Delaware
|
6199
|
98-1547291
|
||||||
(State or other jurisdiction of
incorporation or organization)
|
(Primary Standard Industrial
Classification Code Number)
|
(I.R.S. Employer
Identification Number)
|
Copies to: | |||||
Jocelyn M. Arel, Esq.
Benjamin K. Marsh, Esq.
Goodwin Procter LLP
The New York Times Building
620 Eighth Avenue
New York, New York 10018
(212) 813-8800
|
Robert Lavet
General Counsel and Secretary
SoFi Technologies, Inc.
234 1st Street
San Francisco, California 94105
(855) 456-7634
|
Large accelerated filer
|
☐ |
Accelerated filer
|
☐ | |||||||||||
Non-accelerated filer
|
☒ |
Smaller reporting company
|
☐ | |||||||||||
Emerging growth company
|
☐ |
Title of each class of securities to be registered |
Amount to be registered(1)
|
Proposed maximum offering price per security | Proposed maximum aggregate offering price | Amount of registration fee | |||||||||||||
Common stock(2)(3)
|
470,681,133 | $ | 20.89 |
(4)
|
$ | 9,832,528,868 | $ | 1,072,728.90 | |||||||||
Warrants(2)(5)
|
20,170,990 | $ | 7.85 |
(6)
|
$ | 158,342,272 | $ | 17,275.14 | |||||||||
Common stock(2)(7)
|
28,125,000 | $ | 11.50 |
(8)
|
$ | 323,437,500 | $ | 35,287.03 | |||||||||
Common stock(2)(9)
|
12,170,990 | $ | 8.86 |
(8)
|
$ | 107,834,971 | $ | 11,764.80 | |||||||||
Series 1 Fixed-to-Floating Rate Cumulative Redeemable Preferred Stock(2)(10)
|
3,234,000 | $ | 100.00 |
(11)
|
$ | 323,400,000 | $ | 35,282.94 | |||||||||
Total | $ | 10,745,543,611 | $ | 1,172,338.81 |
The registrant hereby amends this registration statement on such date or dates as may be necessary to delay its effective date until the registrant shall file a further amendment which specifically states that this registration statement shall thereafter become effective in accordance with Section 8(a) of the Securities Act or until this registration statement shall become effective on such date as the SEC, acting pursuant to said Section 8(a), may determine. |
Page | |||||
Lending | Financial Services | Technology Platform | ||||||||||||
•Student Loans (in school and student loan refinancing)
|
•SoFi Money
|
•Technology Platform Services (Galileo)
|
||||||||||||
•Personal Loans
|
•SoFi Invest
|
•Clearing Brokerage Services (Apex)
|
||||||||||||
•Home Loans
|
•SoFi Relay
|
|||||||||||||
•SoFi Credit Card
|
||||||||||||||
•SoFi At Work
|
||||||||||||||
•SoFi Protect
|
||||||||||||||
•Lantern Credit
|
Resale of common stock, Series 1 preferred stock and warrants | |||||
Shares of common stock offered by the Selling Securityholders
|
490,852,123 shares consisting of:
|
||||
•263,378,239 shares of common stock issued in connection with the Merger to certain of the Selling Securityholders;
•122,500,000 shares of common stock issued in the PIPE Investment;
•27,089,789 shares of common stock reserved for issuance by us upon the exercise of options to purchase common stock;
•57,713,105 shares of common stock reserved for issuance by us upon the settlement of restricted stock units; and
•20,170,990 shares of common stock consisting of (i) 8,000,000 shares of common stock issuable upon the exercise of the SCH warrants, and (ii) 12,170,990 shares of common stock issuable upon the exercise of the SoFi warrants.
|
|||||
Shares of Series 1 preferred stock offered by the Selling Securityholders
|
3,234,000 shares of Series 1 preferred stock
|
||||
Warrants offered by the Selling Securityholders
|
20,170,990 warrants consisting of:
|
||||
•8,000,000 SCH warrants; and
•12,170,990 SoFi warrants
|
|||||
Terms of the offering
|
The Selling Securityholders will determine when and how they will dispose of the securities registered under this prospectus for resale. See “Plan of Distribution”.
|
||||
Use of proceeds
|
We will not receive any proceeds from the sale of the securities registered under this prospectus by the Selling Securityholders. | ||||
Lock-up restrictions
|
Certain of our stockholders are subject to certain restrictions on transfer until the termination of applicable lock-up periods. See “Securities Act Restrictions on Resale of Our Securities—Lock-Up Restrictions”.
|
||||
Risk factors
|
See “Risk Factors” and the other information included in this prospectus for a discussion of factors you should consider before investing in our securities.
|
||||
Nasdaq symbols
|
Our common stock and warrants are listed on Nasdaq under the symbols “SOFI” and “SOFIW”, respectively. |
|
SCH
(Historical)
|
SoFi
(Historical)
|
Transaction
Accounting
Adjustments
|
Note
|
Pro Forma | ||||||||||||||||||||||||
Assets
|
|
|
|
||||||||||||||||||||||||||
Cash and cash equivalents | $ | 40 | $ | 351,283 | $ | 253,233 |
3(a), 3(b)
|
$ | 604,556 | ||||||||||||||||||||
Restricted cash and restricted cash equivalents | — | 347,284 | — |
|
347,284 | ||||||||||||||||||||||||
Loans | — | 4,486,828 | — |
|
4,486,828 | ||||||||||||||||||||||||
Servicing rights | — | 161,240 | — |
|
161,240 | ||||||||||||||||||||||||
Securitization investments | — | 462,109 | — |
|
462,109 | ||||||||||||||||||||||||
Property, equipment and software | — | 82,825 | — |
|
82,825 | ||||||||||||||||||||||||
Goodwill | — | 899,270 | — |
|
899,270 | ||||||||||||||||||||||||
Intangible assets | — | 335,719 | — |
|
335,719 | ||||||||||||||||||||||||
Operating lease right-of-use assets | — | 116,553 | — |
|
116,553 | ||||||||||||||||||||||||
Marketable securities held in Trust Account | 805,037 | — | (805,037) |
3(c)
|
— | ||||||||||||||||||||||||
Other assets | 740 | 139,126 | (7,770) |
3(b)
|
132,096 | ||||||||||||||||||||||||
Total assets | $ | 805,817 | $ | 7,382,237 | $ | (559,574) |
|
$ | 7,628,480 | ||||||||||||||||||||
Liabilities, temporary equity and permanent equity (deficit)
|
|
|
|
|
|
||||||||||||||||||||||||
Liabilities:
|
|
|
|
|
|
||||||||||||||||||||||||
Accounts payable, accruals and other liabilities | 158,183 | 421,061 | (140,679) |
3(b), 3(d), 3(f)
|
438,565 | ||||||||||||||||||||||||
Promissory note – related party | 1,415 | — | (1,415) | 3(e) | — | ||||||||||||||||||||||||
Operating lease liabilities | — | 138,822 | — |
|
138,822 | ||||||||||||||||||||||||
Debt | — | 3,827,424 | (1,540,000) |
3(f)
|
2,287,424 | ||||||||||||||||||||||||
Residual interests classified as debt | — | 114,882 | — |
|
114,882 | ||||||||||||||||||||||||
Deferred underwriting fee payable | 28,175 | — | (28,175) |
3(b)
|
— | ||||||||||||||||||||||||
Total liabilities | 187,773 | 4,502,189 | (1,710,269) |
|
2,979,693 | ||||||||||||||||||||||||
Temporary equity:
|
|||||||||||||||||||||||||||||
Class A ordinary shares, subject to possible redemption | 613,044 | — | (613,044) |
3(g)
|
— | ||||||||||||||||||||||||
Redeemable preferred stock | — | 3,173,686 | (2,853,312) |
3(g)
|
320,374 | ||||||||||||||||||||||||
Permanent equity (deficit):
|
|||||||||||||||||||||||||||||
Common stock | — | — | — |
3(g)
|
— | ||||||||||||||||||||||||
Preferred shares | — | — | — |
3(g)
|
— | ||||||||||||||||||||||||
Class A ordinary shares | 2 | — | 77 |
3(g)
|
79 | ||||||||||||||||||||||||
Class B ordinary shares | 2 | — | (2) |
3(g)
|
— | ||||||||||||||||||||||||
Additional paid-in capital | 121,162 | 583,349 | 4,521,991 |
3(g)
|
5,226,502 | ||||||||||||||||||||||||
Accumulated other comprehensive loss | — | (246) | — |
3(g)
|
(246) | ||||||||||||||||||||||||
Accumulated deficit | (116,166) | (876,741) | 94,985 |
3(g)
|
(897,922) | ||||||||||||||||||||||||
Total permanent equity (deficit) | 5,000 | (293,638) | 4,617,051 |
|
4,328,413 | ||||||||||||||||||||||||
Total liabilities, temporary equity and permanent equity (deficit) | $ | 805,817 | $ | 7,382,237 | $ | (559,574) |
|
$ | 7,628,480 |
SCH
(Historical) |
SoFi
(Historical) |
Transaction
Accounting Adjustments |
Note | Pro Forma | |||||||||||||||||||||||||
Interest income | |||||||||||||||||||||||||||||
Loans | $ | — | $ | 77,221 | $ | — | $ | 77,221 | |||||||||||||||||||||
Securitizations | — | 4,467 | — | 4,467 | |||||||||||||||||||||||||
Related party notes | — | 211 | — | 211 | |||||||||||||||||||||||||
Other | 20 | 629 | (20) | 3(h) | 629 | ||||||||||||||||||||||||
Total interest income | 20 | 82,528 | (20) | 82,528 | |||||||||||||||||||||||||
Interest expense | |||||||||||||||||||||||||||||
Securitizations and warehouses | — | 29,808 | (7,021) | 3(i) | 22,787 | ||||||||||||||||||||||||
Corporate borrowings | — | 5,008 | — | 5,008 | |||||||||||||||||||||||||
Other | — | 432 | — | 432 | |||||||||||||||||||||||||
Total interest expense | — | 35,248 | (7,021) | 28,227 | |||||||||||||||||||||||||
Net interest income | 20 | 47,280 | 7,001 | 54,301 | |||||||||||||||||||||||||
Noninterest income | |||||||||||||||||||||||||||||
Loan origination and sales | — | 110,345 | — | 110,345 | |||||||||||||||||||||||||
Securitizations | — | (2,036) | — | (2,036) | |||||||||||||||||||||||||
Servicing | — | (12,109) | — | (12,109) | |||||||||||||||||||||||||
Technology Platform fees | — | 45,659 | — | 45,659 | |||||||||||||||||||||||||
Other | — | 6,845 | — | 6,845 | |||||||||||||||||||||||||
Total noninterest income | — | 148,704 | — | 148,704 | |||||||||||||||||||||||||
Total net revenue | 20 | 195,984 | 7,001 | 203,005 | |||||||||||||||||||||||||
Noninterest expense | |||||||||||||||||||||||||||||
Technology and product development | — | 65,948 | — | 65,948 | |||||||||||||||||||||||||
Sales and marketing | — | 87,234 | — | 87,234 | |||||||||||||||||||||||||
Cost of operations | — | 57,570 | — | 57,570 | |||||||||||||||||||||||||
General and administrative | 60,415 | 161,697 | (89,920) | 3(j) | 132,192 | ||||||||||||||||||||||||
Total noninterest expense | 60,415 | 372,449 | (89,920) | 342,944 | |||||||||||||||||||||||||
Loss before income taxes | (60,395) | (176,465) | 96,921 | (139,939) | |||||||||||||||||||||||||
Income tax expense | — | (1,099) | — | (1,099) | |||||||||||||||||||||||||
Net loss | (60,395) | (177,564) | 96,921 | (141,038) | |||||||||||||||||||||||||
Other comprehensive loss | |||||||||||||||||||||||||||||
Foreign currency translation adjustments, net | — | (80) | — | (80) | |||||||||||||||||||||||||
Total other comprehensive loss | — | (80) | — | (80) | |||||||||||||||||||||||||
Comprehensive loss | $ | (60,395) | $ | (177,644) | $ | 96,921 | $ | (141,118) | |||||||||||||||||||||
Net loss per share | |||||||||||||||||||||||||||||
Basic and diluted weighted average shares outstanding, Class A ordinary shares subject to possible redemption | 67,342,389 | n/a | n/a | ||||||||||||||||||||||||||
Basic and diluted net income per share, Class A ordinary shares subject to possible redemption | $ | 0.00 | n/a | n/a | |||||||||||||||||||||||||
Basic and diluted weighted average shares outstanding(1)
|
33,282,611 | 66,647,192 | 3(l) | 794,692,813 | |||||||||||||||||||||||||
Basic and diluted net loss per share(1)
|
$ | (1.82) | $ | (2.81) | 3(l) | $ | (0.18) |
|
SCH
(Historical)
|
SoFi
(Historical)
|
Transaction
Accounting
Adjustments
|
Note
|
Pro Forma | ||||||||||||||||||||||||
Interest income
|
|
|
|
|
|
||||||||||||||||||||||||
Loans | $ | — | $ | 330,353 | $ | — |
|
$ | 330,353 | ||||||||||||||||||||
Securitizations | — | 24,031 | — |
|
24,031 | ||||||||||||||||||||||||
Related party notes | — | 3,189 | — |
|
3,189 | ||||||||||||||||||||||||
Other | 17 | 5,964 | (17) |
3(h)
|
5,964 | ||||||||||||||||||||||||
Total interest income | 17 | 363,537 | (17) |
|
363,537 | ||||||||||||||||||||||||
Interest expense
|
|||||||||||||||||||||||||||||
Securitizations and warehouses | — | 155,150 | (37,118) |
3(i)
|
118,032 | ||||||||||||||||||||||||
Other | — | 30,456 | — | 30,456 | |||||||||||||||||||||||||
Total interest expense | — | 185,606 | (37,118) |
|
148,488 | ||||||||||||||||||||||||
Net interest income | 17 | 177,931 | 37,101 |
|
215,049 | ||||||||||||||||||||||||
Noninterest income
|
|||||||||||||||||||||||||||||
Loan origination and sales | — | 371,323 | — |
|
371,323 | ||||||||||||||||||||||||
Securitizations | — | (70,251) | — |
|
(70,251) | ||||||||||||||||||||||||
Servicing | — | (19,426) | — |
|
(19,426) | ||||||||||||||||||||||||
Technology Platform fees | — | 90,128 | — |
|
90,128 | ||||||||||||||||||||||||
Other | — | 15,827 | — |
|
15,827 | ||||||||||||||||||||||||
Total noninterest income | — | 387,601 | — |
|
387,601 | ||||||||||||||||||||||||
Total net revenue | 17 | 565,532 | 37,101 |
|
602,650 | ||||||||||||||||||||||||
Noninterest expense
|
|||||||||||||||||||||||||||||
Technology and product development | — | 201,199 | — |
|
201,199 | ||||||||||||||||||||||||
Sales and marketing | — | 276,577 | — |
|
276,577 | ||||||||||||||||||||||||
Cost of operations | — | 178,896 | — |
|
178,896 | ||||||||||||||||||||||||
General and administrative | 55,788 | 237,381 | 656 |
3(j), 3(k)
|
293,825 | ||||||||||||||||||||||||
Total noninterest expense | 55,788 | 894,053 | 656 |
|
950,497 | ||||||||||||||||||||||||
Loss before income taxes | (55,771) | (328,521) | 36,445 |
|
(347,847) | ||||||||||||||||||||||||
Income tax benefit | — | 104,468 | — |
|
104,468 | ||||||||||||||||||||||||
Net loss | (55,771) | (224,053) | 36,445 |
|
(243,379) | ||||||||||||||||||||||||
Other comprehensive loss
|
|||||||||||||||||||||||||||||
Foreign currency translation adjustments, net | — | (145) | — |
|
(145) | ||||||||||||||||||||||||
Total other comprehensive loss | — | (145) | — |
|
(145) | ||||||||||||||||||||||||
Comprehensive loss | $ | (55,771) | $ | (224,198) | $ | 36,445 |
|
$ | (243,524) | ||||||||||||||||||||
Net loss per share
|
|
|
|
|
|
||||||||||||||||||||||||
Basic and diluted weighted average shares outstanding, Class A ordinary shares subject to possible redemption | 72,920,468 | n/a |
|
n/a | |||||||||||||||||||||||||
Basic and diluted net income per share, Class A ordinary shares subject to possible redemption | $ | 0.00 | n/a | n/a | |||||||||||||||||||||||||
Basic and diluted weighted average shares outstanding(1)
|
22,074,445 | 42,374,976 |
3(l)
|
794,692,813 | |||||||||||||||||||||||||
Basic and diluted net loss per share(1)
|
$ | (2.53) | $ | (7.49) |
3(l)
|
$ | (0.31) |
|
Shares
|
Ownership (%)
|
|||||||||
SoFi Stockholders
|
571,813,924 | 71.9 | % | ||||||||
SCH’s public shareholders
|
80,353,889 | 10.1 | % | ||||||||
SCH Sponsor V LLC and related parties
|
47,525,000 | 6.0 | % | ||||||||
Third Party PIPE Investors
|
95,000,000 | 12.0 | % | ||||||||
Total
|
794,692,813 | 100.0 | % |
Note | |||||||||||
SCH cash and cash equivalents as of March 31, 2021 – pre Business Combination | $ | 40 | |||||||||
SoFi cash and cash equivalents as of March 31, 2021 – pre Business Combination | 351,283 | ||||||||||
Total pre Business Combination | 351,323 | ||||||||||
SCH marketable securities held in Trust Account | (1) | 805,037 | |||||||||
PIPE Financing proceeds – Sponsor and related parties | (2) | 275,000 | |||||||||
PIPE Financing proceeds – Third parties | (2) | 950,000 | |||||||||
Payment to redeeming SCH public shareholders | (3) | (1,461) | |||||||||
Payment related to SoFi preferred shareholders | (4) | (21,181) | |||||||||
Payment of loan warehouse facility debt and accrued interest | (5) | (1,541,390) | |||||||||
Payment of deferred underwriting fee payable | (6) | (28,175) | |||||||||
Payment of accrued Business Combination costs of SoFi | (7) | (5,673) | |||||||||
Payment of accrued Business Combination costs and other costs of SCH | (8) | (3,737) | |||||||||
Payment of incremental Business Combination costs of SoFi | (9) | (18,356) | |||||||||
Payment of incremental Business Combination costs and other costs of SCH | (10) | (5,416) | |||||||||
Payment of SCH promissory note | (11) | (1,415) | |||||||||
Repurchase of redeemable common stock | (12) | (150,000) | |||||||||
Total Business Combination adjustments | 253,233 | ||||||||||
Post Business Combination cash and cash equivalents | $ | 604,556 |
SCH
Business Combination and other costs |
SoFi
Business Combination costs |
Incremental Business Combination costs of SoFi (5) | Total Business Combination costs adjustments | ||||||||||||||||||||||||||||||||||||||||||||
Payment of deferred underwriting fee (1) | Payment of accrued expenses (2) | Payment of accrued expenses (3) | Recognition of capitalized unpaid expenses as a reduction to equity proceeds (4) | Recognition of capitalized paid expenses as a reduction to equity proceeds (4) | Incremental Business Combination Costs and other costs of SCH (6) | ||||||||||||||||||||||||||||||||||||||||||
Cash and cash equivalents | $ | (28,175) | $ | (3,737) | $ | (5,673) | $ | — | $ | — | $ | (18,356) | $ | (5,416) | $ | (61,357) | |||||||||||||||||||||||||||||||
Other assets | — | — | — | (5,673) | (2,097) | — | — | (7,770) | |||||||||||||||||||||||||||||||||||||||
Accounts payable, accruals and other liabilities | — | (3,737) | (5,673) | — | — | — | — | (9,410) | |||||||||||||||||||||||||||||||||||||||
Deferred underwriting fee payable | (28,175) | — | — | — | — | — | — | (28,175) | |||||||||||||||||||||||||||||||||||||||
Additional paid-in capital | — | — | — | (5,673) | (2,097) | (18,356) | (5,416) | (31,542) |
SCH / Combined Company ordinary shares | SoFi Common Stock | Accumulated other comprehensive loss | Additional paid-in capital | Accumulated deficit | Total permanent equity (deficit) | SCH / Combined Company temporary equity | SoFi temporary equity | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Class A | Class B | Class A ordinary shares, subject to possible redemption | Redeemable preferred stock |
Redeemable preferred
stock |
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Note | Shares | Amount | Shares | Amount | Shares | Amount | Shares | Amount | Shares | Amount | Shares | Amount | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
SCH equity as of March 31, 2021 – pre Business Combination |
|
19,198,460 | $ | 2 | 20,125,000 | $ | 2 | — | $ | — | $ | — | $ | 121,162 | $ | (116,166) | $ | 5,000 | 61,301,540 | $ | 613,044 | — | $ | — | — | $ | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
SoFi equity as of March 31, 2021 – pre Business Combination | — | — | — | — | 68,291,780 | — | (246) | 583,349 | (876,741) | (293,638) | — | — | — | — | 256,459,941 | 3,173,686 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Business Combination pro forma equity adjustments:
|
|
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Conversion of redeemable preferred stock warrants
|
3(d)
|
— | — | — | — | — | — | — | 129,879 | — | 129,879 | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Reclassification of SCH’s redeemable shares to Class A ordinary shares
|
|
61,301,540 | 6 | — | — | — | — | — | 613,038 | — | 613,044 | (61,301,540) | (613,044) | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Less: redeemed shares | 3(a)(3) | (146,111) | — | — | — | — | — | — | (1,461) | — | (1,461) | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Sponsor and related parties | 20,025,000 | 2 | (20,025,000) | (2) | — | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Forfeiture of Class B ordinary shares | — | — | (100,000) | — | — | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
PIPE Financing proceeds – Sponsor and related parties
|
3(a)(2)
|
27,500,000 | 3 | — | — | — | — | — | 274,997 | — | 275,000 | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
PIPE Financing proceeds – Third parties
|
3(a)(2)
|
95,000,000 | 9 | — | — | — | — | — | 949,991 | — | 950,000 | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Elimination of historical SoFi common stock
|
|
— | — | — | — | (68,291,780) | — | — | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Elimination of historical SoFi redeemable preferred stock
|
|
— | — | — | — | — | — | — | 2,853,312 | — | 2,853,312 | — | — | — | — | (253,225,941) | (2,853,312) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Conversion of Series 1 preferred shares
|
|
— | — | — | — | — | — | — | — | — | — | — | — | 3,234,000 | 320,374 | (3,234,000) | (320,374) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Shares issued to SoFi stockholders as consideration
|
|
571,813,924 | 57 | — | — | — | — | — | (150,057) | — | (150,000) | 15,000,000 | 150,000 | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Repurchase of common stock
|
3(a)(12)
|
— | — | — | — | — | — | — | — | — | — | (15,000,000) | (150,000) | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
SoFi’s capitalized expenses related to the Business Combination | 3(b)(4) | — | — | — | — | — | — | — | (7,770) | — | (7,770) | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Incremental Business Combination costs of SoFi | 3(b)(5) | — | — | — | — | — | — | — | (18,356) | — | (18,356) | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Incremental Business combination costs and other costs of SCH | 3(b)(6) | — | — | — | — | — | — | — | (5,416) | — | (5,416) | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Payment related to SoFi redeemable preferred stockholders |
3(a)(4)
|
— | — | — | — | — | — | — | — | (21,181) | (21,181) | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Elimination of historical accumulated deficit of SCH
|
|
— | — | — | — | — | — | — | (116,166) | 116,166 | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total Business Combination pro forma equity adjustments:
|
|
775,494,353 | 77 | (20,125,000) | (2) | (68,291,780) | — | — | 4,521,991 | 94,985 | 4,617,051 | (61,301,540) | (613,044) | 3,234,000 | 320,374 | (256,459,941) | (3,173,686) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Post-Business Combination
|
|
794,692,813 | $ | 79 | — | $ | — | — | $ | — | $ | (246) | $ | 5,226,502 | $ | (897,922) | $ | 4,328,413 | — | $ | — | 3,234,000 | $ | 320,374 | — | $ | — |
Product | Loan Size |
Rates(1)
|
Term | |||||||||||||||||
Student Loan Refinancing |
$5,000+ (2)
|
Variable rate: 2.25% – 6.62% | 5 – 20 years | |||||||||||||||||
Fixed rate: 2.99% – 7.18% | ||||||||||||||||||||
In-School Loans |
$5,000+ (2)
|
Variable rate: 1.84% – 12.63% | 5 – 15 years | |||||||||||||||||
Fixed rate: 4.23% – 11.26% | ||||||||||||||||||||
Personal Loans |
$5,000 – $100,000 (2)
|
Fixed rate: 5.99% – 19.10% | 2 – 7 years | |||||||||||||||||
Home Loans |
$98,000 – $548,250
(Conforming 2021 Normal Cost Areas) |
Fixed rate: 2.13% – 4.75% | 15 or 30 years | |||||||||||||||||
OR | ||||||||||||||||||||
$822,375 (2)
(Conforming 2021 High Cost Areas)
|
15 or 30 years |
SoFi Money is a mobile-first cash management account offered by SoFi Securities LLC, a FINRA registered broker dealer. The SoFi Money account is a brokerage account powered by the SoFi application and SoFi Money Debit Card. We believe SoFi Money is well positioned with our members and prospective members because our digital money platform allows members to spend, save and earn interest and rewards in flexible ways, all within our mobile application. Finally, our “vaults” feature provides a nimble account balance mechanism that can facilitate budgeting and saving, and provides members with enhanced tracking visibility toward their financial goals.
As we are not currently a bank holding company, we rely on partner bank holding companies to provide cash management services to our members through our bank sweep program at our broker-dealer subsidiary, wherein our members may place funds on deposit with us that are then swept out and placed on deposit with partner banks. As part of this program, interest income is generated through the deposits sitting at the Member Banks (as defined later in this prospectus), which rates are determined with each bank and are variable in nature. We create and manage the digital, mobile cash management experience for our members. Currently, we invest in member acquisition marketing and member rewards to incentivize our members to house their cash management on the SoFi platform. We earn payment network fees on member expenditures through SoFi-branded debit cards issued by one of our partner bank holding companies. These payment network fees are reduced by fees payable to card associations and the issuing bank holding company.
