Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) - USD ($) $ in Thousands |
Mar. 31, 2024 |
Dec. 31, 2023 |
|---|---|---|
| Investments in available-for-sale securities, fair value | $ 838,506 | $ 595,187 |
| Investments in available-for-sale securities, amortized cost | 839,936 | 596,757 |
| Loans held for investment, allowance for credit loss | 51,313 | 54,695 |
| Other assets, allowance for credit loss | $ 2,109 | $ 1,837 |
| 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) | 3,234,000 | 3,234,000 |
| Redeemable preferred stock, shares outstanding (in shares) | 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) | 1,056,491,365 | 975,861,793 |
| Common stock, shares outstanding (in shares) | 1,056,491,365 | 975,861,793 |
| Redemption amount | $ 323,400 | $ 323,400 |
| Non-Voting Common Stock | ||
| Common stock, shares authorized (in shares) | 100,000,000 | 100,000,000 |
| Common stock, shares issued (in shares) | 0 | 0 |
| Common stock, shares outstanding (in shares) | 0 | 0 |
Condensed Consolidated Statements of Operations and Comprehensive Income (Loss) (Unaudited) - USD ($) $ in Thousands |
3 Months Ended | |
|---|---|---|
Mar. 31, 2024 |
Mar. 31, 2023 |
|
| Interest income | ||
| Loans and securitizations | $ 620,228 | $ 360,396 |
| Other | 45,683 | 11,168 |
| Total interest income | 665,911 | 371,564 |
| Interest expense | ||
| Securitizations and warehouses | 40,921 | 54,324 |
| Deposits | 211,451 | 73,116 |
| Corporate borrowings | 10,711 | 8,000 |
| Other | 110 | 114 |
| Total interest expense | 263,193 | 135,554 |
| Net interest income | 402,718 | 236,010 |
| Noninterest income | ||
| Loan origination, sales, and securitizations | 57,000 | 123,334 |
| Servicing | 6,974 | 12,742 |
| Technology products and solutions | 85,672 | 72,801 |
| Other | 92,631 | 27,271 |
| Total noninterest income | 242,277 | 236,148 |
| Total net revenue | 644,995 | 472,158 |
| Noninterest expense | ||
| Technology and product development | 130,920 | 117,059 |
| Sales and marketing | 167,366 | 175,154 |
| Cost of operations | 100,061 | 83,908 |
| General and administrative | 145,240 | 123,689 |
| Provision for credit losses | 7,182 | 8,407 |
| Total noninterest expense | 550,769 | 508,217 |
| Income (loss) before income taxes | 94,226 | (36,059) |
| Income tax (expense) benefit | (6,183) | 1,637 |
| Net income (loss) | 88,043 | (34,422) |
| Other comprehensive income (loss) | ||
| Unrealized (losses) gains on available-for-sale securities, net | (700) | 2,248 |
| Foreign currency translation adjustments, net | (179) | (293) |
| Total other comprehensive income (loss) | (879) | 1,955 |
| Comprehensive income (loss) | $ 87,164 | $ (32,467) |
| Earnings (loss) per share (Note 16) | ||
| Earnings (loss) per share - basic (in dollars per share) | $ 0.08 | $ (0.05) |
| Earnings (loss) per share - diluted (in dollars per share) | $ 0.02 | $ (0.05) |
| Weighted average common stock outstanding - basic (in shares) | 982,617,492 | 929,270,723 |
| Weighted average common stock outstanding - diluted (in shares) | 1,042,476,501 | 929,270,723 |
Condensed Consolidated Statements of Changes in Temporary Equity and Permanent Equity (Unaudited) - USD ($) $ in Thousands |
Total |
Common Stock |
Additional Paid-In Capital |
Accumulated Other Comprehensive Income (Loss) |
Accumulated Deficit |
||
|---|---|---|---|---|---|---|---|
| Beginning balance (in shares) at Dec. 31, 2022 | 933,896,120 | ||||||
| Beginning balance at Dec. 31, 2022 | $ 5,208,102 | $ 93 | $ 6,719,826 | $ (8,296) | $ (1,503,521) | ||
| Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
| Share-based compensation expense | 70,653 | 70,653 | |||||
| Vesting of RSUs (in shares) | 6,737,174 | ||||||
| Vesting of RSUs | $ 1 | (1) | |||||
| Stock withheld related to taxes on vested RSUs (in shares) | (455,690) | ||||||
| Stock withheld related to taxes on vested RSUs | (2,416) | (2,416) | |||||
| Exercise of common stock options (in shares) | 161,231 | ||||||
| Exercise of common stock options | 168 | 168 | |||||
| Redeemable preferred stock dividends | (9,968) | (9,968) | |||||
| Net income (loss) | (34,422) | (34,422) | |||||
| Other comprehensive income (loss), net of taxes | 1,955 | 1,955 | |||||
| Ending balance (in shares) at Mar. 31, 2023 | 940,338,835 | ||||||
| Ending balance at Mar. 31, 2023 | $ 5,234,072 | $ 94 | 6,778,262 | (6,341) | (1,537,943) | ||
| Temporary equity, beginning balance (in shares) at Dec. 31, 2022 | 3,234,000 | ||||||
| Temporary equity, beginning balance at Dec. 31, 2022 | $ 320,374 | ||||||
| Temporary equity, ending balance (in shares) at Mar. 31, 2023 | 3,234,000 | ||||||
| Temporary equity, ending balance at Mar. 31, 2023 | $ 320,374 | ||||||
| Beginning balance (in shares) at Dec. 31, 2023 | 975,861,793 | 975,861,793 | |||||
| Beginning balance at Dec. 31, 2023 | $ 5,234,612 | $ 97 | 7,039,987 | (1,209) | (1,804,263) | ||
| Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
| Share-based compensation expense | 63,388 | 63,388 | |||||
| Vesting of RSUs (in shares) | 8,360,975 | ||||||
| Vesting of RSUs | $ 1 | (1) | |||||
| Stock withheld related to taxes on vested RSUs (in shares) | (524,837) | ||||||
| Stock withheld related to taxes on vested RSUs | $ (3,760) | (3,760) | |||||
| Exercise of common stock options (in shares) | 171,555 | 171,555 | |||||
| Exercise of common stock options | $ 466 | 466 | |||||
| Extinguishment of convertible notes by issuance of common stock (in shares) | 72,621,879 | ||||||
| Extinguishment of convertible notes by issuance of common stock | 534,283 | $ 7 | 534,276 | ||||
| Purchases of capped calls | (90,649) | (90,649) | |||||
| Unwind of capped calls | 10,180 | 10,180 | |||||
| Redeemable preferred stock dividends | (10,079) | (10,079) | |||||
| Net income (loss) | 88,043 | 88,043 | |||||
| Other comprehensive income (loss), net of taxes | $ (879) | (879) | |||||
| Ending balance (in shares) at Mar. 31, 2024 | 1,056,491,365 | 1,056,491,365 | |||||
| Ending balance at Mar. 31, 2024 | $ 5,825,605 | $ 105 | $ 7,543,808 | $ (2,088) | $ (1,716,220) | ||
| Temporary equity, beginning balance (in shares) at Dec. 31, 2023 | 3,234,000 | ||||||
| Temporary equity, beginning balance at Dec. 31, 2023 | [1] | $ 320,374 | |||||
| Temporary equity, ending balance (in shares) at Mar. 31, 2024 | 3,234,000 | ||||||
| Temporary equity, ending balance at Mar. 31, 2024 | [1] | $ 320,374 | |||||
| |||||||
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) |
3 Months Ended | |
|---|---|---|
Mar. 31, 2024 |
Mar. 31, 2023 |
|
| Operating activities | ||
| Net income (loss) | $ 88,043,000 | $ (34,422,000) |
| Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: | ||
| Share-based compensation expense | 55,082,000 | 64,226,000 |
| Depreciation and amortization | 48,539,000 | 45,321,000 |
| Deferred debt issuance and discount expense | 4,232,000 | 4,852,000 |
| Gain on extinguishment of convertible debt | (59,194,000) | 0 |
| Provision for credit losses | 7,182,000 | 8,407,000 |
| Deferred income taxes | (967,000) | 68,000 |
| Fair value changes in loans held for investment | (33,257,000) | 0 |
| Fair value changes in securitization investments | (1,711,000) | 100,000 |
| Other | (1,713,000) | (2,228,000) |
| Changes in operating assets and liabilities: | ||
| Changes in loans held for sale, net | 244,672,000 | (2,301,031,000) |
| Changes in loans previously classified as held for sale, net | 492,226,000 | 0 |
| Servicing assets | (60,283,000) | 3,340,000 |
| Other assets | (37,192,000) | 15,823,000 |
| Accounts payable, accruals and other liabilities | (7,411,000) | (17,216,000) |
| Net cash provided by (used in) operating activities | 738,248,000 | (2,212,760,000) |
| Investing activities | ||
| Purchases of property, equipment and software | (31,984,000) | (23,720,000) |
| Capitalized software development costs | (2,128,000) | (2,814,000) |
| Purchases of available-for-sale investments | (368,569,000) | (260,608,000) |
| Proceeds from sales of available-for-sale investments | 0 | 265,634,000 |
| Proceeds from maturities and paydowns of available-for-sale investments | 131,317,000 | 20,409,000 |
| Changes in loans held for investment, net | (990,605,000) | (29,544,000) |
| Proceeds from securitization investments | 9,483,000 | 15,999,000 |
| Proceeds from non-securitization investments | 2,517,000 | 0 |
| Purchases of non-securitization investments | (11,215,000) | (7,563,000) |
| Acquisition of businesses, net of cash acquired | 0 | (17,946,000) |
| Net cash used in investing activities | (1,261,184,000) | (40,153,000) |
| Financing activities | ||
| Net change in deposits | 2,896,894,000 | 2,754,540,000 |
| Net change in debt facilities | (2,427,339,000) | 444,106,000 |
| Proceeds from other debt issuances | 845,250,000 | 339,995,000 |
| Repayment of other debt | (170,447,000) | (147,985,000) |
| Payment of debt issuance costs | (5,020,000) | (3,865,000) |
| Purchase of capped calls | (90,649,000) | 0 |
| Unwind of capped calls | 10,180,000 | 0 |
| Taxes paid related to net share settlement of share-based awards | (3,760,000) | (2,416,000) |
| Proceeds from stock option exercises | 466,000 | 168,000 |
| Finance lease principal payments | (130,000) | (125,000) |
| Net cash provided by financing activities | 1,055,445,000 | 3,384,418,000 |
| Effect of exchange rates on cash and cash equivalents | (179,000) | (293,000) |
| Net increase in cash, cash equivalents, restricted cash and restricted cash equivalents | 532,330,000 | 1,131,212,000 |
| Cash, cash equivalents, restricted cash and restricted cash equivalents at beginning of period | 3,615,578,000 | 1,846,302,000 |
| Cash, cash equivalents, restricted cash and restricted cash equivalents at end of period | 4,147,908,000 | 2,977,514,000 |
| Reconciliation to amounts on condensed consolidated balance sheets (as of period end) | ||
| Cash and cash equivalents | 3,693,390,000 | 2,487,778,000 |
| Restricted cash and restricted cash equivalents | 454,518,000 | 489,736,000 |
| Total cash, cash equivalents, restricted cash and restricted cash equivalents | 4,147,908,000 | 2,977,514,000 |
| Supplemental non-cash investing and financing activities | ||
| Extinguishment of convertible notes by issuance of common stock | 593,910,000 | 0 |
| Deposits credited but not yet received in cash | 87,038,000 | 39,701,000 |
| Share-based compensation capitalized related to internally-developed software | $ 8,306,000 | $ 6,427,000 |
Organization, Summary of Significant Accounting Policies and New Accounting Standards |
3 Months Ended | ||||||
|---|---|---|---|---|---|---|---|
Mar. 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 17. Business Segment Information. Summary of Significant Accounting Policies Basis of Presentation The condensed consolidated financial statements include the accounts of the Company, its wholly-owned and majority-owned subsidiaries and certain consolidated VIEs. All intercompany accounts were eliminated in consolidation. The condensed consolidated financial statements were prepared in conformity with GAAP and in accordance with the rules and regulations of the SEC. We condensed or omitted certain notes and other financial information from the interim financial statements presented herein. These condensed consolidated financial statements should be read in conjunction with the consolidated statements included in our annual filing on Form 10-K filed with the SEC on February 27, 2024 (“Form 10-K”). In the opinion of management, the condensed consolidated financial statements reflect all adjustments, which are of a normal recurring nature, necessary for a fair presentation of the Company’s financial condition and results of operations and cash flows for the interim periods presented. The results for the three months ended March 31, 2024 are not necessarily indicative of the results to be expected for the full year ending December 31, 2024. In our unaudited condensed consolidated statements of cash flows, we reclassified amounts related to fair value changes in residual interests classified as debt into other within the adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities. The prior period amount was recast to conform to the current period presentation. There was no impact to net cash provided by (used in) operating activities. Use of Judgments, Assumptions and Estimates The preparation of our condensed consolidated financial statements and related disclosures in conformity with GAAP requires management to make assumptions and estimates that affect the reported amounts of assets, liabilities, revenue and expenses as well as the disclosures of contingent assets and liabilities. These estimates and assumptions are inherently subjective in nature; therefore, actual results may differ from our estimates and assumptions, and the differences could be material. Management bases its estimates on historical experience and on various other factors it believes to be reasonable under the circumstances. These assumptions and estimates include, but are not limited to, the following: (i) fair value measurements, (ii) business combinations, and (iii) goodwill. Borrowings and Financing Costs Convertible Senior Notes In March 2024, we issued $862.5 million aggregate principal amount of convertible senior notes due 2029 (the “2029 convertible notes”). The 2029 convertible notes will mature on March 15, 2029, unless earlier repurchased, redeemed or converted. We will settle conversions by paying or delivering cash, and if applicable, shares of our common stock, based on the applicable conversion rate. The 2029 convertible notes will also be redeemable, in whole or in part, at our option at any time, and from time to time, on or after March 15, 2027 through the 30th scheduled trading day immediately before the maturity date, at a cash redemption price equal to the principal amount of the convertible notes to be redeemed, plus accrued and unpaid interest, if any, thereon to, but excluding, the redemption date, but only if certain liquidity conditions described in the indenture are satisfied and certain conditions are met with respect to the last reported sale price per share of our common stock prior to conversion. See Note 9. Debt for more detailed disclosure of the term and features of the 2029 convertible notes. We concluded that the conversion rights, optional redemption rights, and contingent repurchase rights did not require bifurcation as derivative instruments, which we reevaluate each reporting period. The additional interest and special interest that accrue on the notes in the event of our failure to comply with certain registration or reporting requirements are required to be bifurcated from the host contract, as the reporting requirement triggering event is not clearly and closely related to the host convertible debt contract. The value was determined to be immaterial; therefore, we accounted for the 2029 convertible notes wholly as debt, which was recognized on the settlement date. Accordingly, we allocated all debt issuance costs to the debt instrument. In connection with the pricing of the 2029 convertible notes, we entered into privately negotiated capped call transactions with certain financial institutions, as defined and further discussed below. Capped Call Transactions In March 2024, we entered into privately negotiated capped call transactions (the “2029 capped call transactions”) with certain financial institutions (the “capped call counterparties”). The 2029 capped call transactions initially cover, subject to customary anti-dilution adjustments, the number of shares of our common stock that initially underlie the convertible notes. The capped call transactions are net purchased call options on our own common stock. The 2029 capped call transactions are separate transactions entered into by the Company with each of the capped call counterparties, are not part of the terms of the 2029 convertible notes, and do not affect any holder’s rights under the 2029 convertible notes. Holders of the 2029 convertible notes do not have any rights with respect to the 2029 capped call transactions. See Note 10. Equity for additional information. As the 2029 capped call transactions are legally detachable and separately exercisable from the 2029 convertible notes, they were evaluated as freestanding instruments. We concluded that the 2029 capped call transactions meet the scope exceptions for derivative instruments, and as such, the capped call transactions meet the criteria for classification in equity and are included as a reduction to additional paid-in capital. Recent Accounting Standards Issued, But Not Yet Adopted Improvements to Reportable Segment Disclosures In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280) — Improvements to Reportable Segment Disclosures. The ASU improves reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses. The standard is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. The standard should be applied retrospectively to all prior periods presented in the financial statements. We are currently evaluating the impact of this amendment on our consolidated financial statements. Improvements to Income Tax Disclosures In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740) — Improvements to Income Tax Disclosures. The ASU improves income tax disclosures primarily related to enhancements of the rate reconciliation and income taxes paid information. The standard is effective for annual periods beginning after December 15, 2024. The standard should be applied on a prospective basis with the option to apply the standard retrospectively. We are currently evaluating the impact of this amendment on our consolidated financial statements.
|
||||||
Business Combinations |
3 Months Ended | ||||||
|---|---|---|---|---|---|---|---|
Mar. 31, 2024 | |||||||
| Business Combination and Asset Acquisition [Abstract] | |||||||
| Business Combinations | Note 2. Business Combinations Acquisition of Wyndham Capital Mortgage On April 3, 2023, we acquired all of the outstanding equity interests in Wyndham for cash consideration. With the acquisition of Wyndham, a fintech mortgage lender, we broadened our suite of home loan products and now manage the technology for a digitized mortgage experience. The acquisition was accounted for as a business combination. The purchase consideration was allocated to the tangible and intangible assets acquired and liabilities assumed based on the estimated fair values as of the acquisition date. The excess of the total purchase consideration over the fair value of the net assets acquired is allocated to goodwill, which is deductible for tax purposes. No adjustments were made to the fair value of the net assets during the year subsequent to the acquisition. The acquisition was not determined to be a significant acquisition. Acquisition of Technisys S.A. There were 6,305,595 shares issued in the acquisition of Technisys that were held in escrow. During the year ended December 31, 2023, we released 6,259,736 of the escrow shares. The remaining 45,859 shares continue to be held in escrow pending resolution of outstanding indemnification claims by SoFi. Goodwill and Intangible Assets Goodwill as of both March 31, 2024 and December 31, 2023 was $1,393,505. As of March 31, 2024, goodwill attributable to the Lending, Technology Platform and Financial Services reportable segments was $17,688, $1,338,658 and $37,159, respectively. Management does not believe that the goodwill in any of the reporting units is impaired as of March 31, 2024.
|
||||||
Revenue |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Mar. 31, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Revenue from Contract with Customer [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| 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. Our arrangements are discussed in our Annual Report on Form 10-K, with notable updates provided herein. Disaggregated Revenue The table below presents revenue from contracts with customers disaggregated by type of service, which best depicts how the revenue and cash flows are affected by economic factors, and by the reportable segment to which each revenue stream relates, as well as a reconciliation of total revenue from contracts with customers to total noninterest income. Revenue from contracts with customers is presented within noninterest income—technology products and solutions and noninterest income—other in the condensed consolidated statements of operations and comprehensive income (loss). There were no revenues from contracts with customers attributable to our Lending segment for any of the periods presented.
(1) Financial Services includes revenues from enterprise services and equity capital markets services. Technology Platform includes revenues from software licenses and associated services, and payment network fees for serving as a transaction card program manager for enterprise customers that are the program marketers for separate card programs. (2) Related to these technology platform services, we had deferred revenue of $5,655 and $5,718 as of March 31, 2024 and December 31, 2023, respectively, which are presented within accounts payable, accruals and other liabilities in the condensed consolidated balance sheets. We recognized revenue of $1,300 and $2,340 during the three months ended March 31, 2024 and 2023, respectively, associated with deferred revenue within noninterest income—technology products and solutions in the condensed consolidated statements of operations and comprehensive income (loss). Contract Balances As of March 31, 2024 and December 31, 2023, accounts receivable, net associated with revenue from contracts with customers was $66,323 and $60,466, respectively, reported within other assets in the condensed consolidated balance sheets.
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Loans |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Mar. 31, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Receivables [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Loans | Note 4. Loans As of March 31, 2024, our loan portfolio consisted of (i) loans held for sale, including personal loans and home loans, which are measured at fair value under the fair value option, (ii) loans held for investment, including student loans, which are measured at fair value under the fair value option, and (iii) loans held for investment, including senior secured loans, credit cards, and commercial and consumer banking loans, which are measured at amortized cost. Below is a disaggregated presentation of our loans, inclusive of fair market value adjustments and accrued interest income and net of the allowance for credit losses, as applicable:
_____________________ (1) Includes $388,980 and $502,757 of personal loans in consolidated VIEs as of March 31, 2024 and December 31, 2023, respectively. (2) See Note 5. Allowance for Credit Losses for additional information on our loans at amortized cost as it pertains to the allowance for credit losses. (3) Includes $2,343,557 and $2,459,103 of student loans covered by financial guarantee, and $158,191 and $221,461 of student loans in consolidated VIEs as of March 31, 2024 and December 31, 2023, respectively. Loans Measured at Fair Value The following table summarizes the aggregate fair value of our loans, for which we elected the fair value option. See Note 12. Fair Value Measurements for the assumptions used in our fair value model.
__________________ (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 loss. As such, the $93.1 million fair value adjustment as of March 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 our Annual Report on Form 10-K 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 during the three months ended March 31, 2024. There were no loan securitization transfers qualifying for sale accounting treatment during the three months ended March 31, 2023.
