related to loans originally designated as held for investment within cash flows from investing activities in the consolidated statements of cash flows. We consider a loan to be delinquent when the borrower has not made the scheduled payment amount within one day after the scheduled payment date, provided the borrower is not in school or in deferment, forbearance or within an agreed-upon grace period. Loan deferment is a provision within student loan contracts that permits the borrower to defer payments while enrolled at least half time in school. During the deferment period, interest accrues on the loan balance and is capitalized to the loan when the loan enters repayment status, which begins when the student no longer qualifies for deferment. Forbearance applies to student loans, personal loans and home loans. A borrower in repayment may generally request forbearance for reasons including a FEMA-declared disaster, unemployment, economic hardship or general economic uncertainty. Forbearance typically cannot exceed a total of 12 months over the life of the loan. If forbearance is granted, interest continues to accrue during the forbearance period and is capitalized to the loan when the borrower resumes making payments. At the conclusion of a forbearance period, the contractual monthly payment is recalculated and is generally higher as a result. For personal loans and student loans, delinquent loans are charged off after 120 days of delinquency or on the date of confirmed loss. For home loans, delinquent loans are charged off after 180 days of delinquency or on the date of confirmed loss. For all loans, we stop accruing interest and reverse all accrued but unpaid interest on the date of charge-off. Additional information about our loans held for sale is included in Note 4. Loans, Note 7. Securitization and Variable Interest Entities and Note 15. Fair Value Measurements. Loans Measured at Amortized Cost For our secured and commercial and consumer banking loans, direct loan origination costs are deferred and amortized using the effective interest method over the contractual term of the loans within interest income—loans and securitizations in the consolidated statements of operations and comprehensive income (loss). As of December 31, 2024, the remaining balance of deferred costs was immaterial We present accrued interest for loans measured at amortized cost within loans held for investment, at amortized cost in the consolidated balance sheets. The amortized cost of these loans is subject to our allowance for credit losses methodology described within “Allowance for Credit Losses” herein. We record cash flows related to loans held for investment within cash flows from investing activities in the consolidated statements of cash flows. Credit card receivables are reported at the amounts due from members, including accrued interest and fees, and unamortized net deferred loan origination fees and costs. Loan origination fees and direct loan origination costs are amortized on a straight-line basis over a 12-month period as adjustments to income through interest income—loans and securitizations in the consolidated statements of operations and comprehensive income (loss). Credit card balances are reported as delinquent when they become 30 or more days past due. Credit card balances are charged off after 180 days of delinquency or on the date of the confirmed loss, at which time we stop accruing interest and fees and reverse all accrued but unpaid interest and fees through interest income as of such date. When a credit card balance is charged off, we record a reduction to the allowance and the credit card balance. When recovery payments are received against charged off credit card balances, we record a direct reduction to the provision for credit losses. Credit card receivables associated with alleged or potential third-party fraudulent transactions are charged off through noninterest expense—general and administrative in the consolidated statements of operations and comprehensive income (loss). Commercial and consumer banking loans are reported as delinquent when they become 30 or more days past due. For all commercial and consumer banking loans, we stop accruing interest and reverse all accrued but unpaid interest after 90 days of delinquency. For consumer banking loans, delinquent loans are charged off after 120 days of delinquency or on the date of confirmed loss. For commercial loans, performance is monitored on an individual loan basis and delinquent loans are charged off when collectability of interest and principal on the loan is not reasonably assured. Secured loans are term loan arrangements secured by underlying loans owned by the debtor, which were previously originated, sold and in most cases continue to be serviced by the Company. Secured loans are reported as delinquent when they become 30 or more days past due, and are charged off after 120 days of delinquency or on the date of confirmed loss. Allowance for Credit Losses We primarily evaluate expected credit losses under the current expected credit loss model for the following financial assets: (i) cash equivalents and restricted cash equivalents, (ii) accounts receivable from contracts with customers, inclusive of servicing related receivables, (iii) loans measured at amortized cost, and (iv) investments in AFS debt securities. Our approaches to measuring the allowance for credit losses on the applicable financial assets are as follows: Cash equivalents and restricted cash equivalents: Our cash equivalents and restricted cash equivalents are short-term in nature and of high credit quality; therefore, we determined that our exposure to credit losses over the life of these instruments was immaterial. Accounts receivable from contracts with customers: Accounts receivable from contracts with customers as of the balance sheet dates, all of which are short-term in nature, are recorded at their original invoice amounts reduced by any allowance for credit losses. We assess the risk of loss for each individual customer, even when the risk is remote. Certain of our historical accounts receivable balances did not have any write-offs. We use the aging method and historical loss rates as a basis for estimating the percentage of current and delinquent accounts receivable balances that will result in credit losses. We consider whether the conditions at the measurement date and reasonable and supportable forecasts about future conditions, such as customer creditworthiness, current economic conditions, customer location, expectations of near-term economic trends and changes in customer payment terms and collection trends, warrant an adjustment to our historical loss experience. Based on this analysis, we determined that our historical loss rates remained most indicative of our lifetime expected losses. We record the provision for credit losses on accounts receivable from contracts with customers within noninterest expense—general and administrative in the consolidated statements of operations and comprehensive income (loss). When we determine that a receivable is not collectible, we write off the uncollectible amount as a reduction to both the allowance and the gross asset balance. Recoveries are recorded when received and credited to the provision for credit losses. Any change in the assumptions used in analyzing a specific account receivable may result in an additional allowance for credit losses being recognized in the period in which the change occurs. See Note 5. Allowance for Credit Losses for a rollforward of the allowance for credit losses related to our accounts receivable. Secured loans: We evaluate the credit quality of our secured loan portfolio based on the fair value of underlying collateral, which are subject to the requirements of our loan underwriting process and risk models upon origination. This analysis is performed on a quarterly basis utilizing a third-party valuation specialist, whereby the fair value of underlying collateral is reassessed based on relevant information such as funded loan rates and historical loss experience, among other factors. An allowance for credit losses is required when there is an expected credit loss after considering the fair value of the collateral as well as any anticipated future changes in the underlying collateral. As of and for the year ended December 31, 2024, based on this evaluation we did not recognize an allowance for credit losses on our secured loan. Credit cards: We use a combination of statistical-based loan level models that incorporate current and historical credit performance data, which includes both internal and external industry data. The process of estimating expected credit losses is based on an account-level PD model, a segment-level EAD model, and a portfolio-level recovery rate. In addition, the Company incorporates qualitative reserves to cover losses that are expected but may not be adequately represented in our quantitative methods. The PD model estimates the likelihood of default at different points in time over the life of each loan. The PD model analyzes a wide range of borrower characteristics, including credit scores and customer behaviors such as credit limit usage, revolving vs. transactors trends, and number of credit inquires. The EAD model estimates the balance of an account at the time of default. This includes balances less expected repayments based on historical payment and revolve behavior. A recovery rate reflecting an estimate of amounts expected to be received after default occurs is estimated separately based on historical recovery performance and applied to the final CECL calculation. For delinquent accounts we use roll rates based on historical data to determine the probabilities of default which is included in the final CECL calculation. Additionally, management evaluates whether to include qualitative reserves to cover losses that are expected but may not be adequately represented in the quantitative methods or the economic assumptions. The qualitative reserves address possible limitations within the models, such as macroeconomic conditions, regulatory requirements, emerging portfolio trends, the nature and size of the portfolio, portfolio concentrations, the volume and severity of past due accounts, changes in underwriting or lending staff, or other management risk actions. We record the provision for credit losses on credit cards within provision for credit losses in the consolidated statements of operations and comprehensive income (loss). When we determine that balances are not collectible, we charge-off the uncollectible amounts as a reduction to both the allowance for credit loss and gross asset balances. Recoveries are recorded when received as a direct reduction to provision for credit losses. We do not measure credit losses on the undrawn credit exposure, as such undrawn credit exposure is unconditionally cancellable by us. We elected to exclude interest on credit cards from the measurement of our allowance, as our policy allows for accrued interest to be reversed in a timely manner. Further, we elected the practical expedient to exclude the accrued interest component of our credit cards from the quantitative disclosures presented. See Note 5. Allowance for Credit Losses for a rollforward of the allowance for credit losses related to our credit cards. Commercial and consumer banking loans: We evaluate the credit quality of our commercial and consumer banking loan portfolio based on regulatory risk ratings. Loans are categorized into risk ratings based on relevant information about the ability of borrowers to service their debt, such as current financial information, historical payment experience, collateral adequacy, credit documentation, and current economic trends, among other factors. The allowance for credit losses is determined at a portfolio level and estimated based on weighted average remaining maturity and annualized loss rate according to the loan’s regulatory loan type, risk rating classification and historical loss rates in the industry. This analysis is performed on an ongoing basis as new information is obtained. See Note 5. Allowance for Credit Losses for a rollforward of the allowance for credit losses related to our commercial and consumer banking loans. Investments in AFS debt securities: Credit-related impairment is recognized as an allowance for credit losses in the consolidated balance sheets with a corresponding adjustment to provision for credit losses in the statements of operations and comprehensive income (loss). For certain securities that are guaranteed by the U.S. Treasury or government agencies, or sovereign entities of high credit quality, we concluded that there is no risk of credit-related impairment due to the nature of the counterparties and history of no credit losses. For other investments in AFS debt securities, factors considered in evaluating credit losses include: (i) adverse conditions related to the macroeconomic environment or the industry, geographic area or financial condition of the issuer, (ii) other credit indicators of the security, such as external credit ratings, and (iii) payment structure of the security. For the year ended December 31, 2024, we did not recognize an allowance for credit losses on impaired investments in AFS debt securities. Servicing Rights We enter into servicing agreements in connection with transfers of our financial assets and referral fulfillment arrangements in which we are a sub-servicer for financial assets that we do not legally own, and on a standalone basis. Under such servicing agreements, we earn servicing fees, generally expressed as a percentage of the serviced outstanding principal balance, portions of which may be subjected to subordination provisions. At the inception of each servicing relationship, we determine whether we should record a servicing asset or servicing liability, measured at the fair value of the servicing right, which may be zero. We elected the fair value option to measure our servicing rights subsequent to initial recognition. We measure the initial and subsequent fair value of our servicing rights using a discounted cash flow methodology, while also considering market data as it becomes available. The significant assumptions used in the valuation model include our contractual servicing fee, ancillary income, prepayment rate assumptions, default rate assumptions, a discount rate commensurate with the risk of the servicing asset or liability being valued, and an assumed market cost of servicing, which is based on active quotes from third-party servicers. The value of the servicing rights are dependent on the performance of the underlying loans. For servicing rights retained in connection with loan transfers that do not meet the requirements for sale accounting treatment, there is no recognition of a servicing asset or liability. Servicing rights in connection with transfers of financial assets are initially measured at fair value and recognized as a component of the gain or loss from sales of loans and the initial capitalization is reported within noninterest income—loan origination, sales, and securitizations in the consolidated statements of operations and comprehensive income (loss). For loans originated on behalf of third parties for our Loan Platform Business, servicing rights recognized as a component of the gain on sale are reported within noninterest income—loan platform fees in the consolidated statements of operations and comprehensive income (loss). Servicing rights assumed from third parties as referral fees for financial assets for which we are not the loan originator are initially measured at fair value and recognized within noninterest income—loan platform fees in the consolidated statements of operations and comprehensive income (loss). Servicing rights are measured at fair value at each subsequent reporting date and changes in fair value are reported in earnings in the period in which they occur. Subsequent measurement changes for all servicing rights, including servicing fee payments and fair value changes, are included within noninterest income—servicing in the consolidated statements of operations and comprehensive income (loss). For servicing rights with adequate compensation resulting in an initial and subsequent value of zero, we recognize servicing fees received during the period within noninterest income—servicing. We elected the fair value option to measure our servicing rights to better align with the valuation of our transferred loans, which also tend to share a similar risk profile to the personal loan servicing we assume from third parties when we are not the loan originator. The loans are also impacted by similar factors, such as conditional prepayment rates and default rates. We consider the risk of the assets and the observability of inputs in determining the classes of servicing rights. We have three classes of servicing assets: personal loans, student loans and home loans. See Note 15. Fair Value Measurements for the key inputs used in the fair value measurements of our classes of servicing rights. Property, Equipment and Software All property, equipment and software are initially recorded at cost, while repairs and maintenance costs are expensed as incurred. Computer hardware, furniture and fixtures, software, buildings and finance lease ROU assets are depreciated or amortized on a straight-line basis over the estimated useful life of each class of depreciable or amortizable assets (ranging from 2.5 to 30 years). Leasehold improvements are amortized over the shorter of the respective lease term or the estimated lives of the leasehold improvements. Software includes both purchased and internally-developed software. Internally-developed software is capitalized when preliminary project efforts are successfully completed, and it is probable that both the project will be completed and the software will be used as intended. Capitalized costs consist of salaries and compensation costs (inclusive of share-based compensation) for employees, fees paid to third-party consultants who are directly involved in development efforts and costs incurred for upgrades and functionality enhancements, and are amortized over a useful life ranging from 2.5 to 5 years. Other costs are expensed as incurred. See Note 9. Property, Equipment, Software and Leases for additional information on our property, equipment and software. Goodwill and Intangible Assets Goodwill represents the fair value of an acquired business in excess of the fair value of the identified net assets acquired. Goodwill is tested for impairment at the reporting unit level annually or whenever indicators of impairment exist. Impairment of goodwill is the condition that exists when the carrying amount of a reporting unit that includes goodwill exceeds its fair value. We may assess goodwill for impairment initially using a qualitative approach, referred to as “step zero”, to determine whether conditions exist to indicate that it is more likely than not that the fair value of a reporting unit is less than its carrying amount. If management concludes, based on its assessment of relevant events, facts and circumstances, that it is more likely than not that a reporting unit’s carrying value is greater than its fair value, then a quantitative analysis will be performed to determine if there is any impairment. We may alternatively elect to initially perform a quantitative assessment and bypass the qualitative assessment. A goodwill impairment loss is recognized for the amount that the carrying amount of a reporting unit, including goodwill, exceeds its fair value, limited to the total amount of goodwill allocated to that reporting unit. Therefore, if the fair value of a reporting unit exceeds its carrying amount, goodwill of the reporting unit is not impaired. Our reporting units for our goodwill impairment analysis represent components of our business at one level below our operating segments. Our annual impairment testing date is October 1. Definite-lived intangible assets are amortized on a straight-line basis over their useful lives and reviewed for impairment annually and whenever events or circumstances indicate that the carrying amount of such assets may not be recoverable. Intangible assets include capitalized costs incurred in the development and enhancement of our software products to be sold, leased or marketed. These costs, consisting primarily of salaries and compensation costs (inclusive of share-based compensation) for employees, are expensed as incurred until technological feasibility has been established, after which the costs are capitalized until the product is available for general release to customers. See Note 2. Business Combinations and Note 8. Goodwill and Intangible Assets for further discussion of goodwill and intangible assets, including those recognized in connection with recent business combinations. Leases We determine if an arrangement is or contains a lease at inception of the contract. A contract is or contains a lease if the contract conveys the right to control the use of identified property or equipment for a period of time in exchange for consideration. For our current office and non-office classes of operating leases, we elected the practical expedient to not separate non-lease components from lease components and to, instead, account for each separate lease component and the non-lease components associated with that lease component as a single lease component. For our current classes of finance leases, we did not elect to apply this practical expedient and, instead, separately identify and measure the non-lease components of the contracts. As an accounting policy election, we apply the short-term lease exemption practical expedient to any lease that, at the commencement date, has a lease term of 12 months or less and does not include an option to purchase the underlying asset that we are reasonably certain to exercise. Operating leases are presented within operating lease right-of-use assets and operating lease liabilities in the consolidated balance sheets. Finance lease ROU assets are presented within property, equipment and software and finance lease liabilities are presented within accounts payable, accruals and other liabilities in the consolidated balance sheets. Operating and finance lease ROU assets represent our right to use an underlying asset for the lease term and operating and finance lease liabilities represent our obligation to make lease payments arising from the lease. ROU assets and lease liabilities are recognized at the commencement date based on the present value of lease payments over the lease term. As our leases do not provide an implicit borrowing rate, we use our incremental borrowing rate based on the information available at commencement date or modification date, as appropriate, in determining the present value of lease payments. The operating lease ROU assets are increased by any prepaid lease payments and are reduced by any unamortized lease incentives. Our lease terms may include options to extend or terminate the lease when it is reasonably certain that we will exercise that option. Base rent is typically subject to rent escalations on each annual anniversary from the lease commencement dates. Lease expense for lease payments, including any step rent provisions specified in the lease agreements, is recognized on a straight-line basis over the lease term and is allocated among the components of noninterest expense in the consolidated statements of operations and comprehensive income (loss). The finance lease ROU assets are depreciated on a straight-line basis over the estimated useful life of seven years. Interest expense on finance leases is recognized for the difference between the present value of the lease liabilities and the scheduled lease payments within interest expense—other in the consolidated statements of operations and comprehensive income (loss). When a lease agreement is modified, we determine if the modification grants us the right to use an additional asset that is not included in the original lease contract and if the lease payments increase commensurate with the standalone price for the additional ROU asset. If both conditions are met, we account for the agreement as two separate contracts: (i) the original, unmodified contract and (ii) a separate contract for the additional ROU asset. If both conditions are not met, the modification is not evaluated as a separate contract. Instead, based on the nature of the modification, we (i) reassess the lease classification on the modification date under the modified terms, and (ii) use the modified lease payments and discount rate to remeasure the lease liability and recognize any difference between the new lease liability and the old lease liability as an adjustment to the ROU asset. See Note 9. Property, Equipment, Software and Leases for additional information on our leases. Derivative Financial Instruments We enter into derivative contracts to manage future loan sale execution risk. We did not elect hedge accounting, as management’s hedging intentions are to economically hedge the risk of unfavorable changes in the fair values of our personal loans, student loans and home loans. Our derivative instruments used to manage future loan sale execution risk include interest rate swaps, interest rate caps, credit derivatives and home loan pipeline hedges. We also have IRLCs, interest rate swaps and interest rate caps that were not related to future loan sale execution risk. Changes in derivative instrument fair values are recognized in earnings as they occur. Depending on the measurement date position, derivative financial instruments are presented within other assets or accounts payable, accruals and other liabilities in the consolidated balance sheets. Our derivative instruments are reported within cash flows from operating activities in the consolidated statements of cash flows. Certain derivative instruments are subject to enforceable master netting arrangements. Accordingly, we present our net asset or liability position by counterparty in the consolidated balance sheets. Additionally, since our cash collateral balances do not approximate the fair value of the derivative position, we do not offset our right to reclaim cash collateral or obligation to return cash collateral against recognized derivative assets or liabilities. See Note 14. Derivative Financial Instruments and Note 15. Fair Value Measurements for additional information on our derivative assets and liabilities. Financial Guarantees A portion of our student loans at fair value are covered by a credit default swap which meets the definition of a financial guarantee and is excluded from derivative accounting treatment because we own the underlying portfolio at inception and throughout the term and receive reimbursements based only on unpaid principal balance and only once a loan has become past due. Because the contract transfers the risk of borrower default to the counterparty, we apply the insurance contract claim method by deferring the full estimated amount of premiums paid and payable at inception. The deferred premium is estimated using a discounted cash flow model considering the expected performance of the reference portfolio and recorded within other assets and accounts payable, accruals and other liabilities in the consolidated balance sheets. Deferred premiums are amortized based on actual premiums due and recognized in noninterest expense—general and administrative in the consolidated statements of operations and comprehensive income (loss). We recognize a receivable and related earnings when a loss event occurs, we have the right to submit a claim, and recovery is probable. Loan Commitments We offer a program whereby applicants can lock in an interest rate on an in-school loan to be funded at a later time. Applicants can exit the loan origination process up until the loan funding date. SoFi is obligated to fund the loan at the committed terms on the disbursement date if the borrower does not cancel prior to the loan funding date. The student loan commitments meet the scope exception for issuers of commitments to originate non-mortgage loans. As the writer of the commitments, we elected the fair value option to measure our unfunded student loan commitments to align with the measurement methodology of our originated student loans. As such, our student loan commitments are carried at fair value on a recurring basis. Depending on the measurement date position, student loan commitments are presented within other assets or accounts payable, accruals and other liabilities in the consolidated balance sheets. We record the initial fair value measurement and subsequent measurement changes in fair value in the period in which the changes occur within noninterest income—loan origination, sales, and securitizations in the consolidated statements of operations and comprehensive income (loss). Loan commitments also include IRLCs, whereby we commit to interest rate terms prior to completing the origination process for home loans. IRLCs are derivative instruments that are measured at fair value on a recurring basis. Changes in fair value are recognized within noninterest income—loan origination, sales, and securitizations in the consolidated statements of operations and comprehensive income (loss). See “Derivative Financial Instruments” in this Note for additional information on our derivative instruments. See Note 15. Fair Value Measurements for the key inputs used in the fair value measurements of our loan commitments. Borrowings and Financing Costs We borrow from various financial institutions to finance our lending activities. Direct costs incurred in connection with financing, such as banker fees, origination fees and legal fees, are classified as deferred debt issuance costs. Generally, we capitalize these costs and report the amounts as a direct deduction from the carrying amount of the debt balance, however, beginning in the third quarter of 2024, for revolving debt, the unamortized debt issuance costs are reported in other assets in the consolidated balance sheets. For non-revolving debt, any difference between the stated principal amount of debt and the amount of cash proceeds received, net of debt issuance costs, is presented as a discount or premium. The capitalized debt issuance costs for both revolving and non-revolving debt and the original issue discount/premium on non-revolving debt are amortized into interest expense—securitizations and warehouses in the consolidated statements of operations and comprehensive income (loss) over the expected life of the related financing agreements using the straight-line method for revolving facilities and the effective interest method for securitization debt and our senior convertible notes, as defined and further discussed below. Remaining unamortized fees are expensed immediately upon early extinguishment of the debt. In a debt modification for revolving debt, the initial issuance costs and any additional fees incurred as a result of the modification are deferred over the term of the new agreement, if the borrowing capacity of the revolving facility is increased. In the case that a modification results in a decrease in our borrowing capacity, any fees paid to the creditor and any third-party costs incurred are considered to be associated with the new arrangement and are, therefore, deferred and amortized over the term of the new arrangement. Unamortized deferred costs relating to the old arrangement at the time of the modification are expensed immediately in proportion to the decrease in borrowing capacity of the old arrangement. Any remaining unamortized deferred costs relating to the old arrangement are deferred and amortized over the term of the new arrangement. We elected the fair value option to measure certain securitization debt, with the intent to mitigate the accounting divergence between debt liabilities measured at historical cost and the corresponding loans securing these financings, which are risk-managed on a fair value basis. For securitization debt carried at fair value on a recurring basis, we record the initial fair value measurement and subsequent measurement changes in fair value in the period in which the changes occur within noninterest income—loan origination, sales, and securitizations in the consolidated statements of operations and comprehensive income (loss). We determined the fair value of the applicable securitization debt using a discounted cash flow methodology, while also considering market data as it becomes available. The key inputs to the calculation include the underlying contractual coupons, terms, discount rate and expectations for defaults and prepayments. Convertible Senior Notes In October 2021, we issued $1.2 billion aggregate principal amount of convertible senior notes due 2026 (the “2026 convertible notes”). The 2026 convertible notes will mature on October 15, 2026, unless earlier repurchased, redeemed or converted. 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 2026 convertible notes will also be redeemable, in whole or in part, at our option at any time, and from time to time, on or after October 15, 2024 through the 30th scheduled trading day immediately before the maturity date, at a cash redemption price equal to the principal amount of the convertible notes to be redeemed, plus accrued interest, if any, thereon to, but excluding, the redemption date, but only if certain liquidity conditions described in the indenture are satisfied and certain conditions are met with respect to the last reported sale price per share of our common stock prior to conversion. In December 2023, March 2024, and August 2024, we entered into repurchase agreements to repurchase in aggregate principal amount of the convertible notes totaling $88.0 million, $600.0 million, and $84.0 million, respectively. See Note 12. Debt for more detailed disclosure of the term and features of the 2026 convertible notes. In March 2024, we issued $862.5 million aggregate principal amount of convertible senior notes due 2029 (the “2029 convertible notes”). The 2029 convertible notes will mature on March 15, 2029, unless earlier repurchased, redeemed or converted. We will settle conversion of the notes by paying or delivering cash, and if applicable, shares of our common stock, based on the applicable conversion rate. The 2029 convertible notes will also be redeemable, in whole or in part, at our option at any time, and from time to time, on or after March 15, 2027 through the 30th scheduled trading day immediately before the maturity date, at a cash redemption price equal to the principal amount of the convertible notes to be redeemed, plus accrued and unpaid interest, if any, thereon to, but excluding, the redemption date, but only if certain liquidity conditions described in the indenture are satisfied and certain conditions are met with respect to the last reported sale price per share of our common stock prior to conversion. See Note 12. Debt for more detailed disclosure of the term and features of the 2029 convertible notes. We elected to evaluate each embedded feature of the arrangement individually. We concluded that each of the conversion rights, optional redemption rights, fundamental change make-whole provision and repurchase rights did not require bifurcation as derivative instruments, which we reevaluate each reporting period. The additional interest and special interest that accrue on the notes in the event of our failure to comply with certain registration or reporting requirements are required to be bifurcated from the host contract, as the reporting requirement triggering event is not clearly and closely related to the host convertible debt contract, and therefore we measure the contingent interest feature at fair value each reporting period. The value was determined to be immaterial; therefore, we accounted for the convertible notes wholly as debt, which was recognized on the settlement date. Accordingly, we allocated all debt issuance costs to the debt instrument on the basis of materiality. In connection with the pricing of the convertible notes, we entered into privately negotiated capped call transactions with certain financial institutions, as defined and further discussed below. Capped Call Transactions During 2021, we entered into privately negotiated capped call transactions (the “2026 capped call transactions”) with certain financial institutions (the “capped call counterparties”). The Capped Call Transactions initially cover, subject to customary anti-dilution adjustments, the number of shares of our common stock that initially underlie the 2026 convertible notes. The Capped Call Transactions are net purchased call options on our own common stock. The Capped Call Transactions are separate transactions entered into by the Company with each of the Capped Call Counterparties, are not part of the terms of the 2026 convertible notes, and do not affect any holder’s rights under the 2026 convertible notes. Holders of the 2026 convertible notes do not have any rights with respect to the 2026 capped call transactions. As the 2026 capped call transactions are legally detachable and separately exercisable from the 2026 convertible notes, they were evaluated as freestanding instruments. We concluded that the 2026 capped call transactions meet the scope exceptions for derivative instruments, and as such, the 2026 capped call transactions meet the criteria for classification in equity and are included as a reduction to additional paid-in capital. In March 2024, we entered into privately negotiated capped call transactions (the “2029 capped call transactions”) with certain financial institutions (the “capped call counterparties”). The 2029 capped call transactions initially cover, subject to customary anti-dilution adjustments, the number of shares of our common stock that initially underlie the 2029 convertible notes. The capped call transactions are net purchased call options on our own common stock. The 2029 capped call transactions are separate transactions entered into by the Company with each of the capped call counterparties, are not part of the terms of the 2029 convertible notes, and do not affect any holder’s rights under the 2029 convertible notes. Holders of the 2029 convertible notes do not have any rights with respect to the 2029 capped call transactions. As the 2029 capped call transactions are legally detachable and separately exercisable from the 2029 convertible notes, they were evaluated as freestanding instruments. We concluded that the 2029 capped call transactions meet the scope exceptions for derivative instruments, and as such, the capped call transactions meet the criteria for classification in equity and are included as a reduction to additional paid-in capital. See Note 13. Equity for additional information on the Capped Call Transactions. Residual Interests Classified as Debt Within consolidated securitizations, the residual interests held by third parties are presented as residual interests classified as debt in the consolidated balance sheets. We measure residual interests classified as debt at fair value on a recurring basis. We record subsequent measurement changes in fair value in the period in which the change occurs within noninterest income—loan origination, sales, and securitizations in the consolidated statements of operations and comprehensive income (loss). We determine the fair value of residual interests classified as debt using a discounted cash flow methodology, while also considering market data as it becomes available. We recognize interest expense related to residual interests classified as debt over the expected life using the effective yield method, which reflects a portion of the overall fair value adjustment recorded each period on our residual interests classified as debt. Interest expense related to residual interests classified as debt is presented within interest expense—securitizations and warehouses in the consolidated statements of operations and comprehensive income (loss). On a quarterly basis, we reevaluate the cash flow estimates to determine if a change to the accretable yield is required on a prospective basis. See Note 15. Fair Value Measurements for the key inputs used in the fair value measurements of residual interests classified as debt. Foreign Currency Translation Adjustments We revalue assets, liabilities, income and expense denominated in non-United States currencies into United States dollars using applicable exchange rates. For foreign subsidiaries in which the functional currency is the subsidiary’s local currency, gains and losses relating to foreign currency translation adjustments are included in accumulated other comprehensive income (loss) in our consolidated balance sheets. For foreign subsidiaries in which the functional currency is the United States Dollar, gains and losses relating to foreign currency transaction adjustments are included within earnings in the consolidated statements of operations and comprehensive income (loss). Due to the highly inflationary economic environment in Argentina, we use the United States Dollar as the functional currency of our Argentinian operations. Our activities in Argentina are related to our Technology Platform segment and commenced in the first quarter of 2022 with the Technisys Merger. Safeguarding Asset and Liability Through our SoFi Invest product (via our wholly-owned subsidiary, SoFi Digital Assets, LLC, a licensed money transmitter), our members were able to invest in digital assets. In the fourth quarter of 2023, we transferred the crypto services provided by SoFi Digital Assets, LLC, and began closing existing digital assets accounts. This process was completed in the first quarter of 2024. Certain accounts were eligible for transfer to a third party digital asset service provider who assumed responsibility for the transferred accounts on a go-forward basis, including the arrangement of custodial services for the transferred digital assets. We have no further ongoing responsibilities for the transferred digital assets subsequent to the executed transfer which took place in December 2023, and derecognized the corresponding digital assets safeguarding liability and safeguarding asset as of the date of the transfer. For those digital assets that were not eligible to be transferred, we engaged third parties to provide custodial services for our digital assets offering, which included holding the cryptographic key information and working to protect the digital assets from loss or theft. The third-party custodians held digital assets as custodial assets in an account in SoFi’s name for the benefit of our members. We maintained the internal recordkeeping of our members’ digital assets, including the amount and type of digital assets owned by each of our members in the custodial accounts. In accordance with Staff Accounting Bulletin No. 121 (“SAB 121”), which we adopted effective June 30, 2022 with retrospective application as of January 1, 2022, we recognized a digital assets safeguarding liability within accounts payable, accruals and other liabilities in the consolidated balance sheets reflecting our obligation to safeguard the digital assets held by third-party custodians for the benefit of our members. We also recognized a corresponding safeguarding asset within other assets in the consolidated balance sheets. The safeguarding liability and corresponding safeguarding asset were measured and recorded at the fair value of the digital assets held by the custodians at each reporting date. Subsequent changes to the fair value measurement were reflected as equal and offsetting adjustments to the carrying values of the safeguarding liability and corresponding safeguarding asset. We evaluated any potential loss events, such as theft, loss or destruction of the cryptographic keys, that may have affected the measurement of the safeguarding asset, which would be reflected in our results of operations in the period the loss occurs. Measurement changes do not impact the consolidated statements of operations and comprehensive income (loss) unless such a loss event is identified. See “Recent Accounting Standards Issued, But Not Yet Adopted” for discussion of Staff Accounting Bulletin No. 122 (“SAB 122”). See Note 15. Fair Value Measurements for additional information on the fair value measurement of the safeguarding liability and corresponding safeguarding asset as of December 31, 2023. As of December 31, 2023, we utilized one third-party custodian, and we did not identify any loss events. We had no safeguarding liability and corresponding safeguarding asset as of December 31, 2024. Interest Income Interest income on loans is accrued and recognized based on the contractual rate of interest within interest income—loans and securitizations in the consolidated statements of operations and comprehensive income (loss). We stop accruing interest and reverse all accrued but unpaid interest at the time a loan charges off. Loans are returned to accrual status if the loans are brought to nondelinquent status or have performed in accordance with the contractual terms for a reasonable period of time and, in management’s judgment, will continue to make scheduled periodic principal and interest payments. Other interest income is primarily earned on our bank balances. Loan Origination and Sales Activities As part of our loan sale agreements, we may retain the rights to service sold loans. We calculate a gain or loss on the sale based on the sum of the proceeds from the sale and any servicing asset or liability recognized, less the carrying value of the loans sold. Our gain or loss calculation is also inclusive of repurchase liabilities recognized at the time of sale, and is recorded within noninterest income—loan origination, sales, and securitizations in the consolidated statements of operations and comprehensive income (loss) or within noninterest income - loan platform fees in connection with transfers of loans held for sale and carried at the lower of amortized cost or fair value as part of our Loan Platform Business. Revenue Recognition In each of our revenue arrangements, revenue is recognized when control of the promised goods or services is transferred to the customer in an amount that reflects our expected consideration in exchange for those goods or services. Our primary revenue streams for the periods presented include the following: •Technology Products and Solutions: We earn fees for providing an integrated platform as a service for financial and non-financial institutions. •Referrals: We earn specified referral fees in connection with referral activities we facilitate through our platform, inclusive of referral fees generated through our Loan Platform Business, for providing pre-qualified borrower referrals to a third-party partner that offer services to end users who do not use one of our product offerings and referrals of pre-qualified borrowers to a third-party partner who separately contracts with a loan originator. •Interchange: We earn interchange fees from debit and credit cardholder transactions conducted through payment networks. •Brokerage: We earn fees in connection with facilitating investment-related transactions through our platform, such as brokerage transactions, share lending and exchange conversion. See Note 3. Revenue for additional information on our revenue recognition policy within each revenue stream. Share-Based Compensation Share-based compensation made to employees and non-employees, including stock options, RSUs, PSUs and employee stock purchase rights granted under the Company's ESPP, is measured based on the grant date fair value of the awards. We used the Black-Scholes Option Pricing Model (the “Black-Scholes Model”) to estimate the grant-date fair value of stock options and employee stock purchase rights granted under the ESPP. RSUs are measured based on the fair value of the underlying stock on the dates of grant. We use a Monte Carlo simulation model to estimate the grant-date fair value of PSUs. Compensation expense is typically recognized on a straight-line basis over the period during which the share-based award holder is required to perform services in exchange for the award (the vesting period) for stock options and RSUs, on an accelerated attribution basis for each vesting tranche over the respective derived service period for PSUs and over each offering period for our ESPP. Share-based compensation expense is allocated among the following categories of expenses within noninterest expense: (i) technology and product development, (ii) sales and marketing, (iii) cost of operations, and (iv) general and administrative in the consolidated statements of operations and comprehensive income (loss). We recognize forfeitures and withdrawals (relevant to the ESPP) as incurred and, therefore, reverse previously recognized share-based compensation expense at the time of forfeiture and withdrawal. See Note 16. Share-Based Compensation for further discussion of share-based compensation. Advertising, Sales and Marketing Advertising production costs and advertising communication costs, as well as amounts paid to various affiliates to market our products, are included within noninterest expense—sales and marketing in the consolidated statements of operations and comprehensive income (loss). Advertising costs are expensed either as incurred or when the advertising takes place, depending on the nature of the advertising activity. For the years ended December 31, 2024, 2023 and 2022, advertising totaled $321,951, $284,176 and $256,125, respectively. Expenses incurred by us related to member acquisition, including brand development, business development and direct member marketing expenses, are also presented within noninterest expense—sales and marketing in the consolidated statements of operations and comprehensive income (loss). Technology and Product Development Expenses incurred by us related to technology, product design and implementation, which includes compensation and benefits, are classified as noninterest expense—technology and product development in the consolidated statements of operations and comprehensive income (loss). Loss Contingencies Loss contingencies, including claims and legal actions arising in the ordinary course of business, are recorded in accounts payable, accruals and other liabilities in the consolidated balance sheets. Such liabilities and associated expenses are recorded when the likelihood of loss is probable and an amount or range of loss can be reasonably estimated. Such estimates are based on the best information available at the time. As additional information becomes available, we reassess the potential liability and record an estimate in the period in which the adjustment is probable and an amount or range can be reasonably estimated. Due to the inherent uncertainties of loss contingencies, estimates may be different from the actual outcomes. With respect to legal proceedings, we recognize legal fees as they are incurred within noninterest expense—general and administrative in the consolidated statements of operations and comprehensive income (loss). See Note 18. Commitments, Guarantees, Concentrations and Contingencies for discussion of contingent matters. Restructuring During the years ended December 31, 2024 and 2023, we recognized restructuring charges of $1,530 and $12,749, respectively, within the following categories of expenses within : (i) technology and product development, (ii) sales and marketing, (iii) cost of operations, and (iv) general and administrative in the consolidated statements of operations and comprehensive income (loss). Restructuring charges in 2024 were primarily related to legal entity restructuring. Restructuring charges in 2023 were associated with a reduction in headcount in the Technology Platform segment in the first quarter of 2023, as well as expenses in the fourth quarter of 2023 related to a reduction in headcount across the Financial Services, Lending and corporate functions, which primarily included employee-related wages, benefits and severance. Income Taxes We recognize deferred tax assets and liabilities for the expected future tax consequences of temporary differences between the financial reporting and tax basis of assets and liabilities, as well as for net operating loss and tax credit carryforwards. Deferred tax assets and liabilities are measured using the tax rates that are expected to apply to taxable income for the years in which those tax assets and liabilities are expected to be realized or settled. In assessing the realizability of deferred tax assets, management reviews all available positive and negative evidence. Generally, the weight we give to any particular factor is dependent upon the degree to which it can be objectively verified. As a result, we give greater weight to the recent cumulative income of a relevant jurisdiction than other more subjective factors. Valuation allowances are recorded if, in management’s judgment, it is determined that all or some portion of the deferred tax asset will not be realized. Deferred tax assets and liabilities are offset when they related to income taxes levied by the same taxation authority and we intend to settle tax assets and liabilities on a net basis. The tax effects from an uncertain tax position can be recognized in the financial statements only if the tax position would more likely than not be upheld on examination by the taxing authorities based on the merits of the tax position. Management is required to analyze all open tax years, as defined by the statute of limitations, for all jurisdictions. We accrue tax penalties and interest, if any, as incurred and recognize them within income tax (expense) benefit in the consolidated statements of operations and comprehensive income (loss). Related Parties We define related parties as members of our Board of Directors, entity affiliates, executive officers and principal owners of our outstanding stock and members of their immediate families. Related parties also include any other person or entity with significant influence over our management or operations. Recently Adopted Accounting Standards Improvements to Reportable Segment Disclosures In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280) — Improvements to Reportable Segment Disclosures. The ASU improves reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses. The standard is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. We adopted this standard effective for the reporting periods noted above, with retrospective application to all prior periods presented in the financial statements. The adoption of this standard did not have any impact on the Company’s financial condition, results of operations or cash flows, but resulted in enhancements to our segment disclosures, primarily related to our significant segment expenses. See Note 20. Business Segment and Geographic Information for further information. Recent Accounting Standards Issued, But Not Yet Adopted Improvements to Income Tax Disclosures In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740) — Improvements to Income Tax Disclosures. The ASU improves income tax disclosures primarily related to enhancements of the rate reconciliation and income taxes paid information. The standard is effective for annual periods beginning after December 15, 2024, with early adoption permitted. The standard should be applied on a prospective basis with the option to apply the standard retrospectively. We are currently evaluating the impact of this standard on our disclosures. Disaggregation of Income Statement Expenses In November 2024, the FASB issued ASU 2024-03, Income Statement — Reporting Comprehensive Income — Expense Disaggregation Disclosures (Subtopic 220-40) — Disaggregation of Income Statement Expenses. The ASU requires the disclosure of additional information about specific costs and expense categories in the notes to financial statements. The standard is effective for annual periods beginning after December 15, 2026, and interim periods beginning after December 15, 2027, with early adoption permitted. The standard should be applied on a prospective basis with the option to apply the standard retrospectively. We are currently evaluating the impact of this standard on our disclosures. Induced Conversions of Convertible Debt Instruments In November 2024, the FASB issued ASU 2024-04, Debt-Debt with Conversion and Other Options (Subtopic 470-20)—Induced Conversions of Convertible Debt Instruments. The ASU clarifies the requirements for determining whether certain settlements of convertible debt instruments should be accounted for as an induced conversion. The standard is effective for annual periods beginning after December 15, 2025, and interim periods within those annual periods, with early adoption permitted for all entities that have adopted the amendments in ASU 2020-06. The standard may be applied on a prospective basis with the option to apply the standard retrospectively. We are currently evaluating the impact of this standard on our consolidated financial statements. Obligations to Safeguard Crypto-Assets In January 2025, the SEC released Staff Accounting Bulletin No. 122 (“SAB 122”), which rescinds the interpretive guidance provided in SAB 121 for reporting entities that have an obligation to safeguard customers' crypto assets. Under SAB 121, entities were required to recognize both a liability and a corresponding asset for their safeguarding obligations. With the new guidance, an entity that has a safeguarding obligation should assess whether it has any loss contingencies under ASC 450, Contingencies. SAB 122 must be applied retrospectively for annual periods beginning after December 15, 2024, with early adoption permitted in any interim or annual financial statement period filed with the SEC on or after January 30, 2025. Upon adoption, we will no longer recognize a liability and a corresponding asset for our safeguarding obligations. We do not expect this guidance to have a material impact on our consolidated financial statements. Refer to “Safeguarding Asset and Liability” for additional information about our historical digital assets activity.
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Business Combinations |
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| Business Combinations | Note 2. Business Combinations Acquisition of Golden Pacific Bancorp, Inc. On February 2, 2022, we acquired Golden Pacific, pursuant to an Agreement and Plan of Merger dated as of March 8, 2021 by and among the Company, a wholly-owned subsidiary of the Company, and Golden Pacific. In the business combination, we acquired all of the outstanding equity interests in Golden Pacific for total cash purchase consideration of $22.3 million (the “Bank Merger”). The acquisition was not determined to be a significant acquisition. After closing the Bank Merger, we became a bank holding company and Golden Pacific began operating as SoFi Bank. We are duly registered as a bank holding company with the Federal Reserve. SoFi Bank is a national banking association whose primary federal regulator is the OCC. Deposit accounts of SoFi Bank are insured by the FDIC through the Deposit Insurance Fund to the fullest extent permitted by law. The closing of the Bank Merger was subject to regulatory approval. On January 18, 2022, we received approval from the Federal Reserve of our application to become a bank holding company under the Bank Holding Company Act, and we received conditional approval from the OCC to close the Bank Merger. The OCC also approved our application to change the composition of Golden Pacific’s assets in connection with the Bank Merger. The OCC conditional approval imposed a number of conditions, including that SoFi Bank have initial paid-in capital of no less than $750 million and adhere to an operating agreement. Golden Pacific’s community bank business continues to operate as a division of SoFi Bank. A portion of the total cash purchase consideration ($0.6 million) was held back by the Company to satisfy any indemnification or certain other obligations (“Holdback Amount”), as certain legal proceedings with which Golden Pacific is involved as a plaintiff were not resolved at the time the Bank Merger closed. During 2022, we incurred costs associated with the litigation involving Golden Pacific as a plaintiff in excess of the Holdback Amount. Therefore, none of the Holdback Amount will be released to the Golden Pacific shareholders. Additionally, we held back a $3.3 million payable to a dissenting Golden Pacific shareholder pending resolution of the shareholder’s dissenter’s rights appraisal claim. During the fourth quarter of 2023, the appraisal claim was settled and payment was released. Acquisition of Technisys S.A. On March 3, 2022, we acquired Technisys S.A., a Luxembourg société anonyme, (“Technisys”), pursuant to an Agreement and Plan of Merger dated as of February 19, 2022 and amended as of March 3, 2022, by and among the Company, Technisys, Atom New Delaware, Inc., a Delaware corporation and a wholly owned subsidiary of Atom, and Atom Merger Sub Corporation, a Delaware corporation and wholly owned subsidiary of SoFi Technologies (the “Technisys Merger”). In the business combination, we acquired all of the outstanding equity interests in Technisys for a preliminary purchase consideration of $915.4 million. During the third quarter of 2022, we finalized the closing net working capital calculation specified in the merger agreement, which resulted in a reduction to the equity consideration of 155,794 shares, representing an adjustment to the total purchase consideration of $1,665, and a corresponding reduction to the carrying value of recognized goodwill. The remaining 442,274 shares that were held in escrow associated with the working capital calculation were released to the former Technisys shareholders. The finalized closing net working capital calculation did not impact the estimated fair values of the assets acquired and liabilities assumed in conjunction with the transaction. The following table presents the components of the total purchase consideration to acquire Technisys as of December 31, 2022:
___________________ (1) Reflects the shares of SoFi common stock issued in the acquisition of 81,700,318, multiplied by the closing stock price of SoFi common stock on the closing date of the Technisys Merger. Additionally, these shares are inclusive of 6,305,595 shares that were held in escrow. (2) We contemporaneously converted outstanding performance awards into RSUs to acquire common stock of SoFi (“Replacement Awards”). The fair value of awards assumed in the purchase consideration was based on the closing stock price of SoFi common stock on the closing date of the Technisys Merger. We settled vested employee performance awards, which were a component of the purchase consideration above, with payments during the years ended December 31, 2023 and 2022 of $19,656 and $17,641, respectively. During the year ended December 31, 2023, we released 6,259,736 escrow shares during the second and fourth quarters of 2023. The remaining 45,859 shares continue to be held in escrow pending resolution of outstanding indemnification claims by SoFi. The following unaudited supplemental pro forma financial information presents the Company’s consolidated results of operations as if the business combination had occurred on January 1, 2020:
The unaudited supplemental pro forma financial information is presented for comparative purposes only and is not necessarily indicative of the actual results of operations that would have been achieved, nor is it indicative of future results of operations. The unaudited supplemental pro forma financial information reflects pro forma adjustments that give effect to applying the Company’s accounting policies and certain events the Company believes to be directly attributable to the acquisition. The pro forma adjustments primarily include: •incremental straight-line amortization expense associated with acquired intangible assets; •an adjustment to reflect post-combination share-based compensation expense associated with the Replacement Awards as if the conversion had occurred on January 1, 2020; •an adjustment to reflect acquisition-related costs for both parties as if they were incurred during the earliest period presented; and •the related income tax effects, at the statutory tax rate applicable for each period, of the pro forma adjustments noted above. The unaudited supplemental pro forma financial information does not give effect to any anticipated cost savings, operating efficiencies or other synergies that may be associated with the acquisition, or any estimated costs that have been or will be incurred by the Company to integrate the assets and operations of Technisys. Acquisition of Wyndham Capital Mortgage On April 3, 2023, we acquired all of the outstanding equity interests in Wyndham for cash consideration. With the acquisition of Wyndham, a fintech mortgage lender, we broadened our suite of home loan products and now manage the technology for a digitized mortgage experience. The acquisition is being accounted for as a business combination. The purchase consideration is being allocated to the tangible and intangible assets acquired and liabilities assumed based on the estimated fair values as of the acquisition date. The excess of the total purchase consideration over the fair value of the net assets acquired is allocated to goodwill, which is expected to be deductible for tax purposes. The fair value estimates are subject to change for up to one year after the acquisition date as additional information becomes available. The acquisition was not determined to be a significant acquisition.
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| Revenue | Note 3. Revenue In each of our revenue arrangements, revenue is recognized when control of the promised goods or services is transferred to the customer in an amount that reflects our expected consideration in exchange for those goods or services. Technology Products and Solutions We earn fees for providing an integrated technology platform as a service for financial and non-financial institutions. Our single performance obligation is the promise to stand ready to provide integrated technology platform services as needed throughout the contract term. The integrated technology platform service fees are determined based on the number of accounts supported on the platform and on the volume of transactions generated on the platform. We satisfy our performance obligation continuously throughout the contractual arrangements and our customers receive and consume the benefits simultaneously as we perform. Our integrated technology platform as a service is a stand-ready obligation, as we provide the service regardless of the timing and quantity of accounts on the platform and transactions generated on the platform. Under this stand-ready obligation, our performance obligation is satisfied over time throughout the contract term rather than at a point in time. The service of standing ready to fulfill our integrated platform as a service offering is substantially the same each day and has the same pattern of transfer to the customer. Therefore, we determined that our stand-ready performance obligation comprises a series of distinct days of service. We are the principal in our integrated technology platform services arrangements as we control the service of completing transaction on the platform. We earn fees for providing software licenses and associated services, including implementation and maintenance, related to our cloud-native digital and core banking platform. We charge a recurring fee for the software license and related maintenance services. Other software-related services are billed on a periodic basis as the services are provided. The Company’s software license arrangements provide the customer with the right to use functional intellectual property for the duration of the contract term. We recognize revenue related to software licenses at a point in time upon delivery of the license and the close of the user-acceptance testing period. When implementation services are distinct, we recognize revenue over time during the implementation period. We recognize maintenance services ratably over the contractual maintenance term. We allocate fees charged for software licenses and associated services to our performance obligations on the basis of the relative standalone selling price using observable standalone selling prices and the adjusted market assessment approach. The standalone selling prices either represent the prices at which we separately sell each license or service or are estimated using available information, such as market conditions and internal pricing policies. The standalone selling price of the software license and related maintenance are determined based on the value relationship for these products as well as the term of the software license. Referrals We earn specified referral fees in connection with certain referral activities we facilitate through our platform. In one type of referral arrangement, we refer end users through our platform to third-party enterprise partners. Our referral fee is calculated as either a fixed price per successful referral or a percentage of the transaction volume between the enterprise partners and referred consumers. In another type of referral arrangement, we earn referral fulfillment fees for providing pre-qualified borrower referrals to a third-party partner who separately contracts with a loan originator. Our referral fees are based on the referred loan amount, subject to a referral fulfillment fee penalty if a loan is determined to be ineligible and becomes a charged-off loan as defined in the contract. We recognize revenue for each originated loan, less the estimated referral fulfillment fee penalty. The estimated referral fulfillment fee penalty was immaterial as of December 31, 2024 and 2023. Interchange We earn interchange fees from debit and credit cardholder transactions conducted through payment networks. Interchange fees from cardholder transactions represent a percentage of the underlying transaction value and are recognized daily, concurrently with the transaction processing services provided to the cardholder. Interchange is presented net of cardholder rewards associated with card transactions. Costs of Obtaining Contracts with Customers We capitalize incremental costs of obtaining a contract with a customer, which are certain commissions paid to third-parties in connection with the acquisition of member accounts. Capitalized costs are amortized over the life of the account. We elected the practical expedient to expense the incremental costs of obtaining a contract when the amortization period is one year or less. The expense is reported in noninterest expense—sales and marketing on the consolidated statements of operations and comprehensive income (loss). Brokerage We earn fees in connection with facilitating investment-related transactions through our platform, which we refer to as brokerage revenue. Our brokerage revenue performance obligation is generally completely satisfied upon the completion of an investment-related transaction. In general, we act as the agent in these arrangements as we do not oversee the execution of the transactions and ultimately lack the requisite control. Disaggregated Revenue The table below presents revenue from contracts with customers disaggregated by type of service, which best depicts how the revenue and cash flows are affected by economic factors, and by the reportable segment to which each revenue stream relates, as well as a reconciliation of total revenue from contracts with customers to total noninterest income.
(1) Presented within noninterest income—loan platform fees in the consolidated statements of operations and comprehensive income (loss). (2) Presented within noninterest income—other in the consolidated statements of operations and comprehensive income (loss). (3) Financial Services includes revenues from enterprise services and equity capital markets services. Technology Platform includes revenues from software licenses and associated services, and payment network fees for serving as a transaction card program manager for enterprise customers that are the program marketers for separate card programs. (4) Revenue from contracts with customers is presented within noninterest income—technology products and solutions and noninterest income—other in the consolidated statements of operations and comprehensive income (loss). Related to these technology platform services, we had deferred revenue of $7,474 and $5,718 as of December 31, 2024 and 2023, respectively, which are presented within accounts payable, accruals and other liabilities in the consolidated balance sheets. During the years ended December 31, 2024, 2023 and 2022, we recognized revenue of $7,112, $8,327 and $7,773, respectively, associated with deferred revenue within noninterest income—technology products and solutions in the consolidated statements of operations and comprehensive income (loss). (5) Includes gain on extinguishment of convertible debt of $62,517 and $14,574 during the years ended December 31, 2024 and 2023, respectively. Contract Balances As of December 31, 2024 and 2023, accounts receivable, net associated with revenue from contracts with customers was $61,569 and $60,466, respectively, reported within other assets in the consolidated balance sheets.
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| Receivables [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Loans | Note 4. Loans As of December 31, 2024, our loan portfolio consisted of (i) loans held for sale, including personal loans and home loans, which are measured at fair value under the fair value option, (ii) loans held for investment, including student loans, which are measured at fair value under the fair value option, and (iii) loans held for investment, including secured loans, credit cards, and commercial and consumer banking loans, which are measured at amortized cost. Below is a disaggregated presentation of our loans, inclusive of fair market value adjustments and accrued interest income and net of the allowance for credit losses, as applicable:
_____________________ (1) Includes $171,421 and $502,757 of personal loans in consolidated VIEs as of December 31, 2024 and 2023, respectively. (2) Includes $2,034,559 and $2,459,103 of student loans covered by financial guarantee, and $80,812 and $221,461 of student loans in consolidated VIEs as of December 31, 2024 and December 31, 2023, respectively. (3) See Note 1. Organization, Summary of Significant Accounting Policies and New Accounting Standards and Note 5. Allowance for Credit Losses for additional information on our loans at amortized cost as it pertains to the allowance for credit losses. Loans Measured at Fair Value The following table summarizes the aggregate fair value of our loans for which we elected the fair value option. See Note 15. Fair Value Measurements for the assumptions used in our fair value model.
(1) Each component of the fair value of loans is impacted by charge-offs during the period. Our fair value assumption for annual default rate incorporates fair value markdowns on loans beginning when they are 10 days or more delinquent, with additional markdowns at 30, 60 and 90 days past due. The following table summarizes the aggregate fair value of loans 90 days or more delinquent. As delinquent personal loans and student loans are charged off after 120 days of delinquency, amounts presented below represent the fair value of loans that are 90 to 120 days delinquent.
__________________ (1) Our fair value assumption for annual default rate incorporates fair value markdowns on loans beginning when they are 10 days or more delinquent, with additional markdowns at 30, 60 and 90 days past due. We record the initial fair value measurement and subsequent measurement changes in fair value in the period in which the changes occur within noninterest income—loan origination, sales, and securitizations in the consolidated statements of operations and comprehensive income (loss). As such, the $82 million fair value adjustment as of December 31, 2024 has been recorded in noninterest income—loan origination, sales, and securitizations in the respective periods in which 10, 30, 60, and 90 days of delinquency occurred. See Note 1. Organization, Summary of Significant Accounting Policies and New Accounting Standards for further discussion of the policies for determining the fair value of our loan portfolios. (2) The fair value incorporates the expected price to be paid by buyers of these delinquent loans after charge-off occurs, implying that potential recoveries are expected to be in excess of these levels based on consistent demonstrated recoverability after a loan becomes delinquent and gets charged off. Transfers of Financial Assets We regularly transfer financial assets and account for such transfers as either sales or secured borrowings depending on the facts and circumstances of the transfer. When a transfer of financial assets qualifies as a sale, in many instances we have continuing involvement as the servicer of those financial assets. As we expect the benefits of servicing to be more than just adequate, we recognize a servicing asset. Further, in the case of securitization-related transfers that qualify as sales, we have additional continuing involvement as an investor, albeit at insignificant levels relative to the expected gains and losses of the securitization. In instances where a transfer is accounted for as a secured borrowing, we perform servicing (but we do not recognize a servicing asset) and typically maintain a significant investment relative to the expected gains and losses of the securitization. In whole loan sales, we do not have a residual financial interest in the loans, nor do we have any other power over the loans that would constrain us from recognizing a sale. Additionally, we generally have no repurchase requirements related to transfers of personal loans, student loans and non-GSE home loans other than standard origination representations and warranties, for which we record a liability based on expected repurchase obligations. For GSE home loans, we have customary GSE repurchase requirements, which do not constrain sale treatment but result in a liability for the expected repurchase requirement. The following table summarizes our personal loan securitization transfers qualifying for sale accounting treatment. There were no loan securitization transfers qualifying for sale accounting treatment during the year ended December 31, 2022.