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|
SoFi Invest is a digital brokerage service that offers multiple ways to invest, and gives members access to active investing, robo-advisory and cryptocurrency services. Our active investing service enables members to buy and sell stocks and ETFs. Our robo-advisory service offers managed portfolios of stocks, bonds and ETFs. Our cryptocurrency service allows members to buy and sell select cryptocurrencies. Furthermore, our innovative “stock bits” feature allows members to purchase fractional shares in various companies. Through our “stock bits” offering, members with SoFi Invest active brokerage accounts may buy or sell fractional shares in a variety of equity securities. Members can place orders in dollars or shares. During the course of a trading day, all member orders are consolidated into a single order for each equity security, which may be a sell or buy order. These fractional orders are rounded up to the next whole share and executed as a market order prior to market close on a standard trading day. Following market close, we allocate the trades to each individual member. We maintain an insignificant stock inventory of between two and ten shares for each issuer for whose securities we provide fractional trading in order to facilitate “stock bits” trades. This stock inventory is recorded within other assets in our Consolidated Balance Sheets and was not material as of any of the balance sheet dates presented in this prospectus, nor were our revenues earned and expenses incurred associated with the “stock bits” feature material during any of the income statement periods presented in this prospectus.
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Our remaining activities within the financial services space relate to: our SoFi Credit Card product, which we launched to a broader market in the fourth quarter of 2020; SoFi Relay, (as further discussed below); other financial content on our member home feed, which is native to the SoFi mobile application; insurance partnerships under SoFi Protect; Lantern Credit, which is an independent financial services aggregator providing marketplace lending product offerings; and various enterprise partnerships. SoFi Relay personal finance management product is a complementary offering to our members through which they can intuitively track both their short-term and long-term financial health within our mobile application. We believe that the content and features we provide within our mobile application can spur more financial education, which leads to more ways for our members to engage in getting their money right and will ultimately demonstrate the effectiveness of our Financial Services Productivity Loop. SoFi Relay also provides us with unified intelligence about our members and offers us meaningful insights about what SoFi products may help our members best achieve their financial goals.
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|
Location | Approximate Square Footage |
Segments(1)
|
||||||||||||
San Francisco, California | 99,000 | L, FS | ||||||||||||
Cottonwood Heights, Utah | 51,000 | L, FS | ||||||||||||
Jacksonville, Florida | 37,000 | L, FS | ||||||||||||
Murray, Utah | 29,000 | FS | ||||||||||||
Holladay, Utah | 29,000 | TP | ||||||||||||
Claymont, Delaware | 28,000 | L, FS | ||||||||||||
Helena, Montana | 27,000 | L | ||||||||||||
New York, New York | 13,000 | L, FS | ||||||||||||
Frisco, Texas | 13,000 | L |
($ in thousands, except per share data) | Three Months Ended March 31, | Year Ended December 31, | ||||||||||||||||||||||||||||||||||||||||||
2021(2)
|
2020 |
2020(2)
|
2019 | 2018 | 2017 | 2016 | ||||||||||||||||||||||||||||||||||||||
Consolidated Statements of Operations Data(1):
|
||||||||||||||||||||||||||||||||||||||||||||
Net interest income | $ | 47,280 | $ | 47,149 | $ | 177,931 | $ | 329,834 | $ | 259,064 | $ | 266,220 | $ | 136,731 | ||||||||||||||||||||||||||||||
Total noninterest income | 148,704 | 31,153 | 387,601 | 112,825 | 10,335 | 240,488 | 141,392 | |||||||||||||||||||||||||||||||||||||
Total net revenue | 195,984 | 78,302 | 565,532 | 442,659 | 269,399 | 506,708 | 278,123 | |||||||||||||||||||||||||||||||||||||
Total noninterest expense | 372,449 | 184,612 | 894,053 | 682,258 | 522,756 | 456,625 | 265,592 | |||||||||||||||||||||||||||||||||||||
Net income (loss) | (177,564) | (106,367) | (224,053) | (239,697) | (252,399) | 49,772 | 12,233 | |||||||||||||||||||||||||||||||||||||
Comprehensive income (loss) | (177,644) | (106,374) | (224,198) | (239,706) | (252,378) | 49,746 | 12,226 | |||||||||||||||||||||||||||||||||||||
Earnings (loss) per share – basic(3)
|
(2.81) | (2.93) | (7.49) | (7.00) | (7.19) | — | — | |||||||||||||||||||||||||||||||||||||
Earnings (loss) per share – diluted(2)
|
(2.81) | (2.93) | (7.49) | (7.00) | (7.19) | — | — |
($ in thousands) | As of March 31, | As of December 31, | ||||||||||||||||||||||||||||||||||||
2021(2)
|
2020(2)
|
2019 | 2018 | 2017 | 2016 | |||||||||||||||||||||||||||||||||
Consolidated Balance Sheet Data(1):
|
||||||||||||||||||||||||||||||||||||||
Cash and cash equivalents | $ | 351,283 | $ | 872,582 | $ | 499,486 | $ | 325,114 | $ | 245,584 | $ | 218,023 | ||||||||||||||||||||||||||
Restricted cash and restricted cash equivalents | 347,284 | 450,846 | 190,720 | 211,889 | 235,165 | 144,745 | ||||||||||||||||||||||||||||||||
Loans | 4,486,828 | 4,879,303 | 5,387,958 | 7,211,989 | 8,754,825 | 6,606,189 | ||||||||||||||||||||||||||||||||
Total assets | 7,382,237 | 8,563,499 | 7,289,160 | 8,549,928 | 9,673,562 | 7,083,609 | ||||||||||||||||||||||||||||||||
Debt | 3,827,424 | 4,798,925 | 4,688,378 | 6,201,523 | 6,913,043 | 5,211,354 | ||||||||||||||||||||||||||||||||
Total liabilities | 4,502,189 | 5,509,928 | 5,188,491 | 6,727,796 | 7,642,879 | 5,678,860 | ||||||||||||||||||||||||||||||||
Redeemable preferred stock(3)
|
3,173,686 | 3,173,686 | 2,439,731 | 1,890,554 | 1,890,554 | 1,409,888 | ||||||||||||||||||||||||||||||||
Total permanent equity (deficit) | (293,638) | (120,115) | (339,062) | (68,422) | 140,129 | (5,139) |
Lending | Financial Services | Technology Platform | ||||||||||||
•Student Loans (in school and student loan refinancing)
|
•SoFi Money
|
•Technology Platform Services (Galileo)
|
||||||||||||
•Personal Loans
|
•SoFi Invest(1)
|
•Clearing Brokerage Services (Apex)(2)
|
||||||||||||
•Home Loans
|
•SoFi Relay
|
|||||||||||||
•SoFi Credit Card
|
||||||||||||||
•SoFi At Work
|
||||||||||||||
•SoFi Protect
|
||||||||||||||
•Lantern Credit
|
As of March 31, 2021 | Student Loans | Personal Loans | Home Loans | |||||||||||||||||
Active short-term hardship relief or payment deferral due to COVID-19 pandemic | ||||||||||||||||||||
Number of loans | 3,450 | 12 | 108 | |||||||||||||||||
Aggregate balance ($ in millions) | $ | 249.4 | $ | 0.3 | $ | 31.0 | ||||||||||||||
Classified as performing after exiting payment deferral due to COVID-19 pandemic | ||||||||||||||||||||
Number of loans ever enrolled in COVID-19 forbearance program | 38,771 | 44,046 | 317 | |||||||||||||||||
Number of loans enrolled classified as performing at measurement date | 33,436 | 37,692 | 212 | |||||||||||||||||
Aggregate balance of loans ever enrolled in COVID-19 forbearance program ($ in billions) | $ | 2.90 | $ | 1.21 | $ | 0.07 | ||||||||||||||
Aggregate balance of loans enrolled classified as performing at measurement date ($ in billions) | $ | 2.53 | $ | 1.02 | $ | 0.04 |
As of December 31, 2020 | Student Loans | Personal Loans | Home Loans | |||||||||||||||||
Active short-term hardship relief or payment deferral due to COVID-19 pandemic | ||||||||||||||||||||
Number of loans | 4,532 | 1,061 | 122 | |||||||||||||||||
Aggregate balance ($ in millions) | $ | 317.4 | $ | 26.8 | $ | 35.6 | ||||||||||||||
Classified as performing after exiting payment deferral due to COVID-19 pandemic | ||||||||||||||||||||
Number of loans ever enrolled in COVID-19 forbearance program | 37,744 | 43,585 | 292 | |||||||||||||||||
Number of loans enrolled classified as performing at measurement date | 31,012 | 37,022 | 189 | |||||||||||||||||
Aggregate balance of loans ever enrolled in COVID-19 forbearance program ($ in billions) | $ | 2.84 | $ | 1.20 | $ | 0.07 | ||||||||||||||
Aggregate balance of loans enrolled classified as performing at measurement date ($ in billions) | $ | 2.38 | $ | 1.01 | $ | 0.04 |
Three Months Ended March 31, | Year Ended December 31, | |||||||||||||||||||||||||||||||
($ in thousands) | 2021 | 2020 | 2020 | 2019 | 2018 | |||||||||||||||||||||||||||
Lending | ||||||||||||||||||||||||||||||||
Total interest income | $ | 81,547 | $ | 93,177 | $ | 354,383 | $ | 593,644 | $ | 587,509 | ||||||||||||||||||||||
Total interest expense | (29,770) | (47,516) | (155,038) | (268,055) | (330,165) | |||||||||||||||||||||||||||
Total noninterest income | 96,200 | 28,217 | 281,521 | 108,712 | 9,404 | |||||||||||||||||||||||||||
Total net revenue | 147,977 | 73,878 | 480,866 | 434,301 | 266,748 | |||||||||||||||||||||||||||
Adjusted net revenue(1)(2)
|
168,037 | 81,755 | 536,541 | 442,971 | 238,070 | |||||||||||||||||||||||||||
Contribution profit (loss)(1)
|
87,686 | 4,095 | 241,729 | 92,460 | (109,278) | |||||||||||||||||||||||||||
Financial Services | ||||||||||||||||||||||||||||||||
Total interest income | 540 | 1,737 | 2,796 | 5,950 | 173 | |||||||||||||||||||||||||||
Total interest expense | (311) | (1,522) | (2,312) | (5,336) | (143) | |||||||||||||||||||||||||||
Total noninterest income | 6,234 | 1,939 | 11,386 | 3,318 | 844 | |||||||||||||||||||||||||||
Total net revenue(1)
|
6,463 | 2,154 | 11,870 | 3,932 | 874 | |||||||||||||||||||||||||||
Contribution loss | (35,519) | (26,983) | (131,410) | (118,800) | (19,243) | |||||||||||||||||||||||||||
Technology Platform(3)
|
||||||||||||||||||||||||||||||||
Total interest expense | (36) | — | (107) | — | — | |||||||||||||||||||||||||||
Total noninterest income | 46,101 | 997 | 95,737 | 795 | 117 | |||||||||||||||||||||||||||
Total net revenue(1)
|
46,065 | 997 | 95,630 | 795 | 117 | |||||||||||||||||||||||||||
Contribution profit | 15,685 | 997 | 53,203 | 795 | 117 | |||||||||||||||||||||||||||
Other(4)
|
||||||||||||||||||||||||||||||||
Total interest income | 441 | 2,368 | 6,358 | 8,599 | 1,936 | |||||||||||||||||||||||||||
Total interest expense | (5,131) | (1,095) | (28,149) | (4,968) | (246) | |||||||||||||||||||||||||||
Total noninterest income (loss) | 169 | — | (1,043) | — | (30) | |||||||||||||||||||||||||||
Total net revenue (loss) | (4,521) | 1,273 | (22,834) | 3,631 | 1,660 | |||||||||||||||||||||||||||
Consolidated | ||||||||||||||||||||||||||||||||
Total interest income | $ | 82,528 | $ | 97,282 | $ | 363,537 | $ | 608,193 | $ | 589,618 | ||||||||||||||||||||||
Total interest expense | (35,248) | (50,133) | (185,606) | (278,359) | (330,554) | |||||||||||||||||||||||||||
Total noninterest income | 148,704 | 31,153 | 387,601 | 112,825 | 10,335 | |||||||||||||||||||||||||||
Total net revenue | 195,984 | 78,302 | 565,532 | 442,659 | 269,399 | |||||||||||||||||||||||||||
Adjusted net revenue(1)(2)
|
216,044 | 86,179 | 621,207 | 451,329 | 240,721 | |||||||||||||||||||||||||||
Net loss | (177,564) | (106,367) | (224,053) | (239,697) | (252,399) | |||||||||||||||||||||||||||
Adjusted EBITDA(2)
|
4,132 | (66,152) | (44,576) | (149,222) | (226,931) |
Quarter Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
($ in thousands) |
March 31,
2021 |
December 31, 2020 | September 30, 2020 | June 30, 2020 | March 31, 2020 | December 31, 2019 | September 30, 2019 | June 30, 2019 | March 31, 2019 | |||||||||||||||||||||||||||||||||||||||||||||||
Lending | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total interest income | $ | 81,547 | $ | 90,753 | $ | 86,468 | $ | 83,985 | $ | 93,177 | $ | 125,041 | $ | 161,926 | $ | 153,956 | $ | 152,721 | ||||||||||||||||||||||||||||||||||||||
Total interest expense | (29,770) | (33,626) | (34,246) | (39,650) | (47,516) | (57,497) | (67,989) | (68,609) | (73,960) | |||||||||||||||||||||||||||||||||||||||||||||||
Total noninterest income (loss) | 96,200 | 91,865 | 109,890 | 51,549 | 28,217 | (6,655) | 33,133 | 71,294 | 10,940 | |||||||||||||||||||||||||||||||||||||||||||||||
Total net revenue | 147,977 | 148,992 | 162,112 | 95,884 | 73,878 | 60,889 | 127,070 | 156,641 | 89,701 | |||||||||||||||||||||||||||||||||||||||||||||||
Adjusted net revenue(1)(3)
|
168,037 | 159,520 | 178,084 | 117,182 | 81,755 | 58,602 | 135,402 | 154,971 | 93,996 | |||||||||||||||||||||||||||||||||||||||||||||||
Contribution profit (loss)(1)
|
87,686 | 85,204 | 103,011 | 49,419 | 4,095 | (33,362) | 35,674 | 67,283 | 22,865 | |||||||||||||||||||||||||||||||||||||||||||||||
Financial Services | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total interest income | 540 | 378 | 365 | 316 | 1,737 | 1,924 | 2,071 | 1,406 | 549 | |||||||||||||||||||||||||||||||||||||||||||||||
Total interest expense | (311) | (290) | (267) | (233) | (1,522) | (1,798) | (1,798) | (1,242) | (498) | |||||||||||||||||||||||||||||||||||||||||||||||
Total noninterest income | 6,234 | 3,963 | 3,139 | 2,345 | 1,939 | 1,524 | 760 | 609 | 425 | |||||||||||||||||||||||||||||||||||||||||||||||
Total net revenue(1)
|
6,463 | 4,051 | 3,237 | 2,428 | 2,154 | 1,650 | 1,033 | 773 | 476 | |||||||||||||||||||||||||||||||||||||||||||||||
Contribution loss | (35,519) | (36,067) | (37,467) | (30,893) | (26,983) | (34,517) | (33,533) | (27,855) | (22,895) | |||||||||||||||||||||||||||||||||||||||||||||||
Technology Platform(6)
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total interest expense | (36) | (42) | (47) | (18) | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||
Total noninterest income | 46,101 | 36,838 | 38,865 | 19,037 | 997 | 325 | 206 | 149 | 115 | |||||||||||||||||||||||||||||||||||||||||||||||
Total net revenue(1)
|
46,065 | 36,796 | 38,818 | 19,019 | 997 | 325 | 206 | 149 | 115 | |||||||||||||||||||||||||||||||||||||||||||||||
Contribution profit | 15,685 | 16,120 | 23,986 | 12,100 | 997 | 325 | 206 | 149 | 115 | |||||||||||||||||||||||||||||||||||||||||||||||
Other(2)
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total interest income | 441 | 942 | 1,284 | 1,764 | 2,368 | 2,533 | 2,434 | 2,316 | 1,316 | |||||||||||||||||||||||||||||||||||||||||||||||
Total interest expense | (5,131) | (19,292) | (4,345) | (3,417) | (1,095) | (1,155) | (1,351) | (1,355) | (1,107) | |||||||||||||||||||||||||||||||||||||||||||||||
Total noninterest income (loss) | 169 | 2 | (319) | (726) | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||
Total net revenue (loss)(5)
|
(4,521) | (18,348) | (3,380) | (2,379) | 1,273 | 1,378 | 1,083 | 961 | 209 | |||||||||||||||||||||||||||||||||||||||||||||||
Consolidated | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total interest income | $ | 82,528 | $ | 92,073 | $ | 88,117 | $ | 86,065 | $ | 97,282 | $ | 129,498 | $ | 166,431 | $ | 157,678 | $ | 154,586 | ||||||||||||||||||||||||||||||||||||||
Total interest expense | (35,248) | (53,250) | (38,905) | (43,318) | (50,133) | (60,450) | (71,138) | (71,206) | (75,565) | |||||||||||||||||||||||||||||||||||||||||||||||
Total noninterest income | 148,704 | 132,668 | 151,575 | 72,205 | 31,153 | (4,806) | 34,099 | 72,052 | 11,480 | |||||||||||||||||||||||||||||||||||||||||||||||
Total net revenue(4)
|
195,984 | 171,491 | 200,787 | 114,952 | 78,302 | 64,242 | 129,392 | 158,524 | 90,501 | |||||||||||||||||||||||||||||||||||||||||||||||
Adjusted net revenue(1)(3)
|
216,044 | 182,019 | 216,759 | 136,250 | 86,179 | 61,955 | 137,724 | 156,854 | 94,796 | |||||||||||||||||||||||||||||||||||||||||||||||
Net income (loss) | (177,564) | (82,616) | (42,878) | 7,808 | (106,367) | (122,541) | (57,559) | (10,218) | (49,379) | |||||||||||||||||||||||||||||||||||||||||||||||
Adjusted EBITDA(3)
|
4,132 | 11,817 | 33,509 | (23,750) | (66,152) | (101,004) | (27,656) | 6,611 | (27,173) |
Three Months Ended March 31, | Year Ended December 31, | |||||||||||||||||||||||||||||||
($ in thousands) | 2021 | 2020 | 2020 | 2019 | 2018 | |||||||||||||||||||||||||||
Total net revenue | $ | 195,984 | $ | 78,302 | $ | 565,532 | $ | 442,659 | $ | 269,399 | ||||||||||||||||||||||
Servicing rights – change in valuation inputs or assumptions(1)
|
12,109 | (7,059) | 17,459 | (8,487) | (1,197) | |||||||||||||||||||||||||||
Residual interests classified as debt – change in valuation inputs or assumptions(2)
|
7,951 | 14,936 | 38,216 | 17,157 | (27,481) | |||||||||||||||||||||||||||
Adjusted net revenue | $ | 216,044 | $ | 86,179 | $ | 621,207 | $ | 451,329 | $ | 240,721 |
Quarter Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||
($ in thousands) |
March 31,
2021 |
December 31,
2020
|
September 30,
2020
|
June 30,
2020
|
March 31,
2020 |
December 31,
2019 |
September 30,
2019 |
June 30,
2019 |
March 31,
2019 |
||||||||||||||||||||||||||||||||||||||||||||
Total net revenue(1)
|
$ | 195,984 | $ | 171,491 | $ | 200,787 | $ | 114,952 | $ | 78,302 | $ | 64,242 | $ | 129,392 | $ | 158,524 | $ | 90,501 | |||||||||||||||||||||||||||||||||||
Servicing rights – change in valuation inputs or assumptions(2)
|
12,109 | 1,127 | 4,671 | 18,720 | (7,059) | (3,142) | (2,268) | (2,751) | (326) | ||||||||||||||||||||||||||||||||||||||||||||
Residual interests classified as debt – change in valuation inputs or assumptions(3)
|
7,951 | 9,401 | 11,301 | 2,578 | 14,936 | 855 | 10,600 | 1,081 | 4,621 | ||||||||||||||||||||||||||||||||||||||||||||
Adjusted net revenue
|
$ | 216,044 | $ | 182,019 | $ | 216,759 | $ | 136,250 | $ | 86,179 | $ | 61,955 | $ | 137,724 | $ | 156,854 | $ | 94,796 |
Three Months Ended March 31, | Year Ended December 31, | |||||||||||||||||||||||||||||||
($ in thousands) | 2021 | 2020 | 2020 | 2019 | 2018 | |||||||||||||||||||||||||||
Total net revenue – Lending
|
$ | 147,977 | $ | 73,878 | $ | 480,866 | $ | 434,301 | $ | 266,748 | ||||||||||||||||||||||
Servicing rights – change in valuation inputs or assumptions(1)
|
12,109 | (7,059) | 17,459 | (8,487) | (1,197) | |||||||||||||||||||||||||||
Residual interests classified as debt – change in valuation inputs or assumptions(2)
|
7,951 | 14,936 | 38,216 | 17,157 | (27,481) | |||||||||||||||||||||||||||
Adjusted net revenue – Lending
|
$ | 168,037 | $ | 81,755 | $ | 536,541 | $ | 442,971 | $ | 238,070 |
Three Months Ended March 31, | Year Ended December 31, | |||||||||||||||||||||||||||||||
($ in thousands) | 2021 | 2020 | 2020 | 2019 | 2018 | |||||||||||||||||||||||||||
Net loss | $ | (177,564) | $ | (106,367) | $ | (224,053) | $ | (239,697) | $ | (252,399) | ||||||||||||||||||||||
Non-GAAP adjustments:
|
||||||||||||||||||||||||||||||||
Interest expense – corporate borrowings(1)
|
5,008 | 1,088 | 27,974 | 4,962 | 233 | |||||||||||||||||||||||||||
Income tax expense (benefit)(2)
|
1,099 | 57 | (104,468) | 98 | (958) | |||||||||||||||||||||||||||
Depreciation and amortization(3)
|
25,977 | 4,715 | 69,832 | 15,955 | 10,912 | |||||||||||||||||||||||||||
Stock-based expense | 37,454 | 19,685 | 100,778 | 61,419 | 43,459 | |||||||||||||||||||||||||||
Impairment expense(4)
|
— | — | — | 2,205 | 500 | |||||||||||||||||||||||||||
Transaction-related expense(5)
|
2,178 | 3,914 | 9,161 | — | — | |||||||||||||||||||||||||||
Fair value changes in warrant liabilities(6)
|
89,920 | 2,879 | 20,525 | (2,834) | — | |||||||||||||||||||||||||||
Servicing rights – change in valuation inputs or assumptions(7)
|
12,109 | (7,059) | 17,459 | (8,487) | (1,197) | |||||||||||||||||||||||||||
Residual interests classified as debt – change in valuation inputs or assumptions(8)
|
7,951 | 14,936 | 38,216 | 17,157 | (27,481) | |||||||||||||||||||||||||||
Total adjustments | 181,696 | 40,215 | 179,477 | 90,475 | 25,468 | |||||||||||||||||||||||||||
Adjusted EBITDA | $ | 4,132 | $ | (66,152) | $ | (44,576) | $ | (149,222) | $ | (226,931) |
Quarter Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||
($ in thousands) |
March 31,
2021 |
December 31,
2020 |
September 30,
2020 |
June 30,
2020 |
March 31,
2020 |
December 31,
2019 |
September 30,
2019 |
June 30,
2019 |
March 31,
2019 |
||||||||||||||||||||||||||||||||||||||||||||
Net income (loss) | $ | (177,564) | $ | (82,616) | $ | (42,878) | $ | 7,808 | $ | (106,367) | $ | (122,541) | $ | (57,559) | $ | (10,218) | $ | (49,379) | |||||||||||||||||||||||||||||||||||
Non-GAAP adjustments: | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest expense – corporate borrowings | 5,008 | 19,125 | 4,346 | 3,415 | 1,088 | 1,155 | 1,350 | 1,354 | 1,103 | ||||||||||||||||||||||||||||||||||||||||||||
Income tax expense (benefit) | 1,099 | (4,949) | 192 | (99,768) | 57 | (411) | 472 | 5 | 32 | ||||||||||||||||||||||||||||||||||||||||||||
Depreciation and amortization | 25,977 | 25,486 | 24,676 | 14,955 | 4,715 | 5,155 | 4,265 | 3,362 | 3,173 | ||||||||||||||||||||||||||||||||||||||||||||
Stock-based expense | 37,454 | 30,089 | 26,551 | 24,453 | 19,685 | 17,615 | 15,673 | 14,528 | 13,603 | ||||||||||||||||||||||||||||||||||||||||||||
Impairment expense | — | — | — | — | — | 384 | 1,821 | — | — | ||||||||||||||||||||||||||||||||||||||||||||
Transaction-related expenses | 2,178 | — | 297 | 4,950 | 3,914 | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||
Fair value changes in warrant liabilities | 89,920 | 14,154 | 4,353 | (861) | 2,879 | (74) | (2,010) | (750) | — | ||||||||||||||||||||||||||||||||||||||||||||