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 condensed consolidated statements of operations and comprehensive income (loss). During the three months ended March 31, 2024, we had deconsolidation of debt on student loans of $42.1 million. The impact on earnings from this deconsolidation was immaterial. During the three months ended March 31, 2023, we did not have any deconsolidations of debt. The following table summarizes our current whole loan sales:
The following table summarizes our delinquent whole loan sales during the three months ended March 31, 2024. There were no delinquent whole loan sales during the three months ended March 31, 2023.
__________________ (1) Includes $62.5 million of aggregate unpaid principal balance sold, related to late-stage delinquent loans for which we retained servicing and portions of recoveries. $43.2 million of the $62.5 million of unpaid principal balance was recorded in prior periods as a write down in noninterest income—loan origination, sales, and securitizations in the condensed consolidated statements of operations and comprehensive income (loss). These loans were sold prior to charge-off during the three months ended March 31, 2024, and otherwise would have been charged off as of March 31, 2024 consistent with our policy. In our other charged off whole loan sales, we typically do not retain servicing or recoveries. For certain transferred loans that qualified for sale accounting and are, therefore, off-balance sheet, 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)All of the credit cards ≥ 90 days past due continued to accrue interest. As of the dates indicated, there were no credit cards on nonaccrual status. As of the dates indicated, commercial and consumer banking loans on nonaccrual status were immaterial. (2)For credit card, the balance is presented before allowance for credit losses of $49,092 and $52,385 as of March 31, 2024 and December 31, 2023, respectively, and accrued interest of $4,937 and $5,288, respectively. For senior secured loans, the balance is presented before accrued interest of $1,292 and $730 as of March 31, 2024 and December 31, 2023, respectively. For commercial and consumer banking, the balance is presented before allowance for credit losses of $2,221 and $2,310 as of March 31, 2024 and December 31, 2023, respectively, and accrued interest of $479 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:
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Allowance for Credit Losses |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Mar. 31, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| 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 acquired in the Bank Merger, 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. See our Annual Report on Form 10-K for further discussion of the methodology and policies for determining our allowance for credit losses for each of our loan portfolios. 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 condensed consolidated balance sheets. Accounts receivable balances, net of allowance for credit losses, are presented within other assets in the condensed consolidated balance sheets. (2)The provision for credit losses on credit cards and commercial and consumer banking loans is presented within noninterest expense—provision for credit losses in the condensed consolidated statements of operations and comprehensive income (loss). During the three months ended March 31, 2024, recoveries of amounts previously reserved related to credit cards were $1,083, and immaterial during the three months ended March 31, 2023. There were immaterial recoveries of amounts previously reserved related to commercial and consumer banking loans during the three months ended March 31, 2024 and 2023. The provision for credit losses on accounts receivable is presented within noninterest expense—general and administrative in the condensed consolidated statements of operations and comprehensive income (loss). During the three months ended March 31, 2024 and 2023, recoveries of amounts previously reserved related to accounts receivable were $497 and $1,161, respectively. Credit card: Accrued interest receivables written off by reversing interest income were $2.5 million and $2.2 million during the three months ended March 31, 2024 and 2023, respectively.
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investments Securities |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Mar. 31, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Investments, Debt and Equity Securities [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Investments Securities | Note 6. Investment Securities Investments in AFS Debt Securities The following table presents our investments in AFS debt securities:
_____________________ (1) As of March 31, 2024 and December 31, 2023, we concluded that there was no credit loss attributable to securities in unrealized loss positions, as (i) 97% and 92% of the amortized cost basis of our investments as of March 31, 2024 and December 31, 2023, respectively, was composed of U.S. Treasury securities and agency mortgage-backed securities, 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 March 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 $1,476 as of March 31, 2024. Gross realized gains and losses on our investments in AFS debt securities were immaterial during the three months ended March 31, 2024, and were $3,356 and $509, respectively, during the three months ended March 31, 2023. During the three months ended March 31, 2024 and 2023, there were no transfers between classifications of our investments in AFS debt securities. See Note 10. Equity for unrealized gains and losses on our investments in AFS debt securities and amounts reclassified out of AOCI. Securitization Investments The following table presents 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 condensed consolidated balance sheets:
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Securitization and Variable Interest Entities |
3 Months Ended | ||||||
|---|---|---|---|---|---|---|---|
Mar. 31, 2024 | |||||||
| 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. 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 exposure to credit risk in sponsoring SPEs is limited to our investment in the VIE. VIE creditors have no recourse against our general credit. As of March 31, 2024 and December 31, 2023, we had five and six consolidated VIEs, respectively, on our condensed consolidated balance sheets. During the three months ended March 31, 2024, we exercised a securitization clean up call related to one consolidated VIE. The assets of consolidated VIEs that were included in our condensed consolidated balance sheets may only be used to settle obligations of consolidated VIEs and were in excess of those obligations as of March 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, as we own collateralized notes and residual certificates in the loan trusts that absorb variability. We also have continuing, non-controlling involvement with the trusts as the servicer. As servicer, 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. This financial interest represents 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 VIEs is limited to our investment. 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 March 31, 2024 and December 31, 2023, we had investments in 24 and 22 nonconsolidated VIEs, respectively. During the three months ended March 31, 2024, we established two nonconsolidated trusts.
|
||||||
Deposits |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Mar. 31, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Deposits [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Deposits | Note 8. 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 a detail of interest-bearing deposits:
(1) As of March 31, 2024 and December 31, 2023, includes brokered deposits of $2,644,040 and $3,160,414, respectively, of which $2,447,328 and $2,971,462, respectively, are time deposits and $196,712 and $188,952, respectively, are demand deposits. (2) As of March 31, 2024 and December 31, 2023, the amount of time deposits that exceeded the insured limit (referred to as “uninsured deposits”) totaled $15,767 and $21,268, respectively. As of March 31, 2024, future maturities of our total time deposits were as follows:
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Mar. 31, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Debt Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Debt | Note 9. Debt The following table summarizes the components of our debt:
(1)As of March 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 March 31, 2024. The interest on our variable-rate debt is typically designed as a reference rate plus a spread. Reference rates as of March 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 65 bps on our various warehouse facilities are recognized within noninterest expense—general and administrative in our condensed consolidated statements of operations and comprehensive income (loss). (3)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. (4)There were $17.3 million of debt discounts issued during the three months ended March 31, 2024. (5)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. (6)As of March 31, 2024, $13.1 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 15. 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. (7)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 condensed consolidated statements of operations and comprehensive income (loss) using the effective interest method over the contractual term of the notes. For the three months ended March 31, 2024 and March 31, 2023, total interest expense on the convertible notes was $1.2 million and $1.3 million, respectively. For the three months ended March 31, 2024 and March 31, 2023, interest expense was related to amortization of debt discount and issuance costs, and the effective interest rate was 0.92% and 0.42%, respectively. As of March 31, 2024 and December 31, 2023, unamortized debt discount and issuance costs were $5.7 million and $13.3 million, respectively, and the net carrying amount was $506.3 million and $1.1 billion, respectively. (8)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 condensed consolidated statements of operations and comprehensive income (loss) using the effective interest method over the contractual term of the notes. For the three months ended March 31, 2024, total interest expense on the convertible notes was $1.0 million and the effective interest rate was 1.37%. As of March 31, 2024, unamortized debt discount and issuance costs were $21.5 million, and the net carrying amount was $841.0 million. (9)Includes $54.3 million of loans and $115.7 million of investment securities pledged as collateral to secure $151.0 million of available borrowing capacity with the FHLB, of which $27.2 million was not available as it was utilized to secure letters of credit. Refer to our letter of credit disclosures in Note 15. Commitments, Guarantees, Concentrations and Contingencies for more details. Also includes unsecured available borrowing capacity of $50.0 million with correspondent banks. 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. 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. Following these repurchases, $512.0 million aggregate principal amount of the 2026 convertible notes remain outstanding. 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 $59.2 million recorded within noninterest income—other in the condensed consolidated statements of operations and comprehensive income (loss) for the three months ended March 31, 2024. 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 10. Equity for additional detail. As of March 31, 2024, the 2026 convertible notes are potentially convertible into 22,841,631 shares of common stock. 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 condensed 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 10. 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 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. 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 During the three months ended March 31, 2024, we closed two warehouse facilities which had an aggregate maximum available capacity of $400.0 million, and closed one risk retention warehouse facility. 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 condensed 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 March 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:
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Equity |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Mar. 31, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Equity [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Equity | Note 10. 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 remains classified as temporary equity because the Series 1 Redeemable Preferred Stock is not fully controlled by the issuer, SoFi Technologies. As of March 31, 2024, there were 3,234,000 shares of Series 1 Redeemable Preferred Stock issued and outstanding, which had an original issuance price of $100.00. See Note 18. Subsequent Events for additional information. Dividends During the three months ended March 31, 2024 and 2023, the Series 1 preferred stockholders were entitled to dividends of $10,079 and $9,968, respectively. Dividends payable were $10,079 as of March 31, 2024. There were no dividends payable as of December 31, 2023. 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 March 31, 2024, the Company had 1,056,491,365 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 March 31, 2024, the 2026 convertible notes are potentially convertible into 22,841,631 shares of common stock, and there are no shares of common stock expected to be issued relating to the 2029 convertible notes, as there was no amount in excess of the expected cash redemption price which would require share settlement. See Note 9. Debt for additional information. 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. There were no dividends declared or paid to common stockholders during the three months ended March 31, 2024 and 2023. 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 condensed consolidated statements of operations and comprehensive income (loss). There were no reclassifications related to foreign currency translation adjustments during the three months ended March 31, 2024 and 2023. (2)There were no material tax impacts during any of the periods presented due to reserves against deferred tax assets in jurisdictions where other comprehensive loss activity was generated.
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Derivative Financial Instruments |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Mar. 31, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Derivative Instruments and Hedging Activities Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Derivative Financial Instruments | Note 11. 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 condensed consolidated statements of operations and comprehensive income (loss). (2) Represents derivative contracts to manage securitization investment interest rate risk, which are recorded within noninterest income—loan origination, sales, and securitizations in the condensed consolidated statements of operations and comprehensive income (loss). (3) 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. (4) Includes amounts recorded within noninterest income—other, noninterest expense—cost of operations and noninterest expense—general and administrative in the condensed 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. Certain derivative instruments are subject to enforceable master netting arrangements. Accordingly, we present our net asset or liability position by counterparty in the condensed consolidated balance sheets. Additionally, since our cash collateral balances do not approximate the fair value of the derivative position, we do not offset our right to reclaim cash collateral or obligation to return cash collateral against recognized derivative assets or liabilities. The following table presents information about derivative instruments subject to enforceable master netting arrangements:
_____________________ (1) As of March 31, 2024, we had a cash collateral requirement related to these instruments of $2,970. We did not have a cash collateral requirement related to these instruments as of 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 12. Fair Value Measurements for additional information on our derivative assets and liabilities.
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value Measurements |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Mar. 31, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Fair Value Measurements | Note 12. 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 condensed 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 condensed 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 are classified as Level 2 due to observable pricing sources utilized by management. Personal loans and student 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. (5)These assets and liabilities are presented within other assets and accounts payable, accruals and other liabilities, respectively, in the condensed 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 11. 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 March 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. (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 were 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. (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 March 31, 2024 and December 31, 2023, the unpaid principal related to debt measured at fair value was $114,960 and $128,619, respectively. For the three months ended March 31, 2024, losses from changes in fair value were $1,427. 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 three months ended March 31, 2024 and March 31, 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). We did not have any transfers into or out of Level 3 during the periods presented.
(1)For loans at fair value, purchases reflect unpaid principal balance and relate to previously transferred loans. Purchase activity included elective repurchases of $16.6 million during the three months ended March 31, 2024, and securitization clean-up calls of $39.9 million during the three months ended March 31, 2023. 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. 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 condensed consolidated statements of operations and comprehensive income (loss). (2)For servicing rights, impacts on earnings are recorded within noninterest income—servicing in the condensed 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 condensed 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 three months ended March 31, 2024 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 condensed consolidated statements of operations and comprehensive income (loss). (5)For third party warrants, impacts on earnings are recorded within noninterest income—other in the condensed consolidated statements of operations and comprehensive income (loss). (6)During the fourth quarter of 2023, we transferred home loans out of Level 3 into Level 2 relating to an update to observable pricing sources utilized by management, as part of the integration of Wyndham. (7)For purchase price earn out, impacts on earnings are recorded within noninterest income—loan origination, sales, and securitizations in the condensed 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 were $40,824 during the three months ended March 31, 2024, and $(50,529) during the three months ended March 31, 2023. 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:
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 $6,459 as of March 31, 2024. See Note 11. 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. 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 condensed 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 senior 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 condensed 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 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 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 $23,085 and $22,920 as of March 31, 2024 and December 31, 2023, respectively, which are presented within other assets in the condensed 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 $19,739 investment valued under the measurement alternative method during 2022 that was a former equity method investment.
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Share-Based Compensation |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Mar. 31, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Share-Based Payment Arrangement [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Share-Based Compensation | Note 13. Share-Based Compensation The 2021 Stock Option and Incentive Plan (the “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. Share-based compensation expense related to stock options, RSUs and PSUs is presented within the following line items in the condensed consolidated statements of operations and comprehensive income (loss):
Total compensation and benefits, inclusive of share-based compensation expense, was $208,246 for the three months ended March 31, 2024 and $216,415 for the three months ended March 31, 2023. 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 condensed consolidated statements of operations and comprehensive income (loss). Stock Options The following is a summary of stock option activity:
Total compensation cost related to unvested stock options not yet recognized as of March 31, 2024 was immaterial. 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. 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 three months ended March 31, 2024 was $69.0 million. As of March 31, 2024, there was $525.4 million of unrecognized compensation cost related to unvested RSUs, inclusive of DSUs, which will be recognized over a weighted average period of approximately 2.3 years. Performance Stock Units 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. During 2024, we granted PSUs that will vest, if at all, in January 2027, subject to the achievement of specified performance goals, such as growth in total book value and maintaining a minimum total risk weighted capital ratio during a three-year measurement period commencing January 2024. 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. As of March 31, 2024, there was $8.8 million of unrecognized compensation cost related to unvested PSUs, which will be recognized over a weighted average period of approximately 2.2 years.
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Income Taxes |
3 Months Ended | ||||||
|---|---|---|---|---|---|---|---|
Mar. 31, 2024 | |||||||
| Income Tax Disclosure [Abstract] | |||||||
| Income Taxes | Note 14. Income Taxes For interim periods, we follow the general recognition approach whereby tax expense is recognized using an estimated annual effective tax rate, which is applied to the year-to-date operating results. Additionally, we recognize tax expense or benefit for any discrete items occurring within the interim period that were excluded from the estimated annual effective tax rate. Our effective tax rate may be subject to fluctuations during the year due to impacts from the following items: (i) changes in forecasted pre-tax and taxable income or loss, (ii) changes in statutory law or regulations in jurisdictions where we operate, (iii) audits or settlements with taxing authorities, (iv) the tax impact of expanded product offerings or business acquisitions, and (v) changes in valuation allowance assumptions. For the three months ended March 31, 2024 and 2023, we recorded income tax (expense) benefit of $(6,183) and $1,637, respectively. Our income tax positions in both the 2024 and 2023 periods were impacted by income tax expenses associated with the profitability of SoFi Bank in state jurisdictions where separate filings are required, as well as federal taxes where our tax credits and loss carryforwards may be limited. Our income tax benefit position in the 2023 period was primarily attributable to income tax benefits from foreign losses in jurisdictions with net deferred tax liabilities related to Technisys. There were no material changes to our unrecognized tax benefits during the three months ended March 31, 2024, and we do not expect any other significant increases or decreases to unrecognized tax benefits within the next twelve months. Valuation allowances are established when necessary to reduce deferred tax assets to the amounts that are more likely than not expected to be realized. In making such a determination of whether a valuation allowance is necessary, the Company considers all available positive and negative evidence supporting the allowance (e.g., the results of recent operations and future forecasts). If the Company determines that it is able to realize its deferred tax assets in the future in excess of the net recorded amount, the Company decreases the deferred tax asset valuation allowance, which reduces the provision for income taxes. During the three months ended March 31, 2024, we maintained a full valuation allowance against our net deferred tax assets in applicable jurisdictions. In certain foreign and state jurisdictions where sufficient deferred tax liabilities exist, no valuation allowance is recognized. We will continue to recognize a full valuation allowance until there is sufficient positive evidence to support its release.
|
||||||
Commitments, Guarantees, Concentrations and Contingencies |
3 Months Ended | ||||||
|---|---|---|---|---|---|---|---|
Mar. 31, 2024 | |||||||
| Commitments and Contingencies Disclosure [Abstract] | |||||||
| Commitments, Guarantees, Concentrations and Contingencies | Note 15. Commitments, Guarantees, Concentrations and Contingencies Our leases consist of operating and finance leases, the latter of which expire in 2040. Operating Leases We primarily lease our office premises under multi-year, non-cancelable operating leases. Our operating leases have terms expiring from 2024 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. Associated with these leases, we obtained non-cash operating lease ROU assets in exchange for operating lease liabilities of $1,666 during the three months ended March 31, 2024. Occupancy Occupancy-related costs, which primarily relate to the operations of our leased office spaces, were $7,758 and $7,207 during the three months ended March 31, 2024 and 2023, 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 condensed consolidated statements of operations and comprehensive income (loss). 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, which are disclosed in our Annual Report on Form 10-K. In the event of a repurchase, we are typically required to pay the purchase price of the loans transferred. As of March 31, 2024 and December 31, 2023, we accrued liabilities within accounts payable, accruals and other liabilities in the condensed consolidated balance sheets of $7.1 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 condensed consolidated statements of operations and comprehensive income (loss). As of March 31, 2024 and December 31, 2023, the amounts associated with loans sold that were subject to the terms and conditions of our repurchase obligations totaled $8.3 billion and $6.7 billion, respectively. As of March 31, 2024 and December 31, 2023, we had a total of $6.4 million 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 of our cash as of March 31, 2024 and December 31, 2023, which is included within restricted cash and restricted cash equivalents in the condensed consolidated balance sheets. As of March 31, 2024 and December 31, 2023, we had a total of $27.2 million in letters of credit outstanding with the FHLB, which serve as collateral for public deposits and were collateralized by loans. Commitments 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 March 31, 2024, we funded $2.8 million of loans, which are presented within loans held for investment, at amortized cost in the condensed consolidated balance sheets, and had $17.2 million of the total $20.0 million commitment outstanding. 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 March 31, 2024 and December 31, 2023, we were in compliance with all minimum net worth requirements; therefore, we have not accrued any liabilities related to fines or penalties.
|
||||||
Earnings (Loss) Per Share |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Mar. 31, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Earnings Per Share [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Earnings (Loss) Per Share | Note 16. Earnings (Loss) Per Share We compute earnings (loss) per share attributable to common stock using the two-class method required for participating interests. Series 1 Redeemable Preferred Stock has preferential cumulative dividend rights. For each period presented, we increased net income (loss) by the contractual amount of dividends payable to holders of Series 1 Redeemable Preferred Stock. Basic loss per share of common stock is computed by dividing net income (loss), adjusted for the impact of Series 1 Redeemable Preferred Stock dividends, by the weighted average number of shares of common stock outstanding during the period. Diluted earnings (loss) per share of common stock is computed by dividing net income, adjusted for the impact of Series 1 Redeemable Preferred Stock dividends, by the weighted average number of shares of common stock outstanding during the period plus amounts representing the dilutive effect of contingently issuable shares including PSU awards which require future service as a condition of delivery of the underlying common stock, RSUs, outstanding options, outstanding warrants and dilution resulting from the conversion of convertible notes, if applicable. 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 earnings (loss) per share 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)For the three months ended March 31, 2024, diluted earnings per share of $0.02 and diluted net income attributable to common stockholders of $22,523 exclude gain on extinguishment of debt, net of tax, associated with convertible note activity during the period, as well as interest expense incurred, net of tax, related to convertible notes due 2026. (2)During the three months ended March 31, 2024 and March 31, 2023, 81.0 million and 194.8 million shares, respectively, were excluded from the computation of diluted earnings per share, as the effect would have been anti-dilutive. The following table presents all potentially dilutive stock elements, and reflect the number of instruments outstanding at the end of the period.
________________________ (1)As of March 31, 2024, includes DSUs granted to non-employee directors. See Note 13. Share-Based Compensation for additional information. (2)Represents the shares of common stock issuable upon conversion of all convertible notes at the conversion rate in effect at the date indicated. As of March 31, 2024, the 2026 convertible notes are potentially convertible into 22,841,631 shares of common stock, and there are no shares of common stock expected to be issued relating to the 2029 convertible notes, as there was no amount in excess of the expected cash redemption price which would require share settlement. See Note 9. Debt for additional information. (3)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.