Deconsolidation of debt reflects the impacts of previously consolidated VIEs that became deconsolidated during the period because we no longer hold a significant financial interest in the underlying securitization entity, which can fluctuate from period to period. Gains and losses on deconsolidations are presented within noninterest income—loan origination, sales, and securitizations in the consolidated statements of operations and comprehensive income (loss). During the year ended December 31, 2024, we had deconsolidation of debt on student loans of $98.0 million. During the year ended December 31, 2023, we had deconsolidation of debt on student loans of $100.3 million. During the year ended December 31, 2022, we had deconsolidation of debt on personal loans of $70.6 million and on student loans of $126.0 million. For all periods, the impact on earnings from these deconsolidations was immaterial. The following table summarizes our current whole loan sales:
The following table summarizes our delinquent whole loan sales during the year ended December 31, 2024. There were no delinquent whole loan sales during the years ended December 31, 2023 and 2022.
(1) For the year ended December 31, 2024, includes $302.9 million of aggregate unpaid principal balance sold, related to late-stage delinquent loans for which we retained servicing and portions of recoveries. For the year ended December 31, 2024, $197.4 million of unpaid principal balance was recorded in prior periods as a reduction in fair value in noninterest income—loan origination, sales, and securitizations in the consolidated statements of operations and comprehensive income (loss). These loans were sold prior to charge-off during the year ended December 31, 2024 and otherwise would have been charged off as of December 31, 2024 consistent with our policy. In our other charged off whole loan sales, we typically do not retain servicing or recoveries. The following table summarizes loans originated and subsequently sold as part of our Loan Platform Business, which are loans that we originate on behalf of a third-party for which we receive a fee. There were no sales related to our Loan Platform Business during the years ended December 31, 2023 and 2022.
(1) Includes unpaid principal balance of $2.1 billion for the year ended December 31, 2024. (2) Represents loan platform fees earned less the repurchase liabilities recognized at the time of sale. (3) Recorded in noninterest income—loan platform fees in the consolidated statements of operations and comprehensive income (loss). In addition to the previously disclosed personal, student and home loan sale activity, the Company also sold secured loans at par during the year ended December 31, 2024, which had an unpaid principal balance and accrued interest of $555.9 million. For certain transferred loans that qualified for sale accounting and are, therefore, derecognized, we have continuing involvement through our servicing agreements. For such loans, our exposure to loss is generally limited to the extent we would be required to repurchase such a loan due to a breach of representations and warranties associated with the loan transfer or servicing contract. The following table presents information about the unpaid principal balances of loans originated by us and subsequently transferred, but with which we have continuing involvement:
(1)Total transferred loans serviced includes loans in delinquency, as well as loans in repayment, loans in-school/grace period/deferment (related to student loans), and loans in forbearance. The vast majority of total transferred loans serviced represent loans in repayment as of the dates indicated. The following table presents additional information about the servicing cash flows received and net charge-offs related to loans originated by us and subsequently transferred, but with which we have a continuing involvement:
Loans Measured at Amortized Cost Loan Portfolio Composition and Aging The following table presents the amortized cost basis of our credit card and commercial and consumer banking portfolios (excluding accrued interest and before the allowance for credit losses) by either current status or delinquency status:
(1)Generally, all of the credit cards ≥ 90 days past due continued to accrue interest. As of the dates indicated, credit card, commercial and consumer banking loans on nonaccrual status were immaterial. (2)For credit card, the balance is presented before allowance for credit losses of $44,350 and $52,385 as of December 31, 2024 and December 31, 2023, respectively, and accrued interest of $4,125 and $5,288, respectively. For secured loans, the balance is presented before accrued interest of $1,641 and $730 as of December 31, 2024 and December 31, 2023, respectively. For commercial and consumer banking, the balance is presented before allowance for credit losses of $2,334 and $2,310, as of December 31, 2024 and December 31, 2023, respectively, and accrued interest of $554 and $415, respectively. (3)Includes residential real estate loans originated by Golden Pacific for which we did not elect the fair value option. Credit Quality Indicators Credit Card The following table presents the amortized cost basis of our credit card portfolio (excluding accrued interest and before the allowance for credit losses) based on FICO scores, which are obtained at origination of the account and are refreshed monthly thereafter. The pools estimate the likelihood of borrowers with similar FICO scores to pay credit obligations based on aggregate credit performance data.
Commercial and Consumer Banking We analyze loans in our commercial and consumer banking portfolio by classification based on their associated credit risk, and perform an analysis on an ongoing basis as new information is obtained. Risk rating classifications are further described below. Loans with a lower expectation of credit losses are classified as Pass, while loans with a higher expectation of credit losses are classified as Substandard. •Pass — Loans that management believes will fully repay in accordance with the contractual loan terms. •Watch — Loans that management believes will fully repay in accordance with the contractual loan terms, but for which certain credit attributes have changed from origination and warrant further monitoring. •Special mention — Loans with a potential weakness or weaknesses that deserves management’s close attention. If left uncorrected, the potential weaknesses may result in deterioration of the repayment prospects for the loan or our credit position at some future date. •Substandard — Loans that are inadequately protected by the current net worth and paying capacity of the obligor or of the collateral pledged, if any. Loans so classified have a well-defined weakness or weaknesses that jeopardize the full repayment. They are characterized by the distinct possibility that we will sustain some loss if the deficiencies are not corrected. The following table presents the amortized cost basis of our commercial and consumer banking portfolio (excluding accrued interest and before the allowance for credit losses) by origination year and credit quality indicator:
Secured Loans The amortized cost basis (excluding accrued interest) of our secured loans were $804.8 million and $445.7 million as of December 31, 2024 and December 31, 2023, respectively. Secured loans are term loan arrangements secured by underlying loans owned by the debtor, which were previously originated, sold and in most cases continue to be serviced by the Company. The borrowers of our secured loans are generally financial institutions, and the underlying collateral are personal loans originated by the Company. The duration of these secured loans align with the underlying collateral, the majority of which have a term of seven years or less. Our secured loans were originated in 2023 and 2024, are all current and there have been no charge-offs since origination.
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Allowance for Credit Losses |
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| Receivables [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Allowance for Credit Losses | Note 5. Allowance for Credit Losses Our allowance for credit losses represents our current estimate of expected credit losses over the remaining contractual life of certain financial assets, including credit cards as well as commercial and consumer banking loans, which relate to our Financial Services segment, and accounts receivables primarily related to our Technology Platform segment. Given our methods of collecting funds on servicing receivables, our historical experience of infrequent write-offs, and that we have not observed meaningful changes in our counterparties’ abilities to pay, we determined that the future exposure to credit losses on servicing related receivables was immaterial. In estimating expected credit losses for credit cards, we segment loans based on credit quality indicators and reassess our pools periodically to confirm that all loans within each pool continue to share similar risk characteristics. We establish an allowance within each pool utilizing a proprietary risk model that relies on assumptions such as average annual percentage rate, payment rate, utilization, delinquency status and default probability. The model may then be adjusted for current conditions and reasonable and supportable forecasts of future conditions, including economic conditions. We apply the aforementioned assumptions to the drawn balance of credit cards within each pool to estimate the lifetime expected credit losses within each pool, which are then aggregated to determine the allowance for credit losses. We evaluate whether to include qualitative reserves to cover losses that are expected but may not be adequately represented in the quantitative methods or the economic assumptions. The qualitative reserves address possible limitations within the models, such as macroeconomic conditions, regulatory requirements, emerging portfolio trends, the nature and size of the portfolio, portfolio concentrations, the volume and severity of past due accounts, changes in underwriting or lending staff or other management risk actions. When a credit card balance is charged off, we record a reduction to the allowance and the credit card balance. The following table presents changes in our allowance for credit losses:
(1)Credit cards and commercial and consumer banking loans measured at amortized cost, net of allowance for credit losses, are presented within loans held for investment at amortized cost in the consolidated balance sheets. Accounts receivable balances, net of allowance for credit losses, are presented within other assets in the consolidated balance sheets. (2)The provision for credit losses on credit cards and commercial and consumer banking loans is presented within provision for credit losses in the consolidated statements of operations and comprehensive income (loss). During the years ended December 31, 2024, 2023 and 2022, recoveries of amounts previously reserved related to credit cards were $4,166, $2,895 and immaterial, respectively. There were immaterial recoveries of amounts previously reserved related to commercial and consumer banking loans during the years ended December 31, 2024, 2023 and 2022. The provision for credit losses on accounts receivable is presented within noninterest expense—general and administrative in the consolidated statements of operations and comprehensive income (loss). During the years ended December 31, 2024, 2023 and 2022, recoveries of amounts previously reserved related to accounts receivable were $1,227, $1,252 and $2,912, respectively. (3)In connection with the Bank Merger, we obtained PCD loans, for which we measured an allowance, with a corresponding increase to the amortized cost basis as of the acquisition date. Therefore, recognition of the initial allowance for credit losses did not impact earnings. Credit card: Accrued interest receivables written off by reversing interest income were $9.0 million, $9.2 million and $4.7 million during the years ended December 31, 2024, 2023 and 2022, respectively.
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Investment Securities |
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| Investments, Debt and Equity Securities [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Investment Securities | Note 6. Investment Securities Investments in AFS Debt Securities The following table presents our investments in AFS debt securities:
(1) As of December 31, 2024 and December 31, 2023, we concluded that there was no credit loss attributable to securities in unrealized loss positions, as (i) approximately 100% and 92% of the amortized cost basis of our investments as of December 31, 2024 and December 31, 2023, respectively, was composed of U.S. Treasury securities, agency mortgage-backed securities and sovereign foreign bonds, which are of high credit quality and have no risk of credit-related impairment due to the nature of the counterparties and history of no credit losses, and (ii) we have not identified factors indicating credit-related impairment for the remaining investments and expect that the contractual principal and interest payments will be received. Additionally, we do not intend to sell the securities in loss positions nor is it more likely than not that we will be required to sell the securities prior to recovery of the amortized cost basis. (2) Includes state municipal bond securities. (3) Includes supranational bonds. The following table presents information about our investments in AFS debt securities with gross unrealized losses and the length of time that individual securities have been in a continuous unrealized loss position as of December 31, 2024 and December 31, 2023.
The following table presents the amortized cost and fair value of our investments in AFS debt securities by contractual maturity:
(1) The weighted average yield represents the effective yield for the investment securities owned at the end of the period and is computed based on the amortized cost of each security. (2) Presentation of fair values of our investments in AFS debt securities by contractual maturity excludes total accrued interest of $5,717 and $639 as of December 31, 2024 and December 31, 2023, respectively. Gross realized gains and losses on our investments in AFS debt securities were $4,247 and $679, respectively, during the year ended December 31, 2024, and were $3,356 and $509, respectively, during the year ended December 31, 2023. Gross realized gains and losses on our investments in AFS debt securities were immaterial during the year ended December 31, 2022. During the years ended December 31, 2024, 2023, and 2022 there were no transfers between classifications of our investments in AFS debt securities. See Note 13. Equity for unrealized gains and losses on our investments in AFS debt securities and amounts reclassified out of AOCI.
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Securitization and Variable Interest Entities |
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| Organization, Consolidation and Presentation of Financial Statements [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Securitization and Variable Interest Entities | Note 7. Securitization and Variable Interest Entities Consolidated VIEs We consolidate certain securitization trusts in which we have a variable interest and are deemed to be the primary beneficiary. Our consolidation policy is further discussed in Note 1. Organization, Summary of Significant Accounting Policies and New Accounting Standards. The VIEs are SPEs with portfolio loans securing debt obligations. The SPEs were created and designed to transfer credit and interest rate risk associated with consumer loans through the issuance of collateralized notes and trust certificates. We make standard representations and warranties to repurchase or replace qualified portfolio loans. Aside from these representations, the holders of the asset-backed debt obligations have no recourse to the Company if the cash flows from the underlying portfolio loans securing such debt obligations are not sufficient to pay all principal and interest on the asset-backed debt obligations. We hold a significant interest in these financing transactions through our ownership of a portion of the residual interest in certain VIEs. In addition, in some cases, we invest in the debt obligations issued by the VIE. Our investments in consolidated VIEs eliminate in consolidation. The residual interest is the first VIE interest to absorb losses should the loans securing the debt obligations not provide adequate cash flows to satisfy more senior claims and is the interest that we expect to absorb the expected gains and losses of the VIE. Our maximum exposure to credit risk in sponsoring SPEs is limited to our investment in the VIE. VIE creditors have no recourse against our general credit. There are no liquidity arrangements, guarantees or other commitments that may affect the fair value or risk of our variable interests in consolidated VIEs. As of December 31, 2024 and December 31, 2023, we had four and six consolidated VIEs, respectively, on our consolidated balance sheets. During the year ended December 31, 2024, we exercised a securitization clean up call related to two consolidated VIEs. The assets of consolidated VIEs that were included in our consolidated balance sheets may only be used to settle obligations of consolidated VIEs and were in excess of those obligations as of December 31, 2024, and December 31, 2023. Intercompany balances are eliminated upon consolidation. Nonconsolidated VIEs We have created and designed personal loan and student loan trusts to transfer associated credit and interest rate risk associated with the loans through the issuance of collateralized notes and residual certificates. We have a variable interest in the nonconsolidated loan trusts through our ownership of collateralized notes in the form of asset-backed bonds and residual certificates in the loan trusts that absorb variability. We have also transferred secured loans and personal loans, including the associated risks, to other SPEs that are considered VIEs. In both the loan trusts and other VIEs, we have continuing, non-controlling involvement with the entity as the servicer. When our servicing rights meet the definition of a variable interest, in that role, we may have the power to perform the activities which most impact the economic performance of the VIE, but since either we hold an insignificant financial interest in the trusts or rights held by other variable interest holders convey power, we are not the primary beneficiary. In loan trusts, our collateralized notes and residual certificates represent the equity ownership interest in the loan trusts, wherein there is an obligation to absorb losses and the right to receive benefits from residual certificate ownership. The maximum exposure to loss as a result of our involvement with the nonconsolidated loan trust VIEs is limited to our investment. In other VIEs, our interest is represented by secured loans, servicing rights, or both, with our maximum exposure to loss is limited to the total amount of our secured loans and servicing rights. We did not provide financial support to any nonconsolidated VIEs beyond our initial equity investment. There are no liquidity arrangements, guarantees or other commitments by third parties that may affect the fair value or risk of our variable interests in nonconsolidated VIEs. As of December 31, 2024, and December 31, 2023, we had investments in 23 and 22 nonconsolidated VIEs, respectively. During the year ended December 31, 2024, we established three nonconsolidated trusts and sold two risk retention interests of nonconsolidated trusts. The following table presents the carrying value of Company assets associated with these nonconsolidated VIEs as of the dates presented.
Securitization Investments The following table presents additional detail of the aggregate outstanding value of asset-backed bonds and residual interests owned by the Company in nonconsolidated VIEs, which are presented within investment securities in the consolidated balance sheets. These risk retention interests represent the carrying value of our holdings in nonconsolidated VIEs, and the maximum exposure to a loss as a result of our involvement as of the dates presented.
See Note 15. Fair Value Measurements for the key inputs used in the fair value measurements of these asset-backed bonds and residual interests.
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Goodwill and Intangible Assets |
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| Goodwill and Intangible Assets Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Goodwill and Intangible Assets | Note 8. Goodwill and Intangible Assets Goodwill A rollforward of our goodwill balance is presented below:
_____________________ (1) For the year ended December 31, 2023, related to the acquisition of Wyndham, which is attributable to our Lending reportable segment. (2) During the year ended December 31, 2023, we recognized goodwill impairment losses related to our Technology Platform reportable segment, which were reported within noninterest expense—goodwill impairment in the consolidated statements of operations and comprehensive income (loss). These goodwill impairment losses represent non-cash charges and did not affect our liquidity position or regulatory capital ratios. (3) As of December 31, 2024 and 2023, goodwill attributable to the Lending, Technology Platform and Financial services reportable segments was $17,688, $1,338,658 and $37,159, respectively. Intangible Assets The following is a summary of the carrying amount and estimated useful lives of our intangible assets by class:
_____________________ (1) Includes capitalized costs related to software products to be sold, leased or marketed within our technology products and solutions arrangements. During the year ended December 31, 2024, the increase in capitalized software development costs relates to increased Technology Platform activity. During the year ended December 31, 2024, total amortization expense related to capitalized software was $9,647, and capitalized share-based compensation related to capitalized software development costs was immaterial. (2) Although the core banking infrastructure intangible asset was fully amortized as of December 31, 2024 and December 31, 2023, it remains in use by the Company. For the years ended December 31, 2024, 2023 and 2022, amortization expense associated with intangible assets was $75,494, $104,919 and $93,016, respectively. There were no abandonments or impairments during any of the years presented. Estimated future amortization expense associated with intangible assets as of December 31, 2024 is as follows:
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Property, Equipment, Software and Leases |
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| Property, Plant And Equipment And Leases [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Property, Equipment, Software and Leases | Note 9. Property, Equipment, Software and Leases Property, Equipment and Software The table below presents our major classes of depreciable and amortizable assets by function:
_____________________ (1)Software primarily includes internally-developed software related to significant developments and enhancements for our products. During the years ended December 31, 2024, 2023 and 2022, we capitalized $39,907, $31,126 and $22,577, respectively, of share-based compensation related to internally-developed software, and recognized associated amortization expense of $24,673, $16,074 and $6,223 , respectively. (2)Finance lease ROU assets include our rights to certain physical signage. See below for additional information on our leases. For the years ended December 31, 2024, 2023 and 2022, total depreciation and amortization expense associated with property, equipment and software, inclusive of the amortization of capitalized share-based compensation, was $128,004, $96,497 and $59,081, respectively. For the years ended December 31, 2024, 2023 and 2022, we recognized no property, equipment and software abandonment and no impairments, and had immaterial losses on disposals. Leases and Occupancy Leases We primarily lease our office premises under multi-year, non-cancelable operating leases. Our operating leases have terms expiring from 2025 to 2040, exclusive of renewal option periods. Our office leases contain renewal option periods ranging from to ten years from the expiration dates. These options were not recognized as part of our ROU assets and operating lease liabilities, as we did not conclude at the commencement date of the leases that we were reasonably certain to exercise these options. However, in our normal course of business, we expect our office leases to be renewed, amended or replaced by other leases. Our finance leases have terms expiring from 2029 to 2040. Our operating and finance leases include leases associated with various naming and sponsorship rights agreements that commenced in September 2020 and December 2024. Operating leases that commenced in September 2020 included our rights to use two multi-purpose stadium suites, for which we elected the practical expedient to not bifurcate the lease component from the non-lease components, and our rights to certain event space within the stadium and performance venue on a rent-free basis, for which we applied the short-term lease exemption practical expedient. Finance leases that commenced in September 2020 included our rights to certain physical signage within the stadium. The agreement associated with the shopping district commenced in 2023. We bifurcated lease components from non-lease components of certain of the arrangements, the latter of which represent sponsorship and advertising opportunities rather than the rights to physical assets that we control. Operating leases that commenced in December 2024 included our rights to one multi-purpose suite and use of certain event space within the facility, for which we elected the practical expedient to not bifurcate the lease component from the non-lease components. Finance leases that commenced in December 2024 included our rights to certain physical signage within the facility. We bifurcated lease components from non-lease components of certain of the arrangements, the latter of which represent sponsorship and advertising opportunities rather than the rights to physical assets that we control. We recognize the non-lease components within noninterest expense—sales and marketing in the consolidated statements of operations and comprehensive income (loss). The components of lease expense and supplemental cash flow and non-cash information related to our leases were as follows.
(1)Variable lease cost includes non-lease components classified as lease costs, such as common area maintenance fees, property taxes and utilities, that vary in amount for reasons other than the passage of time. We elected the practical expedient to not bifurcate the lease component from the non-lease components. (2)For the year ended December 31, 2024 we had no operating lease ROU assets obtained through acquisitions. For the years ended December 31, 2023 and 2022 includes $6,995 and $764, respectively, of operating lease ROU assets obtained through acquisitions. Also includes impacts from lease modifications. Supplemental balance sheet information related to our leases was as follows:
_____________________ (1)Finance lease ROU assets are presented within in the consolidated balance sheets. (2)Finance lease liabilities are presented within in the consolidated balance sheets. As of December 31, 2024, future maturities of lease liabilities and a reconciliation of the total undiscounted cash flows to the lease liabilities in the consolidated balance sheets were as follows:
Occupancy Occupancy-related costs, which primarily relate to the operations of our leased office spaces, were $32,810, $31,946, and $33,170 for the years ended December 31, 2024, 2023 and 2022, respectively. Occupancy-related expenses are presented within the following categories of expenses within noninterest expense: (i) technology and product development, (ii) sales and marketing, (iii) cost of operations, and (iv) general and administrative in the consolidated statements of operations and comprehensive income (loss).
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Other Assets and Other Liabilities |
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| Other Assets And Liabilities [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Other Assets and Other Liabilities | Note 10. Other Assets and Other Liabilities The following table presents the components of :
(1) Includes accounts receivable, net of allowance for credit losses, associated with revenue from contracts with customers, deposit-related receivables and other receivables. See Note 5. Allowance for Credit Losses for information on the allowance for credit losses on accounts receivable. (2) See Note 14. Derivative Financial Instruments and Note 15. Fair Value Measurements for additional information on derivative financial instruments. (3) Includes capitalized incremental costs of obtaining certain contracts of $213,417 and $60,729 as of December 31, 2024 and December 31, 2023, respectively, During the year ended December 31, 2024, we recognized associated amortization expense of $23,872. See Note 3. Revenue for additional information. (4) As of the December 31, 2024 the Company’s net deferred tax asset position primarily reflected the release of the majority of its valuation allowance during the year. See Note 17. Income Taxes for additional information. (5) Includes investments in FRB stock and FHLB stock, which are restricted investment securities that are not marketable. These investments are carried at cost and assessed for impairment. (6) We entered into a credit default swap related to our student loans which meets the definition of a financial guarantee and is excluded from derivative accounting treatment. We apply the insurance contract claim method by deferring the full estimated amount of premiums paid and payable at inception. (7) As of December 31, 2024 and December 31, 2023, primarily included an investment that was entered into in 2021 and recorded as an equity method investment until January 2022 in conjunction with relinquishing our seat on the investee’s board of directors. Our equity method investment income for the year ended December 31, 2024 and December 31, 2023 was immaterial and we did not receive any distributions. (8) See Note 1. Organization, Summary of Significant Accounting Policies and New Accounting Standards and Note 15. Fair Value Measurements for additional information on the digital assets safeguarding asset. The following table presents the components of :
(1) Includes accrued compensation and compensation-related expenses, accrued taxes and other accrued expenses. (2) See footnote (6) to the table above. (3) See Note 9. Property, Equipment, Software and Leases for additional information on finance leases. (4) See Note 3. Revenue for additional information on deferred revenue. (5) See Note 17. Income Taxes for additional information on income taxes. (6) See Note 1. Organization, Summary of Significant Accounting Policies and New Accounting Standards and Note 15. Fair Value Measurements for additional information on the digital assets safeguarding liability. (7) See Note 14. Derivative Financial Instruments and Note 15. Fair Value Measurements for additional information on derivative financial instruments.
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| Deposits | Note 11. Deposits We offer deposit accounts (referred to as “checking and savings” accounts within SoFi Money) to our members through SoFi Bank, which include interest-bearing deposits and noninterest-bearing deposits. The following table presents detail of our deposits:
(1) As of December 31, 2024, includes brokered deposits of $772,914 consisting of time deposits. As of December 31, 2023, includes brokered deposits of $3,160,414, of which $2,971,462 and $188,952 are time deposits and demand deposits, respectively. (2) As of December 31, 2024 and December 31, 2023, the amount of time deposits that exceeded the insured limit (referred to as “uninsured deposits”) totaled $20,305 and $21,268, respectively. As of December 31, 2024, future maturities of our total time deposits were as follows:
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| Debt | Note 12. Debt The following table summarizes the components of our debt:
_____________________ (1)As of December 31, 2024, represents the total of the unpaid principal balances within each debt category, with the exception of the risk retention warehouse facilities, which include securitization-related investments carried at fair value. In addition, certain securitization interests that eliminate in consolidation are pledged to risk retention warehouse facilities. Collateral balances relative to debt balances may vary period to period due to the timing of the next scheduled payment to the warehouse facility. (2)For variable-rate debt, the ranges of stated interest rates are based on the interest rates in effect as of December 31, 2024. The interest on our variable-rate debt is typically designed as a reference rate plus a spread. Reference rates as of December 31, 2024 included overnight SOFR, one-month SOFR and commercial paper rates determined by the facility lenders. As debt arrangements are renewed, the reference rate and/or spread are subject to change. Unused commitment fees ranging from 0 to 40 bps on our various warehouse facilities are recognized within noninterest expense—general and administrative in our consolidated statements of operations and comprehensive income (loss). (3)Weighted average effective interest rates are calculated based on the interest rates in effect as of December 31, 2024 and include the amortization of debt issuance costs. (4)For 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. Our maturity date represents the legal maturity of the last class of maturing notes. Securitization debt matures as loan collateral payments are made. (5)There were $17.3 million of debt discounts issued during the year ended December 31, 2024. (6)For risk retention warehouse facilities, we only state capacity amounts for facilities wherein we can pledge additional asset-backed bonds and residual investments as of the balance sheet date. (7)As of December 31, 2024, $12.3 million of the revolving credit facility total capacity was not available for general borrowing purposes because it was utilized to secure letters of credit. Refer to our letter of credit disclosures in Note 18. Commitments, Guarantees, Concentrations and Contingencies for more details. Additionally, the interest rate presented is the interest rate on standard withdrawals on our revolving credit facility, while same-day withdrawals incur interest based on the prime rate. (8)The original issue discount and debt issuance costs related to the convertible senior notes due 2026 are amortized into interest expense—corporate borrowings in the consolidated statements of operations and comprehensive income (loss) using the effective interest method over the contractual term of the notes. For the years ended December 31, 2024, 2023 and 2022, total interest expense on the convertible notes was $2.7 million, $5.1 million and $5.1 million, respectively, and the effective interest rate was 0.43%, 0.43% and 0.42%, respectively, related to amortization of debt discount and issuance costs. As of December 31, 2024 and December 31, 2023, unamortized debt discount and issuance costs were $3.3 million and $13.3 million, respectively, and the net carrying amount was $424.7 million and $1.1 billion, respectively. (9)The original issue discount and debt issuance costs related to the convertible senior notes due 2029 are amortized into interest expense—corporate borrowings in the consolidated statements of operations and comprehensive income (loss) using the effective interest method over the contractual term of the notes. For the year ended December 31, 2024, total interest expense on the convertible notes was $12.3 million, which was composed of $8.7 million of contractual interest expense and $3.6 million of amortization of discounts and issuance costs; and the effective interest rate was 1.75%. As of December 31, 2024, unamortized debt discount and issuance costs were $18.3 million, and the net carrying amount was $844.2 million. (10)Includes $51.2 million of loans and $142.6 million of investment securities pledged as collateral to secure $170.4 million of available borrowing capacity with the FHLB, of which $25.2 million was not available as it was utilized to secure letters of credit. Refer to our letter of credit disclosures in Note 18. Commitments, Guarantees, Concentrations and Contingencies for more details. Also includes unsecured available borrowing capacity of $50.0 million with correspondent banks. (11)As of December 31, 2024, $1.5 million of unamortized debt issuance costs related to revolving debt are reported in other assets in the consolidated balance sheets. As of December 31, 2023, both revolving and non-revolving unamortized debt issuance costs were presented as a reduction to debt in the consolidated balance sheets. The total accrued interest payable on borrowings of $7.5 million and $11.2 million as of December 31, 2024 and 2023, respectively, was presented within accounts payable, accruals and other liabilities in the consolidated balance sheets. Convertible Senior Notes Convertible Senior Notes, Due 2026 In October 2021, we issued $1.2 billion aggregate principal amount of convertible notes, pursuant to an indenture, dated October 4, 2021, between the Company and U.S. Bank National Association, as trustee (“2026 convertible notes”). The 2026 convertible notes are unsecured, unsubordinated obligations. The 2026 convertible notes do not bear regular interest. The 2026 convertible notes will mature on October 15, 2026, unless earlier repurchased, redeemed or converted. The net proceeds from the offering were $1.176 billion, after deducting the 2% initial purchasers’ discount of $24 million, and before the cost of the Capped Call Transactions, as described below, and offering expenses payable by the Company. The debt issuance costs of $1.7 million included third-party legal and accounting fees. The original issue discount and debt issuance costs are amortized into interest expense—corporate borrowings in the consolidated statements of operations and comprehensive income (loss) using the effective interest method over the contractual term of the convertible notes. In December 2023, the Company entered into separate, privately negotiated repurchase agreements with a limited number of holders of the 2026 convertible notes to repurchase $88.0 million aggregate principal amount of the 2026 convertible notes, which were settled through the issuance of 9,490,000 shares of common stock. In March 2024, the Company entered into separate, privately negotiated repurchase agreements with a limited number of holders of the 2026 convertible notes to repurchase $600.0 million aggregate principal amount of the 2026 convertible notes, which were settled through the issuance of 72,621,879 shares of common stock. In August 2024, the Company entered into separate, privately negotiated repurchase agreements with a limited number of holders of the 2026 convertible notes to repurchase $84.0 million aggregate principal amount of the 2026 convertible notes, which were settled through the issuance of 10,591,795 shares of common stock. Following these repurchases, $428.0 million aggregate principal amount of the 2026 convertible notes remain outstanding. As of December 31, 2024, the 2026 convertible notes are potentially convertible into 19,096,202 shares of common stock. These transactions were determined to be an extinguishment of debt. The difference between the consideration used to repurchase the convertible notes and the carrying value of the convertible notes, less retirement of discount and issuance costs, resulted in a gain on extinguishment of $62.5 million and $14.6 million recorded within noninterest income—other in the consolidated statements of operations and comprehensive income (loss) for the years ended December 31, 2024 and 2023, respectively. We used a portion of the net proceeds from the October 2021 offering to fund the cost of entering into the 2026 capped call transactions. In connection with the March 2024 repurchase agreements, the Company entered into unwind agreements to terminate a portion of the 2026 capped call transactions. Refer to Note 13. Equity for additional detail. Conversion The convertible notes are convertible by the noteholders prior to the close of business on the business day immediately preceding April 15, 2026 if certain conditions related to the notes trading price or Company’s share price are met, there are certain corporate events or distributions of the Company’s stock, or the Company calls the notes for redemption, each as set forth in the indenture. On and after April 15, 2026 until the close of business on the second scheduled trading day immediately preceding the maturity date, the convertible notes are freely convertible by the noteholders. The conversion rate is 44.6150 shares of our common stock per $1,000 principal amount of convertible notes, which represents an initial conversion price of approximately $22.41 per share of our common stock. Settlement 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). If we elect to deliver cash or a combination of cash and shares of our common stock, then the consideration due upon conversion will be determined over an observation period consisting of 30 “VWAP Trading Days” (as defined in the indenture). 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. Redemption The convertible notes will also be redeemable, in whole or in part, at our option at any time, and from time to time, on or after October 15, 2024 through the 30th scheduled trading day immediately before the maturity date, at a cash redemption price equal to the principal amount of the convertible notes to be redeemed, plus accrued interest, if any, thereon to, but excluding, the redemption date, but only if certain liquidity conditions described in the indenture are satisfied and certain conditions are met with respect to the last reported sale price per share of our common stock prior to conversion. 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. Convertible Senior Notes, Due 2029 In March 2024, we issued $862.5 million aggregate principal amount of convertible notes, pursuant to an indenture, dated March 8, 2024, between the Company and U.S. Bank National Association, as trustee (“2029 convertible notes”). The 2029 convertible notes are unsecured, unsubordinated obligations. The 2029 convertible notes will pay interest at a rate of 1.25%, payable semi-annually beginning in September 2024. The 2029 convertible notes will mature on March 15, 2029, unless earlier repurchased, redeemed or converted. The net proceeds from the offering were $845.3 million, after deducting the 2% initial purchasers’ discount of $17.3 million, and before the cost of the 2029 capped call transactions, as described below, and offering expenses payable by the Company. The debt issuance costs of $4.6 million included third-party legal and accounting fees. The original issue discount and debt issuance costs are amortized into interest expense—corporate borrowings in the consolidated statements of operations and comprehensive income (loss) using the effective interest method over the contractual term of the 2029 convertible notes. We used a portion of the net proceeds from the March 2024 offering to fund the cost of entering into 2029 capped call transactions, as described in Note 13. Equity. The remainder of the net proceeds from the offering, together with cash on hand, were used (i) to pay expenses relating to this offering, (ii) to redeem Series 1 Preferred Stock and (iii) for general corporate purposes. Conversion The 2029 convertible notes are convertible by the noteholders prior to the close of business on the business day immediately preceding September 15, 2028 if certain conditions related to the notes trading price or Company’s share price are met, upon the occurrence of certain corporate events or distributions of the Company’s stock, or the Company calls the notes for redemption, each as set forth in the indenture. On and after September 15, 2028 until the close of business on the second scheduled trading day immediately preceding the maturity date, the 2029 convertible notes are freely convertible by the noteholders. The conversion rate is 105.8089 shares of our common stock per $1,000 principal amount of 2029 convertible notes, which represents an initial conversion price of approximately $9.45 per share of our common stock. During the three months ended December 31, 2024, a conditional conversion feature of the 2029 convertible notes was met. Specifically, the last reported sale price of the Company’s common stock was more than or equal to 130% of the conversion price for at least 20 trading days in the period of 30 consecutive trading days. As a result of this condition being met, the 2029 convertible notes are convertible, in whole or in part, at the option of the holders from January 1, 2025 to March 31, 2025. Through February 24, 2025, no holder has elected to convert their notes. Whether the 2029 convertible notes will be convertible following March 31, 2025 will depend on the continued satisfaction of this conversion condition or another conversion condition in the future. Settlement We will settle conversions of the 2029 convertible notes by paying or delivering, cash, and if applicable, shares of our common stock for the amount in excess of the cash redemption price, based on the applicable conversion rate. Consideration due upon conversion will be determined over an observation period consisting of 30 “VWAP Trading Days” (as defined in the indenture). 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. Redemption The 2029 convertible notes will also be redeemable, in whole or in part, at our option at any time, and from time to time, on or after March 15, 2027 through the 30th scheduled trading day immediately before the maturity date, at a cash redemption price equal to the principal amount of the 2029 convertible notes to be redeemed, plus accrued and unpaid interest, if any, thereon to, but excluding, the redemption date, but only if certain liquidity conditions described in the indenture are satisfied and certain conditions are met with respect to the last reported sale price per share of our common stock prior to conversion. In addition, calling any note for redemption will also constitute a Make-Whole Fundamental Change with respect to that 2029 convertible note, in which case the conversion rate applicable to the conversion of that 2029 convertible note will be increased in certain circumstances if it is converted after it is called for redemption. See Note 1. Organization, Summary of Significant Accounting Policies and New Accounting Standards for our accounting policy as it relates to the convertible notes. Material Changes to Debt Arrangements On April 28, 2023, we entered into an Amended and Restated Revolving Credit Agreement (“Amended and Restated Credit Agreement”), which amended and restated the Revolving Credit Agreement (“Original Credit Agreement”), dated as of September 27, 2018, among Social Finance, Inc., the lenders party thereto, the issuing banks party thereto and Goldman Sachs Bank USA, as administrative agent. The Amended and Restated Credit Agreement amended and restated the Original Credit Agreement to, among other things, (i) increase the initial aggregate commitment to $645 million, (ii) extend the maturity date of the revolving credit facility to the date that is five years after the closing date, (iii) change the borrower entity under the revolving credit facility to SoFi Technologies, Inc., (iv) replace LIBOR as the term benchmark rate applicable to revolving loans denominated in U.S. dollars with a benchmark rate equal to Term SOFR plus a credit spread adjustment of 0.10%, and (v) effect certain other changes. The Amended and Restated Credit Agreement also contains financial covenants that require the Company to maintain a certain amount of unrestricted cash and cash equivalents and to meet certain risk-based capital ratios and a leverage ratio. During the year ended December 31, 2024, we closed seven warehouse facilities which had an aggregate maximum available capacity of $2.0 billion, and closed two risk retention warehouse facilities. One warehouse facility matured and one risk retention warehouse facility matured. We did not open any warehouse facilities. Our warehouse and securitization debt is secured by a continuing lien and security interest in the loans financed by the proceeds. Within each of our debt facilities, we must comply with certain operating and financial covenants. These financial covenants include, but are not limited to, maintaining: (i) a certain minimum tangible net worth, (ii) minimum unrestricted cash and cash equivalents, (iii) a maximum leverage ratio of total debt to tangible net worth, and (iv) minimum risk-based capital and leverage ratios. Our debt covenants can lead to restricted cash classifications in our consolidated balance sheets. Our subsidiaries are restricted in the amount that can be distributed to the parent company only to the extent that such distributions would cause the financial covenants to not be met. We were in compliance with all financial covenants. We act as a guarantor for our wholly-owned subsidiaries in several arrangements in the case of default. As of December 31, 2024, we have not identified any risks of nonpayment by our wholly-owned subsidiaries. Maturities of Borrowings Future maturities of our outstanding debt with scheduled payments, which included our revolving credit facility and convertible notes, were as follows:
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| Equity [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Equity | Note 13. Equity Temporary Equity Pursuant to SoFi Technologies’ Certificate of Incorporation dated May 28, 2021, the Company is authorized to issue 100,000,000 shares of preferred stock having a par value of $0.0001 per share (“SoFi Technologies Preferred Stock”) and 100,000,000 shares of redeemable preferred stock having a par value of $0.0000025 per share (“SoFi Technologies Redeemable Preferred Stock”). The Company’s Board of Directors has the authority to issue SoFi Technologies Preferred Stock and SoFi Technologies Redeemable Preferred Stock and to determine the rights, preferences, privileges and restrictions, including voting rights, of those shares. The authorized shares of SoFi Technologies Redeemable Preferred Stock is inclusive of 4,500,000 shares of Series 1 redeemable preferred stock (“Series 1 Redeemable Preferred Stock”), which reflect the conversion on a one-for-one basis of shares of Social Finance Series 1 preferred stock in conjunction with the Business Combination. Shares of SoFi Technologies Series 1 Redeemable Preferred Stock that are redeemed, purchased or otherwise acquired by the Company will be canceled and may not be reissued by the Company. The Series 1 Redeemable Preferred Stock remained classified as temporary equity through redemption in May 2024 because the Series 1 Redeemable Preferred Stock was not fully controlled by the issuer, SoFi Technologies. In May 2024, the Company redeemed all of the 3,234,000 shares of Series 1 Redeemable Preferred Stock outstanding for a total redemption price of $339,903 or $105.1027 per share. The total redemption price included: (i) a reduction to redeemable preferred stock of $320,374 for the carrying value of redeemable preferred stock at the time of exercise, (ii) a reduction to additional paid-in capital of $3,026 for the amount paid upon redemption over the carrying value of the redeemable preferred stock, and (iii) payment for accrued but unpaid dividends at the time of redemption of $16,503. As of December 31, 2024, the Company has no shares of Series 1 Redeemable Preferred Stock outstanding. During the years ended December 31, 2024, 2023 and 2022, the Series 1 preferred stockholders were entitled to dividends of $16,503, $40,425 and $40,425, respectively. Permanent Equity On June 1, 2021, the Company’s common stock began trading on the Nasdaq Global Select Market under the ticker symbol “SOFI”. Pursuant to SoFi Technologies’ Certificate of Incorporation, the Company is authorized to issue 3,000,000,000 shares of common stock, with a par value of $0.0001 per share, and 100,000,000 shares of non-voting common stock, with a par value of $0.0001 per share. As of December 31, 2024, the Company had 1,095,357,781 shares of common stock and no shares of non-voting common stock issued and outstanding. The Company reserved the following common stock for future issuance:
_____________________ (1)Represents the number of common stock issuable upon conversion of all convertible notes at the conversion rate in effect at the balance sheet date. As of December 31, 2024, the 2026 convertible notes are potentially convertible into 19,096,202 shares of common stock, and the 2029 convertible notes were not convertible. See Note 12. Debt for additional information. (2)All remaining unexercised common stock warrants expired in May 2024. As of December 31, 2024, the Company has no outstanding common stock warrants. Dividends Common stockholders and non-voting common stockholders are entitled to dividends when and if declared by the Board of Directors and subject to government regulation over banks and bank holding companies, as discussed further in Note 21. Regulatory Capital. There were no dividends declared or paid to common stockholders during the years ended December 31, 2024, 2023 and 2022. Voting Rights Each holder of common stock has the right to one vote per share of common stock and is entitled to notice of any stockholder meeting. Non-voting common stock does not have any voting rights or other powers. Capped Call Transactions Capped Call Transactions, Due 2026 During 2021, we entered into privately negotiated capped call transactions (“2026 capped call transactions”) for a total cost of $113.8 million. In connection with the March 2024 repurchase agreements of a portion of 2026 convertible notes, the Company entered into unwind agreements to terminate a portion of the 2026 capped call transactions up to the notional amount corresponding to the amount of 2026 convertible notes exchanged of $600.0 million. The 2026 capped call transactions initially cover, subject to customary anti-dilution adjustments, the number of shares of our common stock that initially underlie the 2026 convertible notes. The 2026 capped call transactions are expected generally to reduce the potential dilutive effect on the common stock upon any conversion of 2026 convertible notes and/or offset any potential cash payments we are required to make in excess of the principal amount of converted 2026 convertible notes, as the case may be, with such reduction and/or offset subject to a cap, subject to certain adjustments under the terms of the 2026 capped call transactions. The 2026 capped call transactions allow the Company to purchase shares of our common stock at a strike price equal to the initial conversion price of approximately $22.41 per share, and are subject to a cap of $32.02 per share, subject to certain adjustments under the terms of the 2026 capped call transactions. 2026 capped call transactions are subject to automatic exercise if they are in-the-money as of certain expiration dates during September and October 2026. Settlement is subject to acceleration pursuant to the occurrence of certain corporate events, as well as postponement no later than January 12, 2027. Capped Call Transactions, Due 2029 During 2024, we entered into privately negotiated capped call transactions (“2029 capped call transactions”) for a total cost of $90.6 million. The 2029 capped call transactions initially cover, subject to customary anti-dilution adjustments, the number of shares of our common stock that initially underlie the 2029 convertible notes. The 2029 capped call transactions are expected generally to reduce the potential dilutive effect on the common stock upon any conversion of 2029 convertible notes and/or offset any potential cash payments we are required to make in excess of the principal amount of converted 2029 convertible notes, as the case may be, with such reduction and/or offset subject to a cap, subject to certain adjustments under the terms of the 2029 capped call transactions. The 2029 capped call transactions allow the Company to purchase shares of our common stock at a strike price equal to the initial conversion price of approximately $9.45 per share, and are subject to a cap of $14.54 per share, subject to certain adjustments under the terms of the 2029 capped call transactions. 2029 capped call transactions are subject to automatic exercise if they are in-the-money as of certain expiration dates during 2029. Settlement is subject to acceleration pursuant to the occurrence of certain corporate events, as well as postponement no later than June 6, 2029. See Note 1. Organization, Summary of Significant Accounting Policies and New Accounting Standards for our accounting policy as it relates to our capped call transactions. Accumulated Other Comprehensive Income (Loss) AOCI primarily consists of accumulated net unrealized gains or losses associated with our investments in AFS debt securities and foreign currency translation adjustments. The following table presents the rollforward of AOCI, inclusive of the changes in the components of other comprehensive income (loss):
(1)Gross realized gains and losses from sales of our investments in AFS debt securities that were reclassified from AOCI to earnings are recorded within noninterest income—other in the consolidated statements of operations and comprehensive income (loss). There were no reclassifications related to foreign currency translation adjustments during the years ended December 31, 2024, 2023 and 2022. (2)There were no material tax impacts during any of the years presented.
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Derivative Financial Instruments |
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| Derivative Instruments and Hedging Activities Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Derivative Financial Instruments | Note 14. Derivative Financial Instruments The following table presents the gains (losses) recognized on our derivative instruments:
(1) Recorded within noninterest income—loan origination, sales, and securitizations in the consolidated statements of operations and comprehensive income (loss). (2) Represents gains (losses) on derivative contracts to manage securitization investment interest rate risk, which are recorded within noninterest income—loan origination, sales, and securitizations in the consolidated statements of operations and comprehensive income (loss). (3) Represents gains (losses) on derivative contracts to manage credit risk associated with consumer loans, which are recorded within noninterest income—loan origination, sales, and securitizations in the consolidated statements of operations and comprehensive income (loss). (4) In conjunction with a loan sale agreement, we are entitled to receive payments from the buyer of the loans underlying the agreement if the internal rate of return (as defined in the loan sale agreement) on such loans exceeds a specified hurdle, subject to a dollar cap. (5) Includes amounts recorded within noninterest income—other, noninterest expense—cost of operations and noninterest expense—general and administrative in the consolidated statements of operations and comprehensive income (loss), the latter of which represents the amortization of a deferred liability recognized at the initial fair value of the third party warrants acquired, as we are also a customer of the third party. The following table presents information about derivative instruments subject to enforceable master netting arrangements:
_____________________ (1) We did not have a cash collateral requirement related to these instruments as of December 31, 2024 and December 31, 2023. The following table presents the notional amount of derivative contracts outstanding:
(1) We sold an interest rate cap that was subject to master netting to offset an interest rate cap purchase made in conjunction with a contract to manage future loan sale execution risk. (2) Represents interest rate swaps utilized to manage interest rate risk associated with certain of our securitization investments. (3) Amounts correspond with home loan funding commitments subject to IRLC agreements. While the notional amounts of derivative instruments give an indication of the volume of our derivative activity, they do not necessarily represent amounts exchanged by parties and are not a direct measure of our financial exposure. See Note 1. Organization, Summary of Significant Accounting Policies and New Accounting Standards and Note 15. Fair Value Measurements for additional information on our derivative assets and liabilities.
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Fair Value Measurements |
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| Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Fair Value Measurements | Note 15. Fair Value Measurements Recurring Fair Value Measurements The following table summarizes, by level within the fair value hierarchy, the estimated fair values of our assets and liabilities measured at fair value on a recurring basis in the consolidated balance sheets:
(1)The investments in AFS debt securities that were classified as Level 2 rely upon observable inputs other than quoted prices, dealer quotes in markets that are not active and implied pricing derived from new issuances of similar securities. See Note 6. Investment Securities for additional information. (2)These assets are presented within investment securities in the consolidated balance sheets. (3)These assets represent the carrying value of our holdings in VIEs wherein we were not deemed the primary beneficiary. See Note 7. Securitization and Variable Interest Entities for additional information. We classify asset-backed bonds as Level 2 due to the use of quoted prices for similar assets in markets that are not active, as well as certain factors specific to us. The key inputs used to value the asset-backed bonds include the discount rate and conditional prepayment rate. The fair value of our asset-backed bonds was not materially impacted by default assumptions on the underlying securitization loans, as the subordinate residual interests are expected to absorb all estimated losses based on our default assumptions for the period. We classify the residual investments as Level 3 due to the reliance on significant unobservable valuation inputs. (4)Home loans classified as Level 2 have observable pricing sources utilized by management. Personal loans, student loans and home loans classified as Level 3 do not trade in an active market with readily observable prices. Personal loans and home loans are presented within loans held for sale, at fair value, and student loans are presented within loans held for investment, at fair value. During the year ended December 31, 2023, we transferred $66,198 out of Level 3 into Level 2 relating to home loans due to an update to pricing sources utilized by third-party valuation specialists, as part of the integration of Wyndham. (5)These assets and liabilities are presented within other assets and accounts payable, accruals and other liabilities, respectively, in the consolidated balance sheets. (6)The key unobservable assumption used in the fair value measurement of the third party warrants was the price of the stock underlying the warrants. The fair value was measured as the difference between the stock price and the strike price of the warrants. As the strike price was insignificant, we concluded that the impact of time value on the fair value measure was immaterial. (7)For certain derivative instruments for which an enforceable master netting agreement exists, we elected to net derivative assets and derivative liabilities by counterparty. These instruments are presented on a gross basis herein. See Note 1. Organization, Summary of Significant Accounting Policies and New Accounting Standards and Note 14. Derivative Financial Instruments for additional information. (8)Home loan pipeline hedges represent TBAs used as economic hedges of loan fair values and are classified as Level 2, as we rely on quoted market prices from similar loan pools that transact in the marketplace. Interest rate swaps and interest rate caps are classified as Level 2, because these financial instruments do not trade in active markets with observable prices, but rely on observable inputs other than quoted prices. As of December 31, 2024 and December 31, 2023, interest rate swaps and interest rate caps were valued using the overnight SOFR curve and the implied volatilities suggested by the SOFR rate curve. These were determined to be observable inputs from active markets. Credit derivatives classified as Level 2 are valued using tradable credit default swap indices, which were determined to be observable inputs from active markets. (9)IRLCs and student loan commitments are classified as Level 3 because of our reliance on assumed loan funding probabilities. The assumed probabilities are based on our internal historical experience with home loans and student loans similar to those in the funding pipelines on the measurement date. (10)The digital assets safeguarding liability and corresponding safeguarding asset are classified as Level 2, because they do not trade in active markets, and are valued using quoted prices on an active exchange that has been identified as the principal market for the underlying digital assets that are being held by our third-party custodians for the benefit of our members. In the fourth quarter of 2023, we transferred the crypto services provided by SoFi Digital Assets, LLC, and began closing existing digital assets accounts. This process was completed in the first quarter of 2024, subsequent to which we have no digital assets safeguarding liability and safeguarding asset. Refer to Note 1. Organization, Summary of Significant Accounting Policies and New Accounting Standards for additional information about our digital assets activities. (11)The fair value of our securitization debt was classified as Level 2 and valued using a discounted cash flow model, with key inputs relating to the underlying contractual coupons, terms, discount rate and expectations for defaults and prepayments. As of December 31, 2024 and December 31, 2023, the unpaid principal related to debt measured at fair value was $85,160 and $128,619, respectively. For the years ended December 31, 2024, 2023 and 2022, losses from changes in fair value were $4,696, $2,969 and $586, respectively. The estimated amounts of gains (losses) included in earnings attributable to changes in instrument-specific credit risk, which were derived principally from observable changes in credit spread as observed in the bond market and default assumptions, were immaterial for the years ended December 31, 2024 and 2023. Level 3 Recurring Fair Value Rollforward The following tables present the changes in our assets and liabilities measured at fair value on a recurring basis using significant unobservable inputs (Level 3). During the year ended December 31, 2024, we had no transfers out of Level 3 and no transfers into Level 3. During the year ended December 31, 2023, we had transfers out of Level 3 of $66,198 and no transfers into Level 3.
(1)For loans at fair value, purchases reflect unpaid principal balance and relate to previously transferred loans. Purchase activity included elective repurchases of $165.3 million during the year ended December 31, 2024. There were no elective repurchases during the year ended December 31, 2023. Purchase activity included securitization clean-up calls of $39,936 during the year ended December 31, 2023. There were no securitization clean-up calls during the year ended December 31, 2024. The remaining purchases during the periods presented related to standard representations and warranties pursuant to our various loan sale agreements. Issuances represent the principal balance of loans originated during the period. Settlements represent principal payments made on loans during the period. Other changes represent fair value adjustments that impact the balance sheet primarily associated with whole loan strategic repurchases, clean up calls and consolidated securitizations. During the year ended December 31, 2023, we had $66,198 of transfers out of Level 3 related to our home loans related to an update to pricing sources utilized by third-party valuation specialists. Impacts on earnings for loans at fair value are recorded within interest income—loans and securitizations, within noninterest income—loan origination, sales, and securitizations, and within noninterest expense—general and administrative in the consolidated statements of operations and comprehensive income (loss). (2)For servicing rights, impacts on earnings are recorded within noninterest income—loan origination, sales, and securitizations in the consolidated statements of operations and comprehensive income (loss). (3)For residual investments, sales include the derecognition of investments associated with securitization clean up calls. The estimated amounts of gains and losses for residual investments included in earnings attributable to changes in instrument-specific credit risk were immaterial during the periods presented. For residual investments and residual interests classified as debt, impacts on earnings are recorded within noninterest income—loan origination, sales, and securitizations in the consolidated statements of operations and comprehensive income (loss), a portion of which is subsequently reclassified to interest expense—securitizations and warehouses for residual interests classified as debt and to interest income—loans and securitizations for residual investments, but does not impact the liability or asset balance, respectively. (4)For IRLCs and student loan commitments, settlements reflect funded and unfunded adjustments representing the unpaid principal balance of funded and unfunded loans during the quarter multiplied by the IRLC or student loan commitment price in effect at the beginning of the quarter. Purchases of IRLCs during the year ended December 31, 2023 were associated with our acquisition of Wyndham. For year-to-date periods, amounts represent the summation of the per-quarter effects. For IRLCs and student loan commitments, impacts on earnings are recorded within noninterest income—loan origination, sales, and securitizations in the consolidated statements of operations and comprehensive income (loss). (5)For third party warrants, impacts on earnings are recorded within noninterest income—other in the consolidated statements of operations and comprehensive income (loss). (6)For purchase price earn out, impacts on earnings are recorded within noninterest income—loan origination, sales, and securitizations in the consolidated statements of operations and comprehensive income (loss). Loans at Fair Value Gains and losses recognized in earnings include changes in accumulated interest and fair value adjustments on loans originated during the period and on loans held at the balance sheet date, as well as loan charge-offs. Changes in fair value are primarily impacted by valuation assumption changes as well as sales price execution. The estimated amount of gains (losses) included in earnings attributable to changes in instrument-specific credit risk was $73.3 million, $(26.6) million and $(49.5) million during the years ended December 31, 2024, 2023 and 2022, respectively. The gains (losses) attributable to instrument-specific credit risk were estimated by incorporating our current default and loss severity assumptions for the loans. These assumptions are based on historical performance, market trends and performance expectations over the term of the underlying instrument. Level 3 Significant Inputs Fair value is defined as the price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. Level 3 fair value measurements include unobservable inputs for assets or liabilities for which there is little or no market data, which requires us to develop our own assumptions. These unobservable assumptions reflect estimates of inputs that market participants would use in pricing the asset or liability. Valuation techniques include the use of option pricing models, discounted cash flow models, or similar techniques, which incorporate management’s own estimates of assumptions that market participants would use in pricing the asset or liability. Loans The following key unobservable assumptions were used in the fair value measurement of our loans:
_____________________ (1)As of December 31, 2023, we had no Level 3 home loans. The key assumptions are defined as follows: •Conditional prepayment rate — The monthly annualized proportion of the principal of a pool of loans that is assumed to be paid off prematurely in each period. An increase in the conditional prepayment rate, in isolation, would result in a decrease in a fair value measurement. The weighted average assumption was weighted based on relative fair value. •Annual default rate — The annualized rate of borrowers who do not make loan payments on time. An increase in the annual default rate, in isolation, would result in a decrease in a fair value measurement. The weighted average assumption was weighted based on relative fair value. •Discount rate — The weighted average rate at which the expected cash flows are discounted to arrive at the net present value of the loans. The discount rate is primarily determined based on an underlying benchmark rate, curve and spread(s), the latter of which is determined based on factors including, but not limited to, weighted average coupon rate, prepayment rate, default rate and resulting expected duration of the assets. An increase in the discount rate, in isolation, would result in a decrease in a fair value measurement. The weighted average assumption was weighted based on relative fair value. See Note 4. Loans for additional loan fair value disclosures. Servicing Rights Servicing rights for personal loans and student loans do not trade in an active market with readily observable prices. Similarly, home loan servicing rights infrequently trade in an active market. At the time of the underlying loan sale or the assumption of servicing rights, the fair value of servicing rights is determined using a discounted cash flow methodology based on observable and unobservable inputs. Management classifies servicing rights as Level 3 due to the use of significant unobservable inputs in the fair value measurement. The following key unobservable inputs were used in the fair value measurement of our classes of servicing rights:
The key assumptions are defined as follows: •Market servicing costs — The fee a willing market participant, which we validate through actual third-party bids for our servicing, would require for the servicing of personal loans, student loans and home loans with similar characteristics as those in our serviced portfolio. An increase in the market servicing cost, in isolation, would result in a decrease in a fair value measurement. The weighted average assumption was weighted based on relative fair value. •Conditional prepayment rate — The monthly annualized proportion of the principal of a pool of loans that is assumed to be paid off prematurely in each period. An increase in the conditional prepayment rate, in isolation, would result in a decrease in a fair value measurement. The weighted average assumption was weighted based on relative fair value. •Annual default rate — The annualized rate of default within the total serviced loan balance. An increase in the annual default rate, in isolation, would result in a decrease in a fair value measurement. The weighted average assumption was weighted based on relative fair value. •Discount rate — The weighted average rate at which the expected cash flows are discounted to arrive at the net present value of the servicing rights. An increase in the discount rate, in isolation, would result in a decrease in a fair value measurement. The weighted average assumption was weighted based on relative fair value. The following table presents the estimated decrease to the fair value of our servicing rights if the key assumptions had each of the below adverse changes:
The sensitivity calculations above are hypothetical and should not be considered to be predictive of future performance. The effect on fair value of a variation in assumptions generally cannot be determined because the relationship of the change in assumptions to the fair value may not be linear. Additionally, the effect of an adverse variation in a particular assumption on the fair value of our servicing rights is calculated while holding the other assumptions constant. In reality, changes in one factor may lead to changes in other factors, which could impact the above hypothetical effects. Residual Investments and Residual Interests Classified as Debt Residual investments and residual interests classified as debt do not trade in active markets with readily observable prices, and there is limited observable market data for reference. The fair values of residual investments and residual interests classified as debt are determined using a discounted cash flow methodology. Management classifies residual investments and residual interests classified as debt as Level 3 due to the use of significant unobservable inputs in the fair value measurements. The following key unobservable inputs were used in the fair value measurements of our residual investments and residual interests classified as debt:
The key assumptions are defined as follows: •Conditional prepayment rate — The monthly annualized proportion of the principal of a pool of loans that is assumed to be paid off prematurely in each period for the pool of loans in the securitization. An increase in the conditional prepayment rate, in isolation, would result in a decrease in a fair value measurement. The weighted average assumption was weighted based on relative fair value. •Annual default rate — The annualized rate of borrowers who fail to remain current on their loans for the pool of loans in the securitization. An increase in the annual default rate, in isolation, would result in a decrease in a fair value measurement. The weighted average assumption was weighted based on relative fair value. •Discount rate — The weighted average rate at which the expected cash flows are discounted to arrive at the net present value of the residual investments and residual interests classified as debt. An increase in the discount rate, in isolation, would result in a decrease in a fair value measurement. The weighted average assumption was weighted based on relative fair value. Loan Commitments We classify student loan commitments as Level 3 because the assets do not trade in an active market with readily observable prices and, as such, our valuations utilize significant unobservable inputs. Additionally, we classify IRLCs as Level 3, as our IRLCs are inherently uncertain and unobservable given that a home loan origination is contingent on a plethora of factors. The following key unobservable inputs were used in the fair value measurements of our IRLCs and student loan commitments:
(1)The aggregate amount of student loans we committed to fund was $149,402 and $89,369 as of December 31, 2024 and December 31, 2023, respectively. See Note 14. Derivative Financial Instruments for the aggregate notional amount associated with IRLCs. The key assumption is defined as follows: •Loan funding probability — Our expectation of the percentage of IRLCs or student loan commitments which will become funded loans. A significant difference between the actual funded rate and the assumed funded rate at the measurement date could result in a significantly higher or lower fair value measurement of our IRLCs and student loan commitments. An increase in the loan funding probabilities, in isolation, would result in an increase in a fair value measurement. The weighted average assumptions were weighted based on relative fair values. Safeguarding Assets and Liabilities The following table presents the significant digital assets held by our third-party custodians on behalf of our members as of December 31, 2023. We had no digital assets safeguarding liability or corresponding safeguarding asset as of December 31, 2024.