Servicing rights – change in valuation inputs or assumptions | 12,109 | 1,127 | 4,671 | 18,720 | (7,059) | (3,142) | (2,268) | (2,751) | (326) | ||||||||||||||||||||||||||||||||||||||||||||
Residual interests classified as debt – change in valuation inputs or assumptions | 7,951 | 9,401 | 11,301 | 2,578 | 14,936 | 855 | 10,600 | 1,081 | 4,621 | ||||||||||||||||||||||||||||||||||||||||||||
Total adjustments | 181,696 | 94,433 | 76,387 | (31,558) | 40,215 | 21,537 | 29,903 | 16,829 | 22,206 | ||||||||||||||||||||||||||||||||||||||||||||
Adjusted EBITDA | $ | 4,132 | $ | 11,817 | $ | 33,509 | $ | (23,750) | $ | (66,152) | $ | (101,004) | $ | (27,656) | $ | 6,611 | $ | (27,173) |
March 31, |
2021 vs. 2020
% Change |
December 31, |
2020 vs. 2019
% Change |
2019 vs. 2018
% Change |
|||||||||||||||||||||||||||||||||||||||||||
2021 | 2020 | 2020 | 2019 | 2018 | |||||||||||||||||||||||||||||||||||||||||||
Members | 2,281,092 | 1,086,409 | 110 | % | 1,850,871 | 976,459 | 652,801 | 90 | % | 50 | % | ||||||||||||||||||||||||||||||||||||
Total Products | 3,184,554 | 1,442,481 | 121 | % | 2,523,555 | 1,185,362 | 691,255 | 113 | % | 71 | % | ||||||||||||||||||||||||||||||||||||
Lending | |||||||||||||||||||||||||||||||||||||||||||||||
Total Products | 945,227 | 841,615 | 12 | % | 917,645 | 798,005 | 640,350 | 15 | % | 25 | % | ||||||||||||||||||||||||||||||||||||
Financial Services | |||||||||||||||||||||||||||||||||||||||||||||||
Total Products | 2,239,327 | 600,866 | 273 | % | 1,605,910 | 387,357 | 50,905 | 315 | % | 661 | % | ||||||||||||||||||||||||||||||||||||
Technology Platform | |||||||||||||||||||||||||||||||||||||||||||||||
Total Accounts | 69,572,680 | — | n/m | 59,359,843 | — | — | n/m | n/m |
|
Three Months Ended March 31, |
2021 vs 2020
% Change
|
||||||||||||||||||||||||||||||||||||||||||||||||
($ in thousands)
|
2021 | 2020 | ||||||||||||||||||||||||||||||||||||||||||||||||
Interest income | ||||||||||||||||||||||||||||||||||||||||||||||||||
Loans | $ | 77,221 | $ | 86,116 | (10) | % | ||||||||||||||||||||||||||||||||||||||||||||
Securitizations | 4,467 | 7,061 | (37) | % | ||||||||||||||||||||||||||||||||||||||||||||||
Related party notes | 211 | 1,052 | (80) | % | ||||||||||||||||||||||||||||||||||||||||||||||
Other | 629 | 3,053 | (79) | % | ||||||||||||||||||||||||||||||||||||||||||||||
Total interest income | 82,528 | 97,282 | (15) | % | ||||||||||||||||||||||||||||||||||||||||||||||
Interest expense | ||||||||||||||||||||||||||||||||||||||||||||||||||
Securitizations and warehouses | 29,808 | 47,523 | (37) | % | ||||||||||||||||||||||||||||||||||||||||||||||
Corporate borrowings | 5,008 | 1,088 | 360 | % | ||||||||||||||||||||||||||||||||||||||||||||||
Other | 432 | 1,522 | (72) | % | ||||||||||||||||||||||||||||||||||||||||||||||
Total interest expense | 35,248 | 50,133 | (30) | % | ||||||||||||||||||||||||||||||||||||||||||||||
Net interest income | 47,280 | 47,149 | — | % | ||||||||||||||||||||||||||||||||||||||||||||||
Noninterest income | ||||||||||||||||||||||||||||||||||||||||||||||||||
Loan origination and sales | 110,345 | 104,255 | 6 | % | ||||||||||||||||||||||||||||||||||||||||||||||
Securitizations | (2,036) | (83,104) | (98) | % | ||||||||||||||||||||||||||||||||||||||||||||||
Servicing | (12,109) | 7,059 | (272) | % | ||||||||||||||||||||||||||||||||||||||||||||||
Technology Platform fees | 45,659 | — | n/m | |||||||||||||||||||||||||||||||||||||||||||||||
Other | 6,845 | 2,943 | 133 | % | ||||||||||||||||||||||||||||||||||||||||||||||
Total noninterest income | 148,704 | 31,153 | 377 | % | ||||||||||||||||||||||||||||||||||||||||||||||
Total net revenue | 195,984 | 78,302 | 150 | % | ||||||||||||||||||||||||||||||||||||||||||||||
Noninterest expense | ||||||||||||||||||||||||||||||||||||||||||||||||||
Technology and product development | 65,948 | 40,171 | 64 | % | ||||||||||||||||||||||||||||||||||||||||||||||
Sales and marketing | 87,234 | 62,670 | 39 | % | ||||||||||||||||||||||||||||||||||||||||||||||
Cost of operations | 57,570 | 32,657 | 76 | % | ||||||||||||||||||||||||||||||||||||||||||||||
General and administrative | 161,697 | 49,114 | 229 | % | ||||||||||||||||||||||||||||||||||||||||||||||
Total noninterest expense | 372,449 | 184,612 | 102 | % | ||||||||||||||||||||||||||||||||||||||||||||||
Loss before income taxes | (176,465) | (106,310) | 66 | % | ||||||||||||||||||||||||||||||||||||||||||||||
Income tax expense | (1,099) | (57) | n/m | |||||||||||||||||||||||||||||||||||||||||||||||
Net loss | $ | (177,564) | $ | (106,367) | 67 | % | ||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive loss | ||||||||||||||||||||||||||||||||||||||||||||||||||
Foreign currency translation adjustments, net | $ | (80) | $ | (7) | n/m | |||||||||||||||||||||||||||||||||||||||||||||
Total other comprehensive loss | (80) | (7) | n/m | |||||||||||||||||||||||||||||||||||||||||||||||
Comprehensive loss | $ | (177,644) | $ | (106,374) | 67 | % |
|
Three Months Ended March 31, |
2021 vs 2020
% Change
|
||||||||||||||||||||||||||||||||||||||||||
($ in thousands)
|
2021 | 2020 | ||||||||||||||||||||||||||||||||||||||||||
Loans
|
$ | 77,221 | $ | 86,116 | (10) | % | ||||||||||||||||||||||||||||||||||||||
Securitizations
|
4,467 | 7,061 | (37) | % | ||||||||||||||||||||||||||||||||||||||||
Related party notes
|
211 | 1,052 | (80) | % | ||||||||||||||||||||||||||||||||||||||||
Other
|
629 | 3,053 | (79) | % | ||||||||||||||||||||||||||||||||||||||||
Total interest income
|
$ | 82,528 | $ | 97,282 | (15) | % |
|
Three Months Ended March 31, |
2021 vs 2020
% Change
|
||||||||||||||||||||||||||||||||||||||||||
($ in thousands)
|
2021 | 2020 | ||||||||||||||||||||||||||||||||||||||||||
Securitizations and warehouses
|
$ | 29,808 | $ | 47,523 | (37) | % | ||||||||||||||||||||||||||||||||||||||
Corporate borrowings | 5,008 | 1,088 | 360 | % | ||||||||||||||||||||||||||||||||||||||||
Other
|
432 | 1,522 | (72) | % | ||||||||||||||||||||||||||||||||||||||||
Total interest expense
|
$ | 35,248 | $ | 50,133 | (30) | % |
|
Three Months Ended March 31, |
2021 vs 2020
% Change
|
||||||||||||||||||||||||||||||||||||||||||
($ in thousands)
|
2021 | 2020 | ||||||||||||||||||||||||||||||||||||||||||
Securitization debt interest expense | $ | 10,948 | $ | 21,311 | (49) | % | ||||||||||||||||||||||||||||||||||||||
Warehouse debt interest expense | 10,531 | 14,114 | (25) | % | ||||||||||||||||||||||||||||||||||||||||
Residual interests classified as debt interest expense | 2,199 | 3,846 | (43) | % | ||||||||||||||||||||||||||||||||||||||||
Debt issuance cost interest expense | 6,130 | 8,252 | (26) | % | ||||||||||||||||||||||||||||||||||||||||
Securitizations and warehouses interest expense
|
$ | 29,808 | $ | 47,523 | (37) | % |
Three Months Ended March 31, |
2021 vs 2020
% Change |
|||||||||||||||||||||||||||||||||||||
($ in thousands) | 2021 | 2020 | ||||||||||||||||||||||||||||||||||||
Average debt balances | ||||||||||||||||||||||||||||||||||||||
Securitization debt | $ | 1,134,366 | $ | 2,289,941 | (50) | % | ||||||||||||||||||||||||||||||||
Warehouses facilities | 2,397,899 | 1,766,276 | 36 | % | ||||||||||||||||||||||||||||||||||
Residual interests classified as debt | 57,032 | 204,763 | (72) | % | ||||||||||||||||||||||||||||||||||
Weighted average interest rates(1)
|
||||||||||||||||||||||||||||||||||||||
Securitization debt(2)
|
3.9 | % | 3.7 | % | n/m | |||||||||||||||||||||||||||||||||
Warehouse facilities(2)
|
1.8 | % | 3.2 | % | n/m | |||||||||||||||||||||||||||||||||
Residual interests classified as debt | 15.4 | % | 7.5 | % | n/m |
|
Three Months Ended March 31, |
2021 vs 2020
% Change
|
||||||||||||||||||||||||||||||||||||||||||
($ in thousands)
|
2021 | 2020 | ||||||||||||||||||||||||||||||||||||||||||
Loan origination and sales
|
$ | 110,345 | $ | 104,255 | 6 | % | ||||||||||||||||||||||||||||||||||||||
Securitizations
|
(2,036) | (83,104) | (98) | % | ||||||||||||||||||||||||||||||||||||||||
Servicing
|
(12,109) | 7,059 | (272) | % | ||||||||||||||||||||||||||||||||||||||||
Technology Platform fees
|
45,659 | — | n/m | |||||||||||||||||||||||||||||||||||||||||
Other
|
6,845 | 2,943 | 133 | % | ||||||||||||||||||||||||||||||||||||||||
Total noninterest income
|
$ | 148,704 | $ | 31,153 | 377 | % | ||||||||||||||||||||||||||||||||||||||
Total net revenue
|
$ | 195,984 | $ | 78,302 | 150 | % |
Three Months Ended March 31, |
2021 vs 2020
% Change
|
|||||||||||||||||||||||||||||||||||||||||||
($ in thousands) | 2021 | 2020 | ||||||||||||||||||||||||||||||||||||||||||
Gains from non-securitization loan transfers | $ | 70,900 | $ | 38,699 | 83 | % | ||||||||||||||||||||||||||||||||||||||
Gains from loan securitization transfers(1)
|
29,027 | 110,307 | (74) | % | ||||||||||||||||||||||||||||||||||||||||
Economic derivative hedges of loan fair values(2)
|
36,071 | (35,721) | (201) | % | ||||||||||||||||||||||||||||||||||||||||
Home loan origination fees(3)
|
4,020 | 1,764 | 128 | % | ||||||||||||||||||||||||||||||||||||||||
Loan write-off expense – whole loans(4)
|
(5,125) | (2,299) | 123 | % | ||||||||||||||||||||||||||||||||||||||||
Loan write-off expense – securitization loans(5)
|
(4,381) | (19,155) | (77) | % | ||||||||||||||||||||||||||||||||||||||||
Loan repurchase (expense) benefit(6)
|
(1,483) | 79 | n/m |
Three Months Ended March 31, |
2021 vs 2020
% Change |
|||||||||||||||||||||||||||||||||||||||||||
($ in thousands) | 2021 | 2020 | ||||||||||||||||||||||||||||||||||||||||||
Servicing income recognized | ||||||||||||||||||||||||||||||||||||||||||||
Home loans(1)
|
$ | 1,744 | $ | 891 | 96 | % | ||||||||||||||||||||||||||||||||||||||
Student loans(2)
|
12,160 | 13,037 | (7) | % | ||||||||||||||||||||||||||||||||||||||||
Personal loans(3)
|
8,475 | 11,341 | (25) | % | ||||||||||||||||||||||||||||||||||||||||
Servicing rights fair value change | ||||||||||||||||||||||||||||||||||||||||||||
Home loans(4)
|
8,124 | 1,259 | 545 | % | ||||||||||||||||||||||||||||||||||||||||
Student loans(5)
|
5,701 | 9,208 | (38) | % | ||||||||||||||||||||||||||||||||||||||||
Personal loans(6)
|
(2,182) | (2,166) | (1) | % |
|
Three Months Ended March 31, |
2021 vs 2020
% Change
|
||||||||||||||||||||||||||||||||||||||||||
($ in thousands)
|
2021 | 2020 | ||||||||||||||||||||||||||||||||||||||||||
Technology and product development
|
$ | 65,948 | $ | 40,171 | 64 | % | ||||||||||||||||||||||||||||||||||||||
Sales and marketing
|
87,234 | 62,670 | 39 | % | ||||||||||||||||||||||||||||||||||||||||
Cost of operations
|
57,570 | 32,657 | 76 | % | ||||||||||||||||||||||||||||||||||||||||
General and administrative
|
161,697 | 49,114 | 229 | % | ||||||||||||||||||||||||||||||||||||||||
Total noninterest expense
|
$ | 372,449 | $ | 184,612 | 102 | % |
|
March 31, |
2021 vs 2020
% Change
|
||||||||||||||||||||||||||||||||||||||||||||||||
Metric
|
2021 | 2020 | ||||||||||||||||||||||||||||||||||||||||||||||||
Total products (number) | 945,227 | 841,615 | 12 | % | ||||||||||||||||||||||||||||||||||||||||||||||
Origination volume ($ in thousands, during period) | ||||||||||||||||||||||||||||||||||||||||||||||||||
Home loans | $ | 735,604 | $ | 346,808 | 112 | % | ||||||||||||||||||||||||||||||||||||||||||||
Personal loans | 805,689 | 901,694 | (11) | % | ||||||||||||||||||||||||||||||||||||||||||||||
Student loans | 1,004,685 | 2,134,506 | (53) | % | ||||||||||||||||||||||||||||||||||||||||||||||
Total | $ | 2,545,978 | $ | 3,383,008 | (25) | % | ||||||||||||||||||||||||||||||||||||||||||||
Loans with a balance (number) | 582,069 | 636,275 | (9) | % | ||||||||||||||||||||||||||||||||||||||||||||||
Average loan balance ($) | ||||||||||||||||||||||||||||||||||||||||||||||||||
Home loans | $ | 285,654 | $ | 293,762 | (3) | % | ||||||||||||||||||||||||||||||||||||||||||||
Personal loans | 21,515 | 24,000 | (10) | % | ||||||||||||||||||||||||||||||||||||||||||||||
Student loans | 52,493 | 59,346 | (12) | % |
Product | Loan Size |
Rates(1)
|
Term | |||||||||||||||||
Student Loan Refinancing |
$5,000+ (2)
|
Variable rate: 2.25% – 6.62% | 5 – 20 years | |||||||||||||||||
Fixed rate: 2.99% – 7.18% | ||||||||||||||||||||
In-School Loans |
$5,000+ (2)
|
Variable rate: 1.84% – 12.63% | 5 – 15 years | |||||||||||||||||
Fixed rate: 4.23% – 11.26% | ||||||||||||||||||||
Personal Loans |
$5,000 – $100,000 (2)
|
Fixed rate: 5.99% – 19.10% | 2 – 7 years | |||||||||||||||||
Home Loans |
$98,000 – $548,250
(Conforming 2021 Normal Cost Areas) |
Fixed rate: 2.13% – 4.75% | 15 or 30 years | |||||||||||||||||
OR | ||||||||||||||||||||
$822,375 (2)
(Conforming 2021 High Cost Areas)
|
15 or 30 years |
Three Months Ended March 31, | ||||||||||||||||||||||||||||||||
2021 | 2020 | |||||||||||||||||||||||||||||||
Student Loans | ||||||||||||||||||||||||||||||||
Weighted average origination FICO | 774 | 773 | ||||||||||||||||||||||||||||||
Weighted average interest rate earned(1)
|
4.62 | % | 5.38 | % | ||||||||||||||||||||||||||||
Interest income recognized ($ in thousands)(1)
|
$ | 32,277 | $ | 35,855 | ||||||||||||||||||||||||||||
Sales of loans ($ in thousands)(2)
|
$ | 936,160 | $ | 2,256,059 | ||||||||||||||||||||||||||||
Time between loan origination and loan sale (days) | 50 | 30 | ||||||||||||||||||||||||||||||
Home Loans | ||||||||||||||||||||||||||||||||
Weighted average origination FICO | 762 | 759 | ||||||||||||||||||||||||||||||
Weighted average interest rate earned(1)
|
1.58 | % | 2.74 | % | ||||||||||||||||||||||||||||
Interest income recognized ($ in thousands)(1)
|
$ | 731 | $ | 712 | ||||||||||||||||||||||||||||
Sales of loans ($ in thousands) | $ | 677,566 | $ | 313,042 | ||||||||||||||||||||||||||||
Time between loan origination and loan sale (days) | 13 | 11 | ||||||||||||||||||||||||||||||
Personal Loans | ||||||||||||||||||||||||||||||||
Weighted average origination FICO | 762 | 757 | ||||||||||||||||||||||||||||||
Weighted average interest rate earned(1)
|
10.92 | % | 10.56 | % | ||||||||||||||||||||||||||||
Interest income recognized ($ in thousands)(1)
|
$ | 44,001 | $ | 49,549 | ||||||||||||||||||||||||||||
Sales of loans ($ in thousands)(2)
|
$ | 779,441 | $ | 777,346 | ||||||||||||||||||||||||||||
Time between loan origination and loan sale (days) | 41 | 25 |
|
Three Months Ended March 31, |
2021 vs 2020
% Change
|
||||||||||||||||||||||||||||||||||||||||||||||||
($ in thousands)
|
2021 | 2020 | ||||||||||||||||||||||||||||||||||||||||||||||||
Net revenue | ||||||||||||||||||||||||||||||||||||||||||||||||||
Net interest income | $ | 51,777 | $ | 45,661 | 13 | % | ||||||||||||||||||||||||||||||||||||||||||||
Noninterest income | 96,200 | 28,217 | 241 | % | ||||||||||||||||||||||||||||||||||||||||||||||
Total net revenue | 147,977 | 73,878 | 100 | % | ||||||||||||||||||||||||||||||||||||||||||||||
Servicing rights – change in valuation inputs or assumptions(1)
|
12,109 | (7,059) | (272) | % | ||||||||||||||||||||||||||||||||||||||||||||||
Residual interests classified as debt – change in valuation inputs or assumptions(2)
|
7,951 | 14,936 | (47) | % | ||||||||||||||||||||||||||||||||||||||||||||||
Directly attributable expenses(3)
|
(80,351) | (77,660) | 3 | % | ||||||||||||||||||||||||||||||||||||||||||||||
Contribution Profit | $ | 87,686 | $ | 4,095 | n/m |
Three Months Ended March 31, |
2021 vs 2020
% Change
|
|||||||||||||||||||||||||||||||||||||
($ in thousands) | 2021 | 2020 | ||||||||||||||||||||||||||||||||||||
Direct advertising | $ | 27,849 | $ | 30,607 | (9) | % | ||||||||||||||||||||||||||||||||
Compensation and benefits | 21,398 | 19,367 | 10 | % | ||||||||||||||||||||||||||||||||||
Loan origination and servicing costs | 13,992 | 7,872 | 78 | % | ||||||||||||||||||||||||||||||||||
Affiliate referrals | 6,710 | 10,196 | (34) | % | ||||||||||||||||||||||||||||||||||
Unused warehouse line fees | 3,701 | 2,350 | 57 | % | ||||||||||||||||||||||||||||||||||
Occupancy and travel | 1,138 | 2,146 | (47) | % | ||||||||||||||||||||||||||||||||||
Professional services | 1,441 | 2,106 | (32) | % | ||||||||||||||||||||||||||||||||||
Other(1)
|
4,122 | 3,016 | 37 | % | ||||||||||||||||||||||||||||||||||
Directly attributable expenses | $ | 80,351 | $ | 77,660 | 3 | % |
|
Three Months Ended March 31, |
2021 vs 2020
% Change
|
||||||||||||||||||||||||||||||||||||||||||||||||
($ in thousands)
|
2021 | 2020 | ||||||||||||||||||||||||||||||||||||||||||||||||
Net revenue | ||||||||||||||||||||||||||||||||||||||||||||||||||
Net interest income | $ | 229 | $ | 215 | 7 | % | ||||||||||||||||||||||||||||||||||||||||||||
Noninterest income | 6,234 | 1,939 | 222 | % | ||||||||||||||||||||||||||||||||||||||||||||||
Total net revenue | 6,463 | 2,154 | 200 | % | ||||||||||||||||||||||||||||||||||||||||||||||
Directly attributable expenses(1)
|
(41,982) | (29,137) | 44 | % | ||||||||||||||||||||||||||||||||||||||||||||||
Contribution loss | $ | (35,519) | $ | (26,983) | 32 | % |
Three Months Ended March 31, |
2021 vs 2020
% Change
|
|||||||||||||||||||||||||||||||||||||
($ in thousands) | 2021 | 2020 | ||||||||||||||||||||||||||||||||||||
Compensation and benefits | $ | 18,784 | $ | 18,695 | — | % | ||||||||||||||||||||||||||||||||
Product fulfillment | 5,043 | 2,574 | 96 | % | ||||||||||||||||||||||||||||||||||
Member incentives | 4,981 | 2,054 | 143 | % | ||||||||||||||||||||||||||||||||||
Direct advertising | 3,768 | 388 | 871 | % | ||||||||||||||||||||||||||||||||||
Occupancy and travel | 1,851 | 2,274 | (19) | % | ||||||||||||||||||||||||||||||||||
Professional services | 1,568 | 1,167 | 34 | % | ||||||||||||||||||||||||||||||||||
Other(1)
|
5,987 | 1,985 | 202 | % | ||||||||||||||||||||||||||||||||||
Directly attributable expenses | $ | 41,982 | $ | 29,137 | 44 | % |
|
March 31, 2021 | March 31, 2020 |
2021 vs 2020
% Change
|
||||||||||||||||||||||||||||||||||||||||||||
Total accounts
|
69,572,680 | — | n/m |
|
Three Months Ended March 31, |
2021 vs 2020
% Change |
|||||||||||||||||||||||||||||||||
($ in thousands)
|
2021 | 2020 | |||||||||||||||||||||||||||||||||
Net revenue | |||||||||||||||||||||||||||||||||||
Net interest income (loss) | $ | (36) | $ | — | n/m | ||||||||||||||||||||||||||||||
Noninterest income | 46,101 | 997 | n/m | ||||||||||||||||||||||||||||||||
Total net revenue | 46,065 | 997 | n/m | ||||||||||||||||||||||||||||||||
Directly attributable expenses(1)
|
(30,380) | — | n/m | ||||||||||||||||||||||||||||||||
Contribution Profit | $ | 15,685 | $ | 997 | n/m |
Three Months Ended March 31, | |||||||||||||||||||||||||||||
2021 | 2020 | ||||||||||||||||||||||||||||
Reportable segments directly attributable expenses | $ | (152,713) | $ | (106,797) | |||||||||||||||||||||||||
Expenses not allocated to segments: | |||||||||||||||||||||||||||||
Stock-based compensation expense | (37,454) | (19,685) | |||||||||||||||||||||||||||
Depreciation and amortization expense | (25,977) | (4,715) | |||||||||||||||||||||||||||
Fair value changes in warrant liabilities | (89,920) | (2,879) | |||||||||||||||||||||||||||
Employee-related costs(1)
|
(32,280) | (27,896) | |||||||||||||||||||||||||||
Other corporate and unallocated expenses(2)
|
(34,105) | (22,640) | |||||||||||||||||||||||||||
Total noninterest expense | $ | (372,449) | $ | (184,612) |
|
Year ended December 31, | 2020 vs. 2019 % Change | 2019 vs. 2018 % Change | |||||||||||||||||||||||||||||
($ in thousands)
|
2020 | 2019 | 2018 | |||||||||||||||||||||||||||||
Interest income
|
|
|
|
|
|
|||||||||||||||||||||||||||
Loans
|
$ | 330,353 | $ | 570,466 | $ | 568,209 | (42) | % | — | % | ||||||||||||||||||||||
Securitizations
|
24,031 | 23,179 | 19,300 | 4 | % | 20 | % | |||||||||||||||||||||||||
Related party notes
|
3,189 | 3,338 | — | (4) | % |
n/m
|
||||||||||||||||||||||||||
Other
|
5,964 | 11,210 | 2,109 | (47) | % | 432 | % | |||||||||||||||||||||||||
Total interest income
|
363,537 | 608,193 | 589,618 | (40) | % | 3 | % | |||||||||||||||||||||||||
Interest expense
|
|
|||||||||||||||||||||||||||||||
Securitizations and warehouses
|
155,150 | 268,063 | 330,186 | (42) | % | (19) | % | |||||||||||||||||||||||||
Other
|
30,456 | 10,296 | 368 | 196 | % |
n/m
|
||||||||||||||||||||||||||
Total interest expense | 185,606 | 278,359 | 330,554 | (33) | % | (16) | % | |||||||||||||||||||||||||
Net interest income
|
177,931 | 329,834 | 259,064 | (46) | % | 27 | % | |||||||||||||||||||||||||
Noninterest income
|
|
|
||||||||||||||||||||||||||||||
Loan origination and sales
|
371,323 | 299,265 | 123,046 | 24 | % | 143 | % | |||||||||||||||||||||||||
Securitizations
|
(70,251) | (199,125) | (114,705) | (65) | % | 74 | % | |||||||||||||||||||||||||
Servicing
|
(19,426) | 8,486 | 1,197 | (329) | % | 609 | % | |||||||||||||||||||||||||
Technology Platform fees
|
90,128 | — | — | n/m |
n/m
|
|||||||||||||||||||||||||||
Other
|
15,827 | 4,199 | 797 | 277 | % | 427 | % | |||||||||||||||||||||||||
Total noninterest income
|
387,601 | 112,825 | 10,335 | 244 | % | 992 | % | |||||||||||||||||||||||||
Total net revenue | 565,532 | 442,659 | 269,399 | 28 | % | 64 | % | |||||||||||||||||||||||||
Noninterest expense
|
|
|
||||||||||||||||||||||||||||||
Technology and product development
|
201,199 | 147,458 | 99,319 | 36 | % | 48 | % | |||||||||||||||||||||||||
Sales and marketing
|
276,577 | 266,198 | 212,604 | 4 | % | 25 | % | |||||||||||||||||||||||||
Cost of operations
|
178,896 | 116,327 | 88,885 | 54 | % | 31 | % | |||||||||||||||||||||||||
General and administrative
|