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Business Segment Information |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Mar. 31, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Business Segment Information | Note 17. Business Segment 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. 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 the Corporate/Other non-reportable segment. Contribution profit (loss) is the primary measure of segment profit and loss reviewed by the CODM and is intended to measure the direct profitability of each segment in the manner in which management evaluates performance and makes decisions about funding our operations and allocating resources. 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 primarily include compensation and benefits and sales and marketing, 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, lead generation 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. We apply an FTP framework to attribute net interest income to our business segments based on their usage and/or provision of funding. 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. 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. 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. 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. Our CODM considers net interest income in addition to contribution profit in evaluating the performance of our Lending segment and making resource allocation decisions. Therefore, we present interest income net of interest expense. Technology Platform. The Technology Platform segment includes: (i) technology products and solutions revenue, which is primarily related to our 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 the provision of related technology solutions, 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. See Note 2. Business Combinations for additional information on the Technisys Merger. Financial Services. The Financial Services segment primarily includes our SoFi Money product (primarily inclusive of checking and savings accounts, as well as cash management accounts), SoFi Invest product, SoFi Credit Card product, SoFi Relay personal finance management product and other financial services, such as lead generation and content for other financial services institutions and our members. Checking and savings provides members a digital banking experience that offers no account fees, 2-day early paycheck and a competitive annual percentage yield. SoFi Money cash management provides members a digital cash management experience. SoFi Invest provides investment features and financial planning services that we offer to 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 fees related to pay for order flow and share lending arrangements in SoFi Invest. We also earn referral fees in connection with referral activity we facilitate through our platform. Our CODM considers net interest income in addition to contribution profit (loss) in evaluating the performance of our Financial Services segment and making resource allocation decisions. 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. Non-segment operations are classified as Corporate/Other, which includes net revenues associated with corporate functions that are not directly related to a reportable segment. 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:
____________________ (1)Within the Technology Platform segment, intercompany fees were $7,001 for the three months ended March 31, 2024 and $3,741 for the three months ended March 31, 2023. 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)Reflects changes in fair value inputs and assumptions, including market servicing costs, conditional prepayment, default rates and discount rates. This non-cash change, which is recorded within noninterest income in the condensed consolidated statements of operations and comprehensive income (loss), is unrealized during the period and, therefore, has no impact on our cash flows from operations. As such, the changes in fair value attributable to assumption changes are adjusted to provide management and financial users with better visibility into the cash flows available to finance our operations. (4)Reflects changes in fair value inputs and assumptions, including conditional prepayment, default rates and discount rates. When third parties finance our consolidated VIEs through purchasing residual interests, we receive proceeds at the time of the securitization close and, thereafter, pass along contractual cash flows to the residual interest owner. These obligations are measured at fair value on a recurring basis, with fair value changes recorded within noninterest income in the condensed consolidated statements of operations and comprehensive income (loss). The fair value change attributable to assumption changes has no impact on our initial financing proceeds, our future obligations to the residual interest owner (because future residual interest claims are limited to securitization collateral cash flows), or the general operations of our business. As such, this non-cash change in fair value during the period is adjusted to provide management and financial users with better visibility into the cash flows available to finance our operations. The following table reconciles reportable segments total contribution profit to 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 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, corporate and FDIC insurance costs, foreign currency translation adjustments and transaction-related expenses.
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Subsequent Events |
3 Months Ended | ||||||
|---|---|---|---|---|---|---|---|
Mar. 31, 2024 | |||||||
| Subsequent Events [Abstract] | |||||||
| Subsequent Events | Note 18. Subsequent Events On April 22, 2024, the Company notified holders of its Series 1 Redeemable Preferred Stock that it intends to redeem all of the 3,234,000 shares of Series 1 Preferred Stock outstanding on May 29, 2024 at the “Series 1 Redemption Price”, determined in accordance with the Certificate of Incorporation, of (i) $100 per share of Series 1 Redeemable Preferred Stock plus (ii) an amount in cash equal to any accumulated and compounded (if applicable) and unpaid dividends on the Series 1 Redeemable Preferred Stock to, but excluding, the payment date, which is equal to approximately $105.1027 per share and an aggregate payment of $339.9 million.
|
||||||
Pay vs Performance Disclosure - USD ($) $ in Thousands |
3 Months Ended | |
|---|---|---|
Mar. 31, 2024 |
Mar. 31, 2023 |
|
| Pay vs Performance Disclosure | ||
| Net income (loss) | $ 88,043 | $ (34,422) |
Insider Trading Arrangements |
3 Months Ended |
|---|---|
Mar. 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 |
Organization, Summary of Significant Accounting Policies and New Accounting Standards (Policies) |
3 Months Ended |
|---|---|
Mar. 31, 2024 | |
| Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
| Basis of Presentation | The condensed consolidated financial statements include the accounts of the Company, its wholly-owned and majority-owned subsidiaries and certain consolidated VIEs. All intercompany accounts were eliminated in consolidation. The condensed consolidated financial statements were prepared in conformity with GAAP and in accordance with the rules and regulations of the SEC. We condensed or omitted certain notes and other financial information from the interim financial statements presented herein. These condensed consolidated financial statements should be read in conjunction with the consolidated statements included in our annual filing on Form 10-K filed with the SEC on February 27, 2024 (“Form 10-K”). In the opinion of management, the condensed consolidated financial statements reflect all adjustments, which are of a normal recurring nature, necessary for a fair presentation of the Company’s financial condition and results of operations and cash flows for the interim periods presented. The results for the three months ended March 31, 2024 are not necessarily indicative of the results to be expected for the full year ending December 31, 2024. In our unaudited condensed consolidated statements of cash flows, we reclassified amounts related to fair value changes in residual interests classified as debt into other within the adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities. The prior period amount was recast to conform to the current period presentation. There was no impact to net cash provided by (used in) operating activities.
|
| Use of Judgments, Assumptions and Estimates | The preparation of our condensed consolidated financial statements and related disclosures in conformity with GAAP requires management to make assumptions and estimates that affect the reported amounts of assets, liabilities, revenue and expenses as well as the disclosures of contingent assets and liabilities. These estimates and assumptions are inherently subjective in nature; therefore, actual results may differ from our estimates and assumptions, and the differences could be material. Management bases its estimates on historical experience and on various other factors it believes to be reasonable under the circumstances. These assumptions and estimates include, but are not limited to, the following: (i) fair value measurements, (ii) business combinations, and (iii) goodwill. |
| Borrowing and Financing Costs | Convertible Senior Notes In March 2024, we issued $862.5 million aggregate principal amount of convertible senior notes due 2029 (the “2029 convertible notes”). The 2029 convertible notes will mature on March 15, 2029, unless earlier repurchased, redeemed or converted. We will settle conversions by paying or delivering cash, and if applicable, shares of our common stock, based on the applicable conversion rate. The 2029 convertible notes will also be redeemable, in whole or in part, at our option at any time, and from time to time, on or after March 15, 2027 through the 30th scheduled trading day immediately before the maturity date, at a cash redemption price equal to the principal amount of the convertible notes to be redeemed, plus accrued and unpaid interest, if any, thereon to, but excluding, the redemption date, but only if certain liquidity conditions described in the indenture are satisfied and certain conditions are met with respect to the last reported sale price per share of our common stock prior to conversion. See Note 9. Debt for more detailed disclosure of the term and features of the 2029 convertible notes. We concluded that the conversion rights, optional redemption rights, and contingent repurchase rights did not require bifurcation as derivative instruments, which we reevaluate each reporting period. The additional interest and special interest that accrue on the notes in the event of our failure to comply with certain registration or reporting requirements are required to be bifurcated from the host contract, as the reporting requirement triggering event is not clearly and closely related to the host convertible debt contract. The value was determined to be immaterial; therefore, we accounted for the 2029 convertible notes wholly as debt, which was recognized on the settlement date. Accordingly, we allocated all debt issuance costs to the debt instrument. In connection with the pricing of the 2029 convertible notes, we entered into privately negotiated capped call transactions with certain financial institutions, as defined and further discussed below.
|
| Capped Call Transactions | In March 2024, we entered into privately negotiated capped call transactions (the “2029 capped call transactions”) with certain financial institutions (the “capped call counterparties”). The 2029 capped call transactions initially cover, subject to customary anti-dilution adjustments, the number of shares of our common stock that initially underlie the convertible notes. The capped call transactions are net purchased call options on our own common stock. The 2029 capped call transactions are separate transactions entered into by the Company with each of the capped call counterparties, are not part of the terms of the 2029 convertible notes, and do not affect any holder’s rights under the 2029 convertible notes. Holders of the 2029 convertible notes do not have any rights with respect to the 2029 capped call transactions. See Note 10. Equity for additional information. As the 2029 capped call transactions are legally detachable and separately exercisable from the 2029 convertible notes, they were evaluated as freestanding instruments. We concluded that the 2029 capped call transactions meet the scope exceptions for derivative instruments, and as such, the capped call transactions meet the criteria for classification in equity and are included as a reduction to additional paid-in capital.
|
| Recent Accounting Standards Issued, But Not Yet Adopted | Improvements to Reportable Segment Disclosures In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280) — Improvements to Reportable Segment Disclosures. The ASU improves reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses. The standard is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. The standard should be applied retrospectively to all prior periods presented in the financial statements. We are currently evaluating the impact of this amendment on our consolidated financial statements. Improvements to Income Tax Disclosures In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740) — Improvements to Income Tax Disclosures. The ASU improves income tax disclosures primarily related to enhancements of the rate reconciliation and income taxes paid information. The standard is effective for annual periods beginning after December 15, 2024. The standard should be applied on a prospective basis with the option to apply the standard retrospectively. We are currently evaluating the impact of this amendment on our consolidated financial statements.
|
| 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 arrangements are discussed in our Annual Report on Form 10-K, with notable updates provided herein.
|
Revenue (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Mar. 31, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| 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. Revenue from contracts with customers is presented within noninterest income—technology products and solutions and noninterest income—other in the condensed consolidated statements of operations and comprehensive income (loss). There were no revenues from contracts with customers attributable to our Lending segment for any of the periods presented.
(1) Financial Services includes revenues from enterprise services and equity capital markets services. Technology Platform includes revenues from software licenses and associated services, and payment network fees for serving as a transaction card program manager for enterprise customers that are the program marketers for separate card programs. (2) Related to these technology platform services, we had deferred revenue of $5,655 and $5,718 as of March 31, 2024 and December 31, 2023, respectively, which are presented within accounts payable, accruals and other liabilities in the condensed consolidated balance sheets. We recognized revenue of $1,300 and $2,340 during the three months ended March 31, 2024 and 2023, respectively, associated with deferred revenue within noninterest income—technology products and solutions in the condensed consolidated statements of operations and comprehensive income (loss).
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Loans (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Mar. 31, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Receivables [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| 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 $388,980 and $502,757 of personal loans in consolidated VIEs as of March 31, 2024 and December 31, 2023, respectively. (2) See Note 5. Allowance for Credit Losses for additional information on our loans at amortized cost as it pertains to the allowance for credit losses. (3) Includes $2,343,557 and $2,459,103 of student loans covered by financial guarantee, and $158,191 and $221,461 of student loans in consolidated VIEs as of March 31, 2024 and December 31, 2023, respectively. The following table summarizes the aggregate fair value of our loans, for which we elected the fair value option. See Note 12. Fair Value Measurements for the assumptions used in our fair value model.
__________________ (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.
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Loan Securitization Transfers and Whole Loan Sales | The following table summarizes our personal loan securitization transfers qualifying for sale accounting treatment during the three months ended March 31, 2024. There were no loan securitization transfers qualifying for sale accounting treatment during the three months ended March 31, 2023.
The following table summarizes our current whole loan sales:
The following table summarizes our delinquent whole loan sales during the three months ended March 31, 2024. There were no delinquent whole loan sales during the three months ended March 31, 2023.
__________________ (1) Includes $62.5 million of aggregate unpaid principal balance sold, related to late-stage delinquent loans for which we retained servicing and portions of recoveries. $43.2 million of the $62.5 million of unpaid principal balance was recorded in prior periods as a write down in noninterest income—loan origination, sales, and securitizations in the condensed consolidated statements of operations and comprehensive income (loss). These loans were sold prior to charge-off during the three months ended March 31, 2024, and otherwise would have been charged off as of March 31, 2024 consistent with our policy. In our other charged off whole loan sales, we typically do not retain servicing or recoveries.
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| 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:
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| 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)All of the credit cards ≥ 90 days past due continued to accrue interest. As of the dates indicated, there were no credit cards on nonaccrual status. As of the dates indicated, commercial and consumer banking loans on nonaccrual status were immaterial. (2)For credit card, the balance is presented before allowance for credit losses of $49,092 and $52,385 as of March 31, 2024 and December 31, 2023, respectively, and accrued interest of $4,937 and $5,288, respectively. For senior secured loans, the balance is presented before accrued interest of $1,292 and $730 as of March 31, 2024 and December 31, 2023, respectively. For commercial and consumer banking, the balance is presented before allowance for credit losses of $2,221 and $2,310 as of March 31, 2024 and December 31, 2023, respectively, and accrued interest of $479 and $415, respectively. (3)Includes residential real estate loans originated by Golden Pacific for which we did not elect the fair value option.
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| 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:
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Allowance for Credit Losses (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Mar. 31, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| 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 condensed consolidated balance sheets. Accounts receivable balances, net of allowance for credit losses, are presented within other assets in the condensed consolidated balance sheets. (2)The provision for credit losses on credit cards and commercial and consumer banking loans is presented within noninterest expense—provision for credit losses in the condensed consolidated statements of operations and comprehensive income (loss). During the three months ended March 31, 2024, recoveries of amounts previously reserved related to credit cards were $1,083, and immaterial during the three months ended March 31, 2023. There were immaterial recoveries of amounts previously reserved related to commercial and consumer banking loans during the three months ended March 31, 2024 and 2023. The provision for credit losses on accounts receivable is presented within noninterest expense—general and administrative in the condensed consolidated statements of operations and comprehensive income (loss). During the three months ended March 31, 2024 and 2023, recoveries of amounts previously reserved related to accounts receivable were $497 and $1,161, respectively.
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| 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 condensed consolidated balance sheets. Accounts receivable balances, net of allowance for credit losses, are presented within other assets in the condensed consolidated balance sheets. (2)The provision for credit losses on credit cards and commercial and consumer banking loans is presented within noninterest expense—provision for credit losses in the condensed consolidated statements of operations and comprehensive income (loss). During the three months ended March 31, 2024, recoveries of amounts previously reserved related to credit cards were $1,083, and immaterial during the three months ended March 31, 2023. There were immaterial recoveries of amounts previously reserved related to commercial and consumer banking loans during the three months ended March 31, 2024 and 2023. The provision for credit losses on accounts receivable is presented within noninterest expense—general and administrative in the condensed consolidated statements of operations and comprehensive income (loss). During the three months ended March 31, 2024 and 2023, recoveries of amounts previously reserved related to accounts receivable were $497 and $1,161, respectively.
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investments Securities (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Mar. 31, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| 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 March 31, 2024 and December 31, 2023, we concluded that there was no credit loss attributable to securities in unrealized loss positions, as (i) 97% and 92% of the amortized cost basis of our investments as of March 31, 2024 and December 31, 2023, respectively, was composed of U.S. Treasury securities and agency mortgage-backed securities, 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.
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| 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 March 31, 2024 and December 31, 2023.
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| 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 $1,476 as of March 31, 2024.
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Consolidated and Nonconsolidated VIEs | The following table presents 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 condensed consolidated balance sheets:
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Deposits (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Mar. 31, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Deposits [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Interest-Bearing Deposits | The following table presents a detail of interest-bearing deposits:
(1) As of March 31, 2024 and December 31, 2023, includes brokered deposits of $2,644,040 and $3,160,414, respectively, of which $2,447,328 and $2,971,462, respectively, are time deposits and $196,712 and $188,952, respectively, are demand deposits. (2) As of March 31, 2024 and December 31, 2023, the amount of time deposits that exceeded the insured limit (referred to as “uninsured deposits”) totaled $15,767 and $21,268, respectively.
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Future Maturities of Time Deposits | As of March 31, 2024, future maturities of our total time deposits were as follows:
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Mar. 31, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Debt Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Debt | The following table summarizes the components of our debt:
(1)As of March 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 March 31, 2024. The interest on our variable-rate debt is typically designed as a reference rate plus a spread. Reference rates as of March 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 65 bps on our various warehouse facilities are recognized within noninterest expense—general and administrative in our condensed consolidated statements of operations and comprehensive income (loss). (3)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. (4)There were $17.3 million of debt discounts issued during the three months ended March 31, 2024. (5)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. (6)As of March 31, 2024, $13.1 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 15. 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. (7)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 condensed consolidated statements of operations and comprehensive income (loss) using the effective interest method over the contractual term of the notes. For the three months ended March 31, 2024 and March 31, 2023, total interest expense on the convertible notes was $1.2 million and $1.3 million, respectively. For the three months ended March 31, 2024 and March 31, 2023, interest expense was related to amortization of debt discount and issuance costs, and the effective interest rate was 0.92% and 0.42%, respectively. As of March 31, 2024 and December 31, 2023, unamortized debt discount and issuance costs were $5.7 million and $13.3 million, respectively, and the net carrying amount was $506.3 million and $1.1 billion, respectively. (8)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 condensed consolidated statements of operations and comprehensive income (loss) using the effective interest method over the contractual term of the notes. For the three months ended March 31, 2024, total interest expense on the convertible notes was $1.0 million and the effective interest rate was 1.37%. As of March 31, 2024, unamortized debt discount and issuance costs were $21.5 million, and the net carrying amount was $841.0 million. (9)Includes $54.3 million of loans and $115.7 million of investment securities pledged as collateral to secure $151.0 million of available borrowing capacity with the FHLB, of which $27.2 million was not available as it was utilized to secure letters of credit. Refer to our letter of credit disclosures in Note 15. Commitments, Guarantees, Concentrations and Contingencies for more details. Also includes unsecured available borrowing capacity of $50.0 million with correspondent banks.
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| 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:
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Equity (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Mar. 31, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Equity [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| 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 March 31, 2024, the 2026 convertible notes are potentially convertible into 22,841,631 shares of common stock, and there are no shares of common stock expected to be issued relating to the 2029 convertible notes, as there was no amount in excess of the expected cash redemption price which would require share settlement. See Note 9. Debt for additional information.
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| 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 condensed consolidated statements of operations and comprehensive income (loss). There were no reclassifications related to foreign currency translation adjustments during the three months ended March 31, 2024 and 2023. (2)There were no material tax impacts during any of the periods presented due to reserves against deferred tax assets in jurisdictions where other comprehensive loss activity was generated.
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Derivative Financial Instruments (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Mar. 31, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| 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 condensed consolidated statements of operations and comprehensive income (loss). (2) Represents derivative contracts to manage securitization investment interest rate risk, which are recorded within noninterest income—loan origination, sales, and securitizations in the condensed consolidated statements of operations and comprehensive income (loss). (3) 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. (4) Includes amounts recorded within noninterest income—other, noninterest expense—cost of operations and noninterest expense—general and administrative in the condensed 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.
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Offsetting Liabilities | The following table presents information about derivative instruments subject to enforceable master netting arrangements:
_____________________ (1) As of March 31, 2024, we had a cash collateral requirement related to these instruments of $2,970. We did not have a cash collateral requirement related to these instruments as of December 31, 2023.
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Offsetting Assets | The following table presents information about derivative instruments subject to enforceable master netting arrangements:
_____________________ (1) As of March 31, 2024, we had a cash collateral requirement related to these instruments of $2,970. We did not have a cash collateral requirement related to these instruments as of December 31, 2023.
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| 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.
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value Measurements (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Mar. 31, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Fair Value, 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 condensed 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 condensed 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 are classified as Level 2 due to observable pricing sources utilized by management. Personal loans and student 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. (5)These assets and liabilities are presented within other assets and accounts payable, accruals and other liabilities, respectively, in the condensed 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 11. 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 March 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. (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 were 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. (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 March 31, 2024 and December 31, 2023, the unpaid principal related to debt measured at fair value was $114,960 and $128,619, respectively. For the three months ended March 31, 2024, losses from changes in fair value were $1,427. 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 three months ended March 31, 2024 and March 31, 2023.
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| 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). We did not have any transfers into or out of Level 3 during the periods presented.
(1)For loans at fair value, purchases reflect unpaid principal balance and relate to previously transferred loans. Purchase activity included elective repurchases of $16.6 million during the three months ended March 31, 2024, and securitization clean-up calls of $39.9 million during the three months ended March 31, 2023. 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. 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 condensed consolidated statements of operations and comprehensive income (loss). (2)For servicing rights, impacts on earnings are recorded within noninterest income—servicing in the condensed 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 condensed 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 three months ended March 31, 2024 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 condensed consolidated statements of operations and comprehensive income (loss). (5)For third party warrants, impacts on earnings are recorded within noninterest income—other in the condensed consolidated statements of operations and comprehensive income (loss). (6)During the fourth quarter of 2023, we transferred home loans out of Level 3 into Level 2 relating to an update to observable pricing sources utilized by management, as part of the integration of Wyndham. (7)For purchase price earn out, impacts on earnings are recorded within noninterest income—loan origination, sales, and securitizations in the condensed consolidated statements of operations and comprehensive income (loss).
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| 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). We did not have any transfers into or out of Level 3 during the periods presented.