(1)Includes 17 digital assets as of December 31, 2023, none of which were determined to be individually significant. (2)Refer to Note 1. Organization, Summary of Significant Accounting Policies and New Accounting Standards for additional information about our digital assets activities. Financial Instruments Not Measured at Fair Value The following table summarizes the carrying values and estimated fair values, by level within the fair value hierarchy, of our assets and liabilities that are not measured at fair value on a recurring basis in the consolidated balance sheets:
(1)The carrying amounts of our cash and cash equivalents and restricted cash and restricted cash equivalents approximate their fair values due to the short-term maturities and highly liquid nature of these accounts. (2)The fair value of our credit cards was determined using a discounted cash flow model with key inputs relating to weighted average lives, expected lifetime loss rates and discount rate. The fair value of our commercial and consumer banking and secured loans was determined using a discounted cash flow model with key inputs relating to the underlying contractual coupons, terms, discount rate and expectations for defaults. (3)Other investments include FRB stock and FHLB stock, which are presented within other assets in the consolidated balance sheets. (4)The fair values of our deposits without contractually defined maturities (such as demand and savings deposits) and our noninterest-bearing deposits approximate their carrying values. The fair value of our time-based deposits was determined using a discounted cash flow model based on interest rates currently offered for deposits of similar remaining maturities. (5)The carrying value of our debt is net of unamortized discounts and debt issuance costs. The fair value of our convertible notes was classified as Level 1, as it was based on an observable market quote. The estimated fair value of our 2026 convertible notes was $453.5 million and $955.3 million as of December 31, 2024 and 2023, respectively. The estimated fair value of our 2029 convertible note was $1.5 billion as of December 31, 2024. The fair values of our warehouse facility debt and revolving credit facility debt were classified as Level 2 based on market factors and credit factors specific to these financial instruments. The fair value of our securitization debt was classified as Level 2 and valued using a discounted cash flow model, with key inputs relating to the underlying contractual coupons, terms, discount rate and expectations for defaults and prepayments. Nonrecurring Fair Value Measurements Investments in equity securities of $29,500 and $22,920 as of December 31, 2024 and 2023, respectively, which are presented within other assets in the consolidated balance sheets, include investments for which fair values are not readily determinable, which we elect to measure using the measurement alternative method of accounting. The fair value measurements are classified within Level 3 of the fair value hierarchy due to the use of unobservable inputs in the fair value measurements. The balances were primarily composed of a $27,500 and $19,739 investment, as of December 31, 2024 and 2023, respectively, valued under the measurement alternative method.
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Share-Based Compensation |
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| Share-Based Compensation | Note 16. Share-Based Compensation 2011 Stock Option Plan Prior to the Business Combination, the Company’s Amended and Restated 2011 Stock Option Plan (the “2011 Plan”) allowed the Company to grant shares of common stock to employees, non-employee directors and non-employee third parties. As of December 31, 2024, outstanding awards to non-employee third parties under the 2011 Plan were not material. The Company also had shares authorized under a stock plan assumed in a 2020 business combination, which were assumed by the 2011 Plan. Upon the closing of the Business Combination, the remaining unallocated share reserve under the 2011 Plan was cancelled and no new awards may be granted under such plan. Awards outstanding under the 2011 Plan were assumed by SoFi Technologies upon the closing of the Business Combination and continue to be governed by the terms of the 2011 Plan. 2021 Stock Option and Incentive Plan In connection with the closing of the Business Combination, the Company adopted the 2021 Stock Option and Incentive Plan (the “2021 Plan”), which authorized for issuance 63,575,425 shares of common stock in connection with the Business Combination. Under the 2021 Plan, effective January 1, 2022, our Board of Directors authorized the issuance of an additional 8,937,242 shares. In the third quarter of 2022, the Company’s stockholders approved the amendment and restatement of the 2021 Stock Option and Incentive Plan (the “Amended and Restated 2021 Plan”), including a modification to the evergreen provision and an increase in the number of shares of common stock available for issuance under the plan. As of December 31, 2024, the Amended and Restated 2021 Plan includes an aggregate of 200,471,044 shares of common stock authorized for issuance of awards. The Amended and Restated 2021 Plan allows for the number of authorized shares to increase on the first day of each fiscal year beginning on January 1, 2023 and ending on and including January 1, 2030 equal to the lesser of (a) five percent of the aggregate number of shares of common stock outstanding on the final day of the immediately preceding calendar year, and (b) such smaller number of shares of common stock as determined by the Board of Directors. The Amended and Restated 2021 Plan allows for the issuance of stock options, stock appreciation rights, restricted stock, RSUs (including PSUs), dividend equivalents and other stock or cash based awards for issuance to its employees, non-employee directors and non-employee third parties. Shares associated with option exercises and RSU vesting are issued from the authorized pool. Effective January 1, 2023, we approved a plan to allow our non-employee directors to elect, on an annual basis, to defer their cash retainers into equity awards, and/or to defer their RSU grants, which vest in accordance with the grant terms (collectively referred to as DSUs). DSUs are equity awards that entitle the holder to shares of our common stock when the awards vest. Directors may choose to receive their deferred stock distributions in a lump sum or in installments over different time periods. DSUs are measured based on the fair value of our common stock on the date of grant. DSU activity is presented with RSUs in the disclosures below. 2024 Employee Stock Purchase Plan In 2024, the Company adopted the 2024 Employee Stock Purchase Plan (the “2024 ESPP”), which authorized for issuance an aggregate of 16,589,650 shares of common stock. The 2024 ESPP provides that the number of shares reserved and available for issuance will automatically increase each January 1, beginning on January 1, 2025, by the lesser of 16,589,650 shares of Common Stock, 1% of the outstanding number of shares of Common Stock on the immediately preceding December 31, or such lesser amount as determined by the 2024 ESPP administrator. Share-based compensation expense related to stock options, RSUs, PSUs and ESPP is presented within the following line items in the consolidated statements of operations and comprehensive income (loss):
Compensation and Benefits Total compensation and benefits, inclusive of share-based compensation expense, was $927,258, $894,720 and $830,298 for the years ended December 31, 2024, 2023 and 2022, respectively. Compensation and benefits expenses are presented within the following categories of expenses within noninterest expense: (i) technology and product development, (ii) sales and marketing, (iii) cost of operations, and (iv) general and administrative in the consolidated statements of operations and comprehensive income (loss). Stock Options The terms of the stock option grants, including the exercise price per share and vesting periods, are determined by our Board of Directors. At the discretion and determination of our Board of Directors, the 2021 Amended and Restated Plan allows for stock options to be granted that may be exercised before the stock options have vested. The 2011 Plan, which continues to govern awards outstanding under that plan that were assumed by SoFi Technologies upon the closing of the Business Combination, had a similar provision. Stock options were typically granted at exercise prices equal to the fair value of our common stock at the date of grant. Our stock options typically vest at a rate of 25% after one year from the vesting commencement date and then monthly over an additional three-year period. While the vesting schedule noted is typical, stock options have been issued under other vesting schedules. Our stock options typically expire ten years from the grant date or within 90 days of employee termination. The following is a summary of stock option activity:
The aggregate intrinsic value of stock options exercised during the years ended December 31, 2024, 2023 and 2022 was $16.9 million, $5.6 million and $15.0 million, respectively. As of December 31, 2024, the aggregate intrinsic value of stock options outstanding and stock options exercisable was $111.8 million and $111.8 million, respectively. As of December 31, 2024, there was no unrecognized compensation cost related to unvested stock options. Restricted Stock Units RSUs, inclusive of DSUs, are equity awards granted to employees that entitle the holder to shares of our common stock when the awards vest. For employees hired during 2024, new hire RSU grants typically vest between 12.5% to 16.7% on the first vesting date, which occurs approximately six months after the date of grant, and ratably each quarter of the ensuing 10- to 14-quarter period. For employees hired during 2023, new hire RSU grants typically vest between 12.5% to 25% on the first vesting date, which occurs approximately six months after the date of grant, and ratably each quarter of the ensuing 6- to 14-quarter period. For employees hired during 2022, new hire RSU grants typically vest 12.5% on the first vesting date, which occurs approximately six months after the date of grant, and ratably each quarter of the ensuing 14-quarter period. For employees hired before January 1, 2022, new hire RSU grants typically vest 25% on the first vesting date, which occurs approximately one year after the date of grant, and ratably each quarter of the ensuing 12-quarter period. RSUs have been issued under other vesting schedules, including grants to existing employees. RSUs are measured based on the fair value of our common stock on the date of grant. The following table summarizes RSU activity:
_____________________ (1)The total fair value, based on grant date fair value, of RSUs that vested during the years ended December 31, 2024, 2023 and 2022 was $290.0 million, $282.6 million, and $249.9 million, respectively. The weighted average grant date fair value of RSUs issued during the years ended December 31, 2023 and 2022 was $6.51 and $7.32, respectively. As of December 31, 2024, there was $430.5 million of unrecognized compensation cost related to unvested RSUs, inclusive of DSUs, which will be recognized over a weighted average period of approximately 2.2 years. Performance Stock Units PSUs are equity awards granted to employees that, upon vesting, entitle the holder to shares of our common stock. During 2021 and 2023, we granted PSUs that will vest, if at all, on a graded basis during the four-year period commencing on May 28, 2022, subject to the achievement of specified performance goals, such as the volume-weighted average closing price of our stock over a 90-trading day period (“Target Hurdles”) and, now that we are a bank holding company, maintaining certain minimum standards applicable to bank holding companies. In the event of a Sale Event (as defined in the 2021 Amended and Restated Plan), the awards may automatically vest subject to the satisfaction of the Target Hurdles by reference to the sale price, without regard to any other vesting conditions. During 2024, we granted PSUs, that will vest, if at all, at the conclusion of a three-year measurement period, subject to the achievement of specific performance goals, such as absolute growth in tangible book value, total risk weighted capital ratio, and relative total shareholder return. The following table summarizes PSU activity:
Compensation cost associated with PSUs is recognized using the accelerated attribution method for each of the three vesting tranches over the respective derived service period. We determined the grant-date fair value of PSUs utilizing a Monte Carlo simulation model. The following table summarizes the inputs used for estimating the fair value of PSUs granted:
Our use of a Monte Carlo simulation model requires the use of subjective assumptions: •Risk-free interest rate — Based on the U.S. Treasury rate at the time of grant commensurate with the remaining term of the PSUs. •Expected volatility — Based on the implied volatility of our common stock from a set of comparable publicly-traded companies. •Fair value of common stock — Based on the closing stock price on the date of grant. •Dividend yield — We assumed no dividend yield because we have historically not paid out dividends to common stockholders. The weighted average grant date fair value of PSUs issued during the years ended December 31, 2023 and 2022 was $3.36 and $3.71, respectively. As of December 31, 2024, there was $7.1 million of unrecognized compensation cost related to unvested PSUs, which will be recognized over a weighted average period of approximately 2.0 years. Employee Stock Purchase Plan Our ESPP provides permitted eligible employees the right to purchase shares of the Company's common stock through payroll deductions of up to 15% of their eligible compensation, subject to certain limitations. The purchase price of the shares under the ESPP equals 85% of the lower of the fair market value of the Company's common stock on either the first or last day of each six-month offering period (i.e. a 15% discount). The ESPP does not include post-purchase holding requirements and does not include certain features that could trigger modification, such as increases to contribution rates, resets, and rollovers. Employees are allowed to terminate their participation in the ESPP at any time during the purchase period prior to the purchase of shares. Compensation expense for the ESPP relates to the 15% discount and is calculated as of the beginning of the offering period as the fair value of the employees’ purchase rights utilizing the Black-Scholes Model and compensation expense is recognized over the offering period. The first offering period was initiated in December 2024. The table below presents the fair value assumptions used for the period indicated:
Our use of a Black-Scholes Model requires the use of subjective assumptions: •Risk-free interest rate — Based on the U.S. Treasury rate at the time of grant commensurate with the offering period. •Expected term — Based on the 6-month offering period and corresponding purchase period. •Expected volatility — Based on the historical volatility at the offering date, over a historical period equal to the expected term. •Fair value of common stock — Based on the closing stock price on the date of grant (first day of offering period). •Dividend yield — We assumed no dividend yield because we have historically not paid out dividends to common stockholders. As of December 31, 2024, there was $3.8 million of unrecognized compensation cost related to the ESPP over the remaining six-month offering period, ending in June 2025.
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Income Taxes |
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| Income Tax Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Income Taxes | Note 17. Income Taxes Income (loss) before income taxes consisted of the following:
_________________ (1)Foreign loss before income taxes for the year ended December 31, 2023 reflects the impact of goodwill impairment losses related to the Technisys reporting unit. Income tax expense (benefit) consisted of the following:
The income tax benefit for the year ended December 31, 2024 was $265.3 million, primarily due to the release in the fourth quarter of a $258.4 million valuation allowance against certain deferred tax assets based on our reassessment of their realizability. The timing of this valuation allowance release was primarily due to our cumulative income combined with projections of continued profitability. Management defines cumulative income as the most recent three years of pre-tax income when adjusted for certain non-recurring, non-taxable, or non-deductible transactions. The table below presents a reconciliation of the expected income tax benefit at the statutory federal income tax rate to the income tax expense (benefit) at the effective income tax rate:
_________________ (1)Reflects the impact of applying Section 162(m), which prohibits deduction of certain excess employee compensation to certain “covered employees”. (2)Primarily relates to research and development tax credits. The table below presents a reconciliation of unrecognized tax benefits:
As of December 31, 2024, 2023, and 2022 unrecognized tax benefits of $32.4 million, $7.5 million and $6.8 million, respectively, if recognized, would affect our effective tax rate in a future period. We expect to continue to accrue unrecognized tax benefits for certain recurring tax positions; however, we do not expect any other significant increases or decreases to unrecognized tax benefits within the next twelve months. Interest and penalties recorded during the years ended December 31, 2024, 2023 and 2022 were immaterial. The table below presents the significant components of the Company’s net deferred taxes:
The table below details the activity of the deferred tax asset valuation allowance:
In connection with recording deferred taxes, management assesses the likelihood that deferred tax assets are more likely than not to be realized. We evaluate our deferred tax assets quarterly to determine whether adjustments to our valuation allowance are appropriate in light of changes in facts and circumstances. Management reviews all evidence, both positive and negative, to determine whether it is more likely than not that our deferred tax assets are realizable. Examples of positive or negative evidence include cumulative income, projections of future profitability, future reversal of deferred tax liabilities, history of U.S. federal and material state tax attributes expiring unused, as well as tax planning strategies. Management defines cumulative income as the most recent three years of pre-tax income when adjusted for certain non-recurring, non-taxable, or non-deductible transactions. Generally, the weight we give to any particular factor is dependent upon the degree to which it can be objectively verified. As a result, we give greater weight to the recent cumulative income of a relevant jurisdiction than other more subjective factors. During 2024, the valuation allowance decreased by $315.0 million, of which $258.4 million related to our fourth quarter assessment in which management concluded that cumulative income combined with projections of future profitability provided substantial positive evidence that outweighs the negative evidence to support the realization of certain of the Company's deferred tax assets, primarily related to U.S. and certain state jurisdictions. As a result, during the fourth quarter of 2024, the Company released $258.4 million of its valuation allowance. We continue to maintain a valuation allowance of $30.7 million, in certain state and foreign jurisdictions where sufficient positive evidence does not exist to support the realizability of deferred tax assets. Management will continue to assess the need for a valuation allowance in future periods. During 2023, and 2022, we maintained a full valuation allowance against our net deferred tax assets, in applicable jurisdictions, increasing our valuation allowance by $27.2 million and $37.5 million, respectively. Net operating loss carryforwards by jurisdiction: As of December 31, 2024, the Company had federal, state, and foreign net operating loss carryforwards (prior to the application of statutory tax rates) of approximately $505.1 million, $1.2 billion and $126.1 million, respectively. Federal and foreign net operating loss carryforwards of approximately $485.2 million and $74.8 million, respectively, carry forward indefinitely, while the remaining federal and foreign net operating loss carryforwards primarily start expiring in 2043. Most state net operating loss carryforwards are limited and primarily begin expiring in 2042. The carryforwards, net of the valuation allowance for certain states, are expected to be fully utilized prior to expiration. Additionally, as of December 31, 2024, the Company had federal and state research and development credit carryforwards of $86.0 million and $32.5 million, respectively. The federal research credit carryforwards will expire beginning in 2036 and the state research credits will expire beginning in 2031. The Company files a federal income tax return in the United States and also files in various state and foreign jurisdictions. The following are the major tax jurisdictions in which the Company operates and the earliest tax year subject to examination:
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Commitments, Guarantees, Concentrations and Contingencies |
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| Commitments and Contingencies Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Commitments, Guarantees, Concentrations and Contingencies | Note 18. Commitments, Guarantees, Concentrations and Contingencies As of December 31, 2024, we had $685.6 million in financial commitments outstanding related to sponsorship, advertising, and cloud computing agreements under which we are required to make payments over the life of the agreements ranging from to 15 years. We made payments related to these commitments totaling $80.8 million, $67.3 million and $50.8 million during the years ended December 31, 2024, 2023 and 2022, respectively. Amounts payable in future periods are as follows:
We also have commitments to fund home loans and student loans that are only cancellable at the option of the borrower. The commitments are measured at fair value on a recurring basis. See Note 15. Fair Value Measurements for additional information. As part of our community reinvestment initiatives, we have a commitment to fund a line of credit to be used to finance housing and stimulate economic development in low- to moderate-income communities. As of December 31, 2024, we funded $6.0 million of loans, which are presented within loans held for investment, at amortized cost in the consolidated balance sheets, and had $19.0 million of the total $25.0 million commitment outstanding. For information on our leases, see Note 9. Property, Equipment, Software and Leases. Concentrations Financial instruments that potentially subject us to significant concentrations of credit risk consist principally of cash and cash equivalents, restricted cash and restricted cash equivalents, residual investments and loans. We hold cash and cash equivalents and restricted cash and restricted cash equivalents in accounts at regulated domestic financial institutions in amounts that may exceed FDIC insured amounts. We believe these institutions are of high credit quality. We are dependent on third-party funding sources and deposit balances to originate loans. Additionally, we sell loans to various third parties. We have historically sold loans to a limited pool of third-party buyers. No individual third-party buyer accounted for 10% or more of consolidated total net revenues for the periods presented. Within our Technology Platform segment, we have a relatively smaller number of clients compared to our lending and financial services businesses. As such, the loss of one or a few of our top clients could be significant to that portion of our business. No individual client accounted for 10% or more of consolidated total net revenues for the periods presented. The Company is exposed to default risk on borrower loans originated and financed by us. There is no single borrower or group of borrowers that comprise a significant concentration of the Company’s loan portfolio. Likewise, the Company is not overly concentrated within a group of channel partners or other customers, with the exception of our distribution of personal loan residual interests in our sponsored personal loan securitizations, which we market to third parties, and the aforementioned whole loan buyers. Given we have a limited number of prospective buyers for our personal loan securitization residual interests, this might result in our utilization of a significant amount of deposits or our own capital to fund future residual interests in personal loan securitizations, or impact the execution of future securitizations if we are limited in our own ability to invest in the residual interest portion of future securitizations, or find willing buyers for securitization residual interests. Contingencies Legal Proceedings In the ordinary course of business, the Company may be subject to a variety of pending legal proceedings. While we are unable to predict the ultimate outcome of these actions, we believe that any ultimate liability arising from any of these actions will not have a material adverse effect on our consolidated financial position, results of operations or cash flows. However, many of these matters are in various stages of proceedings and further developments could cause management to revise its assessment of these matters. Our assessments are based on our knowledge and historical experience, as well as the specific facts and circumstances asserted, but the ultimate outcome of any matter could require payment substantially in excess of the amount that we have accrued and/or disclosed. Regardless of the final outcome, defending lawsuits, claims, government and self-regulatory organization investigations, and proceedings in which we are involved is costly and can impose a significant burden on management and employees, and there can be no assurances that we will receive favorable final outcomes. Guarantees We have three types of repurchase obligations that we account for as financial guarantees. First, we issue financial guarantees to GSEs on loans that we sell to GSEs, which manifest as repurchase requirements if it is later discovered that loans sold to a GSE do not meet their guidelines. We have a three-year repurchase obligation from the time of origination to buy back originated loans that do not meet GSE guidelines, and we are required to pay the full initial purchase price back to the GSE. We recognize a liability for the full amount of expected loan repurchases, which we estimate based on historical repurchase activity for similar types of loans and assess whether adjustments to our historical loss experience are required based on current conditions and forecasts of future conditions, as appropriate, as our exposure under the guarantee is typically short-term in nature. The liability we record is equal to what we expect to buy back. Second, we make standard representations and warranties related to other loan transfers, breaches of which would require us to repurchase the transferred loans. Finally, we have limited repurchase obligations for certain loan transfers associated with credit-related events, such as early prepayment or events of default within 90 days after origination. In the event of a repurchase, we are typically required to pay the purchase price of the loans transferred. As of December 31, 2024, and 2023, we accrued liabilities within accounts payable, accruals and other liabilities in the consolidated balance sheets of $11.9 million and $5.9 million, respectively, related to our estimated repurchase obligation. The corresponding charges for changes in the estimated obligation are recorded within noninterest income—loan origination, sales, and securitizations in the consolidated statements of operations and comprehensive income (loss) or within noninterest income - loan platform fees in the consolidated statements of operations and comprehensive income (loss) in connection with transfers of loans held for sale and carried at the lower of amortized cost or fair value as part of our Loan Platform Business. As of December 31, 2024 and 2023, the amounts associated with loans sold that were subject to the terms and conditions of our repurchase obligations totaled $12.5 billion and $6.7 billion, respectively. As of December 31, 2024 and 2023, we had a total of $5.6 million and $6.4 million, respectively, in letters of credit outstanding with financial institutions, which were issued for the purpose of securing certain of our operating lease obligations. A portion of the letters of credit was collateralized by $1.3 million and $1.3 million of our cash as of December 31, 2024 and 2023, respectively, which is included within restricted cash and restricted cash equivalents in the consolidated balance sheets. As of December 31, 2024 and 2023, we had a total of $25.2 million and $27.2 million, respectively, in letters of credit outstanding with the FHLB, which serve as collateral for public deposits and were collateralized by loans. Mortgage Banking Regulatory Mandates We are subject to certain state-imposed minimum net worth requirements for the states in which we are engaged in the business of a residential mortgage lender. Noncompliance with these requirements on an annual basis could result in potential fines or penalties imposed by the applicable state. Future events or changes in mandates may affect our ability to meet mortgage banking regulatory requirements. As of December 31, 2024 and 2023, we were in compliance with all minimum net worth requirements; therefore, we have not accrued any liabilities related to fines or penalties. Retirement Plans We have a 401(k) plan that covers all U.S. employees meeting certain eligibility requirements. The 401(k) plan is designed to provide tax-deferred retirement benefits in accordance with the provisions of Section 401(k) of the Internal Revenue Code. Eligible employees may defer up to 100% of eligible compensation up to the annual maximum as determined by the IRS. Our contributions to the plan are discretionary. We have not made any contributions to the plan to date.
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Earnings (Loss) Per Share |
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| Earnings Per Share [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Earnings (Loss) Per Share | Note 19. Earnings (Loss) Per Share Series 1 Redeemable Preferred Stock has preferential cumulative dividend rights. To calculate net income (loss) attributable to common stockholders for each period presented, we adjust the numerator for basic and diluted EPS for the impact of the contractual amount of dividends payable to holders of Series 1 Redeemable Preferred Stock and the impact of redemption activity, if applicable. In May 2024, the Company redeemed all Series 1 Redeemable Preferred Stock outstanding. See Note 13. Equity for additional information. Basic EPS is computed by dividing net income (loss) attributable to common stockholders by the weighted average number of shares of common stock outstanding during the period. Diluted EPS is computed by dividing net income (loss) attributable to common stockholders, as adjusted for activity related to convertible notes, net of tax, if dilutive and applicable, by the weighted average number of shares of common stock outstanding during the period plus the effect of dilutive potential common shares. These potential common shares relate to (i) contingently issuable shares including PSU awards which require future service as a condition of delivery of the underlying common stock as determined using contingently issuable share guidance, (ii) outstanding RSUs, options, warrants and shares issuable under the ESPP as determined using the treasury stock method, and (iii) shares issuable upon conversion of convertible notes as determined using the if-converted method. The adjustment for convertible notes reflects the conversion price at the end of the reporting period. We excluded the effect of all potentially dilutive common stock elements from the denominator in the computation of diluted EPS in the periods where their inclusion would have been anti-dilutive. The calculations of basic and diluted earnings (loss) per share were as follows:
(1)In May 2024, we redeemed all outstanding Series 1 Redeemable Preferred Stock. The premium of $3,026 for the excess of the amount paid upon redemption over the carrying value of redeemable preferred stock at the time of exercise is considered to be akin to a dividend, and as such is deducted from net income (loss) to determine the net income (loss) attributable to common stockholders. See Note 13. Equity for additional information. (2)For the year ended December 31, 2024, diluted earnings per share of $0.39 and diluted net income attributable to common stockholders of $434,776 exclude gain on extinguishment of debt, net of tax, as well as interest expense incurred, net of tax, associated with convertible note activity during the period as evaluated under the if-converted method. (3)For the year ended December 31, 2024, includes incremental dilutive shares from 2026 convertible notes and 2029 convertible notes. The following table presents the securities that were not included in the computation of diluted EPS as the effect would have been anti-dilutive. For the year ended December 31, 2023 and December 31, 2022, all elements were excluded from our calculation of diluted EPS as there were no earnings attributable to common stockholders, and amounts reflect the number of instruments outstanding at the end of the period.
____________________ (1)Amounts reflect weighted average instruments outstanding for the year ended December 31, 2024. (2)Represents contingently returnable common stock in connection with the Technisys Merger, which consists of shares that continue to be held in escrow pending resolution of outstanding indemnification claims by SoFi. These shares were issued in 2022 and partially released in 2023. See Note 2. Business Combinations for additional information. (3)All remaining unexercised common stock warrants expired in May 2024. As of December 31, 2024, the Company has no outstanding common stock warrants.
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Business Segment and Geographic Information |
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| Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Business Segment and Geographic Information | Note 20. Business Segment and Geographic Information Segment Organization and Reporting Framework We have three reportable segments: Lending, Technology Platform and Financial Services. Each of our reportable segments is a strategic business unit that serves specific needs of our members based on the products and services provided. The segments are based on the manner in which management views the financial performance of the business. The reportable segments also reflect our organizational structure. Each segment has a segment manager who reports directly to the CODM. Our CODM is the company’s chief executive officer. The CODM has ultimate authority and responsibility over resource allocation decisions and performance assessment. The operations of acquired businesses have been integrated into, or managed as part of, our existing reportable segments. Activities that are not part of a reportable segment, such as management of our corporate investment portfolio and asset/liability management by our centralized treasury function (as further discussed below), are included in our Corporate/Other segment. Contribution profit (loss) is the measure of segment profit and loss reviewed by the CODM. Contribution profit (loss) is used by the CODM to evaluate segment performance and make decisions about funding our operations and allocating resources, primarily through periodic segment performance reviews. Contribution profit (loss) is defined as total net revenue for each reportable segment less: •fair value changes in servicing rights and residual interests classified as debt that are attributable to assumption changes, which impact the contribution profit within the Lending segment. These fair value changes are non-cash in nature and are not realized in the period; therefore, they do not impact the amounts available to fund our operations; and •expenses directly attributable to the corresponding reportable segment. Directly attributable expenses are the significant expenses of each of our respective segments, and primarily include compensation and benefits, direct advertising and lead generation, and vary based on the amount of activity within each segment. Directly attributable expenses also include loan origination and servicing expenses, professional services, product fulfillment, and occupancy-related costs. Expenses are attributed to the reportable segments using either direct costs of the segment or labor costs that can be attributed based upon the allocation of employee time for individual products. •the provision for credit losses which primarily relates to the financial services segment. We apply an FTP framework to attribute net interest income to our business segments based on their usage and/or provision of funding, implemented beginning in the first quarter of 2022. The primary objective of the FTP framework is to transfer interest rate risk from the business segments by providing matched duration of funding of assets and liabilities to allocate interest income and interest expense to each segment. Therefore, the financial impact, management and reporting of interest rate risk is centralized in Corporate/Other, where it is monitored and managed. Under the FTP framework, treasury provides a funds credit for sources of funds, such as deposits, and a funds charge for the use of funds, such as loans and credit cards. The process for determining FTP credits and charges is based on a number of factors and assumptions, including prevailing market interest rates, the expected duration of interest-earning and interest-bearing assets and liabilities, contingent risks and behaviors, and our broader funding profile. As the durations of assets and liabilities are typically not perfectly matched, the residual impact of the FTP framework is reflected within Corporate/Other. We regularly assess the assumptions, methodologies and reporting classifications used for segment reporting, which may result in further refinements or changes to the framework in future periods. The application of the FTP framework impacts the measure of net interest income and, thereby, total net revenue and contribution profit (loss) for our reportable segments, as well as the total net revenue of Corporate/Other, but has no impact on our consolidated results of operations. The accounting policies of our reportable segments are consistent with those described in Note 1. Organization, Summary of Significant Accounting Policies and New Accounting Standards, except for the application of the FTP framework and the allocations of consolidated income and consolidated expenses. Assets are not allocated to reportable segments, as our CODM does not evaluate reportable segments using discrete asset information. Segment Information Lending. The Lending segment includes our personal loan, student loan and home loan products and the related servicing activities. We also provide servicing in support of our Loan Platform Business on loans originated on behalf of third-party partners and servicing rights assumed from third parties. Revenues in the Lending segment are driven by changes in the fair value of our whole loans and securitization interests (inclusive of our economic hedging activities), gains or losses recognized on transfers that meet the true sale requirements, and our servicing-related activities, which mainly consist of servicing fees and the changes in our servicing assets over time. In our Lending segment, we also earn the difference between interest income earned on our loans and interest expense as determined using the FTP framework. Technology Platform. The Technology Platform segment includes: (i) technology products and solutions revenue, which is primarily related to our integrated technology platform as a service through Galileo, which provides the infrastructure to facilitate core client-facing and back-end capabilities, such as account setup, account funding, direct deposit, authorizations and processing, payments functionality and check account balance features, (ii) beginning in March 2022, revenue earned by Technisys, which expanded our segment to include a cloud-native digital and core banking platform offering and which results in the sale of software licenses and associated services, including implementation and maintenance, and (iii) beginning in the third quarter of 2023, interest income earned on segment cash balances, for which prior period amounts were determined to be immaterial. Our CODM considers contribution profit in evaluating the performance of our Technology Platform segment and making resource allocation decisions. See Note 2. Business Combinations for additional information on the Technisys Merger. Financial Services. The Financial Services segment includes: (i) our SoFi Money product, primarily inclusive of checking and savings accounts which provide members with a digital banking experiences, as well as cash management accounts, (ii) SoFi Invest product which provides investment features and financial planning services, (iii) SoFi Credit Card products, (iv) our Loan Platform Business, through which we provide lending related services and includes activity through which third-party partners leverage our end-to-end origination and servicing platform to acquire loans within their credit specifications on a fee per loan basis, referred loans originated by a third-party partner to which we provide pre-qualified borrower referrals, and certain loans associated with our Lantern financial services marketplace platform, developed to help applicants that do not qualify for SoFi products and small business owners to seek alternative products from other providers, (v) SoFi Relay personal finance management product and (vi) other financial services, such as a product comparison experience through Lantern and content for other financial services institutions, employers and our members. Revenues in the Financial Services segment include interest income earned and interest expense incurred under the FTP framework, interchange fees on our member debit and credit transactions, and brokerage fees related to pay for order flow and share lending arrangements in SoFi Invest. We earn revenue on loans originated on behalf of third-party partners through our Loan Platform Business, for which we receive a specified fee upon sale which includes a fixed price per loan sold. We also earn referral fees in connection with referral activity we facilitate through our platform, inclusive of referral fees generated through our Loan Platform Business for providing pre-qualified borrower referrals to a third-party partner who separately contracts with a loan originator. Certain products, such as our complementary product SoFi Relay, do not provide direct sources of revenue. Under the FTP framework, the Financial Services segment earns interest income that is reflective of an FTP credit for deposits provided to the overall business, as well as incurs interest expense that is reflective of an FTP charge related to the use of funding for SoFi Credit Card. Corporate/Other. Corporate/Other includes net revenues associated with corporate functions that are not directly related to a reportable segment. Beginning in the first quarter of 2022, net interest income (expense) within Corporate/Other reflects the residual impact from FTP charges and FTP credits allocated to our reportable segments under our FTP framework. These non-segment net revenue (loss) also include interest income earned on corporate cash balances, nonrecurring income on certain investments from available cash on hand, such as our investments in AFS debt securities (which investments are not interconnected with our core business lines and, thereby, reportable segments), noninterest income related to gains and losses on extinguishment of corporate borrowings including our convertible notes, and interest expense on other corporate borrowings, such as our revolving credit facility and the amortization of debt issuance costs and original issue discount on our convertible notes. Segment Results The following tables present financial information, including the measure of contribution profit (loss), for each reportable segment. The following tables also reconcile reportable segments total contribution profit (loss) to consolidated income (loss) before income taxes. Directly attributable expenses are the significant expenses of each of our respective segments relative to those regularly provided to our CODM. Expenses not allocated to reportable segments represent items that are not considered by our CODM in evaluating segment performance or allocating resources.
_____________________ (1)Within the Technology Platform segment, intercompany fees were $36,765, $22,199 and $7,604 for the years ended December 31, 2024, 2023 and 2022, respectively. The equal and offsetting intercompany expenses are reflected within all three segments’ directly attributable expenses, as well as within expenses not allocated to segments. The intercompany revenues and expenses are eliminated in consolidation. The revenues are eliminated within Corporate/Other and the expenses are adjusted in our reconciliation of directly attributable expenses below. (2)Refer to Note 3. Revenue for a reconciliation of revenue from contracts with customers to total noninterest income (expense). (3)In the fourth quarter of 2024, we made a presentation change to present the provision for credit losses below total net revenue and above total noninterest expense, from its previous presentation within total noninterest expense. Respective prior period amounts were recast to conform to the current period presentation. (4)Reflects changes in fair value inputs and assumptions on servicing rights, including conditional prepayment, 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. These non-cash charges, which are recorded within noninterest income in the consolidated statements of operations and comprehensive income (loss), are unrealized during the period and, therefore, have no impact on our cash flows from operations. (5)Reflects changes in fair value inputs and assumptions on residual interests classified as debt, including conditional prepayment, default rates and discount rates. When third parties finance our consolidated securitization 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 obligations are measured at fair value on a recurring basis, with fair value changes recorded within noninterest income in the consolidated statements of operations and comprehensive income (loss). 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. (6)The significant expense categories and amounts presented align with the segment-level information that is regularly provided to the CODM. Other expenses for our Lending segment primarily include loan marketing expenses, member promotional expenses, tools and subscriptions, travel and occupancy-related costs, and third-party loan fraud (net of related insurance recoveries). Other expenses for our Technology platform are primarily related to travel and occupancy-related costs, advertising and marketing, and accounts receivable write-offs. Other expenses for our Financial Services segment primarily include operational product losses, third party fraud expense, network servicing fees, travel and occupancy-related costs, tools and subscriptions, and marketing expenses. The following table reconciles reportable segments total contribution profit to consolidated income (loss) before income taxes. Expenses not allocated to reportable segments represent items that are not considered by our CODM in evaluating segment performance or allocating resources.
(1)Includes expenses related to compensation, benefits, restructuring charges, 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)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, amortization of premiums on a credit default swap, corporate and FDIC insurance costs, foreign currency translation adjustments and transaction-related expenses. Geographic Information The following tables present total net revenue from external customers and total assets attributed to the United States and to all foreign countries in total in which we operate. We attribute total net revenue and total assets based on the country of domicile of the legal entity. No individual foreign country had material total net revenue during any of the years presented. Our long-lived assets as of the dates indicated were not considered by management to be significant relative to total assets. The majority of our long-lived assets were located in the United States as of the dates indicated.
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Regulatory Capital |
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2024 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Regulatory Capital Requirements Under Banking Regulations [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Regulatory Capital | Note 21. Regulatory Capital SoFi Technologies, a bank holding company, and SoFi Bank, a nationally chartered association, are required to comply with regulatory capital rules issued by the Federal Reserve and other U.S. banking regulators, including the OCC and FDIC. From time to time, we may contribute 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, which may contain additional limitations or conditions relating to our activities. The Federal Reserve and the OCC have authority to prohibit bank holding companies and banks, respectively, from paying dividends if, in their opinion, the payment of dividends would constitute an unsafe or unsound practice. Under the National Bank Act, SoFi Bank generally may, without prior approval of the OCC, declare a dividend so long as the total amount of all dividends (common and preferred), including the proposed dividend, in the current year do not exceed net income for the current year to date plus retained net income for the prior two years. However, taking into account a wide range of factors, the OCC may object and therefore prevent SoFi Bank from paying dividends to the Company. As such, as of December 31, 2024, the Bank would not have any funds free of restrictions that are available for dividend payments. Restrictions on the ability of SoFi Bank to pay dividends to the parent company could also impact the Company’s ability to pay dividends to common stockholders. Additionally, under the Federal Reserve’s capital rules, our bank holding company’s ability to pay dividends is restricted if we do not maintain capital above the capital conservation buffer, as discussed below. Further, a policy statement of the Federal Reserve provides that, among other things, a bank holding company generally should not pay dividends on regulatory capital instruments if its net income for the past year is not sufficient to cover both the cash dividends and a rate of earnings retention that is consistent with the company’s capital needs, asset quality, and overall financial condition. Based on this Federal Reserve policy, as of December 31, 2024, the Company generally would not have any funds free of restrictions available for dividend payments on regulatory capital instruments. These requirements establish required minimum ratios for CET1 risk-based capital, Tier 1 risk-based capital, total risk-based capital and a Tier 1 leverage ratio; set risk-weighting for assets and certain other items for purposes of the risk-based capital ratios; and define what qualifies as capital for purposes of meeting the capital requirements. Additionally, regulatory capital rules include a capital conservation buffer of 2.5% that is added on top of each of the minimum risk-based capital ratios in order to avoid restrictions on capital distributions and discretionary bonuses. In addition, the Federal Reserve and the OCC have authority to require banking organizations subject to their supervision to hold additional amounts of capital in excess of the minimum risk-based capital ratios. The risk- and leverage-based capital ratios and amounts are presented below:
(1)Required minimums presented for risk-based capital ratios include the required capital conservation buffer. (2)The well-capitalized minimum measure is applicable at the bank level only. As of December 31, 2024 and December 31, 2023, 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 December 31, 2024 that management believes would change the categorization.
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Parent Company Condensed Financial Information |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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| Condensed Financial Information Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Parent Company Condensed Financial Information | Note 22. Parent Company Condensed Financial Information The following parent company condensed financial statements are prepared in accordance with Regulation S-X of the SEC, which require such disclosures when the restricted net assets of consolidated subsidiaries exceed 25% of consolidated net assets. SoFi Technologies, Inc. Condensed Balance Sheets (Parent Company Only)
(1)Redemption amount was $323,400 as of December 31, 2023. (2)Includes 100,000,000 non-voting common shares authorized and no non-voting common shares issued and outstanding as of December 31, 2024 and 2023. SoFi Technologies, Inc. Condensed Statements of Operations and Comprehensive Income (Loss) (Parent Company Only)
SoFi Technologies, Inc. Condensed Statements of Cash Flows (Parent Company Only)
Notes to Parent Company Condensed Financial Information Note 1. Debt Convertible Senior Notes, Due 2026 In October 2021, SoFi Technologies, Inc. issued $1.2 billion aggregate principal amount of convertible notes due 2026 (“2026 convertible notes”). In December 2023, SoFi Technologies, Inc. repurchased $88.0 million aggregate principal amount of the 2026 convertible notes, which were settled through the issuance of 9,490,000 shares of common stock. In March 2024, SoFi Technologies, Inc. repurchased $600.0 million aggregate principal amount of the 2026 convertible notes, which were settled through the issuance of 72,621,879 shares of common stock. In August 2024, SoFi Technologies, Inc. repurchased $84.0 million aggregate principal amount of the 2026 convertible notes, which were settled through the issuance of 10,591,795 shares of common stock. Following these repurchases, $428.0 million aggregate principal amount of the 2026 convertible notes remain outstanding. Convertible Senior Notes, Due 2029 In March 2024, SoFi Technologies, Inc. issued $862.5 million aggregate principal amount of convertible notes due 2029 (“2029 convertible notes”). Other In April 2023, SoFi Technologies, Inc. entered into the Amended and Restated Credit Agreement, which amended and restated the Original Credit Agreement entered into by Social Finance, Inc. in September 2018 to, among other things, change the borrower entity under the revolving credit facility to SoFi Technologies, Inc. See Note 12. Debt for additional information on these debt arrangements. Note 2. Temporary Equity See Note 13. Equity for information on the redeemable preferred stock held at SoFi Technologies, Inc.
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Subsequent Events |
12 Months Ended | ||||||
|---|---|---|---|---|---|---|---|
Dec. 31, 2024 | |||||||
| Subsequent Events [Abstract] | |||||||
| Subsequent Events | Note 23. Subsequent Events Management of the Company performed an evaluation of subsequent events that occurred after the balance sheet date through the date of this Annual Report on Form 10-K, and determined that there were no subsequent events to report.
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Pay vs Performance Disclosure - USD ($) $ in Thousands |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2024 |
Dec. 31, 2023 |
Dec. 31, 2022 |
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| Pay vs Performance Disclosure | |||
| Net income (loss) | $ 498,665 | $ (300,742) | $ (320,407) |
Insider Trading Arrangements |
3 Months Ended |
|---|---|
Dec. 31, 2024 | |
| Trading Arrangements, by Individual | |
| Rule 10b5-1 Arrangement Adopted | false |
| Non-Rule 10b5-1 Arrangement Adopted | false |
| Rule 10b5-1 Arrangement Terminated | false |
| Non-Rule 10b5-1 Arrangement Terminated | false |
Insider Trading Policies and Procedures |
12 Months Ended |
|---|---|
Dec. 31, 2024 | |
| Insider Trading Policies and Procedures [Line Items] | |
| Insider Trading Policies and Procedures Adopted | true |
Cybersecurity Risk Management and Strategy Disclosure |
12 Months Ended |
|---|---|
Dec. 31, 2024 | |
| Cybersecurity Risk Management, Strategy, and Governance [Line Items] | |
| Cybersecurity Risk Management Processes for Assessing, Identifying, and Managing Threats [Text Block] | At SoFi, we recognize the importance of information security practices designed to protect the confidentiality, integrity, and availability of company information and the personal information that our customers share with us. Using guidance set forth in our Enterprise Risk Management program, we have implemented a cybersecurity risk management program to lead and support the management of information security risks in accordance with our risk profile and business strategy, which is informed by recognized industry standards and frameworks, such as International Organization for Standardization 27002:2013. For additional guidance, we also refer to the National Institute of Standards and Technology Cybersecurity Framework, Payment Card Industry Data Security Standard, Federal Financial Institutions Examination Council information security guidelines, and Center of Internet Security controls. Our cybersecurity risk management program includes a number of components, designed to identify, analyze, and respond to cybersecurity risks, including reliance on a layered system of preventative and detective technologies, controls, and policies designed to detect, mitigate, and contain cybersecurity threats. Information security program risk assessments and third party attestations and assessments are conducted periodically by both internal and external resources. We leverage qualified third-party security assessors to identify vulnerabilities through both internal and external penetration tests and perform internal cybersecurity maturity assessments. In addition, our internal audit team conducts information security and information technology audits on an annual basis. We are also subject to examinations by applicable regulators. We conduct cybersecurity awareness training for personnel upon hire and on a periodic basis thereafter, which includes phishing training campaigns. As part of our cybersecurity risk management program, SoFi maintains a formal Third-Party Security Risk Management program that provides oversight of cybersecurity risks related to supplier relationships. During supplier onboarding, we perform risk-based due diligence for suppliers with access to confidential SoFi information or that require technical integration with SoFi systems. This program includes the provision of a cybersecurity risk assessment to these suppliers during onboarding as well as ongoing monitoring, assessment, and contract review. We have not identified any cybersecurity incidents or threats that have materially affected us or are reasonably likely to materially affect us, including our business strategy, results of operations, or financial condition. For more information on risks to us from cybersecurity threats, see “Cyberattacks and other security incidents and compromises could have an adverse effect on our business, harm our reputation and expose us to liability and adversely affect our ability to collect payments and maintain accurate accounts. Efforts to prevent and respond to these attacks and incidents are costly” in Part I, Item 1A. “Risk Factors—Information Technology and Data Risks”.
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| Cybersecurity Risk Management Processes Integrated [Flag] | true |
| Cybersecurity Risk Management Processes Integrated [Text Block] | At SoFi, we recognize the importance of information security practices designed to protect the confidentiality, integrity, and availability of company information and the personal information that our customers share with us. Using guidance set forth in our Enterprise Risk Management program, we have implemented a cybersecurity risk management program to lead and support the management of information security risks in accordance with our risk profile and business strategy, which is informed by recognized industry standards and frameworks, such as International Organization for Standardization 27002:2013. |
| Cybersecurity Risk Management Third Party Engaged [Flag] | true |
| Cybersecurity Risk Third Party Oversight and Identification Processes [Flag] | true |
| Cybersecurity Risk Materially Affected or Reasonably Likely to Materially Affect Registrant [Flag] | false |
| Cybersecurity Risk Board of Directors Oversight [Text Block] | The Board of Directors has overall responsibility for risk oversight and has delegated oversight of our cybersecurity program to the Risk Committee, which is comprised of a minimum of three Board members. |
| Cybersecurity Risk Board Committee or Subcommittee Responsible for Oversight [Text Block] | The Board of Directors has overall responsibility for risk oversight and has delegated oversight of our cybersecurity program to the Risk Committee, which is comprised of a minimum of three Board members. The Risk Committee is responsible for the information technology and cybersecurity function at the Company. Relevant duties include, but are not limited to, annually reviewing Cybersecurity’s prior year performance and the upcoming program roadmap, and approving the cybersecurity program. The Risk Committee meets at least four times each year and discusses cybersecurity risk management as relevant and applicable. |
| Cybersecurity Risk Process for Informing Board Committee or Subcommittee Responsible for Oversight [Text Block] | The CISO provides cybersecurity updates, including risks and threats to the Risk Committee as appropriate, on a quarterly basis. |
| Cybersecurity Risk Role of Management [Text Block] | The Risk Committee is responsible for the information technology and cybersecurity function at the Company. Relevant duties include, but are not limited to, annually reviewing Cybersecurity’s prior year performance and the upcoming program roadmap, and approving the cybersecurity program. The Risk Committee meets at least four times each year and discusses cybersecurity risk management as relevant and applicable. |
| Cybersecurity Risk Management Positions or Committees Responsible [Flag] | true |
| Cybersecurity Risk Management Positions or Committees Responsible [Text Block] | The Risk Committee is responsible for the information technology and cybersecurity function at the Company. Relevant duties include, but are not limited to, annually reviewing Cybersecurity’s prior year performance and the upcoming program roadmap, and approving the cybersecurity program. The Risk Committee meets at least four times each year and discusses cybersecurity risk management as relevant and applicable. Our CISO has primary responsibility for assessing and managing our cybersecurity program. |
| Cybersecurity Risk Management Expertise of Management Responsible [Text Block] | The CISO has served in this role at SoFi for four years and has over twenty years of experience working in senior leadership positions in the cybersecurity industry. He previously served as the CISO at leading software and data analytics companies and co-founded a cybersecurity company. |
| Cybersecurity Risk Process for Informing Management or Committees Responsible [Text Block] | The CISO provides cybersecurity updates, including risks and threats to the Risk Committee as appropriate, on a quarterly basis. |
| Cybersecurity Risk Management Positions or Committees Responsible Report to Board [Flag] | true |
Organization, Summary of Significant Accounting Policies and New Accounting Standards (Policies) |
12 Months Ended |
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Dec. 31, 2024 | |
| Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
| Basis of Presentation | The consolidated financial statements include the accounts of the Company, its wholly-owned and majority-owned subsidiaries and certain consolidated VIEs. All intercompany accounts were eliminated in consolidation. The consolidated financial statements were prepared in conformity with GAAP and in accordance with the rules and regulations of the SEC. In our consolidated financial statements, we made the following presentation changes in 2024: •in our consolidated statements of cash flows beginning in the first quarter of 2024, reclassified amounts related to fair value changes in residual interests classified as debt into other within the adjustments to reconcile net income (loss) to net cash provided used in operating activities. There was no impact to net cash used in operating activities; •in our consolidated statements of operations and comprehensive income (loss) beginning in the third quarter of 2024, reclassified amounts related to our Loan Platform Business previously included within the financial statement line item noninterest income—other to separate presentation in noninterest income—loan platform fees. See Note 3. Revenue for presentation of disaggregated revenue; and •in our consolidated statements of operations and comprehensive income (loss) beginning in the fourth quarter of 2024, updated the presentation to present the provision for credit losses below total net revenue and above noninterest expenses, from its previous presentation within total noninterest expense. In all instances, the respective prior period amounts were recast to conform to the current period presentation.
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| Use of Judgments, Assumptions and Estimates | The preparation of our consolidated financial statements and related disclosures in conformity with GAAP requires management to make assumptions and estimates that affect the reported amounts of assets, liabilities, revenue and expenses as well as the disclosures of contingent assets and liabilities. These estimates and assumptions are inherently subjective in nature and, therefore, actual results may differ from our estimates and assumptions, and the differences could be material. Management bases its estimates on historical experience and on various other factors it believes to be reasonable under the circumstances. These assumptions and estimates include, but are not limited to, the following: (i) fair value measurements, (ii) business combinations, (iii) goodwill, and (iv) valuation allowance on deferred tax assets.
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| Business Combinations | We account for acquisitions of entities or asset groups that qualify as businesses using the acquisition method of accounting. Purchase consideration is allocated to the tangible and intangible assets acquired and liabilities assumed based on the estimated fair values as of the acquisition date, which are measured in accordance with fair value measurement accounting principles. The determination of fair value requires management to make estimates about discount rates, future expected cash flows, market conditions and other future events that are highly subjective in nature. The excess of the total purchase consideration over the fair value of the identified net assets acquired is recognized as goodwill. The results of the acquired businesses are included in our results of operations beginning from the date of acquisition. Acquisition-related costs are expensed as incurred. During the measurement period, which may be up to one year from the acquisition date, we may record adjustments to the allocation of purchase consideration and to the fair values of assets acquired and liabilities assumed to the extent that additional information becomes available. After this period, any subsequent adjustments are recorded in the consolidated statements of operations and comprehensive income (loss).
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| Variable Interest Entities | VIEs are entities that, by design, either (a) lack sufficient equity to permit the entity to finance its activities without additional subordinated financial support from other parties; or (b) have equity investors that lack any of (i) the ability to make significant decisions relating to the entity’s operations through voting rights, (ii) the obligation to absorb the expected losses, or (iii) the right to receive the residual returns of the entity. The primary beneficiary of a VIE (i.e., the party that has a controlling financial interest) is required to consolidate the assets and liabilities of the VIE. The primary beneficiary is the party that has both (a) the power to direct the activities of the VIE that most significantly impact the VIE’s economic performance; and (b) the obligation to absorb losses or the right to receive benefits from the VIE that could potentially be significant to the VIE. The most common type of VIE with which we are involved is an SPE. SPEs are commonly used in whole loans sales and securitization transactions to isolate certain assets and distribute their related cash flows to investors. In determining whether we have the power to direct the activities of a VIE that most significantly impact that VIE’s economic performance, we consider all the facts and circumstances, including our role in establishing the VIE and our ongoing rights and responsibilities. First, we identify the activities that most significantly impact the VIE’s economic performance; second, we identify which party, if any, has power over those activities. In general, the parties that make the most significant decisions affecting the VIE (such as collateral managers, servicers, or owners of call options or liquidation rights over the VIE’s assets) or have the right to unilaterally remove those decision-makers are deemed to have the power to direct the activities that most significantly impact the VIE’s economic performance. In determining whether we have the obligation to absorb losses of the VIE or the right to receive benefits from the VIE that could potentially be significant to the VIE, we consider all of our economic interests, including debt and equity investments, servicing fees, and other arrangements deemed to be variable interests in the VIE. This assessment requires that we apply judgment in determining whether these interests, in the aggregate, are considered potentially significant to the VIE. Factors considered in assessing significance include: the design of the VIE, including its capitalization structure; subordination of interests; payment priority; relative share of interests held across various classes within the VIE’s capital structure; and the reasons for which we hold the interests. We perform on-going reassessments to evaluate whether changes in the facts and circumstances regarding each identified VIE, such as changes in the entity’s capital structure or changes in the nature of our involvement with the entity, cause a change to the VIE designation or change to our consolidation conclusion. Refer to Note 7. Securitization and Variable Interest Entities for more details regarding our consolidated VIEs.