237,381 | 152,275 | 121,948 | 56 | % | 25 | % | |||||||||||||||||||||||||
Total noninterest expense
|
894,053 | 682,258 | 522,756 | 31 | % | 31 | % | |||||||||||||||||||||||||
Loss before income taxes
|
(328,521) | (239,599) | (253,357) | 37 | % | (5) | % | |||||||||||||||||||||||||
Income tax (expense) benefit
|
104,468 | (98) | 958 | n/m | (110) | % | ||||||||||||||||||||||||||
Net loss
|
$ | (224,053) | $ | (239,697) | $ | (252,399) | (7) | % | (5) | % | ||||||||||||||||||||||
Other comprehensive income (loss)
|
|
|
||||||||||||||||||||||||||||||
Foreign currency translation adjustments, net
|
$ | (145) | $ | (9) | $ | 21 | n/m | (143) | % | |||||||||||||||||||||||
Total other comprehensive income (loss)
|
(145) | (9) | 21 | n/m | (143) | % | ||||||||||||||||||||||||||
Comprehensive loss | $ | (224,198) | $ | (239,706) | $ | (252,378) | (6) | % | (5) | % |
Year Ended December 31, | ||||||||||||||||||||||||||
($ in thousands) | 2020 | 2019 | $ Variance | % Change | ||||||||||||||||||||||
Loans | $ | 330,353 | $ | 570,466 | $ | (240,113) | (42) | % | ||||||||||||||||||
Securitizations | 24,031 | 23,179 | 852 | 4 | % | |||||||||||||||||||||
Related party notes | 3,189 | 3,338 | (149) | (4) | % | |||||||||||||||||||||
Other | 5,964 | 11,210 | (5,246) | (47) | % | |||||||||||||||||||||
Total interest income | $ | 363,537 | $ | 608,193 | $ | (244,656) | (40) | % |
|
Year Ended December 31,
|
|||||||||||||||||||||||||
($ in thousands)
|
2020 | 2019 |
$ Variance
|
% Change
|
||||||||||||||||||||||
Securitizations and warehouses
|
$ | 155,150 | $ | 268,063 | $ | (112,913) | (42) | % | ||||||||||||||||||
Other
|
30,456 | 10,296 | 20,160 | 196 | % | |||||||||||||||||||||
Total interest expense
|
$ | 185,606 | $ | 278,359 | $ | (92,753) | (33) | % |
Year Ended December 31, | ||||||||||||||||||||||||||
($ in thousands) | 2020 | 2019 | $ Variance | % Change | ||||||||||||||||||||||
Securitization debt interest expense | $ | 66,110 | $ | 132,811 | $ | (66,701) | (50) | % | ||||||||||||||||||
Warehouse debt interest expense | 51,983 | 80,895 | (28,912) | (36) | % | |||||||||||||||||||||
Residual interests classified as debt interest expense | 12,678 | 30,562 | (17,884) | (59) | % | |||||||||||||||||||||
Debt issuance cost interest expense | 24,379 | 23,795 | 584 | 2 | % | |||||||||||||||||||||
Securitizations and warehouses interest expense
|
$ | 155,150 | $ | 268,063 | $ | (112,913) | (42) | % |
Year Ended December 31, | ||||||||||||||||||||
($ in thousands) | 2020 | 2019 | % Change | |||||||||||||||||
Average debt balances |
|
|||||||||||||||||||
Securitization debt | $ | 1,794,758 | $ | 3,888,058 | (54) | % | ||||||||||||||
Warehouses facilities | 2,266,694 | 1,800,902 | 26 | % | ||||||||||||||||
Residual interests classified as debt | 123,212 | 379,030 | (67) | % | ||||||||||||||||
Weighted average interest rates(1)
|
|
|||||||||||||||||||
Securitization debt | 3.7 | % | 3.4 | % | n/m | |||||||||||||||
Warehouse facilities | 2.3 | % | 4.5 | % | n/m | |||||||||||||||
Residual interests classified as debt | 10.3 | % | 8.1 | % | n/m |
|
Year Ended December 31,
|
|||||||||||||||||||||||||
($ in thousands)
|
2020 | 2019 |
$ Variance
|
% Change
|
||||||||||||||||||||||
Loan origination and sales
|
$ | 371,323 | $ | 299,265 | $ | 72,058 | 24 | % | ||||||||||||||||||
Securitizations
|
(70,251) | (199,125) | 128,874 | (65) | % | |||||||||||||||||||||
Servicing
|
(19,426) | 8,486 | (27,912) | (329) | % | |||||||||||||||||||||
Technology Platform fees
|
90,128 | — | 90,128 | n/m | ||||||||||||||||||||||
Other
|
15,827 | 4,199 | 11,628 | 277 | % | |||||||||||||||||||||
Total noninterest income
|
$ | 387,601 | $ | 112,825 | $ | 274,776 | 244 | % | ||||||||||||||||||
Total net revenue
|
$ | 565,532 | $ | 442,659 | $ | 122,873 | 28 | % |
Year Ended December 31, | ||||||||||||||||||||||||||
($ in thousands) | 2020 | 2019 | $ Variance | % Change | ||||||||||||||||||||||
Gains from non-securitization loan transfers | $ | 259,451 | $ | 129,989 | $ | 129,462 | 100 | % | ||||||||||||||||||
Gains from loan securitization transfers(1)
|
129,855 | 226,394 | (96,539) | (43) | % | |||||||||||||||||||||
Economic derivative hedges of loan fair values(2)
|
(54,829) | (24,803) | (30,026) | 121 | % | |||||||||||||||||||||
Home loan origination fees(3)
|
11,576 | 3,639 | 7,937 | 218 | % | |||||||||||||||||||||
Loan write-off expense – whole loans(4)
|
(5,873) | (13,888) | 8,015 | (58) | % | |||||||||||||||||||||
Loan write-off expense – securitization loans(5)
|
(38,621) | (121,102) | 82,481 | (68) | % | |||||||||||||||||||||
Loan repurchase expense(6)
|
(342) | (2,337) | 1,995 | (85) | % |
Year Ended December 31, | ||||||||||||||||||||||||||
($ in thousands) | 2020 | 2019 | $ Variance | % Change | ||||||||||||||||||||||
Servicing income recognized | ||||||||||||||||||||||||||
Home loans(1)
|
$ | 4,651 | $ | 2,648 | $ | 2,003 | 76 | % | ||||||||||||||||||
Student loans(2)
|
50,491 | 47,489 | 3,002 | 6 | % | |||||||||||||||||||||
Personal loans(3)
|
42,646 | 34,290 | 8,356 | 24 | % | |||||||||||||||||||||
Servicing rights fair value change | ||||||||||||||||||||||||||
Home loans(4)
|
10,733 | 4,558 | 6,175 | 135 | % | |||||||||||||||||||||
Student loans(5)
|
(37,945) | 16,507 | (54,452) | (330) | % | |||||||||||||||||||||
Personal loans(6)
|
(24,809) | 14,849 | (39,658) | (267) | % |
|
Year Ended December 31,
|
|||||||||||||||||||||||||
($ in thousands)
|
2020 | 2019 |
$ Variance
|
% Change
|
||||||||||||||||||||||
Technology and product development
|
$ | 201,199 | $ | 147,458 | $ | 53,741 | 36 | % | ||||||||||||||||||
Sales and marketing
|
276,577 | 266,198 | 10,379 | 4 | % | |||||||||||||||||||||
Cost of operations
|
178,896 | 116,327 | 62,569 | 54 | % | |||||||||||||||||||||
General and administrative
|
237,381 | 152,275 | 85,106 | 56 | % | |||||||||||||||||||||
Total noninterest expense
|
$ | 894,053 | $ | 682,258 | $ | 211,795 | 31 | % |
($ in thousands)
|
Year Ended December 31,
|
$ Variance
|
% Change
|
|||||||||||||||||||||||
2019 | 2018 | |||||||||||||||||||||||||
Loans
|
$ | 570,466 | $ | 568,209 | $ | 2,257 | — | % | ||||||||||||||||||
Securitizations
|
23,179 | 19,300 | 3,879 | 20 | % | |||||||||||||||||||||
Related party notes
|
3,338 | — | 3,338 |
n/m
|
||||||||||||||||||||||
Other
|
11,210 | 2,109 | 9,101 | 432 | % | |||||||||||||||||||||
Total interest income
|
$ | 608,193 | $ | 589,618 | $ | 18,575 | 3 | % |
|
Year Ended December 31,
|
|
|
|||||||||||||||||||||||
($ in thousands)
|
2019 | 2018 |
$ Variance
|
% Change
|
||||||||||||||||||||||
Securitizations and warehouses
|
$ | 268,063 | $ | 330,186 | $ | (62,123) | (19) | % | ||||||||||||||||||
Other
|
10,296 | 368 | 9,928 |
n/m
|
||||||||||||||||||||||
Total interest expense
|
$ | 278,359 | $ | 330,554 | $ | (52,195) | (16) | % |
Year ended December 31, | ||||||||||||||||||||||||||
($ in thousands) | 2019 | 2018 | $ Variance | % Change | ||||||||||||||||||||||
Securitization debt interest expense | $ | 132,811 | $ | 118,511 | $ | 14,300 | 12 | % | ||||||||||||||||||
Warehouse debt interest expense | 80,895 | 105,022 | (24,127) | (23) | % | |||||||||||||||||||||
Residual interests classified as debt interest expense | 30,562 | 82,505 | (51,943) | (63) | % | |||||||||||||||||||||
Debt issuance cost interest expense | 23,795 | 24,148 | (353) | (1) | % | |||||||||||||||||||||
Total securitizations and warehouses interest expense
|
$ | 268,063 | $ | 330,186 | $ | (62,123) | (19) | % |
Year ended December 31, | ||||||||||||||||||||
($ in thousands) | 2019 | 2018 | % Change | |||||||||||||||||
Average debt balances |
|
|||||||||||||||||||
Securitization debt | $ | 3,888,058 | $ | 3,919,131 | (1) | % | ||||||||||||||
Warehouse facilities | 1,800,902 | 2,411,202 | (25) | % | ||||||||||||||||
Residual interests classified as debt | 379,030 | 514,054 | (26) | % | ||||||||||||||||
Weighted average interest rates |
|
|||||||||||||||||||
Securitization debt(1)
|
3.4 | % | 3.0 | % | n/m | |||||||||||||||
Warehouse facilities(1)
|
4.5 | % | 4.4 | % | n/m | |||||||||||||||
Residual interests classified as debt(2)
|
8.1 | % | 16.0 | % | n/m |
|
Year Ended December 31,
|
|
|
|||||||||||||||||||||||
($ in thousands)
|
2019 | 2018 |
$ Variance
|
% Change
|
||||||||||||||||||||||
Loan origination and sales
|
$ | 299,265 | $ | 123,046 | $ | 176,219 | 143 | % | ||||||||||||||||||
Securitizations
|
(199,125) | (114,705) | (84,420) | 74 | % | |||||||||||||||||||||
Servicing
|
8,486 | 1,197 | 7,289 | 609 | % | |||||||||||||||||||||
Other
|
4,199 | 797 | 3,402 | 427 | % | |||||||||||||||||||||
Total noninterest income
|
$ | 112,825 | $ | 10,335 | $ | 102,490 | 992 | % | ||||||||||||||||||
Total net revenue
|
$ | 442,659 | $ | 269,399 | $ | 173,260 | 64 | % |
Year Ended December 31,
|
||||||||||||||||||||||||||
($ in thousands) | 2019 | 2018 | $ Variance | % Change | ||||||||||||||||||||||
Gains (losses) from non-securitization loan transfers | $ | 129,989 | $ | (11,964) | $ | 141,953 | n/m | |||||||||||||||||||
Gains from loan securitization transfers(1)
|
226,394 | 113,918 | 112,476 | 99 | % | |||||||||||||||||||||
Economic derivative hedges of loan fair values(2)
|
(24,803) | 39,465 | (64,268) | (163) | % | |||||||||||||||||||||
Home loan origination fees(3)
|
3,639 | 2,224 | 1,415 | 64 | % | |||||||||||||||||||||
Loan write-off expense – whole loans(4)
|
(13,888) | (42,300) | 28,412 | (67) | % | |||||||||||||||||||||
Loan write-off expense – securitization loans(5)
|
(121,102) | (101,543) | (19,559) | 19 | % | |||||||||||||||||||||
Loan repurchase expense(6)
|
(2,337) | (10,745) | 8,408 | (78) | % |
Year ended December 31, | ||||||||||||||||||||||||||
($ in thousands) | 2019 | 2018 | $ Variance | % Change | ||||||||||||||||||||||
Servicing income recognized | ||||||||||||||||||||||||||
Home loans(1)
|
$ | 2,648 | $ | 2,264 | $ | 384 | 17 | % | ||||||||||||||||||
Student loans(2)
|
47,489 | 42,625 | 4,864 | 11 | % | |||||||||||||||||||||
Personal loans(3)
|
34,290 | 29,600 | 4,690 | 16 | % | |||||||||||||||||||||
Servicing rights fair value change | ||||||||||||||||||||||||||
Home loans(4)
|
4,558 | 2,970 | 1,588 | 53 | % | |||||||||||||||||||||
Student loans(5)
|
16,507 | 20,588 | (4,081) | (20) | % | |||||||||||||||||||||
Personal loans(6)
|
14,849 | (7,582) | 22,431 | 296 | % |
|
Year Ended December 31,
|
|
|
|||||||||||||||||||||||
($ in thousands)
|
2019 | 2018 |
$ Variance
|
% Change
|
||||||||||||||||||||||
Technology and product development | $ | 147,458 | $ | 99,319 | $ | 48,139 | 48 | % | ||||||||||||||||||
Sales and marketing | 266,198 | 212,604 | 53,594 | 25 | % | |||||||||||||||||||||
Cost of operations | 116,327 | 88,885 | 27,442 | 31 | % | |||||||||||||||||||||
General and administrative | 152,275 | 121,948 | 30,327 | 25 | % | |||||||||||||||||||||
Total noninterest expense
|
$ | 682,258 | $ | 522,756 | $ | 159,502 | 31 | % |
|
December 31,
|
2020 vs. 2019
% Change |
2019 vs. 2018
% Change |
|||||||||||||||||||||||||||||
Metric
|
2020 | 2019 | 2018 | |||||||||||||||||||||||||||||
Total products (number) | 917,645 | 798,005 | 640,350 | 15 | % | 25 | % | |||||||||||||||||||||||||
Origination volume ($ in thousands, during period) |
|
|
||||||||||||||||||||||||||||||
Home loans | $ | 2,183,521 | $ | 773,684 | $ | 769,355 | 182 | % | 1 | % | ||||||||||||||||||||||
Personal loans | 2,580,757 | 3,731,981 | 4,429,366 | (31) | % | (16) | % | |||||||||||||||||||||||||
Student loans | 4,928,880 | 6,695,138 | 6,532,533 | (26) | % | 2 | % | |||||||||||||||||||||||||
Total | $ | 9,693,158 | $ | 11,200,803 | $ | 11,731,254 | (13) | % | (5) | % | ||||||||||||||||||||||
Loans with a balance (number) | 598,682 | 623,511 | 553,276 | (4) | % | 13 | % | |||||||||||||||||||||||||
Average loan balance ($) |
|
|
||||||||||||||||||||||||||||||
Home loans | $ | 291,382 | $ | 296,812 | $ | 305,427 | (2) | % | (3) | % | ||||||||||||||||||||||
Personal loans | 21,789 | 24,372 | 26,694 | (11) | % | (9) | % | |||||||||||||||||||||||||
Student loans | 54,319 | 60,127 | 61,093 | (10) | % | (2) | % |
Year Ended December 31, | ||||||||||||||||||||
2020 | 2019 | 2018 | ||||||||||||||||||
Student Loans | ||||||||||||||||||||
Weighted average origination FICO | 773 | 774 | 768 | |||||||||||||||||
Weighted average interest rate earned | 4.97 | % | 5.48 | % | 5.38 | % | ||||||||||||||
Interest income recognized ($ in thousands) | $ | 134,917 | $ | 157,447 | $ | 202,608 | ||||||||||||||
Sales of loans ($ in thousands)(1)
|
$ | 4,534,286 | $ | 6,051,418 | $ | 6,670,778 | ||||||||||||||
Time between loan origination and loan sale (days) | 75 | 58 | 69 | |||||||||||||||||
Home Loans | ||||||||||||||||||||
Weighted average origination FICO | 764 | 761 | 765 | |||||||||||||||||
Weighted average interest rate earned | 2.19 | % | 3.39 | % | 4.57 | % | ||||||||||||||
Interest income recognized ($ in thousands) | $ | 2,731 | $ | 2,230 | $ | 5,219 | ||||||||||||||
Sales of loans ($ in thousands)(1)
|
$ | 2,102,101 | $ | 726,443 | $ | 919,094 | ||||||||||||||
Time between loan origination and loan sale (days) | 10 | 13 | 26 | |||||||||||||||||
Personal Loans | ||||||||||||||||||||
Weighted average origination FICO | 764 | 756 | 750 | |||||||||||||||||
Weighted average interest rate earned | 10.65 | % | 10.92 | % | 9.83 | % | ||||||||||||||
Interest income recognized ($ in thousands) | $ | 192,450 | $ | 410,789 | $ | 360,382 | ||||||||||||||
Sales of loans ($ in thousands)(1)
|
$ | 1,531,057 | $ | 2,604,263 | $ | 3,453,449 | ||||||||||||||
Time between loan origination and loan sale (days) | 88 | 81 | 98 |
Year Ended December 31, | ||||||||||||||||||||
($ in thousands) | 2020 | 2019 | % Change | |||||||||||||||||
Direct advertising | $ | 102,562 | $ | 124,479 | (18) | % | ||||||||||||||
Compensation and benefits | 82,592 | 126,710 | (35) | % | ||||||||||||||||
Loan origination costs | 41,733 | 25,505 | 64 | % | ||||||||||||||||
Affiliate referrals | 24,603 | 30,255 | (19) | % | ||||||||||||||||
Unused warehouse line fees | 14,113 | 8,073 | 75 | % | ||||||||||||||||
Occupancy and travel | 11,056 | 16,593 | (33) | % | ||||||||||||||||
Professional services | 7,139 | 8,080 | (12) | % | ||||||||||||||||
Other(1)
|
11,014 | 10,816 | 2 | % | ||||||||||||||||
Directly attributable expenses | $ | 294,812 | $ | 350,511 | (16) | % |
Year Ended December 31, | ||||||||||||||||||||
($ in thousands) | 2019 | 2018 | % Change | |||||||||||||||||
Direct advertising | $ | 124,479 | $ | 123,919 | — | % | ||||||||||||||
Compensation and benefits | 126,710 | 141,107 | (10) | % | ||||||||||||||||
Loan origination costs | 25,505 | 22,237 | 15 | % | ||||||||||||||||
Affiliate referrals | 30,255 | 31,764 | (5) | % | ||||||||||||||||
Unused warehouse line fees | 8,073 | 3,137 | 157 | % | ||||||||||||||||
Occupancy and travel | 16,593 | 16,510 | 1 | % | ||||||||||||||||
Professional services | 8,080 | 2,818 | 187 | % | ||||||||||||||||
Other(1)
|
10,816 | 5,856 | 85 | % | ||||||||||||||||
Directly attributable expenses | $ | 350,511 | $ | 347,348 | 1 | % |
|
Year Ended December 31,
|
2020 vs. 2019
% Change
|
2019 vs. 2018
% Change
|
|||||||||||||||||||||||||||||
($ in thousands)
|
2020
|
2019 | 2018 | |||||||||||||||||||||||||||||
Net revenue |
|
|
|
|
|
|||||||||||||||||||||||||||
Net interest income | $ | 484 | $ | 614 | $ | 30 | (21) | % | n/m | |||||||||||||||||||||||
Noninterest income | 11,386 | 3,318 | 844 | 243 | % | 293 | % | |||||||||||||||||||||||||
Total net revenue
|
11,870 | 3,932 | 874 | 202 | % | 350 | % | |||||||||||||||||||||||||
Directly attributable expenses(1)
|
(143,280) | (122,732) | (20,117) | 17 | % | 510 | % | |||||||||||||||||||||||||
Contribution loss
|
$ | (131,410) | $ | (118,800) | $ | (19,243) |
|
11 | % | 517 | % |
Year Ended December 31, | ||||||||||||||||||||
($ in thousands) | 2020 | 2019 | % Change | |||||||||||||||||
Compensation and benefits | $ | 81,354 | $ | 52,977 | 54 | % | ||||||||||||||
Product fulfillment | 10,459 | 11,554 | (9) | % | ||||||||||||||||
Member incentives | 9,100 | 8,894 | 2 | % | ||||||||||||||||
Occupancy and travel | 8,441 | 7,819 | 8 | % | ||||||||||||||||
Direct advertising | 8,083 | 23,038 | (65) | % | ||||||||||||||||
Professional services | 5,853 | 10,290 | (43) | % | ||||||||||||||||
Other(1)
|
19,990 | 8,160 | 145 | % | ||||||||||||||||
Directly attributable expenses | $ | 143,280 | $ | 122,732 | 17 | % |
Year Ended December 31, | ||||||||||||||||||||
($ in thousands) | 2019 | 2018 | % Change | |||||||||||||||||
Compensation and benefits | $ | 52,977 | $ | 11,001 | 382 | % | ||||||||||||||
Product fulfillment | 11,554 | 895 | n/m | |||||||||||||||||
Member incentives | 8,894 | 965 | 822 | % | ||||||||||||||||
Occupancy and travel | 7,819 | 1,637 | 378 | % | ||||||||||||||||
Direct advertising | 23,038 | 1,379 | n/m | |||||||||||||||||
Professional services | 10,290 | 1,669 | 517 | % | ||||||||||||||||
Other(1)
|
8,160 | 2,571 | 217 | % | ||||||||||||||||
Directly attributable expenses | $ | 122,732 | $ | 20,117 | 510 | % |
|
December 31,
|
2020 vs. 2019
% Change |
2019 vs. 2018
% Change |
||||||||||||||||||||||||||
|
2020 | 2019 | 2018 | ||||||||||||||||||||||||||
Total accounts
|
59,359,843 | — | — | n/m | n/m |
Year Ended December 31,
|
||||||||||||||||||||
($ in thousands) | 2020 | 2019 | 2018 | |||||||||||||||||
Net revenue |
|
|
||||||||||||||||||
Net interest income (loss) | $ | (107) | $ | — | $ | — | ||||||||||||||
Noninterest income | 95,737 | 795 | 117 | |||||||||||||||||
Total net revenue
|
95,630 | 795 | 117 | |||||||||||||||||
Directly attributable expenses(1)
|
(42,427) | — | — | |||||||||||||||||
Contribution Profit | $ | 53,203 | $ | 795 | $ | 117 |
Year Ended December 31, | |||||||||||||||||
2020 | 2019 | 2018 | |||||||||||||||
Reportable segments directly attributable expenses | $ | (480,519) | $ | (473,243) | $ | (367,465) | |||||||||||
Expenses not allocated to segments: | |||||||||||||||||
Share-based compensation expense | (99,870) | (60,936) | (42,936) | ||||||||||||||
Depreciation and amortization expense | (69,832) | (15,955) | (10,912) | ||||||||||||||
Employee-related costs(1)
|
(114,599) | (53,080) | (46,724) | ||||||||||||||
Other corporate and unallocated expenses(2)
|
(129,233) | (79,044) | (54,719) | ||||||||||||||
Total noninterest expense | $ | (894,053) | $ | (682,258) | $ | (522,756) |
|
Payments Due by Period | |||||||||||||||||||||||||||||||
($ in thousands) | Total | Less than 1 Year | 1 – 3 Years | 3 – 5 Years | More than 5 Years | |||||||||||||||||||||||||||
Warehouse debt(1)
|
$ | 2,827,399 | $ | 654,284 | $ | 1,537,540 | $ | 251,155 | $ | 384,420 | ||||||||||||||||||||||
Revolving credit facility(2)
|
501,231 | 5,559 | 495,672 | — | — | |||||||||||||||||||||||||||
Seller note(3)
|
269,864 | 269,864 | — | — | — | |||||||||||||||||||||||||||
Other financing | 4,375 | 2,421 | 1,954 | — | — | |||||||||||||||||||||||||||
Operating lease obligations | 173,428 | 19,168 | 39,230 | 37,127 | 77,903 | |||||||||||||||||||||||||||
Finance lease obligations | 20,046 | 1,004 | 1,923 | 2,006 | 15,113 | |||||||||||||||||||||||||||
LA Stadium Complex Naming Rights(4)
|
562,431 | 22,086 | 45,876 | 49,878 | 444,591 | |||||||||||||||||||||||||||
Total contractual obligations(5)
|
$ | 4,358,774 | $ | 974,386 | $ | 2,122,195 | $ | 340,166 | $ | 922,027 |
Three Months Ended March 31, | Year Ended December 31, | |||||||||||||||||||||||||||||||
($ in thousands) | 2021 | 2020 | 2020 | 2019 | 2018 | |||||||||||||||||||||||||||
Net cash provided by (used in) operating activities | $ | 340,051 | $ | 272,799 | $ | (479,336) | $ | (54,733) | $ | 1,023,277 | ||||||||||||||||||||||
Net cash provided by (used in) investing activities | 180,947 | 65,339 | 258,949 | 114,868 | (12,251) | |||||||||||||||||||||||||||
Net cash provided by (used in) financing activities | (1,145,779) | 81,902 | 853,754 | 93,077 | (954,793) |
|
Year Ended December 31, | |||||||||||||
Input | 2020 | 2018 | ||||||||||||
Risk-free interest rate |
0.3% – 1.4%
|
2.5% – 3.1%
|
||||||||||||
Expected term (years) |
5.5 – 6.0
|
5.7 – 6.3
|
||||||||||||
Expected volatility |
36.5% – 42.5%
|
35.0% | ||||||||||||
Fair value of common stock |
$11.21 – $12.11
|
$10.78 – $11.97
|
||||||||||||
Dividend yield | —% | —% |
|
As of
December 31, 2020
|
Impact if Interest Rates:
|
||||||||||||||||||
($ in thousands)
|
Increase
100 Basis Points
|
Decrease
100 Basis Points
|
||||||||||||||||||
Loans at fair value |
|
|
|
|||||||||||||||||
Fair value | $ | 4,859,068 | $ | 4,753,825 | $ | 4,970,723 | ||||||||||||||
Income (loss) before income taxes – fair value change | (105,243) | 111,655 | ||||||||||||||||||
Income (loss) before income taxes – interest income(1)
|
3,125 | (3,125) | ||||||||||||||||||
Securitization investments | ||||||||||||||||||||
Fair value | $ | 496,935 | $ | 485,868 | $ | 508,550 | ||||||||||||||
Income (loss) before income taxes | (11,067) | 11,615 | ||||||||||||||||||
Servicing rights | ||||||||||||||||||||
Fair value | $ | 149,597 | $ | 146,611 | $ | 152,742 | ||||||||||||||
Income (loss) before income taxes | (2,986) | 3,145 | ||||||||||||||||||
Debt(2)
|
||||||||||||||||||||
Carrying value | $ | 3,983,665 | n/a | n/a | ||||||||||||||||
Income (loss) before income taxes | (39,837) | 39,837 | ||||||||||||||||||
Total | ||||||||||||||||||||
Income (loss) before income taxes | $ | (156,008) | $ | 163,127 |
As of
December 31, 2020 |
Impact if Credit Loss Rates: | |||||||||||||||||||
($ in thousands) | Increase 10 Percent | Decrease 10 Percent | ||||||||||||||||||