(1)For loans at fair value, purchases reflect unpaid principal balance and relate to previously transferred loans. Purchase activity included elective repurchases of $16.6 million during the three months ended March 31, 2024, and securitization clean-up calls of $39.9 million during the three months ended March 31, 2023. 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. 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 condensed consolidated statements of operations and comprehensive income (loss). (2)For servicing rights, impacts on earnings are recorded within noninterest income—servicing in the condensed 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 condensed 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 three months ended March 31, 2024 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 condensed consolidated statements of operations and comprehensive income (loss). (5)For third party warrants, impacts on earnings are recorded within noninterest income—other in the condensed consolidated statements of operations and comprehensive income (loss). (6)During the fourth quarter of 2023, we transferred home loans out of Level 3 into Level 2 relating to an update to observable pricing sources utilized by management, as part of the integration of Wyndham. (7)For purchase price earn out, impacts on earnings are recorded within noninterest income—loan origination, sales, and securitizations in the condensed consolidated statements of operations and comprehensive income (loss).
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Valuation Inputs and Assumptions | The following key unobservable assumptions were used in the fair value measurement of our 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 $6,459 as of March 31, 2024. See Note 11. 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:
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| 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:
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Fair Value Disclosure of Asset and Liability 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 condensed 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 senior 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 condensed 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 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 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.
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Share-Based Compensation (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Mar. 31, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Share-Based Payment Arrangement [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Stock-Based Compensation | Share-based compensation expense related to stock options, RSUs and PSUs is presented within the following line items in the condensed consolidated statements of operations and comprehensive income (loss):
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Stock Option Activity | The following is a summary of stock option activity:
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Restricted Stock Unit Activity | The following table summarizes RSU activity:
(1)The total fair value, based on grant date fair value, of RSUs that vested during the three months ended March 31, 2024 was $69.0 million.
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Performance Stock Unit Activity | The following table summarizes PSU activity:
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Valuation Inputs and Assumptions | The following key unobservable assumptions were used in the fair value measurement of our 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 $6,459 as of March 31, 2024. See Note 11. 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:
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Earnings (Loss) Per Share (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Mar. 31, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Earnings Per Share [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Earnings Per Share | The calculations of basic and diluted earnings (loss) per share were as follows:
________________________ (1)For the three months ended March 31, 2024, diluted earnings per share of $0.02 and diluted net income attributable to common stockholders of $22,523 exclude gain on extinguishment of debt, net of tax, associated with convertible note activity during the period, as well as interest expense incurred, net of tax, related to convertible notes due 2026. (2)During the three months ended March 31, 2024 and March 31, 2023, 81.0 million and 194.8 million shares, respectively, were excluded from the computation of diluted earnings per share, as the effect would have been anti-dilutive.
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share | The following table presents all potentially dilutive stock elements, and reflect the number of instruments outstanding at the end of the period.
________________________ (1)As of March 31, 2024, includes DSUs granted to non-employee directors. See Note 13. Share-Based Compensation for additional information. (2)Represents the shares of common stock issuable upon conversion of all convertible notes at the conversion rate in effect at the date indicated. As of March 31, 2024, the 2026 convertible notes are potentially convertible into 22,841,631 shares of common stock, and there are no shares of common stock expected to be issued relating to the 2029 convertible notes, as there was no amount in excess of the expected cash redemption price which would require share settlement. See Note 9. Debt for additional information. (3)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.
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Business Segment Information (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Mar. 31, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Reportable Segments | The following tables present financial information, including the measure of contribution profit (loss), for each reportable segment:
____________________ (1)Within the Technology Platform segment, intercompany fees were $7,001 for the three months ended March 31, 2024 and $3,741 for the three months ended March 31, 2023. 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)Reflects changes in fair value inputs and assumptions, including market servicing costs, conditional prepayment, default rates and discount rates. This non-cash change, which is recorded within noninterest income in the condensed consolidated statements of operations and comprehensive income (loss), is unrealized during the period and, therefore, has no impact on our cash flows from operations. As such, the changes in fair value attributable to assumption changes are adjusted to provide management and financial users with better visibility into the cash flows available to finance our operations. (4)Reflects changes in fair value inputs and assumptions, including conditional prepayment, default rates and discount rates. When third parties finance our consolidated VIEs through purchasing residual interests, we receive proceeds at the time of the securitization close and, thereafter, pass along contractual cash flows to the residual interest owner. These obligations are measured at fair value on a recurring basis, with fair value changes recorded within noninterest income in the condensed consolidated statements of operations and comprehensive income (loss). The fair value change attributable to assumption changes has no impact on our initial financing proceeds, our future obligations to the residual interest owner (because future residual interest claims are limited to securitization collateral cash flows), or the general operations of our business. As such, this non-cash change in fair value during the period is adjusted to provide management and financial users with better visibility into the cash flows available to finance our operations. The following table reconciles reportable segments total contribution profit to 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 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, corporate and FDIC insurance costs, foreign currency translation adjustments and transaction-related expenses.
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Organization, Summary of Significant Accounting Policies and New Accounting Standards (Details) $ in Millions |
3 Months Ended |
|---|---|
|
Mar. 31, 2024
USD ($)
day
segment
| |
| Debt Instrument [Line Items] | |
| Number of reportable segments | segment | 3 |
| Convertible senior notes due 2029 | Convertible Debt | |
| Debt Instrument [Line Items] | |
| Face amount | $ | $ 862.5 |
| Convertible debt, threshold, trading days preceding maturity date | day | 30 |
Business Combinations - Narrative (Details) - USD ($) $ in Thousands |
3 Months Ended | 12 Months Ended | |
|---|---|---|---|
Mar. 31, 2024 |
Dec. 31, 2023 |
Dec. 31, 2022 |
|
| Business Acquisition [Line Items] | |||
| Goodwill | $ 1,393,505 | $ 1,393,505 | |
| Lending | |||
| Business Acquisition [Line Items] | |||
| Goodwill | 17,688 | ||
| Technology Platform | |||
| Business Acquisition [Line Items] | |||
| Goodwill | 1,338,658 | ||
| Financial Services | |||
| Business Acquisition [Line Items] | |||
| Goodwill | $ 37,159 | ||
| 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) | 45,859 | 6,305,595 | |
Revenue - Schedule of Revenues (Details) - USD ($) |
3 Months Ended | ||
|---|---|---|---|
Mar. 31, 2024 |
Mar. 31, 2023 |
Dec. 31, 2023 |
|
| Disaggregation of Revenue [Line Items] | |||
| Total revenue from contracts with customers | $ 115,609,000 | $ 95,482,000 | |
| Loan origination, sales, and securitizations | 57,000,000 | 123,334,000 | |
| Servicing | 6,974,000 | 12,742,000 | |
| Other | 62,694,000 | 4,590,000 | |
| Total other sources of revenue | 126,668,000 | 140,666,000 | |
| Total noninterest income | 242,277,000 | 236,148,000 | |
| Deferred revenue | 5,655,000 | $ 5,718,000 | |
| Deferred revenue, amount recognized | 1,300,000 | 2,340,000 | |
| Lending | |||
| Disaggregation of Revenue [Line Items] | |||
| Total revenue from contracts with customers | 0 | 0 | |
| Financial Services | |||
| Disaggregation of Revenue [Line Items] | |||
| Total revenue from contracts with customers | 29,699,000 | 22,260,000 | |
| Technology Platform | |||
| Disaggregation of Revenue [Line Items] | |||
| Total revenue from contracts with customers | 85,910,000 | 73,222,000 | |
| Referrals | Financial Services | |||
| Disaggregation of Revenue [Line Items] | |||
| Total revenue from contracts with customers | 12,736,000 | 9,626,000 | |
| Interchange | Financial Services | |||
| Disaggregation of Revenue [Line Items] | |||
| Total revenue from contracts with customers | 12,002,000 | 7,269,000 | |
| Brokerage | Financial Services | |||
| Disaggregation of Revenue [Line Items] | |||
| Total revenue from contracts with customers | 4,034,000 | 4,878,000 | |
| Other | Financial Services | |||
| Disaggregation of Revenue [Line Items] | |||
| Total revenue from contracts with customers | 927,000 | 487,000 | |
| Technology services | Technology Platform | |||
| Disaggregation of Revenue [Line Items] | |||
| Total revenue from contracts with customers | 84,650,000 | 72,129,000 | |
| Other | Technology Platform | |||
| Disaggregation of Revenue [Line Items] | |||
| Total revenue from contracts with customers | $ 1,260,000 | $ 1,093,000 | |
Revenue - Narrative (Details) - USD ($) $ in Thousands |
Mar. 31, 2024 |
Dec. 31, 2023 |
|---|---|---|
| Revenue from Contract with Customer [Abstract] | ||
| Accounts receivable associated with revenue from contracts with customer, net | $ 66,323 | $ 60,466 |
Loans - Schedule of Loan Portfolio (Details) - USD ($) $ in Thousands |
Mar. 31, 2024 |
Dec. 31, 2023 |
|---|---|---|
| Loans and Leases Receivable Disclosure [Line Items] | ||
| Loans held for sale, at fair value | $ 15,116,482 | $ 15,396,771 |
| Loans held for investment, at fair value | 6,834,161 | 6,725,484 |
| Loans held for investment, after allowance for credit loss | 1,250,231 | 836,159 |
| Total loans held for investment | 8,084,392 | 7,561,643 |
| Total loans | 23,200,874 | 22,958,414 |
| Variable Interest Entity, Primary Beneficiary | ||
| Loans and Leases Receivable Disclosure [Line Items] | ||
| Loans held for sale, at fair value | 388,980 | 502,757 |
| Loans held for investment, at fair value | 158,191 | 221,461 |
| Senior Secured Loans Portfolio Segment | ||
| Loans and Leases Receivable Disclosure [Line Items] | ||
| Loans held for investment, after allowance for credit loss | 845,794 | 446,463 |
| Commercial and Consumer Banking | ||
| Loans and Leases Receivable Disclosure [Line Items] | ||
| Loans held for investment, after allowance for credit loss | 131,506 | 117,068 |
| Personal loans | Personal loans | ||
| Loans and Leases Receivable Disclosure [Line Items] | ||
| Loans held for sale, at fair value | 15,057,005 | 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 | 388,980 | 502,757 |
| Home loans | Home Loans | ||
| Loans and Leases Receivable Disclosure [Line Items] | ||
| Loans held for sale, at fair value | 59,477 | 66,198 |
| Student loans | Student Loans | ||
| Loans and Leases Receivable Disclosure [Line Items] | ||
| Loans held for investment, at fair value | 6,834,161 | 6,725,484 |
| Covered by financial guarantees | 2,343,557 | 2,459,103 |
| Student loans | Student Loans | Variable Interest Entity, Primary Beneficiary | ||
| Loans and Leases Receivable Disclosure [Line Items] | ||
| Loans held for sale, at fair value | 158,191 | 221,461 |
| Credit card | Credit card | ||
| Loans and Leases Receivable Disclosure [Line Items] | ||
| Loans held for investment, after allowance for credit loss | 272,931 | 272,628 |
| Commercial real estate | Commercial and Consumer Banking | ||
| Loans and Leases Receivable Disclosure [Line Items] | ||
| Loans held for investment, after allowance for credit loss | 122,612 | 106,326 |
| Commercial and industrial | Commercial and Consumer Banking | ||
| Loans and Leases Receivable Disclosure [Line Items] | ||
| Loans held for investment, after allowance for credit loss | 5,522 | 6,075 |
| Residential real estate and other consumer | Commercial and Consumer Banking | ||
| Loans and Leases Receivable Disclosure [Line Items] | ||
| Loans held for investment, after allowance for credit loss | $ 3,372 | $ 4,667 |
Loans - Schedule of Loans Measured at Fair Value (Details) - Fair Value, Recurring - Fair Value - USD ($) $ in Thousands |
Mar. 31, 2024 |
Dec. 31, 2023 |
|---|---|---|
| Loans and Leases Receivable Disclosure [Line Items] | ||
| Unpaid principal balance | $ 20,950,389 | $ 21,011,621 |
| Accumulated interest | 143,802 | 148,990 |
| Cumulative fair value adjustments | 856,452 | 961,644 |
| Total fair value of loans | 21,950,643 | 22,122,255 |
| Fair value of loans 90 days or more delinquent | ||
| Loans and Leases Receivable Disclosure [Line Items] | ||
| Unpaid principal balance | 111,514 | 90,532 |
| Accumulated interest | 4,508 | 4,216 |
| Cumulative fair value adjustments | (93,099) | (75,460) |
| Total fair value of loans | 22,923 | 19,288 |
| Personal Loans | Personal loans | ||
| Loans and Leases Receivable Disclosure [Line Items] | ||
| Unpaid principal balance | 14,332,874 | 14,498,629 |
| Accumulated interest | 116,366 | 114,541 |
| Cumulative fair value adjustments | 607,765 | 717,403 |
| Total fair value of loans | 15,057,005 | 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 | 102,581 | 81,591 |
| Accumulated interest | 4,313 | 4,023 |
| Cumulative fair value adjustments | (87,603) | (70,191) |
| Total fair value of loans | 19,291 | 15,423 |
| Student Loans | Student Loans | ||
| Loans and Leases Receivable Disclosure [Line Items] | ||
| Unpaid principal balance | 6,559,211 | 6,445,586 |
| Accumulated interest | 27,414 | 34,357 |
| Cumulative fair value adjustments | 247,536 | 245,541 |
| Total fair value of loans | 6,834,161 | 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 | 8,735 | 8,446 |
| Accumulated interest | 184 | 187 |
| Cumulative fair value adjustments | (5,397) | (5,021) |
| Total fair value of loans | 3,522 | 3,612 |
| Home Loans | Home Loans | ||
| Loans and Leases Receivable Disclosure [Line Items] | ||
| Unpaid principal balance | 58,304 | 67,406 |
| Accumulated interest | 22 | 92 |
| Cumulative fair value adjustments | 1,151 | (1,300) |
| Total fair value of loans | 59,477 | 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 | 198 | 495 |
| Accumulated interest | 11 | 6 |
| Cumulative fair value adjustments | (99) | (248) |
| Total fair value of loans | $ 110 | $ 253 |
Loans - Schedule of Loan Securitizations Accounted for as Sales (Details) - Personal loans - Other asset-backed securities $ in Thousands |
3 Months Ended |
|---|---|
|
Mar. 31, 2024
USD ($)
| |
| Securitization or Asset-backed Financing Arrangement, Financial Asset for which Transfer is Accounted as Sale [Line Items] | |
| Cash | $ 674,036 |
| Securitization investments | 35,615 |
| Servicing assets recognized | 27,524 |
| Transfers of Financial Assets Accounted for as Sale, Initial Fair Value of Repurchase Liabilities Recognized | (280) |
| Total consideration | 736,895 |
| Aggregate unpaid principal balance and accrued interest of loans sold | 701,601 |
| Realized gain (loss) | $ 35,294 |
Loans - Narrative (Details) - USD ($) |
3 Months Ended | |
|---|---|---|
Mar. 31, 2024 |
Mar. 31, 2023 |
|
| Receivables [Abstract] | ||
| Deconsolidation of debt | $ 42,100,000 | $ 0 |
Loans - Schedule of Whole Loan Sales (Details) - Whole loans - USD ($) $ in Thousands |
3 Months Ended | |
|---|---|---|
Mar. 31, 2024 |
Mar. 31, 2023 |
|
| Personal loans | ||
| Securitization or Asset-backed Financing Arrangement, Financial Asset for which Transfer is Accounted as Sale [Line Items] | ||
| Cash | $ 499,751 | $ 0 |
| Receivable | 3,036 | 0 |
| Servicing assets recognized | 33,549 | 0 |
| Repurchase liabilities recognized | (1,800) | 0 |
| Total consideration | 534,536 | 0 |
| Aggregate unpaid principal balance and accrued interest of loans sold | 503,037 | 0 |
| Realized gain (loss) | 31,499 | 0 |
| Student Loans | ||
| Securitization or Asset-backed Financing Arrangement, Financial Asset for which Transfer is Accounted as Sale [Line Items] | ||
| Cash | 310,331 | 0 |
| Servicing assets recognized | 8,249 | 0 |
| Repurchase liabilities recognized | (46) | 0 |
| Total consideration | 318,534 | 0 |
| Aggregate unpaid principal balance and accrued interest of loans sold | 303,578 | 0 |
| Realized gain (loss) | 14,956 | 0 |
| Home Loans | ||
| Securitization or Asset-backed Financing Arrangement, Financial Asset for which Transfer is Accounted as Sale [Line Items] | ||
| Cash | 344,678 | 77,819 |
| Servicing assets recognized | 2,832 | 954 |
| Repurchase liabilities recognized | (505) | (96) |
| Total consideration | 347,005 | 78,677 |
| Aggregate unpaid principal balance and accrued interest of loans sold | 344,258 | 77,976 |
| Realized gain (loss) | $ 2,747 | $ 701 |
Loans - Schedule of Delinquent Whole Loan Sales (Details) - Whole loans - Personal loans - USD ($) $ in Thousands |
3 Months Ended | |
|---|---|---|
Mar. 31, 2024 |
Mar. 31, 2023 |
|
| Securitization or Asset-backed Financing Arrangement, Financial Asset for which Transfer is Accounted as Sale [Line Items] | ||
| Cash | $ 499,751 | $ 0 |
| Servicing assets recognized | 33,549 | 0 |
| Repurchase liabilities recognized | (1,800) | 0 |
| Total consideration | 534,536 | 0 |
| Aggregate unpaid principal balance and accrued interest of loans sold | 503,037 | 0 |
| Realized gain (loss) | 31,499 | 0 |
| Loans In Delinquency | ||
| Securitization or Asset-backed Financing Arrangement, Financial Asset for which Transfer is Accounted as Sale [Line Items] | ||
| Cash | 5,000 | |
| Servicing assets recognized | 3,400 | |
| Repurchase liabilities recognized | (25) | |
| Total consideration | 8,375 | |