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| Fair Value Measurements | Fair value is defined as the price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. We use a three-level fair value hierarchy to classify and disclose all assets and liabilities measured at fair value on a recurring basis in periods subsequent to their initial measurement. The hierarchy requires us to use observable inputs when available and to minimize the use of unobservable inputs when determining fair value. The three levels are defined as follows: •Level 1 — Quoted prices in active markets for identical assets or liabilities, accessible by us at the measurement date. •Level 2 — Quoted prices for similar assets or liabilities in active markets, or quoted prices for identical or similar assets or liabilities in markets that are not active, or observable inputs other than quoted prices. •Level 3 — Unobservable inputs for assets or liabilities for which there is little or no market data, which requires us to develop our own assumptions. These unobservable assumptions reflect estimates of inputs that market participants would use in pricing the asset or liability. Valuation techniques include the use of option pricing models, discounted cash flow models, or similar techniques, which incorporate management’s own estimates of assumptions that market participants would use in pricing the asset or liability. A financial instrument’s categorization within the fair value hierarchy is based on the lowest level of input that is significant to the fair value measurement. Instruments are categorized in Level 3 of the fair value hierarchy based on the significance of unobservable factors in the overall fair value measurement. As a result, the related gains and losses for assets and liabilities within the Level 3 category presented in Note 15. Fair Value Measurements may include changes in fair value that are attributable to both observable and unobservable inputs. We utilize third-party valuation specialists to perform a valuation of these Level 2 and Level 3 financial instruments on a monthly basis with quarterly oversight by a Valuation Working Group established by the Company that comprises leaders across finance, capital markets and accounting.
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| Transfers of Financial Assets | The transfer of an entire financial asset is accounted for as a sale if all of the following conditions are met: •the financial asset is isolated from the transferor and its consolidated affiliates as well as its creditors, even in bankruptcy or other receivership; •the transferee or beneficial interest holders have the right to pledge or exchange the transferred financial asset; and •the transferor, its consolidated affiliates and its agents do not maintain effective control over the transferred financial asset. Loan sales are aggregated in the financial statements due to the similarity of both the loans transferred and servicing arrangements. The portion of our income relating to ongoing servicing and the fair value of our servicing rights are dependent upon the performance of the sold loans. We measure the gain or loss on the sale of financial assets as the net assets received from the sale less the carrying amount of the loans sold. The net assets received from the sale represent the fair value of any assets obtained or liabilities incurred as part of the transaction, including but not limited to cash, servicing assets, retained securitization investments and recourse obligations. When securitizing loans, we employ a two-step transaction that includes the isolation of the underlying loans in a trust and the sale of beneficial interests in the trust to a bankruptcy-remote entity. Transfers of financial assets that do not qualify for sale accounting are reported as secured borrowings. Accordingly, the related assets remain on our consolidated balance sheets and continue to be reported and accounted for as if the transfer had not occurred. Cash proceeds received from these transfers are reported as liabilities, with related interest expense recognized over the life of the related secured borrowing. As a component of the loan sale agreements, we make certain representations to third parties that purchase our previously-held loans, some of which include GSE repurchase requirements and all of which are standard in nature and do not constrain our ability to recognize a sale for accounting purposes. Any significant estimated post-sale obligations or contingent obligations to the purchaser of the loans arising from these representations are accrued if probable and estimable, which approximates fair value. We establish a loan repurchase liability, which is based on historical experience and any current developments which would make it probable that we would buy back loans previously sold to third parties at the historical sales price. The loan repurchase liability is presented within accounts payable, accruals and other liabilities in the consolidated balance sheets, with the corresponding charges recorded within noninterest income—loan origination, sales, and securitizations in the consolidated statements of operations and comprehensive income (loss) or within noninterest income - loan platform fees in the consolidated statements of operations and comprehensive income (loss) in connection with transfers of loans held for sale and carried at the lower of amortized cost or fair value as part of our Loan Platform Business.
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| Cash and Cash Equivalents | Cash and cash equivalents primarily include unrestricted deposits with financial institutions in checking, money market and short-term certificate of deposit accounts and certain short-term commercial paper. We consider all highly liquid investments with original maturity dates of three months or less to be cash equivalents. |
| Restricted Cash and Restricted Cash Equivalents | Restricted cash and restricted cash equivalents primarily include cash deposits, certificate of deposit accounts held on reserve, money market funds held by consolidated VIEs and collection balances. These accounts are earmarked as restricted because the balances are either member balances held in our custody, cash segregated for regulatory purposes associated with brokerage activities, escrow requirements for certain debt facilities and derivative agreements, deposits required by various bank holding companies we partner with (“Member Banks”) that support one or more of our products, loan collection balances awaiting disbursement, consolidated VIE cash balances that we cannot use for general operating purposes, or other legally restricted balances. |
| Investments in Debt Securities | The accounting and measurement framework for our investments in debt securities is determined based on the security classification. We do not hold investments in debt securities for trading purposes, nor do we have investments in debt securities that we have the intent and ability to hold to maturity. Therefore, we classify our investments in debt securities as available-for-sale. We record investments in AFS debt securities at fair value in our consolidated balance sheets, with unrealized gains and losses recorded, net of tax, as a component of AOCI. See Note 15. Fair Value Measurements for additional information on our fair value estimates for investments in AFS debt securities. The amortized cost basis of our investments in AFS debt securities reflects the security’s acquisition cost, adjusted for amortization of premium or accretion of discount, and collection of cash and charge-offs, as applicable. For purposes of determining gross realized gains and losses on AFS debt securities, the cost of securities sold is based on specific identification. We elected to present accrued interest for AFS debt securities within investment securities in the consolidated balance sheets. Purchase discounts, premiums, and other basis adjustments for investments in AFS debt securities are generally amortized into interest income over the contractual life of the security using the effective interest method. However, premiums on certain callable debt securities are amortized to the earliest call date. Amortization of premiums and discounts and other basis adjustments for investments in AFS debt securities, as well as interest income earned on the investments, are recognized within interest income—other, and realized gains and losses on investments in AFS debt securities are recognized within noninterest income—other in the consolidated statements of operations and comprehensive income (loss). An investment in AFS debt security is evaluated for an impairment if its fair value is less than its amortized cost. If we determine that we have the intent to sell the impaired investment in AFS debt security, or if it is more likely than not that we will be required to sell the impaired investment in AFS debt security before recovery of its amortized cost, we recognize the full impairment loss reflecting the difference between the amortized cost (net of any prior recognized allowance) and the fair value of the investment in AFS debt security within noninterest income—other in the consolidated statements of operations and comprehensive income (loss). If neither of the above conditions exists, we evaluate whether the impairment loss is attributable to credit-related or non-credit-related factors. Any impairment that is not credit-related is recognized within other comprehensive income (loss), net of taxes. See the section “Allowance for Credit Losses” in this Note for the factors we consider in identifying credit-related impairment and the treatment of credit losses.
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| Securitization Investments | In Company-sponsored securitization transactions that meet the applicable criteria to be accounted for as a sale, we retain certain residual interests and asset-backed bonds that we report within investment securities in the consolidated balance sheets. We elected the fair value option for these investments and gains and losses are reported within noninterest income—loan origination, sales, and securitizations in the consolidated statements of operations and comprehensive income (loss). We determine the fair value of our securitization investments using a discounted cash flow methodology, while also considering market data as it becomes available. Our residual investments accrete interest income over the expected life using the effective yield method, which reflects a portion of the overall fair value adjustment recorded each period on our residual investments. On a quarterly basis, we reevaluate the cash flow estimates over the life of the residual investments to determine if a change to the accretable yield is required on a prospective basis. Additionally, we record interest income associated with asset-backed bonds over the term of the underlying bond using the effective interest method on unpaid bond amounts. Interest income on residual investments and asset-backed bonds is presented within interest income—loans and securitizations in the consolidated statements of operations and comprehensive income (loss).
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| Investments in Equity Securities | Our investments in equity securities primarily consist of investments for which fair values are not readily determinable, which we elect to measure using the alternative method of accounting, under which they are measured at cost less any impairment and adjusted for changes resulting from observable price changes in orderly transactions for identical or similar investments of the same issuers. Our investments in equity securities are presented within other assets in the consolidated balance sheets. Adjustments to the carrying values of our investments in equity securities, such as impairments and unrealized gains, are recognized within noninterest income—other in the consolidated statements of operations and comprehensive income (loss). |
| Loans | Loan Classification We classify loans as held for sale or held for investment based on management’s assessment of its intent and ability to hold the loans for the foreseeable future or until maturity, which may change over time. A loan that is initially designated as held for sale or held for investment may be reclassified when our intent for that loan changes. The accounting and measurement framework for loans differs depending on the loan classification and whether we elect the fair value option. The presentation within the consolidated statements of cash flows is based on management’s intent at origination. Cash flows related to loans that are originated with the intent to sell are included in cash flows from operating activities in the consolidated statements of cash flows. Cash flows related to loans that are originated with the intent to hold for investment are included in cash flows from investing activities in the consolidated statements of cash flows. Our loan portfolio primarily consists of: (i) personal loans, student loans and home loans, which are measured at fair value and held for sale or held for investment, and (ii) secured loans, credit cards, and commercial and consumer banking loans, which are measured at amortized cost and held for investment. The commercial and consumer banking portfolio is primarily inclusive of commercial real estate loans, commercial and industrial loans and residential real estate and other consumer loans. Loans Held For Sale, at Lower of Amortized Cost or Fair Value During 2024, we began originating personal loans on behalf of third parties as part of our Loan Platform Business. These loans are generally held for a short period of time prior to sale and are held for sale and carried at the lower of amortized cost or fair value. Direct origination fees and costs for these loans are deferred and included as part of the carrying value of the loans and, upon the sale of a loan, are recognized as part of the gain or loss included within noninterest income - loan platform fees in the consolidated statements of operations and comprehensive income (loss). Servicing rights recognized in connection with the sale of these loans are initially measured at fair value and recognized as a component of the gain or loss from sales of loans and the initial capitalization is reported within noninterest income—loan platform fees in the consolidated statements of operations and comprehensive income (loss). Subsequent measurement changes for all servicing rights, including servicing fee payments and fair value changes, are included within noninterest income—servicing in the consolidated statements of operations and comprehensive income (loss). Upon sale of these loans, we establish a loan repurchase liability, which is based on historical experience and any current developments which would make it probable that we would buy back loans previously sold to third parties at the historical sales price. The loan repurchase liability is presented within accounts payable, accruals and other liabilities in the consolidated balance sheets, with the corresponding charges recorded within noninterest income—loan platform fees in the consolidated statements of operations and comprehensive income (loss). Interest income on loans held for sale at the lower of amortized cost or fair value is accrued and recognized based on the contractual rate of interest within interest income—loans and securitizations in the consolidated statements of operations and comprehensive income (loss). As of December 31, 2024, there were no material personal loans held for sale, at lower of amortized cost or fair value. Loans Measured at Fair Value We elected the fair value option to measure our personal loans, student loans and home loans, as we believe that fair value best reflects the expected economic performance of the loans. Therefore, these loans are carried at fair value on a recurring basis. During the year ended December 31, 2023, we transferred certain home loans out of Level 3 and into Level 2 due to an update to pricing sources utilized by third-party valuation specialists, as part of the integration of Wyndham. Other loans do not trade in an active market with readily observable prices and are classified as Level 3. We determine the fair value of our loans using a discounted cash flow methodology, while also considering market data as it becomes available. Direct origination fees, which primarily relate to personal and home loans, are recognized in earnings as earned and are recorded within noninterest income—loan origination, sales, and securitizations in the consolidated statements of operations and comprehensive income (loss). Direct loan origination costs are recognized in earnings as incurred and are recorded within noninterest expense—cost of operations in the consolidated statements of operations and comprehensive income (loss). We record the initial fair value measurement and subsequent measurement changes in fair value in the period in which the changes occur within noninterest income—loan origination, sales, and securitizations in the consolidated statements of operations and comprehensive income (loss). We record cash flows related to loans originally designated as held for sale within cash flows from operating activities in the consolidated statements of cash flows. We record cash flows related to loans originally designated as held for investment within cash flows from investing activities in the consolidated statements of cash flows. We consider a loan to be delinquent when the borrower has not made the scheduled payment amount within one day after the scheduled payment date, provided the borrower is not in school or in deferment, forbearance or within an agreed-upon grace period. Loan deferment is a provision within student loan contracts that permits the borrower to defer payments while enrolled at least half time in school. During the deferment period, interest accrues on the loan balance and is capitalized to the loan when the loan enters repayment status, which begins when the student no longer qualifies for deferment. Forbearance applies to student loans, personal loans and home loans. A borrower in repayment may generally request forbearance for reasons including a FEMA-declared disaster, unemployment, economic hardship or general economic uncertainty. Forbearance typically cannot exceed a total of 12 months over the life of the loan. If forbearance is granted, interest continues to accrue during the forbearance period and is capitalized to the loan when the borrower resumes making payments. At the conclusion of a forbearance period, the contractual monthly payment is recalculated and is generally higher as a result. For personal loans and student loans, delinquent loans are charged off after 120 days of delinquency or on the date of confirmed loss. For home loans, delinquent loans are charged off after 180 days of delinquency or on the date of confirmed loss. For all loans, we stop accruing interest and reverse all accrued but unpaid interest on the date of charge-off. Additional information about our loans held for sale is included in Note 4. Loans, Note 7. Securitization and Variable Interest Entities and Note 15. Fair Value Measurements. Loans Measured at Amortized Cost For our secured and commercial and consumer banking loans, direct loan origination costs are deferred and amortized using the effective interest method over the contractual term of the loans within interest income—loans and securitizations in the consolidated statements of operations and comprehensive income (loss). As of December 31, 2024, the remaining balance of deferred costs was immaterial We present accrued interest for loans measured at amortized cost within loans held for investment, at amortized cost in the consolidated balance sheets. The amortized cost of these loans is subject to our allowance for credit losses methodology described within “Allowance for Credit Losses” herein. We record cash flows related to loans held for investment within cash flows from investing activities in the consolidated statements of cash flows. Credit card receivables are reported at the amounts due from members, including accrued interest and fees, and unamortized net deferred loan origination fees and costs. Loan origination fees and direct loan origination costs are amortized on a straight-line basis over a 12-month period as adjustments to income through interest income—loans and securitizations in the consolidated statements of operations and comprehensive income (loss). Credit card balances are reported as delinquent when they become 30 or more days past due. Credit card balances are charged off after 180 days of delinquency or on the date of the confirmed loss, at which time we stop accruing interest and fees and reverse all accrued but unpaid interest and fees through interest income as of such date. When a credit card balance is charged off, we record a reduction to the allowance and the credit card balance. When recovery payments are received against charged off credit card balances, we record a direct reduction to the provision for credit losses. Credit card receivables associated with alleged or potential third-party fraudulent transactions are charged off through noninterest expense—general and administrative in the consolidated statements of operations and comprehensive income (loss). Commercial and consumer banking loans are reported as delinquent when they become 30 or more days past due. For all commercial and consumer banking loans, we stop accruing interest and reverse all accrued but unpaid interest after 90 days of delinquency. For consumer banking loans, delinquent loans are charged off after 120 days of delinquency or on the date of confirmed loss. For commercial loans, performance is monitored on an individual loan basis and delinquent loans are charged off when collectability of interest and principal on the loan is not reasonably assured. Secured loans are term loan arrangements secured by underlying loans owned by the debtor, which were previously originated, sold and in most cases continue to be serviced by the Company. Secured loans are reported as delinquent when they become 30 or more days past due, and are charged off after 120 days of delinquency or on the date of confirmed loss.
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| Allowance for Credit Losses | We primarily evaluate expected credit losses under the current expected credit loss model for the following financial assets: (i) cash equivalents and restricted cash equivalents, (ii) accounts receivable from contracts with customers, inclusive of servicing related receivables, (iii) loans measured at amortized cost, and (iv) investments in AFS debt securities. Our approaches to measuring the allowance for credit losses on the applicable financial assets are as follows: Cash equivalents and restricted cash equivalents: Our cash equivalents and restricted cash equivalents are short-term in nature and of high credit quality; therefore, we determined that our exposure to credit losses over the life of these instruments was immaterial. Accounts receivable from contracts with customers: Accounts receivable from contracts with customers as of the balance sheet dates, all of which are short-term in nature, are recorded at their original invoice amounts reduced by any allowance for credit losses. We assess the risk of loss for each individual customer, even when the risk is remote. Certain of our historical accounts receivable balances did not have any write-offs. We use the aging method and historical loss rates as a basis for estimating the percentage of current and delinquent accounts receivable balances that will result in credit losses. We consider whether the conditions at the measurement date and reasonable and supportable forecasts about future conditions, such as customer creditworthiness, current economic conditions, customer location, expectations of near-term economic trends and changes in customer payment terms and collection trends, warrant an adjustment to our historical loss experience. Based on this analysis, we determined that our historical loss rates remained most indicative of our lifetime expected losses. We record the provision for credit losses on accounts receivable from contracts with customers within noninterest expense—general and administrative in the consolidated statements of operations and comprehensive income (loss). When we determine that a receivable is not collectible, we write off the uncollectible amount as a reduction to both the allowance and the gross asset balance. Recoveries are recorded when received and credited to the provision for credit losses. Any change in the assumptions used in analyzing a specific account receivable may result in an additional allowance for credit losses being recognized in the period in which the change occurs. See Note 5. Allowance for Credit Losses for a rollforward of the allowance for credit losses related to our accounts receivable. Secured loans: We evaluate the credit quality of our secured loan portfolio based on the fair value of underlying collateral, which are subject to the requirements of our loan underwriting process and risk models upon origination. This analysis is performed on a quarterly basis utilizing a third-party valuation specialist, whereby the fair value of underlying collateral is reassessed based on relevant information such as funded loan rates and historical loss experience, among other factors. An allowance for credit losses is required when there is an expected credit loss after considering the fair value of the collateral as well as any anticipated future changes in the underlying collateral. As of and for the year ended December 31, 2024, based on this evaluation we did not recognize an allowance for credit losses on our secured loan. Credit cards: We use a combination of statistical-based loan level models that incorporate current and historical credit performance data, which includes both internal and external industry data. The process of estimating expected credit losses is based on an account-level PD model, a segment-level EAD model, and a portfolio-level recovery rate. In addition, the Company incorporates qualitative reserves to cover losses that are expected but may not be adequately represented in our quantitative methods. The PD model estimates the likelihood of default at different points in time over the life of each loan. The PD model analyzes a wide range of borrower characteristics, including credit scores and customer behaviors such as credit limit usage, revolving vs. transactors trends, and number of credit inquires. The EAD model estimates the balance of an account at the time of default. This includes balances less expected repayments based on historical payment and revolve behavior. A recovery rate reflecting an estimate of amounts expected to be received after default occurs is estimated separately based on historical recovery performance and applied to the final CECL calculation. For delinquent accounts we use roll rates based on historical data to determine the probabilities of default which is included in the final CECL calculation. Additionally, management evaluates whether to include qualitative reserves to cover losses that are expected but may not be adequately represented in the quantitative methods or the economic assumptions. The qualitative reserves address possible limitations within the models, such as macroeconomic conditions, regulatory requirements, emerging portfolio trends, the nature and size of the portfolio, portfolio concentrations, the volume and severity of past due accounts, changes in underwriting or lending staff, or other management risk actions. We record the provision for credit losses on credit cards within provision for credit losses in the consolidated statements of operations and comprehensive income (loss). When we determine that balances are not collectible, we charge-off the uncollectible amounts as a reduction to both the allowance for credit loss and gross asset balances. Recoveries are recorded when received as a direct reduction to provision for credit losses. We do not measure credit losses on the undrawn credit exposure, as such undrawn credit exposure is unconditionally cancellable by us. We elected to exclude interest on credit cards from the measurement of our allowance, as our policy allows for accrued interest to be reversed in a timely manner. Further, we elected the practical expedient to exclude the accrued interest component of our credit cards from the quantitative disclosures presented. See Note 5. Allowance for Credit Losses for a rollforward of the allowance for credit losses related to our credit cards. Commercial and consumer banking loans: We evaluate the credit quality of our commercial and consumer banking loan portfolio based on regulatory risk ratings. Loans are categorized into risk ratings based on relevant information about the ability of borrowers to service their debt, such as current financial information, historical payment experience, collateral adequacy, credit documentation, and current economic trends, among other factors. The allowance for credit losses is determined at a portfolio level and estimated based on weighted average remaining maturity and annualized loss rate according to the loan’s regulatory loan type, risk rating classification and historical loss rates in the industry. This analysis is performed on an ongoing basis as new information is obtained. See Note 5. Allowance for Credit Losses for a rollforward of the allowance for credit losses related to our commercial and consumer banking loans. Investments in AFS debt securities: Credit-related impairment is recognized as an allowance for credit losses in the consolidated balance sheets with a corresponding adjustment to provision for credit losses in the statements of operations and comprehensive income (loss). For certain securities that are guaranteed by the U.S. Treasury or government agencies, or sovereign entities of high credit quality, we concluded that there is no risk of credit-related impairment due to the nature of the counterparties and history of no credit losses. For other investments in AFS debt securities, factors considered in evaluating credit losses include: (i) adverse conditions related to the macroeconomic environment or the industry, geographic area or financial condition of the issuer, (ii) other credit indicators of the security, such as external credit ratings, and (iii) payment structure of the security. For the year ended December 31, 2024, we did not recognize an allowance for credit losses on impaired investments in AFS debt securities.
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| Servicing Rights, Loan Origination and Sales Activities | We enter into servicing agreements in connection with transfers of our financial assets and referral fulfillment arrangements in which we are a sub-servicer for financial assets that we do not legally own, and on a standalone basis. Under such servicing agreements, we earn servicing fees, generally expressed as a percentage of the serviced outstanding principal balance, portions of which may be subjected to subordination provisions. At the inception of each servicing relationship, we determine whether we should record a servicing asset or servicing liability, measured at the fair value of the servicing right, which may be zero. We elected the fair value option to measure our servicing rights subsequent to initial recognition. We measure the initial and subsequent fair value of our servicing rights using a discounted cash flow methodology, while also considering market data as it becomes available. The significant assumptions used in the valuation model include our contractual servicing fee, ancillary income, prepayment rate assumptions, default rate assumptions, a discount rate commensurate with the risk of the servicing asset or liability being valued, and an assumed market cost of servicing, which is based on active quotes from third-party servicers. The value of the servicing rights are dependent on the performance of the underlying loans. For servicing rights retained in connection with loan transfers that do not meet the requirements for sale accounting treatment, there is no recognition of a servicing asset or liability. Servicing rights in connection with transfers of financial assets are initially measured at fair value and recognized as a component of the gain or loss from sales of loans and the initial capitalization is reported within noninterest income—loan origination, sales, and securitizations in the consolidated statements of operations and comprehensive income (loss). For loans originated on behalf of third parties for our Loan Platform Business, servicing rights recognized as a component of the gain on sale are reported within noninterest income—loan platform fees in the consolidated statements of operations and comprehensive income (loss). Servicing rights assumed from third parties as referral fees for financial assets for which we are not the loan originator are initially measured at fair value and recognized within noninterest income—loan platform fees in the consolidated statements of operations and comprehensive income (loss). Servicing rights are measured at fair value at each subsequent reporting date and changes in fair value are reported in earnings in the period in which they occur. Subsequent measurement changes for all servicing rights, including servicing fee payments and fair value changes, are included within noninterest income—servicing in the consolidated statements of operations and comprehensive income (loss). For servicing rights with adequate compensation resulting in an initial and subsequent value of zero, we recognize servicing fees received during the period within noninterest income—servicing. We elected the fair value option to measure our servicing rights to better align with the valuation of our transferred loans, which also tend to share a similar risk profile to the personal loan servicing we assume from third parties when we are not the loan originator. The loans are also impacted by similar factors, such as conditional prepayment rates and default rates. We consider the risk of the assets and the observability of inputs in determining the classes of servicing rights. We have three classes of servicing assets: personal loans, student loans and home loans. As part of our loan sale agreements, we may retain the rights to service sold loans. We calculate a gain or loss on the sale based on the sum of the proceeds from the sale and any servicing asset or liability recognized, less the carrying value of the loans sold. Our gain or loss calculation is also inclusive of repurchase liabilities recognized at the time of sale, and is recorded within noninterest income—loan origination, sales, and securitizations in the consolidated statements of operations and comprehensive income (loss) or within noninterest income - loan platform fees in connection with transfers of loans held for sale and carried at the lower of amortized cost or fair value as part of our Loan Platform Business.
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| Property, Equipment and Software | All property, equipment and software are initially recorded at cost, while repairs and maintenance costs are expensed as incurred. Computer hardware, furniture and fixtures, software, buildings and finance lease ROU assets are depreciated or amortized on a straight-line basis over the estimated useful life of each class of depreciable or amortizable assets (ranging from 2.5 to 30 years). Leasehold improvements are amortized over the shorter of the respective lease term or the estimated lives of the leasehold improvements. Software includes both purchased and internally-developed software. Internally-developed software is capitalized when preliminary project efforts are successfully completed, and it is probable that both the project will be completed and the software will be used as intended. Capitalized costs consist of salaries and compensation costs (inclusive of share-based compensation) for employees, fees paid to third-party consultants who are directly involved in development efforts and costs incurred for upgrades and functionality enhancements, and are amortized over a useful life ranging from 2.5 to 5 years. Other costs are expensed as incurred.
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| Property, Equipment and Software | All property, equipment and software are initially recorded at cost, while repairs and maintenance costs are expensed as incurred. Computer hardware, furniture and fixtures, software, buildings and finance lease ROU assets are depreciated or amortized on a straight-line basis over the estimated useful life of each class of depreciable or amortizable assets (ranging from 2.5 to 30 years). Leasehold improvements are amortized over the shorter of the respective lease term or the estimated lives of the leasehold improvements. Software includes both purchased and internally-developed software. Internally-developed software is capitalized when preliminary project efforts are successfully completed, and it is probable that both the project will be completed and the software will be used as intended. Capitalized costs consist of salaries and compensation costs (inclusive of share-based compensation) for employees, fees paid to third-party consultants who are directly involved in development efforts and costs incurred for upgrades and functionality enhancements, and are amortized over a useful life ranging from 2.5 to 5 years. Other costs are expensed as incurred.
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| Goodwill and Intangible Assets | Goodwill represents the fair value of an acquired business in excess of the fair value of the identified net assets acquired. Goodwill is tested for impairment at the reporting unit level annually or whenever indicators of impairment exist. Impairment of goodwill is the condition that exists when the carrying amount of a reporting unit that includes goodwill exceeds its fair value. We may assess goodwill for impairment initially using a qualitative approach, referred to as “step zero”, to determine whether conditions exist to indicate that it is more likely than not that the fair value of a reporting unit is less than its carrying amount. If management concludes, based on its assessment of relevant events, facts and circumstances, that it is more likely than not that a reporting unit’s carrying value is greater than its fair value, then a quantitative analysis will be performed to determine if there is any impairment. We may alternatively elect to initially perform a quantitative assessment and bypass the qualitative assessment. A goodwill impairment loss is recognized for the amount that the carrying amount of a reporting unit, including goodwill, exceeds its fair value, limited to the total amount of goodwill allocated to that reporting unit. Therefore, if the fair value of a reporting unit exceeds its carrying amount, goodwill of the reporting unit is not impaired. Our reporting units for our goodwill impairment analysis represent components of our business at one level below our operating segments. Our annual impairment testing date is October 1. Definite-lived intangible assets are amortized on a straight-line basis over their useful lives and reviewed for impairment annually and whenever events or circumstances indicate that the carrying amount of such assets may not be recoverable. Intangible assets include capitalized costs incurred in the development and enhancement of our software products to be sold, leased or marketed. These costs, consisting primarily of salaries and compensation costs (inclusive of share-based compensation) for employees, are expensed as incurred until technological feasibility has been established, after which the costs are capitalized until the product is available for general release to customers.
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| Leases | We determine if an arrangement is or contains a lease at inception of the contract. A contract is or contains a lease if the contract conveys the right to control the use of identified property or equipment for a period of time in exchange for consideration. For our current office and non-office classes of operating leases, we elected the practical expedient to not separate non-lease components from lease components and to, instead, account for each separate lease component and the non-lease components associated with that lease component as a single lease component. For our current classes of finance leases, we did not elect to apply this practical expedient and, instead, separately identify and measure the non-lease components of the contracts. As an accounting policy election, we apply the short-term lease exemption practical expedient to any lease that, at the commencement date, has a lease term of 12 months or less and does not include an option to purchase the underlying asset that we are reasonably certain to exercise. Operating leases are presented within operating lease right-of-use assets and operating lease liabilities in the consolidated balance sheets. Finance lease ROU assets are presented within property, equipment and software and finance lease liabilities are presented within accounts payable, accruals and other liabilities in the consolidated balance sheets. Operating and finance lease ROU assets represent our right to use an underlying asset for the lease term and operating and finance lease liabilities represent our obligation to make lease payments arising from the lease. ROU assets and lease liabilities are recognized at the commencement date based on the present value of lease payments over the lease term. As our leases do not provide an implicit borrowing rate, we use our incremental borrowing rate based on the information available at commencement date or modification date, as appropriate, in determining the present value of lease payments. The operating lease ROU assets are increased by any prepaid lease payments and are reduced by any unamortized lease incentives. Our lease terms may include options to extend or terminate the lease when it is reasonably certain that we will exercise that option. Base rent is typically subject to rent escalations on each annual anniversary from the lease commencement dates. Lease expense for lease payments, including any step rent provisions specified in the lease agreements, is recognized on a straight-line basis over the lease term and is allocated among the components of noninterest expense in the consolidated statements of operations and comprehensive income (loss). The finance lease ROU assets are depreciated on a straight-line basis over the estimated useful life of seven years. Interest expense on finance leases is recognized for the difference between the present value of the lease liabilities and the scheduled lease payments within interest expense—other in the consolidated statements of operations and comprehensive income (loss). When a lease agreement is modified, we determine if the modification grants us the right to use an additional asset that is not included in the original lease contract and if the lease payments increase commensurate with the standalone price for the additional ROU asset. If both conditions are met, we account for the agreement as two separate contracts: (i) the original, unmodified contract and (ii) a separate contract for the additional ROU asset. If both conditions are not met, the modification is not evaluated as a separate contract. Instead, based on the nature of the modification, we (i) reassess the lease classification on the modification date under the modified terms, and (ii) use the modified lease payments and discount rate to remeasure the lease liability and recognize any difference between the new lease liability and the old lease liability as an adjustment to the ROU asset.
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| Derivative Financial Instruments and Capped Call Transactions | We enter into derivative contracts to manage future loan sale execution risk. We did not elect hedge accounting, as management’s hedging intentions are to economically hedge the risk of unfavorable changes in the fair values of our personal loans, student loans and home loans. Our derivative instruments used to manage future loan sale execution risk include interest rate swaps, interest rate caps, credit derivatives and home loan pipeline hedges. We also have IRLCs, interest rate swaps and interest rate caps that were not related to future loan sale execution risk. Changes in derivative instrument fair values are recognized in earnings as they occur. Depending on the measurement date position, derivative financial instruments are presented within other assets or accounts payable, accruals and other liabilities in the consolidated balance sheets. Our derivative instruments are reported within cash flows from operating activities in the consolidated statements of cash flows. Certain derivative instruments are subject to enforceable master netting arrangements. Accordingly, we present our net asset or liability position by counterparty in the consolidated balance sheets. Additionally, since our cash collateral balances do not approximate the fair value of the derivative position, we do not offset our right to reclaim cash collateral or obligation to return cash collateral against recognized derivative assets or liabilities. During 2021, we entered into privately negotiated capped call transactions (the “2026 capped call transactions”) with certain financial institutions (the “capped call counterparties”). The Capped Call Transactions initially cover, subject to customary anti-dilution adjustments, the number of shares of our common stock that initially underlie the 2026 convertible notes. The Capped Call Transactions are net purchased call options on our own common stock. The Capped Call Transactions are separate transactions entered into by the Company with each of the Capped Call Counterparties, are not part of the terms of the 2026 convertible notes, and do not affect any holder’s rights under the 2026 convertible notes. Holders of the 2026 convertible notes do not have any rights with respect to the 2026 capped call transactions. As the 2026 capped call transactions are legally detachable and separately exercisable from the 2026 convertible notes, they were evaluated as freestanding instruments. We concluded that the 2026 capped call transactions meet the scope exceptions for derivative instruments, and as such, the 2026 capped call transactions meet the criteria for classification in equity and are included as a reduction to additional paid-in capital. In March 2024, we entered into privately negotiated capped call transactions (the “2029 capped call transactions”) with certain financial institutions (the “capped call counterparties”). The 2029 capped call transactions initially cover, subject to customary anti-dilution adjustments, the number of shares of our common stock that initially underlie the 2029 convertible notes. The capped call transactions are net purchased call options on our own common stock. The 2029 capped call transactions are separate transactions entered into by the Company with each of the capped call counterparties, are not part of the terms of the 2029 convertible notes, and do not affect any holder’s rights under the 2029 convertible notes. Holders of the 2029 convertible notes do not have any rights with respect to the 2029 capped call transactions. As the 2029 capped call transactions are legally detachable and separately exercisable from the 2029 convertible notes, they were evaluated as freestanding instruments. We concluded that the 2029 capped call transactions meet the scope exceptions for derivative instruments, and as such, the capped call transactions meet the criteria for classification in equity and are included as a reduction to additional paid-in capital.
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| Financial Guarantees | A portion of our student loans at fair value are covered by a credit default swap which meets the definition of a financial guarantee and is excluded from derivative accounting treatment because we own the underlying portfolio at inception and throughout the term and receive reimbursements based only on unpaid principal balance and only once a loan has become past due. Because the contract transfers the risk of borrower default to the counterparty, we apply the insurance contract claim method by deferring the full estimated amount of premiums paid and payable at inception. The deferred premium is estimated using a discounted cash flow model considering the expected performance of the reference portfolio and recorded within other assets and accounts payable, accruals and other liabilities in the consolidated balance sheets. Deferred premiums are amortized based on actual premiums due and recognized in noninterest expense—general and administrative in the consolidated statements of operations and comprehensive income (loss). We recognize a receivable and related earnings when a loss event occurs, we have the right to submit a claim, and recovery is probable.
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| Loan Commitments | We offer a program whereby applicants can lock in an interest rate on an in-school loan to be funded at a later time. Applicants can exit the loan origination process up until the loan funding date. SoFi is obligated to fund the loan at the committed terms on the disbursement date if the borrower does not cancel prior to the loan funding date. The student loan commitments meet the scope exception for issuers of commitments to originate non-mortgage loans. As the writer of the commitments, we elected the fair value option to measure our unfunded student loan commitments to align with the measurement methodology of our originated student loans. As such, our student loan commitments are carried at fair value on a recurring basis. Depending on the measurement date position, student loan commitments are presented within other assets or accounts payable, accruals and other liabilities in the consolidated balance sheets. We record the initial fair value measurement and subsequent measurement changes in fair value in the period in which the changes occur within noninterest income—loan origination, sales, and securitizations in the consolidated statements of operations and comprehensive income (loss). Loan commitments also include IRLCs, whereby we commit to interest rate terms prior to completing the origination process for home loans. IRLCs are derivative instruments that are measured at fair value on a recurring basis. Changes in fair value are recognized within noninterest income—loan origination, sales, and securitizations in the consolidated statements of operations and comprehensive income (loss). See “Derivative Financial Instruments” in this Note for additional information on our derivative instruments.
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| Residual Interests Classified as Debt, Borrowing and Financing Costs | We borrow from various financial institutions to finance our lending activities. Direct costs incurred in connection with financing, such as banker fees, origination fees and legal fees, are classified as deferred debt issuance costs. Generally, we capitalize these costs and report the amounts as a direct deduction from the carrying amount of the debt balance, however, beginning in the third quarter of 2024, for revolving debt, the unamortized debt issuance costs are reported in other assets in the consolidated balance sheets. For non-revolving debt, any difference between the stated principal amount of debt and the amount of cash proceeds received, net of debt issuance costs, is presented as a discount or premium. The capitalized debt issuance costs for both revolving and non-revolving debt and the original issue discount/premium on non-revolving debt are amortized into interest expense—securitizations and warehouses in the consolidated statements of operations and comprehensive income (loss) over the expected life of the related financing agreements using the straight-line method for revolving facilities and the effective interest method for securitization debt and our senior convertible notes, as defined and further discussed below. Remaining unamortized fees are expensed immediately upon early extinguishment of the debt. In a debt modification for revolving debt, the initial issuance costs and any additional fees incurred as a result of the modification are deferred over the term of the new agreement, if the borrowing capacity of the revolving facility is increased. In the case that a modification results in a decrease in our borrowing capacity, any fees paid to the creditor and any third-party costs incurred are considered to be associated with the new arrangement and are, therefore, deferred and amortized over the term of the new arrangement. Unamortized deferred costs relating to the old arrangement at the time of the modification are expensed immediately in proportion to the decrease in borrowing capacity of the old arrangement. Any remaining unamortized deferred costs relating to the old arrangement are deferred and amortized over the term of the new arrangement. We elected the fair value option to measure certain securitization debt, with the intent to mitigate the accounting divergence between debt liabilities measured at historical cost and the corresponding loans securing these financings, which are risk-managed on a fair value basis. For securitization debt carried at fair value on a recurring basis, we record the initial fair value measurement and subsequent measurement changes in fair value in the period in which the changes occur within noninterest income—loan origination, sales, and securitizations in the consolidated statements of operations and comprehensive income (loss). We determined the fair value of the applicable securitization debt using a discounted cash flow methodology, while also considering market data as it becomes available. The key inputs to the calculation include the underlying contractual coupons, terms, discount rate and expectations for defaults and prepayments. Convertible Senior Notes In October 2021, we issued $1.2 billion aggregate principal amount of convertible senior notes due 2026 (the “2026 convertible notes”). The 2026 convertible notes will mature on October 15, 2026, unless earlier repurchased, redeemed or converted. 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 2026 convertible notes will also be redeemable, in whole or in part, at our option at any time, and from time to time, on or after October 15, 2024 through the 30th scheduled trading day immediately before the maturity date, at a cash redemption price equal to the principal amount of the convertible notes to be redeemed, plus accrued interest, if any, thereon to, but excluding, the redemption date, but only if certain liquidity conditions described in the indenture are satisfied and certain conditions are met with respect to the last reported sale price per share of our common stock prior to conversion. In December 2023, March 2024, and August 2024, we entered into repurchase agreements to repurchase in aggregate principal amount of the convertible notes totaling $88.0 million, $600.0 million, and $84.0 million, respectively. See Note 12. Debt for more detailed disclosure of the term and features of the 2026 convertible notes. In March 2024, we issued $862.5 million aggregate principal amount of convertible senior notes due 2029 (the “2029 convertible notes”). The 2029 convertible notes will mature on March 15, 2029, unless earlier repurchased, redeemed or converted. We will settle conversion of the notes by paying or delivering cash, and if applicable, shares of our common stock, based on the applicable conversion rate. The 2029 convertible notes will also be redeemable, in whole or in part, at our option at any time, and from time to time, on or after March 15, 2027 through the 30th scheduled trading day immediately before the maturity date, at a cash redemption price equal to the principal amount of the convertible notes to be redeemed, plus accrued and unpaid interest, if any, thereon to, but excluding, the redemption date, but only if certain liquidity conditions described in the indenture are satisfied and certain conditions are met with respect to the last reported sale price per share of our common stock prior to conversion. See Note 12. Debt for more detailed disclosure of the term and features of the 2029 convertible notes. We elected to evaluate each embedded feature of the arrangement individually. We concluded that each of the conversion rights, optional redemption rights, fundamental change make-whole provision and repurchase rights did not require bifurcation as derivative instruments, which we reevaluate each reporting period. The additional interest and special interest that accrue on the notes in the event of our failure to comply with certain registration or reporting requirements are required to be bifurcated from the host contract, as the reporting requirement triggering event is not clearly and closely related to the host convertible debt contract, and therefore we measure the contingent interest feature at fair value each reporting period. The value was determined to be immaterial; therefore, we accounted for the convertible notes wholly as debt, which was recognized on the settlement date. Accordingly, we allocated all debt issuance costs to the debt instrument on the basis of materiality. In connection with the pricing of the convertible notes, we entered into privately negotiated capped call transactions with certain financial institutions, as defined and further discussed below. Within consolidated securitizations, the residual interests held by third parties are presented as residual interests classified as debt in the consolidated balance sheets. We measure residual interests classified as debt at fair value on a recurring basis. We record subsequent measurement changes in fair value in the period in which the change occurs within noninterest income—loan origination, sales, and securitizations in the consolidated statements of operations and comprehensive income (loss). We determine the fair value of residual interests classified as debt using a discounted cash flow methodology, while also considering market data as it becomes available. We recognize interest expense related to residual interests classified as debt over the expected life using the effective yield method, which reflects a portion of the overall fair value adjustment recorded each period on our residual interests classified as debt. Interest expense related to residual interests classified as debt is presented within interest expense—securitizations and warehouses in the consolidated statements of operations and comprehensive income (loss). On a quarterly basis, we reevaluate the cash flow estimates to determine if a change to the accretable yield is required on a prospective basis.
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| Foreign Currency Translation Adjustments | We revalue assets, liabilities, income and expense denominated in non-United States currencies into United States dollars using applicable exchange rates. For foreign subsidiaries in which the functional currency is the subsidiary’s local currency, gains and losses relating to foreign currency translation adjustments are included in accumulated other comprehensive income (loss) in our consolidated balance sheets. For foreign subsidiaries in which the functional currency is the United States Dollar, gains and losses relating to foreign currency transaction adjustments are included within earnings in the consolidated statements of operations and comprehensive income (loss). Due to the highly inflationary economic environment in Argentina, we use the United States Dollar as the functional currency of our Argentinian operations. Our activities in Argentina are related to our Technology Platform segment and commenced in the first quarter of 2022 with the Technisys Merger.
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| Safeguarding Asset and Liability | Through our SoFi Invest product (via our wholly-owned subsidiary, SoFi Digital Assets, LLC, a licensed money transmitter), our members were able to invest in digital assets. In the fourth quarter of 2023, we transferred the crypto services provided by SoFi Digital Assets, LLC, and began closing existing digital assets accounts. This process was completed in the first quarter of 2024. Certain accounts were eligible for transfer to a third party digital asset service provider who assumed responsibility for the transferred accounts on a go-forward basis, including the arrangement of custodial services for the transferred digital assets. We have no further ongoing responsibilities for the transferred digital assets subsequent to the executed transfer which took place in December 2023, and derecognized the corresponding digital assets safeguarding liability and safeguarding asset as of the date of the transfer. For those digital assets that were not eligible to be transferred, we engaged third parties to provide custodial services for our digital assets offering, which included holding the cryptographic key information and working to protect the digital assets from loss or theft. The third-party custodians held digital assets as custodial assets in an account in SoFi’s name for the benefit of our members. We maintained the internal recordkeeping of our members’ digital assets, including the amount and type of digital assets owned by each of our members in the custodial accounts. In accordance with Staff Accounting Bulletin No. 121 (“SAB 121”), which we adopted effective June 30, 2022 with retrospective application as of January 1, 2022, we recognized a digital assets safeguarding liability within accounts payable, accruals and other liabilities in the consolidated balance sheets reflecting our obligation to safeguard the digital assets held by third-party custodians for the benefit of our members. We also recognized a corresponding safeguarding asset within other assets in the consolidated balance sheets. The safeguarding liability and corresponding safeguarding asset were measured and recorded at the fair value of the digital assets held by the custodians at each reporting date. Subsequent changes to the fair value measurement were reflected as equal and offsetting adjustments to the carrying values of the safeguarding liability and corresponding safeguarding asset. We evaluated any potential loss events, such as theft, loss or destruction of the cryptographic keys, that may have affected the measurement of the safeguarding asset, which would be reflected in our results of operations in the period the loss occurs. Measurement changes do not impact the consolidated statements of operations and comprehensive income (loss) unless such a loss event is identified. See “Recent Accounting Standards Issued, But Not Yet Adopted” for discussion of Staff Accounting Bulletin No. 122 (“SAB 122”).
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| Interest Income | Interest income on loans is accrued and recognized based on the contractual rate of interest within interest income—loans and securitizations in the consolidated statements of operations and comprehensive income (loss). We stop accruing interest and reverse all accrued but unpaid interest at the time a loan charges off. Loans are returned to accrual status if the loans are brought to nondelinquent status or have performed in accordance with the contractual terms for a reasonable period of time and, in management’s judgment, will continue to make scheduled periodic principal and interest payments. Other interest income is primarily earned on our bank balances.
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| Revenue Recognition | In each of our revenue arrangements, revenue is recognized when control of the promised goods or services is transferred to the customer in an amount that reflects our expected consideration in exchange for those goods or services. Our primary revenue streams for the periods presented include the following: •Technology Products and Solutions: We earn fees for providing an integrated platform as a service for financial and non-financial institutions. •Referrals: We earn specified referral fees in connection with referral activities we facilitate through our platform, inclusive of referral fees generated through our Loan Platform Business, for providing pre-qualified borrower referrals to a third-party partner that offer services to end users who do not use one of our product offerings and referrals of pre-qualified borrowers to a third-party partner who separately contracts with a loan originator. •Interchange: We earn interchange fees from debit and credit cardholder transactions conducted through payment networks. •Brokerage: We earn fees in connection with facilitating investment-related transactions through our platform, such as brokerage transactions, share lending and exchange conversion. In each of our revenue arrangements, revenue is recognized when control of the promised goods or services is transferred to the customer in an amount that reflects our expected consideration in exchange for those goods or services. Technology Products and Solutions We earn fees for providing an integrated technology platform as a service for financial and non-financial institutions. Our single performance obligation is the promise to stand ready to provide integrated technology platform services as needed throughout the contract term. The integrated technology platform service fees are determined based on the number of accounts supported on the platform and on the volume of transactions generated on the platform. We satisfy our performance obligation continuously throughout the contractual arrangements and our customers receive and consume the benefits simultaneously as we perform. Our integrated technology platform as a service is a stand-ready obligation, as we provide the service regardless of the timing and quantity of accounts on the platform and transactions generated on the platform. Under this stand-ready obligation, our performance obligation is satisfied over time throughout the contract term rather than at a point in time. The service of standing ready to fulfill our integrated platform as a service offering is substantially the same each day and has the same pattern of transfer to the customer. Therefore, we determined that our stand-ready performance obligation comprises a series of distinct days of service. We are the principal in our integrated technology platform services arrangements as we control the service of completing transaction on the platform. We earn fees for providing software licenses and associated services, including implementation and maintenance, related to our cloud-native digital and core banking platform. We charge a recurring fee for the software license and related maintenance services. Other software-related services are billed on a periodic basis as the services are provided. The Company’s software license arrangements provide the customer with the right to use functional intellectual property for the duration of the contract term. We recognize revenue related to software licenses at a point in time upon delivery of the license and the close of the user-acceptance testing period. When implementation services are distinct, we recognize revenue over time during the implementation period. We recognize maintenance services ratably over the contractual maintenance term. We allocate fees charged for software licenses and associated services to our performance obligations on the basis of the relative standalone selling price using observable standalone selling prices and the adjusted market assessment approach. The standalone selling prices either represent the prices at which we separately sell each license or service or are estimated using available information, such as market conditions and internal pricing policies. The standalone selling price of the software license and related maintenance are determined based on the value relationship for these products as well as the term of the software license. Referrals We earn specified referral fees in connection with certain referral activities we facilitate through our platform. In one type of referral arrangement, we refer end users through our platform to third-party enterprise partners. Our referral fee is calculated as either a fixed price per successful referral or a percentage of the transaction volume between the enterprise partners and referred consumers. In another type of referral arrangement, we earn referral fulfillment fees for providing pre-qualified borrower referrals to a third-party partner who separately contracts with a loan originator. Our referral fees are based on the referred loan amount, subject to a referral fulfillment fee penalty if a loan is determined to be ineligible and becomes a charged-off loan as defined in the contract. We recognize revenue for each originated loan, less the estimated referral fulfillment fee penalty. The estimated referral fulfillment fee penalty was immaterial as of December 31, 2024 and 2023. Interchange We earn interchange fees from debit and credit cardholder transactions conducted through payment networks. Interchange fees from cardholder transactions represent a percentage of the underlying transaction value and are recognized daily, concurrently with the transaction processing services provided to the cardholder. Interchange is presented net of cardholder rewards associated with card transactions. Costs of Obtaining Contracts with Customers We capitalize incremental costs of obtaining a contract with a customer, which are certain commissions paid to third-parties in connection with the acquisition of member accounts. Capitalized costs are amortized over the life of the account. We elected the practical expedient to expense the incremental costs of obtaining a contract when the amortization period is one year or less. The expense is reported in noninterest expense—sales and marketing on the consolidated statements of operations and comprehensive income (loss). Brokerage We earn fees in connection with facilitating investment-related transactions through our platform, which we refer to as brokerage revenue. Our brokerage revenue performance obligation is generally completely satisfied upon the completion of an investment-related transaction. In general, we act as the agent in these arrangements as we do not oversee the execution of the transactions and ultimately lack the requisite control.
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| Share-Based Compensation | Share-based compensation made to employees and non-employees, including stock options, RSUs, PSUs and employee stock purchase rights granted under the Company's ESPP, is measured based on the grant date fair value of the awards. We used the Black-Scholes Option Pricing Model (the “Black-Scholes Model”) to estimate the grant-date fair value of stock options and employee stock purchase rights granted under the ESPP. RSUs are measured based on the fair value of the underlying stock on the dates of grant. We use a Monte Carlo simulation model to estimate the grant-date fair value of PSUs. Compensation expense is typically recognized on a straight-line basis over the period during which the share-based award holder is required to perform services in exchange for the award (the vesting period) for stock options and RSUs, on an accelerated attribution basis for each vesting tranche over the respective derived service period for PSUs and over each offering period for our ESPP. Share-based compensation expense is allocated among the following categories of expenses within noninterest expense: (i) technology and product development, (ii) sales and marketing, (iii) cost of operations, and (iv) general and administrative in the consolidated statements of operations and comprehensive income (loss). We recognize forfeitures and withdrawals (relevant to the ESPP) as incurred and, therefore, reverse previously recognized share-based compensation expense at the time of forfeiture and withdrawal.
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| Advertising, Sales and Marketing | Advertising production costs and advertising communication costs, as well as amounts paid to various affiliates to market our products, are included within noninterest expense—sales and marketing in the consolidated statements of operations and comprehensive income (loss). Advertising costs are expensed either as incurred or when the advertising takes place, depending on the nature of the advertising activity. For the years ended December 31, 2024, 2023 and 2022, advertising totaled $321,951, $284,176 and $256,125, respectively. Expenses incurred by us related to member acquisition, including brand development, business development and direct member marketing expenses, are also presented within noninterest expense—sales and marketing in the consolidated statements of operations and comprehensive income (loss).
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| Technology and Product Development | Expenses incurred by us related to technology, product design and implementation, which includes compensation and benefits, are classified as noninterest expense—technology and product development in the consolidated statements of operations and comprehensive income (loss).
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| Loss Contingencies | Loss contingencies, including claims and legal actions arising in the ordinary course of business, are recorded in accounts payable, accruals and other liabilities in the consolidated balance sheets. Such liabilities and associated expenses are recorded when the likelihood of loss is probable and an amount or range of loss can be reasonably estimated. Such estimates are based on the best information available at the time. As additional information becomes available, we reassess the potential liability and record an estimate in the period in which the adjustment is probable and an amount or range can be reasonably estimated. Due to the inherent uncertainties of loss contingencies, estimates may be different from the actual outcomes. With respect to legal proceedings, we recognize legal fees as they are incurred within noninterest expense—general and administrative in the consolidated statements of operations and comprehensive income (loss). |
| Restructuring | During the years ended December 31, 2024 and 2023, we recognized restructuring charges of $1,530 and $12,749, respectively, within the following categories of expenses within : (i) technology and product development, (ii) sales and marketing, (iii) cost of operations, and (iv) general and administrative in the consolidated statements of operations and comprehensive income (loss). Restructuring charges in 2024 were primarily related to legal entity restructuring. Restructuring charges in 2023 were associated with a reduction in headcount in the Technology Platform segment in the first quarter of 2023, as well as expenses in the fourth quarter of 2023 related to a reduction in headcount across the Financial Services, Lending and corporate functions, which primarily included employee-related wages, benefits and severance.
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| Income Taxes | We recognize deferred tax assets and liabilities for the expected future tax consequences of temporary differences between the financial reporting and tax basis of assets and liabilities, as well as for net operating loss and tax credit carryforwards. Deferred tax assets and liabilities are measured using the tax rates that are expected to apply to taxable income for the years in which those tax assets and liabilities are expected to be realized or settled. In assessing the realizability of deferred tax assets, management reviews all available positive and negative evidence. Generally, the weight we give to any particular factor is dependent upon the degree to which it can be objectively verified. As a result, we give greater weight to the recent cumulative income of a relevant jurisdiction than other more subjective factors. Valuation allowances are recorded if, in management’s judgment, it is determined that all or some portion of the deferred tax asset will not be realized. Deferred tax assets and liabilities are offset when they related to income taxes levied by the same taxation authority and we intend to settle tax assets and liabilities on a net basis. The tax effects from an uncertain tax position can be recognized in the financial statements only if the tax position would more likely than not be upheld on examination by the taxing authorities based on the merits of the tax position. Management is required to analyze all open tax years, as defined by the statute of limitations, for all jurisdictions. We accrue tax penalties and interest, if any, as incurred and recognize them within income tax (expense) benefit in the consolidated statements of operations and comprehensive income (loss).
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| Related Parties | We define related parties as members of our Board of Directors, entity affiliates, executive officers and principal owners of our outstanding stock and members of their immediate families. Related parties also include any other person or entity with significant influence over our management or operations. |
| Recently Adopted Accounting Standards and Recent Accounting Standards Issued, But Not Yet Adopted | Recently Adopted Accounting Standards Improvements to Reportable Segment Disclosures In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280) — Improvements to Reportable Segment Disclosures. The ASU improves reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses. The standard is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. We adopted this standard effective for the reporting periods noted above, with retrospective application to all prior periods presented in the financial statements. The adoption of this standard did not have any impact on the Company’s financial condition, results of operations or cash flows, but resulted in enhancements to our segment disclosures, primarily related to our significant segment expenses. See Note 20. Business Segment and Geographic Information for further information. Recent Accounting Standards Issued, But Not Yet Adopted Improvements to Income Tax Disclosures In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740) — Improvements to Income Tax Disclosures. The ASU improves income tax disclosures primarily related to enhancements of the rate reconciliation and income taxes paid information. The standard is effective for annual periods beginning after December 15, 2024, with early adoption permitted. The standard should be applied on a prospective basis with the option to apply the standard retrospectively. We are currently evaluating the impact of this standard on our disclosures. Disaggregation of Income Statement Expenses In November 2024, the FASB issued ASU 2024-03, Income Statement — Reporting Comprehensive Income — Expense Disaggregation Disclosures (Subtopic 220-40) — Disaggregation of Income Statement Expenses. The ASU requires the disclosure of additional information about specific costs and expense categories in the notes to financial statements. The standard is effective for annual periods beginning after December 15, 2026, and interim periods beginning after December 15, 2027, with early adoption permitted. The standard should be applied on a prospective basis with the option to apply the standard retrospectively. We are currently evaluating the impact of this standard on our disclosures. Induced Conversions of Convertible Debt Instruments In November 2024, the FASB issued ASU 2024-04, Debt-Debt with Conversion and Other Options (Subtopic 470-20)—Induced Conversions of Convertible Debt Instruments. The ASU clarifies the requirements for determining whether certain settlements of convertible debt instruments should be accounted for as an induced conversion. The standard is effective for annual periods beginning after December 15, 2025, and interim periods within those annual periods, with early adoption permitted for all entities that have adopted the amendments in ASU 2020-06. The standard may be applied on a prospective basis with the option to apply the standard retrospectively. We are currently evaluating the impact of this standard on our consolidated financial statements. Obligations to Safeguard Crypto-Assets In January 2025, the SEC released Staff Accounting Bulletin No. 122 (“SAB 122”), which rescinds the interpretive guidance provided in SAB 121 for reporting entities that have an obligation to safeguard customers' crypto assets. Under SAB 121, entities were required to recognize both a liability and a corresponding asset for their safeguarding obligations. With the new guidance, an entity that has a safeguarding obligation should assess whether it has any loss contingencies under ASC 450, Contingencies. SAB 122 must be applied retrospectively for annual periods beginning after December 15, 2024, with early adoption permitted in any interim or annual financial statement period filed with the SEC on or after January 30, 2025. Upon adoption, we will no longer recognize a liability and a corresponding asset for our safeguarding obligations. We do not expect this guidance to have a material impact on our consolidated financial statements. Refer to “Safeguarding Asset and Liability” for additional information about our historical digital assets activity.