Loans at fair value | ||||||||||||||||||||
Fair value | $ | 4,859,068 | $ | 4,845,739 | $ | 4,872,397 | ||||||||||||||
Income (loss) before income taxes | (13,329) | 13,329 | ||||||||||||||||||
Residual investments(1)
|
||||||||||||||||||||
Fair value | $ | 139,524 | $ | 138,711 | $ | 140,337 | ||||||||||||||
Income (loss) before income taxes | (813) | 813 | ||||||||||||||||||
Total | ||||||||||||||||||||
Income (loss) before income taxes | $ | (14,142) | $ | 14,142 |
|
As of
December 31, 2020 |
Impact if Discount Rates: | ||||||||||||||||||
($ in thousands) |
Increase
100 Basis Points |
Decrease
100 Basis Points |
||||||||||||||||||
Loans at fair value | ||||||||||||||||||||
Fair value | $ | 4,859,068 | $ | 4,753,825 | $ | 4,970,723 | ||||||||||||||
Income (loss) before income taxes | (105,243) | 111,655 | ||||||||||||||||||
Securitization investments | ||||||||||||||||||||
Carrying value | $ | 496,935 | $ | 485,868 | $ | 508,550 | ||||||||||||||
Income (loss) before income taxes | (11,067) | 11,615 | ||||||||||||||||||
Servicing rights | ||||||||||||||||||||
Fair value | $ | 149,597 | $ | 146,611 | $ | 152,742 | ||||||||||||||
Income (loss) before income taxes | (2,986) | 3,145 | ||||||||||||||||||
Total | ||||||||||||||||||||
Income (loss) before income taxes | $ | (119,296) | $ | 126,415 |
Name | Age | Position | ||||||||||||
Anthony Noto | 53 | Chief Executive Officer and Director | ||||||||||||
Christopher Lapointe | 37 | Chief Financial Officer | ||||||||||||
Michelle Gill | 48 | Executive Vice President and Group Business Unit Leader – Lending & Capital Markets | ||||||||||||
Micah Heavener | 46 | Head of Operations | ||||||||||||
Robert Lavet | 66 | General Counsel and Secretary | ||||||||||||
Jennifer Nuckles | 46 | Executive Vice President and Group Business Unit Leader – Relay, Protect, Lantern, Content, At Work & Partnerships | ||||||||||||
Maria Renz | 53 | Executive Vice President and Group Business Unit Leader – SoFi Money, SoFi Invest & Credit Card | ||||||||||||
Assaf Ronen | 47 | Chief Product Officer | ||||||||||||
Lauren Stafford Webb | 36 | Chief Marketing Officer | ||||||||||||
Aaron J. Webster | 41 | Chief Risk Officer | ||||||||||||
Clay Wilkes | 60 | Vice Chairman – Galileo and Director | ||||||||||||
Derek White | 47 | Chief Executive Officer – Galileo | ||||||||||||
Tom Hutton | 66 | Chairman of the Board of Directors | ||||||||||||
Steven Freiberg | 64 | Vice Chairman of the Board of Directors | ||||||||||||
Ahmed Al-Hammadi | 40 | Director | ||||||||||||
Ruzwana Bashir | 37 | Director | ||||||||||||
Michael Bingle | 49 | Director | ||||||||||||
Michel Combes | 59 | Director | ||||||||||||
Richard Costolo | 57 | Director | ||||||||||||
Clara Liang | 41 | Director | ||||||||||||
Carlos Medeiros | 39 | Director | ||||||||||||
Harvey Schwartz | 57 | Director | ||||||||||||
Magdalena Yeşil | 62 | Director |
Company Priority
|
Weighting
|
Target Performance
|
Actual Performance
|
Achievement
|
Payout
|
Weighted Payout
|
||||||||||||||||||||||||||||||||
Adjusted Net Revenue ($ in millions)
|
30 | % | $ | 593 | $ | 621 | 105 | % | 118 | % | 35 | % | ||||||||||||||||||||||||||
Adjusted EBITDA ($ in millions) | 30 | % | $ | (90) | $ | (45) | 150 | % | 150 | % | 45 | % | ||||||||||||||||||||||||||
Change in NPS(1)
|
13.33 | % | 35 | (4) | (11) | % | 50 | % | 7 | % | ||||||||||||||||||||||||||||
Net New Total Members
|
13.33 | % | 750,000 | 874,412 | 117 | % | 122 | % | 16 | % | ||||||||||||||||||||||||||||
Net New Total Multi-Product Members | 13.33 | % | 175,000 | 313,983 | 179 | % | 163 | % | 22 | % | ||||||||||||||||||||||||||||
Total
|
100.00 | % | 125 | % |
Name and Principal Position | Year |
Salary
($)(1)
|
Bonus
($)(2)
|
Stock
Awards
($)(3)
|
Non-Equity
Incentive
Plan
Compensation
($)(4)
|
Total
($)
|
||||||||||||||||||||||||||||||||
Anthony Noto | 2020 | 215,342 | — | 52,118,397 | 1,200,000 | 53,533,739 | ||||||||||||||||||||||||||||||||
Chief Executive Officer | ||||||||||||||||||||||||||||||||||||||
Christopher Lapointe | 2020 | 379,781 | 150,000 | 9,376,800 | 675,000 | 10,581,581 | ||||||||||||||||||||||||||||||||
Chief Financial Officer | ||||||||||||||||||||||||||||||||||||||
Maria Renz | 2020 | 363,699 | 450,000 | 14,528,160 | 34,375 | 15,376,234 | ||||||||||||||||||||||||||||||||
EVP & Group Business Leader – Money, Invest & Credit Card | ||||||||||||||||||||||||||||||||||||||
Michelle Gill | 2020 | 500,000 | — | 12,937,052 | 675,000 | 14,112,052 | ||||||||||||||||||||||||||||||||
EVP & Group Business Leader – Lending & Capital Markets | ||||||||||||||||||||||||||||||||||||||
Jennifer Nuckles | 2020 | 390,437 | — | 3,229,120 | 485,000 | 4,104,557 | ||||||||||||||||||||||||||||||||
EVP & Group Business Leader – Relay, Protect, Lantern, Content, At Work & Partnerships |
|
|
Estimated Future Payouts Under Non-Equity Incentive Plan Awards
|
Non-Incentive Stock Awards: Number of Shares of Stock
|
Grant Date
Fair Value
of Stock
Awards
($)(4)
|
|||||||||||||||||||||||||||||||||||||
Name and Principal Position | Type of Award |
Grant Date(1)
|
Target
($)(2)
|
Maximum
($)(3)
|
|||||||||||||||||||||||||||||||||||||
Anthony Noto
|
Time-Vesting RSU |
3/11/2020
|
— | — | 1,088,514 | 12,202,242 | |||||||||||||||||||||||||||||||||||
Chief Executive Officer
|
Time-Vesting RSU |
12/16/2020
|
(5)
|
— | — | 2,165,825 | 39,916,155 | ||||||||||||||||||||||||||||||||||
|
Annual Bonus | — | 600,000 | 1,200,000 | — | — | |||||||||||||||||||||||||||||||||||
Christopher Lapointe
|
Time-Vesting RSU |
2/3/2020
|
— | — | 80,000 | 896,800 | |||||||||||||||||||||||||||||||||||
Chief Financial Officer
|
Time-Vesting RSU |
11/2/2020
|
(5)
|
— | — | 500,000 | 8,480,000 | ||||||||||||||||||||||||||||||||||
|
Annual Bonus | — | 330,628 | — | — | — | |||||||||||||||||||||||||||||||||||
Maria Renz
|
Time-Vesting RSU |
3/11/2020
|
— | — | 1,296,000 | 14,528,160 | |||||||||||||||||||||||||||||||||||
EVP & Group Business Leader – Money, Invest & Credit Card
|
Quarterly Bonus | — | 450,000 | — | — | — | |||||||||||||||||||||||||||||||||||
Michelle Gill
|
Time-Vesting RSU |
4/1/2020
|
(6)
|
— | — | 418,295 | 5,065,552 | ||||||||||||||||||||||||||||||||||
EVP & Group Business Leader – Lending & Capital Markets
|
Time-Vesting RSU |
6/23/2020
|
— | — | 450,000 | 5,449,500 | |||||||||||||||||||||||||||||||||||
|
Time-Vesting RSU |
6/23/2020
|
— | — | 200,000 | 2,422,000 | |||||||||||||||||||||||||||||||||||
|
Annual Bonus | — | 500,000 | — | — | — | |||||||||||||||||||||||||||||||||||
Jennifer Nuckles
|
Time-Vesting RSU |
2/3/2020
|
— | — | 72,000 | 807,120 | |||||||||||||||||||||||||||||||||||
EVP & Group Business Leader – Relay, Protect, Lantern, Content, At Work & Partnerships
|
Time-Vesting RSU |
4/17/2020
|
(7)
|
— | — | 200,000 | 2,422,000 | ||||||||||||||||||||||||||||||||||
|
Annual Bonus | — | 377,049 | — | — | — |
|
Option Awards(1)
|
Share Awards
|
|||||||||||||||||||||||||||||||||||||||
Name
|
Grant Date
|
Number of Securities Underlying Unexercised Options Exercisable (#)
|
Option Exercise Price
($/Share)
|
Option Expiration Date
|
Number of Shares or Units That Have Not Vested (#)
|
Market
Value of
Shares or
Units That
Have Not
Vested ($)(2)
|
|||||||||||||||||||||||||||||||||||
Anthony Noto
|
3/12/2018
|
(3)
|
3,000,000 | 10.78 |
3/11/2028
|
— | — | ||||||||||||||||||||||||||||||||||
Chief Executive Officer
|
3/13/2018
|
(4)
|
3,700,000 | 17.18 |
3/12/2028
|
— | — | ||||||||||||||||||||||||||||||||||
|
3/13/2018
|
(5)
|
— | — | — | 1,516,667 | 27,952,173 | ||||||||||||||||||||||||||||||||||
|
3/11/2020
|
(6)
|
— | — | — | 925,237 | 17,052,118 | ||||||||||||||||||||||||||||||||||
|
12/16/2020
|
(7)
|
— | — | — | 2,165,825 | 39,916,155 | ||||||||||||||||||||||||||||||||||
Christopher Lapointe
|
9/11/2018
|
(8)
|
— | — | — | 93,750 | 1,727,813 | ||||||||||||||||||||||||||||||||||
Chief Financial Officer
|
8/6/2019
|
(9)
|
— | — | — | 12,500 | 230,375 | ||||||||||||||||||||||||||||||||||
|
2/3/2020
|
(10)
|
— | — | — | 60,000 | 1,105,800 | ||||||||||||||||||||||||||||||||||
|
11/2/2020
|
(11)
|
— | — | — | 479,904 | 8,844,631 | ||||||||||||||||||||||||||||||||||
Maria Renz
|
3/11/2020
|
(12)
|
— | — | — | 1,296,000 | 23,885,280 | ||||||||||||||||||||||||||||||||||
EVP & Group Business Leader – Money, Invest & Credit Card
|
|||||||||||||||||||||||||||||||||||||||||
Michelle Gill
|
5/22/2018
|
(13)
|
527,083 | 10.78 |
5/21/2028
|
— | — | ||||||||||||||||||||||||||||||||||
EVP & Group Business Leader – Lending & Capital Markets
|
5/22/2018
|
(14)
|
641,666 | 17.18 |
5/21/2028
|
— | — | ||||||||||||||||||||||||||||||||||
|
5/22/2018
|
(15)
|
— | — | — | 478,125 | 8,811,844 | ||||||||||||||||||||||||||||||||||
|
4/1/2020
|
(16)
|
— | — | — | 273,497 | 5,040,550 | ||||||||||||||||||||||||||||||||||
|
6/23/2020
|
(17)
|
— | — | — | 450,000 | 8,293,500 | ||||||||||||||||||||||||||||||||||
|
6/23/2020
|
(18)
|
— | — | — | 100,000 | 1,843,000 | ||||||||||||||||||||||||||||||||||
Jennifer Nuckles
|
8/6/2019
|
(19)
|
— | — | — | 112,500 | 2,073,375 | ||||||||||||||||||||||||||||||||||
EVP & Group Business Leader – Relay, Protect, Lantern, Content, At Work & Partnerships
|
2/3/2020
|
(20)
|
— | — | — | 54,000 | 995,220 | ||||||||||||||||||||||||||||||||||
|
4/7/2020
|
(21)
|
— | — | — | 162,500 | 2,994,875 |
|
Stock Vested
|
|||||||||||||
Name
|
Number of Shares Acquired on Vesting (#)
|
Value Realized on Vesting ($)(1)
|
||||||||||||
Anthony Noto
|
863,277 | 11,759,868 | ||||||||||||
Chief Executive Officer
|
||||||||||||||
Christopher Lapointe
|
107,596 | 1,582,901 | ||||||||||||
Chief Financial Officer
|
||||||||||||||
Michelle Gill
|
582,298 | 8,249,369 | ||||||||||||
EVP & Group Business Leader – Lending & Capital Markets
|
||||||||||||||
Jennifer Nuckles
|
123,000 | 1,708,373 | ||||||||||||
EVP & Group Business Leader – Relay, Protect, Lantern, Content, At Work & Partnerships
|
Name and Principal Position
|
Scenario
|
Cash
Severance
Benefits
($)(1)
|
Accelerated
Vesting of
Equity
Awards
($)(2)
|
Continued
Health
Benefits
($)(3)
|
Total ($)
|
|||||||||||||||||||||||||||
Anthony Noto
|
Qualifying Termination(4)
|
1,800,000 | 22,428,266 | 22,823 | 24,251,089 | |||||||||||||||||||||||||||
Chief Executive Officer
|
Qualifying Termination with Change of Control(5)
|
2,700,000 | 96,869,612 | 34,235 | 99,603,847 | |||||||||||||||||||||||||||
|
Change of Control(6)
|
— | 96,869,612 | — | 96,869,612 | |||||||||||||||||||||||||||
Christopher Lapointe
|
Qualifying Termination(4)
|
1,125,000 | 2,977,164 | — | 4,102,164 | |||||||||||||||||||||||||||
Chief Financial Officer
|
Qualifying Termination with Change of Control(5)
|
1,687,500 | 11,908,618 | — | 13,596,118 | |||||||||||||||||||||||||||
Maria Renz
|
Qualifying Termination(4)
|
934,375 | 10,449,810 | 22,823 | 11,407,008 | |||||||||||||||||||||||||||
EVP & Group Business Leader – Money, Invest & Credit Card |
Qualifying Termination with Change of Control(5)
|
1,401,563 | 23,885,280 | 34,235 | 25,321,078 | |||||||||||||||||||||||||||
Michelle Gill |
Qualifying Termination(4)
|
1,175,000 | 11,621,147 | 23,716 | 12,819,863 | |||||||||||||||||||||||||||
EVP & Group Business Leader – Lending & Capital Markets |
Qualifying Termination with Change of Control(5)
|
1,762,500 | 23,988,893 | 35,574 | 25,786,967 | |||||||||||||||||||||||||||
Change of Control(6)
|
— | 23,988,893 | — | 23,988,893 | ||||||||||||||||||||||||||||
Jennifer Nuckles |
Qualifying Termination with Change of Control(5)
|
— | 1,036,688 | — | 1,036,688 | |||||||||||||||||||||||||||
EVP & Group Business Leader – Relay, Protect, Lantern, Content, At Work & Partnerships |
Name and Position
|
Fees Earned or Paid in Cash ($)(1)
|
Option Awards ($)(2)
|
Total ($)
|
|||||||||||||||||
Ahmed Al-Hammadi, Director
|
— | — | — | |||||||||||||||||
Michael Bingle, Director
|
— | — | — | |||||||||||||||||
Joe Chen, Director
|
— | — | — | |||||||||||||||||
Michel Combes, Director
|
— | — | — | |||||||||||||||||
Steven Freiberg, Vice Chairman
|
54,500 | 99,758 | 154,258 | |||||||||||||||||
Pete Hartigan, Director
|
— | — | — | |||||||||||||||||
Tom Hutton, Chairman
|
— | 99,758 | 99,758 | |||||||||||||||||
Robert Joss, Director(3)
|
— | — | — | |||||||||||||||||
Clara Liang, Director
|
— | 725,791 | 725,791 | |||||||||||||||||
Carlos Medeiros, Director
|
— | — | — | |||||||||||||||||
Magdalena Yeşil, Director
|
— | — | — |
Name and Address of Beneficial Owner(1)
|
Number of
Shares |
% of
Ownership |
||||||||||||
5% Holders | ||||||||||||||
Entities Affiliated with SoftBank(2)
|
117,795,933 | 14.8 | % | |||||||||||
Red Crow Capital LLC(3)
|
49,353,832 | 6.2 | % | |||||||||||
Directors and Named Executive Officers | ||||||||||||||
Anthony Noto(4)
|
14,302,137 | 1.8 | % | |||||||||||
Christopher Lapointe(5)
|
310,850 | * | ||||||||||||
Michelle Gill(6)
|
3,542,591 | * | ||||||||||||
Jennifer Nuckles(7)
|
227,769 | * | ||||||||||||
Maria Renz(8)
|
483,637 | * | ||||||||||||
Clay Wilkes(9)
|
53,921,655 | 6.8 | % | |||||||||||
Tom Hutton(10)
|
1,040,881 | * | ||||||||||||
Steven Freiberg(11)
|
1,000,410 | * | ||||||||||||
Ahmed Al-Hammadi(12)
|
35,818,402 | 4.5 | % | |||||||||||
Ruzwana Bashir | — | — | % | |||||||||||
Michael Bingle | — | — | % | |||||||||||
Michel Combes(13)
|
117,795,933 | 14.8 | % | |||||||||||
Richard Costolo(14)
|
250,000 | * | ||||||||||||
Carlos Medeiros(15)
|
117,795,933 | 14.8 | % | |||||||||||
Clara Liang(16)
|
139,563 | * | ||||||||||||
Harvey Schwartz | 156,852 | * | ||||||||||||
Magdalena Yeşil(17)
|
1,053,917 | * | ||||||||||||
All directors and executive officers as a group (23 individuals) | 233,094,604 | 28.7 | % |
Name and Address of Beneficial Owner(1)
|
Number of
Shares |
% of
Ownership |
||||||||||||
5% Holders | ||||||||||||||
QIA FIG Holding LLC(2)
|
3,000,000 | 92.8 | % | |||||||||||
Entities Affiliated with Silver Lake(3)
|
228,000 | 7.1 | % | |||||||||||
Directors and Named Executive Officers | ||||||||||||||
Anthony Noto | 6,000 | * | ||||||||||||
Ahmed Al-Hammadi(4)
|
3,000,000 | 92.8 | % | |||||||||||
All SoFi Technologies directors and executive officers as a group (23 individuals) | 3,006,000 | 92.9 | % |
Before the Offering | After the Offering | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Name of Selling Securityholder(1)
|
Number of Shares of Common Stock | Number of Warrants | Number of Shares of Series 1 Preferred Stock | Number of Shares of Common Stock Being Offered | Number of Warrants Being Offered | Number of Shares of Series 1 Preferred Stock Being Offered | Number of Shares of Common Stock | Percentage of Shares of Common Stock | Number of Warrants | Percentage of Outstanding Warrants | Number of Shares of Series 1 Preferred Stock | Percentage of Shares of Series 1 Preferred Stock | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Anthony Noto(2)
|
2,225,533 | 22,581 | 6,000 | 2,225,533 | 22,581 | 6,000 | — | — | — | — | — | * | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Christopher Lapointe | 223,271 | — | — | 223,271 | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Michelle Gill | 1,181,940 | — | — | 1,181,940 | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Micah Heavener | 99,996 | — | — | 99,996 | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Robert Lavet | 1,248,914 | — | — | 1,248,914 | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Jennifer Nuckles | 148,192 | — | — | 148,192 | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Maria Renz | 342,470 | — | — | 342,470 | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Assaf Ronen | 375,371 | — | — | 375,371 | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Lauren Stafford Webb | 118,545 | — | — | 118,545 | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Aaron J. Webster | 227,154 | — | — | 227,154 | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Clay Wilkes(3)
|
4,567,823 | — | — | 4,567,823 | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Tom Hutton | 469,291 | — | — | 469,291 | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Steven Freiberg | 453,560 | — | — | 453,560 | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Harvey Schwartz | 156,852 | — | — | 156,852 | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Magdalena Yeşil | 812,098 | — | — | 812,098 | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
SCH Sponsor V LLC(4)
|
27,925,000 | 8,000,000 | — | 27,925,000 | 8,000,000 | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
SB Sonic Holdco (UK) Limited(5)
|
64,685,234 | — | — | 64,685,234 | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
SoftBank Group Capital Limited(5)
|
53,110,699 | — | — | 53,110,699 | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Silver Lake Partners IV, L.P.(6)
|
38,727,889 | 843,994 | 224,261 | 38,727,889 | 843,994 | 224,261 | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Silver Lake Technology Investors IV (Delaware II), L.P.(6)
|
645,719 | 14,071 | 3,739 | 645,719 | 14,071 | 3,739 | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
QIA FIG Holding LLC(7)
|
35,818,402 | 11,290,344 | 3,000,000 | 35,818,402 | 11,290,344 | 3,000,000 | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Red Crow Capital, LLC(8)
|
49,353,832 | — | — | 49,353,832 | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Jay Parikh(9)
|
100,000 | — | — | 100,000 | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
ChaChaCha SPAC 5, LLC(10)
|
13,100,000 | — | — | 13,100,000 | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Entities affiliated with Hedosophia(11)
|
13,100,000 | — | — | 13,100,000 | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Entities affiliated with Baron(12)
|
5,000,000 | — | — | 5,000,000 | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Atreides Foundation Master Fund LP(13)
|
2,500,000 | — | — | 2,500,000 | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Blackrock, Inc.(14)
|
8,500,000 | — | — | 8,500,000 | — | — | — | — | — | — | — | — |
Before the Offering | After the Offering | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Name of Selling Securityholder(1)
|
Number of Shares of Common Stock | Number of Warrants | Number of Shares of Series 1 Preferred Stock | Number of Shares of Common Stock Being Offered | Number of Warrants Being Offered | Number of Shares of Series 1 Preferred Stock Being Offered | Number of Shares of Common Stock | Percentage of Shares of Common Stock | Number of Warrants | Percentage of Outstanding Warrants | Number of Shares of Series 1 Preferred Stock | Percentage of Shares of Series 1 Preferred Stock | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Durable Capital Master Fund LP(15)
|
15,000,000 | — | — | 15,000,000 | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Entities affiliated with Fidelity(16)
|
7,900,000 | — | — | 7,900,000 | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Entities affiliated with Phoenix Insurance(17)
|
1,500,000 | — | — | 1,500,000 | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Entities Managed by Suvretta Capital Management, LLC(18)
|
2,500,000 | — | — | 2,500,000 | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Entities affiliated with Luxor Capital Group, LP(19)
|
1,500,000 | — | — | 1,500,000 | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
The Nineteen77 Entities managed by UBS O’Connor LLC(20)
|
500,000 | — | — | 500,000 | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Entities affiliated with Park West(21)
|
1,300,000 | — | — | 1,300,000 | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Miller Opportunity Trust, A Series of Trust for Advised Portfolios(22)
|
1,923,000 | — | — | 1,923,000 | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Patient Partners, LP(23)
|
77,000 | — | — | 77,000 | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Ko Family Trust(24)
|
20,000 | — | — | 20,000 | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Ravi Tanuku(25)
|
20,000 | — | — | 20,000 | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
91063 LLC(26)
|
250,000 | — | — | 250,000 | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Institutional Portfolio Investments LP(27)
|
750,000 | — | — | 750,000 | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Altimeter Partners Fund, L.P.(28)
|
2,500,000 | — | — | 2,500,000 | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Empyrean Capital Overseas(29)
|
1,500,000 | 875,000 | — | 1,500,000 | — | — | — | — | 875,000 | 2.17 | % | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Linden Capital L.P.(30)
|
1,000,000 | — | — | 1,000,000 | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Senator Global Opportunity Master Fund LP(31)
|
5,000,000 | — | — | 5,000,000 | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Millais Limited(32)
|
800,000 | — | — | 800,000 | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Soroban Opportunities Master Fund LP(33)
|
9,000,000 | — | — | 9,000,000 | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Entities affiliated with Millennium Management LLC(34)
|
5,107,326 | 326,850 | — | 5,000,000 | — | — | 107,326 | * | 326,850 | * | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Aurora Trust(35)
|
1,500,000 | — | — | 1,500,000 | — | — | — | — | — | — | — | — |
Before the Offering | After the Offering | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Name of Selling Securityholder(1)
|