| Aggregate unpaid principal balance and accrued interest of loans sold | 66,411 | |
| Realized gain (loss) | (58,036) | $ 0 |
| Aggregate unpaid principal balance sold | 62,500 | |
| Aggregate unpaid principal balance sold, prior period write-down | $ 43,200 | |
Loans - Schedule of Transferred Loans with Continued Involvement but Not Recorded on Consolidated Balance Sheet and Cash Flows Received (Details) - USD ($) $ in Thousands |
3 Months Ended | ||
|---|---|---|---|
Mar. 31, 2024 |
Mar. 31, 2023 |
Dec. 31, 2023 |
|
| 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 loans serviced | $ 14,883,456 | $ 13,965,378 | |
| Servicing fees collected from transferred loans | 19,630 | $ 18,527 | |
| Charge-offs, net of recoveries, of transferred loans | 96,186 | 55,268 | |
| 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 loans serviced | 239,577 | 252,018 | |
| Loans In Delinquency | Variable Interest Entity, Not Primary Beneficiary | Loans in delinquency (30+ days past due) | |||
| Securitization or Asset-backed Financing Arrangement, Financial Asset for which Transfer is Accounted as Sale [Line Items] | |||
| Total loans serviced | 136,431 | 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 loans serviced | 3,019,629 | 2,223,785 | |
| Servicing fees collected from transferred loans | 9,445 | 6,177 | |
| Charge-offs, net of recoveries, of transferred loans | 85,333 | 46,115 | |
| 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 loans serviced | 87,313 | 90,582 | |
| Personal loans | Loans In Delinquency | Variable Interest Entity, Not Primary Beneficiary | Loans in delinquency (30+ days past due) | |||
| Securitization or Asset-backed Financing Arrangement, Financial Asset for which Transfer is Accounted as Sale [Line Items] | |||
| Total loans serviced | 52,858 | 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 loans serviced | 6,117,247 | 6,148,800 | |
| Servicing fees collected from transferred loans | 6,146 | 9,190 | |
| Charge-offs, net of recoveries, of transferred loans | 10,853 | 9,153 | |
| 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 loans serviced | 126,247 | 137,243 | |
| Student Loans | Loans In Delinquency | Variable Interest Entity, Not Primary Beneficiary | Loans in delinquency (30+ days past due) | |||
| Securitization or Asset-backed Financing Arrangement, Financial Asset for which Transfer is Accounted as Sale [Line Items] | |||
| Total loans serviced | 57,556 | 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 loans serviced | 5,746,580 | 5,592,793 | |
| Servicing fees collected from transferred loans | 4,039 | $ 3,160 | |
| 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 loans serviced | 26,017 | 24,193 | |
| Home Loans | Loans In Delinquency | Variable Interest Entity, Not Primary Beneficiary | Loans in delinquency (30+ days past due) | |||
| Securitization or Asset-backed Financing Arrangement, Financial Asset for which Transfer is Accounted as Sale [Line Items] | |||
| Total loans serviced | $ 26,017 | $ 24,193 | |
Loans - Schedule of Loans by Status (Details) - USD ($) |
Mar. 31, 2024 |
Dec. 31, 2023 |
Mar. 31, 2023 |
Dec. 31, 2022 |
|---|---|---|---|---|
| Financing Receivable, Past Due [Line Items] | ||||
| Loans held for investment, allowance for credit loss | $ 51,313,000 | $ 54,695,000 | ||
| Total Loans | ||||
| Financing Receivable, Past Due [Line Items] | ||||
| Total loans | 1,294,721,000 | 884,390,000 | ||
| Current | ||||
| Financing Receivable, Past Due [Line Items] | ||||
| Total loans | 1,273,034,000 | 861,868,000 | ||
| Total Delinquent Loans | ||||
| Financing Receivable, Past Due [Line Items] | ||||
| Total loans | 21,687,000 | 22,522,000 | ||
| 30–59 Days | ||||
| Financing Receivable, Past Due [Line Items] | ||||
| Total loans | 4,858,000 | 5,452,000 | ||
| 60–89 Days | ||||
| Financing Receivable, Past Due [Line Items] | ||||
| Total loans | 4,518,000 | 4,829,000 | ||
| ≥ 90 Days | ||||
| Financing Receivable, Past Due [Line Items] | ||||
| Total loans | 12,311,000 | 12,241,000 | ||
| Senior Secured Loans Portfolio Segment | ||||
| Financing Receivable, Past Due [Line Items] | ||||
| Accumulated accrued interest | 1,292,000 | 730,000 | ||
| Senior Secured Loans Portfolio Segment | Total Loans | ||||
| Financing Receivable, Past Due [Line Items] | ||||
| Total loans | 844,502,000 | 445,733,000 | ||
| Senior Secured Loans Portfolio Segment | Current | ||||
| Financing Receivable, Past Due [Line Items] | ||||
| Total loans | 844,502,000 | 445,733,000 | ||
| Senior Secured Loans Portfolio Segment | Total Delinquent Loans | ||||
| Financing Receivable, Past Due [Line Items] | ||||
| Total loans | 0 | 0 | ||
| Senior Secured Loans Portfolio Segment | 30–59 Days | ||||
| Financing Receivable, Past Due [Line Items] | ||||
| Total loans | 0 | 0 | ||
| Senior Secured Loans Portfolio Segment | 60–89 Days | ||||
| Financing Receivable, Past Due [Line Items] | ||||
| Total loans | 0 | 0 | ||
| Senior Secured Loans Portfolio Segment | ≥ 90 Days | ||||
| Financing Receivable, Past Due [Line Items] | ||||
| Total loans | 0 | 0 | ||
| Credit card | Credit card loans | ||||
| Financing Receivable, Past Due [Line Items] | ||||
| Loans on nonaccrual status | 0 | 0 | ||
| Loans held for investment, allowance for credit loss | 49,092,000 | 52,385,000 | $ 37,089,000 | $ 39,110,000 |
| Accumulated accrued interest | 4,937,000 | 5,288,000 | ||
| Credit card | Credit card loans | Total Loans | ||||
| Financing Receivable, Past Due [Line Items] | ||||
| Total loans | 316,971,000 | 319,694,000 | ||
| Credit card | Credit card loans | Current | ||||
| Financing Receivable, Past Due [Line Items] | ||||
| Total loans | 296,182,000 | 297,612,000 | ||
| Credit card | Credit card loans | Total Delinquent Loans | ||||
| Financing Receivable, Past Due [Line Items] | ||||
| Total loans | 20,789,000 | 22,082,000 | ||
| Credit card | Credit card loans | 30–59 Days | ||||
| Financing Receivable, Past Due [Line Items] | ||||
| Total loans | 4,637,000 | 5,451,000 | ||
| Credit card | Credit card loans | 60–89 Days | ||||
| Financing Receivable, Past Due [Line Items] | ||||
| Total loans | 4,274,000 | 4,829,000 | ||
| Credit card | Credit card loans | ≥ 90 Days | ||||
| Financing Receivable, Past Due [Line Items] | ||||
| Total loans | 11,878,000 | 11,802,000 | ||
| Commercial and consumer banking | ||||
| Financing Receivable, Past Due [Line Items] | ||||
| Total loans | 132,302,000 | |||
| Loans held for investment, allowance for credit loss | 2,221,000 | 2,310,000 | $ 1,848,000 | $ 1,678,000 |
| Accumulated accrued interest | 479,000 | 415,000 | ||
| Commercial and consumer banking | Total Loans | ||||
| Financing Receivable, Past Due [Line Items] | ||||
| Total loans | 133,248,000 | 118,963,000 | ||
| Commercial and consumer banking | Current | ||||
| Financing Receivable, Past Due [Line Items] | ||||
| Total loans | 132,350,000 | 118,523,000 | ||
| Commercial and consumer banking | Total Delinquent Loans | ||||
| Financing Receivable, Past Due [Line Items] | ||||
| Total loans | 898,000 | 440,000 | ||
| Commercial and consumer banking | 30–59 Days | ||||
| Financing Receivable, Past Due [Line Items] | ||||
| Total loans | 221,000 | 1,000 | ||
| Commercial and consumer banking | 60–89 Days | ||||
| Financing Receivable, Past Due [Line Items] | ||||
| Total loans | 244,000 | 0 | ||
| Commercial and consumer banking | ≥ 90 Days | ||||
| Financing Receivable, Past Due [Line Items] | ||||
| Total loans | 433,000 | 439,000 | ||
| Commercial and consumer banking | Commercial real estate | ||||
| Financing Receivable, Past Due [Line Items] | ||||
| Total loans | 123,896,000 | |||
| Commercial and consumer banking | Commercial real estate | Total Loans | ||||
| Financing Receivable, Past Due [Line Items] | ||||
| Total loans | 124,079,000 | 107,757,000 | ||
| Commercial and consumer banking | Commercial real estate | Current | ||||
| Financing Receivable, Past Due [Line Items] | ||||
| Total loans | 123,945,000 | 107,757,000 | ||
| Commercial and consumer banking | Commercial real estate | Total Delinquent Loans | ||||
| Financing Receivable, Past Due [Line Items] | ||||
| Total loans | 134,000 | 0 | ||
| Commercial and consumer banking | Commercial real estate | 30–59 Days | ||||
| Financing Receivable, Past Due [Line Items] | ||||
| Total loans | 134,000 | 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 and industrial | ||||
| Financing Receivable, Past Due [Line Items] | ||||
| Total loans | 5,256,000 | |||
| Commercial and consumer banking | Commercial and industrial | Total Loans | ||||
| Financing Receivable, Past Due [Line Items] | ||||
| Total loans | 5,786,000 | 6,548,000 | ||
| Commercial and consumer banking | Commercial and industrial | Current | ||||
| Financing Receivable, Past Due [Line Items] | ||||
| Total loans | 5,022,000 | 6,108,000 | ||
| Commercial and consumer banking | Commercial and industrial | Total Delinquent Loans | ||||
| Financing Receivable, Past Due [Line Items] | ||||
| Total loans | 764,000 | 440,000 | ||
| Commercial and consumer banking | Commercial and industrial | 30–59 Days | ||||
| Financing Receivable, Past Due [Line Items] | ||||
| Total loans | 87,000 | 1,000 | ||
| Commercial and consumer banking | Commercial and industrial | 60–89 Days | ||||
| Financing Receivable, Past Due [Line Items] | ||||
| Total loans | 244,000 | 0 | ||
| Commercial and consumer banking | Commercial and industrial | ≥ 90 Days | ||||
| Financing Receivable, Past Due [Line Items] | ||||
| Total loans | 433,000 | 439,000 | ||
| Commercial and consumer banking | Residential real estate and other consumer | ||||
| Financing Receivable, Past Due [Line Items] | ||||
| Total loans | 3,150,000 | |||
| Commercial and consumer banking | Residential real estate and other consumer | Total Loans | ||||
| Financing Receivable, Past Due [Line Items] | ||||
| Total loans | 3,383,000 | 4,658,000 | ||
| Commercial and consumer banking | Residential real estate and other consumer | Current | ||||
| Financing Receivable, Past Due [Line Items] | ||||
| Total loans | 3,383,000 | 4,658,000 | ||
| Commercial and consumer banking | Residential real estate and other consumer | Total Delinquent Loans | ||||
| Financing Receivable, Past Due [Line Items] | ||||
| Total loans | 0 | 0 | ||
| 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 |
Loans - Schedule of Internal Risk Tier Categories (Details) - Total Loans - USD ($) $ in Thousands |
Mar. 31, 2024 |
Dec. 31, 2023 |
|---|---|---|
| Financing Receivable, Past Due [Line Items] | ||
| Total loans | $ 1,294,721 | $ 884,390 |
| Credit card | Credit card loans | ||
| Financing Receivable, Past Due [Line Items] | ||
| Total loans | 316,971 | 319,694 |
| Credit card | Credit card loans | ≥ 800 | ||
| Financing Receivable, Past Due [Line Items] | ||
| Total loans | 29,918 | 29,269 |
| Credit card | Credit card loans | 780 – 799 | ||
| Financing Receivable, Past Due [Line Items] | ||
| Total loans | 19,954 | 19,350 |
| Credit card | Credit card loans | 760 – 779 | ||
| Financing Receivable, Past Due [Line Items] | ||
| Total loans | 21,414 | 20,740 |
| Credit card | Credit card loans | 740 – 759 | ||
| Financing Receivable, Past Due [Line Items] | ||
| Total loans | 23,084 | 23,361 |
| Credit card | Credit card loans | 720 – 739 | ||
| Financing Receivable, Past Due [Line Items] | ||
| Total loans | 28,157 | 28,621 |
| Credit card | Credit card loans | 700 – 719 | ||
| Financing Receivable, Past Due [Line Items] | ||
| Total loans | 34,469 | 35,528 |
| Credit card | Credit card loans | 680 – 699 | ||
| Financing Receivable, Past Due [Line Items] | ||
| Total loans | 37,492 | 38,289 |
| Credit card | Credit card loans | 660 – 679 | ||
| Financing Receivable, Past Due [Line Items] | ||
| Total loans | 33,366 | 35,443 |
| Credit card | Credit card loans | 640 – 659 | ||
| Financing Receivable, Past Due [Line Items] | ||
| Total loans | 23,624 | 25,836 |
| Credit card | Credit card loans | 620 – 639 | ||
| Financing Receivable, Past Due [Line Items] | ||
| Total loans | 15,007 | 15,569 |
| Credit card | Credit card loans | 600 – 619 | ||
| Financing Receivable, Past Due [Line Items] | ||
| Total loans | 10,004 | 10,063 |
| Credit card | Credit card loans | ≤ 599 | ||
| Financing Receivable, Past Due [Line Items] | ||
| Total loans | $ 40,482 | $ 37,625 |
Loans - Schedule of Risk Categories of Loans by Class of Loans (Details) - Commercial and Consumer Banking $ in Thousands |
Mar. 31, 2024
USD ($)
|
|---|---|
| Financing Receivable, Credit Quality Indicator [Line Items] | |
| 2024 | $ 18,589 |
| 2023 | 24,617 |
| 2022 | 38,246 |
| 2021 | 7,245 |
| 2020 | 4,583 |
| Prior | 39,022 |
| Total Term Loans | 132,302 |
| Revolving Loans | 946 |
| Commercial real estate | |
| Financing Receivable, Credit Quality Indicator [Line Items] | |
| 2024 | 18,589 |
| 2023 | 24,522 |
| 2022 | 38,246 |
| 2021 | 7,245 |
| 2020 | 4,524 |
| Prior | 30,770 |
| Total Term Loans | 123,896 |
| Revolving Loans | 183 |
| Commercial and industrial | |
| Financing Receivable, Credit Quality Indicator [Line Items] | |
| 2024 | 0 |
| 2023 | 95 |
| 2022 | 0 |
| 2021 | 0 |
| 2020 | 59 |
| Prior | 5,102 |
| Total Term Loans | 5,256 |
| Revolving Loans | 530 |
| Residential real estate and other consumer | |
| Financing Receivable, Credit Quality Indicator [Line Items] | |
| 2024 | 0 |
| 2023 | 0 |
| 2022 | 0 |
| 2021 | 0 |
| 2020 | 0 |
| Prior | 3,150 |
| Total Term Loans | 3,150 |
| Revolving Loans | 233 |
| Pass | Commercial real estate | |
| Financing Receivable, Credit Quality Indicator [Line Items] | |
| 2024 | 18,589 |
| 2023 | 23,293 |
| 2022 | 29,593 |
| 2021 | 5,606 |
| 2020 | 4,524 |
| Prior | 25,781 |
| Total Term Loans | 107,386 |
| Revolving Loans | 183 |
| Pass | Commercial and industrial | |
| Financing Receivable, Credit Quality Indicator [Line Items] | |
| 2024 | 0 |
| 2023 | 51 |
| 2022 | 0 |
| 2021 | 0 |
| 2020 | 59 |
| Prior | 4,268 |
| Total Term Loans | 4,378 |
| Revolving Loans | 530 |
| 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 | 3,111 |
| Total Term Loans | 3,111 |
| Revolving Loans | 233 |
| Watch | Commercial real estate | |
| Financing Receivable, Credit Quality Indicator [Line Items] | |
| 2024 | 0 |
| 2023 | 1,229 |
| 2022 | 8,653 |
| 2021 | 1,639 |
| 2020 | 0 |
| Prior | 2,939 |
| Total Term Loans | 14,460 |
| Revolving Loans | 0 |
| Watch | Commercial and industrial | |
| Financing Receivable, Credit Quality Indicator [Line Items] | |
| 2024 | 0 |
| 2023 | 44 |
| 2022 | 0 |
| 2021 | 0 |
| 2020 | 0 |
| Prior | 17 |
| Total Term Loans | 61 |
| 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 | 39 |
| Total Term Loans | 39 |
| Revolving Loans | 0 |
| Special mention | Commercial real estate | |
| Financing Receivable, Credit Quality Indicator [Line Items] | |
| 2024 | 0 |
| 2023 | 0 |
| 2022 | 0 |
| 2021 | 0 |
| 2020 | 0 |
| Prior | 523 |
| Total Term Loans | 523 |
| 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 | 1,527 |
| Total Term Loans | 1,527 |
| 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 | 817 |
| Total Term Loans | 817 |
| Revolving Loans | $ 0 |
Allowance for Credit Losses (Details) - USD ($) $ in Thousands |
3 Months Ended | |
|---|---|---|
Mar. 31, 2024 |
Mar. 31, 2023 |
|
| Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||
| Beginning balance | $ 54,695 | |
| Provision for credit losses | 7,182 | $ 8,407 |
| Ending balance | 51,313 | |
| Accounts Receivable, Allowance for Credit Loss [Roll Forward] | ||
| Beginning balance | 1,837 | 2,785 |
| Provision for credit losses | 2,411 | (854) |
| Write-offs charged against the allowance | (2,139) | (286) |
| Ending balance | 2,109 | 1,645 |
| Recovery of previously reserved related to accounts receivable | 497 | 1,161 |
| Credit Card Loans | Credit card loans | ||
| Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||
| Beginning balance | 52,385 | 39,110 |
| Provision for credit losses | 7,253 | 8,237 |
| Write-offs charged against the allowance | (10,546) | (10,258) |
| Ending balance | 49,092 | 37,089 |
| Accounts Receivable, Allowance for Credit Loss [Roll Forward] | ||
| Recovery of previously reserved related to credit cards | 1,083 | 0 |
| Accrued interest receivable written off | 2,500 | 2,200 |
| Commercial and Consumer Banking | ||
| Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||
| Beginning balance | 2,310 | 1,678 |
| Provision for credit losses | (71) | 170 |
| Write-offs charged against the allowance | (18) | 0 |
| Ending balance | $ 2,221 | $ 1,848 |
Investments Securities - Schedule of Investments in Debt Securities (Details) - USD ($) $ in Thousands |
Mar. 31, 2024 |
Dec. 31, 2023 |
|---|---|---|
| Debt Securities, Available-for-sale [Line Items] | ||
| Amortized Cost | $ 839,936 | $ 596,757 |
| Accrued Interest | $ 1,476 | 639 |
| Debt Securities, Available-for-Sale, Accrued Interest, after Allowance for Credit Loss, Statement of Financial Position [Extensible Enumeration] | Fair Value | |
| Gross Unrealized Gains | $ 307 | 1,011 |
| Gross Unrealized Losses | (3,213) | (3,220) |
| Fair Value | $ 838,506 | $ 595,187 |
| Percentage of high credit quality on amortized cost basis of investments | 97.00% | 92.00% |
| U.S. Treasury securities | ||
| Debt Securities, Available-for-sale [Line Items] | ||
| Amortized Cost | $ 465,759 | $ 518,673 |
| Accrued Interest | 279 | 206 |
| Gross Unrealized Gains | 37 | 978 |
| Gross Unrealized Losses | (584) | (780) |
| Fair Value | 465,491 | 519,077 |
| 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 | |
| Corporate bonds | ||
| Debt Securities, Available-for-sale [Line Items] | ||
| Amortized Cost | 23,692 | 32,609 |
| Accrued Interest | 153 | 207 |
| Gross Unrealized Gains | 1 | 0 |
| Gross Unrealized Losses | (911) | (1,092) |
| Fair Value | 22,935 | 31,724 |
| Agency mortgage-backed securities | ||
| Debt Securities, Available-for-sale [Line Items] | ||
| Amortized Cost | 345,451 | 28,714 |
| Accrued Interest | 1,039 | 111 |
| Gross Unrealized Gains | 269 | 33 |
| Gross Unrealized Losses | (1,455) | (1,016) |
| Fair Value | 345,304 | 27,842 |
| Other asset-backed securities | ||
| Debt Securities, Available-for-sale [Line Items] | ||
| Amortized Cost | 4,092 | 7,272 |
| Accrued Interest | 1 | 4 |
| Gross Unrealized Gains | 0 | 0 |
| Gross Unrealized Losses | (92) | (154) |
| Fair Value | 4,001 | 7,122 |
| Other | ||
| Debt Securities, Available-for-sale [Line Items] | ||
| Amortized Cost | 942 | 941 |
| Accrued Interest | 4 | 8 |
| Gross Unrealized Gains | 0 | 0 |
| Gross Unrealized Losses | (171) | (161) |
| Fair Value | $ 775 | $ 788 |
Investments Securities - Schedule of Investment Securities in Gross Unrealized Loss Position (Details) - USD ($) $ in Thousands |
Mar. 31, 2024 |
Dec. 31, 2023 |
|---|---|---|
| Debt Securities, Available-for-sale [Line Items] | ||
| Investments in AFS debt securities, less than 12 months, fair value | $ 600,155 | $ 500,942 |
| Investments in AFS debt securities, less than 12 months, gross unrealized losses | (660) | (215) |
| Investments in AFS debt securities, 12 months or longer, fair value | 63,383 | 94,245 |
| Investments in AFS debt securities, 12 months or longer, gross unrealized losses | (2,553) | (3,005) |
| Investments in AFS debt securities, total, fair value | 663,538 | 595,187 |
| Investments in AFS debt securities, total, gross unrealized losses | (3,213) | (3,220) |
| U.S. Treasury securities | ||
| Debt Securities, Available-for-sale [Line Items] | ||
| Investments in AFS debt securities, less than 12 months, fair value | 337,363 | 480,012 |
| Investments in AFS debt securities, less than 12 months, gross unrealized losses | (97) | (58) |
| Investments in AFS debt securities, 12 months or longer, fair value | 29,502 | 39,065 |
| Investments in AFS debt securities, 12 months or longer, gross unrealized losses | (487) | (722) |
| Investments in AFS debt securities, total, fair value | 366,865 | 519,077 |