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| Temporary Equity | The Series 1 Redeemable Preferred Stock remained classified as temporary equity through redemption in May 2024 because the Series 1 Redeemable Preferred Stock was not fully controlled by the issuer, SoFi Technologies. |
Business Combinations (Tables) |
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| Business Combination, Asset Acquisition, and Joint Venture Formation [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Purchase Price Consideration | The following table presents the components of the total purchase consideration to acquire Technisys as of December 31, 2022:
___________________ (1) Reflects the shares of SoFi common stock issued in the acquisition of 81,700,318, multiplied by the closing stock price of SoFi common stock on the closing date of the Technisys Merger. Additionally, these shares are inclusive of 6,305,595 shares that were held in escrow. (2) We contemporaneously converted outstanding performance awards into RSUs to acquire common stock of SoFi (“Replacement Awards”). The fair value of awards assumed in the purchase consideration was based on the closing stock price of SoFi common stock on the closing date of the Technisys Merger.
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| Schedule of Pro Forma Information | The following unaudited supplemental pro forma financial information presents the Company’s consolidated results of operations as if the business combination had occurred on January 1, 2020:
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Revenue (Tables) |
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| Revenue from Contract with Customer [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Revenues | The table below presents revenue from contracts with customers disaggregated by type of service, which best depicts how the revenue and cash flows are affected by economic factors, and by the reportable segment to which each revenue stream relates, as well as a reconciliation of total revenue from contracts with customers to total noninterest income.
(1) Presented within noninterest income—loan platform fees in the consolidated statements of operations and comprehensive income (loss). (2) Presented within noninterest income—other in the consolidated statements of operations and comprehensive income (loss). (3) Financial Services includes revenues from enterprise services and equity capital markets services. Technology Platform includes revenues from software licenses and associated services, and payment network fees for serving as a transaction card program manager for enterprise customers that are the program marketers for separate card programs. (4) Revenue from contracts with customers is presented within noninterest income—technology products and solutions and noninterest income—other in the consolidated statements of operations and comprehensive income (loss). Related to these technology platform services, we had deferred revenue of $7,474 and $5,718 as of December 31, 2024 and 2023, respectively, which are presented within accounts payable, accruals and other liabilities in the consolidated balance sheets. During the years ended December 31, 2024, 2023 and 2022, we recognized revenue of $7,112, $8,327 and $7,773, respectively, associated with deferred revenue within noninterest income—technology products and solutions in the consolidated statements of operations and comprehensive income (loss). (5) Includes gain on extinguishment of convertible debt of $62,517 and $14,574 during the years ended December 31, 2024 and 2023, respectively.
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Loans (Tables) |
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| Schedule of Loans | Below is a disaggregated presentation of our loans, inclusive of fair market value adjustments and accrued interest income and net of the allowance for credit losses, as applicable:
_____________________ (1) Includes $171,421 and $502,757 of personal loans in consolidated VIEs as of December 31, 2024 and 2023, respectively. (2) Includes $2,034,559 and $2,459,103 of student loans covered by financial guarantee, and $80,812 and $221,461 of student loans in consolidated VIEs as of December 31, 2024 and December 31, 2023, respectively. (3) See Note 1. Organization, Summary of Significant Accounting Policies and New Accounting Standards and Note 5. Allowance for Credit Losses for additional information on our loans at amortized cost as it pertains to the allowance for credit losses. The following table summarizes the aggregate fair value of our loans for which we elected the fair value option. See Note 15. Fair Value Measurements for the assumptions used in our fair value model.
(1) Each component of the fair value of loans is impacted by charge-offs during the period. Our fair value assumption for annual default rate incorporates fair value markdowns on loans beginning when they are 10 days or more delinquent, with additional markdowns at 30, 60 and 90 days past due. The following table summarizes the aggregate fair value of loans 90 days or more delinquent. As delinquent personal loans and student loans are charged off after 120 days of delinquency, amounts presented below represent the fair value of loans that are 90 to 120 days delinquent.
__________________ (1) Our fair value assumption for annual default rate incorporates fair value markdowns on loans beginning when they are 10 days or more delinquent, with additional markdowns at 30, 60 and 90 days past due. We record the initial fair value measurement and subsequent measurement changes in fair value in the period in which the changes occur within noninterest income—loan origination, sales, and securitizations in the consolidated statements of operations and comprehensive income (loss). As such, the $82 million fair value adjustment as of December 31, 2024 has been recorded in noninterest income—loan origination, sales, and securitizations in the respective periods in which 10, 30, 60, and 90 days of delinquency occurred. See Note 1. Organization, Summary of Significant Accounting Policies and New Accounting Standards for further discussion of the policies for determining the fair value of our loan portfolios. (2) The fair value incorporates the expected price to be paid by buyers of these delinquent loans after charge-off occurs, implying that potential recoveries are expected to be in excess of these levels based on consistent demonstrated recoverability after a loan becomes delinquent and gets charged off.
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| Schedule of Loan Securitization Transfers and Whole Loan Sales | The following table summarizes our personal loan securitization transfers qualifying for sale accounting treatment. There were no loan securitization transfers qualifying for sale accounting treatment during the year ended December 31, 2022.
The following table summarizes our current whole loan sales:
The following table summarizes our delinquent whole loan sales during the year ended December 31, 2024. There were no delinquent whole loan sales during the years ended December 31, 2023 and 2022.
(1) For the year ended December 31, 2024, includes $302.9 million of aggregate unpaid principal balance sold, related to late-stage delinquent loans for which we retained servicing and portions of recoveries. For the year ended December 31, 2024, $197.4 million of unpaid principal balance was recorded in prior periods as a reduction in fair value in noninterest income—loan origination, sales, and securitizations in the consolidated statements of operations and comprehensive income (loss). These loans were sold prior to charge-off during the year ended December 31, 2024 and otherwise would have been charged off as of December 31, 2024 consistent with our policy. In our other charged off whole loan sales, we typically do not retain servicing or recoveries. The following table summarizes loans originated and subsequently sold as part of our Loan Platform Business, which are loans that we originate on behalf of a third-party for which we receive a fee. There were no sales related to our Loan Platform Business during the years ended December 31, 2023 and 2022.
(1) Includes unpaid principal balance of $2.1 billion for the year ended December 31, 2024. (2) Represents loan platform fees earned less the repurchase liabilities recognized at the time of sale. (3) Recorded in noninterest income—loan platform fees in the consolidated statements of operations and comprehensive income (loss).
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| Schedule of Unpaid Principal Balances of Transferred Loans and Cash Flows Received | The following table presents information about the unpaid principal balances of loans originated by us and subsequently transferred, but with which we have continuing involvement:
(1)Total transferred loans serviced includes loans in delinquency, as well as loans in repayment, loans in-school/grace period/deferment (related to student loans), and loans in forbearance. The vast majority of total transferred loans serviced represent loans in repayment as of the dates indicated. The following table presents additional information about the servicing cash flows received and net charge-offs related to loans originated by us and subsequently transferred, but with which we have a continuing involvement:
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| Schedule of Aging Analysis for Credit Card Loans | The following table presents the amortized cost basis of our credit card and commercial and consumer banking portfolios (excluding accrued interest and before the allowance for credit losses) by either current status or delinquency status:
(1)Generally, all of the credit cards ≥ 90 days past due continued to accrue interest. As of the dates indicated, credit card, commercial and consumer banking loans on nonaccrual status were immaterial. (2)For credit card, the balance is presented before allowance for credit losses of $44,350 and $52,385 as of December 31, 2024 and December 31, 2023, respectively, and accrued interest of $4,125 and $5,288, respectively. For secured loans, the balance is presented before accrued interest of $1,641 and $730 as of December 31, 2024 and December 31, 2023, respectively. For commercial and consumer banking, the balance is presented before allowance for credit losses of $2,334 and $2,310, as of December 31, 2024 and December 31, 2023, respectively, and accrued interest of $554 and $415, respectively. (3)Includes residential real estate loans originated by Golden Pacific for which we did not elect the fair value option.
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| Schedule of Internal Risk Tier Categories | The following table presents the amortized cost basis of our credit card portfolio (excluding accrued interest and before the allowance for credit losses) based on FICO scores, which are obtained at origination of the account and are refreshed monthly thereafter. The pools estimate the likelihood of borrowers with similar FICO scores to pay credit obligations based on aggregate credit performance data.
The following table presents the amortized cost basis of our commercial and consumer banking portfolio (excluding accrued interest and before the allowance for credit losses) by origination year and credit quality indicator:
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Allowance for Credit Losses (Tables) |
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| Receivables [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Allowance for Credit Losses, Accounts Receivable | The following table presents changes in our allowance for credit losses:
(1)Credit cards and commercial and consumer banking loans measured at amortized cost, net of allowance for credit losses, are presented within loans held for investment at amortized cost in the consolidated balance sheets. Accounts receivable balances, net of allowance for credit losses, are presented within other assets in the consolidated balance sheets. (2)The provision for credit losses on credit cards and commercial and consumer banking loans is presented within provision for credit losses in the consolidated statements of operations and comprehensive income (loss). During the years ended December 31, 2024, 2023 and 2022, recoveries of amounts previously reserved related to credit cards were $4,166, $2,895 and immaterial, respectively. There were immaterial recoveries of amounts previously reserved related to commercial and consumer banking loans during the years ended December 31, 2024, 2023 and 2022. The provision for credit losses on accounts receivable is presented within noninterest expense—general and administrative in the consolidated statements of operations and comprehensive income (loss). During the years ended December 31, 2024, 2023 and 2022, recoveries of amounts previously reserved related to accounts receivable were $1,227, $1,252 and $2,912, respectively. (3)In connection with the Bank Merger, we obtained PCD loans, for which we measured an allowance, with a corresponding increase to the amortized cost basis as of the acquisition date. Therefore, recognition of the initial allowance for credit losses did not impact earnings.
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| Schedule of Allowance for Credit Losses, Credit Card Loans | The following table presents changes in our allowance for credit losses:
(1)Credit cards and commercial and consumer banking loans measured at amortized cost, net of allowance for credit losses, are presented within loans held for investment at amortized cost in the consolidated balance sheets. Accounts receivable balances, net of allowance for credit losses, are presented within other assets in the consolidated balance sheets. (2)The provision for credit losses on credit cards and commercial and consumer banking loans is presented within provision for credit losses in the consolidated statements of operations and comprehensive income (loss). During the years ended December 31, 2024, 2023 and 2022, recoveries of amounts previously reserved related to credit cards were $4,166, $2,895 and immaterial, respectively. There were immaterial recoveries of amounts previously reserved related to commercial and consumer banking loans during the years ended December 31, 2024, 2023 and 2022. The provision for credit losses on accounts receivable is presented within noninterest expense—general and administrative in the consolidated statements of operations and comprehensive income (loss). During the years ended December 31, 2024, 2023 and 2022, recoveries of amounts previously reserved related to accounts receivable were $1,227, $1,252 and $2,912, respectively. (3)In connection with the Bank Merger, we obtained PCD loans, for which we measured an allowance, with a corresponding increase to the amortized cost basis as of the acquisition date. Therefore, recognition of the initial allowance for credit losses did not impact earnings.
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Investment Securities (Tables) |
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| Investments, Debt and Equity Securities [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Investments in Debt Securities | The following table presents our investments in AFS debt securities:
(1) As of December 31, 2024 and December 31, 2023, we concluded that there was no credit loss attributable to securities in unrealized loss positions, as (i) approximately 100% and 92% of the amortized cost basis of our investments as of December 31, 2024 and December 31, 2023, respectively, was composed of U.S. Treasury securities, agency mortgage-backed securities and sovereign foreign bonds, which are of high credit quality and have no risk of credit-related impairment due to the nature of the counterparties and history of no credit losses, and (ii) we have not identified factors indicating credit-related impairment for the remaining investments and expect that the contractual principal and interest payments will be received. Additionally, we do not intend to sell the securities in loss positions nor is it more likely than not that we will be required to sell the securities prior to recovery of the amortized cost basis. (2) Includes state municipal bond securities. (3) Includes supranational bonds.
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| Schedule of Investment Securities in Gross Unrealized Loss Position | The following table presents information about our investments in AFS debt securities with gross unrealized losses and the length of time that individual securities have been in a continuous unrealized loss position as of December 31, 2024 and December 31, 2023.
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| Schedule of Investments by Contractual Maturity | The following table presents the amortized cost and fair value of our investments in AFS debt securities by contractual maturity:
(1) The weighted average yield represents the effective yield for the investment securities owned at the end of the period and is computed based on the amortized cost of each security. (2) Presentation of fair values of our investments in AFS debt securities by contractual maturity excludes total accrued interest of $5,717 and $639 as of December 31, 2024 and December 31, 2023, respectively.
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| Schedule of Nonconsolidated VIEs | The following table presents the carrying value of Company assets associated with these nonconsolidated VIEs as of the dates presented.
The following table presents additional detail of the aggregate outstanding value of asset-backed bonds and residual interests owned by the Company in nonconsolidated VIEs, which are presented within investment securities in the consolidated balance sheets. These risk retention interests represent the carrying value of our holdings in nonconsolidated VIEs, and the maximum exposure to a loss as a result of our involvement as of the dates presented.
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Securitization and Variable Interest Entities (Tables) |
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| Organization, Consolidation and Presentation of Financial Statements [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Nonconsolidated VIEs | The following table presents the carrying value of Company assets associated with these nonconsolidated VIEs as of the dates presented.
The following table presents additional detail of the aggregate outstanding value of asset-backed bonds and residual interests owned by the Company in nonconsolidated VIEs, which are presented within investment securities in the consolidated balance sheets. These risk retention interests represent the carrying value of our holdings in nonconsolidated VIEs, and the maximum exposure to a loss as a result of our involvement as of the dates presented.
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Goodwill and Intangible Assets (Tables) |
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| Goodwill and Intangible Assets Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Goodwill | A rollforward of our goodwill balance is presented below:
_____________________ (1) For the year ended December 31, 2023, related to the acquisition of Wyndham, which is attributable to our Lending reportable segment. (2) During the year ended December 31, 2023, we recognized goodwill impairment losses related to our Technology Platform reportable segment, which were reported within noninterest expense—goodwill impairment in the consolidated statements of operations and comprehensive income (loss). These goodwill impairment losses represent non-cash charges and did not affect our liquidity position or regulatory capital ratios. (3) As of December 31, 2024 and 2023, goodwill attributable to the Lending, Technology Platform and Financial services reportable segments was $17,688, $1,338,658 and $37,159, respectively.
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| Schedule of Finite-Lived Intangible Assets | The following is a summary of the carrying amount and estimated useful lives of our intangible assets by class:
_____________________ (1) Includes capitalized costs related to software products to be sold, leased or marketed within our technology products and solutions arrangements. During the year ended December 31, 2024, the increase in capitalized software development costs relates to increased Technology Platform activity. During the year ended December 31, 2024, total amortization expense related to capitalized software was $9,647, and capitalized share-based compensation related to capitalized software development costs was immaterial. (2) Although the core banking infrastructure intangible asset was fully amortized as of December 31, 2024 and December 31, 2023, it remains in use by the Company.
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| Schedule of Finite-Lived Intangible Assets, Future Amortization Expense | Estimated future amortization expense associated with intangible assets as of December 31, 2024 is as follows:
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Property, Equipment, Software and Leases (Tables) |
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| Property, Plant And Equipment And Leases [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Property, Equipment and Software | The table below presents our major classes of depreciable and amortizable assets by function:
_____________________ (1)Software primarily includes internally-developed software related to significant developments and enhancements for our products. During the years ended December 31, 2024, 2023 and 2022, we capitalized $39,907, $31,126 and $22,577, respectively, of share-based compensation related to internally-developed software, and recognized associated amortization expense of $24,673, $16,074 and $6,223 , respectively. (2)Finance lease ROU assets include our rights to certain physical signage. See below for additional information on our leases.
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| Schedule of Lease Expenses, Supplemental Cash Flow and Balance Sheet Information | The components of lease expense and supplemental cash flow and non-cash information related to our leases were as follows.
(1)Variable lease cost includes non-lease components classified as lease costs, such as common area maintenance fees, property taxes and utilities, that vary in amount for reasons other than the passage of time. We elected the practical expedient to not bifurcate the lease component from the non-lease components. (2)For the year ended December 31, 2024 we had no operating lease ROU assets obtained through acquisitions. For the years ended December 31, 2023 and 2022 includes $6,995 and $764, respectively, of operating lease ROU assets obtained through acquisitions. Also includes impacts from lease modifications. Supplemental balance sheet information related to our leases was as follows:
_____________________ (1)Finance lease ROU assets are presented within in the consolidated balance sheets. (2)Finance lease liabilities are presented within in the consolidated balance sheets.
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| Schedule of Lease Maturities, Operating Leases | As of December 31, 2024, future maturities of lease liabilities and a reconciliation of the total undiscounted cash flows to the lease liabilities in the consolidated balance sheets were as follows:
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| Schedule of Lease Maturities, Finance Leases | As of December 31, 2024, future maturities of lease liabilities and a reconciliation of the total undiscounted cash flows to the lease liabilities in the consolidated balance sheets were as follows:
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Other Assets and Other Liabilities (Tables) |
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Dec. 31, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Other Assets And Liabilities [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Other Assets | The following table presents the components of :
(1) Includes accounts receivable, net of allowance for credit losses, associated with revenue from contracts with customers, deposit-related receivables and other receivables. See Note 5. Allowance for Credit Losses for information on the allowance for credit losses on accounts receivable. (2) See Note 14. Derivative Financial Instruments and Note 15. Fair Value Measurements for additional information on derivative financial instruments. (3) Includes capitalized incremental costs of obtaining certain contracts of $213,417 and $60,729 as of December 31, 2024 and December 31, 2023, respectively, During the year ended December 31, 2024, we recognized associated amortization expense of $23,872. See Note 3. Revenue for additional information. (4) As of the December 31, 2024 the Company’s net deferred tax asset position primarily reflected the release of the majority of its valuation allowance during the year. See Note 17. Income Taxes for additional information. (5) Includes investments in FRB stock and FHLB stock, which are restricted investment securities that are not marketable. These investments are carried at cost and assessed for impairment. (6) We entered into a credit default swap related to our student loans which meets the definition of a financial guarantee and is excluded from derivative accounting treatment. We apply the insurance contract claim method by deferring the full estimated amount of premiums paid and payable at inception. (7) As of December 31, 2024 and December 31, 2023, primarily included an investment that was entered into in 2021 and recorded as an equity method investment until January 2022 in conjunction with relinquishing our seat on the investee’s board of directors. Our equity method investment income for the year ended December 31, 2024 and December 31, 2023 was immaterial and we did not receive any distributions. (8) See Note 1. Organization, Summary of Significant Accounting Policies and New Accounting Standards and Note 15. Fair Value Measurements for additional information on the digital assets safeguarding asset.
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| Schedule of Accounts Payable, Accruals and Other Liabilities | The following table presents the components of :
(1) Includes accrued compensation and compensation-related expenses, accrued taxes and other accrued expenses. (2) See footnote (6) to the table above. (3) See Note 9. Property, Equipment, Software and Leases for additional information on finance leases. (4) See Note 3. Revenue for additional information on deferred revenue. (5) See Note 17. Income Taxes for additional information on income taxes. (6) See Note 1. Organization, Summary of Significant Accounting Policies and New Accounting Standards and Note 15. Fair Value Measurements for additional information on the digital assets safeguarding liability. (7) See Note 14. Derivative Financial Instruments and Note 15. Fair Value Measurements for additional information on derivative financial instruments.
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Deposits (Tables) |
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Dec. 31, 2024 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Deposits [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Interest-Bearing Deposits | The following table presents detail of our deposits:
(1) As of December 31, 2024, includes brokered deposits of $772,914 consisting of time deposits. As of December 31, 2023, includes brokered deposits of $3,160,414, of which $2,971,462 and $188,952 are time deposits and demand deposits, respectively. (2) As of December 31, 2024 and December 31, 2023, the amount of time deposits that exceeded the insured limit (referred to as “uninsured deposits”) totaled $20,305 and $21,268, respectively.
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| Schedule of Future Maturities of Time Deposits | As of December 31, 2024, future maturities of our total time deposits were as follows:
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Debt (Tables) |
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| Debt Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Debt | The following table summarizes the components of our debt:
_____________________ (1)As of December 31, 2024, represents the total of the unpaid principal balances within each debt category, with the exception of the risk retention warehouse facilities, which include securitization-related investments carried at fair value. In addition, certain securitization interests that eliminate in consolidation are pledged to risk retention warehouse facilities. Collateral balances relative to debt balances may vary period to period due to the timing of the next scheduled payment to the warehouse facility. (2)For variable-rate debt, the ranges of stated interest rates are based on the interest rates in effect as of December 31, 2024. The interest on our variable-rate debt is typically designed as a reference rate plus a spread. Reference rates as of December 31, 2024 included overnight SOFR, one-month SOFR and commercial paper rates determined by the facility lenders. As debt arrangements are renewed, the reference rate and/or spread are subject to change. Unused commitment fees ranging from 0 to 40 bps on our various warehouse facilities are recognized within noninterest expense—general and administrative in our consolidated statements of operations and comprehensive income (loss). (3)Weighted average effective interest rates are calculated based on the interest rates in effect as of December 31, 2024 and include the amortization of debt issuance costs. (4)For 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. Our maturity date represents the legal maturity of the last class of maturing notes. Securitization debt matures as loan collateral payments are made. (5)There were $17.3 million of debt discounts issued during the year ended December 31, 2024. (6)For risk retention warehouse facilities, we only state capacity amounts for facilities wherein we can pledge additional asset-backed bonds and residual investments as of the balance sheet date. (7)As of December 31, 2024, $12.3 million of the revolving credit facility total capacity was not available for general borrowing purposes because it was utilized to secure letters of credit. Refer to our letter of credit disclosures in Note 18. Commitments, Guarantees, Concentrations and Contingencies for more details. Additionally, the interest rate presented is the interest rate on standard withdrawals on our revolving credit facility, while same-day withdrawals incur interest based on the prime rate. (8)The original issue discount and debt issuance costs related to the convertible senior notes due 2026 are amortized into interest expense—corporate borrowings in the consolidated statements of operations and comprehensive income (loss) using the effective interest method over the contractual term of the notes. For the years ended December 31, 2024, 2023 and 2022, total interest expense on the convertible notes was $2.7 million, $5.1 million and $5.1 million, respectively, and the effective interest rate was 0.43%, 0.43% and 0.42%, respectively, related to amortization of debt discount and issuance costs. As of December 31, 2024 and December 31, 2023, unamortized debt discount and issuance costs were $3.3 million and $13.3 million, respectively, and the net carrying amount was $424.7 million and $1.1 billion, respectively. (9)The original issue discount and debt issuance costs related to the convertible senior notes due 2029 are amortized into interest expense—corporate borrowings in the consolidated statements of operations and comprehensive income (loss) using the effective interest method over the contractual term of the notes. For the year ended December 31, 2024, total interest expense on the convertible notes was $12.3 million, which was composed of $8.7 million of contractual interest expense and $3.6 million of amortization of discounts and issuance costs; and the effective interest rate was 1.75%. As of December 31, 2024, unamortized debt discount and issuance costs were $18.3 million, and the net carrying amount was $844.2 million. (10)Includes $51.2 million of loans and $142.6 million of investment securities pledged as collateral to secure $170.4 million of available borrowing capacity with the FHLB, of which $25.2 million was not available as it was utilized to secure letters of credit. Refer to our letter of credit disclosures in Note 18. Commitments, Guarantees, Concentrations and Contingencies for more details. Also includes unsecured available borrowing capacity of $50.0 million with correspondent banks. (11)As of December 31, 2024, $1.5 million of unamortized debt issuance costs related to revolving debt are reported in other assets in the consolidated balance sheets. As of December 31, 2023, both revolving and non-revolving unamortized debt issuance costs were presented as a reduction to debt in the consolidated balance sheets.
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| Schedule of Maturities of Borrowings | Future maturities of our outstanding debt with scheduled payments, which included our revolving credit facility and convertible notes, were as follows:
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Equity (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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| Equity [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Valuation Inputs for Warrant Liability | The following key unobservable assumptions were used in the fair value measurement of our loans:
_____________________ (1)As of December 31, 2023, we had no Level 3 home loans. The following key unobservable inputs were used in the fair value measurement of our classes of servicing rights:
The following key unobservable inputs were used in the fair value measurements of our residual investments and residual interests classified as debt:
(1)The aggregate amount of student loans we committed to fund was $149,402 and $89,369 as of December 31, 2024 and December 31, 2023, respectively. See Note 14. Derivative Financial Instruments for the aggregate notional amount associated with IRLCs. The following table summarizes the inputs used for estimating the fair value of PSUs granted:
The table below presents the fair value assumptions used for the period indicated:
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| Schedule of Common Stock, Reserved for Future Issuance | The Company reserved the following common stock for future issuance:
_____________________ (1)Represents the number of common stock issuable upon conversion of all convertible notes at the conversion rate in effect at the balance sheet date. As of December 31, 2024, the 2026 convertible notes are potentially convertible into 19,096,202 shares of common stock, and the 2029 convertible notes were not convertible. See Note 12. Debt for additional information. (2)All remaining unexercised common stock warrants expired in May 2024. As of December 31, 2024, the Company has no outstanding common stock warrants.
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| Schedule of Accumulated Other Comprehensive Income (Loss) | The following table presents the rollforward of AOCI, inclusive of the changes in the components of other comprehensive income (loss):
(1)Gross realized gains and losses from sales of our investments in AFS debt securities that were reclassified from AOCI to earnings are recorded within noninterest income—other in the consolidated statements of operations and comprehensive income (loss). There were no reclassifications related to foreign currency translation adjustments during the years ended December 31, 2024, 2023 and 2022. (2)There were no material tax impacts during any of the years presented.
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Derivative Financial Instruments (Tables) |
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| Derivative Instruments and Hedging Activities Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Derivative Instruments | The following table presents the gains (losses) recognized on our derivative instruments:
(1) Recorded within noninterest income—loan origination, sales, and securitizations in the consolidated statements of operations and comprehensive income (loss). (2) Represents gains (losses) on derivative contracts to manage securitization investment interest rate risk, which are recorded within noninterest income—loan origination, sales, and securitizations in the consolidated statements of operations and comprehensive income (loss). (3) Represents gains (losses) on derivative contracts to manage credit risk associated with consumer loans, which are recorded within noninterest income—loan origination, sales, and securitizations in the consolidated statements of operations and comprehensive income (loss). (4) In conjunction with a loan sale agreement, we are entitled to receive payments from the buyer of the loans underlying the agreement if the internal rate of return (as defined in the loan sale agreement) on such loans exceeds a specified hurdle, subject to a dollar cap. (5) Includes amounts recorded within noninterest income—other, noninterest expense—cost of operations and noninterest expense—general and administrative in the consolidated statements of operations and comprehensive income (loss), the latter of which represents the amortization of a deferred liability recognized at the initial fair value of the third party warrants acquired, as we are also a customer of the third party.
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| Schedule of Offsetting Assets | The following table presents information about derivative instruments subject to enforceable master netting arrangements:
_____________________ (1) We did not have a cash collateral requirement related to these instruments as of December 31, 2024 and December 31, 2023.
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| Schedule of Offsetting Liabilities | The following table presents information about derivative instruments subject to enforceable master netting arrangements:
_____________________ (1) We did not have a cash collateral requirement related to these instruments as of December 31, 2024 and December 31, 2023.
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| Schedule of Notional Amounts of Derivatives | The following table presents the notional amount of derivative contracts outstanding:
(1) We sold an interest rate cap that was subject to master netting to offset an interest rate cap purchase made in conjunction with a contract to manage future loan sale execution risk. (2) Represents interest rate swaps utilized to manage interest rate risk associated with certain of our securitization investments. (3) Amounts correspond with home loan funding commitments subject to IRLC agreements.
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Fair Value Measurements (Tables) |
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| Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Fair Value of Assets and Liabilities Measured on Recurring Basis | The following table summarizes, by level within the fair value hierarchy, the estimated fair values of our assets and liabilities measured at fair value on a recurring basis in the consolidated balance sheets:
(1)The investments in AFS debt securities that were classified as Level 2 rely upon observable inputs other than quoted prices, dealer quotes in markets that are not active and implied pricing derived from new issuances of similar securities. See Note 6. Investment Securities for additional information. (2)These assets are presented within investment securities in the consolidated balance sheets. (3)These assets represent the carrying value of our holdings in VIEs wherein we were not deemed the primary beneficiary. See Note 7. Securitization and Variable Interest Entities for additional information. We classify asset-backed bonds as Level 2 due to the use of quoted prices for similar assets in markets that are not active, as well as certain factors specific to us. The key inputs used to value the asset-backed bonds include the discount rate and conditional prepayment rate. The fair value of our asset-backed bonds was not materially impacted by default assumptions on the underlying securitization loans, as the subordinate residual interests are expected to absorb all estimated losses based on our default assumptions for the period. We classify the residual investments as Level 3 due to the reliance on significant unobservable valuation inputs. (4)Home loans classified as Level 2 have observable pricing sources utilized by management. Personal loans, student loans and home loans classified as Level 3 do not trade in an active market with readily observable prices. Personal loans and home loans are presented within loans held for sale, at fair value, and student loans are presented within loans held for investment, at fair value. During the year ended December 31, 2023, we transferred $66,198 out of Level 3 into Level 2 relating to home loans due to an update to pricing sources utilized by third-party valuation specialists, as part of the integration of Wyndham. (5)These assets and liabilities are presented within other assets and accounts payable, accruals and other liabilities, respectively, in the consolidated balance sheets. (6)The key unobservable assumption used in the fair value measurement of the third party warrants was the price of the stock underlying the warrants. The fair value was measured as the difference between the stock price and the strike price of the warrants. As the strike price was insignificant, we concluded that the impact of time value on the fair value measure was immaterial. (7)For certain derivative instruments for which an enforceable master netting agreement exists, we elected to net derivative assets and derivative liabilities by counterparty. These instruments are presented on a gross basis herein. See Note 1. Organization, Summary of Significant Accounting Policies and New Accounting Standards and Note 14. Derivative Financial Instruments for additional information. (8)Home loan pipeline hedges represent TBAs used as economic hedges of loan fair values and are classified as Level 2, as we rely on quoted market prices from similar loan pools that transact in the marketplace. Interest rate swaps and interest rate caps are classified as Level 2, because these financial instruments do not trade in active markets with observable prices, but rely on observable inputs other than quoted prices. As of December 31, 2024 and December 31, 2023, interest rate swaps and interest rate caps were valued using the overnight SOFR curve and the implied volatilities suggested by the SOFR rate curve. These were determined to be observable inputs from active markets. Credit derivatives classified as Level 2 are valued using tradable credit default swap indices, which were determined to be observable inputs from active markets. (9)IRLCs and student loan commitments are classified as Level 3 because of our reliance on assumed loan funding probabilities. The assumed probabilities are based on our internal historical experience with home loans and student loans similar to those in the funding pipelines on the measurement date. (10)The digital assets safeguarding liability and corresponding safeguarding asset are classified as Level 2, because they do not trade in active markets, and are valued using quoted prices on an active exchange that has been identified as the principal market for the underlying digital assets that are being held by our third-party custodians for the benefit of our members. In the fourth quarter of 2023, we transferred the crypto services provided by SoFi Digital Assets, LLC, and began closing existing digital assets accounts. This process was completed in the first quarter of 2024, subsequent to which we have no digital assets safeguarding liability and safeguarding asset. Refer to Note 1. Organization, Summary of Significant Accounting Policies and New Accounting Standards for additional information about our digital assets activities. (11)The fair value of our securitization debt was classified as Level 2 and valued using a discounted cash flow model, with key inputs relating to the underlying contractual coupons, terms, discount rate and expectations for defaults and prepayments. As of December 31, 2024 and December 31, 2023, the unpaid principal related to debt measured at fair value was $85,160 and $128,619, respectively. For the years ended December 31, 2024, 2023 and 2022, losses from changes in fair value were $4,696, $2,969 and $586, respectively. The estimated amounts of gains (losses) included in earnings attributable to changes in instrument-specific credit risk, which were derived principally from observable changes in credit spread as observed in the bond market and default assumptions, were immaterial for the years ended December 31, 2024 and 2023.
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| Schedule of Changes in Assets Measured at Fair Value on a Recurring Basis | The following tables present the changes in our assets and liabilities measured at fair value on a recurring basis using significant unobservable inputs (Level 3). During the year ended December 31, 2024, we had no transfers out of Level 3 and no transfers into Level 3. During the year ended December 31, 2023, we had transfers out of Level 3 of $66,198 and no transfers into Level 3.
(1)For loans at fair value, purchases reflect unpaid principal balance and relate to previously transferred loans. Purchase activity included elective repurchases of $165.3 million during the year ended December 31, 2024. There were no elective repurchases during the year ended December 31, 2023. Purchase activity included securitization clean-up calls of $39,936 during the year ended December 31, 2023. There were no securitization clean-up calls during the year ended December 31, 2024. The remaining purchases during the periods presented related to standard representations and warranties pursuant to our various loan sale agreements. Issuances represent the principal balance of loans originated during the period. Settlements represent principal payments made on loans during the period. Other changes represent fair value adjustments that impact the balance sheet primarily associated with whole loan strategic repurchases, clean up calls and consolidated securitizations. During the year ended December 31, 2023, we had $66,198 of transfers out of Level 3 related to our home loans related to an update to pricing sources utilized by third-party valuation specialists. Impacts on earnings for loans at fair value are recorded within interest income—loans and securitizations, within noninterest income—loan origination, sales, and securitizations, and within noninterest expense—general and administrative in the consolidated statements of operations and comprehensive income (loss). (2)For servicing rights, impacts on earnings are recorded within noninterest income—loan origination, sales, and securitizations in the consolidated statements of operations and comprehensive income (loss). (3)For residual investments, sales include the derecognition of investments associated with securitization clean up calls. The estimated amounts of gains and losses for residual investments included in earnings attributable to changes in instrument-specific credit risk were immaterial during the periods presented. For residual investments and residual interests classified as debt, impacts on earnings are recorded within noninterest income—loan origination, sales, and securitizations in the consolidated statements of operations and comprehensive income (loss), a portion of which is subsequently reclassified to interest expense—securitizations and warehouses for residual interests classified as debt and to interest income—loans and securitizations for residual investments, but does not impact the liability or asset balance, respectively. (4)For IRLCs and student loan commitments, settlements reflect funded and unfunded adjustments representing the unpaid principal balance of funded and unfunded loans during the quarter multiplied by the IRLC or student loan commitment price in effect at the beginning of the quarter. Purchases of IRLCs during the year ended December 31, 2023 were associated with our acquisition of Wyndham. For year-to-date periods, amounts represent the summation of the per-quarter effects. For IRLCs and student loan commitments, impacts on earnings are recorded within noninterest income—loan origination, sales, and securitizations in the consolidated statements of operations and comprehensive income (loss). (5)For third party warrants, impacts on earnings are recorded within noninterest income—other in the consolidated statements of operations and comprehensive income (loss). (6)For purchase price earn out, impacts on earnings are recorded within noninterest income—loan origination, sales, and securitizations in the consolidated statements of operations and comprehensive income (loss).
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| Schedule of Changes in Liabilities Measured at Fair Value on a Recurring Basis | The following tables present the changes in our assets and liabilities measured at fair value on a recurring basis using significant unobservable inputs (Level 3). During the year ended December 31, 2024, we had no transfers out of Level 3 and no transfers into Level 3. During the year ended December 31, 2023, we had transfers out of Level 3 of $66,198 and no transfers into Level 3.
(1)For loans at fair value, purchases reflect unpaid principal balance and relate to previously transferred loans. Purchase activity included elective repurchases of $165.3 million during the year ended December 31, 2024. There were no elective repurchases during the year ended December 31, 2023. Purchase activity included securitization clean-up calls of $39,936 during the year ended December 31, 2023. There were no securitization clean-up calls during the year ended December 31, 2024. The remaining purchases during the periods presented related to standard representations and warranties pursuant to our various loan sale agreements. Issuances represent the principal balance of loans originated during the period. Settlements represent principal payments made on loans during the period. Other changes represent fair value adjustments that impact the balance sheet primarily associated with whole loan strategic repurchases, clean up calls and consolidated securitizations. During the year ended December 31, 2023, we had $66,198 of transfers out of Level 3 related to our home loans related to an update to pricing sources utilized by third-party valuation specialists. Impacts on earnings for loans at fair value are recorded within interest income—loans and securitizations, within noninterest income—loan origination, sales, and securitizations, and within noninterest expense—general and administrative in the consolidated statements of operations and comprehensive income (loss). (2)For servicing rights, impacts on earnings are recorded within noninterest income—loan origination, sales, and securitizations in the consolidated statements of operations and comprehensive income (loss). (3)For residual investments, sales include the derecognition of investments associated with securitization clean up calls. The estimated amounts of gains and losses for residual investments included in earnings attributable to changes in instrument-specific credit risk were immaterial during the periods presented. For residual investments and residual interests classified as debt, impacts on earnings are recorded within noninterest income—loan origination, sales, and securitizations in the consolidated statements of operations and comprehensive income (loss), a portion of which is subsequently reclassified to interest expense—securitizations and warehouses for residual interests classified as debt and to interest income—loans and securitizations for residual investments, but does not impact the liability or asset balance, respectively. (4)For IRLCs and student loan commitments, settlements reflect funded and unfunded adjustments representing the unpaid principal balance of funded and unfunded loans during the quarter multiplied by the IRLC or student loan commitment price in effect at the beginning of the quarter. Purchases of IRLCs during the year ended December 31, 2023 were associated with our acquisition of Wyndham. For year-to-date periods, amounts represent the summation of the per-quarter effects. For IRLCs and student loan commitments, impacts on earnings are recorded within noninterest income—loan origination, sales, and securitizations in the consolidated statements of operations and comprehensive income (loss). (5)For third party warrants, impacts on earnings are recorded within noninterest income—other in the consolidated statements of operations and comprehensive income (loss). (6)For purchase price earn out, impacts on earnings are recorded within noninterest income—loan origination, sales, and securitizations in the consolidated statements of operations and comprehensive income (loss).
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| Schedule of Valuation Inputs and Assumptions | The following key unobservable assumptions were used in the fair value measurement of our loans:
_____________________ (1)As of December 31, 2023, we had no Level 3 home loans. The following key unobservable inputs were used in the fair value measurement of our classes of servicing rights:
The following key unobservable inputs were used in the fair value measurements of our residual investments and residual interests classified as debt:
(1)The aggregate amount of student loans we committed to fund was $149,402 and $89,369 as of December 31, 2024 and December 31, 2023, respectively. See Note 14. Derivative Financial Instruments for the aggregate notional amount associated with IRLCs. The following table summarizes the inputs used for estimating the fair value of PSUs granted:
The table below presents the fair value assumptions used for the period indicated:
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| Schedule of Sensitivity Analysis for Servicing Rights | The following table presents the estimated decrease to the fair value of our servicing rights if the key assumptions had each of the below adverse changes:
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| Schedule of Safeguarding Assets and Liabilities | The following table presents the significant digital assets held by our third-party custodians on behalf of our members as of December 31, 2023. We had no digital assets safeguarding liability or corresponding safeguarding asset as of December 31, 2024.
(1)Includes 17 digital assets as of December 31, 2023, none of which were determined to be individually significant. (2)Refer to Note 1. Organization, Summary of Significant Accounting Policies and New Accounting Standards for additional information about our digital assets activities.
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| Schedule of Assets and Liabilities not Measured at Fair Value | The following table summarizes the carrying values and estimated fair values, by level within the fair value hierarchy, of our assets and liabilities that are not measured at fair value on a recurring basis in the consolidated balance sheets:
(1)The carrying amounts of our cash and cash equivalents and restricted cash and restricted cash equivalents approximate their fair values due to the short-term maturities and highly liquid nature of these accounts. (2)The fair value of our credit cards was determined using a discounted cash flow model with key inputs relating to weighted average lives, expected lifetime loss rates and discount rate. The fair value of our commercial and consumer banking and secured loans was determined using a discounted cash flow model with key inputs relating to the underlying contractual coupons, terms, discount rate and expectations for defaults. (3)Other investments include FRB stock and FHLB stock, which are presented within other assets in the consolidated balance sheets. (4)The fair values of our deposits without contractually defined maturities (such as demand and savings deposits) and our noninterest-bearing deposits approximate their carrying values. The fair value of our time-based deposits was determined using a discounted cash flow model based on interest rates currently offered for deposits of similar remaining maturities. (5)The carrying value of our debt is net of unamortized discounts and debt issuance costs. The fair value of our convertible notes was classified as Level 1, as it was based on an observable market quote. The estimated fair value of our 2026 convertible notes was $453.5 million and $955.3 million as of December 31, 2024 and 2023, respectively. The estimated fair value of our 2029 convertible note was $1.5 billion as of December 31, 2024. The fair values of our warehouse facility debt and revolving credit facility debt were classified as Level 2 based on market factors and credit factors specific to these financial instruments. The fair value of our securitization debt was classified as Level 2 and valued using a discounted cash flow model, with key inputs relating to the underlying contractual coupons, terms, discount rate and expectations for defaults and prepayments.
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Share-Based Compensation (Tables) |
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| Share-Based Payment Arrangement [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Share-Based Compensation | Share-based compensation expense related to stock options, RSUs, PSUs and ESPP is presented within the following line items in the consolidated statements of operations and comprehensive income (loss):
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| Schedule of Stock Option Activity | The following is a summary of stock option activity:
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| Schedule of RSU Activity | The following table summarizes RSU activity:
_____________________ (1)The total fair value, based on grant date fair value, of RSUs that vested during the years ended December 31, 2024, 2023 and 2022 was $290.0 million, $282.6 million, and $249.9 million, respectively.
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| Schedule of PSU Activity | The following table summarizes PSU activity:
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| Schedule of Valuation Inputs and Assumptions | The following key unobservable assumptions were used in the fair value measurement of our loans:
_____________________ (1)As of December 31, 2023, we had no Level 3 home loans. The following key unobservable inputs were used in the fair value measurement of our classes of servicing rights:
The following key unobservable inputs were used in the fair value measurements of our residual investments and residual interests classified as debt:
(1)The aggregate amount of student loans we committed to fund was $149,402 and $89,369 as of December 31, 2024 and December 31, 2023, respectively. See Note 14. Derivative Financial Instruments for the aggregate notional amount associated with IRLCs. The following table summarizes the inputs used for estimating the fair value of PSUs granted:
The table below presents the fair value assumptions used for the period indicated:
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Income Taxes (Tables) |
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Dec. 31, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Income Tax Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Loss Before Income Tax | Income (loss) before income taxes consisted of the following:
_________________ (1)Foreign loss before income taxes for the year ended December 31, 2023 reflects the impact of goodwill impairment losses related to the Technisys reporting unit.
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| Schedule of Components of Income Tax Expense (Benefit) | Income tax expense (benefit) consisted of the following:
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| Schedule of Effective Income Tax Rate Reconciliation | The table below presents a reconciliation of the expected income tax benefit at the statutory federal income tax rate to the income tax expense (benefit) at the effective income tax rate:
_________________ (1)Reflects the impact of applying Section 162(m), which prohibits deduction of certain excess employee compensation to certain “covered employees”. (2)Primarily relates to research and development tax credits.
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| Schedule of Unrecognized Tax Benefits Roll Forward | The table below presents a reconciliation of unrecognized tax benefits:
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| Schedule of Deferred Tax Assets and Liabilities | The table below presents the significant components of the Company’s net deferred taxes:
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| Summary of Deferred Tax Valuation Allowance | The table below details the activity of the deferred tax asset valuation allowance:
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| Summary of Operating Loss Carryforwards | Net operating loss carryforwards by jurisdiction: As of December 31, 2024, the Company had federal, state, and foreign net operating loss carryforwards (prior to the application of statutory tax rates) of approximately $505.1 million, $1.2 billion and $126.1 million, respectively. Federal and foreign net operating loss carryforwards of approximately $485.2 million and $74.8 million, respectively, carry forward indefinitely, while the remaining federal and foreign net operating loss carryforwards primarily start expiring in 2043. Most state net operating loss carryforwards are limited and primarily begin expiring in 2042. The carryforwards, net of the valuation allowance for certain states, are expected to be fully utilized prior to expiration. Additionally, as of December 31, 2024, the Company had federal and state research and development credit carryforwards of $86.0 million and $32.5 million, respectively. The federal research credit carryforwards will expire beginning in 2036 and the state research credits will expire beginning in 2031.
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| Summary of Income Tax Examinations | The following are the major tax jurisdictions in which the Company operates and the earliest tax year subject to examination:
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Commitments, Guarantees, Concentrations and Contingencies (Tables) |
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Dec. 31, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Commitments and Contingencies Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Other Commitments | Amounts payable in future periods are as follows:
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Earnings (Loss) Per Share (Tables) |
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| Earnings Per Share [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Loss Per Share | The calculations of basic and diluted earnings (loss) per share were as follows:
(1)In May 2024, we redeemed all outstanding Series 1 Redeemable Preferred Stock. The premium of $3,026 for the excess of the amount paid upon redemption over the carrying value of redeemable preferred stock at the time of exercise is considered to be akin to a dividend, and as such is deducted from net income (loss) to determine the net income (loss) attributable to common stockholders. See Note 13. Equity for additional information. (2)For the year ended December 31, 2024, diluted earnings per share of $0.39 and diluted net income attributable to common stockholders of $434,776 exclude gain on extinguishment of debt, net of tax, as well as interest expense incurred, net of tax, associated with convertible note activity during the period as evaluated under the if-converted method. (3)For the year ended December 31, 2024, includes incremental dilutive shares from 2026 convertible notes and 2029 convertible notes.
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| Schedule of Antidilutive Securities Excluded from Computation of Loss Per Share | The following table presents the securities that were not included in the computation of diluted EPS as the effect would have been anti-dilutive. For the year ended December 31, 2023 and December 31, 2022, all elements were excluded from our calculation of diluted EPS as there were no earnings attributable to common stockholders, and amounts reflect the number of instruments outstanding at the end of the period.
____________________ (1)Amounts reflect weighted average instruments outstanding for the year ended December 31, 2024. (2)Represents contingently returnable common stock in connection with the Technisys Merger, which consists of shares that continue to be held in escrow pending resolution of outstanding indemnification claims by SoFi. These shares were issued in 2022 and partially released in 2023. See Note 2. Business Combinations for additional information. (3)All remaining unexercised common stock warrants expired in May 2024. As of December 31, 2024, the Company has no outstanding common stock warrants.
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Business Segment and Geographic Information (Tables) |
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Dec. 31, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Segment Reporting Information, by Segment | The following tables present financial information, including the measure of contribution profit (loss), for each reportable segment. The following tables also reconcile reportable segments total contribution profit (loss) to consolidated income (loss) before income taxes. Directly attributable expenses are the significant expenses of each of our respective segments relative to those regularly provided to our CODM. Expenses not allocated to reportable segments represent items that are not considered by our CODM in evaluating segment performance or allocating resources.
_____________________ (1)Within the Technology Platform segment, intercompany fees were $36,765, $22,199 and $7,604 for the years ended December 31, 2024, 2023 and 2022, respectively. The equal and offsetting intercompany expenses are reflected within all three segments’ directly attributable expenses, as well as within expenses not allocated to segments. The intercompany revenues and expenses are eliminated in consolidation. The revenues are eliminated within Corporate/Other and the expenses are adjusted in our reconciliation of directly attributable expenses below. (2)Refer to Note 3. Revenue for a reconciliation of revenue from contracts with customers to total noninterest income (expense). (3)In the fourth quarter of 2024, we made a presentation change to present the provision for credit losses below total net revenue and above total noninterest expense, from its previous presentation within total noninterest expense. Respective prior period amounts were recast to conform to the current period presentation. (4)Reflects changes in fair value inputs and assumptions on servicing rights, including conditional prepayment, 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. These non-cash charges, which are recorded within noninterest income in the consolidated statements of operations and comprehensive income (loss), are unrealized during the period and, therefore, have no impact on our cash flows from operations. (5)Reflects changes in fair value inputs and assumptions on residual interests classified as debt, including conditional prepayment, default rates and discount rates. When third parties finance our consolidated securitization 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 obligations are measured at fair value on a recurring basis, with fair value changes recorded within noninterest income in the consolidated statements of operations and comprehensive income (loss). 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. (6)The significant expense categories and amounts presented align with the segment-level information that is regularly provided to the CODM. Other expenses for our Lending segment primarily include loan marketing expenses, member promotional expenses, tools and subscriptions, travel and occupancy-related costs, and third-party loan fraud (net of related insurance recoveries). Other expenses for our Technology platform are primarily related to travel and occupancy-related costs, advertising and marketing, and accounts receivable write-offs. Other expenses for our Financial Services segment primarily include operational product losses, third party fraud expense, network servicing fees, travel and occupancy-related costs, tools and subscriptions, and marketing expenses. The following table reconciles reportable segments total contribution profit to consolidated income (loss) before income taxes. Expenses not allocated to reportable segments represent items that are not considered by our CODM in evaluating segment performance or allocating resources.
(1)Includes expenses related to compensation, benefits, restructuring charges, 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)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, amortization of premiums on a credit default swap, corporate and FDIC insurance costs, foreign currency translation adjustments and transaction-related expenses.
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| Schedule of Revenue from External Customers by Geographic Areas | The following tables present total net revenue from external customers and total assets attributed to the United States and to all foreign countries in total in which we operate. We attribute total net revenue and total assets based on the country of domicile of the legal entity. No individual foreign country had material total net revenue during any of the years presented. Our long-lived assets as of the dates indicated were not considered by management to be significant relative to total assets. The majority of our long-lived assets were located in the United States as of the dates indicated.
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| Schedule of Long-Lived Assets by Geographic Areas |
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Regulatory Capital (Tables) |
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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| Regulatory Capital Requirements Under Banking Regulations [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Risk and Leverage-Based Capital Ratios and Amounts | The risk- and leverage-based capital ratios and amounts are presented below:
(1)Required minimums presented for risk-based capital ratios include the required capital conservation buffer. (2)The well-capitalized minimum measure is applicable at the bank level only.
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Parent Company Condensed Financial Information (Tables) |
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| Condensed Financial Information Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Condensed Balance Sheets | SoFi Technologies, Inc. Condensed Balance Sheets (Parent Company Only)
(1)Redemption amount was $323,400 as of December 31, 2023. (2)Includes 100,000,000 non-voting common shares authorized and no non-voting common shares issued and outstanding as of December 31, 2024 and 2023.