Number of Shares of Common Stock | Number of Warrants | Number of Shares of Series 1 Preferred Stock | Number of Shares of Common Stock Being Offered | Number of Warrants Being Offered | Number of Shares of Series 1 Preferred Stock Being Offered | Number of Shares of Common Stock | Percentage of Shares of Common Stock | Number of Warrants | Percentage of Outstanding Warrants | Number of Shares of Series 1 Preferred Stock | Percentage of Shares of Series 1 Preferred Stock | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Alyeska Master Fund, L.P.(36)
|
3,500,000 | — | — | 3,500,000 | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Coatue US 35 LLC(37)
|
5,000,000 | — | — | 5,000,000 | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Alfred J. DeCarolis, Trustee of The DeCarolis 2017 Trust dated 12/6/ 2017(38)
|
100,000 | — | — | 100,000 | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
The David Friedberg Revocable Trust u/a/d 9/19/2013(39)
|
500,000 | — | — | 500,000 | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Healthcare of Ontario Pension Plan Trust Fund(40)
|
5,500,000 | — | — | 5,500,000 | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Ghisallo Master Fund LP(41)
|
1,000,000 | — | — | 1,000,000 | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schonfeld Strategic 460 Fund LLC(42)
|
2,000,000 | — | — | 2,000,000 | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Westlake Services Holding Company(43)
|
200,000 | — | — | 200,000 | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commonwealth Opportunity Platform LLC(44)
|
200,000 | — | — | 200,000 | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
MMF LT, LLC(45)
|
2,500,000 | — | — | 2,500,000 | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
The Steven Trieu Living Trust dtd 4.3.12(46)
|
240,000 | — | — | 240,000 | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
The Tolia-Zaveri Living Trust dated Dec 6 2017(47)
|
10,000 | — | — | 10,000 | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Andrew Blake Artz(48)
|
10,000 | — | — | 10,000 | — | — | — | — | — | — | — | — |
Stockholder | Shares of SoFi Series H Preferred Stock | Total Purchase Price | ||||||||||||
QIA FIG Holding LLC(1)
|
12,956,557 | $ | 200,000,005.16 | |||||||||||
SoftBank Group Capital Limited(2)
|
2,257,365 | 34,845,137.61 | ||||||||||||
Entities affiliated with Silver Lake(3)
|
984,698 | 15,199,995.27 | ||||||||||||
Anthony Noto(4)
|
25,914 | 400,013.69 |
Stockholder |
Shares of
SoFi Series 1
Preferred Stock
|
Total Purchase Price | ||||||||||||
QIA FIG Holding LLC(1)
|
3,000,000 | $ | 300,000,000 | |||||||||||
Entities affiliated with Silver Lake(2)
|
228,000 | 22,800,000 | ||||||||||||
Anthony Noto(3)
|
6,000 | 600,000 |
Stockholder | Number of Series H Warrants | |||||||
QIA FIG Holding LLC(1)
|
6,478,279 | |||||||
Entities affiliated with Silver Lake(2)
|
492,349 | |||||||
Anthony Noto(3)
|
12,957 |
Fair Market Value of SoFi Technologies common stock | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Redemption Date (period to expiration of warrants) | ≤$10.00 | $11.00 | $12.00 | $13.00 | $14.00 | $15.00 | $16.00 | $17.00 | ≥$18.00 | ||||||||||||||||||||||||||||||||||||||||||||
60 months | 0.261 | 0.281 | 0.297 | 0.311 | 0.324 | 0.337 | 0.348 | 0.358 | 0.361 | ||||||||||||||||||||||||||||||||||||||||||||
57 months | 0.257 | 0.277 | 0.294 | 0.31 | 0.324 | 0.337 | 0.348 | 0.358 | 0.361 | ||||||||||||||||||||||||||||||||||||||||||||
54 months | 0.252 | 0.272 | 0.291 | 0.307 | 0.322 | 0.335 | 0.347 | 0.357 | 0.361 | ||||||||||||||||||||||||||||||||||||||||||||
51 months | 0.246 | 0.268 | 0.287 | 0.304 | 0.32 | 0.333 | 0.346 | 0.357 | 0.361 | ||||||||||||||||||||||||||||||||||||||||||||
48 months | 0.241 | 0.263 | 0.283 | 0.301 | 0.317 | 0.332 | 0.344 | 0.356 | 0.361 | ||||||||||||||||||||||||||||||||||||||||||||
45 months | 0.235 | 0.258 | 0.279 | 0.298 | 0.315 | 0.33 | 0.343 | 0.356 | 0.361 | ||||||||||||||||||||||||||||||||||||||||||||
42 months | 0.228 | 0.252 | 0.274 | 0.294 | 0.312 | 0.328 | 0.342 | 0.355 | 0.361 | ||||||||||||||||||||||||||||||||||||||||||||
39 months | 0.221 | 0.246 | 0.269 | 0.29 | 0.309 | 0.325 | 0.34 | 0.354 | 0.361 | ||||||||||||||||||||||||||||||||||||||||||||
36 months | 0.213 | 0.239 | 0.263 | 0.285 | 0.305 | 0.323 | 0.339 | 0.353 | 0.361 | ||||||||||||||||||||||||||||||||||||||||||||
33 months | 0.205 | 0.232 | 0.257 | 0.28 | 0.301 | 0.32 | 0.337 | 0.352 | 0.361 | ||||||||||||||||||||||||||||||||||||||||||||
30 months | 0.196 | 0.224 | 0.25 | 0.274 | 0.297 | 0.316 | 0.335 | 0.351 | 0.361 | ||||||||||||||||||||||||||||||||||||||||||||
27 months | 0.185 | 0.214 | 0.242 | 0.268 | 0.291 | 0.313 | 0.332 | 0.35 | 0.361 | ||||||||||||||||||||||||||||||||||||||||||||
24 months | 0.173 | 0.204 | 0.233 | 0.26 | 0.285 | 0.308 | 0.329 | 0.348 | 0.361 | ||||||||||||||||||||||||||||||||||||||||||||
21 months | 0.161 | 0.193 | 0.223 | 0.252 | 0.279 | 0.304 | 0.326 | 0.347 | 0.361 | ||||||||||||||||||||||||||||||||||||||||||||
18 months | 0.146 | 0.179 | 0.211 | 0.242 | 0.271 | 0.298 | 0.322 | 0.345 | 0.361 | ||||||||||||||||||||||||||||||||||||||||||||
15 months | 0.13 | 0.164 | 0.197 | 0.23 | 0.262 | 0.291 | 0.317 | 0.342 | 0.361 | ||||||||||||||||||||||||||||||||||||||||||||
12 months | 0.111 | 0.146 | 0.181 | 0.216 | 0.25 | 0.282 | 0.312 | 0.339 | 0.361 | ||||||||||||||||||||||||||||||||||||||||||||
9 months | 0.09 | 0.125 | 0.162 | 0.199 | 0.237 | 0.272 | 0.305 | 0.336 | 0.361 | ||||||||||||||||||||||||||||||||||||||||||||
6 months | 0.065 | 0.099 | 0.137 | 0.178 | 0.219 | 0.259 | 0.296 | 0.331 | 0.361 | ||||||||||||||||||||||||||||||||||||||||||||
3 months | 0.034 | 0.065 | 0.104 | 0.15 | 0.197 | 0.243 | 0.286 | 0.326 | 0.361 | ||||||||||||||||||||||||||||||||||||||||||||
0 months | 0 | 0 | 0.042 | 0.115 | 0.179 | 0.233 | 0.281 | 0.323 | 0.361 |
Page | |||||
Condensed Consolidated Financial Statements for the Quarter Ended March 31, 2021
|
|||||
Audited Financial Statements as of December 31, 2020 and for the Period from July 10, 2020 (inception) to December 31, 2020 | |||||
March 31,
2021
|
December 31,
2020
|
||||||||||
(unaudited) | |||||||||||
ASSETS | |||||||||||
Current assets | |||||||||||
Cash | $ | 39,940 | $ | 259,714 | |||||||
Prepaid expenses | 740,375 | 801,063 | |||||||||
Total Current Assets | 780,315 | 1,060,777 | |||||||||
Marketable securities held in Trust Account | 805,037,070 | 805,017,218 | |||||||||
TOTAL ASSETS
|
$ | 805,817,385 | $ | 806,077,995 | |||||||
LIABILITIES, TEMPORARY EQUITY AND PERMANENT EQUITY | |||||||||||
Current liabilities | |||||||||||
Accrued expenses | $ | 3,736,794 | $ | 178,450 | |||||||
Advance from related party | 40,705 | 5,000 | |||||||||
Promissory note – related party | 1,415,000 | — | |||||||||
Total Current Liabilities | 5,192,499 | 183,450 | |||||||||
Warrant liabilities | 154,406,250 | 99,281,250 | |||||||||
Deferred underwriting fee payable | 28,175,000 | 28,175,000 | |||||||||
TOTAL LIABILITIES
|
187,773,749 | 127,639,700 | |||||||||
Commitments | |||||||||||
Temporary Equity | |||||||||||
Class A ordinary shares subject to possible redemption, 61,301,540 and 67,342,389 shares at redemption value at March 31, 2021 and December 31, 2020, respectively
|
613,043,629 | 673,438,294 | |||||||||
Permanent Equity | |||||||||||
Preferred shares, $0.0001 par value; 5,000,000 shares authorized; none issued and outstanding
|
— | — | |||||||||
Class A ordinary shares, $0.0001 par value; 500,000,000 shares authorized; 19,198,460 and 13,157,611 shares issued and outstanding (excluding 61,301,540 and 67,342,389 shares subject to possible redemption) at March 31, 2021 and December 31, 2020, respectively
|
1,920 | 1,316 | |||||||||
Class B ordinary shares, $0.0001 par value; 50,000,000 shares authorized; 20,125,000 shares issued and outstanding at March 31, 2021 and December 31, 2020
|
2,013 | 2,013 | |||||||||
Additional paid-in capital | 121,162,126 | 60,768,065 | |||||||||
Accumulated deficit | (116,166,052) | (55,771,393) | |||||||||
Total Permanent Equity
|
5,000,007 | 5,000,001 | |||||||||
TOTAL LIABILITIES, TEMPORARY EQUITY AND PERMANENT EQUITY
|
$ | 805,817,385 | $ | 806,077,995 |
Formation and operational costs | $ | 5,289,511 | |||
Loss from operations | (5,289,511) | ||||
Other income (expense): | |||||
Interest earned on marketable securities held in Trust Account | 19,852 | ||||
Change in fair value of warrant liabilities | (55,125,000) | ||||
Other expense, net | (55,105,148) | ||||
Net loss
|
$ | (60,394,659) | |||
Basic and diluted weighted average shares outstanding, Class A ordinary shares subject to possible redemption | 67,342,389 | ||||
Basic and diluted net income per share, Class A ordinary shares subject to possible redemption
|
$ | — | |||
Basic and diluted weighted average shares outstanding, Non-redeemable ordinary shares | 33,282,611 | ||||
Basic and diluted net loss per share, Non-redeemable ordinary shares
|
$ | (1.82) |
Class A Ordinary Shares | Class B Ordinary Shares |
Additional
Paid-in Capital |
Accumulated Deficit | Total Permanent Equity | Temporary Equity | |||||||||||||||||||||||||||||||||||||||||||||||||||
Shares | Amount | Shares | Amount | Shares | Amount | |||||||||||||||||||||||||||||||||||||||||||||||||||
Balance – January 1, 2021 | 13,157,611 | $ | 1,316 | 20,125,000 | $ | 2,013 | $ | 60,768,065 | $ | (55,771,393) | $ | 5,000,001 | 67,342,389 | $ | 673,438,294 | |||||||||||||||||||||||||||||||||||||||||
Change in value of Class A Ordinary shares subject to possible redemption | 6,040,849 | 604 | — | — | 60,394,061 | — | 60,394,665 | (6,040,849) | (60,394,665) | |||||||||||||||||||||||||||||||||||||||||||||||
Net loss | — | — | — | — | — | (60,394,659) | (60,394,659) | — | — | |||||||||||||||||||||||||||||||||||||||||||||||
Balance – March 31, 2021 | 19,198,460 | $ | 1,920 | 20,125,000 | $ | 2,013 | $ | 121,162,126 | $ | (116,166,052) | $ | 5,000,007 | 61,301,540 | $ | 613,043,629 |
Cash Flows from Operating Activities: | |||||
Net loss | $ | (60,394,659) | |||
Adjustments to reconcile net loss to net cash used in operating activities: | |||||
Interest earned on marketable securities held in Trust Account | (19,852) | ||||
Change in fair value of warrant liabilities | 55,125,000 | ||||
Changes in operating assets and liabilities: | |||||
Prepaid expenses | 60,688 | ||||
Accrued expenses | 3,558,344 | ||||
Net cash used in operating activities
|
(1,670,479) | ||||
Cash Flows from Financing Activities: | |||||
Advances from related party | 40,705 | ||||
Repayment of advances from related party | (5,000) | ||||
Proceeds from promissory note – related party | 1,415,000 | ||||
Net cash provided by financing activities
|
1,450,705 | ||||
Net Change in Cash
|
(219,774) | ||||
Cash – Beginning | 259,714 | ||||
Cash – Ending
|
$ | 39,940 |
Three Months Ended March 31, 2021
|
|||||
Ordinary Shares subject to possible redemption | |||||
Numerator: Earnings allocable to Ordinary shares subject to possible redemption | |||||
Interest earned on marketable securities held in Trust Account | $ | 15,117 | |||
Net income allocable to Class A ordinary shares subject to possible redemption | $ | 15,117 | |||
Denominator: Weighted Average Class A Ordinary shares subject to possible redemption | |||||
Basic and diluted weighted average shares outstanding | $ | 67,342,389 | |||
Basic and diluted net income per share | $ | — | |||
Non-Redeemable Ordinary Shares | |||||
Numerator: Earnings allocable to non-redeemable ordinary shares | |||||
Net loss | (60,394,659) | ||||
Less: Net income allocable to Class A ordinary shares subject to possible redemption | (15,117) | ||||
Non-redeemable net loss | (60,409,776) | ||||
Denominator: Weighted Average Non-redeemable ordinary shares | |||||
Basic and diluted weighted average shares outstanding, Non-redeemable ordinary shares | $ | 33,282,611 | |||
Basic and diluted net loss per share, Non-redeemable ordinary shares | (1.82) |
Level 1: | Quoted prices in active markets for identical assets or liabilities. An active market for an asset or liability is a market in which transactions for the asset or liability occur with sufficient frequency and volume to provide pricing information on an ongoing basis. | ||||
Level 2: | Observable inputs other than Level 1 inputs. Examples of Level 2 inputs include quoted prices in active markets for similar assets or liabilities and quoted prices for identical assets or liabilities in markets that are not active. | ||||
Level 3: | Unobservable inputs based on our assessment of the assumptions that market participants would use in pricing the asset or liability. |
Description | Level |
March 31,
2021 |
December 31,
2020 |
|||||||||||||||||
Assets: | ||||||||||||||||||||
Marketable securities held in Trust Account(1)
|
1 | $ | 805,037,070 | $ | 805,017,218 | |||||||||||||||
Liabilities: | ||||||||||||||||||||
Private Placement Warrants(2)
|
2 | $ | 43,920,000 | $ | 28,240,000 | |||||||||||||||
Public Warrants(2)
|
1 | 110,486,250 | 71,041,250 |
/s/ Marcum LLP | |||||
Marcum LLP | |||||
We have served as the Company’s auditor since 2020. | |||||
New York, NY | |||||
March 17, 2021, except for the effects of the restatement discussed in Notes 2 and 10 as to which the date is April 22, 2021. |
ASSETS
|
|||||
Current assets
|
|||||
Cash
|
$ | 259,714 | |||
Prepaid expenses
|
801,063 | ||||
Total Current Assets
|
1,060,777 | ||||
Marketable securities held in Trust Account
|
805,017,218 | ||||
TOTAL ASSETS
|
$ | 806,077,995 | |||
LIABILITIES, TEMPORARY EQUITY AND PERMANENT EQUITY
|
|||||
Current liabilities
|
|||||
Accrued offering costs
|
$ | 178,450 | |||
Advance from related party
|
5,000 | ||||
Total Current Liabilities
|
183,450 | ||||
Deferred underwriting fee payable
|
28,175,000 | ||||
Warrant liabilities | 99,281,250 | ||||
TOTAL LIABILITIES
|
127,639,700 | ||||
Commitments
|
|
||||
Temporary Equity | |||||
Class A ordinary shares subject to possible redemption, 67,342,389 shares at redemption value
|
673,438,294 | ||||
Permanent Equity
|
|||||
Preferred shares, $0.0001 par value; 5,000,000 shares authorized; none issued and outstanding
|
— | ||||
Class A ordinary shares, $0.0001 par value; 500,000,000 shares authorized; 13,157,611 issued and outstanding (excluding 67,342,389 shares subject to possible redemption)
|
1,316 | ||||
Class B ordinary shares, $0.0001 par value; 50,000,000 shares authorized; 20,125,000 shares issued and outstanding
|
2,013 | ||||
Additional paid-in capital
|
60,768,065 | ||||
Accumulated deficit
|
(55,771,393) | ||||
Total Permanent Equity
|
5,000,001 | ||||
TOTAL LIABILITIES, TEMPORARY EQUITY AND PERMANENT EQUITY
|
$ | 806,077,995 |
Formation and operational costs
|
$ | 663,611 | |||
Loss from operations
|
(663,611) | ||||
Other income (expense): | |||||
Interest earned on marketable securities held in Trust Account | 17,218 | ||||
Change in fair value of warrant liabilities | (55,125,000) | ||||
Other expense, net | (55,107,782) | ||||
Net loss
|
$ | (55,771,393) | |||
Basic and diluted weighted average shares outstanding, Class A ordinary shares subject to possible redemption | 72,920,468 | ||||
Basic and diluted net income per share, Class A ordinary shares subject to possible redemption
|
$ | 0.00 | |||
Basic and diluted weighted average shares outstanding, Non-redeemable ordinary shares | 22,074,445 | ||||
Basic and diluted net loss per share, Non-redeemable ordinary shares
|
$ | (2.53) |
Class A
Ordinary Shares
|
Class B
Ordinary Shares
|
Additional Paid-in
Capital
|
Accumulated
Deficit
|
Total Permanent
Equity |
Temporary Equity | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Shares
|
Amount
|
Shares
|
Amount
|
Shares | Amount | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance – July 10, 2020 (inception)
|
— | $ | — | — | $ | — | $ | — | $ | — | $ | — | — | $ | — | ||||||||||||||||||||||||||||||||||||||||||||
Issuance of Class B ordinary shares to Sponsor | — | — | 20,125,000 | 2,013 | 22,987 | — | 25,000 | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||
Issuance of Class A Ordinary shares, net | 80,500,000 | 8,050 | — | — | 734,176,638 | — | 734,184,688 | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||
Class A Ordinary shares subject to possible redemption | (67,342,389) | (6,734) | — | — | (673,431,560) | — | (673,438,294) | 67,342,389 | 673,438,294 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Net loss
|
— | — | — | — | — | (55,771,393) | (55,771,393) | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||
Balance – December 31, 2020 | 13,157,611 | $ | 1,316 |
|
20,125,000 | $ | 2,013 |
|
$ | 60,768,065 |
|
$ | (55,771,393) |
|
$ | 5,000,001 | 67,342,389 | $ | 673,438,294 |
Cash Flows from Operating Activities:
|
|
||||
Net loss
|
$ | (55,771,393) | |||
Adjustments to reconcile net loss to net cash used in operating activities:
|
|||||
Interest earned on marketable securities held in Trust Account | (17,218) | ||||
Change in fair value of warrant liabilities | 55,125,000 | ||||
Changes in operating assets and liabilities: | |||||
Prepaid expenses
|
(801,063) | ||||
Accrued expenses | 178,450 | ||||
Net cash used in operating activities
|
(1,286,224) | ||||
Cash Flows from Investing Activities:
|
|||||
Investment of cash in Trust Account
|
(805,000,000) | ||||
Net cash used in investing activities
|
(805,000,000) | ||||
Cash Flows from Financing Activities:
|
|||||
Proceeds from issuance of Class B ordinary shares to Sponsor
|
25,000 | ||||
Proceeds from sale of Units, net of underwriting discounts paid
|
791,000,000 | ||||
Proceeds from sale of Private Placement Warrants
|
16,000,000 | ||||
Advances from related party
|
5,000 | ||||
Proceeds from promissory note – related party
|
400,000 | ||||
Repayment of promissory note – related party
|
(400,000) | ||||
Payment of offering costs
|
(484,062) | ||||
Net cash provided by financing activities
|
806,545,938 | ||||
Net Change in Cash
|
259,714 | ||||
Cash – Beginning
|
— | ||||
Cash – Ending
|
$ | 259,714 | |||
Non-Cash Investing and Financing Activities:
|
|||||
Initial measurement of warrants issued in connection with initial public offering accounted for as liabilities | $ | 44,156,250 | |||
Deferred underwriting fee payable
|
28,175,000 | ||||
As Previously Reported | Adjustment | As Restated | ||||||||||||||||||
Consolidated Balance Sheet as of October 14, 2020 | ||||||||||||||||||||
Warrant liabilities | $ | — | $ | 44,156,250 | $ | 44,156,250 | ||||||||||||||
Total liabilities | 28,347,861 | 44,156,250 | 72,504,111 | |||||||||||||||||
Class A ordinary shares subject to possible redemption | 773,360,930 | (44,156,250) | 729,204,680 | |||||||||||||||||
Class A ordinary shares | 316 | 442 | 758 | |||||||||||||||||
Additional paid-in capital | $ | 5,002,679 | $ | (442) | $ | 5,002,237 | ||||||||||||||
Consolidated Balance Sheet as of December 31, 2020 | ||||||||||||||||||||
Warrant liabilities | $ | — | $ | 99,281,250 | $ | 99,281,250 |
Total liabilities | 28,358,450 | 99,281,250 | 127,639,700 | |||||||||||||||||
Class A ordinary shares subject to possible redemption | 772,719,537 | (99,281,243) | 673,438,294 | |||||||||||||||||
Class A ordinary shares | 323 | 993 | 1,316 | |||||||||||||||||
Additional paid-in capital | 5,644,065 | 55,124,000 | 60,768,065 | |||||||||||||||||
Accumulated deficit | (646,393) | (55,125,000) | (55,771,393) | |||||||||||||||||
Total permanent equity | $ | 5,000,008 | $ | (7) | $ | 5,000,001 | ||||||||||||||
Consolidated Statement of Operations for the Period From July 10, 2020 (Inception) through December 31, 2020 | ||||||||||||||||||||
Change in fair value of warrant liabilities | $ | — | $ | (55,125,000) | $ | (55,125,000) | ||||||||||||||
Other income (expense), net | 17,218 | (55,125,000) | (55,107,782) | |||||||||||||||||
Net loss | (646,393) | (55,125,000) | (55,771,393) | |||||||||||||||||
Basic and diluted weighted average shares outstanding, Class A ordinary shares subject to possible redemption | 77,306,600 | (4,386,132) | 72,920,468 | |||||||||||||||||
Basic and diluted weighted average shares outstanding, Non-redeemable ordinary shares | 20,095,027 | 1,979,418 | 22,074,445 | |||||||||||||||||
Basic and diluted net loss per share, Non-redeemable ordinary shares | $ | (0.03) | $ | (2.50) | $ | (2.53) | ||||||||||||||
Consolidated Statement of Cash Flows for the Period From July 10, 2020 (Inception) through December 31, 2020 | ||||||||||||||||||||
Cash Flows from Operating Activities: | ||||||||||||||||||||
Net loss | $ | (646,393) | $ | (55,125,000) | $ | (55,771,393) | ||||||||||||||
Adjustments to reconcile net loss to net cash used in operating activities: | ||||||||||||||||||||
Change in fair value of warrant liabilities | — | 55,125,000 | 55,125,000 | |||||||||||||||||
Non-Cash Investing and Financing Activities: | ||||||||||||||||||||
Initial measurement of warrants issued in connection with the Initial Public Offering accounted for as liabilities | $ | — | $ | 44,156,250 | $ | 44,156,250 |
For the Period from
July 10, 2020 (Inception) Through December 31, 2020 |
|||||
Ordinary Shares subject to possible redemption | |||||
Numerator: Earnings allocable to Ordinary shares subject to possible redemption | |||||
Interest earned on marketable securities held in Trust Account | $ | 14,405 | |||
Net income allocable to Class A ordinary shares subject to possible redemption | $ | 14,405 | |||
Denominator: Weighted Average Class A Ordinary shares subject to possible redemption | |||||