| Investments in AFS debt securities, total, gross unrealized losses | (584) | (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 | 22,425 | 31,724 |
| Investments in AFS debt securities, 12 months or longer, gross unrealized losses | (911) | (1,092) |
| Investments in AFS debt securities, total, fair value | 22,425 | 31,724 |
| Investments in AFS debt securities, total, gross unrealized losses | (911) | (1,092) |
| Agency mortgage-backed securities | ||
| Debt Securities, Available-for-sale [Line Items] | ||
| Investments in AFS debt securities, less than 12 months, fair value | 262,792 | 20,930 |
| Investments in AFS debt securities, less than 12 months, gross unrealized losses | (563) | (157) |
| Investments in AFS debt securities, 12 months or longer, fair value | 6,680 | 6,912 |
| Investments in AFS debt securities, 12 months or longer, gross unrealized losses | (892) | (859) |
| Investments in AFS debt securities, total, fair value | 269,472 | 27,842 |
| Investments in AFS debt securities, total, gross unrealized losses | (1,455) | (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 | 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 | 4,001 | 7,122 |
| Investments in AFS debt securities, 12 months or longer, gross unrealized losses | (92) | (154) |
| Investments in AFS debt securities, total, fair value | 4,001 | 7,122 |
| Investments in AFS debt securities, total, gross unrealized losses | (92) | (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 | 775 | 788 |
| Investments in AFS debt securities, 12 months or longer, gross unrealized losses | (171) | (161) |
| Investments in AFS debt securities, total, fair value | 775 | 788 |
| Investments in AFS debt securities, total, gross unrealized losses | $ (171) | $ (161) |
Investments Securities - Schedule of Investments by Contractual Maturity (Details) - USD ($) $ in Thousands |
Mar. 31, 2024 |
Dec. 31, 2023 |
|---|---|---|
| Investments in AFS debt securities—Amortized cost: | ||
| Due Within One Year | $ 470,348 | |
| Due After One Year Through Five Years | 20,019 | |
| Due After Five Years Through Ten Years | 14,019 | |
| Due After Ten Years | 335,550 | |
| Amortized Cost | $ 839,936 | $ 596,757 |
| Weighted average yield for investments in AFS debt securities | ||
| Due Within One Year | 6.14% | |
| Due After One Year Through Five Years | 1.33% | |
| Due After Five Years Through Ten Years | 1.47% | |
| Due After Ten Years | 2.80% | |
| Total | 5.11% | |
| AFS investment securities—Fair value: | ||
| Due Within One Year | $ 469,858 | |
| Due After One Year Through Five Years | 19,329 | |
| Due After Five Years Through Ten Years | 13,477 | |
| Due After Ten Years | 334,366 | |
| Total | 837,030 | |
| Accrued Interest | 1,476 | 639 |
| U.S. Treasury securities | ||
| Investments in AFS debt securities—Amortized cost: | ||
| Due Within One Year | 459,383 | |
| Due After One Year Through Five Years | 6,376 | |
| Due After Five Years Through Ten Years | 0 | |
| Due After Ten Years | 0 | |
| Amortized Cost | 465,759 | 518,673 |
| AFS investment securities—Fair value: | ||
| Due Within One Year | 459,077 | |
| Due After One Year Through Five Years | 6,135 | |
| Due After Five Years Through Ten Years | 0 | |
| Due After Ten Years | 0 | |
| Total | 465,212 | |
| Accrued Interest | 279 | 206 |
| Corporate bonds | ||
| Investments in AFS debt securities—Amortized cost: | ||
| Due Within One Year | 10,965 | |
| Due After One Year Through Five Years | 9,429 | |
| Due After Five Years Through Ten Years | 3,298 | |
| Due After Ten Years | 0 | |
| Amortized Cost | 23,692 | 32,609 |
| AFS investment securities—Fair value: | ||
| Due Within One Year | 10,781 | |
| Due After One Year Through Five Years | 9,079 | |
| Due After Five Years Through Ten Years | 2,922 | |
| Due After Ten Years | 0 | |
| Total | 22,782 | |
| Accrued Interest | 153 | 207 |
| Agency mortgage-backed securities | ||
| Investments in AFS debt securities—Amortized cost: | ||
| Due Within One Year | 0 | |
| Due After One Year Through Five Years | 122 | |
| Due After Five Years Through Ten Years | 10,721 | |
| Due After Ten Years | 334,608 | |
| Amortized Cost | 345,451 | 28,714 |
| AFS investment securities—Fair value: | ||
| Due Within One Year | 0 | |
| Due After One Year Through Five Years | 115 | |
| Due After Five Years Through Ten Years | 10,555 | |
| Due After Ten Years | 333,595 | |
| Total | 344,265 | |
| Accrued Interest | 1,039 | 111 |
| Other asset-backed securities | ||
| Investments in AFS debt securities—Amortized cost: | ||
| Due Within One Year | 0 | |
| Due After One Year Through Five Years | 4,092 | |
| Due After Five Years Through Ten Years | 0 | |
| Due After Ten Years | 0 | |
| Amortized Cost | 4,092 | 7,272 |
| AFS investment securities—Fair value: | ||
| Due Within One Year | 0 | |
| Due After One Year Through Five Years | 4,000 | |
| Due After Five Years Through Ten Years | 0 | |
| Due After Ten Years | 0 | |
| Total | 4,000 | |
| Accrued Interest | 1 | 4 |
| 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 | 0 | |
| Due After Ten Years | 942 | |
| Amortized Cost | 942 | 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 | 0 | |
| Due After Ten Years | 771 | |
| Total | 771 | |
| Accrued Interest | $ 4 | $ 8 |
Investments Securities - Narrative (Details) - USD ($) $ in Thousands |
3 Months Ended | |
|---|---|---|
Mar. 31, 2024 |
Mar. 31, 2023 |
|
| Investments, Debt and Equity Securities [Abstract] | ||
| Gross realized gains on investments in available-for-sale debt securities | $ 0 | $ 3,356 |
| Gross realized losses on investments in available-for-sale debt securities | $ 0 | $ 509 |
Investment Securities - Schedule of Securitization of Investments (Details) - Variable Interest Entity, Not Primary Beneficiary - USD ($) $ in Thousands |
Mar. 31, 2024 |
Dec. 31, 2023 |
|---|---|---|
| Variable Interest Entity [Line Items] | ||
| Securitization investments | $ 134,592 | $ 106,748 |
| Personal loans | ||
| Variable Interest Entity [Line Items] | ||
| Securitization investments | 58,752 | 27,247 |
| Student Loans | ||
| Variable Interest Entity [Line Items] | ||
| Securitization investments | $ 75,840 | $ 79,501 |
Securitization and Variable Interest Entities (Details) |
3 Months Ended | |
|---|---|---|
|
Mar. 31, 2024
trust
entity
|
Dec. 31, 2023
entity
|
|
| Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||
| Number of consolidated VIEs (in entities) | 5 | 6 |
| Number of consolidated VIEs exercised securitization clean up calls (in entities) | 1 | |
| Number of nonconsolidated entities in which investments are held | 24 | 22 |
| Number of nonconsolidated trusts established | trust | 2 |
Deposits - Schedule of Interest-Bearing Deposits (Details) - USD ($) $ in Thousands |
Mar. 31, 2024 |
Dec. 31, 2023 |
|---|---|---|
| Interest-bearing deposits: | ||
| Savings deposits | $ 16,583,020 | $ 12,902,033 |
| Demand deposits | 2,480,456 | 2,663,335 |
| Time deposits | 2,486,661 | 3,003,625 |
| Total interest-bearing deposits | 21,550,137 | 18,568,993 |
| Brokered deposits | 2,644,040 | 3,160,414 |
| Brokered time deposits | 2,447,328 | 2,971,462 |
| Brokered demand deposits | 196,712 | 188,952 |
| Uninsured deposits | $ 15,767 | $ 21,268 |
Deposits - Schedule of Maturities of Time Deposits (Details) - USD ($) $ in Thousands |
Mar. 31, 2024 |
Dec. 31, 2023 |
|---|---|---|
| Time Deposits, Fiscal Year Maturity [Abstract] | ||
| 2024 | $ 1,899,335 | |
| 2025 | 585,066 | |
| 2026 | 2,009 | |
| 2027 | 0 | |
| 2028 | 251 | |
| Thereafter | 0 | |
| Total | $ 2,486,661 | $ 3,003,625 |
Debt - Schedule of Debt (Details) - USD ($) $ in Thousands |
3 Months Ended | ||
|---|---|---|---|
Mar. 31, 2024 |
Mar. 31, 2023 |
Dec. 31, 2023 |
|
| Debt Instrument [Line Items] | |||
| Total Outstanding | $ 2,929,065 | $ 5,259,584 | |
| Less: unamortized debt issuance costs, premiums and discounts | (37,748) | (26,168) | |
| Total debt | 2,891,317 | 5,233,416 | |
| Debt discounts issued | 17,300 | ||
| Amount not available for general borrowing purposes to secure letter of credit | 6,400 | 6,400 | |
| Asset Pledged as Collateral | |||
| Debt Instrument [Line Items] | |||
| Amount not available for general borrowing purposes to secure letter of credit | 27,200 | 27,200 | |
| Personal Loan Securitizations | |||
| Debt Instrument [Line Items] | |||
| Total Collateral | 384,246 | ||
| Total Outstanding | 125,990 | 239,340 | |
| Student loan securitizations | |||
| Debt Instrument [Line Items] | |||
| Total Collateral | 152,387 | ||
| Total Outstanding | 130,413 | 182,744 | |
| Secured Debt | Asset Pledged as Collateral | |||
| Debt Instrument [Line Items] | |||
| Total Capacity | 151,000 | ||
| 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 | 1.30% | ||
| Minimum | Student loan securitizations | |||
| Debt Instrument [Line Items] | |||
| Stated Interest Rate | 3.09% | ||
| Maximum | |||
| Debt Instrument [Line Items] | |||
| Unused commitment fee percentage | 0.65% | ||
| Maximum | Personal Loan Securitizations | |||
| Debt Instrument [Line Items] | |||
| Stated Interest Rate | 6.21% | ||
| Maximum | Student loan securitizations | |||
| Debt Instrument [Line Items] | |||
| Stated Interest Rate | 4.21% | ||
| Personal loan warehouse facilities | Line of Credit | |||
| Debt Instrument [Line Items] | |||
| Total Collateral | $ 354,851 | ||
| Total Capacity | 4,625,000 | ||
| Total Outstanding | $ 296,921 | 1,077,444 | |
| Personal loan warehouse facilities | Minimum | Line of Credit | |||
| Debt Instrument [Line Items] | |||
| Stated Interest Rate | 5.47% | ||
| Personal loan warehouse facilities | Maximum | Line of Credit | |||
| Debt Instrument [Line Items] | |||
| Stated Interest Rate | 7.23% | ||
| Student loan warehouse facilities | Line of Credit | |||
| Debt Instrument [Line Items] | |||
| Total Collateral | $ 517,928 | ||
| Total Capacity | 3,945,000 | ||
| Total Outstanding | $ 455,328 | 2,095,046 | |
| Student loan warehouse facilities | Minimum | Line of Credit | |||
| Debt Instrument [Line Items] | |||
| Stated Interest Rate | 6.09% | ||
| Student loan warehouse facilities | Maximum | Line of Credit | |||
| Debt Instrument [Line Items] | |||
| Stated Interest Rate | 7.48% | ||
| Risk retention warehouse facilities | Line of Credit | |||
| Debt Instrument [Line Items] | |||
| Total Collateral | $ 60,787 | ||
| Total Capacity | 100,000 | ||
| Total Outstanding | $ 59,941 | 67,038 | |
| Risk retention warehouse facilities | Minimum | Line of Credit | |||
| Debt Instrument [Line Items] | |||
| Stated Interest Rate | 6.84% | ||
| Risk retention warehouse facilities | Maximum | Line of Credit | |||
| Debt Instrument [Line Items] | |||
| Stated Interest Rate | 8.69% | ||
| Revolving credit facility | Line of Credit | |||
| Debt Instrument [Line Items] | |||
| Amount not available for general borrowing purposes to secure letter of credit | $ 13,100 | ||
| Revolving credit facility | Revolving credit facility | |||
| Debt Instrument [Line Items] | |||
| Stated Interest Rate | 6.93% | ||
| Total Capacity | $ 645,000 | ||
| Total Outstanding | $ 486,000 | 486,000 | |
| Convertible senior notes due 2026 | Convertible Debt | |||
| Debt Instrument [Line Items] | |||
| Stated Interest Rate | 0.00% | ||
| Total Outstanding | $ 511,972 | 1,111,972 | |
| Less: unamortized debt issuance costs, premiums and discounts | (5,700) | (13,300) | |
| Interest expense | $ 1,200 | $ 1,300 | |
| Effective interest rate | 0.92% | 0.42% | |
| Net carrying amount | $ 506,300 | 1,100,000 | |
| Convertible senior notes due 2029 | Convertible Debt | |||
| Debt Instrument [Line Items] | |||
| Stated Interest Rate | 1.25% | ||
| Total Outstanding | $ 862,500 | 0 | |
| Less: unamortized debt issuance costs, premiums and discounts | (21,500) | ||
| Debt discounts issued | 17,300 | ||
| Interest expense | $ 1,000 | ||
| Effective interest rate | 1.37% | ||
| Net carrying amount | $ 841,000 | ||
| Other financing | Other Financings | |||
| Debt Instrument [Line Items] | |||
| Total Collateral | 169,929 | ||
| Total Capacity | 201,032 | ||
| Total Outstanding | 0 | $ 0 | |
| Other financing | Other Financings | Loans at fair value | |||
| Debt Instrument [Line Items] | |||
| Total Collateral | 54,300 | ||
| Other financing | Other Financings | Securities Investment | |||
| Debt Instrument [Line Items] | |||
| Total Collateral | $ 115,700 | ||
Debt - Narrative (Details) $ / shares in Units, $ in Thousands |
1 Months Ended | 3 Months Ended | |||
|---|---|---|---|---|---|
|
Mar. 31, 2024
USD ($)
$ / shares
shares
|
Dec. 31, 2023
USD ($)
shares
|
Mar. 31, 2024
USD ($)
facility
day
$ / shares
shares
|
Mar. 31, 2023
USD ($)
|
Oct. 04, 2021
USD ($)
|
|
| Debt Instrument [Line Items] | |||||
| Gain on extinguishment of convertible debt | $ 59,194 | $ 0 | |||
| Debt discounts issued | $ 17,300 | ||||
| Common Stock | |||||
| Debt Instrument [Line Items] | |||||
| Extinguishment of convertible notes by issuance of common stock (in shares) | shares | 72,621,879 | 9,490,000 | 72,621,879 | ||
| Line of Credit | Loan Warehouse Facilities | |||||
| Debt Instrument [Line Items] | |||||
| Number of facilities closed | facility | 2 | ||||
| Maximum available capacity of closed facilities | $ 400,000 | $ 400,000 | |||
| Number of new loans opened | facility | 0 | ||||
| Line of Credit | Risk retention warehouse facilities | |||||
| Debt Instrument [Line Items] | |||||
| Number of facilities closed | facility | 1 | ||||
| Convertible senior notes due 2026 | Convertible Debt | |||||
| Debt Instrument [Line Items] | |||||
| Face amount | 512,000 | $ 512,000 | $ 1,200,000 | ||
| Debt repurchased, face amount | $ 600,000 | $ 88,000 | 600,000 | ||
| Gain on extinguishment of convertible debt | $ 59,200 | ||||
| Shares available for conversion (in shares) | shares | 22,841,631 | 22,841,631 | |||
| Specified rate | 0.00% | 0.00% | |||
| Convertible senior notes due 2029 | Convertible Debt | |||||
| Debt Instrument [Line Items] | |||||
| Face amount | $ 862,500 | $ 862,500 | |||
| Shares available for conversion (in shares) | shares | 0 | 0 | |||
| Specified rate | 1.25% | 1.25% | |||
| Net proceeds from offering | $ 845,300 | ||||
| Purchasers' discount percentage | 2.00% | 2.00% | |||
| Debt discounts issued | $ 17,300 | ||||
| Deferred loan origination costs | $ 4,600 | $ 4,600 | |||
| Conversion price (in dollars per share) | $ / shares | $ 9.45 | $ 9.45 | |||
| Observation period | day | 30 | ||||
| Convertible debt, threshold, trading days preceding maturity date | day | 30 | ||||
| Conversion rate | 0.1058089 | ||||
Debt - Schedule of Maturities of Borrowings (Details) - Debt with Scheduled Payments $ in Thousands |
Mar. 31, 2024
USD ($)
|
|---|---|
| Debt Instrument [Line Items] | |
| 2024 | $ 0 |
| 2025 | 0 |
| 2026 | 511,972 |
| 2027 | 0 |
| 2028 | 486,000 |
| Thereafter | 862,500 |
| Total | $ 1,860,472 |
Equity - Narrative (Details) $ / shares in Units, $ in Thousands |
3 Months Ended | 12 Months Ended | |||||
|---|---|---|---|---|---|---|---|
|
Mar. 31, 2024
USD ($)
$ / shares
shares
|
Mar. 31, 2023
USD ($)
shares
|
Dec. 31, 2021
USD ($)
$ / shares
|
Dec. 31, 2023
USD ($)
$ / shares
shares
|
Dec. 31, 2022
shares
|
Jun. 01, 2021
$ / shares
shares
|
May 28, 2021
$ / shares
shares
|
|
| Class of Stock [Line Items] | |||||||
| Preferred stock, shares authorized (in shares) | 100,000,000 | ||||||
| Preferred stock, par value (in dollars per share) | $ / shares | $ 0.0001 | ||||||
| Redeemable preferred stock, shares authorized (in shares) | 100,000,000 | 100,000,000 | 100,000,000 | ||||
| Redeemable preferred stock, par value (in dollars per share) | $ / shares | $ 0.00 | $ 0.00 | $ 0.0000025 | ||||
| Redeemable preferred stock, shares issued (in shares) | 3,234,000 | 3,234,000 | |||||
| Redeemable preferred stock, shares outstanding (in shares) | 3,234,000 | 3,234,000 | 3,234,000 | 3,234,000 | |||
| Dividends payable | $ | $ 10,079 | $ 0 | |||||
| Common stock, shares authorized (in 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) | 1,056,491,365 | 975,861,793 | |||||
| Common stock, shares outstanding (in shares) | 1,056,491,365 | 975,861,793 | |||||
| Purchases of capped calls | $ | $ 90,649 | ||||||
| Convertible senior notes due 2026 | Convertible Debt | |||||||
| Class of Stock [Line Items] | |||||||
| Purchases of capped calls | $ | $ 113,800 | ||||||
| Debt repurchased, face amount | $ | 600,000 | $ 88,000 | |||||
| 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 | |||||||
| Class of Stock [Line Items] | |||||||
| Purchases 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 | |||||||
| Class of Stock [Line Items] | |||||||
| Redeemable preferred stock, shares authorized (in shares) | 4,500,000 | ||||||
| Redeemable preferred stock, conversion ratio | 1 | ||||||
| Redeemable preferred stock, shares issued (in shares) | 3,234,000 | ||||||
| Redeemable preferred stock, shares outstanding (in shares) | 3,234,000 | ||||||
| Redeemable preferred stock, original issuance price (in dollars per share) | $ / shares | $ 100.00 | ||||||
| Series 1 | Dividend Paid | |||||||
| Class of Stock [Line Items] | |||||||
| Dividends declared and paid | $ | $ 10,079 | $ 9,968 | |||||
| Common Stock | |||||||
| Class of Stock [Line Items] | |||||||
| Common stock, shares authorized (in shares) | 3,000,000,000 | ||||||
| Common stock, par value (in dollars per share) | $ / shares | $ 0.0001 | ||||||
| Non-Voting Common Stock | |||||||
| Class of Stock [Line Items] | |||||||
| Common stock, shares authorized (in 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) | 0 | 0 | |||||
| Common stock, shares outstanding (in shares) | 0 | 0 | |||||
Equity - Schedule of Common Stock Reserved for Future Issuance (Details) - shares |
Mar. 31, 2024 |
Dec. 31, 2023 |
|---|---|---|
| Class of Stock [Line Items] | ||
| Total common stock reserved for future issuance (in shares) | 219,099,284 | 206,182,041 |
| Possible future issuance under stock plans | ||
| Class of Stock [Line Items] | ||
| Total common stock reserved for future issuance (in shares) | 78,309,380 | 45,384,011 |
| Conversion of convertible notes | ||
| Class of Stock [Line Items] | ||
| Total common stock reserved for future issuance (in shares) | 22,841,631 | 49,610,631 |
| Outstanding common stock warrants | ||
| Class of Stock [Line Items] | ||
| Total common stock reserved for future issuance (in shares) | 12,170,990 | 12,170,990 |
| Outstanding stock options, restricted stock units and performance stock units | ||
| Class of Stock [Line Items] | ||
| Total common stock reserved for future issuance (in shares) | 105,777,283 | 99,016,409 |
Equity - Schedule of Accumulated Other Comprehensive Income (Loss) Rollforward (Details) - USD ($) $ in Thousands |
3 Months Ended | |
|---|---|---|
Mar. 31, 2024 |
Mar. 31, 2023 |
|
| AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | ||
| Beginning balance | $ 5,234,612 | $ 5,208,102 |
| Other comprehensive income (loss) before reclassifications | (879) | 1,783 |
| Amounts reclassified from AOCI into earnings | 0 | 172 |
| Total other comprehensive income (loss) | (879) | 1,955 |
| Ending balance | 5,825,605 | 5,234,072 |
| Accumulated Other Comprehensive Income (Loss) | ||
| AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | ||
| Beginning balance | (1,209) | (8,296) |
| Total other comprehensive income (loss) | (879) | 1,955 |
| Ending balance | (2,088) | (6,341) |
| AFS Debt Securities | ||
| AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | ||
| Beginning balance | (2,201) | (8,611) |
| Other comprehensive income (loss) before reclassifications | (700) | 2,076 |
| Amounts reclassified from AOCI into earnings | 0 | 172 |
| Total other comprehensive income (loss) | (700) | 2,248 |
| Ending balance | (2,901) | (6,363) |
| Foreign Currency Translation Adjustments | ||
| AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | ||
| Beginning balance | 992 | 315 |
| Other comprehensive income (loss) before reclassifications | (179) | (293) |
| Amounts reclassified from AOCI into earnings | 0 | 0 |