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| Condensed Statements of Operations and Comprehensive Loss | SoFi Technologies, Inc. Condensed Statements of Operations and Comprehensive Income (Loss) (Parent Company Only)
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| Condensed Statements of Cash Flows | SoFi Technologies, Inc. Condensed Statements of Cash Flows (Parent Company Only)
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Organization, Summary of Significant Accounting Policies and New Accounting Standards - Organization and Consolidation of VIEs (Details) |
12 Months Ended |
|---|---|
|
Dec. 31, 2024
segment
| |
| Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
| Number of reportable segments | 3 |
Organization, Summary of Significant Accounting Policies and New Accounting Standards - Loans and Servicing Rights (Details) |
12 Months Ended |
|---|---|
|
Dec. 31, 2024
class
| |
| Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
| Amortization period of deferred loan origination fees | 12 months |
| Number of classes of servicing assets | 3 |
Organization, Summary of Significant Accounting Policies and New Accounting Standards - Property, Equipment, Software, Leases, and Safeguarding Asset and Liability (Details) |
Dec. 31, 2024 |
|---|---|
| Minimum | |
| Property, Plant and Equipment [Line Items] | |
| Property, plant and equipment, useful life | 2 years 6 months |
| Maximum | |
| Property, Plant and Equipment [Line Items] | |
| Property, plant and equipment, useful life | 30 years |
| Finance lease ROU assets | |
| Property, Plant and Equipment [Line Items] | |
| Right of use asset estimated useful life | 7 years |
| Software | Minimum | |
| Property, Plant and Equipment [Line Items] | |
| Property, plant and equipment, useful life | 2 years 6 months |
| Software | Maximum | |
| Property, Plant and Equipment [Line Items] | |
| Property, plant and equipment, useful life | 5 years |
Organization, Summary of Significant Accounting Policies and New Accounting Standards - Borrowing and Financing Costs (Details) - Convertible Debt $ in Millions |
Oct. 04, 2021
USD ($)
day
|
Dec. 31, 2024
USD ($)
|
Aug. 27, 2024
USD ($)
|
Mar. 08, 2024
USD ($)
|
Mar. 04, 2024
USD ($)
|
Dec. 31, 2023
USD ($)
|
|---|---|---|---|---|---|---|
| Convertible senior notes due 2026 | ||||||
| Organization, Consolidation and Presentation of Financial Statements [Line Items] | ||||||
| Face amount | $ 1,200.0 | $ 428.0 | ||||
| Convertible debt, threshold, trading days preceding maturity date (in days) | day | 30 | |||||
| Debt repurchased face amount | $ 84.0 | $ 600.0 | $ 88.0 | |||
| Convertible senior notes due 2029 | ||||||
| Organization, Consolidation and Presentation of Financial Statements [Line Items] | ||||||
| Face amount | $ 862.5 |
Organization, Summary of Significant Accounting Policies and New Accounting Standards - Advertising, Sales and Marketing, Restructuring, Compensation and Benefits and Recently Adopted Accounting Standards (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2024 |
Dec. 31, 2023 |
Dec. 31, 2022 |
|
| Organization, Consolidation and Presentation of Financial Statements [Abstract] | |||
| Direct advertising | $ 321,951 | $ 284,176 | $ 256,125 |
| Restructuring charges | $ 1,530 | $ 12,749 | |
| Restructuring Charges, Statement of Income or Comprehensive Income [Extensible Enumeration] | Noninterest expense | Noninterest expense | |
| Compensation and benefits, inclusive of share-based compensation expense | $ 927,258 | $ 894,720 | $ 830,298 |
Business Combinations - Narrative (Details) - USD ($) |
3 Months Ended | 12 Months Ended | |||||
|---|---|---|---|---|---|---|---|
Dec. 31, 2022 |
Feb. 02, 2022 |
Sep. 30, 2022 |
Dec. 31, 2024 |
Dec. 31, 2023 |
Dec. 31, 2022 |
Mar. 03, 2022 |
|
| Golden Pacific Bancorp, Inc. | |||||||
| Business Acquisition [Line Items] | |||||||
| Purchase consideration | $ 22,300,000 | ||||||
| Initial paid-in capital requirement | 750,000,000 | ||||||
| Holdback amount | 3,300,000 | ||||||
| Golden Pacific Bancorp, Inc. | Indemnification Agreement | |||||||
| Business Acquisition [Line Items] | |||||||
| Holdback amount | $ 600,000 | ||||||
| Holdback amount released to acquiree shareholders | $ 0 | ||||||
| Technisys S.A. | |||||||
| Business Acquisition [Line Items] | |||||||
| Purchase consideration | $ 913,764,000 | ||||||
| Purchase consideration | $ 915,400,000 | ||||||
| Reduction to equity consideration (in shares) | 155,794 | ||||||
| Goodwill, measurement period adjustments | $ (1,665,000) | ||||||
| Adjustment, consideration transferred | $ (1,665,000) | ||||||
| Equity consideration previously held in escrow released to former shareholders (in shares) | 442,274 | ||||||
| Payments to settle vested employee performance awards | $ 19,656,000 | $ 17,641,000 | |||||
| Technisys S.A. | Common Stock | |||||||
| Business Acquisition [Line Items] | |||||||
| Shares held in escrow, released (in shares) | 6,259,736 | ||||||
| Shares held in escrow (in shares) | 6,305,595 | 45,859 | |||||
Business Combinations - Schedule of Purchase Consideration (Details) - Technisys S.A. - USD ($) $ in Thousands |
12 Months Ended | |
|---|---|---|
Dec. 31, 2022 |
Dec. 31, 2024 |
|
| Business Combination, Consideration Transferred [Abstract] | ||
| Fair value of common stock issued | $ 873,377 | |
| Amounts payable to settle vested employee performance awards | 37,297 | |
| Fair value of awards assumed | 2,855 | |
| Settlement of pre-combination transactions between acquirer and acquiree | 235 | |
| Total purchase consideration | $ 913,764 | |
| Common Stock | ||
| Business Combination, Consideration Transferred [Abstract] | ||
| Consideration transferred, shares issuable (in shares) | 81,700,318 | |
| Shares held in escrow (in shares) | 6,305,595 | 45,859 |
Business Combinations - Schedule of Pro-forma Information (Details) - Technisys S.A. $ in Thousands |
12 Months Ended |
|---|---|
|
Dec. 31, 2022
USD ($)
| |
| Business Acquisition [Line Items] | |
| Total net revenue | $ 1,584,439 |
| Net loss | $ (311,512) |
Revenue - Narrative (Details) - USD ($) $ in Thousands |
Dec. 31, 2024 |
Dec. 31, 2023 |
|---|---|---|
| Revenue from Contract with Customer [Abstract] | ||
| Accounts receivable associated with revenue from contracts with customer, net | $ 61,569 | $ 60,466 |
Revenue - Schedule of Revenues (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2024 |
Dec. 31, 2023 |
Dec. 31, 2022 |
|
| Disaggregation of Revenue [Line Items] | |||
| Total revenue from contracts with customers | $ 503,123 | $ 421,454 | $ 377,096 |
| Loan origination, sales, and securitizations | 255,870 | 371,812 | 565,372 |
| Servicing | 22,244 | 37,328 | 43,547 |
| Loan platform business, other | 89,479 | 0 | 0 |
| Other | 87,662 | 30,455 | 3,424 |
| Total other sources of revenue | 455,255 | 439,595 | 612,343 |
| Total noninterest income | 958,378 | 861,049 | 989,439 |
| Deferred revenue | 7,474 | 5,718 | |
| Deferred revenue, amount recognized | 7,112 | 8,327 | 7,773 |
| Gain on extinguishment of convertible debt | 62,517 | 14,574 | 0 |
| Financial Services | |||
| Disaggregation of Revenue [Line Items] | |||
| Total revenue from contracts with customers | 151,446 | 97,464 | 71,134 |
| Technology Platform | |||
| Disaggregation of Revenue [Line Items] | |||
| Total revenue from contracts with customers | 351,677 | 323,990 | 305,962 |
| Referrals, loan platform business | Financial Services | |||
| Disaggregation of Revenue [Line Items] | |||
| Total revenue from contracts with customers | 52,129 | 33,602 | 31,540 |
| Referrals, other | Financial Services | |||
| Disaggregation of Revenue [Line Items] | |||
| Total revenue from contracts with customers | 8,197 | 4,841 | 4,512 |
| Interchange | Financial Services | |||
| Disaggregation of Revenue [Line Items] | |||
| Total revenue from contracts with customers | 66,829 | 35,247 | 17,391 |
| Brokerage | Financial Services | |||
| Disaggregation of Revenue [Line Items] | |||
| Total revenue from contracts with customers | 21,494 | 21,127 | 15,446 |
| Other | Financial Services | |||
| Disaggregation of Revenue [Line Items] | |||
| Total revenue from contracts with customers | 2,797 | 2,647 | 2,245 |
| Technology services | Technology Platform | |||
| Disaggregation of Revenue [Line Items] | |||
| Total revenue from contracts with customers | 346,185 | 319,845 | 299,379 |
| Other | Technology Platform | |||
| Disaggregation of Revenue [Line Items] | |||
| Total revenue from contracts with customers | $ 5,492 | $ 4,145 | $ 6,583 |
Loans - Schedule of Loan Portfolio (Details) - USD ($) $ in Thousands |
Dec. 31, 2024 |
Dec. 31, 2023 |
|---|---|---|
| Loans and Leases Receivable Disclosure [Line Items] | ||
| Loans held for sale, at fair value | $ 17,684,892 | $ 15,396,771 |
| Loans held for investment, at fair value | 8,597,368 | 6,725,484 |
| Loans held for investment, excluding accrued interest, after allowance for credit loss | 1,246,458 | 836,159 |
| Total loans held for investment | 9,843,826 | 7,561,643 |
| Total loans | 27,528,718 | 22,958,414 |
| Variable Interest Entity, Primary Beneficiary | ||
| Loans and Leases Receivable Disclosure [Line Items] | ||
| Loans held for sale, at fair value | 171,421 | 502,757 |
| Loans held for investment, at fair value | 80,812 | 221,461 |
| Secured loans | ||
| Loans and Leases Receivable Disclosure [Line Items] | ||
| Loans held for investment, excluding accrued interest, after allowance for credit loss | 806,441 | 446,463 |
| Commercial and consumer banking | ||
| Loans and Leases Receivable Disclosure [Line Items] | ||
| Loans held for investment, excluding accrued interest, after allowance for credit loss | 150,858 | 117,068 |
| Personal loans | Personal Loans | ||
| Loans and Leases Receivable Disclosure [Line Items] | ||
| Loans held for sale, at fair value | 17,532,396 | 15,330,573 |
| Personal loans | Personal Loans | Variable Interest Entity, Primary Beneficiary | ||
| Loans and Leases Receivable Disclosure [Line Items] | ||
| Loans held for sale, at fair value | 171,421 | 502,757 |
| Home loans | Home Loans | ||
| Loans and Leases Receivable Disclosure [Line Items] | ||
| Loans held for sale, at fair value | 152,496 | 66,198 |
| Student loans | Student Loans | ||
| Loans and Leases Receivable Disclosure [Line Items] | ||
| Loans held for investment, at fair value | 8,597,368 | 6,725,484 |
| Covered by financial guarantees | 2,034,559 | 2,459,103 |
| Student loans | Student Loans | Variable Interest Entity, Primary Beneficiary | ||
| Loans and Leases Receivable Disclosure [Line Items] | ||
| Loans held for investment, at fair value | 80,812 | 221,461 |
| Credit card | Credit card | ||
| Loans and Leases Receivable Disclosure [Line Items] | ||
| Loans held for investment, excluding accrued interest, after allowance for credit loss | 289,159 | 272,628 |
| Commercial real estate | Commercial and consumer banking | ||
| Loans and Leases Receivable Disclosure [Line Items] | ||
| Loans held for investment, excluding accrued interest, after allowance for credit loss | 136,474 | 106,326 |
| Commercial and industrial | Commercial and consumer banking | ||
| Loans and Leases Receivable Disclosure [Line Items] | ||
| Loans held for investment, excluding accrued interest, after allowance for credit loss | 4,986 | 6,075 |
| Residential real estate and other consumer | Commercial and consumer banking | ||
| Loans and Leases Receivable Disclosure [Line Items] | ||
| Loans held for investment, excluding accrued interest, after allowance for credit loss | $ 9,398 | $ 4,667 |
Loans - Schedule of Loans Measured at Fair Value (Details) - Fair Value, Recurring - Fair Value - USD ($) $ in Thousands |
Dec. 31, 2024 |
Dec. 31, 2023 |
|---|---|---|
| Loans and Leases Receivable Disclosure [Line Items] | ||
| Unpaid principal balance | $ 24,955,114 | $ 21,011,621 |
| Accumulated interest | 173,596 | 148,990 |
| Cumulative fair value adjustments | 1,153,550 | 961,644 |
| Total fair value of loans | 26,282,260 | 22,122,255 |
| Fair value of loans 90 days or more delinquent | ||
| Loans and Leases Receivable Disclosure [Line Items] | ||
| Unpaid principal balance | 101,394 | 90,532 |
| Accumulated interest | 4,569 | 4,216 |
| Cumulative fair value adjustments | (82,172) | (75,460) |
| Total fair value of loans | 23,791 | 19,288 |
| Personal loans | Personal Loans | ||
| Loans and Leases Receivable Disclosure [Line Items] | ||
| Unpaid principal balance | 16,589,623 | 14,498,629 |
| Accumulated interest | 128,733 | 114,541 |
| Cumulative fair value adjustments | 814,040 | 717,403 |
| Total fair value of loans | 17,532,396 | 15,330,573 |
| Personal loans | Fair value of loans 90 days or more delinquent | Personal Loans | ||
| Loans and Leases Receivable Disclosure [Line Items] | ||
| Unpaid principal balance | 91,477 | 81,591 |
| Accumulated interest | 4,400 | 4,023 |
| Cumulative fair value adjustments | (75,390) | (70,191) |
| Total fair value of loans | 20,487 | 15,423 |
| Student loans | Student Loans | ||
| Loans and Leases Receivable Disclosure [Line Items] | ||
| Unpaid principal balance | 8,215,629 | 6,445,586 |
| Accumulated interest | 44,603 | 34,357 |
| Cumulative fair value adjustments | 337,136 | 245,541 |
| Total fair value of loans | 8,597,368 | 6,725,484 |
| Student loans | Fair value of loans 90 days or more delinquent | Student Loans | ||
| Loans and Leases Receivable Disclosure [Line Items] | ||
| Unpaid principal balance | 9,578 | 8,446 |
| Accumulated interest | 168 | 187 |
| Cumulative fair value adjustments | (6,760) | (5,021) |
| Total fair value of loans | 2,986 | 3,612 |
| Home loans | Home Loans | ||
| Loans and Leases Receivable Disclosure [Line Items] | ||
| Unpaid principal balance | 149,862 | 67,406 |
| Accumulated interest | 260 | 92 |
| Cumulative fair value adjustments | 2,374 | (1,300) |
| Total fair value of loans | 152,496 | 66,198 |
| Home loans | Fair value of loans 90 days or more delinquent | Home Loans | ||
| Loans and Leases Receivable Disclosure [Line Items] | ||
| Unpaid principal balance | 339 | 495 |
| Accumulated interest | 1 | 6 |
| Cumulative fair value adjustments | (22) | (248) |
| Total fair value of loans | $ 318 | $ 253 |
Loans - Schedule of Loan Securitizations Accounted for as Sales and Whole Loan Sales (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2024 |
Dec. 31, 2023 |
Dec. 31, 2022 |
|
| Personal Loans | Other asset-backed securities | |||
| Securitization or Asset-backed Financing Arrangement, Financial Asset for which Transfer is Accounted as Sale [Line Items] | |||
| Cash | $ 1,170,235 | $ 359,927 | |
| Securitization investments | 61,901 | 18,985 | |
| Servicing assets recognized | 43,755 | 15,975 | |
| Repurchase liabilities recognized | (622) | (113) | |
| Total consideration | 1,275,269 | 394,774 | |
| Aggregate unpaid principal balance and accrued interest of loans sold | 1,228,040 | 375,770 | |
| Realized gain (loss) | 47,229 | 19,004 | |
| Personal Loans | Whole loans | |||
| Securitization or Asset-backed Financing Arrangement, Financial Asset for which Transfer is Accounted as Sale [Line Items] | |||
| Cash | 2,967,487 | 567,904 | $ 3,016,740 |
| Receivable | 5,288 | 0 | 0 |
| Servicing assets recognized | 178,919 | 30,168 | 21,925 |
| Repurchase liabilities recognized | (9,907) | (2,069) | (7,351) |
| Total consideration | 3,141,787 | 596,003 | 3,031,314 |
| Aggregate unpaid principal balance and accrued interest of loans sold | 2,973,077 | 567,003 | 2,924,567 |
| Realized gain (loss) | 168,710 | 29,000 | 106,747 |
| Personal Loans | Whole loans | Loans in delinquency | |||
| Securitization or Asset-backed Financing Arrangement, Financial Asset for which Transfer is Accounted as Sale [Line Items] | |||
| Cash | 24,228 | ||
| Servicing assets recognized | 20,259 | ||
| Repurchase liabilities recognized | (136) | ||
| Total consideration | 44,351 | ||
| Aggregate unpaid principal balance and accrued interest of loans sold | 319,738 | ||
| Realized gain (loss) | (275,387) | 0 | 0 |
| Aggregate unpaid principal balance sold | 302,900 | ||
| Aggregate unpaid principal balance sold, prior period write-down | 197,400 | ||
| Student Loans | Whole loans | |||
| Securitization or Asset-backed Financing Arrangement, Financial Asset for which Transfer is Accounted as Sale [Line Items] | |||
| Cash | 310,331 | 98,624 | 883,859 |
| Servicing assets recognized | 8,249 | 2,792 | 9,275 |
| Repurchase liabilities recognized | (46) | (16) | (134) |
| Total consideration | 318,534 | 101,400 | 893,000 |
| Aggregate unpaid principal balance and accrued interest of loans sold | 303,578 | 99,916 | 881,922 |
| Realized gain (loss) | 14,956 | 1,484 | 11,078 |
| Home Loans | Whole loans | |||
| Securitization or Asset-backed Financing Arrangement, Financial Asset for which Transfer is Accounted as Sale [Line Items] | |||
| Cash | 1,750,711 | 1,022,600 | 1,057,596 |
| Servicing assets recognized | 14,675 | 10,184 | 13,926 |
| Repurchase liabilities recognized | (2,958) | (1,765) | (1,158) |
| Total consideration | 1,762,428 | 1,031,019 | 1,070,364 |
| Aggregate unpaid principal balance and accrued interest of loans sold | 1,738,036 | 1,029,623 | 1,095,882 |
| Realized gain (loss) | $ 24,392 | $ 1,396 | $ (25,518) |
Loans - Schedule of Loans Originated and Subsequently Sold (Details) - Loan Platform Business, Third-Party Loans - Personal Loans $ in Thousands |
12 Months Ended |
|---|---|
|
Dec. 31, 2024
USD ($)
| |
| Securitization or Asset-backed Financing Arrangement, Financial Asset for which Transfer is Accounted as Sale [Line Items] | |
| Cash | $ 2,149,271 |
| Servicing assets recognized | 15,149 |
| Repurchase liabilities recognized | (856) |
| Total consideration | 2,163,564 |
| Aggregate unpaid principal balance and accrued interest of loans sold | 2,077,243 |
| Loan fees, net | 71,172 |
| Realized gain (loss) | 86,321 |
| Unpaid principal balance | $ 2,100,000 |
Loans - Narrative (Details) - USD ($) $ in Millions |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2024 |
Dec. 31, 2023 |
Dec. 31, 2022 |
|
| Personal Loans | |||
| Securitization or Asset-backed Financing Arrangement, Financial Asset for which Transfer is Accounted as Sale [Line Items] | |||
| Deconsolidation of debt | $ 70.6 | ||
| Student Loans | |||
| Securitization or Asset-backed Financing Arrangement, Financial Asset for which Transfer is Accounted as Sale [Line Items] | |||
| Deconsolidation of debt | $ 98.0 | $ 100.3 | $ 126.0 |
| Secured loans | |||
| Securitization or Asset-backed Financing Arrangement, Financial Asset for which Transfer is Accounted as Sale [Line Items] | |||
| Aggregate unpaid principal balance and accrued interest of loans sold | 555.9 | ||
| Secured loans, amortized cost basis | $ 804.8 | $ 445.7 | |
| Secured loan, term, up to | 7 years | ||
Loans - Schedule of Unpaid Principal Balances of Transferred Loans and Cash Flows Received (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2024 |
Dec. 31, 2023 |
Dec. 31, 2022 |
|
| Securitization or Asset-backed Financing Arrangement, Financial Asset for which Transfer is Accounted as Sale [Line Items] | |||
| Contractually Specified Servicing Fee Income, Statement Of Income Or Comprehensive Income, Extensible Enumeration, Not Disclosed Flag | Servicing fees collected from transferred loans | ||
| Variable Interest Entity, Not Primary Beneficiary | |||
| Securitization or Asset-backed Financing Arrangement, Financial Asset for which Transfer is Accounted as Sale [Line Items] | |||
| Total transferred loans serviced | $ 17,525,491 | $ 13,965,378 | |
| Servicing fees collected from transferred loans | 113,384 | 62,508 | $ 81,147 |
| Charge-offs, net of recoveries, of transferred loans | 429,339 | 209,285 | 127,231 |
| Loans in delinquency | Variable Interest Entity, Not Primary Beneficiary | |||
| Securitization or Asset-backed Financing Arrangement, Financial Asset for which Transfer is Accounted as Sale [Line Items] | |||
| Total transferred loans serviced | 333,630 | 252,018 | |
| Loans in delinquency | Variable Interest Entity, Not Primary Beneficiary | Financial Asset, Equal To Or Greater Than 30 Days Past Due | |||
| Securitization or Asset-backed Financing Arrangement, Financial Asset for which Transfer is Accounted as Sale [Line Items] | |||
| Total transferred loans serviced | 212,313 | 137,995 | |
| Personal Loans | Variable Interest Entity, Not Primary Beneficiary | |||
| Securitization or Asset-backed Financing Arrangement, Financial Asset for which Transfer is Accounted as Sale [Line Items] | |||
| Total transferred loans serviced | 6,060,329 | 2,223,785 | |
| Servicing fees collected from transferred loans | 72,681 | 20,577 | 33,051 |
| Charge-offs, net of recoveries, of transferred loans | 387,700 | 167,643 | 93,095 |
| Personal Loans | Loans in delinquency | Variable Interest Entity, Not Primary Beneficiary | |||
| Securitization or Asset-backed Financing Arrangement, Financial Asset for which Transfer is Accounted as Sale [Line Items] | |||
| Total transferred loans serviced | 168,403 | 90,582 | |
| Personal Loans | Loans in delinquency | Variable Interest Entity, Not Primary Beneficiary | Financial Asset, Equal To Or Greater Than 30 Days Past Due | |||
| Securitization or Asset-backed Financing Arrangement, Financial Asset for which Transfer is Accounted as Sale [Line Items] | |||
| Total transferred loans serviced | 109,169 | 52,813 | |
| Student Loans | Variable Interest Entity, Not Primary Beneficiary | |||
| Securitization or Asset-backed Financing Arrangement, Financial Asset for which Transfer is Accounted as Sale [Line Items] | |||
| Total transferred loans serviced | 5,230,303 | 6,148,800 | |
| Servicing fees collected from transferred loans | 23,537 | 27,401 | 35,203 |
| Charge-offs, net of recoveries, of transferred loans | 41,639 | 41,642 | 34,136 |
| Student Loans | Loans in delinquency | Variable Interest Entity, Not Primary Beneficiary | |||
| Securitization or Asset-backed Financing Arrangement, Financial Asset for which Transfer is Accounted as Sale [Line Items] | |||
| Total transferred loans serviced | 129,317 | 137,243 | |
| Student Loans | Loans in delinquency | Variable Interest Entity, Not Primary Beneficiary | Financial Asset, Equal To Or Greater Than 30 Days Past Due | |||
| Securitization or Asset-backed Financing Arrangement, Financial Asset for which Transfer is Accounted as Sale [Line Items] | |||
| Total transferred loans serviced | 67,234 | 60,989 | |
| Home Loans | Variable Interest Entity, Not Primary Beneficiary | |||
| Securitization or Asset-backed Financing Arrangement, Financial Asset for which Transfer is Accounted as Sale [Line Items] | |||
| Total transferred loans serviced | 6,234,859 | 5,592,793 | |
| Servicing fees collected from transferred loans | 17,166 | 14,530 | $ 12,893 |
| Home Loans | Loans in delinquency | Variable Interest Entity, Not Primary Beneficiary | |||
| Securitization or Asset-backed Financing Arrangement, Financial Asset for which Transfer is Accounted as Sale [Line Items] | |||
| Total transferred loans serviced | 35,910 | 24,193 | |
| Home Loans | Loans in delinquency | Variable Interest Entity, Not Primary Beneficiary | Financial Asset, Equal To Or Greater Than 30 Days Past Due | |||
| Securitization or Asset-backed Financing Arrangement, Financial Asset for which Transfer is Accounted as Sale [Line Items] | |||
| Total transferred loans serviced | $ 35,910 | $ 24,193 | |
Loans - Schedule of Loans by Status (Details) - USD ($) $ in Thousands |
Dec. 31, 2024 |
Dec. 31, 2023 |
Dec. 31, 2022 |
Dec. 31, 2021 |
|---|---|---|---|---|
| Financing Receivable, Past Due [Line Items] | ||||
| Loans held for investment, allowance for credit loss | $ 46,684 | $ 54,695 | ||
| Fair Value | ||||
| Financing Receivable, Past Due [Line Items] | ||||
| Total loans | 1,285,910 | 884,390 | ||
| Current | ||||
| Financing Receivable, Past Due [Line Items] | ||||
| Total loans | 1,269,849 | 861,868 | ||
| 30–59 Days | ||||
| Financing Receivable, Past Due [Line Items] | ||||
| Total loans | 3,429 | 5,452 | ||
| 60–89 Days | ||||
| Financing Receivable, Past Due [Line Items] | ||||
| Total loans | 3,499 | 4,829 | ||
| ≥ 90 Days | ||||
| Financing Receivable, Past Due [Line Items] | ||||
| Total loans | 9,133 | 12,241 | ||
| Total Delinquent Loans | ||||
| Financing Receivable, Past Due [Line Items] | ||||
| Total loans | 16,061 | 22,522 | ||
| Secured loans | ||||
| Financing Receivable, Past Due [Line Items] | ||||
| Accumulated accrued interest | 1,641 | 730 | ||
| Secured loans | Fair Value | ||||
| Financing Receivable, Past Due [Line Items] | ||||
| Total loans | 804,800 | 445,733 | ||
| Secured loans | Current | ||||
| Financing Receivable, Past Due [Line Items] | ||||
| Total loans | 804,800 | 445,733 | ||
| Secured loans | 30–59 Days | ||||
| Financing Receivable, Past Due [Line Items] | ||||
| Total loans | 0 | 0 | ||
| Secured loans | 60–89 Days | ||||
| Financing Receivable, Past Due [Line Items] | ||||
| Total loans | 0 | 0 | ||
| Secured loans | ≥ 90 Days | ||||
| Financing Receivable, Past Due [Line Items] | ||||
| Total loans | 0 | 0 | ||
| Secured loans | Total Delinquent Loans | ||||
| Financing Receivable, Past Due [Line Items] | ||||
| Total loans | 0 | 0 | ||
| Credit card | Credit card | ||||
| Financing Receivable, Past Due [Line Items] | ||||
| Loans held for investment, allowance for credit loss | 44,350 | 52,385 | $ 39,110 | $ 7,037 |
| Accumulated accrued interest | 4,125 | 5,288 | ||
| Credit card | Credit card | Fair Value | ||||
| Financing Receivable, Past Due [Line Items] | ||||
| Total loans | 328,472 | 319,694 | ||
| Credit card | Credit card | Current | ||||
| Financing Receivable, Past Due [Line Items] | ||||
| Total loans | 312,676 | 297,612 | ||
| Credit card | Credit card | 30–59 Days | ||||
| Financing Receivable, Past Due [Line Items] | ||||
| Total loans | 3,429 | 5,451 | ||
| Credit card | Credit card | 60–89 Days | ||||
| Financing Receivable, Past Due [Line Items] | ||||
| Total loans | 3,311 | 4,829 | ||
| Credit card | Credit card | ≥ 90 Days | ||||
| Financing Receivable, Past Due [Line Items] | ||||
| Total loans | 9,056 | 11,802 | ||
| Credit card | Credit card | Total Delinquent Loans | ||||
| Financing Receivable, Past Due [Line Items] | ||||
| Total loans | 15,796 | 22,082 | ||
| Commercial and consumer banking | ||||
| Financing Receivable, Past Due [Line Items] | ||||
| Total loans | 145,400 | |||
| Loans held for investment, allowance for credit loss | 2,334 | 2,310 | $ 1,678 | $ 0 |
| Accumulated accrued interest | 554 | 415 | ||
| Commercial and consumer banking | Fair Value | ||||
| Financing Receivable, Past Due [Line Items] | ||||
| Total loans | 152,638 | 118,963 | ||
| Commercial and consumer banking | Current | ||||
| Financing Receivable, Past Due [Line Items] | ||||
| Total loans | 152,373 | 118,523 | ||
| Commercial and consumer banking | 30–59 Days | ||||
| Financing Receivable, Past Due [Line Items] | ||||
| Total loans | 0 | 1 | ||
| Commercial and consumer banking | 60–89 Days | ||||
| Financing Receivable, Past Due [Line Items] | ||||
| Total loans | 188 | 0 | ||
| Commercial and consumer banking | ≥ 90 Days | ||||
| Financing Receivable, Past Due [Line Items] | ||||
| Total loans | 77 | 439 | ||
| Commercial and consumer banking | Total Delinquent Loans | ||||
| Financing Receivable, Past Due [Line Items] | ||||
| Total loans | 265 | 440 | ||
| Commercial and consumer banking | Commercial real estate | ||||
| Financing Receivable, Past Due [Line Items] | ||||
| Total loans | 137,998 | |||
| Commercial and consumer banking | Commercial real estate | Fair Value | ||||
| Financing Receivable, Past Due [Line Items] | ||||
| Total loans | 138,172 | 107,757 | ||
| Commercial and consumer banking | Commercial real estate | Current | ||||
| Financing Receivable, Past Due [Line Items] | ||||
| Total loans | 138,172 | 107,757 | ||
| Commercial and consumer banking | Commercial real estate | 30–59 Days | ||||
| Financing Receivable, Past Due [Line Items] | ||||
| Total loans | 0 | 0 | ||
| Commercial and consumer banking | Commercial real estate | 60–89 Days | ||||
| Financing Receivable, Past Due [Line Items] | ||||
| Total loans | 0 | 0 | ||
| Commercial and consumer banking | Commercial real estate | ≥ 90 Days | ||||
| Financing Receivable, Past Due [Line Items] | ||||
| Total loans | 0 | 0 | ||
| Commercial and consumer banking | Commercial real estate | Total Delinquent Loans | ||||
| Financing Receivable, Past Due [Line Items] | ||||
| Total loans | 0 | 0 | ||
| Commercial and consumer banking | Commercial and industrial | ||||
| Financing Receivable, Past Due [Line Items] | ||||
| Total loans | 4,042 | |||
| Commercial and consumer banking | Commercial and industrial | Fair Value | ||||
| Financing Receivable, Past Due [Line Items] | ||||
| Total loans | 5,096 | 6,548 | ||
| Commercial and consumer banking | Commercial and industrial | Current | ||||
| Financing Receivable, Past Due [Line Items] | ||||
| Total loans | 4,831 | 6,108 | ||
| Commercial and consumer banking | Commercial and industrial | 30–59 Days | ||||
| Financing Receivable, Past Due [Line Items] | ||||
| Total loans | 0 | 1 | ||
| Commercial and consumer banking | Commercial and industrial | 60–89 Days | ||||
| Financing Receivable, Past Due [Line Items] | ||||
| Total loans | 188 | 0 | ||
| Commercial and consumer banking | Commercial and industrial | ≥ 90 Days | ||||
| Financing Receivable, Past Due [Line Items] | ||||
| Total loans | 77 | 439 | ||
| Commercial and consumer banking | Commercial and industrial | Total Delinquent Loans | ||||
| Financing Receivable, Past Due [Line Items] | ||||
| Total loans | 265 | 440 | ||
| Commercial and consumer banking | Residential real estate and other consumer | ||||
| Financing Receivable, Past Due [Line Items] | ||||
| Total loans | 3,360 | |||
| Commercial and consumer banking | Residential real estate and other consumer | Fair Value | ||||
| Financing Receivable, Past Due [Line Items] | ||||
| Total loans | 9,370 | 4,658 | ||
| Commercial and consumer banking | Residential real estate and other consumer | Current | ||||
| Financing Receivable, Past Due [Line Items] | ||||
| Total loans | 9,370 | 4,658 | ||
| Commercial and consumer banking | Residential real estate and other consumer | 30–59 Days | ||||
| Financing Receivable, Past Due [Line Items] | ||||
| Total loans | 0 | 0 | ||
| Commercial and consumer banking | Residential real estate and other consumer | 60–89 Days | ||||
| Financing Receivable, Past Due [Line Items] | ||||
| Total loans | 0 | 0 | ||
| Commercial and consumer banking | Residential real estate and other consumer | ≥ 90 Days | ||||
| Financing Receivable, Past Due [Line Items] | ||||
| Total loans | 0 | 0 | ||
| Commercial and consumer banking | Residential real estate and other consumer | Total Delinquent Loans | ||||
| Financing Receivable, Past Due [Line Items] | ||||
| Total loans | $ 0 | $ 0 |
Loans - Internal Risk Tier Categories (Details) - Total Loans - USD ($) $ in Thousands |
Dec. 31, 2024 |
Dec. 31, 2023 |
|---|---|---|
| Financing Receivable, Past Due [Line Items] | ||
| Total loans | $ 1,285,910 | $ 884,390 |
| Credit card | Credit card | ||
| Financing Receivable, Past Due [Line Items] | ||
| Total loans | 328,472 | 319,694 |
| Credit card | Credit card | ≥ 800 | ||
| Financing Receivable, Past Due [Line Items] | ||
| Total loans | 38,076 | 29,269 |
| Credit card | Credit card | 780 – 799 | ||
| Financing Receivable, Past Due [Line Items] | ||
| Total loans | 24,566 | 19,350 |
| Credit card | Credit card | 760 – 779 | ||
| Financing Receivable, Past Due [Line Items] | ||
| Total loans | 24,533 | 20,740 |
| Credit card | Credit card | 740 – 759 | ||
| Financing Receivable, Past Due [Line Items] | ||
| Total loans | 26,321 | 23,361 |
| Credit card | Credit card | 720 – 739 | ||
| Financing Receivable, Past Due [Line Items] | ||
| Total loans | 30,215 | 28,621 |
| Credit card | Credit card | 700 – 719 | ||
| Financing Receivable, Past Due [Line Items] | ||
| Total loans | 36,050 | 35,528 |
| Credit card | Credit card | 680 – 699 | ||
| Financing Receivable, Past Due [Line Items] | ||
| Total loans | 37,994 | 38,289 |
| Credit card | Credit card | 660 – 679 | ||
| Financing Receivable, Past Due [Line Items] | ||
| Total loans | 30,504 | 35,443 |
| Credit card | Credit card | 640 – 659 | ||
| Financing Receivable, Past Due [Line Items] | ||
| Total loans | 21,206 | 25,836 |
| Credit card | Credit card | 620 – 639 | ||
| Financing Receivable, Past Due [Line Items] | ||
| Total loans | 14,098 | 15,569 |
| Credit card | Credit card | 600 – 619 | ||
| Financing Receivable, Past Due [Line Items] | ||
| Total loans | 9,393 | 10,063 |
| Credit card | Credit card | ≤ 599 | ||
| Financing Receivable, Past Due [Line Items] | ||
| Total loans | $ 35,516 | $ 37,625 |
Loans - Risk Categories of Loans by Class of Loans (Details) - Commercial and consumer banking $ in Thousands |
Dec. 31, 2024
USD ($)
|
|---|---|
| Financing Receivable, Credit Quality Indicator [Line Items] | |
| 2024 | $ 36,827 |
| 2023 | 24,284 |
| 2022 | 37,639 |
| 2021 | 7,125 |
| 2020 | 4,492 |
| Prior | 35,033 |
| Total Term Loans | 145,400 |
| Revolving Loans | 7,238 |
| Commercial real estate | |
| Financing Receivable, Credit Quality Indicator [Line Items] | |
| 2024 | 36,681 |
| 2023 | 24,227 |
| 2022 | 37,639 |
| 2021 | 7,125 |
| 2020 | 4,446 |
| Prior | 27,880 |
| Total Term Loans | 137,998 |
| Revolving Loans | 174 |
| Commercial and industrial | |
| Financing Receivable, Credit Quality Indicator [Line Items] | |
| 2024 | 146 |
| 2023 | 57 |
| 2022 | 0 |
| 2021 | 0 |
| 2020 | 46 |
| Prior | 3,793 |
| Total Term Loans | 4,042 |
| Revolving Loans | 1,054 |
| Residential real estate and other consumer | |
| Financing Receivable, Credit Quality Indicator [Line Items] | |
| 2024 | 0 |
| 2023 | 0 |
| 2022 | 0 |
| 2021 | 0 |
| 2020 | 0 |
| Prior | 3,360 |
| Total Term Loans | 3,360 |
| Revolving Loans | 6,010 |
| Pass | Commercial real estate | |
| Financing Receivable, Credit Quality Indicator [Line Items] | |
| 2024 | 34,994 |
| 2023 | 20,037 |
| 2022 | 32,670 |
| 2021 | 7,125 |
| 2020 | 4,446 |
| Prior | 23,518 |
| Total Term Loans | 122,790 |
| Revolving Loans | 174 |
| Pass | Commercial and industrial | |
| Financing Receivable, Credit Quality Indicator [Line Items] | |
| 2024 | 146 |
| 2023 | 21 |
| 2022 | 0 |
| 2021 | 0 |
| 2020 | 46 |
| Prior | 3,495 |
| Total Term Loans | 3,708 |
| Revolving Loans | 1,054 |
| Pass | Residential real estate and other consumer | |
| Financing Receivable, Credit Quality Indicator [Line Items] | |
| 2024 | 0 |
| 2023 | 0 |
| 2022 | 0 |
| 2021 | 0 |
| 2020 | 0 |
| Prior | 3,322 |
| Total Term Loans | 3,322 |
| Revolving Loans | 4,402 |
| Watch | Commercial real estate | |
| Financing Receivable, Credit Quality Indicator [Line Items] | |
| 2024 | 0 |
| 2023 | 4,190 |
| 2022 | 3,337 |
| 2021 | 0 |
| 2020 | 0 |
| Prior | 1,214 |
| Total Term Loans | 8,741 |
| Revolving Loans | 0 |
| Watch | Commercial and industrial | |
| Financing Receivable, Credit Quality Indicator [Line Items] | |
| 2024 | 0 |
| 2023 | 36 |
| 2022 | 0 |
| 2021 | 0 |
| 2020 | 0 |
| Prior | 12 |
| Total Term Loans | 48 |
| Revolving Loans | 0 |
| Watch | Residential real estate and other consumer | |
| Financing Receivable, Credit Quality Indicator [Line Items] | |
| 2024 | 0 |
| 2023 | 0 |
| 2022 | 0 |
| 2021 | 0 |
| 2020 | 0 |
| Prior | 38 |
| Total Term Loans | 38 |
| Revolving Loans | 1,608 |
| Special mention | Commercial real estate | |
| Financing Receivable, Credit Quality Indicator [Line Items] | |
| 2024 | 1,687 |
| 2023 | 0 |
| 2022 | 1,632 |
| 2021 | 0 |
| 2020 | 0 |
| Prior | 500 |
| Total Term Loans | 3,819 |
| Revolving Loans | 0 |
| Substandard | Commercial real estate | |
| Financing Receivable, Credit Quality Indicator [Line Items] | |
| 2024 | 0 |
| 2023 | 0 |
| 2022 | 0 |
| 2021 | 0 |
| 2020 | 0 |
| Prior | 2,648 |
| Total Term Loans | 2,648 |
| Revolving Loans | 0 |
| Substandard | Commercial and industrial | |
| Financing Receivable, Credit Quality Indicator [Line Items] | |
| 2024 | 0 |
| 2023 | 0 |
| 2022 | 0 |
| 2021 | 0 |
| 2020 | 0 |
| Prior | 286 |
| Total Term Loans | 286 |
| Revolving Loans | $ 0 |
Allowance for Credit Losses - Schedule of Changes in Allowance for Credit Losses (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2024 |
Dec. 31, 2023 |
Dec. 31, 2022 |
|
| Financing Receivable, Allowance for Credit Loss [Roll Forward] | |||
| Beginning balance | $ 54,695 | ||
| Provision for credit losses | 31,712 | $ 54,945 | $ 54,332 |
| Ending balance | 46,684 | 54,695 | |
| Accounts Receivable | |||
| Beginning balance | 1,837 | 2,785 | 2,292 |
| Provision for credit losses | 3,685 | 773 | 586 |
| Allowance for PCD loans | 0 | ||
| Write-offs charged against the allowance | (3,078) | (1,721) | (93) |
| Ending balance | 2,444 | 1,837 | 2,785 |
| Recovery of previously reserved related to accounts receivable | 1,227 | 1,252 | 2,912 |
| Credit card | Credit card | |||
| Financing Receivable, Allowance for Credit Loss [Roll Forward] | |||
| Beginning balance | 52,385 | 39,110 | 7,037 |
| Provision for credit losses | 31,599 | 54,267 | 53,030 |
| Allowance for PCD loans | 0 | ||
| Write-offs charged against the allowance | (39,634) | (40,992) | (20,957) |
| Ending balance | 44,350 | 52,385 | 39,110 |
| Accounts Receivable | |||
| Recovery of previously reserved related to credit cards | 4,166 | 2,895 | 0 |
| Commercial and consumer banking | |||
| Financing Receivable, Allowance for Credit Loss [Roll Forward] | |||
| Beginning balance | 2,310 | 1,678 | 0 |
| Provision for credit losses | 113 | 678 | 1,302 |
| Allowance for PCD loans | 382 | ||
| Write-offs charged against the allowance | (89) | (46) | (6) |
| Ending balance | $ 2,334 | $ 2,310 | $ 1,678 |
Allowance for Credit Losses - Narrative (Details) - USD ($) $ in Millions |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2024 |
Dec. 31, 2023 |
Dec. 31, 2022 |
|
| Credit card | Credit card | |||
| Financing Receivable, Allowance for Credit Loss [Line Items] | |||
| Accrued interest receivable written off | $ 9.0 | $ 9.2 | $ 4.7 |
Investment Securities - Schedule of Investments in Debt Securities (Details) - USD ($) $ in Thousands |
Dec. 31, 2024 |
Dec. 31, 2023 |
|---|---|---|
| Debt Securities, Available-for-sale [Line Items] | ||
| Amortized Cost | $ 1,807,686 | $ 596,757 |
| Accrued Interest | $ 5,717 | 639 |
| Debt Securities, Available-for-Sale, Accrued Interest, after Allowance for Credit Loss, Statement of Financial Position [Extensible Enumeration] | Fair Value | |
| Gross Unrealized Gains | $ 3,599 | 1,011 |
| Gross Unrealized Losses | (12,959) | (3,220) |
| Fair Value | $ 1,804,043 | $ 595,187 |
| Percentage of high credit quality on amortized cost basis of investments | 100.00% | 92.00% |
| U.S. Treasury securities | ||
| Debt Securities, Available-for-sale [Line Items] | ||
| Amortized Cost | $ 277,555 | $ 518,673 |
| Accrued Interest | 2,622 | 206 |
| Gross Unrealized Gains | 77 | 978 |
| Gross Unrealized Losses | (6,602) | (780) |
| Fair Value | 273,652 | 519,077 |
| Agency mortgage-backed securities | ||
| Debt Securities, Available-for-sale [Line Items] | ||
| Amortized Cost | 1,525,913 | 28,714 |
| Accrued Interest | 3,048 | 111 |
| Gross Unrealized Gains | 3,522 | 33 |
| Gross Unrealized Losses | (6,089) | (1,016) |
| Fair Value | 1,526,394 | 27,842 |
| Corporate bonds | ||
| Debt Securities, Available-for-sale [Line Items] | ||
| Amortized Cost | 3,272 | 32,609 |
| Accrued Interest | 39 | 207 |
| Gross Unrealized Gains | 0 | 0 |
| Gross Unrealized Losses | (94) | (1,092) |
| Fair Value | 3,217 | 31,724 |
| Multinational securities | ||
| Debt Securities, Available-for-sale [Line Items] | ||
| Amortized Cost | 8,548 | |
| Accrued Interest | 103 | |
| Gross Unrealized Gains | 0 | |
| Gross Unrealized Losses | (17) | |
| Fair Value | 8,634 | |
| Other asset-backed securities | ||
| Debt Securities, Available-for-sale [Line Items] | ||
| Amortized Cost | 7,272 | |
| Accrued Interest | 4 | |
| Gross Unrealized Gains | 0 | |
| Gross Unrealized Losses | (154) | |
| Fair Value | 7,122 | |
| Other | ||
| Debt Securities, Available-for-sale [Line Items] | ||
| Amortized Cost | 946 | 941 |
| Accrued Interest | 8 | 8 |
| Gross Unrealized Gains | 0 | 0 |
| Gross Unrealized Losses | (174) | (161) |
| Fair Value | $ 780 | $ 788 |
Investment Securities - Schedule of Investment Securities in Gross Unrealized Loss Position (Details) - USD ($) $ in Thousands |
Dec. 31, 2024 |
Dec. 31, 2023 |
|---|---|---|
| Debt Securities, Available-for-sale [Line Items] | ||
| Investments in AFS debt securities, less than 12 months, fair value | $ 831,764 | $ 500,942 |
| Investments in AFS debt securities, less than 12 months, gross unrealized losses | (11,996) | (215) |
| Investments in AFS debt securities, 12 months or longer, fair value | 16,571 | 94,245 |
| Investments in AFS debt securities, 12 months or longer, gross unrealized losses | (963) | (3,005) |
| Investments in AFS debt securities, total, fair value | 848,335 | 595,187 |
| Investments in AFS debt securities, total, gross unrealized losses | (12,959) | (3,220) |
| U.S. Treasury securities | ||
| Debt Securities, Available-for-sale [Line Items] | ||
| Investments in AFS debt securities, less than 12 months, fair value | 217,683 | 480,012 |
| Investments in AFS debt securities, less than 12 months, gross unrealized losses | (6,497) | (58) |
| Investments in AFS debt securities, 12 months or longer, fair value | 5,256 | 39,065 |
| Investments in AFS debt securities, 12 months or longer, gross unrealized losses | (105) | (722) |
| Investments in AFS debt securities, total, fair value | 222,939 | 519,077 |
| Investments in AFS debt securities, total, gross unrealized losses | (6,602) | (780) |
| Multinational securities | ||
| Debt Securities, Available-for-sale [Line Items] | ||
| Investments in AFS debt securities, less than 12 months, fair value | 0 | |
| Investments in AFS debt securities, less than 12 months, gross unrealized losses | 0 | |
| Investments in AFS debt securities, 12 months or longer, fair value | 8,634 | |
| Investments in AFS debt securities, 12 months or longer, gross unrealized losses | (17) | |
| Investments in AFS debt securities, total, fair value | 8,634 | |
| Investments in AFS debt securities, total, gross unrealized losses | (17) | |
| Corporate bonds | ||
| Debt Securities, Available-for-sale [Line Items] | ||
| Investments in AFS debt securities, less than 12 months, fair value | 0 | 0 |
| Investments in AFS debt securities, less than 12 months, gross unrealized losses | 0 | 0 |
| Investments in AFS debt securities, 12 months or longer, fair value | 3,216 | 31,724 |
| Investments in AFS debt securities, 12 months or longer, gross unrealized losses | (94) | (1,092) |
| Investments in AFS debt securities, total, fair value | 3,216 | 31,724 |
| Investments in AFS debt securities, total, gross unrealized losses | (94) | (1,092) |
| Agency mortgage-backed securities | ||
| Debt Securities, Available-for-sale [Line Items] | ||
| Investments in AFS debt securities, less than 12 months, fair value | 614,081 | 20,930 |
| Investments in AFS debt securities, less than 12 months, gross unrealized losses | (5,499) | (157) |
| Investments in AFS debt securities, 12 months or longer, fair value | 7,319 | 6,912 |
| Investments in AFS debt securities, 12 months or longer, gross unrealized losses | (590) | (859) |
| Investments in AFS debt securities, total, fair value | 621,400 | 27,842 |
| Investments in AFS debt securities, total, gross unrealized losses | (6,089) | (1,016) |
| Other asset-backed securities | ||
| Debt Securities, Available-for-sale [Line Items] | ||
| Investments in AFS debt securities, less than 12 months, fair value | 0 | |
| Investments in AFS debt securities, less than 12 months, gross unrealized losses | 0 | |
| Investments in AFS debt securities, 12 months or longer, fair value | 7,122 | |
| Investments in AFS debt securities, 12 months or longer, gross unrealized losses | (154) | |
| Investments in AFS debt securities, total, fair value | 7,122 | |
| Investments in AFS debt securities, total, gross unrealized losses | (154) | |
| Other | ||
| Debt Securities, Available-for-sale [Line Items] | ||
| Investments in AFS debt securities, less than 12 months, fair value | 0 | 0 |
| Investments in AFS debt securities, less than 12 months, gross unrealized losses | 0 | 0 |
| Investments in AFS debt securities, 12 months or longer, fair value | 780 | 788 |
| Investments in AFS debt securities, 12 months or longer, gross unrealized losses | (174) | (161) |
| Investments in AFS debt securities, total, fair value | 780 | 788 |
| Investments in AFS debt securities, total, gross unrealized losses | $ (174) | $ (161) |
Investment Securities - Schedule of Investments by Contractual Maturity (Details) - USD ($) $ in Thousands |
Dec. 31, 2024 |
Dec. 31, 2023 |
|---|---|---|
| Investments in AFS debt securities—Amortized cost: | ||
| Due Within One Year | $ 54,815 | |
| Due After One Year Through Five Years | 153,668 | |
| Due After Five Years Through Ten Years | 94,159 | |
| Due After Ten Years | 1,505,044 | |
| Total | $ 1,807,686 | $ 596,757 |
| Weighted average yield for investments in AFS debt securities | ||
| Due Within One Year | 4.96% | |
| Due After One Year Through Five Years | 3.81% | |
| Due After Five Years Through Ten Years | 3.86% | |
| Due After Ten Years | 5.75% | |
| Total | 5.58% | |
| AFS investment securities—Fair value: | ||
| Due Within One Year | $ 54,787 | |
| Due After One Year Through Five Years | 150,374 | |
| Due After Five Years Through Ten Years | 90,456 | |
| Due After Ten Years | 1,502,709 | |
| Total | 1,798,326 | |
| Accrued interest | 5,717 | 639 |
| U.S. Treasury securities | ||
| Investments in AFS debt securities—Amortized cost: | ||
| Due Within One Year | 54,815 | |
| Due After One Year Through Five Years | 148,670 | |
| Due After Five Years Through Ten Years | 74,070 | |
| Due After Ten Years | 0 | |
| Total | 277,555 | 518,673 |
| AFS investment securities—Fair value: | ||
| Due Within One Year | 54,787 | |
| Due After One Year Through Five Years | 145,329 | |
| Due After Five Years Through Ten Years | 70,914 | |
| Due After Ten Years | 0 | |
| Total | 271,030 | |
| Accrued interest | 2,622 | 206 |
| Agency mortgage-backed securities | ||
| Investments in AFS debt securities—Amortized cost: | ||
| Due Within One Year | 0 | |
| Due After One Year Through Five Years | 4,998 | |
| Due After Five Years Through Ten Years | 15,871 | |
| Due After Ten Years | 1,505,044 | |
| Total | 1,525,913 | 28,714 |
| AFS investment securities—Fair value: | ||
| Due Within One Year | 0 | |
| Due After One Year Through Five Years | 5,045 | |
| Due After Five Years Through Ten Years | 15,592 | |
| Due After Ten Years | 1,502,709 | |
| Total | 1,523,346 | |
| Accrued interest | 3,048 | 111 |
| Corporate bonds | ||
| Investments in AFS debt securities—Amortized cost: | ||
| Due Within One Year | 0 | |
| Due After One Year Through Five Years | 0 | |
| Due After Five Years Through Ten Years | 3,272 | |
| Due After Ten Years | 0 | |
| Total | 3,272 | 32,609 |
| AFS investment securities—Fair value: | ||
| Due Within One Year | 0 | |
| Due After One Year Through Five Years | 0 | |
| Due After Five Years Through Ten Years | 3,178 | |
| Due After Ten Years | 0 | |
| Total | 3,178 | |
| Accrued interest | 39 | 207 |
| Other | ||
| Investments in AFS debt securities—Amortized cost: | ||
| Due Within One Year | 0 | |
| Due After One Year Through Five Years | 0 | |
| Due After Five Years Through Ten Years | 946 | |
| Due After Ten Years | 0 | |
| Total | 946 | 941 |
| AFS investment securities—Fair value: | ||
| Due Within One Year | 0 | |
| Due After One Year Through Five Years | 0 | |
| Due After Five Years Through Ten Years | 772 | |
| Due After Ten Years | 0 | |
| Total | 772 | |
| Accrued interest | $ 8 | $ 8 |
Investment Securities - Narrative (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2024 |
Dec. 31, 2023 |
Dec. 31, 2022 |
|
| Investments, Debt and Equity Securities [Abstract] | |||
| Gross realized gains on investments in available-for-sale debt securities | $ 4,247 | $ 3,356 | $ 0 |
| Gross realized losses on investments in available-for-sale debt securities | $ 679 | $ 509 | $ 0 |
Securitization and Variable Interest Entities (Details) |
12 Months Ended | |
|---|---|---|
|
Dec. 31, 2024
trust
entity
|
Dec. 31, 2023
entity
|
|
| Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||
| Number of consolidated VIEs (in entities) | 4 | 6 |
| Number of consolidated VIEs exercised securitization clean up calls (in entities) | 2 | |
| Number of nonconsolidated entities in which investments are held | 23 | 22 |
| Number of trusts established | trust | 3 | |
| Number of nonconsolidated trusts sold | trust | (2) |
Securitization and Variable Interest Entities - Summary of Outstanding Value of Unconsolidated VIEs (Details) - USD ($) $ in Thousands |
Dec. 31, 2024 |
Dec. 31, 2023 |
|---|---|---|
| Variable Interest Entity [Line Items] | ||
| Loans held for investment, excluding accrued interest, after allowance for credit loss | $ 1,246,458 | $ 836,159 |
| Servicing rights | 342,128 | 180,469 |
| Secured loans | ||
| Variable Interest Entity [Line Items] | ||
| Loans held for investment, excluding accrued interest, after allowance for credit loss | 806,441 | 446,463 |
| Variable Interest Entity, Not Primary Beneficiary | ||
| Variable Interest Entity [Line Items] | ||
| Securitization investments | 91,646 | 106,748 |
| Servicing rights | 100,839 | 28,197 |
| Variable Interest Entity, Not Primary Beneficiary | Secured loans | ||
| Variable Interest Entity [Line Items] | ||
| Loans held for investment, excluding accrued interest, after allowance for credit loss | $ 806,441 | $ 446,463 |
Securitization and Variable Interest Entities - Schedule of Securitization of Investments (Details) - Variable Interest Entity, Not Primary Beneficiary - USD ($) $ in Thousands |
Dec. 31, 2024 |
Dec. 31, 2023 |
|---|---|---|
| Variable Interest Entity [Line Items] | ||
| Securitization investments | $ 91,646 | $ 106,748 |
| Personal Loans | ||
| Variable Interest Entity [Line Items] | ||
| Securitization investments | 56,849 | 27,247 |
| Student Loans | ||
| Variable Interest Entity [Line Items] | ||
| Securitization investments | $ 34,797 | $ 79,501 |
Goodwill and Intangible Assets - Schedule of Goodwill (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2024 |
Dec. 31, 2023 |
Dec. 31, 2022 |
|
| Goodwill [Roll Forward] | |||
| Beginning balance | $ 1,393,505 | $ 1,622,991 | |
| Less: accumulated impairment | 0 | $ 0 | |
| Beginning balance, net | 1,393,505 | 1,393,505 | 1,622,991 |
| Additional goodwill recognized | 0 | 17,688 | |
| Goodwill impairment expense | 0 | (247,174) | 0 |
| Ending balance | 1,393,505 | $ 1,393,505 | $ 1,622,991 |
| Lending | |||
| Goodwill [Roll Forward] | |||
| Beginning balance, net | 17,688 | ||
| Ending balance | 17,688 | ||
| Technology Platform | |||
| Goodwill [Roll Forward] | |||
| Beginning balance, net | 1,338,658 | ||
| Ending balance | 1,338,658 | ||
| Financial Services | |||
| Goodwill [Roll Forward] | |||
| Beginning balance, net | 37,159 | ||
| Ending balance | $ 37,159 | ||
Goodwill and Intangible Assets - Schedule of Intangible Assets (Details) - USD ($) $ in Thousands |
12 Months Ended | |
|---|---|---|
Dec. 31, 2024 |
Dec. 31, 2023 |
|
| Finite-Lived Intangible Assets [Line Items] | ||
| Gross Balance | $ 696,782 | $ 687,542 |