Basic and diluted weighted average shares outstanding | 72,920,468 | ||||
Basic and diluted net income per share | $ | 0.00 | |||
Non-Redeemable Common Stock | |||||
Numerator: Earnings allocable to non-redeemable ordinary shares | |||||
Net loss | $ | (55,771,393) | |||
Less: Net income allocable to Class A ordinary shares subject to possible redemption | (14,405) | ||||
Non-redeemable net loss | $ | (55,785,798) | |||
Denominator: Weighted Average Non-redeemable ordinary shares | |||||
Basic and diluted weighted average shares outstanding, Non-redeemable ordinary shares | $ | 22,074,445 | |||
Basic and diluted net loss per share, Non-redeemable ordinary shares | $ | (2.53) |
Level 1: | Quoted prices in active markets for identical assets or liabilities. An active market for an asset or liability is a market in which transactions for the asset or liability occur with sufficient frequency and volume to provide pricing information on an ongoing basis. | |||||||
Level 2: | Observable inputs other than Level 1 inputs. Examples of Level 2 inputs include quoted prices in active markets for similar assets or liabilities and quoted prices for identical assets or liabilities in markets that are not active. | |||||||
Level 3: | Unobservable inputs based on our assessment of the assumptions that market participants would use in pricing the asset or liability. |
Description | Level | December 31, 2020 | ||||||||||||
Assets: | ||||||||||||||
Marketable securities held in Trust Account(1)
|
1 | $ | 805,017,218 | |||||||||||
Liabilities: | ||||||||||||||
Private Placement Warrants(2)
|
2 | $ | 28,240,000 | |||||||||||
Public Warrants(2)
|
1 | $ | 71,041,250 |
Input | October 14, 2020 (Initial Measurement) | |||||||
Risk-free interest rate | 0.4 | % | ||||||
Expected term (years) | 1 | |||||||
Expected volatility | 20.0 | % | ||||||
Exercise price | $ | 11.50 | ||||||
Fair value of Units | $ | 10.60 |
Private Placement | Public | Warrant Liabilities | |||||||||||||||
Fair value as of July 10, 2020 | $ | — | $ | — | $ | — | |||||||||||
Initial measurement on October 14, 2020 | 12,560,000 | 31,596,250 | 44,156,250 | ||||||||||||||
Change in valuation inputs or other assumptions(1)(2)
|
15,680,000 | 39,445,000 | 55,125,000 | ||||||||||||||
Fair value as of December 31, 2020 | $ | 28,240,000 | $ | 71,041,250 | $ | 99,281,250 |
Page | |||||
Unaudited Condensed Consolidated Financial Statements | |||||
Consolidated Financial Statements | |||||
March 31, 2021 | December 31, 2020 | ||||||||||||||||
Assets | |||||||||||||||||
Cash and cash equivalents | $ | 351,283 | $ | 872,582 | |||||||||||||
Restricted cash and restricted cash equivalents(1)
|
347,284 | 450,846 | |||||||||||||||
Loans(1)(2)
|
4,486,828 | 4,879,303 | |||||||||||||||
Servicing rights | 161,240 | 149,597 | |||||||||||||||
Securitization investments | 462,109 | 496,935 | |||||||||||||||
Equity method investments | — | 107,534 | |||||||||||||||
Property, equipment and software | 82,825 | 81,489 | |||||||||||||||
Goodwill | 899,270 | 899,270 | |||||||||||||||
Intangible assets | 335,719 | 355,086 | |||||||||||||||
Operating lease right-of-use assets | 116,553 | 116,858 | |||||||||||||||
Related party notes receivable | — | 17,923 | |||||||||||||||
Other assets(3)
|
139,126 | 136,076 | |||||||||||||||
Total assets | $ | 7,382,237 | $ | 8,563,499 | |||||||||||||
Liabilities, temporary equity and permanent deficit | |||||||||||||||||
Liabilities: | |||||||||||||||||
Accounts payable, accruals and other liabilities(1)
|
$ | 421,061 | $ | 452,909 | |||||||||||||
Operating lease liabilities | 138,822 | 139,796 | |||||||||||||||
Debt(1)
|
3,827,424 | 4,798,925 | |||||||||||||||
Residual interests classified as debt(1)
|
114,882 | 118,298 | |||||||||||||||
Total liabilities | 4,502,189 | 5,509,928 | |||||||||||||||
Commitments, guarantees, concentrations and contingencies (Note 14) | |||||||||||||||||
Temporary equity(4):
|
|||||||||||||||||
Redeemable preferred stock: 311,842,666 and 311,842,666 shares authorized; 256,459,941 and 256,459,941 shares issued and outstanding as of March 31, 2021 and December 31, 2020, respectively
|
3,173,686 | 3,173,686 | |||||||||||||||
Permanent deficit: | |||||||||||||||||
Common stock, $0.00 par value: 452,815,616 and 452,815,616 shares authorized; 68,291,780 and 66,034,174 shares issued and outstanding as of March 31, 2021 and December 31, 2020, respectively(5)
|
— | — | |||||||||||||||
Additional paid-in capital | 583,349 | 579,228 | |||||||||||||||
Accumulated other comprehensive loss | (246) | (166) | |||||||||||||||
Accumulated deficit | (876,741) | (699,177) | |||||||||||||||
Total permanent deficit | (293,638) | (120,115) | |||||||||||||||
Total liabilities, temporary equity and permanent deficit | $ | 7,382,237 | $ | 8,563,499 |
|
Three Months Ended March 31, | ||||||||||||||||||||||||||||
|
2021 | 2020 | |||||||||||||||||||||||||||
Interest income
|
|||||||||||||||||||||||||||||
Loans
|
$ | 77,221 | $ | 86,116 | |||||||||||||||||||||||||
Securitizations
|
4,467 | 7,061 | |||||||||||||||||||||||||||
Related party notes
|
211 | 1,052 | |||||||||||||||||||||||||||
Other
|
629 | 3,053 | |||||||||||||||||||||||||||
Total interest income | 82,528 | 97,282 | |||||||||||||||||||||||||||
Interest expense
|
|||||||||||||||||||||||||||||
Securitizations and warehouses
|
29,808 | 47,523 | |||||||||||||||||||||||||||
Corporate borrowings | 5,008 | 1,088 | |||||||||||||||||||||||||||
Other
|
432 | 1,522 | |||||||||||||||||||||||||||
Total interest expense | 35,248 | 50,133 | |||||||||||||||||||||||||||
Net interest income | 47,280 | 47,149 | |||||||||||||||||||||||||||
Noninterest income
|
|||||||||||||||||||||||||||||
Loan origination and sales
|
110,345 | 104,255 | |||||||||||||||||||||||||||
Securitizations
|
(2,036) | (83,104) | |||||||||||||||||||||||||||
Servicing
|
(12,109) | 7,059 | |||||||||||||||||||||||||||
Technology Platform fees
|
45,659 | — | |||||||||||||||||||||||||||
Other
|
6,845 | 2,943 | |||||||||||||||||||||||||||
Total noninterest income | 148,704 | 31,153 | |||||||||||||||||||||||||||
Total net revenue | 195,984 | 78,302 | |||||||||||||||||||||||||||
Noninterest expense
|
|||||||||||||||||||||||||||||
Technology and product development
|
65,948 | 40,171 | |||||||||||||||||||||||||||
Sales and marketing
|
87,234 | 62,670 | |||||||||||||||||||||||||||
Cost of operations
|
57,570 | 32,657 | |||||||||||||||||||||||||||
General and administrative
|
161,697 | 49,114 | |||||||||||||||||||||||||||
Total noninterest expense | 372,449 | 184,612 | |||||||||||||||||||||||||||
Loss before income taxes | (176,465) | (106,310) | |||||||||||||||||||||||||||
Income tax expense
|
(1,099) | (57) | |||||||||||||||||||||||||||
Net loss | $ | (177,564) | $ | (106,367) | |||||||||||||||||||||||||
Other comprehensive loss
|
|||||||||||||||||||||||||||||
Foreign currency translation adjustments, net | (80) | (7) | |||||||||||||||||||||||||||
Total other comprehensive loss | (80) | (7) | |||||||||||||||||||||||||||
Comprehensive loss | $ | (177,644) | $ | (106,374) | |||||||||||||||||||||||||
Loss per share (Note 15)
|
|||||||||||||||||||||||||||||
Loss per share – basic | $ | (2.81) | $ | (2.93) | |||||||||||||||||||||||||
Loss per share – diluted | $ | (2.81) | $ | (2.93) | |||||||||||||||||||||||||
Weighted average common stock outstanding – basic | 66,647,192 | 39,815,023 | |||||||||||||||||||||||||||
Weighted average common stock outstanding – diluted | 66,647,192 | 39,815,023 |
|
Common Stock
|
Additional Paid-In Capital
|
Accumulated
Other Comprehensive Loss |
Accumulated
Deficit |
Permanent Deficit
|
Temporary Equity | ||||||||||||||||||||||||||||||||||||||||||||
|
Shares
|
Amount
|
Shares | Amount | ||||||||||||||||||||||||||||||||||||||||||||||
Balance at January 1, 2021 | 66,034,174 | $ | — | $ | 579,228 | $ | (166) | $ | (699,177) | $ | (120,115) | 256,459,941 | $ | 3,173,686 | ||||||||||||||||||||||||||||||||||||
Stock-based compensation expense | — | — | 37,454 | — | — | 37,454 | — | — | ||||||||||||||||||||||||||||||||||||||||||
Vesting of RSUs | 2,096,875 | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||
Stock withheld related to taxes on vested RSUs | (803,142) | — | (25,989) | — | — | (25,989) | — | — | ||||||||||||||||||||||||||||||||||||||||||
Exercise of common stock options | 963,873 | — | 2,624 | — | — | 2,624 | — | — | ||||||||||||||||||||||||||||||||||||||||||
Redeemable preferred stock dividends | — | — | (9,968) | — | — | (9,968) | — | — | ||||||||||||||||||||||||||||||||||||||||||
Foreign currency translation adjustments, net of tax of $0
|
— | — | — | (80) | — | (80) | — | — | ||||||||||||||||||||||||||||||||||||||||||
Net loss | — | — | — | — | (177,564) | (177,564) | — | — | ||||||||||||||||||||||||||||||||||||||||||
Balance at March 31, 2021 | 68,291,780 | $ | — | $ | 583,349 | $ | (246) | $ | (876,741) | $ | (293,638) | 256,459,941 | $ | 3,173,686 | ||||||||||||||||||||||||||||||||||||
|
Common Stock
|
Additional Paid-In Capital
|
Accumulated Other Comprehensive Loss
|
Accumulated Deficit
|
Permanent Deficit
|
Temporary Equity
|
||||||||||||||||||||||||||||||||||||||||||||
|
Shares
|
Amount
|
Shares
|
Amount
|
||||||||||||||||||||||||||||||||||||||||||||||
Balance at January 1, 2020
|
39,614,844 | $ | — | $ | 135,517 | $ | (21) | $ | (474,558) | $ | (339,062) | 218,814,230 | $ | 2,439,731 | ||||||||||||||||||||||||||||||||||||
Stock-based compensation expense
|
— | — | 19,685 | — | — | 19,685 | — | — | ||||||||||||||||||||||||||||||||||||||||||
Vesting of RSUs
|
1,060,794 | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||
Stock withheld related to taxes on vested RSUs
|
(441,891) | — | (4,640) | — | — | (4,640) | — | — | ||||||||||||||||||||||||||||||||||||||||||
Exercise of common stock options
|
50,946 | — | 235 | — | — | 235 | — | — | ||||||||||||||||||||||||||||||||||||||||||
Redeemable preferred stock dividends
|
— | — | (10,106) | — | — | (10,106) | — | — | ||||||||||||||||||||||||||||||||||||||||||
Note receivable issuance to stockholder, inclusive of interest
|
— | — | (770) | — | — | (770) | — | — | ||||||||||||||||||||||||||||||||||||||||||
Foreign currency translation adjustments, net of tax of $0
|
— | — | — | (7) | — | (7) | — | — | ||||||||||||||||||||||||||||||||||||||||||
Net loss | — | — | — | — | (106,367) | (106,367) | — | — | ||||||||||||||||||||||||||||||||||||||||||
Balance at March 31, 2020 | 40,284,693 | $ | — | $ | 139,921 | $ | (28) | $ | (580,925) | $ | (441,032) | 218,814,230 | $ | 2,439,731 |
|
Three Months Ended March 31, | ||||||||||||||||||||||||||||
|
2021 | 2020 | |||||||||||||||||||||||||||
Operating activities
|
|||||||||||||||||||||||||||||
Net loss | $ | (177,564) | $ | (106,367) | |||||||||||||||||||||||||
Adjustments to reconcile net loss to net cash provided by operating activities:
|
|||||||||||||||||||||||||||||
Depreciation and amortization
|
25,977 | 4,715 | |||||||||||||||||||||||||||
Deferred debt issuance and discount expense
|
5,998 | 9,137 | |||||||||||||||||||||||||||
Stock-based compensation expense
|
37,454 | 19,685 | |||||||||||||||||||||||||||
Deferred income taxes
|
623 | 62 | |||||||||||||||||||||||||||
Equity method investment earnings
|
— | (1,002) | |||||||||||||||||||||||||||
Fair value changes in residual interests classified as debt
|
7,951 | 14,936 | |||||||||||||||||||||||||||
Fair value changes in securitization investments
|
(2,957) | 8,530 | |||||||||||||||||||||||||||
Fair value changes in warrant liabilities
|
89,920 | 2,879 | |||||||||||||||||||||||||||
Fair value adjustment to related party notes receivable
|
(169) | — | |||||||||||||||||||||||||||
Other
|
30 | — | |||||||||||||||||||||||||||
Changes in operating assets and liabilities:
|
|||||||||||||||||||||||||||||
Originations and purchases of loans
|
(2,575,932) | (3,418,210) | |||||||||||||||||||||||||||
Proceeds from sales and repayments of loans
|
2,911,540 | 3,697,718 | |||||||||||||||||||||||||||
Other changes in loans
|
30,486 | 36,224 | |||||||||||||||||||||||||||
Servicing assets
|
(11,643) | (8,301) | |||||||||||||||||||||||||||
Related party notes receivable interest income
|
1,399 | (1,052) | |||||||||||||||||||||||||||
Other assets
|
3,299 | (4,595) | |||||||||||||||||||||||||||
Accounts payable, accruals and other liabilities
|
(6,361) | 18,440 | |||||||||||||||||||||||||||
Net cash provided by operating activities
|
$ | 340,051 | $ | 272,799 | |||||||||||||||||||||||||
Investing activities
|
|||||||||||||||||||||||||||||
Purchases of property, equipment, software and intangible assets
|
$ | (7,445) | $ | (5,499) | |||||||||||||||||||||||||
Proceeds from repayment of related party notes receivable | 16,693 | — | |||||||||||||||||||||||||||
Proceeds from non-securitization investments
|
107,534 | — | |||||||||||||||||||||||||||
Purchases of non-securitization investments
|
— | (145) | |||||||||||||||||||||||||||
Receipts from securitization investments
|
64,165 | 70,983 | |||||||||||||||||||||||||||
Net cash provided by investing activities
|
$ | 180,947 | $ | 65,339 |
|
Three Months Ended March 31, | ||||||||||||||||||||||||||||
|
2021 | 2020 | |||||||||||||||||||||||||||
Financing activities
|
|||||||||||||||||||||||||||||
Proceeds from debt issuances
|
$ | 1,925,042 | $ | 3,203,608 | |||||||||||||||||||||||||
Repayment of debt | (2,912,263) | (3,116,680) | |||||||||||||||||||||||||||
Payment of debt issuance costs
|
(1,645) | (621) | |||||||||||||||||||||||||||
Taxes paid related to net share settlement of stock-based awards
|
(25,989) | (4,640) | |||||||||||||||||||||||||||
Purchases of common stock
|
(526) | — | |||||||||||||||||||||||||||
Redemption of redeemable preferred stock | (132,859) | — | |||||||||||||||||||||||||||
Proceeds from stock option exercises
|
2,624 | 235 | |||||||||||||||||||||||||||
Finance lease principal payments
|
(163) | — | |||||||||||||||||||||||||||
Net cash provided by (used in) financing activities
|
$ | (1,145,779) | $ | 81,902 | |||||||||||||||||||||||||
Effect of exchange rates on cash and cash equivalents
|
(80) | (7) | |||||||||||||||||||||||||||
Net increase (decrease) in cash, cash equivalents, restricted cash and restricted cash equivalents
|
$ | (624,861) | $ | 420,033 | |||||||||||||||||||||||||
Cash, cash equivalents, restricted cash and restricted cash equivalents at beginning of period
|
1,323,428 | 690,206 | |||||||||||||||||||||||||||
Cash, cash equivalents, restricted cash and restricted cash equivalents at end of period
|
$ | 698,567 | $ | 1,110,239 | |||||||||||||||||||||||||
Reconciliation to amounts on Consolidated Balance Sheets (as of period end)
|
|||||||||||||||||||||||||||||
Cash and cash equivalents
|
$ | 351,283 | $ | 867,130 | |||||||||||||||||||||||||
Restricted cash and restricted cash equivalents
|
347,284 | 243,109 | |||||||||||||||||||||||||||
Total cash, cash equivalents, restricted cash and restricted cash equivalents
|
$ | 698,567 | $ | 1,110,239 | |||||||||||||||||||||||||
Supplemental non-cash investing and financing activities
|
|||||||||||||||||||||||||||||
Securitization investments acquired via loan transfers
|
$ | 26,381 | $ | 126,343 | |||||||||||||||||||||||||
Non-cash property, equipment, software and intangible asset additions
|
888 | — | |||||||||||||||||||||||||||
Accrued but unpaid redeemable preferred stock dividends
|
9,968 | 10,106 | |||||||||||||||||||||||||||
Deconsolidation of residual interests classified as debt
|
— | 72,026 | |||||||||||||||||||||||||||
Deconsolidation of securitization debt | — | 200,654 |
Delinquent Loans | |||||||||||||||||||||||||||||||||||
Current | 30–59 Days | 60–89 Days |
≥ 90 Days(1)
|
Total Delinquent Loans |
Total Loans(2)
|
||||||||||||||||||||||||||||||
March 31, 2021 | |||||||||||||||||||||||||||||||||||
Credit card loans | $ | 14,136 | 169 | 39 | 2 | 210 | $ | 14,346 | |||||||||||||||||||||||||||
December 31, 2020 | |||||||||||||||||||||||||||||||||||
Credit card loans | $ | 3,864 | 74 | 2 | — | 76 | $ | 3,940 |
Three Months Ended March 31, | |||||||||||||||||||||||||||||
|
2021 | 2020 | |||||||||||||||||||||||||||
Financial Services
|
|||||||||||||||||||||||||||||
Referrals
|
$ | 2,254 | $ | 1,589 | |||||||||||||||||||||||||
Brokerage
|
4,612 | 177 | |||||||||||||||||||||||||||
Payment network
|
1,202 | 298 | |||||||||||||||||||||||||||
Enterprise services
|
58 | 54 | |||||||||||||||||||||||||||
Total
|
$ | 8,126 | $ | 2,118 | |||||||||||||||||||||||||
Technology Platform
|
|||||||||||||||||||||||||||||
Technology Platform fees
|
$ | 45,659 | $ | — | |||||||||||||||||||||||||
Payment network
|
442 | — | |||||||||||||||||||||||||||
Total
|
$ | 46,101 | $ | — | |||||||||||||||||||||||||
Total Revenue from Contracts with Customers
|
|||||||||||||||||||||||||||||
Technology Platform fees
|
$ | 45,659 | $ | — | |||||||||||||||||||||||||
Referrals
|
2,254 | 1,589 | |||||||||||||||||||||||||||
Payment network
|
1,644 | 298 | |||||||||||||||||||||||||||
Brokerage
|
4,612 | 177 | |||||||||||||||||||||||||||
Enterprise services
|
58 | 54 | |||||||||||||||||||||||||||
Total
|
$ | 54,227 | $ | 2,118 |
Cash paid | $ | 75,633 | |||
Seller note | 243,998 | ||||
Fair value of preferred stock issued(1)
|
814,156 | ||||
Fair value of common stock options assumed(2)
|
32,197 | ||||
Total purchase consideration | $ | 1,165,984 |
Gross Carrying Amount
|
Weighted Average Useful Life (Years)
|
||||||||||
Developed technology
|
$ | 253,000 | 8.6 | ||||||||
Customer-related
|
125,000 | 3.6 | |||||||||
Trade names, trademarks and domain names
|
10,000 | 8.6 |
Three Months Ended March 31, | ||||||||||||||||||||
2020 | ||||||||||||||||||||
Total net revenue | $ | 99,278 | ||||||||||||||||||
Net loss | (24,560) |
March 31, | December 31, | ||||||||||||||||||||||
2021 | 2020 | ||||||||||||||||||||||
Loans at fair value | |||||||||||||||||||||||
Securitized student loans | $ | 793,366 | $ | 908,427 | |||||||||||||||||||
Securitized personal loans | 461,394 | 559,743 | |||||||||||||||||||||
Student loans | 1,873,427 | 1,958,032 | |||||||||||||||||||||
Home loans | 231,903 | 179,689 | |||||||||||||||||||||
Personal loans | 1,112,514 | 1,253,177 | |||||||||||||||||||||
Total loans at fair value | 4,472,604 | 4,859,068 | |||||||||||||||||||||
Loans at amortized cost(1)
|
|||||||||||||||||||||||
Credit card loans(2)
|
14,224 | 3,723 | |||||||||||||||||||||
Commercial loan(3)
|
— | 16,512 | |||||||||||||||||||||
Total loans at amortized cost | 14,224 | 20,235 | |||||||||||||||||||||
Total loans | $ | 4,486,828 | $ | 4,879,303 |
|
Student Loans
|
Home Loans
|
Personal Loans
|
Total
|
|||||||||||||||||||
March 31, 2021 | |||||||||||||||||||||||
Unpaid principal
|
$ | 2,590,442 | $ | 228,645 | $ | 1,536,702 | $ | 4,355,789 | |||||||||||||||
Accumulated interest
|
8,222 | 106 | 9,371 | 17,699 | |||||||||||||||||||
Cumulative fair value adjustments
|
68,129 | 3,152 | 27,835 | 99,116 | |||||||||||||||||||
Total fair value of loans
|
$ | 2,666,793 | $ | 231,903 | $ | 1,573,908 | $ | 4,472,604 | |||||||||||||||
December 31, 2020 | |||||||||||||||||||||||
Unpaid principal
|
$ | 2,774,511 | $ | 171,967 | $ | 1,780,246 | $ | 4,726,724 | |||||||||||||||
Accumulated interest
|
9,472 | 141 | 11,558 | 21,171 | |||||||||||||||||||
Cumulative fair value adjustments
|
82,476 | 7,581 | 21,116 | 111,173 | |||||||||||||||||||
Total fair value of loans
|
$ | 2,866,459 | $ | 179,689 | $ | 1,812,920 | $ | 4,859,068 | |||||||||||||||
|
Student Loans
|
Home Loans
|
Personal Loans
|
Total
|
|||||||||||||||||||
March 31, 2021 | |||||||||||||||||||||||
Unpaid principal | $ | 775 | $ | — | $ | 4,237 | $ | 5,012 | |||||||||||||||
Accumulated interest | 24 | — | 237 | 261 | |||||||||||||||||||
Cumulative fair value adjustments | (285) | — | (3,916) | (4,201) | |||||||||||||||||||
Fair value of loans 90 days or more delinquent | $ | 514 | $ | — | $ | 558 | $ | 1,072 | |||||||||||||||
December 31, 2020 | |||||||||||||||||||||||
Unpaid principal | $ | 1,046 | $ | — | $ | 4,199 | $ | 5,245 | |||||||||||||||
Accumulated interest | 37 | — | 210 | 247 | |||||||||||||||||||
Cumulative fair value adjustments | (442) | — | (3,872) | (4,314) | |||||||||||||||||||
Fair value of loans 90 days or more delinquent | $ | 641 | $ | — | $ | 537 | $ | 1,178 | |||||||||||||||
Student Loans
|
Home Loans
|
Personal Loans
|
Total
|
||||||||||||||||||||
Fair value as of January 1, 2021 | $ | 2,866,459 | $ | 179,689 | $ | 1,812,920 | $ | 4,859,068 | |||||||||||||||
Origination of loans | 1,004,685 | 735,604 | 805,689 | 2,545,978 | |||||||||||||||||||
Principal payments | (250,219) | (1,479) | (258,199) | (509,897) | |||||||||||||||||||
Sales of loans | (936,160) | (677,566) | (779,441) | (2,393,167) | |||||||||||||||||||
Purchases(1)
|
71 | 119 | 1,001 | 1,191 | |||||||||||||||||||
Change in accumulated interest | (1,249) | (35) | (2,187) | (3,471) | |||||||||||||||||||
Change in fair value(2)
|
(16,794) | (4,429) | (5,875) | (27,098) | |||||||||||||||||||
Fair value as of March 31, 2021 | $ | 2,666,793 | $ | 231,903 | $ | 1,573,908 | $ | 4,472,604 | |||||||||||||||
Fair value as of January 1, 2020 | $ | 3,185,233 | $ | 91,695 | $ | 2,111,030 | $ | 5,387,958 | |||||||||||||||
Origination of loans | 2,134,506 | 346,808 | 901,694 | 3,383,008 | |||||||||||||||||||
Principal payments | (226,378) | (1,400) | (261,776) | (489,554) | |||||||||||||||||||
Sales of loans | (2,256,059) | (313,042) | (777,346) | (3,346,447) | |||||||||||||||||||