| Total other comprehensive income (loss) | (179) | (293) |
| Ending balance | $ 813 | $ 22 |
Derivative Financial Instruments - Schedule of Gains (Losses) Recognized on Derivative Instruments (Details) - Not designated as hedging instrument - USD ($) $ in Thousands |
3 Months Ended | |
|---|---|---|
Mar. 31, 2024 |
Mar. 31, 2023 |
|
| Derivative Instruments, Gain (Loss) [Line Items] | ||
| Gain (loss) from fair value changes on derivatives | $ 208,492 | $ (30,114) |
| Derivative contracts to manage future loan sale execution risk | ||
| Derivative Instruments, Gain (Loss) [Line Items] | ||
| Gain (loss) from fair value changes on derivatives | 199,858 | (31,228) |
| Interest rate swaps | Derivative contracts to manage future loan sale execution risk | ||
| Derivative Instruments, Gain (Loss) [Line Items] | ||
| Gain (loss) from fair value changes on derivatives | 201,285 | (28,456) |
| Interest rate swaps | Derivative contracts not designed to manage future loan sale execution risk | ||
| Derivative Instruments, Gain (Loss) [Line Items] | ||
| Gain (loss) from fair value changes on derivatives | 6,063 | (1,108) |
| Interest rate caps | Derivative contracts to manage future loan sale execution risk | ||
| Derivative Instruments, Gain (Loss) [Line Items] | ||
| Gain (loss) from fair value changes on derivatives | (2,283) | (1,695) |
| Interest rate caps | Derivative contracts not designed to manage future loan sale execution risk | ||
| Derivative Instruments, Gain (Loss) [Line Items] | ||
| Gain (loss) from fair value changes on derivatives | 2,290 | 1,771 |
| Home loan pipeline hedges | Derivative contracts to manage future loan sale execution risk | ||
| Derivative Instruments, Gain (Loss) [Line Items] | ||
| Gain (loss) from fair value changes on derivatives | 856 | (1,077) |
| IRLCs | ||
| Derivative Instruments, Gain (Loss) [Line Items] | ||
| Gain (loss) from fair value changes on derivatives | 281 | 418 |
| Purchase price earn out | ||
| Derivative Instruments, Gain (Loss) [Line Items] | ||
| Gain (loss) from fair value changes on derivatives | 0 | 9 |
| Third party warrants | ||
| Derivative Instruments, Gain (Loss) [Line Items] | ||
| Gain (loss) from fair value changes on derivatives | $ 0 | $ 24 |
Derivative Financial Instruments - Schedule of Derivative Instruments Subject to Enforceable Master Netting Arrangements (Details) - USD ($) |
Mar. 31, 2024 |
Dec. 31, 2023 |
|---|---|---|
| Gross Derivative Assets | ||
| Total, gross | $ 1,537,000 | $ 2,209,000 |
| Derivative netting | (1,537,000) | (1,347,000) |
| Total, net | 0 | 862,000 |
| Gross Derivative Liabilities | ||
| Total, gross | (5,943,000) | (5,951,000) |
| Derivative netting | 1,537,000 | 1,347,000 |
| Total, net | (4,406,000) | (4,604,000) |
| Cash collateral | 2,970,000 | 0 |
| Interest rate swaps | ||
| Gross Derivative Assets | ||
| Total, gross | 1,517,000 | 2,208,000 |
| Gross Derivative Liabilities | ||
| Total, gross | (4,487,000) | (1,347,000) |
| Interest rate caps | ||
| Gross Derivative Assets | ||
| Total, gross | 0 | 0 |
| Gross Derivative Liabilities | ||
| Total, gross | (986,000) | (3,276,000) |
| Home loan pipeline hedges | ||
| Gross Derivative Assets | ||
| Total, gross | 20,000 | 1,000 |
| Gross Derivative Liabilities | ||
| Total, gross | $ (470,000) | $ (1,328,000) |
Derivative Financial Instruments - Schedule of Notional Amounts of Derivative Contracts Outstanding (Details) - USD ($) $ in Thousands |
Mar. 31, 2024 |
Dec. 31, 2023 |
|---|---|---|
| Derivative [Line Items] | ||
| Notional amount | $ 13,530,759 | $ 13,737,388 |
| IRLCs | ||
| Derivative [Line Items] | ||
| Notional amount | 169,759 | 126,388 |
| Derivative contracts to manage future loan sale execution risk | Interest rate swaps | ||
| Derivative [Line Items] | ||
| Notional amount | 12,230,700 | 12,491,000 |
| Derivative contracts to manage future loan sale execution risk | Interest rate caps | ||
| Derivative [Line Items] | ||
| Notional amount | 405,000 | 405,000 |
| Derivative contracts to manage future loan sale execution risk | Home loan pipeline hedges | ||
| Derivative [Line Items] | ||
| Notional amount | 241,000 | 226,000 |
| Derivative contracts not designed to manage future loan sale execution risk | Interest rate swaps | ||
| Derivative [Line Items] | ||
| Notional amount | 79,300 | 84,000 |
| Derivative contracts not designed to manage future loan sale execution risk | Interest rate caps | ||
| Derivative [Line Items] | ||
| Notional amount | $ 405,000 | $ 405,000 |
Fair Value Measurements - Schedule of Assets and Liabilities Measured on Recurring Basis (Details) - USD ($) $ in Thousands |
3 Months Ended | |
|---|---|---|
Mar. 31, 2024 |
Dec. 31, 2023 |
|
| Assets | ||
| Investments in AFS debt securities | $ 838,506 | $ 595,187 |
| Servicing rights | 240,752 | 180,469 |
| Liabilities | ||
| Residual interests classified as debt | 4,129 | 7,396 |
| Unpaid principal related to debt measured at fair value | 114,960 | 128,619 |
| Losses from changes in fair value | 1,427 | |
| Fair Value | ||
| Assets | ||
| Total assets | 5,522,462 | 4,563,441 |
| Liabilities | ||
| Debt | 2,757,289 | 4,979,822 |
| Total liabilities | 24,360,243 | 23,592,644 |
| Fair Value | Fair Value, Recurring | ||
| Assets | ||
| Investments in AFS debt securities | 838,506 | 595,187 |
| Loans at fair value | 21,950,643 | 22,122,255 |
| Servicing rights | 240,752 | 180,469 |
| Digital assets safeguarding asset | 0 | 9,292 |
| Total assets | 23,170,396 | 23,027,679 |
| Liabilities | ||
| Debt | 107,409 | 119,641 |
| Digital assets safeguarding liability | 0 | 9,292 |
| Total liabilities | 117,481 | 142,280 |
| Fair Value | Asset-backed bonds | Fair Value, Recurring | ||
| Assets | ||
| Asset-backed bonds and residual investments | 98,739 | 70,828 |
| Fair Value | Residual investments | Fair Value, Recurring | ||
| Assets | ||
| Asset-backed bonds and residual investments | 35,853 | 35,920 |
| Fair Value | Third party warrants | Fair Value, Recurring | ||
| Assets | ||
| Derivative assets | 630 | 630 |
| Fair Value | Derivative assets | Fair Value, Recurring | ||
| Assets | ||
| Derivative assets | 1,537 | 2,209 |
| Fair Value | IRLCs | Fair Value, Recurring | ||
| Assets | ||
| Derivative assets | 2,436 | 2,155 |
| Fair Value | Student loan commitments | Fair Value, Recurring | ||
| Assets | ||
| Student loan commitments | 314 | 5,465 |
| Fair Value | Interest rate caps | Fair Value, Recurring | ||
| Assets | ||
| Derivative assets | 986 | 3,269 |
| Fair Value | Residual interests classified as debt | Fair Value, Recurring | ||
| Liabilities | ||
| Residual interests classified as debt | 4,129 | 7,396 |
| Fair Value | Derivative liabilities | Fair Value, Recurring | ||
| Liabilities | ||
| Derivative liabilities | 5,943 | 5,951 |
| Level 1 | ||
| Assets | ||
| Total assets | 4,147,908 | 3,615,578 |
| Liabilities | ||
| Debt | 1,311,986 | 955,306 |
| Total liabilities | 1,311,986 | 955,306 |
| Level 1 | Fair Value, Recurring | ||
| Assets | ||
| Investments in AFS debt securities | 465,491 | 527,711 |
| Loans at fair value | 0 | 0 |
| Servicing rights | 0 | 0 |
| Digital assets safeguarding asset | 0 | 0 |
| Total assets | 465,491 | 527,711 |
| Liabilities | ||
| Debt | 0 | 0 |
| Digital assets safeguarding liability | 0 | 0 |
| Total liabilities | 0 | 0 |
| Level 1 | Asset-backed bonds | Fair Value, Recurring | ||
| Assets | ||
| Asset-backed bonds and residual investments | 0 | 0 |
| Level 1 | Residual investments | Fair Value, Recurring | ||
| Assets | ||
| Asset-backed bonds and residual investments | 0 | 0 |
| Level 1 | Third party warrants | Fair Value, Recurring | ||
| Assets | ||
| Derivative assets | 0 | 0 |
| Level 1 | Derivative assets | Fair Value, Recurring | ||
| Assets | ||
| Derivative assets | 0 | 0 |
| Level 1 | IRLCs | Fair Value, Recurring | ||
| Assets | ||
| Derivative assets | 0 | 0 |
| Level 1 | Student loan commitments | Fair Value, Recurring | ||
| Assets | ||
| Student loan commitments | 0 | 0 |
| Level 1 | Interest rate caps | Fair Value, Recurring | ||
| Assets | ||
| Derivative assets | 0 | 0 |
| Level 1 | Residual interests classified as debt | Fair Value, Recurring | ||
| Liabilities | ||
| Residual interests classified as debt | 0 | 0 |
| Level 1 | Derivative liabilities | Fair Value, Recurring | ||
| Liabilities | ||
| Derivative liabilities | 0 | 0 |
| Level 2 | ||
| Assets | ||
| Total assets | 92,805 | 83,551 |
| Liabilities | ||
| Debt | 1,445,303 | 4,024,516 |
| Total liabilities | 23,048,257 | 22,637,338 |
| Level 2 | Fair Value, Recurring | ||
| Assets | ||
| Investments in AFS debt securities | 373,015 | 67,476 |
| Loans at fair value | 59,477 | 66,198 |
| Servicing rights | 0 | 0 |
| Digital assets safeguarding asset | 0 | 9,292 |
| Total assets | 533,754 | 219,272 |
| Liabilities | ||
| Debt | 107,409 | 119,641 |
| Digital assets safeguarding liability | 0 | 9,292 |
| Total liabilities | 113,352 | 134,884 |
| Level 2 | Asset-backed bonds | Fair Value, Recurring | ||
| Assets | ||
| Asset-backed bonds and residual investments | 98,739 | 70,828 |
| Level 2 | Residual investments | Fair Value, Recurring | ||
| Assets | ||
| Asset-backed bonds and residual investments | 0 | 0 |
| Level 2 | Third party warrants | Fair Value, Recurring | ||
| Assets | ||
| Derivative assets | 0 | 0 |
| Level 2 | Derivative assets | Fair Value, Recurring | ||
| Assets | ||
| Derivative assets | 1,537 | 2,209 |
| Level 2 | IRLCs | Fair Value, Recurring | ||
| Assets | ||
| Derivative assets | 0 | 0 |
| Level 2 | Student loan commitments | Fair Value, Recurring | ||
| Assets | ||
| Student loan commitments | 0 | 0 |
| Level 2 | Interest rate caps | Fair Value, Recurring | ||
| Assets | ||
| Derivative assets | 986 | 3,269 |
| Level 2 | Residual interests classified as debt | Fair Value, Recurring | ||
| Liabilities | ||
| Residual interests classified as debt | 0 | 0 |
| Level 2 | Derivative liabilities | Fair Value, Recurring | ||
| Liabilities | ||
| Derivative liabilities | 5,943 | 5,951 |
| Level 3 | ||
| Assets | ||
| Total assets | 1,281,749 | 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 | 21,891,166 | 22,056,057 |
| Servicing rights | 240,752 | 180,469 |
| Digital assets safeguarding asset | 0 | 0 |
| Total assets | 22,171,151 | 22,280,696 |
| Liabilities | ||
| Debt | 0 | 0 |
| Digital assets safeguarding liability | 0 | 0 |
| Total liabilities | 4,129 | 7,396 |
| Level 3 | Asset-backed bonds | Fair Value, Recurring | ||
| Assets | ||
| Asset-backed bonds and residual investments | 0 | 0 |
| Level 3 | Residual investments | Fair Value, Recurring | ||
| Assets | ||
| Asset-backed bonds and residual investments | 35,853 | 35,920 |
| Level 3 | Third party warrants | Fair Value, Recurring | ||
| Assets | ||
| Derivative assets | 630 | 630 |
| Level 3 | Derivative assets | Fair Value, Recurring | ||
| Assets | ||
| Derivative assets | 0 | 0 |
| Level 3 | IRLCs | Fair Value, Recurring | ||
| Assets | ||
| Derivative assets | 2,436 | 2,155 |
| Level 3 | Student loan commitments | Fair Value, Recurring | ||
| Assets | ||
| Student loan commitments | 314 | 5,465 |
| Level 3 | Interest rate caps | Fair Value, Recurring | ||
| Assets | ||
| Derivative assets | 0 | 0 |
| Level 3 | Residual interests classified as debt | Fair Value, Recurring | ||
| Liabilities | ||
| Residual interests classified as debt | 4,129 | 7,396 |
| Level 3 | Derivative liabilities | Fair Value, Recurring | ||
| Liabilities | ||
| Derivative liabilities | $ 0 | $ 0 |
Fair Value Measurements - Schedule of Changes in Assets and Liabilities Measured at Fair Value on a Recurring Basis (Details) - USD ($) $ in Thousands |
3 Months Ended | |
|---|---|---|
Mar. 31, 2024 |
Mar. 31, 2023 |
|
| Liabilities | ||
| Net impact on earnings | $ (277,908) | $ 164,222 |
| Elective repurchases | 16,600 | |
| Securitization clean-up calls | 39,900 | |
| Residual interests classified as debt | ||
| Liabilities | ||
| Fair value at beginning of period | (7,396) | (17,048) |
| Impact on Earnings | (73) | (89) |
| Purchases | 0 | 0 |
| Sales | 0 | 0 |
| Issuances | 0 | 0 |
| Settlements | 3,340 | 1,572 |
| Other Changes | 0 | 0 |
| Fair value at end of period | (4,129) | (15,565) |
| Loans at fair value | ||
| Assets | ||
| Fair value at beginning of period | 22,056,057 | 13,557,074 |
| Impact on Earnings | (286,543) | 150,405 |
| Purchases | 16,580 | 40,591 |
| Sales | (1,557,041) | (77,880) |
| Issuances | 4,030,562 | 3,566,518 |
| Settlements | (2,371,634) | (1,380,988) |
| Other Changes | 3,185 | 2,385 |
| Fair value at end of period | 21,891,166 | 15,858,105 |
| Personal loans | ||
| Assets | ||
| Fair value at beginning of period | 15,330,573 | 8,610,434 |
| Impact on Earnings | (269,426) | 86,200 |
| Purchases | 16,580 | 40,039 |
| Sales | (1,262,854) | 0 |
| Issuances | 3,278,882 | 2,951,358 |
| Settlements | (2,035,697) | (1,150,926) |
| Other Changes | (1,053) | (106) |
| Fair value at end of period | 15,057,005 | 10,536,999 |
| Student loans | ||
| Assets | ||
| Fair value at beginning of period | 6,725,484 | 4,877,177 |
| Impact on Earnings | (17,117) | 64,699 |
| Purchases | 0 | 0 |
| Sales | (294,187) | 0 |
| Issuances | 751,680 | 525,373 |
| Settlements | (335,937) | (229,681) |
| Other Changes | 4,238 | 2,491 |
| Fair value at end of period | 6,834,161 | 5,240,059 |
| Home loans | ||
| Assets | ||
| Fair value at beginning of period | 69,463 | |
| Impact on Earnings | (494) | |
| Purchases | 552 | |
| Sales | (77,880) | |
| Issuances | 89,787 | |
| Settlements | (381) | |
| Other Changes | 0 | |
| Fair value at end of period | 81,047 | |
| Servicing rights | ||
| Assets | ||
| Fair value at beginning of period | 180,469 | 149,854 |
| Impact on Earnings | 5,226 | 12,084 |
| Purchases | 980 | 613 |
| Sales | (53) | (135) |
| Issuances | 75,554 | 954 |
| Settlements | (21,424) | (16,856) |
| Other Changes | 0 | 0 |
| Fair value at end of period | 240,752 | 146,514 |
| Residual investments | ||
| Assets | ||
| Fair value at beginning of period | 35,920 | 46,238 |
| Impact on Earnings | 732 | 1,104 |
| Purchases | 2,553 | 0 |
| Sales | 0 | (306) |
| Issuances | 0 | 0 |
| Settlements | (3,352) | (4,076) |
| Other Changes | 0 | 0 |
| Fair value at end of period | 35,853 | 42,960 |
| Purchase price earn out | ||
| Assets | ||
| Fair value at beginning of period | 54 | |
| Impact on Earnings | 9 | |
| Purchases | 0 | |
| Sales | 0 | |
| Issuances | 0 | |
| Settlements | (63) | |
| Other Changes | 0 | |
| Fair value at end of period | 0 | |
| IRLCs | ||
| Assets | ||
| Fair value at beginning of period | 2,155 | 216 |
| Impact on Earnings | 2,436 | 634 |
| Purchases | 0 | 0 |
| Sales | 0 | 0 |
| Issuances | 0 | 0 |
| Settlements | (2,155) | (216) |
| Other Changes | 0 | 0 |
| Fair value at end of period | 2,436 | 634 |
| Student loan commitments | ||
| Assets | ||
| Fair value at beginning of period | 5,465 | (236) |
| Impact on Earnings | 314 | 75 |
| Purchases | 0 | 0 |
| Sales | 0 | 0 |
| Issuances | 0 | 0 |
| Settlements | (5,465) | 236 |
| Other Changes | 0 | 0 |
| Fair value at end of period | 314 | 75 |
| Third party warrants | ||
| Assets | ||
| Fair value at beginning of period | 630 | 630 |
| Impact on Earnings | 0 | 0 |
| Purchases | 0 | 0 |
| Sales | 0 | 0 |
| Issuances | 0 | 0 |
| Settlements | 0 | 0 |
| Other Changes | 0 | 0 |
| Fair value at end of period | $ 630 | $ 630 |
Fair Value Measurements - Narrative (Details) - USD ($) $ in Thousands |
3 Months Ended | ||
|---|---|---|---|
Mar. 31, 2024 |
Mar. 31, 2023 |
Dec. 31, 2023 |
|
| 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 | $ 40,824 | $ (50,529) | |
| Fair Value | Fair Value, Nonrecurring | Non-Securitization Investments – Other | |||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
| Fair value of non-securitization investments, other | 23,085 | $ 22,920 | |
| Fair Value | Fair Value, Nonrecurring | Other Security Investments, Investment Four | Level 3 | |||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
| Fair value of non-securitization investments, other | $ 19,739 | $ 19,739 | |
Fair Value Measurements - Schedule of Valuation Inputs and Assumptions (Details) $ in Thousands |
Mar. 31, 2024
USD ($)
|
Dec. 31, 2023 |
|---|---|---|
| Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
| Aggregate amount committed | $ 6,459 | |
| Conditional prepayment rate | Minimum | ||
| Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
| Residual investments | 0.124 | 0.122 |
| Residual interests classified as debt | 0.127 | 0.123 |
| Conditional prepayment rate | Maximum | ||
| Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
| Residual investments | 0.299 | 0.283 |
| Residual interests classified as debt | 0.128 | 0.126 |
| Conditional prepayment rate | Weighted Average | ||
| Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
| Residual investments | 0.155 | 0.148 |
| Residual interests classified as debt | 0.128 | 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 | 0.008 | 0.007 |
| Annual default rate | Maximum | ||
| Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
| Residual investments | 0.069 | 0.069 |
| Residual interests classified as debt | 0.008 | 0.007 |
| Annual default rate | Weighted Average | ||
| Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
| Residual investments | 0.015 | 0.014 |
| Residual interests classified as debt | 0.008 | 0.007 |
| Discount rate | Minimum | ||
| Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
| Residual investments | 0.058 | 0.058 |
| Residual interests classified as debt | 0.100 | 0.100 |
| Discount rate | Maximum | ||
| Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
| Residual investments | 0.135 | 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 | 0.088 | 0.087 |
| Residual interests classified as debt | 0.100 | 0.100 |
| Loan funding probability | Minimum | ||
| Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
| Interest rate lock commitments | 0.489 | 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 | 0.858 | 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 | 0.792 | 0.763 |
| Student loan commitments | 0.950 | 0.950 |
| Personal loans | Conditional prepayment rate | Minimum | ||
| Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
| Loans | 0.184 | 0.175 |
| Servicing rights | 0.086 | 0.179 |
| Personal loans | Conditional prepayment rate | Maximum | ||
| Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
| Loans | 0.295 | 0.295 |
| Servicing rights | 0.381 | 0.355 |
| Personal loans | Conditional prepayment rate | Weighted Average | ||
| Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
| Loans | 0.247 | 0.232 |
| Servicing rights | 0.225 | 0.224 |
| Personal loans | Annual default rate | Minimum | ||
| Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
| Loans | 0.047 | 0.045 |
| Servicing rights | 0.033 | 0.033 |
| Personal loans | Annual default rate | Maximum | ||
| Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
| Loans | 0.487 | 0.504 |
| Servicing rights | 0.160 | 0.225 |
| Personal loans | Annual default rate | Weighted Average | ||
| Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
| Loans | 0.048 | 0.048 |
| Servicing rights | 0.040 | 0.047 |
| Personal loans | Discount rate | Minimum | ||
| Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
| Loans | 0.057 | 0.055 |
| Servicing rights | 0.088 | 0.088 |
| Personal loans | Discount rate | Maximum | ||
| Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
| Loans | 0.081 | 0.081 |
| Servicing rights | 0.200 | 0.088 |
| Personal loans | Discount rate | Weighted Average | ||
| Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
| Loans | 0.058 | 0.055 |
| Servicing rights | 0.091 | 0.088 |
| Personal loans | Market servicing costs | Minimum | ||
| Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
| Servicing rights | 0.002 | 0.001 |
| Personal loans | Market servicing costs | Maximum | ||
| Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