| Accumulated Amortization | (398,988) | (323,494) |
| Net Book Value | 297,794 | $ 364,048 |
| Amortization expense related to capitalized software | $ 9,647 | |
| Developed technology | ||
| Finite-Lived Intangible Assets [Line Items] | ||
| Weighted Average Useful Life (Years) | 8 years 6 months | 8 years 6 months |
| Gross Balance | $ 461,438 | $ 461,438 |
| Accumulated Amortization | (207,516) | (151,823) |
| Net Book Value | $ 253,922 | $ 309,615 |
| Customer-related | ||
| Finite-Lived Intangible Assets [Line Items] | ||
| Weighted Average Useful Life (Years) | 3 years 10 months 24 days | 3 years 10 months 24 days |
| Gross Balance | $ 167,350 | $ 167,350 |
| Accumulated Amortization | (149,949) | (141,248) |
| Net Book Value | $ 17,401 | $ 26,102 |
| Capitalized software development costs | ||
| Finite-Lived Intangible Assets [Line Items] | ||
| Weighted Average Useful Life (Years) | 4 years | 4 years |
| Gross Balance | $ 29,584 | $ 20,344 |
| Accumulated Amortization | (10,312) | (4,461) |
| Net Book Value | $ 19,272 | $ 15,883 |
| Trade names, trademarks and domain names | ||
| Finite-Lived Intangible Assets [Line Items] | ||
| Weighted Average Useful Life (Years) | 5 years 10 months 24 days | 5 years 10 months 24 days |
| Gross Balance | $ 20,060 | $ 20,060 |
| Accumulated Amortization | (13,503) | (8,436) |
| Net Book Value | 6,557 | 11,624 |
| Core banking infrastructure | ||
| Finite-Lived Intangible Assets [Line Items] | ||
| Gross Balance | 17,100 | 17,100 |
| Accumulated Amortization | (17,100) | (17,100) |
| Net Book Value | $ 0 | $ 0 |
| Core deposits | ||
| Finite-Lived Intangible Assets [Line Items] | ||
| Weighted Average Useful Life (Years) | 7 years 3 months 18 days | 7 years 3 months 18 days |
| Gross Balance | $ 1,000 | $ 1,000 |
| Accumulated Amortization | (402) | (264) |
| Net Book Value | $ 598 | $ 736 |
| Broker-dealer license and trading rights | ||
| Finite-Lived Intangible Assets [Line Items] | ||
| Weighted Average Useful Life (Years) | 5 years 8 months 12 days | 5 years 8 months 12 days |
| Gross Balance | $ 250 | $ 250 |
| Accumulated Amortization | (206) | (162) |
| Net Book Value | $ 44 | $ 88 |
Goodwill and Intangible Assets - Narrative (Details) - USD ($) |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2024 |
Dec. 31, 2023 |
Dec. 31, 2022 |
|
| Goodwill and Intangible Assets Disclosure [Abstract] | |||
| Amortization of intangible assets | $ 75,494,000 | $ 104,919,000 | $ 93,016,000 |
| Impairment of intangible assets | $ 0 | $ 0 | $ 0 |
Goodwill and Intangible Assets - Schedule of Estimated Future Amortization Expense Associated with Intangible Assets (Details) - USD ($) $ in Thousands |
Dec. 31, 2024 |
Dec. 31, 2023 |
|---|---|---|
| Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract] | ||
| 2025 | $ 75,076 | |
| 2026 | 71,559 | |
| 2027 | 56,814 | |
| 2028 | 51,915 | |
| 2029 | 21,225 | |
| Thereafter | 21,205 | |
| Net Book Value | $ 297,794 | $ 364,048 |
Property, Equipment, Software and Leases - Schedule of Property, Equipment and Software (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2024 |
Dec. 31, 2023 |
Dec. 31, 2022 |
|
| Property, Plant and Equipment [Line Items] | |||
| Finance lease ROU assets, gross balance | $ 15,978 | $ 15,100 | |
| Finance lease ROU assets, accumulated amortization | (9,362) | (7,191) | |
| Finance lease ROU assets, carrying value | 6,616 | 7,909 | |
| Total property, plant and equipment including finance leases, gross balance | 504,774 | 391,507 | |
| Total property, plant and equipment including finance leases, accumulated depreciation/amortization | (216,905) | (174,599) | |
| Total property, plant and equipment including finance leases, carrying value | 287,869 | 216,908 | |
| Capitalized share-based compensation related to internally-developed software | 39,907 | 31,126 | $ 22,577 |
| Amortization of share-based compensation expense | 24,673 | 16,074 | $ 6,223 |
| Software | |||
| Property, Plant and Equipment [Line Items] | |||
| Property, plant and equipment, gross balance | 400,334 | 292,445 | |
| Property, plant and equipment, accumulated depreciation | (150,178) | (117,003) | |
| Property, plant and equipment, carrying value | 250,156 | 175,442 | |
| Leasehold improvements | |||
| Property, Plant and Equipment [Line Items] | |||
| Property, plant and equipment, gross balance | 38,625 | 39,046 | |
| Property, plant and equipment, accumulated depreciation | (23,684) | (20,467) | |
| Property, plant and equipment, carrying value | 14,941 | 18,579 | |
| Computer hardware | |||
| Property, Plant and Equipment [Line Items] | |||
| Property, plant and equipment, gross balance | 30,641 | 24,899 | |
| Property, plant and equipment, accumulated depreciation | (21,455) | (19,000) | |
| Property, plant and equipment, carrying value | 9,186 | 5,899 | |
| Furniture and fixtures | |||
| Property, Plant and Equipment [Line Items] | |||
| Property, plant and equipment, gross balance | 15,997 | 16,825 | |
| Property, plant and equipment, accumulated depreciation | (12,012) | (10,797) | |
| Property, plant and equipment, carrying value | 3,985 | 6,028 | |
| Building and land | |||
| Property, Plant and Equipment [Line Items] | |||
| Property, plant and equipment, gross balance | 3,199 | 3,192 | |
| Property, plant and equipment, accumulated depreciation | (214) | (141) | |
| Property, plant and equipment, carrying value | $ 2,985 | $ 3,051 | |
Property, Equipment, Software and Leases - Narrative (Details) |
12 Months Ended | ||
|---|---|---|---|
|
Dec. 31, 2024
USD ($)
stadium_suite
|
Dec. 31, 2023
USD ($)
|
Dec. 31, 2022
USD ($)
|
|
| Property, Plant and Equipment [Line Items] | |||
| Depreciation and amortization | $ 203,498,000 | $ 201,416,000 | $ 151,360,000 |
| Abandonment costs | 0 | 0 | 0 |
| Tangible asset impairment charges | $ 0 | 0 | 0 |
| Right to use, number of stadium suites | stadium_suite | 2 | ||
| Occupancy expense | $ 32,810,000 | 31,946,000 | 33,170,000 |
| Minimum | |||
| Property, Plant and Equipment [Line Items] | |||
| Operating lease, renewal term | 1 year | ||
| Maximum | |||
| Property, Plant and Equipment [Line Items] | |||
| Operating lease, renewal term | 10 years | ||
| Property, Plant, Equipment and Finance Lease ROU Assets | |||
| Property, Plant and Equipment [Line Items] | |||
| Depreciation and amortization | $ 128,004,000 | $ 96,497,000 | $ 59,081,000 |
Property, Equipment, Software and Leases - Components of Operating and Finance Lease Costs (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2024 |
Dec. 31, 2023 |
Dec. 31, 2022 |
|
| Property, Plant And Equipment And Leases [Abstract] | |||
| Operating lease cost | $ 21,445 | $ 21,905 | $ 20,805 |
| Finance lease cost – amortization of ROU assets | 2,171 | 2,157 | 2,157 |
| Finance lease cost – interest expense on lease liabilities | 438 | 452 | 469 |
| Short-term lease cost | 1,391 | 1,718 | 2,031 |
| Variable lease cost | 3,435 | 3,509 | 3,483 |
| Sublease income | (1,381) | (1,034) | 0 |
| Total lease cost | 27,499 | 28,707 | 28,945 |
| Cash paid for amounts included in the measurement of lease liabilities | |||
| Operating cash outflows from operating leases | 24,848 | 26,997 | 21,682 |
| Operating cash outflows from finance leases | 438 | 452 | 469 |
| Financing cash outflows from finance leases | 530 | 509 | 488 |
| Supplemental non-cash information | |||
| Non-cash operating lease ROU assets obtained in exchange for lease liabilities | 2,950 | 8,553 | |
| Non-cash operating lease ROU assets obtained in exchange for lease liabilities | (3,885) | ||
| Non-cash finance lease ROU assets obtained in exchange for lease liabilities | 878 | 0 | 0 |
| Operating lease ROU assets obtained through acquisitions | $ 0 | $ 6,995 | $ 764 |
Property, Equipment, Software and Leases - Supplemental Balance Sheet Information (Details) - USD ($) $ in Thousands |
Dec. 31, 2024 |
Dec. 31, 2023 |
|---|---|---|
| Operating Leases | ||
| ROU assets | $ 81,219 | $ 89,635 |
| Operating lease liabilities | $ 97,389 | $ 108,649 |
| Weighted average remaining lease term (in years) | 6 years 1 month 6 days | 6 years 10 months 24 days |
| Weighted average discount rate | 5.80% | 5.70% |
| Finance Leases | ||
| ROU assets | $ 6,616 | $ 7,909 |
| Finance lease liability | $ 13,520 | $ 13,172 |
| Weighted average remaining lease term (in years) | 14 years 7 months 6 days | 16 years 3 months 18 days |
| Weighted average discount rate | 3.50% | 3.40% |
| Finance Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration] | Property, equipment and software | |
| Finance Lease, Liability, Statement of Financial Position [Extensible Enumeration] | Accounts payable, accruals and other liabilities | Accounts payable, accruals and other liabilities |
Property, Equipment, Software and Leases - Schedule of Maturities of Lease Liabilities (Details) - USD ($) $ in Thousands |
Dec. 31, 2024 |
Dec. 31, 2023 |
|---|---|---|
| Operating Leases | ||
| 2025 | $ 25,473 | |
| 2026 | 24,059 | |
| 2027 | 17,745 | |
| 2028 | 16,271 | |
| 2029 | 13,011 | |
| Thereafter | 20,852 | |
| Total | 117,411 | |
| Less: imputed interest | (20,022) | |
| Lease liabilities | 97,389 | $ 108,649 |
| Finance Leases | ||
| 2025 | 1,223 | |
| 2026 | 1,251 | |
| 2027 | 1,256 | |
| 2028 | 1,269 | |
| 2029 | 1,281 | |
| Thereafter | 10,871 | |
| Total | 17,151 | |
| Less: imputed interest | (3,631) | |
| Lease liabilities | $ 13,520 | $ 13,172 |
Other Assets and Other Liabilities - Schedule of Other Assets (Details) - USD ($) $ in Thousands |
12 Months Ended | |
|---|---|---|
Dec. 31, 2024 |
Dec. 31, 2023 |
|
| Other Assets And Liabilities [Abstract] | ||
| Accounts receivable, net | $ 587,496 | $ 169,852 |
| Derivative financial instruments | $ 290,714 | 6,916 |
| Derivative Asset, Statement of Financial Position [Extensible Enumeration] | Other assets | |
| Prepaid expenses and capitalized contract costs | $ 276,931 | 112,748 |
| Deferred tax assets, net | 267,220 | 0 |
| Restricted investments | 109,417 | 83,551 |
| Credit default swap | 91,206 | 103,204 |
| Investments in equity securities | 29,500 | 22,920 |
| Digital assets safeguarding asset | 0 | 9,292 |
| Other | 62,185 | 45,883 |
| Other assets | 1,714,669 | 554,366 |
| Capitalized incremental costs of obtaining certain contracts | 213,417 | $ 60,729 |
| Prepaid expenses and capitalized contract costs, amortization expense | $ 23,872 |
Other Assets and Other Liabilities - Schedule of Accounts Payable, Accruals and Other Liabilities (Details) - USD ($) $ in Thousands |
Dec. 31, 2024 |
Dec. 31, 2023 |
|---|---|---|
| Other Assets And Liabilities [Abstract] | ||
| Derivative Liability, Statement of Financial Position [Extensible Enumeration] | Accounts payable, accruals and other liabilities | |
| Accrued expenses | $ 265,316 | $ 202,259 |
| Accounts payable | 106,343 | 93,301 |
| Credit default swap | 91,206 | 103,204 |
| Accrued interest | 26,441 | 66,614 |
| Finance lease liability | 13,520 | 13,172 |
| Deferred revenue | 7,474 | 5,718 |
| Deferred tax liabilities, net | 20,164 | 40,229 |
| Digital assets safeguarding liability | 0 | 9,292 |
| Derivative financial liabilities | 0 | 4,604 |
| Other | 26,459 | 11,355 |
| Accounts payable, accruals and other liabilities | $ 556,923 | $ 549,748 |
Deposits - Schedule of Interest-Bearing Deposits (Details) - USD ($) $ in Thousands |
Dec. 31, 2024 |
Dec. 31, 2023 |
|---|---|---|
| Interest-bearing deposits: | ||
| Savings deposits | $ 22,838,858 | $ 12,902,033 |
| Demand deposits | 2,205,377 | 2,663,335 |
| Time deposits | 817,165 | 3,003,625 |
| Total interest-bearing deposits | 25,861,400 | 18,568,993 |
| Noninterest-bearing deposits | 116,804 | 51,670 |
| Total deposits | 25,978,204 | 18,620,663 |
| Brokered deposits | 772,914 | 3,160,414 |
| Brokered time deposits | 772,914 | 2,971,462 |
| Brokered demand deposits | 188,952 | |
| Uninsured deposits | $ 20,305 | $ 21,268 |
Deposits - Schedule of Maturities of Time Deposits (Details) - USD ($) $ in Thousands |
Dec. 31, 2024 |
Dec. 31, 2023 |
|---|---|---|
| Time Deposits, Fiscal Year Maturity [Abstract] | ||
| 2025 | $ 814,691 | |
| 2026 | 2,199 | |
| 2027 | 0 | |
| 2028 | 161 | |
| 2029 | 114 | |
| Thereafter | 0 | |
| Total | $ 817,165 | $ 3,003,625 |
Debt - Schedule of Debt (Details) - USD ($) $ in Thousands |
1 Months Ended | 12 Months Ended | |||
|---|---|---|---|---|---|
Oct. 04, 2021 |
Mar. 31, 2024 |
Dec. 31, 2024 |
Dec. 31, 2023 |
Dec. 31, 2022 |
|
| Debt Instrument [Line Items] | |||||
| Total, before unamortized debt issuance costs, premiums and discounts | $ 3,114,283 | $ 5,259,584 | |||
| Less: unamortized debt issuance costs, premiums and discounts | (21,591) | (26,168) | |||
| Total debt | 3,092,692 | 5,233,416 | |||
| Debt discounts issued | 17,300 | ||||
| Amount not available for general borrowing purposes to secure letter of credit | 5,600 | 6,400 | |||
| Asset Pledged as Collateral | |||||
| Debt Instrument [Line Items] | |||||
| Amount not available for general borrowing purposes to secure letter of credit | 25,200 | 27,200 | |||
| Personal loan securitizations | |||||
| Debt Instrument [Line Items] | |||||
| Total Collateral | $ 170,588 | ||||
| Weighted Average Effective Interest Rate | 5.71% | ||||
| Total, before unamortized debt issuance costs, premiums and discounts | $ 14,377 | 239,340 | |||
| Student loan securitizations | |||||
| Debt Instrument [Line Items] | |||||
| Total Collateral | $ 78,622 | ||||
| Weighted Average Effective Interest Rate | 3.64% | ||||
| Total, before unamortized debt issuance costs, premiums and discounts | $ 66,501 | 182,744 | |||
| Secured Debt | Asset Pledged as Collateral | |||||
| Debt Instrument [Line Items] | |||||
| Total Capacity | 170,400 | ||||
| Unsecured Debt | |||||
| Debt Instrument [Line Items] | |||||
| Total Capacity | $ 50,000 | ||||
| Minimum | |||||
| Debt Instrument [Line Items] | |||||
| Unused commitment fee percentage | 0.00% | ||||
| Minimum | Personal loan securitizations | |||||
| Debt Instrument [Line Items] | |||||
| Stated Interest Rate | 2.04% | ||||
| Minimum | Student loan securitizations | |||||
| Debt Instrument [Line Items] | |||||
| Stated Interest Rate | 3.09% | ||||
| Maximum | |||||
| Debt Instrument [Line Items] | |||||
| Unused commitment fee percentage | 0.40% | ||||
| Maximum | Personal loan securitizations | |||||
| Debt Instrument [Line Items] | |||||
| Stated Interest Rate | 2.04% | ||||
| Maximum | Student loan securitizations | |||||
| Debt Instrument [Line Items] | |||||
| Stated Interest Rate | 3.73% | ||||
| Convertible senior notes due 2026 | Convertible Debt | |||||
| Debt Instrument [Line Items] | |||||
| Stated Interest Rate | 0.00% | ||||
| Weighted Average Effective Interest Rate | 0.43% | ||||
| Total, before unamortized debt issuance costs, premiums and discounts | $ 428,022 | 1,111,972 | |||
| Less: unamortized debt issuance costs, premiums and discounts | (3,300) | (13,300) | |||
| Debt discounts issued | $ 24,000 | ||||
| Interest expense | $ 2,700 | $ 5,100 | $ 5,100 | ||
| Effective interest rate during period | 0.43% | 0.43% | 0.42% | ||
| Net carrying amount | $ 424,700 | $ 1,100,000 | |||
| Convertible senior notes due 2029 | Convertible Debt | |||||
| Debt Instrument [Line Items] | |||||
| Stated Interest Rate | 1.25% | 1.25% | |||
| Weighted Average Effective Interest Rate | 1.75% | ||||
| Total, before unamortized debt issuance costs, premiums and discounts | $ 862,500 | 0 | |||
| Less: unamortized debt issuance costs, premiums and discounts | (18,300) | ||||
| Debt discounts issued | $ 17,300 | ||||
| Interest expense | $ 12,300 | ||||
| Effective interest rate during period | 1.75% | ||||
| Net carrying amount | $ 844,200 | ||||
| Contractual interest expense | 8,700 | ||||
| Interest expense, amortization of discounts and issuance costs | 3,600 | ||||
| Other financing | Other Financings | |||||
| Debt Instrument [Line Items] | |||||
| Total Collateral | 193,835 | ||||
| Total Capacity | 220,391 | ||||
| Total, before unamortized debt issuance costs, premiums and discounts | 0 | 0 | |||
| Other financing | Other Financings | Securities Investment | |||||
| Debt Instrument [Line Items] | |||||
| Total Collateral | 142,600 | ||||
| Other financing | Other Financings | Loans at fair value | |||||
| Debt Instrument [Line Items] | |||||
| Total Collateral | 51,200 | ||||
| Personal loan warehouse facilities | Line of Credit | |||||
| Debt Instrument [Line Items] | |||||
| Total Collateral | $ 238,263 | ||||
| Weighted Average Effective Interest Rate | 5.73% | ||||
| Total Capacity | $ 2,968,750 | ||||
| Total, before unamortized debt issuance costs, premiums and discounts | $ 205,367 | 1,077,444 | |||
| Personal loan warehouse facilities | Minimum | Line of Credit | |||||
| Debt Instrument [Line Items] | |||||
| Stated Interest Rate | 5.09% | ||||
| Personal loan warehouse facilities | Maximum | Line of Credit | |||||
| Debt Instrument [Line Items] | |||||
| Stated Interest Rate | 6.49% | ||||
| Student loan warehouse facilities | Line of Credit | |||||
| Debt Instrument [Line Items] | |||||
| Total Collateral | $ 1,269,479 | ||||
| Weighted Average Effective Interest Rate | 5.59% | ||||
| Total Capacity | $ 3,730,000 | ||||
| Total, before unamortized debt issuance costs, premiums and discounts | $ 1,044,682 | 2,095,046 | |||
| Student loan warehouse facilities | Minimum | Line of Credit | |||||
| Debt Instrument [Line Items] | |||||
| Stated Interest Rate | 4.99% | ||||
| Student loan warehouse facilities | Maximum | Line of Credit | |||||
| Debt Instrument [Line Items] | |||||
| Stated Interest Rate | 6.24% | ||||
| Risk retention warehouse facilities | Line of Credit | |||||
| Debt Instrument [Line Items] | |||||
| Total Collateral | $ 18,423 | ||||
| Weighted Average Effective Interest Rate | 7.20% | ||||
| Total Capacity | $ 100,000 | ||||
| Total, before unamortized debt issuance costs, premiums and discounts | $ 6,834 | 67,038 | |||
| Risk retention warehouse facilities | Minimum | Line of Credit | |||||
| Debt Instrument [Line Items] | |||||
| Stated Interest Rate | 5.99% | ||||
| Risk retention warehouse facilities | Maximum | Line of Credit | |||||
| Debt Instrument [Line Items] | |||||
| Stated Interest Rate | 5.99% | ||||
| Revolving credit facility | Line of Credit | |||||
| Debt Instrument [Line Items] | |||||
| Amount not available for general borrowing purposes to secure letter of credit | $ 12,300 | ||||
| Revolving credit facility | Revolving credit facility | |||||
| Debt Instrument [Line Items] | |||||
| Stated Interest Rate | 5.93% | ||||
| Weighted Average Effective Interest Rate | 6.02% | ||||
| Total Capacity | $ 645,000 | ||||
| Total, before unamortized debt issuance costs, premiums and discounts | 486,000 | $ 486,000 | |||
| Less: unamortized debt issuance costs, premiums and discounts | $ (1,500) | ||||
Debt - Narrative (Details) $ / shares in Units, $ in Thousands |
1 Months Ended | 3 Months Ended | 12 Months Ended | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
|
Apr. 28, 2023
USD ($)
|
Oct. 04, 2021
USD ($)
day
$ / shares
|
Aug. 31, 2024
shares
|
Mar. 31, 2024
USD ($)
day
$ / shares
shares
|
Dec. 31, 2024
USD ($)
day
shares
|
Dec. 31, 2024
USD ($)
facility
loan
shares
|
Dec. 31, 2023
USD ($)
shares
|
Dec. 31, 2022
USD ($)
|
Aug. 27, 2024
USD ($)
|
Mar. 08, 2024
USD ($)
|
Mar. 04, 2024
USD ($)
|
|
| Debt Instrument [Line Items] | |||||||||||
| Total accrued interest payable on borrowings | $ 7,500 | $ 7,500 | $ 11,200 | ||||||||
| Debt discounts issued | 17,300 | ||||||||||
| Gain on extinguishment of convertible debt | $ (62,517) | $ (14,574) | $ 0 | ||||||||
| Common Stock | |||||||||||
| Debt Instrument [Line Items] | |||||||||||
| Extinguishment of convertible notes by issuance of common stock (in shares) | shares | 10,591,795 | 72,621,879 | 83,213,674 | 9,490,000 | |||||||
| Revolving credit facility | Revolving credit facility | |||||||||||
| Debt Instrument [Line Items] | |||||||||||
| Interest rate | 5.93% | 5.93% | |||||||||
| Total Capacity | $ 645,000 | $ 645,000 | |||||||||
| Line of Credit | Loan Warehouse Facilities | |||||||||||
| Debt Instrument [Line Items] | |||||||||||
| Number of loans closed | facility | 7 | ||||||||||
| Maximum available capacity of closed facilities | 2,000,000 | $ 2,000,000 | |||||||||
| Number of matured warehouse facilities | facility | 1 | ||||||||||
| Number of new loans opened | facility | 0 | ||||||||||
| Line of Credit | Risk retention warehouse facilities | |||||||||||
| Debt Instrument [Line Items] | |||||||||||
| Total Capacity | 100,000 | $ 100,000 | |||||||||
| Number of loans closed | loan | 2 | ||||||||||
| Number of matured risk retention warehouse facilities | facility | 1 | ||||||||||
| Convertible senior notes due 2026 | Convertible Debt | |||||||||||
| Debt Instrument [Line Items] | |||||||||||
| Face amount | $ 1,200,000 | $ 428,000 | $ 428,000 | ||||||||
| Net proceeds from offering | $ 1,176,000 | ||||||||||
| Purchasers' discount percentage | 2.00% | ||||||||||
| Debt discounts issued | $ 24,000 | ||||||||||
| Deferred loan origination costs | $ 1,700 | ||||||||||
| Debt repurchased face amount | $ 88,000 | $ 84,000 | $ 600,000 | ||||||||
| Gain on extinguishment of convertible debt | $ (62,500) | $ (14,600) | |||||||||
| Available for conversion (in shares) | shares | 19,096,202 | 19,096,202 | |||||||||
| Interest rate | 0.00% | 0.00% | |||||||||
| Conversion rate | 0.0446150 | ||||||||||
| Conversion price (in dollars per share) | $ / shares | $ 22.41 | ||||||||||
| Observation period | day | 30 | ||||||||||
| Convertible debt, threshold, trading days preceding maturity date (in days) | day | 30 | ||||||||||
| Convertible senior notes due 2029 | Convertible Debt | |||||||||||
| Debt Instrument [Line Items] | |||||||||||
| Face amount | $ 862,500 | ||||||||||
| Net proceeds from offering | $ 845,300 | ||||||||||
| Purchasers' discount percentage | 2.00% | ||||||||||
| Debt discounts issued | $ 17,300 | ||||||||||
| Deferred loan origination costs | $ 4,600 | ||||||||||
| Interest rate | 1.25% | 1.25% | 1.25% | ||||||||
| Conversion rate | 0.1058089 | ||||||||||
| Conversion price (in dollars per share) | $ / shares | $ 9.45 | ||||||||||
| Observation period | day | 30 | 30,000 | |||||||||
| Threshold percentage of stock price trigger | 130.00% | ||||||||||
| Threshold trading days | day | 20,000 | ||||||||||
| Amended and Restated Revolving Credit Agreement | Revolving credit facility | Revolving credit facility | |||||||||||
| Debt Instrument [Line Items] | |||||||||||
| Total Capacity | $ 645,000 | ||||||||||
| Expiration period of revolving credit facility from closing date of agreement | 5 years | ||||||||||
| Basis spread on variable rate | 0.10% | ||||||||||
Debt - Maturities of Borrowings (Details) - Debt with Scheduled Payments $ in Thousands |
Dec. 31, 2024
USD ($)
|
|---|---|
| Debt Instrument [Line Items] | |
| 2025 | $ 0 |
| 2026 | 428,022 |
| 2027 | 0 |
| 2028 | 486,000 |
| 2029 | 862,500 |
| Thereafter | 0 |
| Total | $ 1,776,522 |
Equity - Narrative (Details) $ / shares in Units, $ in Thousands |
1 Months Ended | 12 Months Ended | |||||||
|---|---|---|---|---|---|---|---|---|---|
|
May 31, 2024
USD ($)
$ / shares
shares
|
Dec. 31, 2024
USD ($)
vote
$ / shares
shares
|
Dec. 31, 2023
USD ($)
$ / shares
shares
|
Dec. 31, 2022
USD ($)
$ / shares
|
Dec. 31, 2021
USD ($)
$ / shares
|
Aug. 27, 2024
USD ($)
|
Mar. 04, 2024
USD ($)
|
Jun. 01, 2021
$ / shares
shares
|
May 28, 2021
$ / shares
shares
|
|
| Temporary Equity [Line Items] | |||||||||
| Preferred stock, shares authorized (in shares) | shares | 100,000,000 | ||||||||
| Preferred stock, par value (in dollars per share) | $ / shares | $ 0.0001 | ||||||||
| Redeemable preferred stock, shares authorized (in shares) | shares | 100,000,000 | 100,000,000 | |||||||
| Redeemable preferred stock, par value (in dollars per share) | $ / shares | $ 0.00 | $ 0.00 | $ 0.0000025 | ||||||
| Temporary equity, preferred stock redemption | $ | $ 320,374 | $ 320,374 | |||||||
| Preferred stock redemption premium | $ | $ 3,026 | 3,026 | $ 0 | $ 0 | |||||
| Redeemable preferred stock dividends | $ | $ 16,503 | $ 40,425 | $ 40,425 | ||||||
| Common stock, shares authorized (in shares) | shares | 3,100,000,000 | 3,100,000,000 | |||||||
| Common stock, par value (in dollars per share) | $ / shares | $ 0.00 | $ 0.00 | |||||||
| Common stock, shares issued (in shares) | shares | 1,095,357,781 | 975,861,793 | |||||||
| Common stock, shares outstanding (in shares) | shares | 1,095,357,781 | 975,861,793 | |||||||
| Dividends declared (in dollars per share) | $ / shares | $ 0 | $ 0 | $ 0 | ||||||
| Dividends paid (in dollars per share) | $ / shares | $ 0 | $ 0 | $ 0 | ||||||
| Number of votes per share of common stock | vote | 1 | ||||||||
| Purchase of capped calls | $ | $ 90,649 | ||||||||
| Convertible senior notes due 2026 | Convertible Debt | |||||||||
| Temporary Equity [Line Items] | |||||||||
| Purchase of capped calls | $ | $ 113,800 | ||||||||
| Debt repurchased face amount | $ | $ 88,000 | $ 84,000 | $ 600,000 | ||||||
| Conversion price (in dollars per share) | $ / shares | $ 22.41 | ||||||||
| Cap price (in dollars per share) | $ / shares | $ 32.02 | ||||||||
| Convertible senior notes due 2029 | Convertible Debt | |||||||||
| Temporary Equity [Line Items] | |||||||||
| Purchase of capped calls | $ | $ 90,600 | ||||||||
| Conversion price (in dollars per share) | $ / shares | $ 9.45 | ||||||||
| Cap price (in dollars per share) | $ / shares | $ 14.54 | ||||||||
| Series 1 Redeemable Preferred Stock | |||||||||
| Temporary Equity [Line Items] | |||||||||
| Redeemable preferred stock, shares authorized (in shares) | shares | 4,500,000 | ||||||||
| Redeemable preferred stock, conversion ratio | 1 | ||||||||
| Number of shares called during period (in shares) | shares | 3,234,000 | ||||||||
| Redemption payment amount | $ | $ 339,903 | ||||||||
| Redemption price (in dollars per share) | $ / shares | $ 105.1027 | ||||||||
| Redeemable preferred stock dividends | $ | $ 16,503 | ||||||||
| Preferred stock, shares outstanding (in shares) | shares | 0 | ||||||||
| Dividends declared and paid | $ | $ 16,503 | $ 40,425 | $ 40,425 | ||||||
| Common Stock | |||||||||
| Temporary Equity [Line Items] | |||||||||
| Common stock, shares authorized (in shares) | shares | 3,000,000,000 | ||||||||
| Common stock, par value (in dollars per share) | $ / shares | $ 0.0001 | ||||||||
| Nonvoting Common Stock | |||||||||
| Temporary Equity [Line Items] | |||||||||
| Common stock, shares authorized (in shares) | shares | 100,000,000 | 100,000,000 | 100,000,000 | ||||||
| Common stock, par value (in dollars per share) | $ / shares | $ 0.0001 | ||||||||
| Common stock, shares issued (in shares) | shares | 0 | 0 | |||||||
| Common stock, shares outstanding (in shares) | shares | 0 | 0 | |||||||
Equity - Common Stock Reserved for Future Issuance (Details) - shares |
Dec. 31, 2024 |
Dec. 31, 2023 |
|---|---|---|
| Class of Stock [Line Items] | ||
| Common stock reserved for future issuance (in shares) | 190,143,247 | 206,182,041 |
| Outstanding common stock warrants | ||
| Class of Stock [Line Items] | ||
| Common stock reserved for future issuance (in shares) | 0 | 12,170,990 |
| Warrants outstanding (in shares) | 0 | |
| Convertible Debt | ||
| Class of Stock [Line Items] | ||
| Common stock reserved for future issuance (in shares) | 19,096,202 | 49,610,631 |
| Convertible Debt | Convertible senior notes due 2026 | ||
| Class of Stock [Line Items] | ||
| Available for conversion (in shares) | 19,096,202 | |
| Possible future issuance under stock plans | ||
| Class of Stock [Line Items] | ||
| Common stock reserved for future issuance (in shares) | 81,764,571 | 45,384,011 |
| Outstanding stock options, restricted stock units and performance stock units | ||
| Class of Stock [Line Items] | ||
| Common stock reserved for future issuance (in shares) | 89,282,474 | 99,016,409 |
Equity - Accumulated Other Comprehensive Income (Loss) Rollforward (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2024 |
Dec. 31, 2023 |
Dec. 31, 2022 |
|
| AOCI Attributable to Parent, Net of Tax [Roll Forward] | |||
| Beginning balance | $ 5,234,612 | $ 5,208,102 | $ 4,377,329 |
| Other comprehensive income (loss) before reclassifications | (7,322) | 6,915 | (7,110) |
| Amounts reclassified from AOCI into earnings | 166 | 172 | 285 |
| Total other comprehensive income (loss) | (7,156) | 7,087 | (6,825) |
| Ending balance | 6,525,134 | 5,234,612 | 5,208,102 |
| Accumulated Other Comprehensive Loss | |||
| AOCI Attributable to Parent, Net of Tax [Roll Forward] | |||
| Beginning balance | (1,209) | (8,296) | (1,471) |
| Total other comprehensive income (loss) | (7,156) | 7,087 | (6,825) |
| Ending balance | (8,365) | (1,209) | (8,296) |
| AFS Debt Securities | |||
| AOCI Attributable to Parent, Net of Tax [Roll Forward] | |||
| Beginning balance | (2,201) | (8,611) | (1,351) |
| Other comprehensive income (loss) before reclassifications | (7,324) | 6,238 | (7,545) |
| Amounts reclassified from AOCI into earnings | 166 | 172 | 285 |
| Total other comprehensive income (loss) | (7,158) | 6,410 | (7,260) |
| Ending balance | (9,359) | (2,201) | (8,611) |
| Foreign Currency Translation Adjustments | |||
| AOCI Attributable to Parent, Net of Tax [Roll Forward] | |||
| Beginning balance | 992 | 315 | (120) |
| Other comprehensive income (loss) before reclassifications | 2 | 677 | 435 |
| Amounts reclassified from AOCI into earnings | 0 | 0 | 0 |
| Total other comprehensive income (loss) | 2 | 677 | 435 |
| Ending balance | $ 994 | $ 992 | $ 315 |
Derivative Financial Instruments - Schedule of Gains (Losses) Recognized on Derivative Instruments (Details) - Not designated as hedging instrument - USD ($) $ in Thousands |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2024 |
Dec. 31, 2023 |
Dec. 31, 2022 |
|
| Derivative Instruments, Gain (Loss) [Line Items] | |||
| Gain (loss) from fair value changes on derivatives | $ 315,837 | $ (3,620) | $ 358,845 |
| IRLCs | |||
| Derivative Instruments, Gain (Loss) [Line Items] | |||
| Gain (loss) from fair value changes on derivatives | (928) | 1,576 | (3,543) |
| Credit derivatives | |||
| Derivative Instruments, Gain (Loss) [Line Items] | |||
| Gain (loss) from fair value changes on derivatives | (18,078) | 0 | 0 |
| Purchase price earn-out | |||
| Derivative Instruments, Gain (Loss) [Line Items] | |||
| Gain (loss) from fair value changes on derivatives | 0 | 9 | 1,094 |
| Third party warrants | |||
| Derivative Instruments, Gain (Loss) [Line Items] | |||
| Gain (loss) from fair value changes on derivatives | 90 | 78 | (21) |
| Derivative contracts to manage future loan sale execution risk | |||
| Derivative Instruments, Gain (Loss) [Line Items] | |||
| Gain (loss) from fair value changes on derivatives | 326,432 | (12,134) | 354,834 |
| Derivative contracts to manage future loan sale execution risk | Interest rate swaps | |||
| Derivative Instruments, Gain (Loss) [Line Items] | |||
| Gain (loss) from fair value changes on derivatives | 324,980 | (8,782) | 302,002 |
| Derivative contracts to manage future loan sale execution risk | Interest rate caps | |||
| Derivative Instruments, Gain (Loss) [Line Items] | |||
| Gain (loss) from fair value changes on derivatives | (3,263) | (5,910) | 8,680 |
| Derivative contracts to manage future loan sale execution risk | Home loan pipeline hedges | |||
| Derivative Instruments, Gain (Loss) [Line Items] | |||
| Gain (loss) from fair value changes on derivatives | 4,715 | 2,558 | 44,152 |
| Derivative contracts not designed to manage future loan sale execution risk | Interest rate swaps | |||
| Derivative Instruments, Gain (Loss) [Line Items] | |||
| Gain (loss) from fair value changes on derivatives | 5,045 | 876 | 15,064 |
| Derivative contracts not designed to manage future loan sale execution risk | Interest rate caps | |||
| Derivative Instruments, Gain (Loss) [Line Items] | |||
| Gain (loss) from fair value changes on derivatives | $ 3,276 | $ 5,975 | $ (8,583) |
Derivative Financial Instruments - Schedule of Derivative Instruments Subject to Enforceable Master Netting Arrangements (Details) - USD ($) |
Dec. 31, 2024 |
Dec. 31, 2023 |
|---|---|---|
| Gross Derivative Assets | ||
| Total, gross | $ 288,990,000 | $ 2,209,000 |
| Derivative netting | (43,000) | (1,347,000) |
| Total, net | 288,947,000 | 862,000 |
| Gross Derivative Liabilities | ||
| Total, gross | (43,000) | (5,951,000) |
| Derivative netting | 43,000 | 1,347,000 |
| Total, net | 0 | (4,604,000) |
| Cash collateral | 0 | 0 |
| Interest rate swaps | ||
| Gross Derivative Assets | ||
| Total, gross | 288,062,000 | 2,208,000 |
| Gross Derivative Liabilities | ||
| Total, gross | 0 | (1,347,000) |
| Interest rate caps | ||
| Gross Derivative Assets | ||
| Total, gross | 0 | 0 |
| Gross Derivative Liabilities | ||
| Total, gross | 0 | (3,276,000) |
| Home loan pipeline hedges | ||
| Gross Derivative Assets | ||
| Total, gross | 928,000 | 1,000 |
| Gross Derivative Liabilities | ||
| Total, gross | $ (43,000) | $ (1,328,000) |
Derivative Financial Instruments - Notional Amounts of Derivative Contracts Outstanding (Details) - USD ($) $ in Thousands |
Dec. 31, 2024 |
Dec. 31, 2023 |
|---|---|---|
| Derivative [Line Items] | ||
| Notional amount | $ 15,329,707 | $ 13,737,388 |
| IRLCs | ||
| Derivative [Line Items] | ||
| Notional amount | 216,707 | 126,388 |
| Derivative contracts to manage future loan sale execution risk | Interest rate swaps | ||
| Derivative [Line Items] | ||
| Notional amount | 14,829,500 | 12,491,000 |
| Derivative contracts to manage future loan sale execution risk | Interest rate caps | ||
| Derivative [Line Items] | ||
| Notional amount | 0 | 405,000 |
| Derivative contracts to manage future loan sale execution risk | Home loan pipeline hedges | ||
| Derivative [Line Items] | ||
| Notional amount | 228,000 | 226,000 |
| Derivative contracts not designed to manage future loan sale execution risk | Interest rate swaps | ||
| Derivative [Line Items] | ||
| Notional amount | 55,500 | 84,000 |
| Derivative contracts not designed to manage future loan sale execution risk | Interest rate caps | ||
| Derivative [Line Items] | ||
| Notional amount | $ 0 | $ 405,000 |
Fair Value Measurements - Schedule of Assets and Liabilities Measured on Recurring Basis (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2024 |
Dec. 31, 2023 |
Dec. 31, 2022 |
|
| Assets | |||
| Investments in AFS debt securities | $ 1,804,043 | $ 595,187 | |
| Servicing rights | 342,128 | 180,469 | |
| Derivative assets | 290,714 | 6,916 | |
| Digital assets safeguarding asset | 0 | 9,292 | |
| Liabilities | |||
| Residual interests classified as debt | 609 | 7,396 | |
| Derivative liability | 0 | 4,604 | |
| Digital assets safeguarding liability | 0 | 9,292 | |
| Unpaid principal related to debt measured at fair value | 85,160 | 128,619 | |
| Losses from changes in fair value in debt | 4,696 | 2,969 | $ 586 |
| Home loans | |||
| Liabilities | |||
| Transfers out of Level 3 into level 2 related to home loans | 0 | 66,198 | |
| Fair Value | |||
| Assets | |||
| Total assets | 4,092,857 | 4,563,441 | |
| Liabilities | |||
| Debt | 3,737,265 | 4,979,822 | |
| Total liabilities | 29,717,161 | 23,592,644 | |
| Fair Value | Fair Value, Recurring | |||
| Assets | |||
| Investments in AFS debt securities | 1,804,043 | 595,187 | |
| Loans at fair value | 26,282,260 | 22,122,255 | |
| Servicing rights | 342,128 | 180,469 | |
| Digital assets safeguarding asset | 0 | 9,292 | |
| Total assets | 28,816,876 | 23,027,679 | |
| Liabilities | |||
| Debt | 80,878 | 119,641 | |
| Digital assets safeguarding liability | 0 | 9,292 | |
| Total liabilities | 81,530 | 142,280 | |
| Fair Value | Fair Value, Recurring | Asset-backed bonds | |||
| Assets | |||
| Asset-backed bonds and residual investments | 66,252 | 70,828 | |
| Fair Value | Fair Value, Recurring | Residual Investments | |||
| Assets | |||
| Asset-backed bonds and residual investments | 25,394 | 35,920 | |
| Fair Value | Fair Value, Recurring | Third party warrants | |||
| Assets | |||
| Derivative assets | 540 | 630 | |
| Fair Value | Fair Value, Recurring | Derivative assets | |||
| Assets | |||
| Derivative assets | 288,990 | 2,209 | |
| Fair Value | Fair Value, Recurring | IRLCs | |||
| Assets | |||
| Derivative assets | 1,227 | 2,155 | |
| Fair Value | Fair Value, Recurring | Student loan commitments | |||
| Assets | |||
| Student loan commitments | 6,042 | 5,465 | |
| Fair Value | Fair Value, Recurring | Interest rate caps | |||
| Assets | |||
| Derivative assets | 0 | 3,269 | |
| Fair Value | Fair Value, Recurring | Residual interests classified as debt | |||
| Liabilities | |||
| Residual interests classified as debt | 609 | 7,396 | |
| Fair Value | Fair Value, Recurring | Derivative Liabilities Subject To Master Netting Arrangement | |||
| Liabilities | |||
| Derivative liability | 43 | 5,951 | |
| Level 1 | |||
| Assets | |||
| Total assets | 2,709,360 | 3,615,578 | |
| Liabilities | |||
| Debt | 1,994,381 | 955,306 | |
| Total liabilities | 1,994,381 | 955,306 | |
| Level 1 | Fair Value, Recurring | |||
| Assets | |||
| Investments in AFS debt securities | 273,652 | 527,711 | |
| Loans at fair value | 0 | 0 | |
| Servicing rights | 0 | 0 | |
| Digital assets safeguarding asset | 0 | 0 | |
| Total assets | 273,652 | 527,711 | |
| Liabilities | |||
| Debt | 0 | 0 | |
| Digital assets safeguarding liability | 0 | 0 | |
| Total liabilities | 0 | 0 | |
| Level 1 | Fair Value, Recurring | Asset-backed bonds | |||
| Assets | |||
| Asset-backed bonds and residual investments | 0 | 0 | |
| Level 1 | Fair Value, Recurring | Residual Investments | |||
| Assets | |||
| Asset-backed bonds and residual investments | 0 | 0 | |
| Level 1 | Fair Value, Recurring | Third party warrants | |||
| Assets | |||
| Derivative assets | 0 | 0 | |
| Level 1 | Fair Value, Recurring | Derivative assets | |||
| Assets | |||
| Derivative assets | 0 | 0 | |
| Level 1 | Fair Value, Recurring | IRLCs | |||
| Assets | |||
| Derivative assets | 0 | 0 | |
| Level 1 | Fair Value, Recurring | Student loan commitments | |||
| Assets | |||
| Student loan commitments | 0 | 0 | |
| Level 1 | Fair Value, Recurring | Interest rate caps | |||
| Assets | |||
| Derivative assets | 0 | 0 | |
| Level 1 | Fair Value, Recurring | Residual interests classified as debt | |||
| Liabilities | |||
| Residual interests classified as debt | 0 | 0 | |
| Level 1 | Fair Value, Recurring | Derivative Liabilities Subject To Master Netting Arrangement | |||
| Liabilities | |||
| Derivative liability | 0 | 0 | |
| Level 2 | |||
| Assets | |||
| Total assets | 109,417 | 83,551 | |
| Liabilities | |||
| Debt | 1,742,884 | 4,024,516 | |
| Total liabilities | 27,722,780 | 22,637,338 | |
| Level 2 | Fair Value, Recurring | |||
| Assets | |||
| Investments in AFS debt securities | 1,530,391 | 67,476 | |
| Loans at fair value | 66,928 | 66,198 | |
| Servicing rights | 0 | 0 | |
| Digital assets safeguarding asset | 0 | 9,292 | |
| Total assets | 1,952,561 | 219,272 | |
| Liabilities | |||
| Debt | 80,878 | 119,641 | |
| Digital assets safeguarding liability | 0 | 9,292 | |
| Total liabilities | 80,921 | 134,884 | |
| Level 2 | Fair Value, Recurring | Asset-backed bonds | |||
| Assets | |||
| Asset-backed bonds and residual investments | 66,252 | 70,828 | |
| Level 2 | Fair Value, Recurring | Residual Investments | |||
| Assets | |||
| Asset-backed bonds and residual investments | 0 | 0 | |
| Level 2 | Fair Value, Recurring | Third party warrants | |||
| Assets | |||
| Derivative assets | 0 | 0 | |
| Level 2 | Fair Value, Recurring | Derivative assets | |||
| Assets | |||
| Derivative assets | 288,990 | 2,209 | |
| Level 2 | Fair Value, Recurring | IRLCs | |||
| Assets | |||
| Derivative assets | 0 | 0 | |
| Level 2 | Fair Value, Recurring | Student loan commitments | |||
| Assets | |||
| Student loan commitments | 0 | 0 | |
| Level 2 | Fair Value, Recurring | Interest rate caps | |||
| Assets | |||
| Derivative assets | 0 | 3,269 | |
| Level 2 | Fair Value, Recurring | Residual interests classified as debt | |||
| Liabilities | |||
| Residual interests classified as debt | 0 | 0 | |
| Level 2 | Fair Value, Recurring | Derivative Liabilities Subject To Master Netting Arrangement | |||
| Liabilities | |||
| Derivative liability | 43 | 5,951 | |
| Level 3 | |||
| Assets | |||
| Total assets | 1,274,080 | 864,312 | |
| Liabilities | |||
| Debt | 0 | 0 | |
| Total liabilities | 0 | 0 | |
| Level 3 | Fair Value, Recurring | |||
| Assets | |||
| Investments in AFS debt securities | 0 | 0 | |
| Loans at fair value | 26,215,332 | 22,056,057 | |
| Servicing rights | 342,128 | 180,469 | |
| Digital assets safeguarding asset | 0 | 0 | |
| Total assets | 26,590,663 | 22,280,696 | |
| Liabilities | |||
| Debt | 0 | 0 | |
| Digital assets safeguarding liability | 0 | 0 | |
| Total liabilities | 609 | 7,396 | |
| Level 3 | Fair Value, Recurring | Asset-backed bonds | |||
| Assets | |||
| Asset-backed bonds and residual investments | 0 | 0 | |
| Level 3 | Fair Value, Recurring | Residual Investments | |||
| Assets | |||
| Asset-backed bonds and residual investments | 25,394 | 35,920 | |
| Level 3 | Fair Value, Recurring | Third party warrants | |||
| Assets | |||
| Derivative assets | 540 | 630 | |
| Level 3 | Fair Value, Recurring | Derivative assets | |||
| Assets | |||
| Derivative assets | 0 | 0 | |
| Level 3 | Fair Value, Recurring | IRLCs | |||
| Assets | |||
| Derivative assets | 1,227 | 2,155 | |
| Level 3 | Fair Value, Recurring | Student loan commitments | |||
| Assets | |||
| Student loan commitments | 6,042 | 5,465 | |
| Level 3 | Fair Value, Recurring | Interest rate caps | |||
| Assets | |||
| Derivative assets | 0 | 0 | |
| Level 3 | Fair Value, Recurring | Residual interests classified as debt | |||
| Liabilities | |||
| Residual interests classified as debt | 609 | 7,396 | |
| Level 3 | Fair Value, Recurring | Derivative Liabilities Subject To Master Netting Arrangement | |||
| Liabilities | |||
| Derivative liability | $ 0 | $ 0 | |
Fair Value Measurements - Schedule of Changes in Assets and Liabilities Measured at Fair Value on a Recurring Basis (Details) - USD ($) $ in Thousands |
12 Months Ended | |
|---|---|---|
Dec. 31, 2024 |
Dec. 31, 2023 |
|
| Liabilities | ||
| Net impact on earnings | $ (471,800) | $ 224,116 |
| Elective repurchases | 165,300 | 0 |
| Securitization clean-up calls | 0 | 39,936 |
| Residual interests classified as debt | ||
| Liabilities | ||
| Fair value at beginning of period | (7,396) | (17,048) |
| Impact on Earnings | (108) | (425) |
| Purchases | 0 | (1,203) |
| Sales | 0 | 0 |
| Issuances | 0 | 0 |
| Settlements | 6,895 | 11,280 |
| Other Changes | 0 | 0 |
| Transfers Out of Level 3 | 0 | 0 |
| Fair value at end of period | (609) | (7,396) |
| Loans at fair value | ||
| Assets | ||
| Fair value at beginning of period | 22,056,057 | 13,557,074 |
| Impact on Earnings | (504,497) | 175,654 |
| Purchases | 170,167 | 198,657 |
| Sales | (4,777,440) | (2,064,295) |
| Issuances | 19,364,135 | 17,428,597 |
| Settlements | (10,087,798) | (7,172,046) |
| Other Changes | (5,292) | (1,386) |
| Transfers Out of Level 3 | 0 | (66,198) |
| Fair value at end of period | 26,215,332 | 22,056,057 |
| Personal loans | ||
| Assets | ||
| Fair value at beginning of period | 15,330,573 | 8,610,434 |
| Impact on Earnings | (554,796) | (5,045) |
| Purchases | 168,114 | 61,951 |
| Sales | (4,483,253) | (938,403) |
| Issuances | 15,499,773 | 13,801,065 |
| Settlements | (8,415,255) | (6,197,997) |
| Other Changes | (12,760) | (1,432) |
| Transfers Out of Level 3 | 0 | 0 |
| Fair value at end of period | 17,532,396 | 15,330,573 |
| Student loans | ||
| Assets | ||
| Fair value at beginning of period | 6,725,484 | 4,877,177 |
| Impact on Earnings | 48,209 | 174,005 |
| Purchases | 2,053 | 111,923 |
| Sales | (294,187) | (96,678) |
| Issuances | 3,780,752 | 2,630,040 |
| Settlements | (1,672,333) | (970,690) |
| Other Changes | 7,390 | (293) |
| Transfers Out of Level 3 | 0 | 0 |
| Fair value at end of period | 8,597,368 | 6,725,484 |
| Home loans | ||
| Assets | ||
| Fair value at beginning of period | 0 | 69,463 |
| Impact on Earnings | 2,090 | 6,694 |
| Purchases | 0 | 24,783 |
| Sales | 0 | (1,029,214) |
| Issuances | 83,610 | 997,492 |
| Settlements | (210) | (3,359) |
| Other Changes | 78 | 339 |
| Transfers Out of Level 3 | 0 | (66,198) |
| Fair value at end of period | 85,568 | 0 |
| Assets, Excluding Home Equity Loan | ||
| Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
| Asset transfers into level 3 | 0 | 0 |
| Servicing rights | ||
| Assets | ||
| Fair value at beginning of period | 180,469 | 149,854 |
| Impact on Earnings | 6,280 | 34,700 |
| Purchases | 6,316 | 2,464 |
| Sales | (867) | (1,259) |
| Issuances | 281,006 | 59,119 |
| Settlements | (131,076) | (64,409) |
| Other Changes | 0 | 0 |
| Transfers Out of Level 3 | 0 | 0 |
| Fair value at end of period | 342,128 | 180,469 |
| Residual Investments | ||
| Assets | ||
| Fair value at beginning of period | 35,920 | 46,238 |
| Impact on Earnings | 1,390 | 1,375 |
| Purchases | 2,668 | 3,235 |
| Sales | 0 | (807) |
| Issuances | 0 | 0 |
| Settlements | (14,584) | (14,121) |
| Other Changes | 0 | 0 |
| Transfers Out of Level 3 | 0 | 0 |
| Fair value at end of period | 25,394 | 35,920 |
| IRLCs | ||
| Assets | ||
| Fair value at beginning of period | 2,155 | 216 |
| Impact on Earnings | 8,766 | 5,323 |
| Purchases | 0 | 363 |
| Sales | 0 | 0 |
| Issuances | 0 | 0 |
| Settlements | (9,694) | (3,747) |
| Other Changes | 0 | 0 |
| Transfers Out of Level 3 | 0 | 0 |
| Fair value at end of period | 1,227 | 2,155 |
| Student loan commitments | ||
| Assets | ||
| Fair value at beginning of period | 5,465 | (236) |
| Impact on Earnings | 16,459 | 7,480 |
| Purchases | 0 | 0 |
| Sales | 0 | 0 |
| Issuances | 0 | 0 |
| Settlements | (15,882) | (1,779) |
| Other Changes | 0 | 0 |
| Transfers Out of Level 3 | 0 | 0 |
| Fair value at end of period | 6,042 | 5,465 |
| Third party warrants | ||
| Assets | ||
| Fair value at beginning of period | 630 | 630 |
| Impact on Earnings | (90) | 0 |
| Purchases | 0 | 0 |
| Sales | 0 | 0 |
| Issuances | 0 | 0 |
| Settlements | 0 | 0 |
| Other Changes | 0 | 0 |
| Transfers Out of Level 3 | 0 | 0 |
| Fair value at end of period | 540 | 630 |
| Purchase price earn-out | ||
| Assets | ||
| Fair value at beginning of period | $ 0 | 54 |
| Impact on Earnings | 9 | |
| Purchases | 0 | |
| Sales | 0 | |
| Issuances | 0 | |
| Settlements | (63) | |
| Other Changes | 0 | |
| Transfers Out of Level 3 | 0 | |
| Fair value at end of period | $ 0 | |
Fair Value Measurements - Narrative (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2024 |
Dec. 31, 2023 |
Dec. 31, 2022 |
|
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
| Gain (loss) included in earnings from changes in instrument-specific credit risk | $ 73,300 | $ (26,600) | $ (49,500) |
| Investments in equity securities | 29,500 | 22,920 | |
| Fair Value | Fair Value, Nonrecurring | Non-Securitization Investments – Other | |||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
| Investments in equity securities | 29,500 | 22,920 | |
| Fair Value | Fair Value, Nonrecurring | Non-Securitization Investments – Other | Level 3 | |||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
| Investments in which fair values are not readily determinable | $ 27,500 | $ 19,739 | |
Fair Value Measurements - Schedule of Valuation Inputs and Assumptions (Details) $ in Thousands |
Dec. 31, 2024
USD ($)
|
Dec. 31, 2023
USD ($)
|
|---|---|---|
| Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
| Aggregate amount committed | $ 149,402 | $ 89,369 |
| Conditional prepayment rate | Minimum | ||
| Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
| Residual investments | 0.110 | 0.122 |
| Residual interests classified as debt | 0.119 | 0.123 |
| Conditional prepayment rate | Maximum | ||
| Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
| Residual investments | 0.327 | 0.283 |
| Residual interests classified as debt | 0.119 | 0.126 |
| Conditional prepayment rate | Weighted average | ||
| Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
| Residual investments | 0.160 | 0.148 |
| Residual interests classified as debt | 0.119 | 0.124 |
| Annual default rate | Minimum | ||
| Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
| Residual investments | 0.005 | 0.005 |
| Residual interests classified as debt | 0.010 | 0.007 |
| Annual default rate | Maximum | ||
| Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
| Residual investments | 0.078 | 0.069 |
| Residual interests classified as debt | 0.010 | 0.007 |
| Annual default rate | Weighted average | ||
| Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
| Residual investments | 0.018 | 0.014 |
| Residual interests classified as debt | 0.010 | 0.007 |
| Discount rate | Minimum | ||
| Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
| Residual investments | 0.055 | 0.058 |
| Residual interests classified as debt | 0.103 | 0.100 |
| Discount rate | Maximum | ||
| Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
| Residual investments | 0.300 | 0.155 |
| Residual interests classified as debt | 0.103 | 0.103 |
| Discount rate | Weighted average | ||
| Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
| Residual investments | 0.086 | 0.087 |
| Residual interests classified as debt | 0.103 | 0.100 |
| Loan funding probability | Minimum | ||
| Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
| Interest rate lock commitments | 0.581 | 0.719 |
| Student loan commitments | 0.950 | 0.950 |
| Loan funding probability | Maximum | ||
| Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
| Interest rate lock commitments | 0.797 | 0.772 |
| Student loan commitments | 0.950 | 0.950 |
| Loan funding probability | Weighted average | ||
| Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
| Interest rate lock commitments | 0.718 | 0.763 |
| Student loan commitments | 0.950 | 0.950 |
| Personal Loans | Market servicing costs | Minimum | ||
| Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
| Servicing rights | 0.001 | 0.001 |
| Personal Loans | Market servicing costs | Maximum | ||
| Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
| Servicing rights | 0.016 | 0.018 |
| Personal Loans | Market servicing costs | Weighted average | ||
| Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
| Servicing rights | 0.002 | 0.002 |
| Personal Loans | Conditional prepayment rate | Minimum | ||
| Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
| Loans | 0.209 | 0.175 |
| Servicing rights | 0.075 | 0.179 |
| Personal Loans | Conditional prepayment rate | Maximum | ||
| Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
| Loans | 0.322 | 0.295 |
| Servicing rights | 0.367 | 0.355 |
| Personal Loans | Conditional prepayment rate | Weighted average | ||
| Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
| Loans | 0.260 | 0.232 |
| Servicing rights | 0.254 | 0.224 |
| Personal Loans | Annual default rate | Minimum | ||
| Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
| Loans | 0.044 | 0.045 |
| Servicing rights | 0.030 | 0.033 |
| Personal Loans | Annual default rate | Maximum | ||
| Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
| Loans | 0.512 | 0.504 |
| Servicing rights | 0.180 | 0.225 |
| Personal Loans | Annual default rate | Weighted average | ||
| Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
| Loans | 0.045 | 0.048 |
| Servicing rights | 0.045 | 0.047 |
| Personal Loans | Discount rate | Minimum | ||
| Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
| Loans | 0.053 | 0.055 |
| Servicing rights | 0.085 | 0.088 |
| Personal Loans | Discount rate | Maximum | ||
| Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
| Loans | 0.074 | 0.081 |
| Servicing rights | 0.185 | 0.088 |
| Personal Loans | Discount rate | Weighted average | ||
| Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
| Loans | 0.053 | 0.055 |
| Servicing rights | 0.094 | 0.088 |
| Student Loans | Market servicing costs | Minimum | ||
| Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
| Servicing rights | 0.001 | 0.001 |
| Student Loans | Market servicing costs | Maximum | ||
| Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
| Servicing rights | 0.003 | 0.002 |
| Student Loans | Market servicing costs | Weighted average | ||
| Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
| Servicing rights | 0.001 | 0.001 |
| Student Loans | Conditional prepayment rate | Minimum | ||
| Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
| Loans | 0.086 | 0.084 |
| Servicing rights | 0.076 | 0.109 |
| Student Loans | Conditional prepayment rate | Maximum | ||
| Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
| Loans | 0.119 | 0.126 |
| Servicing rights | 0.181 | 0.153 |
| Student Loans | Conditional prepayment rate | Weighted average | ||
| Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
| Loans | 0.110 | 0.105 |
| Servicing rights | 0.119 | 0.122 |
| Student Loans | Annual default rate | Minimum | ||
| Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
| Loans | 0.004 | 0.004 |
| Servicing rights | 0.003 | 0.003 |
| Student Loans | Annual default rate | Maximum | ||
| Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
| Loans | 0.071 | 0.064 |
| Servicing rights | 0.037 | 0.037 |
| Student Loans | Annual default rate | Weighted average | ||
| Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
| Loans | 0.007 | 0.006 |
| Servicing rights | 0.008 | 0.006 |
| Student Loans | Discount rate | Minimum | ||
| Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
| Loans | 0.042 | 0.041 |
| Servicing rights | 0.085 | 0.088 |
| Student Loans | Discount rate | Maximum | ||
| Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
| Loans | 0.082 | 0.081 |
| Servicing rights | 0.085 | 0.088 |
| Student Loans | Discount rate | Weighted average | ||
| Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
| Loans | 0.044 | 0.043 |
| Servicing rights | 0.085 | 0.088 |
| Home Loans | Market servicing costs | Minimum | ||
| Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
| Servicing rights | 0.001 | 0.001 |
| Home Loans | Market servicing costs | Maximum | ||
| Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
| Servicing rights | 0.002 | 0.002 |
| Home Loans | Market servicing costs | Weighted average | ||
| Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
| Servicing rights | 0.001 | 0.002 |
| Home Loans | Conditional prepayment rate | Minimum | ||
| Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
| Loans | 0.067 | |
| Servicing rights | 0.050 | 0.056 |
| Home Loans | Conditional prepayment rate | Maximum | ||
| Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
| Loans | 0.236 | |
| Servicing rights | 0.250 | 0.240 |
| Home Loans | Conditional prepayment rate | Weighted average | ||
| Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
| Loans | 0.148 | |
| Servicing rights | 0.069 | 0.081 |
| Home Loans | Annual default rate | Minimum | ||
| Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
| Loans | 0.001 | |
| Servicing rights | 0.000 | 0.001 |
| Home Loans | Annual default rate | Maximum | ||
| Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
| Loans | 0.035 | |
| Servicing rights | 0.001 | 0.001 |
| Home Loans | Annual default rate | Weighted average | ||
| Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
| Loans | 0.006 | |
| Servicing rights | 0.001 | 0.001 |
| Home Loans | Discount rate | Minimum | ||
| Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
| Loans | 0.050 | |
| Servicing rights | 0.093 | 0.092 |
| Home Loans | Discount rate | Maximum | ||
| Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
| Loans | 0.092 | |
| Servicing rights | 0.100 | 0.100 |
| Home Loans | Discount rate | Weighted average | ||
| Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
| Loans | 0.075 | |
| Servicing rights | 0.093 | 0.093 |
Fair Value Measurements - Schedule of Sensitivity Analysis for Servicing Rights (Details) - USD ($) $ in Thousands |
Dec. 31, 2024 |
Dec. 31, 2023 |
|---|---|---|
| Market servicing costs | ||
| 2.5 basis points increase | $ (6,485) | $ (6,176) |
| 5.0 basis points increase | (13,014) | (12,351) |
| Conditional prepayment rate | ||
| 10% increase | (8,344) | (5,189) |
| 20% increase | (16,255) | (10,098) |
| Annual default rate | ||
| 10% increase | (662) | (480) |
| 20% increase | (1,319) | (921) |
| Discount rate | ||
| 100 basis points increase | (6,370) | (4,674) |
| 200 basis points increase | $ (12,344) | $ (9,054) |
Fair Value Measurements - Schedule of Safeguarding Assets and Liabilities (Details) - USD ($) $ in Thousands |
Dec. 31, 2024 |
Dec. 31, 2023 |
|---|---|---|
| Platform Operator, Crypto Asset [Line Items] | ||
| Digital assets safeguarding asset | $ 0 | $ 9,292 |
| Digital assets safeguarding liability | $ 0 | 9,292 |
| Bitcoin (BTC) | ||
| Platform Operator, Crypto Asset [Line Items] | ||
| Digital assets safeguarding asset | 5,425 | |
| Digital assets safeguarding liability | 5,425 | |
| Ethereum (ETH) | ||
| Platform Operator, Crypto Asset [Line Items] | ||
| Digital assets safeguarding asset | 3,304 | |
| Digital assets safeguarding liability | 3,304 | |
| Ethereum Classic (ETC) | ||
| Platform Operator, Crypto Asset [Line Items] | ||
| Digital assets safeguarding asset | 294 | |
| Digital assets safeguarding liability | 294 | |
| Litecoin (LTC) | ||
| Platform Operator, Crypto Asset [Line Items] | ||
| Digital assets safeguarding asset | 198 | |
| Digital assets safeguarding liability | 198 | |
| Dogecoin (DOGE) | ||
| Platform Operator, Crypto Asset [Line Items] | ||
| Digital assets safeguarding asset | 8 | |
| Digital assets safeguarding liability | 8 | |
| All other | ||
| Platform Operator, Crypto Asset [Line Items] | ||
| Digital assets safeguarding asset | 63 | |
| Digital assets safeguarding liability | $ 63 |
Fair Value Measurements - Schedule of Assets and Liabilities not Measured at Fair Value (Details) - USD ($) $ in Thousands |
Dec. 31, 2024 |
Dec. 31, 2023 |
|---|---|---|
| Assets | ||
| Other investments | $ 109,417 | $ 83,551 |
| Level 1 | ||
| Assets | ||
| Cash and cash equivalents | 2,538,293 | 3,085,020 |
| Restricted cash and restricted cash equivalents | 171,067 | 530,558 |
| Loans at amortized cost | 0 | 0 |
| Other investments | 0 | 0 |
| Total assets | 2,709,360 | 3,615,578 |
| Liabilities | ||
| Time deposits | 0 | 0 |
| Debt | 1,994,381 | 955,306 |
| Total liabilities | 1,994,381 | 955,306 |
| Level 2 | ||
| Assets | ||
| Cash and cash equivalents | 0 | 0 |
| Restricted cash and restricted cash equivalents | 0 | 0 |
| Loans at amortized cost | 0 | 0 |
| Other investments | 109,417 | 83,551 |
| Total assets | 109,417 | 83,551 |
| Liabilities | ||
| Time deposits | 25,979,896 | 18,612,822 |
| Debt | 1,742,884 | 4,024,516 |
| Total liabilities | 27,722,780 | 22,637,338 |
| Level 3 | ||
| Assets | ||
| Cash and cash equivalents | 0 | 0 |
| Restricted cash and restricted cash equivalents | 0 | 0 |
| Loans at amortized cost | 1,274,080 | 864,312 |
| Other investments | 0 | 0 |
| Total assets | 1,274,080 | 864,312 |
| Liabilities | ||
| Time deposits | 0 | 0 |
| Debt | 0 | 0 |
| Total liabilities | 0 | 0 |
| Carrying Value | ||
| Assets | ||
| Cash and cash equivalents | 2,538,293 | 3,085,020 |
| Restricted cash and restricted cash equivalents | 171,067 | 530,558 |
| Loans at amortized cost | 1,246,458 | 836,159 |
| Other investments | 109,417 | 83,551 |
| Total assets | 4,065,235 | 4,535,288 |
| Liabilities | ||
| Time deposits | 25,978,204 | 18,620,663 |
| Debt | 3,011,814 | 5,113,775 |
| Total liabilities | 28,990,018 | 23,734,438 |
| Carrying Value | Convertible senior notes due 2026 | Convertible Debt | ||
| Liabilities | ||
| Debt | 453,500 | 955,300 |
| Carrying Value | Convertible senior notes due 2029 | Convertible Debt | ||
| Liabilities | ||
| Debt | 1,500,000 | |
| Fair Value | ||
| Assets | ||
| Cash and cash equivalents | 2,538,293 | 3,085,020 |
| Restricted cash and restricted cash equivalents | 171,067 | 530,558 |
| Loans at amortized cost | 1,274,080 | 864,312 |
| Other investments | 109,417 | 83,551 |
| Total assets | 4,092,857 | 4,563,441 |
| Liabilities | ||
| Time deposits | 25,979,896 | 18,612,822 |
| Debt | 3,737,265 | 4,979,822 |
| Total liabilities | $ 29,717,161 | $ 23,592,644 |
Share-Based Compensation - Narrative (Details) $ / shares in Units, $ in Thousands |
1 Months Ended | 12 Months Ended | |||||
|---|---|---|---|---|---|---|---|
May 28, 2022 |
Jan. 01, 2022
shares
|
Dec. 31, 2024
USD ($)
shares
|
Dec. 31, 2024
USD ($)
quarter_period
tranche
$ / shares
shares
|
Dec. 31, 2023
USD ($)
$ / shares
|
Dec. 31, 2022
USD ($)
$ / shares
|
Jun. 14, 2021
shares
|
|
| Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
| Number of shares authorized for issuance (in shares) | shares | 200,471,044 | 200,471,044 | 63,575,425 | ||||
| Number of additional shares authorized for issuance (in shares) | shares | 8,937,242 | ||||||
| Percentage of aggregate number of shares of common stock outstanding | 5.00% | 5.00% | |||||
| Compensation and benefits, inclusive of share-based compensation expense | $ 927,258 | $ 894,720 | $ 830,298 | ||||
| Compensation cost not yet recognized, options | $ 0 | $ 0 | |||||
| ESPP | |||||||
| Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
| Number of shares authorized for issuance (in shares) | shares | 16,589,650 | 16,589,650 | |||||
| Percent of outstanding shares | 1.00% | ||||||
| Granted (in dollars per share) | $ / shares | $ 15.57 | ||||||
| Compensation cost related to share based awards, period for recognition | 6 months | ||||||
| ESPP discount percentage from market price, beginning of purchase period | 15.00% | ||||||
| ESPP purchase price of common stock, percent of market price | 85.00% | ||||||
| Compensation cost not yet recognized, ESPP | $ 3,800 | $ 3,800 | |||||
| Employee Stock Option | |||||||
| Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
| Share awards, expiration period | 10 years | ||||||
| Share awards, expiration period after employee termination | 90 days | ||||||
| Aggregate intrinsic value of stock options exercised | $ 16,900 | $ 5,600 | $ 15,000 | ||||
| Aggregate intrinsic value of stock options outstanding | 111,800 | 111,800 | |||||
| Aggregate intrinsic value of stock options exercisable | 111,800 | $ 111,800 | |||||
| Employee Stock Option | Tranche one | |||||||
| Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
| Share award vesting rights, percentage | 25.00% | ||||||
| Share award vesting rights, period | 1 year | ||||||
| Employee Stock Option | Tranche two | |||||||
| Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
| Share award vesting rights, period | 3 years | ||||||
| Restricted stock units | |||||||
| Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
| Granted (in dollars per share) | $ / shares | $ 7.94 | $ 6.51 | $ 7.32 | ||||
| Unrecognized compensation | 430,500 | $ 430,500 | |||||
| Compensation cost related to share based awards, period for recognition | 2 years 2 months 12 days | ||||||
| Restricted stock units | 2022 Restricted Stock Unit Plan | |||||||
| Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
| Share award vesting rights, percentage | 12.50% | ||||||
| Share award vesting rights, period | 6 months | ||||||
| Share award vesting rights, period after first vesting date, number of quarter periods | quarter_period | 14 | ||||||
| Restricted stock units | 2017 Restricted Stock Unit Plan | |||||||
| Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
| Share award vesting rights, percentage | 25.00% | ||||||
| Share award vesting rights, period | 1 year | ||||||
| Share award vesting rights, period after first vesting date, number of quarter periods | quarter_period | 12 | ||||||
| Restricted stock units | Year 2024 | |||||||
| Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
| Share award vesting rights, period | 6 months | ||||||
| Restricted stock units | Year 2023 | |||||||
| Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
| Share award vesting rights, period | 6 months | ||||||
| Restricted stock units | Minimum | Year 2024 | |||||||
| Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
| Share award vesting rights, percentage | 12.50% | ||||||
| Share award vesting rights, period after first vesting date, number of quarter periods | quarter_period | 10 | ||||||
| Restricted stock units | Minimum | Year 2023 | |||||||
| Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
| Share award vesting rights, percentage | 12.50% | ||||||
| Share award vesting rights, period after first vesting date, number of quarter periods | quarter_period | 6 | ||||||
| Restricted stock units | Maximum | Year 2024 | |||||||
| Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
| Share award vesting rights, percentage | 16.70% | ||||||
| Share award vesting rights, period after first vesting date, number of quarter periods | quarter_period | 14 | ||||||
| Restricted stock units | Maximum | Year 2023 | |||||||
| Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
| Share award vesting rights, percentage | 25.00% | ||||||
| Share award vesting rights, period after first vesting date, number of quarter periods | quarter_period | 14 | ||||||
| Unvested PSUs | |||||||
| Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
| Share award vesting rights, period | 4 years | ||||||
| Granted (in dollars per share) | $ / shares | $ 9.17 | $ 3.36 | $ 3.71 | ||||
| Unrecognized compensation | $ 7,100 | $ 7,100 | |||||
| Compensation cost related to share based awards, period for recognition | 2 years | ||||||
| Performance target, volume weighted average closing price of stock, trading day period | 90 days | ||||||
| Number of vesting tranches | tranche | 3 | ||||||
Share-Based Compensation - Schedule of Share-Based Compensation Expense (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2024 |
Dec. 31, 2023 |
Dec. 31, 2022 |
|
| Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
| Total | $ 246,152 | $ 271,216 | $ 305,994 |
| Technology and product development | |||
| Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
| Total | 86,170 | 91,400 | 77,674 |
| Sales and marketing | |||
| Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
| Total | 21,743 | 26,783 | 24,176 |
| Cost of operations | |||
| Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
| Total | 13,462 | 10,662 | 17,837 |
| General and administrative | |||
| Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
| Total | $ 124,777 | $ 142,371 | $ 186,307 |
Share-Based Compensation - Summary of Option Activity (Details) - $ / shares |
12 Months Ended | |
|---|---|---|
Dec. 31, 2024 |
Dec. 31, 2023 |
|
| Number of Stock Options | ||
| Beginning balance (in shares) | 17,896,732 | |
| Exercised (in shares) | (3,070,270) | |
| Expired (in shares) | (15,860) | |
| Ending balance (in shares) | 14,810,602 | 17,896,732 |
| Exercisable (in shares) | 14,810,602 | |
| Weighted Average Exercise Price | ||
| Beginning balance (in dollars per share) | $ 7.70 | |
| Exercised (in dollars per share) | 6.97 | |
| Expired (in dollars per share) | 6.09 | |
| Ending balance (in dollars per share) | 7.85 | $ 7.70 |
| Exercisable (in dollars per share) | $ 7.85 | |
| Weighted Average Remaining Contractual Term (in years) | ||
| Weighted average remaining contractual term, outstanding | 3 years 1 month 6 days | 3 years 9 months 18 days |
| Weighted average remaining contractual term, exercisable | 3 years 1 month 6 days | |
Share-Based Compensation - Schedule of RSU and PSU Activity (Details) - USD ($) $ / shares in Units, $ in Millions |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2024 |
Dec. 31, 2023 |
Dec. 31, 2022 |
|
| Restricted stock units | |||
| Number of Shares | |||
| Beginning balance (in shares) | 64,879,496 | ||
| Granted (in shares) | 43,920,758 | ||
| Vested (in shares) | (35,609,258) | ||
| Forfeited (in shares) | (12,767,627) | ||
| Ending balance (in shares) | 60,423,369 | 64,879,496 | |
| Weighted Average Grant Date Fair Value | |||
| Beginning balance (in dollars per share) | $ 7.95 | ||
| Granted (in dollars per share) | 7.94 | $ 6.51 | $ 7.32 |
| Vested (in dollars per share) | 8.14 | ||
| Forfeited (in dollars per share) | 8.22 | ||
| Ending balance (in dollars per share) | $ 7.77 | $ 7.95 | |
| Total fair value, RSUs granted | $ 290.0 | $ 282.6 | $ 249.9 |
| Performance stock units | |||
| Number of Shares | |||
| Beginning balance (in shares) | 16,240,181 | ||
| Granted (in shares) | 726,217 | ||
| Forfeited (in shares) | (2,917,895) | ||
| Ending balance (in shares) | 14,048,503 | 16,240,181 | |
| Weighted Average Grant Date Fair Value | |||
| Beginning balance (in dollars per share) | $ 10.29 | ||
| Granted (in dollars per share) | 9.17 | $ 3.36 | $ 3.71 |
| Forfeited (in dollars per share) | 7.51 | ||
| Ending balance (in dollars per share) | $ 10.81 | $ 10.29 | |
Share-Based Compensation - Summary of Fair Value Inputs for PSUs (Details) - Performance stock units - $ / shares |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2024 |
Dec. 31, 2023 |
Dec. 31, 2022 |
|
| Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
| Risk-free interest rate | 4.50% | 1.60% | 1.60% |
| Expected volatility | 73.00% | 37.70% | 37.70% |
| Fair value of common stock in (dollars per share) | $ 8.02 | $ 12.06 | $ 12.06 |
| Dividend yield | 0.00% | 0.00% | 0.00% |
Share-Based Compensation - Summary of Fair Value Inputs for ESPP (Details) - ESPP |
12 Months Ended |
|---|---|
|
Dec. 31, 2024
$ / shares
| |
| Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
| Risk-free interest rate | 4.30% |
| Expected term (years) | 6 months |
| Expected volatility | 49.60% |
| Fair value of common stock (in dollars per share) | $ 15.57 |
| Dividend yield | 0.00% |
Income Taxes - Schedule of Loss Before Income Tax (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2024 |
Dec. 31, 2023 |
Dec. 31, 2022 |
|
| Income Tax Disclosure [Abstract] | |||
| Domestic | $ 292,326 | $ (131,899) | $ (299,751) |
| Foreign | (58,981) | (169,259) | (18,970) |
| Income (loss) before income taxes | $ 233,345 | $ (301,158) | $ (318,721) |
Income Taxes - Schedule of Income Tax Expense (Benefit) (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2024 |
Dec. 31, 2023 |
Dec. 31, 2022 |
|
| Current tax expense: | |||
| U.S. federal | $ 6,894 | $ 5,842 | $ 0 |
| U.S. state and local | 12,552 | 8,640 | 4,275 |
| Foreign | 2,151 | 930 | 909 |
| Total current tax expense | 21,597 | 15,412 | 5,184 |
| Deferred tax expense (benefit): | |||
| U.S. federal | (127,239) | 0 | 0 |
| U.S. state and local | (98,556) | (115) | 543 |
| Foreign | (61,122) | (15,713) | (4,041) |
| Total deferred tax benefit | (286,917) | (15,828) | (3,498) |
| Income tax expense (benefit) | $ (265,320) | $ (416) | $ 1,686 |
Income Taxes - Effective Income Tax Rate Reconciliation (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2024 |
Dec. 31, 2023 |
Dec. 31, 2022 |
|
| Income Tax Disclosure [Abstract] | |||
| Expected income tax expense (benefit) at federal statutory rate | $ 49,002 | $ (63,243) | $ (66,944) |
| Non-deductible compensation expense | 10,786 | 15,579 | 23,100 |
| Share-based compensation | 6,071 | 554 | 19,811 |
| Tax credits | (20,363) | (22,249) | (12,496) |
| State and local income taxes, net of federal benefit | (66,027) | 6,725 | 4,591 |
| Valuation allowance for deferred tax assets | (239,787) | 14,461 | 27,101 |
| Goodwill impairment | 0 | 51,907 | 0 |
| Other | (5,002) | (4,150) | 6,523 |
| Income tax expense (benefit) | $ (265,320) | $ (416) | $ 1,686 |
| Effective tax rate | (113.70%) | 0.14% | (0.53%) |
Income Taxes - Schedule of Unrecognized Tax Benefits (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2024 |
Dec. 31, 2023 |
Dec. 31, 2022 |
|
| Unrecognized Tax Benefits [Roll Forward] | |||
| Unrecognized tax benefits at beginning of year | $ 29,687 | $ 23,730 | $ 6,972 |
| Gross increases – tax positions in prior period | 2,957 | 493 | 10,944 |
| Gross decreases – tax positions in prior period | (1,257) | (27) | (98) |
| Gross increases – tax positions in current period | 5,086 | 5,491 | 6,236 |
| Lapse of statute of limitations | (238) | 0 | (324) |
| Unrecognized tax benefits at end of year | $ 36,235 | $ 29,687 | $ 23,730 |
Income Taxes - Narrative (Details) - USD ($) |
3 Months Ended | 12 Months Ended | |||
|---|---|---|---|---|---|
Dec. 31, 2024 |
Dec. 31, 2024 |
Dec. 31, 2023 |
Dec. 31, 2022 |
Dec. 31, 2021 |
|
| Income Tax Rate Reconciliation [Line Items] | |||||
| Income tax expense (benefit) | $ (265,320,000) | $ (416,000) | $ 1,686,000 | ||
| Increase (decrease) in valuation allowance | $ (258,400,000) | (315,000,000.0) | |||
| Unrecognized tax benefits that impact effective tax rate if realized | 32,400,000 | 32,400,000 | 7,500,000 | 6,800,000 | |
| Unrecognized tax benefits, interest and penalties | 0 | 0 | 0 | ||
| Valuation allowance | 30,653,000 | 30,653,000 | 345,611,000 | 318,410,000 | $ 266,448,000 |
| U.S. federal | |||||
| Income Tax Rate Reconciliation [Line Items] | |||||
| Operating loss carryforwards | 505,100,000 | 505,100,000 | |||
| U.S. federal | Not Subject To Expiration | |||||
| Income Tax Rate Reconciliation [Line Items] | |||||
| Operating loss carryforwards | 485,200,000 | 485,200,000 | |||
| U.S. federal | Research and Development Tax Credits | |||||
| Income Tax Rate Reconciliation [Line Items] | |||||
| Operating loss carryforwards | 86,000,000.0 | 86,000,000.0 | |||
| U.S. state | |||||
| Income Tax Rate Reconciliation [Line Items] | |||||
| Operating loss carryforwards | 1,200,000,000 | 1,200,000,000 | |||
| U.S. state | Research and Development Tax Credits | |||||
| Income Tax Rate Reconciliation [Line Items] | |||||
| Operating loss carryforwards | 32,500,000 | 32,500,000 | |||
| Foreign | |||||
| Income Tax Rate Reconciliation [Line Items] | |||||
| Operating loss carryforwards | 126,100,000 | 126,100,000 | |||
| Foreign | Not Subject To Expiration | |||||
| Income Tax Rate Reconciliation [Line Items] | |||||
| Operating loss carryforwards | $ 74,800,000 | 74,800,000 | |||
| Charged to Costs and Expenses | |||||
| Income Tax Rate Reconciliation [Line Items] | |||||
| Increase (decrease) in valuation allowance | $ 4,800,000 | $ 27,201,000 | $ 37,536,000 | ||
Income Taxes - Schedule of Significant Components of Net Deferred Tax Liabilities (Details) - USD ($) $ in Thousands |
Dec. 31, 2024 |
Dec. 31, 2023 |
Dec. 31, 2022 |
Dec. 31, 2021 |
|---|---|---|---|---|
| Deferred tax assets: | ||||
| Net operating loss carryforwards | $ 192,819 | $ 236,492 | ||
| Tax credits | 91,913 | 77,395 | ||
| Capitalized research and software expenditures | 60,496 | 38,451 | ||
| Operating lease liabilities | 18,032 | 21,554 | ||
| Share-based compensation | 14,242 | 24,730 | ||
| Accruals and other | 63,480 | 20,913 | ||
| Gross deferred tax assets | 440,982 | 419,535 | ||
| Valuation allowance | (30,653) | (345,611) | $ (318,410) | $ (266,448) |
| Total deferred tax assets | 410,329 | 73,924 | ||
| Deferred tax liabilities: | ||||
| Servicing rights | (87,946) | (49,202) | ||
| Intangible assets | (51,878) | (42,261) | ||
| Operating lease ROU assets | (15,509) | (18,790) | ||
| Other | (7,940) | (3,900) | ||
| Total deferred tax liabilities | (163,273) | (114,153) | ||
| Deferred tax assets, net | 247,056 | |||
| Deferred tax liabilities, net | $ (20,164) | $ (40,229) |
Income Taxes - Schedule of Deferred Tax Asset Valuation Allowance (Details) - USD ($) $ in Thousands |
3 Months Ended | 12 Months Ended | ||
|---|---|---|---|---|
Dec. 31, 2024 |
Dec. 31, 2024 |
Dec. 31, 2023 |
Dec. 31, 2022 |
|
| Deferred Tax Assets, Valuation Allowance [Roll Forward] | ||||
| Balance at Beginning of Period | $ 345,611 | $ 318,410 | $ 266,448 | |
| Increase (decrease) in valuation allowance | $ (258,400) | (315,000) | ||
| Balance at End of Period | $ 30,653 | 30,653 | 345,611 | 318,410 |
| Charged to Costs and Expenses | ||||
| Deferred Tax Assets, Valuation Allowance [Roll Forward] | ||||
| Increase (decrease) in valuation allowance | 4,800 | 27,201 | 37,536 | |
| Charged to Other Accounts | ||||
| Deferred Tax Assets, Valuation Allowance [Roll Forward] | ||||
| Increase (decrease) in valuation allowance | 0 | 0 | 14,426 | |
| Deductions | ||||
| Deferred Tax Assets, Valuation Allowance [Roll Forward] | ||||
| Increase (decrease) in valuation allowance | $ (319,758) | $ 0 | $ 0 | |
Commitments, Guarantees, Concentrations and Contingencies - Narrative (Details) |
12 Months Ended | ||
|---|---|---|---|
|
Dec. 31, 2024
USD ($)
repurchase_obligation
|
Dec. 31, 2023
USD ($)
|
Dec. 31, 2022
USD ($)
|
|
| Other Commitments [Line Items] | |||
| Other commitment | $ 685,630,000 | ||
| Payments for exclusive naming rights and partnerships | 80,800,000 | $ 67,300,000 | $ 50,800,000 |
| Loans held for investment, excluding accrued interest, after allowance for credit loss | $ 1,246,458,000 | 836,159,000 | |
| Number of types of repurchase obligations | repurchase_obligation | 3 | ||
| Term of repurchase obligation | 3 years | ||
| Repurchase obligation, event of default, period after loan origination | 90 days | ||
| Estimated repurchase obligations | $ 11,900,000 | 5,900,000 | |
| Loans sold, subject to terms and conditions of repurchase obligations | 12,500,000,000 | 6,700,000,000 | |
| Letters of credit outstanding with financial institutions | 5,600,000 | 6,400,000 | |
| Collateral amount | 1,300,000 | 1,300,000 | |
| Minimum net worth noncompliance, fines and penalties accrued | $ 0 | 0 | |
| Employee contribution percentage up to IRS limit | 100.00% | ||
| Asset Pledged as Collateral | |||
| Other Commitments [Line Items] | |||
| Letters of credit outstanding with financial institutions | $ 25,200,000 | $ 27,200,000 | |
| Sponsorship, Advertising, and Cloud Computing Agreement | |||
| Other Commitments [Line Items] | |||
| Other commitment | $ 685,600,000 | ||
| Sponsorship, Advertising, and Cloud Computing Agreement | Minimum | |||
| Other Commitments [Line Items] | |||
| Term of arrangement | 1 year | ||
| Sponsorship, Advertising, and Cloud Computing Agreement | Maximum | |||
| Other Commitments [Line Items] | |||
| Term of arrangement | 15 years | ||
| Funded Loan | |||
| Other Commitments [Line Items] | |||
| Loans held for investment, excluding accrued interest, after allowance for credit loss | $ 6,000,000.0 | ||
| Unfunded Loan Commitment | |||
| Other Commitments [Line Items] | |||
| Other commitment | 19,000,000.0 | ||
| Unfunded Loan Commitment | Maximum | |||
| Other Commitments [Line Items] | |||
| Other commitment | $ 25,000,000.0 | ||
Commitments, Guarantees, Concentrations and Contingencies - Other Commitments (Details) $ in Thousands |
Dec. 31, 2024
USD ($)
|
|---|---|
| Commitments and Contingencies Disclosure [Abstract] | |
| 2025 | $ 99,419 |
| 2026 | 76,738 |
| 2027 | 56,464 |
| 2028 | 53,260 |
| 2029 | 41,271 |
| Thereafter | 358,478 |
| Total | $ 685,630 |
Earnings (Loss) Per Share - Schedule of Earnings per Share (Details) - USD ($) $ / shares in Units, $ in Thousands |
1 Months Ended | 12 Months Ended | ||
|---|---|---|---|---|
May 31, 2024 |
Dec. 31, 2024 |
Dec. 31, 2023 |
Dec. 31, 2022 |
|
| Numerator: | ||||
| Net income (loss) | $ 498,665 | $ (300,742) | $ (320,407) | |
| Less: Redeemable preferred stock dividends | (16,503) | (40,425) | (40,425) | |
| Less: Redeemable preferred stock redemptions, net | $ (3,026) | (3,026) | 0 | 0 |
| Net income (loss) attributable to common stockholders – basic | 479,136 | (341,167) | (360,832) | |
| Plus: dilutive effect of convertible notes, net | (44,360) | 0 | 0 | |
| Net income (loss) attributable to common stockholders – diluted | $ 434,776 | $ (341,167) | $ (360,832) | |
| Denominator: | ||||
| Weighted average common stock outstanding - basic (in shares) | 1,050,219,000 | 945,024,000 | 900,886,000 | |
| Dilutive effects, convertible notes (in shares) | 33,973,000 | 0 | 0 | |
| Weighted average common stock outstanding - diluted (in shares) | 1,101,390,000 | 945,024,000 | 900,886,000 | |
| Earnings (loss) per share - basic (in dollars per share) | $ 0.46 | $ (0.36) | $ (0.40) | |
| Earnings (loss) per share - diluted (in dollars per share) | $ 0.39 | $ (0.36) | $ (0.40) | |
| Unvested RSUs | ||||
| Denominator: | ||||
| Dilutive effects, common stock and unvested RSUs (in shares) | 14,405,000 | 0 | 0 | |
| Common stock options | ||||
| Denominator: | ||||
| Dilutive effects, common stock and unvested RSUs (in shares) | 2,793,000 | 0 | 0 | |
Earnings (Loss) Per Share - Schedule of Anti-Dilutive Elements (Details) - shares |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2024 |
Dec. 31, 2023 |
Dec. 31, 2022 |
|
| Outstanding common stock warrants | |||
| Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items] | |||
| Warrants outstanding (in shares) | 0 | ||
| Unvested RSUs | |||
| Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items] | |||
| Antidilutive securities excluded from computation of earnings per share (in shares) | 14,985,000 | 64,879,000 | 69,538,000 |
| Common stock options | |||
| Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items] | |||
| Antidilutive securities excluded from computation of earnings per share (in shares) | 6,658,000 | 17,897,000 | 18,750,000 |
| Unvested PSUs | |||
| Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items] | |||
| Antidilutive securities excluded from computation of earnings per share (in shares) | 14,049,000 | 16,240,000 | 19,564,000 |
| ESPP | |||
| Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items] | |||
| Antidilutive securities excluded from computation of earnings per share (in shares) | 59,000 | 0 | 0 |
| Contingent common stock | |||
| Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items] | |||
| Antidilutive securities excluded from computation of earnings per share (in shares) | 46,000 | 46,000 | 6,306,000 |
| Convertible notes | |||
| Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items] | |||
| Antidilutive securities excluded from computation of earnings per share (in shares) | 0 | 49,611,000 | 53,538,000 |
| Common stock warrants | |||
| Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items] | |||
| Antidilutive securities excluded from computation of earnings per share (in shares) | 0 | 12,171,000 | 12,171,000 |
Business Segment and Geographic Information - Narrative (Details) |
12 Months Ended |
|---|---|
|
Dec. 31, 2024
segment
| |
| Segment Reporting [Abstract] | |
| Number of reportable segments | 3 |
Business Segment and Geographic Information - Schedule of Financial Results (Details) $ in Thousands |
12 Months Ended | ||
|---|---|---|---|
|
Dec. 31, 2024
USD ($)
segment
|
Dec. 31, 2023
USD ($)
|
Dec. 31, 2022
USD ($)
|
|
| Segment Reporting Information [Line Items] | |||
| Net interest income (expense) | $ 1,716,481 | $ 1,261,740 | $ 584,096 |
| Noninterest income | 958,378 | 861,049 | 989,439 |
| Total net revenue | 2,674,859 | 2,122,789 | 1,573,535 |
| Provision for credit losses | 31,712 | 54,945 | 54,332 |
| Directly attributable expenses | |||
| Compensation and benefits | (927,258) | (894,720) | (830,298) |
| Direct advertising | $ (321,951) | (284,176) | (256,125) |
| Number of reportable segments | segment | 3 | ||
| Operating Segments | |||
| Segment Reporting Information [Line Items] | |||
| Net interest income (expense) | $ 1,782,806 | 1,297,134 | 624,054 |
| Noninterest income | 919,105 | 862,342 | 998,746 |
| Total net revenue | 2,701,911 | 2,159,476 | 1,622,800 |
| Provision for credit losses | 31,659 | 54,945 | 54,332 |
| Servicing rights – change in valuation inputs or assumptions | (6,280) | (34,700) | (39,651) |
| Residual interests classified as debt – change in valuation inputs or assumptions | 108 | 425 | 6,608 |
| Directly attributable expenses | |||
| Directly attributable expenses | (1,339,575) | (1,152,459) | (994,335) |
| Contribution profit (loss) | 1,324,505 | 917,797 | 541,090 |
| Intercompany expenses | 36,765 | 22,199 | 7,604 |
| Operating Segments | Lending | |||
| Segment Reporting Information [Line Items] | |||
| Net interest income (expense) | 1,207,226 | 960,773 | 531,480 |
| Noninterest income | 277,996 | 409,848 | 608,511 |
| Total net revenue | 1,485,222 | 1,370,621 | 1,139,991 |
| Provision for credit losses | 0 | 0 | 0 |
| Servicing rights – change in valuation inputs or assumptions | (6,280) | (34,700) | (39,651) |
| Residual interests classified as debt – change in valuation inputs or assumptions | 108 | 425 | 6,608 |
| Directly attributable expenses | |||
| Compensation and benefits | (126,394) | (119,266) | (103,996) |
| Direct advertising | (218,566) | (183,885) | (178,263) |
| Lead generation | (149,481) | (115,388) | (87,716) |
| Loan origination and servicing costs | (51,415) | (46,241) | (41,535) |
| Product fulfillment | 0 | 0 | 0 |
| Tools and subscriptions | 0 | 0 | 0 |
| Member incentives | 0 | 0 | 0 |
| Professional services | (11,957) | (9,592) | (6,649) |
| Intercompany technology platform expenses | (2,706) | (948) | 0 |
| Other | (27,988) | (37,753) | (24,786) |
| Directly attributable expenses | (588,507) | (513,073) | (442,945) |
| Contribution profit (loss) | 890,543 | 823,273 | 664,003 |
| Operating Segments | Technology Platform | |||
| Segment Reporting Information [Line Items] | |||
| Net interest income (expense) | 2,158 | 1,514 | 0 |
| Noninterest income | 393,020 | 350,826 | 315,133 |
| Total net revenue | 395,178 | 352,340 | 315,133 |
| Provision for credit losses | 0 | 0 | 0 |
| Servicing rights – change in valuation inputs or assumptions | 0 | 0 | 0 |
| Residual interests classified as debt – change in valuation inputs or assumptions | 0 | 0 | 0 |
| Directly attributable expenses | |||
| Compensation and benefits | (152,158) | (151,041) | (143,843) |
| Direct advertising | 0 | 0 | 0 |
| Lead generation | 0 | 0 | 0 |
| Loan origination and servicing costs | 0 | 0 | 0 |
| Product fulfillment | (58,247) | (47,731) | (39,237) |
| Tools and subscriptions | (28,081) | (26,384) | (21,745) |
| Member incentives | 0 | 0 | 0 |
| Professional services | (12,088) | (13,230) | (11,460) |
| Intercompany technology platform expenses | 0 | 0 | 0 |
| Other | (17,649) | (19,168) | (22,335) |
| Directly attributable expenses | (268,223) | (257,554) | (238,620) |
| Contribution profit (loss) | 126,955 | 94,786 | 76,513 |
| Operating Segments | Financial Services | |||
| Segment Reporting Information [Line Items] | |||
| Net interest income (expense) | 573,422 | 334,847 | 92,574 |
| Noninterest income | 248,089 | 101,668 | 75,102 |
| Total net revenue | 821,511 | 436,515 | 167,676 |
| Provision for credit losses | 31,659 | 54,945 | 54,332 |
| Servicing rights – change in valuation inputs or assumptions | 0 | 0 | 0 |
| Residual interests classified as debt – change in valuation inputs or assumptions | 0 | 0 | 0 |
| Directly attributable expenses | |||
| Compensation and benefits | (137,097) | (125,143) | (110,288) |
| Direct advertising | (36,729) | (44,347) | (36,660) |
| Lead generation | (50,325) | (36,447) | (30,418) |
| Loan origination and servicing costs | 0 | 0 | 0 |
| Product fulfillment | (73,194) | (49,829) | (33,713) |
| Tools and subscriptions | 0 | 0 | 0 |
| Member incentives | (80,837) | (54,616) | (45,923) |
| Professional services | (22,972) | (12,719) | (4,590) |
| Intercompany technology platform expenses | (23,924) | (12,961) | (4,600) |
| Other | (57,767) | (45,770) | (46,578) |
| Directly attributable expenses | (482,845) | (381,832) | (312,770) |
| Contribution profit (loss) | 307,007 | (262) | (199,426) |
| Other | |||
| Segment Reporting Information [Line Items] | |||
| Net interest income (expense) | (66,325) | (35,394) | (39,958) |
| Noninterest income | 39,273 | (1,293) | (9,307) |
| Total net revenue | $ (27,052) | $ (36,687) | $ (49,265) |
Business Segment and Geographic Information - Schedule of Reconciliation of Contribution Profit (Loss) To Loss Before Tax (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2024 |
Dec. 31, 2023 |
Dec. 31, 2022 |
|
| Segment Reporting Information [Line Items] | |||
| Corporate/Other total net revenue (loss) | $ 2,674,859 | $ 2,122,789 | $ 1,573,535 |
| Share-based compensation expense | (246,152) | (271,216) | (305,994) |
| Depreciation and amortization expense | (203,498) | (201,416) | (151,360) |
| Goodwill impairment expense | 0 | (247,174) | 0 |
| Income (loss) before income taxes | 233,345 | (301,158) | (318,721) |
| Operating Segments | |||
| Segment Reporting Information [Line Items] | |||
| Reportable segments total contribution profit | 1,324,505 | 917,797 | 541,090 |
| Corporate/Other total net revenue (loss) | 2,701,911 | 2,159,476 | 1,622,800 |
| Intercompany expenses | 36,765 | 22,199 | 7,604 |
| Servicing rights – change in valuation inputs or assumptions | 6,280 | 34,700 | 39,651 |
| Residual interests classified as debt – change in valuation inputs or assumptions | (108) | (425) | (6,608) |
| Other | |||
| Segment Reporting Information [Line Items] | |||
| Corporate/Other total net revenue (loss) | (27,052) | (36,687) | (49,265) |
| Share-based compensation expense | (246,152) | (271,216) | (305,994) |
| Employee-related costs | (288,767) | (250,326) | (184,764) |
| Depreciation and amortization expense | (203,498) | (201,416) | (151,360) |
| Corporate And Reconciling Items | |||
| Segment Reporting Information [Line Items] | |||
| Other corporate and unallocated | $ (368,628) | $ (268,610) | $ (209,075) |
Business Segment and Geographic Information - Schedule of Revenue from External Customers by Geographic Areas (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2024 |
Dec. 31, 2023 |
Dec. 31, 2022 |
|
| Revenues from External Customers and Long-Lived Assets [Line Items] | |||
| Total net revenue | $ 2,674,859 | $ 2,122,789 | $ 1,573,535 |
| United States | |||
| Revenues from External Customers and Long-Lived Assets [Line Items] | |||
| Total net revenue | 2,576,456 | 2,028,112 | 1,504,680 |
| All foreign countries | |||
| Revenues from External Customers and Long-Lived Assets [Line Items] | |||
| Total net revenue | $ 98,403 | $ 94,677 | $ 68,855 |
Business Segment and Geographic Information - Schedule of Long-Lived Assets by Geographic Areas (Details) - USD ($) $ in Thousands |
Dec. 31, 2024 |
Dec. 31, 2023 |
|---|---|---|
| Revenues from External Customers and Long-Lived Assets [Line Items] | ||
| Total assets | $ 36,250,951 | $ 30,074,858 |
| United States | ||
| Revenues from External Customers and Long-Lived Assets [Line Items] | ||
| Total assets | 35,299,444 | 29,133,417 |
| All foreign countries | ||
| Revenues from External Customers and Long-Lived Assets [Line Items] | ||
| Total assets | $ 951,507 | $ 941,441 |
Regulatory Capital - Schedule of Risk and Leverage-Based Capital Ratios and Amounts (Details) $ in Thousands |
Dec. 31, 2024
USD ($)
|
Dec. 31, 2023
USD ($)
|
|---|---|---|
| SoFi Bank | ||
| Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
| CET1 risk-based capital, amount | $ 4,352,537 | $ 3,331,616 |
| Tier 1 risk-based capital, amount | 4,352,537 | 3,331,616 |
| Total risk-based capital, amount | 4,398,944 | 3,386,105 |
| Tier 1 leverage, amount | 4,352,537 | 3,331,616 |
| Risk-weighted assets | 25,207,621 | 19,244,841 |
| Quarterly adjusted average assets | $ 30,159,786 | $ 22,273,285 |
| CET1 risk-based capital, ratio | 0.173 | 0.173 |
| Tier 1 risk-based capital, ratio | 0.173 | 0.173 |
| Total risk-based capital, ratio | 0.175 | 0.176 |
| Tier 1 leverage, ratio | 0.144 | 0.150 |
| CET1 risk-based capital, required minimum | 0.070 | 0.070 |
| Tier 1 risk-based capital, required minimum | 0.085 | 0.085 |
| Total risk-based capital, required minimum | 0.105 | 0.105 |
| Tier 1 leverage, required minimum | 0.040 | 0.040 |
| CET1 risk-based capital, well capitalized minimum | 0.065 | 0.065 |
| Tier 1 risk-based capital, well capitalized minimum | 0.080 | 0.080 |
| Total risk-based capital, well capitalized minimum | 0.100 | 0.100 |
| Tier 1 leverage, well capitalized minimum | 0.050 | 0.050 |
| SoFi Technologies | ||
| Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
| CET1 risk-based capital, amount | $ 4,457,212 | $ 3,439,969 |
| Tier 1 risk-based capital, amount | 4,457,212 | 3,439,969 |
| Total risk-based capital, amount | 4,503,618 | 3,494,458 |
| Tier 1 leverage, amount | 4,457,212 | 3,439,969 |
| Risk-weighted assets | 27,859,577 | 22,883,185 |
| Quarterly adjusted average assets | $ 33,234,724 | $ 26,782,318 |
| CET1 risk-based capital, ratio | 0.160 | 0.150 |
| Tier 1 risk-based capital, ratio | 0.160 | 0.150 |
| Total risk-based capital, ratio | 0.162 | 0.153 |
| Tier 1 leverage, ratio | 0.134 | 0.128 |
| CET1 risk-based capital, required minimum | 0.070 | 0.070 |
| Tier 1 risk-based capital, required minimum | 0.085 | 0.085 |
| Total risk-based capital, required minimum | 0.105 | 0.105 |
| Tier 1 leverage, required minimum | 0.040 | 0.040 |
Parent Company Condensed Financial Information - Condensed Balance Sheets (Details) - USD ($) $ / shares in Units, $ in Thousands |
Dec. 31, 2024 |
Dec. 31, 2023 |
Dec. 31, 2022 |
Dec. 31, 2021 |
Jun. 01, 2021 |
May 28, 2021 |
||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||||||
| Cash and cash equivalents | $ 2,538,293 | $ 3,085,020 | $ 1,421,907 | |||||||||
| Goodwill | 1,393,505 | 1,393,505 | 1,622,991 | |||||||||
| Intangible assets | 297,794 | 364,048 | ||||||||||
| Other assets | 1,714,669 | 554,366 | ||||||||||
| Total assets | 36,250,951 | 30,074,858 | ||||||||||
| Liabilities: | ||||||||||||
| Accounts payable, accruals and other liabilities | 556,923 | 549,748 | ||||||||||
| Debt | 3,092,692 | 5,233,416 | ||||||||||
| Total liabilities | 29,725,817 | 24,519,872 | ||||||||||
| Temporary equity: | ||||||||||||
| Redeemable preferred stock | 0 | [1] | 320,374 | [1] | 320,374 | $ 320,374 | ||||||
| Permanent equity: | ||||||||||||
| Common stock | [2] | 109 | 97 | |||||||||
| Additional paid-in capital | 7,838,988 | 7,039,987 | ||||||||||
| Accumulated other comprehensive loss | (8,365) | (1,209) | ||||||||||
| Accumulated deficit | (1,305,598) | (1,804,263) | ||||||||||
| Total permanent equity | 6,525,134 | 5,234,612 | $ 5,208,102 | $ 4,377,329 | ||||||||
| Total liabilities, temporary equity and permanent equity | $ 36,250,951 | $ 30,074,858 | ||||||||||
| Redeemable preferred stock, par value (in dollars per share) | $ 0.00 | $ 0.00 | $ 0.0000025 | |||||||||
| Redeemable preferred stock, shares authorized (in shares) | 100,000,000 | 100,000,000 | ||||||||||
| Redeemable preferred stock, shares outstanding (in shares) | 0 | 3,234,000 | 3,234,000 | 3,234,000 | ||||||||
| Common stock, par value (in dollars per share) | $ 0.00 | $ 0.00 | ||||||||||
| Common stock, shares authorized (in shares) | 3,100,000,000 | 3,100,000,000 | ||||||||||
| Common stock, shares issued (in shares) | 1,095,357,781 | 975,861,793 | ||||||||||
| Common stock, shares outstanding (in shares) | 1,095,357,781 | 975,861,793 | ||||||||||
| Nonvoting Common Stock | ||||||||||||
| Permanent equity: | ||||||||||||
| Common stock, par value (in dollars per share) | $ 0.0001 | |||||||||||
| Common stock, shares authorized (in shares) | 100,000,000 | 100,000,000 | 100,000,000 | |||||||||
| Common stock, shares issued (in shares) | 0 | 0 | ||||||||||
| Common stock, shares outstanding (in shares) | 0 | 0 | ||||||||||
| Parent Company | ||||||||||||
| Assets | ||||||||||||
| Cash and cash equivalents | $ 30,760 | $ 201 | ||||||||||
| Intercompany receivables | 616,686 | 9,245 | ||||||||||
| Investments in subsidiaries | 6,520,671 | 6,407,596 | ||||||||||
| Goodwill | 590,539 | 590,539 | ||||||||||
| Intangible assets | 146,454 | 180,240 | ||||||||||
| Other assets | 401,015 | 250 | ||||||||||
| Total assets | 8,306,125 | 7,188,071 | ||||||||||
| Liabilities: | ||||||||||||
| Accounts payable, accruals and other liabilities | 26,061 | 50,296 | ||||||||||
| Debt | 1,754,930 | 1,582,789 | ||||||||||
| Total liabilities | 1,780,991 | 1,633,085 | ||||||||||
| Temporary equity: | ||||||||||||
| Redeemable preferred stock | 0 | 320,374 | ||||||||||
| Permanent equity: | ||||||||||||
| Common stock | 109 | 97 | ||||||||||
| Additional paid-in capital | 7,838,988 | 7,039,987 | ||||||||||
| Accumulated other comprehensive loss | (8,365) | (1,209) | ||||||||||
| Accumulated deficit | (1,305,598) | (1,804,263) | ||||||||||
| Total permanent equity | 6,525,134 | 5,234,612 | ||||||||||
| Total liabilities, temporary equity and permanent equity | $ 8,306,125 | $ 7,188,071 | ||||||||||
| Redeemable preferred stock, par value (in dollars per share) | $ 0.00 | $ 0.00 | ||||||||||
| Redeemable preferred stock, shares authorized (in shares) | 100,000,000 | 100,000,000 | ||||||||||
| Redeemable preferred stock, shares issued (in shares) | 0 | 3,234,000 | ||||||||||
| Redeemable preferred stock, shares outstanding (in shares) | 0 | 3,234,000 | ||||||||||
| Common stock, par value (in dollars per share) | $ 0.00 | $ 0.00 | ||||||||||
| Common stock, shares authorized (in shares) | 3,100,000,000 | 3,100,000,000 | ||||||||||
| Common stock, shares issued (in shares) | 1,095,357,781 | 975,861,793 | ||||||||||
| Common stock, shares outstanding (in shares) | 1,095,357,781 | 975,861,793 | ||||||||||
| Redemption amount | $ 323,400 | |||||||||||
| ||||||||||||
Parent Company Condensed Financial Information - Condensed Statements of Operations and Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2024 |
Dec. 31, 2023 |
Dec. 31, 2022 |
|
| Condensed Financial Statements, Captions [Line Items] | |||
| Interest income | $ 2,807,817 | $ 2,051,067 | $ 773,371 |
| Interest expense | 1,091,336 | 789,327 | 189,275 |
| Net interest income | 1,716,481 | 1,261,740 | 584,096 |
| Noninterest income | 958,378 | 861,049 | 989,439 |
| Total net revenue | 2,674,859 | 2,122,789 | 1,573,535 |
| Noninterest expense | 2,409,802 | 2,369,002 | 1,837,924 |
| Income (loss) before income taxes | 233,345 | (301,158) | (318,721) |
| Income tax benefit (expense) | 265,320 | 416 | (1,686) |
| Net income (loss) | 498,665 | (300,742) | (320,407) |
| Other comprehensive income (loss) | |||
| Unrealized gains (losses) on available-for-sale debt securities, net | (7,158) | 6,410 | (7,260) |
| Foreign currency translation adjustments, net | 2 | 677 | 435 |
| Total other comprehensive income (loss) | (7,156) | 7,087 | (6,825) |
| Comprehensive income (loss) | 491,509 | (293,655) | (327,232) |
| Parent Company | |||
| Condensed Financial Statements, Captions [Line Items] | |||
| Interest income | 10,058 | 0 | 0 |
| Interest expense | 48,788 | 28,258 | 5,075 |
| Net interest income | (38,730) | (28,258) | (5,075) |
| Noninterest income | 62,279 | 14,832 | 0 |
| Total net revenue | 23,549 | (13,426) | (5,075) |
| Noninterest expense | 50,487 | 169,971 | 42,114 |
| Income (loss) before income taxes | (26,938) | (183,397) | (47,189) |
| Income tax benefit (expense) | 399,862 | 10,696 | 0 |
| Income (loss) before equity in loss of subsidiaries | 372,924 | (172,701) | (47,189) |
| Equity in loss of subsidiaries | 125,741 | (128,041) | (273,218) |
| Net income (loss) | 498,665 | (300,742) | (320,407) |
| Other comprehensive income (loss) | |||
| Unrealized gains (losses) on available-for-sale debt securities, net | (7,158) | 6,410 | (7,260) |
| Foreign currency translation adjustments, net | 2 | 677 | 435 |
| Total other comprehensive income (loss) | (7,156) | 7,087 | (6,825) |
| Comprehensive income (loss) | $ 491,509 | $ (293,655) | $ (327,232) |
Parent Company Condensed Financial Information - Condensed Statements of Cash Flows (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2024 |
Dec. 31, 2023 |
Dec. 31, 2022 |
|
| Operating activities | |||
| Net cash (used in) provided by operating activities | $ (1,119,807) | $ (7,227,139) | $ (7,255,858) |
| Investing activities | |||
| Net cash used in investing activities | (4,820,990) | (1,889,864) | (106,333) |
| Financing activities | |||
| Proceeds from other debt issuances | 845,250 | 339,995 | 439,990 |
| Taxes paid related to net share settlement of share-based awards | (22,601) | (15,300) | (8,983) |
| Payment of redeemable preferred stock dividends | (16,503) | (40,425) | (40,425) |
| Redemption of Series 1 preferred stock | (323,400) | 0 | 0 |
| Purchase of capped calls | (90,649) | 0 | 0 |
| Unwind of capped calls | 10,180 | 0 | 0 |
| Net cash provided by financing activities | 5,034,577 | 10,885,602 | 8,439,485 |
| Effect of exchange rates on cash and cash equivalents | 2 | 677 | 571 |
| Net increase (decrease) in cash, cash equivalents, restricted cash and restricted cash equivalents | (906,218) | 1,769,276 | 1,077,865 |
| Cash, cash equivalents, restricted cash and restricted cash equivalents at beginning of period | 3,615,578 | 1,846,302 | 768,437 |
| Cash, cash equivalents, restricted cash and restricted cash equivalents at end of period | 2,709,360 | 3,615,578 | 1,846,302 |
| Parent Company | |||
| Operating activities | |||
| Net cash (used in) provided by operating activities | (53,292) | (42,618) | 290,298 |
| Investing activities | |||
| Changes in investments in subsidiaries | (336,819) | 79,185 | (284,295) |
| Net cash used in investing activities | (336,819) | 79,185 | (284,295) |
| Financing activities | |||
| Proceeds from other debt issuances | 845,250 | 0 | 0 |
| Taxes paid related to net share settlement of share-based awards | (22,601) | (15,300) | (8,983) |
| Payment of redeemable preferred stock dividends | (16,503) | (20,213) | 0 |
| Redemption of Series 1 preferred stock | (323,400) | 0 | 0 |
| Purchase of capped calls | (90,649) | 0 | 0 |
| Other financing activities | 18,393 | (1,054) | 2,610 |
| Net cash provided by financing activities | 420,670 | (36,567) | (6,373) |
| Effect of exchange rates on cash and cash equivalents | 0 | 0 | 571 |
| Net increase (decrease) in cash, cash equivalents, restricted cash and restricted cash equivalents | 30,559 | 0 | 201 |
| Cash, cash equivalents, restricted cash and restricted cash equivalents at beginning of period | 201 | 201 | 0 |
| Cash, cash equivalents, restricted cash and restricted cash equivalents at end of period | $ 30,760 | $ 201 | $ 201 |
Parent Company Condensed Financial Information - Narrative (Details) - USD ($) $ in Millions |
1 Months Ended | 12 Months Ended | ||||||
|---|---|---|---|---|---|---|---|---|
Aug. 31, 2024 |
Mar. 31, 2024 |
Dec. 31, 2024 |
Dec. 31, 2023 |
Aug. 27, 2024 |
Mar. 08, 2024 |
Mar. 04, 2024 |
Oct. 04, 2021 |
|
| Common Stock | ||||||||
| Debt Instrument [Line Items] | ||||||||
| Extinguishment of convertible notes by issuance of common stock (in shares) | 10,591,795 | 72,621,879 | 83,213,674 | 9,490,000 | ||||
| Convertible senior notes due 2026 | Convertible Debt | ||||||||
| Debt Instrument [Line Items] | ||||||||
| Face amount | $ 428.0 | $ 1,200.0 | ||||||
| Debt repurchased face amount | $ 88.0 | $ 84.0 | $ 600.0 | |||||
| Convertible senior notes due 2029 | Convertible Debt | ||||||||
| Debt Instrument [Line Items] | ||||||||
| Face amount | $ 862.5 | |||||||