| Servicing rights | 0.010 | 0.018 |
| Personal loans | Market servicing costs | Weighted Average | ||
| Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
| Servicing rights | 0.002 | 0.002 |
| Student loans | Conditional prepayment rate | Minimum | ||
| Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
| Loans | 0.077 | 0.084 |
| Servicing rights | 0.081 | 0.109 |
| Student loans | Conditional prepayment rate | Maximum | ||
| Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
| Loans | 0.126 | 0.126 |
| Servicing rights | 0.151 | 0.153 |
| Student loans | Conditional prepayment rate | Weighted Average | ||
| Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
| Loans | 0.105 | 0.105 |
| Servicing rights | 0.121 | 0.122 |
| Student loans | Annual default rate | Minimum | ||
| Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
| Loans | 0.006 | 0.004 |
| Servicing rights | 0.003 | 0.003 |
| Student loans | Annual default rate | Maximum | ||
| Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
| Loans | 0.061 | 0.064 |
| Servicing rights | 0.036 | 0.037 |
| Student loans | Annual default rate | Weighted Average | ||
| Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
| Loans | 0.006 | 0.006 |
| Servicing rights | 0.007 | 0.006 |
| Student loans | Discount rate | Minimum | ||
| Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
| Loans | 0.043 | 0.041 |
| Servicing rights | 0.088 | 0.088 |
| Student loans | Discount rate | Maximum | ||
| Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
| Loans | 0.088 | 0.081 |
| Servicing rights | 0.088 | 0.088 |
| Student loans | Discount rate | Weighted Average | ||
| Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
| Loans | 0.043 | 0.043 |
| Servicing rights | 0.088 | 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 | 0.002 | 0.002 |
| Student loans | Market servicing costs | Weighted Average | ||
| Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
| Servicing rights | 0.001 | 0.001 |
| Home loans | Conditional prepayment rate | Minimum | ||
| Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
| Servicing rights | 0.055 | 0.056 |
| Home loans | Conditional prepayment rate | Maximum | ||
| Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
| Servicing rights | 0.238 | 0.240 |
| Home loans | Conditional prepayment rate | Weighted Average | ||
| Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
| Servicing rights | 0.086 | 0.081 |
| Home loans | Annual default rate | Minimum | ||
| Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
| Servicing rights | 0.001 | 0.001 |
| Home loans | Annual default rate | Maximum | ||
| Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
| Servicing rights | 0.001 | 0.001 |
| Home loans | Annual default rate | Weighted Average | ||
| Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
| Servicing rights | 0.001 | 0.001 |
| Home loans | Discount rate | Minimum | ||
| Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
| Servicing rights | 0.092 | 0.092 |
| Home loans | Discount rate | Maximum | ||
| Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
| Servicing rights | 0.100 | 0.100 |
| Home loans | Discount rate | Weighted Average | ||
| Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
| Servicing rights | 0.093 | 0.093 |
| 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 | 0.002 | 0.002 |
Fair Value Measurements - Schedule of Sensitivity Analysis for Servicing Rights (Details) - USD ($) $ in Thousands |
Mar. 31, 2024 |
Dec. 31, 2023 |
|---|---|---|
| Market servicing costs | ||
| 2.5 basis points increase | $ (6,466) | $ (6,176) |
| 5.0 basis points increase | (12,931) | (12,351) |
| Conditional prepayment rate | ||
| 10% increase | (6,881) | (5,189) |
| 20% increase | (13,400) | (10,098) |
| Annual default rate | ||
| 10% increase | (550) | (480) |
| 20% increase | (1,094) | (921) |
| Discount rate | ||
| 100 basis points increase | (5,409) | (4,674) |
| 200 basis points increase | $ (10,498) | $ (9,054) |
Fair Value Measurements - Schedule of Assets and Liabilities not Measured at Fair Value (Details) - USD ($) $ in Thousands |
Mar. 31, 2024 |
Dec. 31, 2023 |
|---|---|---|
| Level 1 | ||
| Assets | ||
| Cash and cash equivalents | $ 3,693,390 | $ 3,085,020 |
| Restricted cash and restricted cash equivalents | 454,518 | 530,558 |
| Loans at amortized cost | 0 | 0 |
| Other investments | 0 | 0 |
| Total assets | 4,147,908 | 3,615,578 |
| Liabilities | ||
| Deposits | 0 | 0 |
| Debt | 1,311,986 | 955,306 |
| Total liabilities | 1,311,986 | 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 | 92,805 | 83,551 |
| Total assets | 92,805 | 83,551 |
| Liabilities | ||
| Deposits | 21,602,954 | 18,612,822 |
| Debt | 1,445,303 | 4,024,516 |
| Total liabilities | 23,048,257 | 22,637,338 |
| Level 3 | ||
| Assets | ||
| Cash and cash equivalents | 0 | 0 |
| Restricted cash and restricted cash equivalents | 0 | 0 |
| Loans at amortized cost | 1,281,749 | 864,312 |
| Other investments | 0 | 0 |
| Total assets | 1,281,749 | 864,312 |
| Liabilities | ||
| Deposits | 0 | 0 |
| Debt | 0 | 0 |
| Total liabilities | 0 | 0 |
| Carrying Value | ||
| Assets | ||
| Cash and cash equivalents | 3,693,390 | 3,085,020 |
| Restricted cash and restricted cash equivalents | 454,518 | 530,558 |
| Loans at amortized cost | 1,250,231 | 836,159 |
| Other investments | 92,805 | 83,551 |
| Total assets | 5,490,944 | 4,535,288 |
| Liabilities | ||
| Deposits | 21,604,594 | 18,620,663 |
| Debt | 2,783,908 | 5,113,775 |
| Total liabilities | 24,388,502 | 23,734,438 |
| Fair Value | ||
| Assets | ||
| Cash and cash equivalents | 3,693,390 | 3,085,020 |
| Restricted cash and restricted cash equivalents | 454,518 | 530,558 |
| Loans at amortized cost | 1,281,749 | 864,312 |
| Other investments | 92,805 | 83,551 |
| Total assets | 5,522,462 | 4,563,441 |
| Liabilities | ||
| Deposits | 21,602,954 | 18,612,822 |
| Debt | 2,757,289 | 4,979,822 |
| Total liabilities | $ 24,360,243 | $ 23,592,644 |
Share-Based Compensation - Narrative (Details) |
3 Months Ended | |
|---|---|---|
|
Mar. 31, 2024
USD ($)
tranche
|
Mar. 31, 2023
USD ($)
|
|
| Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
| Compensation and benefits, inclusive of share-based compensation expense | $ 208,246,000 | $ 216,415,000 |
| Compensation cost related to unvested stock options not yet recognized | 0 | |
| Restricted stock units | ||
| Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
| Unrecognized compensation | $ 525,400,000 | |
| Compensation cost related to share based awards, period for recognition | 2 years 3 months 18 days | |
| Performance stock units | ||
| Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
| Unrecognized compensation | $ 8,800,000 | |
| Compensation cost related to share based awards, period for recognition | 2 years 2 months 12 days | |
| Number of vesting tranches | tranche | 3 | |
| Share award vesting rights, period | 3 years | |
Share-Based Compensation - Schedule of Share-Based Compensation Expense (Details) - USD ($) $ in Thousands |
3 Months Ended | |
|---|---|---|
Mar. 31, 2024 |
Mar. 31, 2023 |
|
| Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
| Share-based compensation expense | $ 55,082 | $ 64,226 |
| Technology and product development | ||
| Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
| Share-based compensation expense | 19,279 | 18,228 |
| Sales and marketing | ||
| Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
| Share-based compensation expense | 4,962 | 6,587 |
| Cost of operations | ||
| Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
| Share-based compensation expense | 2,918 | 1,500 |
| General and administrative | ||
| Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
| Share-based compensation expense | $ 27,923 | $ 37,911 |
Share-Based Compensation - Schedule of Option Activity (Details) - $ / shares |
3 Months Ended | 12 Months Ended |
|---|---|---|
Mar. 31, 2024 |
Dec. 31, 2023 |
|
| Number of Stock Options | ||
| Beginning balance (in shares) | 17,896,732 | |
| Exercised (in shares) | (171,555) | |
| Expired (in shares) | (3,267) | |
| Ending balance (in shares) | 17,721,910 | 17,896,732 |
| Exercisable (in shares) | 17,721,910 | |
| Weighted Average Exercise Price | ||
| Beginning balance (in dollars per share) | $ 7.70 | |
| Exercised (in dollars per share) | 2.71 | |
| Expired (in dollars per share) | 6.23 | |
| Ending balance (in dollars per share) | 7.75 | $ 7.70 |
| Exercisable (in dollars per share) | $ 7.75 | |
| Weighted Average Remaining Contractual Term (in years) | ||
| Weighted average remaining contractual term, outstanding | 3 years 6 months | 3 years 9 months 18 days |
| Weighted average remaining contractual term, exercisable | 3 years 6 months |
Share-Based Compensation - Schedule of Restricted Stock Unit and Performance Stock Unit Activity (Details) $ / shares in Units, $ in Millions |
3 Months Ended |
|---|---|
|
Mar. 31, 2024
USD ($)
$ / shares
shares
| |
| Restricted stock units | |
| Number of RSUs | |
| Beginning balance (in shares) | shares | 64,879,496 |
| Granted (in shares) | shares | 22,501,316 |
| Vested (in shares) | shares | (8,360,975) |
| Forfeited (in shares) | shares | (5,878,073) |
| Ending balance (in shares) | shares | 73,141,764 |
| Weighted Average Grant Date Fair Value | |
| Beginning balance (in dollars per share) | $ / shares | $ 7.95 |
| Granted (in dollars per share) | $ / shares | 7.49 |
| Vested (in dollars per share) | $ / shares | 8.25 |
| Forfeited (in dollars per share) | $ / shares | 8.36 |
| Ending balance (in dollars per share) | $ / shares | $ 7.74 |
| Total fair value, RSUs granted | $ | $ 69.0 |
| Performance Stock Units | |
| Number of RSUs | |
| Beginning balance (in shares) | shares | 16,240,181 |
| Granted (in shares) | shares | 726,217 |
| Forfeited (in shares) | shares | (2,052,789) |
| Ending balance (in shares) | shares | 14,913,609 |
| Weighted Average Grant Date Fair Value | |
| Beginning balance (in dollars per share) | $ / shares | $ 10.29 |
| Granted (in dollars per share) | $ / shares | 9.17 |
| Forfeited (in dollars per share) | $ / shares | 7.52 |
| Ending balance (in dollars per share) | $ / shares | $ 10.61 |
Share-Based Compensation - Summary of Fair Value Inputs for PSUs (Details) - Performance Stock Units |
3 Months Ended |
|---|---|
|
Mar. 31, 2024
$ / shares
| |
| Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
| Risk-free interest rate | 4.50% |
| Expected volatility | 73.00% |
| Fair value of common stock (in dollars per share) | $ 8.02 |
| Dividend yield | 0.00% |
Income Taxes (Details) - USD ($) $ in Thousands |
3 Months Ended | |
|---|---|---|
Mar. 31, 2024 |
Mar. 31, 2023 |
|
| Income Tax Disclosure [Abstract] | ||
| Income tax benefit | $ (6,183) | $ 1,637 |
Commitments, Guarantees, Concentrations and Contingencies (Details) |
3 Months Ended | ||
|---|---|---|---|
|
Mar. 31, 2024
USD ($)
repurchase_obligation
|
Mar. 31, 2023
USD ($)
|
Dec. 31, 2023
USD ($)
|
|
| Lessee, Lease, Description [Line Items] | |||
| Non-cash operating lease right-of-use assets obtained in exchange for new operating lease liabilities | $ 1,666,000 | ||
| Occupancy expense | $ 7,758,000 | $ 7,207,000 | |
| Number of repurchase obligations | repurchase_obligation | 3 | ||
| Estimated repurchase obligations | $ 7,100,000 | $ 5,900,000 | |
| Loans sold, subject to terms and conditions of repurchase obligations | 8,300,000,000 | 6,700,000,000 | |
| Letters of credit outstanding with financial institutions | 6,400,000 | 6,400,000 | |
| Collateral amount | 1,300,000 | 1,300,000 | |
| Minimum net worth noncompliance, fines and penalties accrued | 0 | 0 | |
| Commitments to Extend Credit | |||
| Lessee, Lease, Description [Line Items] | |||
| Commitment to fund a line of credit | 20,000,000 | ||
| Unfunded Loan Commitment | |||
| Lessee, Lease, Description [Line Items] | |||
| Loans held for investment, after allowance for credit loss | 2,800,000 | ||
| Commitment to fund a line of credit | 17,200,000 | ||
| Asset Pledged as Collateral | |||
| Lessee, Lease, Description [Line Items] | |||
| Letters of credit outstanding with financial institutions | $ 27,200,000 | $ 27,200,000 | |
| Minimum | |||
| Lessee, Lease, Description [Line Items] | |||
| Operating lease, renewal term | 1 year | ||
| Maximum | |||
| Lessee, Lease, Description [Line Items] | |||
| Operating lease, renewal term | 10 years | ||
Earnings (Loss) Per Share - Schedule of Earnings per Share (Details) - USD ($) $ / shares in Units, $ in Thousands |
3 Months Ended | |
|---|---|---|
Mar. 31, 2024 |
Mar. 31, 2023 |
|
| Numerator: | ||
| Net income (loss) | $ 88,043 | $ (34,422) |
| Less: Redeemable preferred stock dividends | (10,079) | (9,968) |
| Net income (loss) attributable to common stockholders – basic | 77,964 | (44,390) |
| Plus: dilutive effect of convertible notes, net | (55,441) | 0 |
| Net income (loss) attributable to common stockholders – diluted | $ 22,523 | $ (44,390) |
| Denominator: | ||
| Weighted average common stock outstanding - basic (in shares) | 982,617,492 | 929,270,723 |
| Dilutive effects, convertible notes (in shares) | 47,845,642 | 0 |
| Weighted average common stock outstanding - diluted (in shares) | 1,042,476,501 | 929,270,723 |
| Earnings (loss) per share - basic (in dollars per share) | $ 0.08 | $ (0.05) |
| Earnings (loss) per share - diluted (in dollars per share) | $ 0.02 | $ (0.05) |
| Antidilutive securities excluded from computation of earnings per share (in shares) | 81,000,000 | 194,800,000 |
| Unvested RSUs | ||
| Denominator: | ||
| Dilutive effects, common stock and unvested RSUs (in shares) | 9,752,440 | 0 |
| Common stock options | ||
| Denominator: | ||
| Dilutive effects, common stock and unvested RSUs (in shares) | 2,260,927 | 0 |
Earnings (Loss) Per Share - Schedule of Anti-Dilutive Elements (Details) - shares |
3 Months Ended | |
|---|---|---|
Mar. 31, 2024 |
Mar. 31, 2023 |
|
| Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items] | ||
| Antidilutive securities excluded from computation of earnings per share (in shares) | 81,000,000 | 194,800,000 |
| Convertible senior notes due 2026 | Convertible Debt | ||
| Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items] | ||
| Shares available for conversion (in shares) | 22,841,631 | |
| Convertible senior notes due 2029 | Convertible Debt | ||
| Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items] | ||
| Shares available for conversion (in shares) | 0 | |
| 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) | 17,721,910 | 18,569,877 |
| 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) | 12,170,990 | 12,170,990 |
| 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) | 73,141,764 | 86,139,377 |
| 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) | 14,913,609 | 18,073,029 |
| Convertible Debt | ||
| Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items] | ||
| Antidilutive securities excluded from computation of earnings per share (in shares) | 22,841,631 | 53,538,000 |
| 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) | 45,859 | 6,305,595 |
Business Segment Information - Narrative (Details) |
3 Months Ended |
|---|---|
|
Mar. 31, 2024
segment
| |
| Segment Reporting [Abstract] | |
| Number of reportable segments | 3 |
Business Segment Information - Schedule of Financial Results (Details) $ in Thousands |
3 Months Ended | |
|---|---|---|
|
Mar. 31, 2024
USD ($)
segment
|
Mar. 31, 2023
USD ($)
|
|
| Segment Reporting Information [Line Items] | ||
| Net interest income (expense) | $ 402,718 | $ 236,010 |
| Noninterest income (expense) | 242,277 | 236,148 |
| Total net revenue | $ 644,995 | 472,158 |
| Number of reportable segments | segment | 3 | |
| Reportable Segments Total(1) | ||
| Segment Reporting Information [Line Items] | ||
| Net interest income (expense) | $ 386,750 | 259,084 |
| Noninterest income (expense) | 188,643 | 236,985 |
| Total net revenue | 575,393 | 496,069 |
| Servicing rights – change in valuation inputs or assumptions | (5,226) | (12,084) |
| Residual interests classified as debt – change in valuation inputs or assumptions | 73 | 89 |
| Directly attributable expenses | (294,605) | (283,554) |
| Contribution profit (loss) | 275,635 | 200,520 |
| Intercompany expenses | 7,001 | 3,741 |
| Reportable Segments Total(1) | Lending | ||
| Segment Reporting Information [Line Items] | ||
| Net interest income (expense) | 266,536 | 201,047 |
| Noninterest income (expense) | 63,940 | 136,034 |
| Total net revenue | 330,476 | 337,081 |
| Servicing rights – change in valuation inputs or assumptions | (5,226) | (12,084) |
| Residual interests classified as debt – change in valuation inputs or assumptions | 73 | 89 |
| Directly attributable expenses | (117,604) | (115,188) |
| Contribution profit (loss) | 207,719 | 209,898 |
| Reportable Segments Total(1) | Technology Platform | ||
| Segment Reporting Information [Line Items] | ||
| Net interest income (expense) | 501 | 0 |
| Noninterest income (expense) | 93,865 | 77,887 |
| Total net revenue | 94,366 | 77,887 |
| Servicing rights – change in valuation inputs or assumptions | 0 | 0 |
| Residual interests classified as debt – change in valuation inputs or assumptions | 0 | 0 |
| Directly attributable expenses | (63,624) | (63,030) |
| Contribution profit (loss) | 30,742 | 14,857 |
| Reportable Segments Total(1) | Financial Services | ||
| Segment Reporting Information [Line Items] | ||
| Net interest income (expense) | 119,713 | 58,037 |
| Noninterest income (expense) | 30,838 | 23,064 |
| Total net revenue | 150,551 | 81,101 |
| Servicing rights – change in valuation inputs or assumptions | 0 | 0 |
| Residual interests classified as debt – change in valuation inputs or assumptions | 0 | 0 |
| Directly attributable expenses | (113,377) | (105,336) |
| Contribution profit (loss) | 37,174 | (24,235) |
| Corporate/Other | ||
| Segment Reporting Information [Line Items] | ||
| Net interest income (expense) | 15,968 | (23,074) |
| Noninterest income (expense) | 53,634 | (837) |
| Total net revenue | $ 69,602 | $ (23,911) |
Business Segment Information - Schedule of Reconciliation of Contribution Profit (Loss) to Loss Before Tax (Details) - USD ($) $ in Thousands |
3 Months Ended | |
|---|---|---|
Mar. 31, 2024 |
Mar. 31, 2023 |
|
| Segment Reporting Information [Line Items] | ||
| Corporate/Other total net income (loss) | $ 644,995 | $ 472,158 |
| Share-based compensation expense | (55,082) | (64,226) |
| Depreciation and amortization expense | (48,539) | (45,321) |
| Income (loss) before income taxes | 94,226 | (36,059) |
| Reportable segments | ||
| Segment Reporting Information [Line Items] | ||
| Reportable segments total contribution profit | 275,635 | 200,520 |
| Corporate/Other total net income (loss) | 575,393 | 496,069 |
| Intercompany expenses | 7,001 | 3,741 |
| Servicing rights – change in valuation inputs or assumptions | 5,226 | 12,084 |
| Residual interests classified as debt – change in valuation inputs or assumptions | (73) | (89) |
| Expenses not allocated to segments | ||
| Segment Reporting Information [Line Items] | ||
| Corporate/Other total net income (loss) | 69,602 | (23,911) |
| Share-based compensation expense | (55,082) | (64,226) |
| Employee-related costs | (62,384) | (61,814) |
| Depreciation and amortization expense | (48,539) | (45,321) |
| Other corporate and unallocated expenses | ||
| Segment Reporting Information [Line Items] | ||
| Other corporate and unallocated expenses | $ (97,160) | $ (57,043) |
Subsequent Events (Details) - Series 1 - Subsequent Event $ / shares in Units, $ in Millions |
Apr. 22, 2024
USD ($)
$ / shares
shares
|
|---|---|
| Subsequent Event [Line Items] | |
| Number of shares called during period (in shares) | shares | 3,234,000 |
| Redemption price, not including dividends (in dollars per share) | $ 100 |
| Redemption price (in dollars per share) | $ 105.1027 |
| Redemption payment amount | $ | $ 339.9 |