Deconsolidation of securitizations | — | — | (260,740) | (260,740) | |||||||||||||||||||
Purchases(1)
|
33,367 | — | 1,835 | 35,202 | |||||||||||||||||||
Change in accumulated interest | 134 | 16 | (3,397) | (3,247) | |||||||||||||||||||
Change in fair value(2)
|
(15,060) | 1,891 | (19,808) | (32,977) | |||||||||||||||||||
Fair value as of March 31, 2020 | $ | 2,855,743 | $ | 125,968 | $ | 1,691,492 | $ | 4,673,203 |
|
March 31, | December 31, | |||||||||||||||||||||
|
2021 | 2020 | |||||||||||||||||||||
Assets: |
|
||||||||||||||||||||||
Restricted cash and restricted cash equivalents | $ | 86,815 | $ | 76,973 | |||||||||||||||||||
Loans | 1,254,760 | 1,468,170 | |||||||||||||||||||||
Total assets | $ | 1,341,575 | $ | 1,545,143 | |||||||||||||||||||
Liabilities: | |||||||||||||||||||||||
Accounts payable, accruals and other liabilities | $ | 614 | $ | 759 | |||||||||||||||||||
Debt(1)
|
1,059,443 | 1,248,822 | |||||||||||||||||||||
Residual interests classified as debt | 114,882 | 118,298 | |||||||||||||||||||||
Total liabilities | $ | 1,174,939 | $ | 1,367,879 |
|
March 31, | December 31, | |||||||||||||||||||||
|
2021 | 2020 | |||||||||||||||||||||
Personal loans
|
$ | 60,412 | $ | 71,115 | |||||||||||||||||||
Student loans
|
401,697 | 425,820 | |||||||||||||||||||||
Securitization investments
|
$ | 462,109 | $ | 496,935 |
Three Months Ended March 31, | |||||||||||||||||||||||||||||
2021 | 2020 | ||||||||||||||||||||||||||||
Student loans | |||||||||||||||||||||||||||||
Fair value of consideration received: | |||||||||||||||||||||||||||||
Cash | $ | 500,041 | $ | 1,990,657 | |||||||||||||||||||||||||
Securitization investments | 26,381 | 105,382 | |||||||||||||||||||||||||||
Servicing assets recognized | 28,731 | 15,652 | |||||||||||||||||||||||||||
Total consideration | 555,153 | 2,111,691 | |||||||||||||||||||||||||||
Aggregate unpaid principal balance and accrued interest of loans sold | 526,126 | 2,043,265 | |||||||||||||||||||||||||||
Gain from loan sales | $ | 29,027 | $ | 68,426 | |||||||||||||||||||||||||
Personal loans | |||||||||||||||||||||||||||||
Fair value of consideration received: | |||||||||||||||||||||||||||||
Cash | $ | — | $ | 307,819 | |||||||||||||||||||||||||
Securitization investments | — | 20,961 | |||||||||||||||||||||||||||
Deconsolidation of debt(1)
|
— | 272,680 | |||||||||||||||||||||||||||
Servicing assets recognized | — | 1,644 | |||||||||||||||||||||||||||
Total consideration | — | 603,104 | |||||||||||||||||||||||||||
Aggregate unpaid principal balance and accrued interest of loans sold | — | 561,223 | |||||||||||||||||||||||||||
Gain from loan sales(1)
|
$ | — | $ | 41,881 |
|
Three Months Ended March 31, | ||||||||||||||||||||||||||||
|
2021 | 2020 | |||||||||||||||||||||||||||
Student loans
|
|||||||||||||||||||||||||||||
Fair value of consideration received:
|
|||||||||||||||||||||||||||||
Cash | $ | 422,341 | $ | 225,523 | |||||||||||||||||||||||||
Servicing assets recognized | 4,858 | 2,233 | |||||||||||||||||||||||||||
Repurchase liabilities recognized | (79) | (42) | |||||||||||||||||||||||||||
Total consideration | 427,120 | 227,714 | |||||||||||||||||||||||||||
Aggregate unpaid principal balance and accrued interest of loans sold
|
413,090 | 218,594 | |||||||||||||||||||||||||||
Gain from loan sales
|
$ | 14,030 | $ | 9,120 | |||||||||||||||||||||||||
Home loans
|
|||||||||||||||||||||||||||||
Fair value of consideration received:
|
|||||||||||||||||||||||||||||
Cash | $ | 696,197 | $ | 319,202 | |||||||||||||||||||||||||
Servicing assets recognized | 6,539 | 3,107 | |||||||||||||||||||||||||||
Repurchase liabilities recognized | (939) | (382) | |||||||||||||||||||||||||||
Total consideration
|
701,797 | 321,927 | |||||||||||||||||||||||||||
Aggregate unpaid principal balance and accrued interest of loans sold
|
677,569 | 313,013 | |||||||||||||||||||||||||||
Gain from loan sales
|
$ | 24,228 | $ | 8,914 | |||||||||||||||||||||||||
Personal loans
|
|||||||||||||||||||||||||||||
Fair value of consideration received:
|
|||||||||||||||||||||||||||||
Cash | $ | 811,252 | $ | 499,095 | |||||||||||||||||||||||||
Servicing assets recognized | 6,003 | 4,096 | |||||||||||||||||||||||||||
Repurchase liabilities recognized | (2,084) | (1,198) | |||||||||||||||||||||||||||
Total consideration received
|
815,171 | 501,993 | |||||||||||||||||||||||||||
Aggregate unpaid principal balance and accrued interest of loans sold
|
782,529 | 481,328 | |||||||||||||||||||||||||||
Gain from loan sales
|
$ | 32,642 | $ | 20,665 |
|
Student Loans
|
Home Loans
|
Personal Loans
|
Total
|
|||||||||||||||||||
March 31, 2021 | |||||||||||||||||||||||
Loans in repayment
|
$ | 11,428,130 | $ | 3,075,495 | $ | 4,751,597 | $ | 19,255,222 | |||||||||||||||
Loans in-school/grace/deferment
|
23,375 | — | — | 23,375 | |||||||||||||||||||
Loans in forbearance
|
221,693 | 32,756 | 19,138 | 273,587 | |||||||||||||||||||
Loans in delinquency
|
67,532 | 2,679 | 90,374 | 160,585 | |||||||||||||||||||
Total loans serviced
|
$ | 11,740,730 | $ | 3,110,930 | $ | 4,861,109 | $ | 19,712,769 | |||||||||||||||
Servicing fees collected
|
$ | 9,025 | $ | 1,613 | $ | 9,490 | $ | 20,128 | |||||||||||||||
Charge-offs, net of recoveries
|
3,053 | — | 37,817 | 40,870 | |||||||||||||||||||
December 31, 2020 |
|
|
|
|
|||||||||||||||||||
Loans in repayment
|
$ | 12,059,702 | $ | 2,629,015 | $ | 4,796,404 | $ | 19,485,121 | |||||||||||||||
Loans in-school/grace/deferment
|
26,158 | — | — | 26,158 | |||||||||||||||||||
Loans in forbearance
|
275,659 | 46,357 | 35,677 | 357,693 | |||||||||||||||||||
Loans in delinquency
|
91,424 | 8,493 | 110,640 | 210,557 | |||||||||||||||||||
Total loans serviced
|
$ | 12,452,943 | $ | 2,683,865 | $ | 4,942,721 | $ | 20,079,529 | |||||||||||||||
Servicing fees collected
|
$ | 50,794 | $ | 4,499 | $ | 45,574 | $ | 100,867 | |||||||||||||||
Charge-offs, net of recoveries
|
16,999 | — | 197,927 | 214,926 | |||||||||||||||||||
|
Three Months Ended
March 31, 2021 |
||||
Beginning balance
|
$ | 562 | |||
Provision for expected losses
|
1,222 | ||||
Write-offs charged against the allowance
|
(778) | ||||
Recoveries collected
|
(87) | ||||
Ending balance
|
$ | 919 |
|
|
March 31, 2021 | December 31, 2020 | ||||||||||||||||||||||||||||||||||||||
|
Level
|
Carrying
Value |
Fair Value |
Carrying
Value
|
Fair Value
|
||||||||||||||||||||||||||||||||||||
Assets
|
|
|
|
||||||||||||||||||||||||||||||||||||||
Cash and cash equivalents(1)
|
1 | $ | 351,283 | $ | 351,283 | $ | 872,582 | $ | 872,582 | ||||||||||||||||||||||||||||||||
Restricted cash and restricted cash equivalents(1)
|
1 | 347,284 | 347,284 | 450,846 | 450,846 | ||||||||||||||||||||||||||||||||||||
Student loans(2)
|
3 | 2,666,793 | 2,666,793 | 2,866,459 | 2,866,459 | ||||||||||||||||||||||||||||||||||||
Home loans(2)
|
3 | 231,903 | 231,903 | 179,689 | 179,689 | ||||||||||||||||||||||||||||||||||||
Personal loans(2)
|
3 | 1,573,908 | 1,573,908 | 1,812,920 | 1,812,920 | ||||||||||||||||||||||||||||||||||||
Credit card loans(1)
|
3 | 14,224 | 14,224 | 3,723 | 3,723 | ||||||||||||||||||||||||||||||||||||
Commercial loan(1)
|
3 | — | — | 16,512 | 16,512 | ||||||||||||||||||||||||||||||||||||
Servicing rights(2)
|
3 | 161,240 | 161,240 | 149,597 | 149,597 | ||||||||||||||||||||||||||||||||||||
Asset-backed bonds(2)(7)
|
2 | 311,148 | 311,148 | 357,411 | 357,411 | ||||||||||||||||||||||||||||||||||||
Residual investments(2)(7)
|
3 | 150,961 | 150,961 | 139,524 | 139,524 | ||||||||||||||||||||||||||||||||||||
Non-securitization investments – ETFs(2)(9)
|
1 | 5,194 | 5,194 | 6,850 | 6,850 | ||||||||||||||||||||||||||||||||||||
Non-securitization investments – other(3)
|
3 | 1,147 | 1,147 | 1,147 | 1,147 | ||||||||||||||||||||||||||||||||||||
Derivative assets(2)(4)
|
1 | 2,248 | 2,248 | — | — | ||||||||||||||||||||||||||||||||||||
Interest rate lock commitments(2)(5)
|
3 | 7,118 | 7,118 | 15,620 | 15,620 | ||||||||||||||||||||||||||||||||||||
Interest rate swaps(2)(4)(6)
|
2 | 5,257 | 5,257 | — | — | ||||||||||||||||||||||||||||||||||||
Total assets
|
$ | 5,829,708 | $ | 5,829,708 | $ | 6,872,880 | $ | 6,872,880 | |||||||||||||||||||||||||||||||||
Liabilities
|
|||||||||||||||||||||||||||||||||||||||||
Debt(1)
|
2 | $ | 3,827,424 | $ | 3,874,826 | $ | 4,798,925 | $ | 4,851,658 | ||||||||||||||||||||||||||||||||
Residual interests classified as debt(2)
|
3 | 114,882 | 114,882 | 118,298 | 118,298 | ||||||||||||||||||||||||||||||||||||
Warrant liabilities(2)(8)
|
3 | 129,879 | 129,879 | 39,959 | 39,959 | ||||||||||||||||||||||||||||||||||||
Derivative liabilities(2)(4)
|
1 | — | — | 2,008 | 2,008 | ||||||||||||||||||||||||||||||||||||
Interest rate swaps(2)(4)(6)
|
2 | — | — | 947 | 947 | ||||||||||||||||||||||||||||||||||||
ETF short positions(2)(9)
|
1 | 3,667 | 3,667 | 5,241 | 5,241 | ||||||||||||||||||||||||||||||||||||
Total liabilities
|
$ | 4,075,852 | $ | 4,123,254 | $ | 4,965,378 | $ | 5,018,111 |
|
March 31, 2021 | December 31, 2020 | |||||||||||||||||||||||||||||||||
|
Range | Weighted Average |
Range
|
Weighted Average
|
|||||||||||||||||||||||||||||||
Student loans | |||||||||||||||||||||||||||||||||||
Conditional prepayment rate |
17.3% – 27.8%
|
19.7% |
15.8% – 33.3%
|
18.4% | |||||||||||||||||||||||||||||||
Annual default rate |
0.2% – 3.5%
|
0.4% |
0.2% – 4.9%
|
0.4% | |||||||||||||||||||||||||||||||
Discount rate |
1.5% – 7.1%
|
3.3% |
1.1% – 7.1%
|
3.3% | |||||||||||||||||||||||||||||||
Home loans | |||||||||||||||||||||||||||||||||||
Conditional prepayment rate |
3.8% – 11.6%
|
9.8% |
4.4% – 17.6%
|
14.9% | |||||||||||||||||||||||||||||||
Annual default rate |
0.1% – 4.2%
|
0.1% |
0.1% – 4.9%
|
0.1% | |||||||||||||||||||||||||||||||
Discount rate |
2.2% – 12.0%
|
2.4% |
1.3% – 10.0%
|
1.6% | |||||||||||||||||||||||||||||||
Personal loans | |||||||||||||||||||||||||||||||||||
Conditional prepayment rate |
15.9% – 31.6%
|
21.3% |
14.5% – 23.2%
|
18.1% | |||||||||||||||||||||||||||||||
Annual default rate |
3.3% – 36.1%
|
4.1% |
3.3% – 33.8%
|
4.2% | |||||||||||||||||||||||||||||||
Discount rate |
4.6% – 9.5%
|
5.5% |
5.0% – 10.7%
|
6.0% |
|
March 31, 2021 | December 31, 2020 | |||||||||||||||||||||||||||||||||
|
Range | Weighted Average |
Range
|
Weighted Average
|
|||||||||||||||||||||||||||||||
Student loans | |||||||||||||||||||||||||||||||||||
Market servicing costs |
0.1% – 0.2%
|
0.1% |
0.1% – 0.2%
|
0.1% | |||||||||||||||||||||||||||||||
Conditional prepayment rate |
13.6% – 26.4%
|
21.0% |
13.8% – 24.7%
|
18.7% | |||||||||||||||||||||||||||||||
Annual default rate |
0.2% – 4.7%
|
0.4% |
0.2% – 4.8%
|
0.4% | |||||||||||||||||||||||||||||||
Discount rate |
7.3% – 7.3%
|
7.3% |
7.3% – 7.3%
|
7.3% | |||||||||||||||||||||||||||||||
Home loans | |||||||||||||||||||||||||||||||||||
Market servicing costs |
0.1% – 0.1%
|
0.1% |
0.1% – 0.1%
|
0.1% | |||||||||||||||||||||||||||||||
Conditional prepayment rate |
8.6% – 17.5%
|
11.1% |
13.9% – 20.3%
|
16.5% | |||||||||||||||||||||||||||||||
Annual default rate |
0.1% – 0.6%
|
0.1% |
0.1% – 0.1%
|
0.1% | |||||||||||||||||||||||||||||||
Discount rate |
9.5% – 9.5%
|
9.5% |
10.0% – 10.0%
|
10.0% | |||||||||||||||||||||||||||||||
Personal loans | |||||||||||||||||||||||||||||||||||
Market servicing costs |
0.2% – 0.8%
|
0.3% |
0.2% – 0.7%
|
0.3% | |||||||||||||||||||||||||||||||
Conditional prepayment rate |
20.2% – 34.6%
|
24.9% |
16.2% – 26.1%
|
19.1% | |||||||||||||||||||||||||||||||
Annual default rate |
3.1% – 7.7%
|
5.3% |
3.1% – 7.5%
|
5.5% | |||||||||||||||||||||||||||||||
Discount rate |
7.3% – 7.3%
|
7.3% |
7.3% – 7.3%
|
7.3% |
|
March 31, 2021 | December 31, 2020 | |||||||||||||||||||||
Market servicing costs
|
|
||||||||||||||||||||||
2.5 basis points increase
|
$ | (10,096) | $ | (10,472) | |||||||||||||||||||
5.0 basis points increase
|
(20,192) | (20,944) | |||||||||||||||||||||
Conditional prepayment rate
|
|||||||||||||||||||||||
10% increase
|
$ | (6,624) | $ | (5,430) | |||||||||||||||||||
20% increase
|
(13,232) | (10,230) | |||||||||||||||||||||
Annual default rate
|
|||||||||||||||||||||||
10% increase
|
$ | (230) | $ | (336) | |||||||||||||||||||
20% increase
|
(452) | (681) | |||||||||||||||||||||
Discount rate
|
|||||||||||||||||||||||
100 basis points increase
|
$ | (3,480) | $ | (2,986) | |||||||||||||||||||
200 basis points increase
|
(6,772) | (5,820) |
|
Student Loans
|
Home Loans
|
Personal Loans
|
Total
|
|||||||||||||||||||
Fair value as of January 1, 2021 | $ | 100,637 | $ | 23,914 | $ | 25,046 | $ | 149,597 | |||||||||||||||
Recognition of servicing from transfers of financial assets | 33,589 | 6,539 | 6,003 | 46,131 | |||||||||||||||||||
Change in valuation inputs or other assumptions | (15,728) | 3,329 | 290 | (12,109) | |||||||||||||||||||
Realization of expected cash flows and other changes
|
(12,160) | (1,744) | (8,475) | (22,379) | |||||||||||||||||||
Fair value as of March 31, 2021 | $ | 106,338 | $ | 32,038 | $ | 22,864 | $ | 161,240 | |||||||||||||||
Fair value as of January 1, 2020 | $ | 138,582 | $ | 13,181 | $ | 49,855 | $ | 201,618 | |||||||||||||||
Recognition of servicing from transfers of financial assets
|
17,885 | 3,107 | 5,740 | 26,732 | |||||||||||||||||||
Derecognition of servicing via loan purchases
|
(221) | — | — | (221) | |||||||||||||||||||
Change in valuation inputs or other assumptions
|
4,581 | (957) | 3,435 | 7,059 | |||||||||||||||||||
Realization of expected cash flows and other changes
|
(13,037) | (891) | (11,341) | (25,269) | |||||||||||||||||||
Fair value as of March 31, 2020 | $ | 147,790 | $ | 14,440 | $ | 47,689 | $ | 209,919 |
March 31, 2021 | December 31, 2020 | ||||||||||||||||||||||
Discount rate (range) |
0.7% – 3.6%
|
0.8% – 4.0%
|
|||||||||||||||||||||
Conditional prepayment rate (range) |
18.8% – 28.2%
|
18.8% – 21.9%
|
|
March 31, 2021 | December 31, 2020 | |||||||||||||||||||||||||||||||||
|
Range | Weighted Average |
Range
|
Weighted Average
|
|||||||||||||||||||||||||||||||
Residual investments | |||||||||||||||||||||||||||||||||||
Conditional prepayment rate |
19.3% – 30.6%
|
22.9% |
18.8% – 22.3%
|
20.2% | |||||||||||||||||||||||||||||||
Annual default rate |
0.3% – 6.2%
|
0.6% |
0.3% – 6.2%
|
0.7% | |||||||||||||||||||||||||||||||
Discount rate |
2.6% – 15.0%
|
4.9% |
3.0% – 18.5%
|
6.2% | |||||||||||||||||||||||||||||||
Residual interests classified as debt | |||||||||||||||||||||||||||||||||||
Conditional prepayment rate |
18.7% – 33.7%
|
26.3% |
19.5% – 24.8%
|
21.4% | |||||||||||||||||||||||||||||||
Annual default rate |
0.4% – 6.3%
|
3.2% |
0.4% – 6.4%
|
3.1% | |||||||||||||||||||||||||||||||
Discount rate |
7.3% – 15.0%
|
9.1% |
8.5% – 18.0%
|
10.8% |
|
Residual Investments
|
Residual Interests Classified as Debt
|
|||||||||
Fair value as of January 1, 2021 | $ | 139,524 | $ | 118,298 | |||||||
Additions | 26,381 | — | |||||||||
Change in valuation inputs or other assumptions | 3,497 | 7,951 | |||||||||
Payments | (18,441) | (11,367) | |||||||||
Fair value as of March 31, 2021 | $ | 150,961 | $ | 114,882 | |||||||
Fair value as of January 1, 2020 | $ | 262,880 | $ | 271,778 | |||||||
Additions | 9,408 | — | |||||||||
Change in valuation inputs or other assumptions | (1,074) | 14,936 | |||||||||
Payments | (22,523) | (28,579) | |||||||||
Derecognition upon achieving true sale accounting treatment | — | (72,026) | |||||||||
Fair value as of March 31, 2020 | $ | 248,691 | $ | 186,109 |
|
Three Months Ended March 31, | ||||||||||||||||||||||||||||
|
2021 | 2020 | |||||||||||||||||||||||||||
Loans
|
$ | 108,105 | $ | 157,401 | |||||||||||||||||||||||||
Residual investments
|
6,160 | 17,675 |
|
March 31, 2021 | December 31, 2020 | |||||||||||||||||||||||||||||||||
IRLCs
|
Range | Weighted Average |
Range
|
Weighted Average
|
|||||||||||||||||||||||||||||||
Loan funding probability |
64.1% – 64.1%
|
64.1% |
54.5% – 54.5%
|
54.5% |
IRLCs | |||||
Fair value as of January 1, 2021 | $ | 15,620 | |||
Revaluation adjustments | 7,118 | ||||
Funded loans(1)
|
(10,210) | ||||
Unfunded loans(1)
|
(5,410) | ||||
Fair value as of March 31, 2021 | $ | 7,118 | |||
Fair value as of January 1, 2020 | $ | 1,090 | |||
Revaluation adjustments | 11,831 | ||||
Funded loans(1)
|
(572) | ||||
Unfunded loans(1)
|
(518) | ||||
Fair value as of March 31, 2020 | $ | 11,831 |
|
|
|
|
Outstanding as of
|
|||||||||||||||||||||||||||||||||||||||||||||||||
Borrowing Description
|
Collateral Balances(1)
|
Interest Rate(7)
|
Termination/
Maturity(2)
|
Total Capacity
|
March 31, 2021(3)
|
December 31, 2020
|
|||||||||||||||||||||||||||||||||||||||||||||||
Student Loan Warehouse Facilities
|
|
|
|
|
|
||||||||||||||||||||||||||||||||||||||||||||||||
SoFi Funding I
|
$ | 216,858 |
1 ML + 125 bps
|
April 2022 | $ | 200,000 | $ | 192,804 | $ | 374,575 | |||||||||||||||||||||||||||||||||||||||||||
SoFi Funding III | 37,655 |
PR – 134 bps(8)
|
September 2024 | 75,000 | 33,489 | 30,170 | |||||||||||||||||||||||||||||||||||||||||||||||
SoFi Funding V
|
241,614 |
1 ML + 135 bps
|
May 2023 | 350,000 | 220,550 | — | |||||||||||||||||||||||||||||||||||||||||||||||
SoFi Funding VI
|
288,394 |
3 ML + 150 bps
|
March 2023 | 600,000 | 266,452 | 432,437 | |||||||||||||||||||||||||||||||||||||||||||||||
SoFi Funding VII
|
272,325 |
1 ML + 125 bps
|
September 2022 | 500,000 | 251,409 | 276,910 | |||||||||||||||||||||||||||||||||||||||||||||||
SoFi Funding VIII
|
189,776 |
1 ML + 115 bps
|
June 2021 | 300,000 | 175,112 | 221,342 | |||||||||||||||||||||||||||||||||||||||||||||||
SoFi Funding IX(9)
|
6,909 |
3 ML+ 350 bps and CP + 143 bps
|
July 2023 | 500,000 | 6,344 | 70,780 | |||||||||||||||||||||||||||||||||||||||||||||||
SoFi Funding X(10)
|
52,043 |
CP + 200 bps
|
August 2023 | 100,000 | 45,193 | 44,136 | |||||||||||||||||||||||||||||||||||||||||||||||
SoFi Funding XI(11)
|
153,042 |
CP + 115 bps
|
November 2023 | 500,000 | 138,126 | 87,404 | |||||||||||||||||||||||||||||||||||||||||||||||
Total, before unamortized debt issuance costs
|
$ | 1,458,616 | $ | 3,125,000 | $ | 1,329,479 | $ | 1,537,754 | |||||||||||||||||||||||||||||||||||||||||||||
Unamortized debt issuance costs
|
$ | (6,602) | $ | (7,940) | |||||||||||||||||||||||||||||||||||||||||||||||||
Personal Loan Warehouse Facilities
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||
SoFi Funding PL I(12)
|
$ | 108,598 |
CP + 137.5 bps
|
September 2023 | $ | 250,000 | $ | 90,954 | $ | — | |||||||||||||||||||||||||||||||||||||||||||
SoFi Funding PL II
|
2,269 |
3 ML + 225 bps
|
July 2023 | 400,000 | 2,199 | 137,420 | |||||||||||||||||||||||||||||||||||||||||||||||
SoFi Funding PL III
|
64,724 |
1 ML + 175 bps
|
May 2023 | 250,000 | 55,684 | 2,793 | |||||||||||||||||||||||||||||||||||||||||||||||
SoFi Funding PL IV(13)
|
12,464 |
CP + 170 bps
|
November 2023 | 500,000 | 11,517 | 132,416 | |||||||||||||||||||||||||||||||||||||||||||||||
SoFi Funding PL VI(14)
|
16,693 |
CP + 170 bps
|
September 2024 | 50,000 | 14,734 | 107,595 | |||||||||||||||||||||||||||||||||||||||||||||||
SoFi Funding PL VII
|
— |
1 ML + 250 bps
|
June 2021 | 250,000 | — | 15,610 | |||||||||||||||||||||||||||||||||||||||||||||||
SoFi Funding PL X
|
182,003 |
1 ML + 142.5 bps
|
February 2023 | 200,000 | 151,856 | 3,004 | |||||||||||||||||||||||||||||||||||||||||||||||
SoFi Funding PL XI
|
111,966 |
1 ML + 170 bps
|
January 2022 | 200,000 | 95,644 | 112,478 | |||||||||||||||||||||||||||||||||||||||||||||||
SoFi Funding PL XII
|
4,915 |
1 ML + (225-315 bps)
|
March 2029 | 250,000 | 4,683 | 127,724 | |||||||||||||||||||||||||||||||||||||||||||||||
SoFi Funding PL XIII
|
159,057 |
1 ML + 175 bps
|
January 2030 | 300,000 | 138,822 | 219,362 | |||||||||||||||||||||||||||||||||||||||||||||||
Total, before unamortized debt issuance costs
|
$ | 662,689 | $ | 2,650,000 | $ | 566,093 | $ | 858,402 | |||||||||||||||||||||||||||||||||||||||||||||
Unamortized debt issuance costs
|
$ | (6,257) | $ | (6,692) | |||||||||||||||||||||||||||||||||||||||||||||||||
Home Loan Warehouse Facilities
|
|
|
|
|
|
||||||||||||||||||||||||||||||||||||||||||||||||
Mortgage Warehouse V
|
$ | — |
1 ML + 325 bps
|
June 2021 | $ | 150,000 | $ | — | $ | — | |||||||||||||||||||||||||||||||||||||||||||
Total, before unamortized debt issuance costs
|
$ | — | $ | 150,000 | $ | — | $ | — | |||||||||||||||||||||||||||||||||||||||||||||
Unamortized debt issuance costs
|
$ | — | $ | — | |||||||||||||||||||||||||||||||||||||||||||||||||
Risk Retention Warehouse Facilities(4)
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||
SoFi RR Funding I
|
$ | — |
1 ML + 200 bps
|
June 2022 | $ | 250,000 | $ | — | $ | 54,304 | |||||||||||||||||||||||||||||||||||||||||||
SoFi RR Repo
|
115,880 |
3 ML + 185 bps
|
June 2023 | 192,141 | 62,335 | 75,863 | |||||||||||||||||||||||||||||||||||||||||||||||
SoFi EU RR Repo
|
— |
3 ML + 425 bps
|
June 2021 | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||
SoFi C RR Repo
|
40,970 |
3 ML + (180-185 bps)
|
December 2021 | 35,613 | 42,757 | ||||||||||||||||||||||||||||||||||||||||||||||||
SoFi RR Funding II
|
156,826 |
1 ML + 125 bps
|
November 2024 | 140,524 | 160,199 | ||||||||||||||||||||||||||||||||||||||||||||||||
SoFi RR Funding III | 60,316 |
1 ML + 375 bps
|
November 2024 | 53,781 | 60,786 | ||||||||||||||||||||||||||||||||||||||||||||||||
SoFi RR Funding IV | 63,472 |
3 ML + 250 bps
|
October 2026 | 100,000 | 54,713 | 37,334 | |||||||||||||||||||||||||||||||||||||||||||||||
SoFi RR Funding V | 71,002 |
298 bps
|
December 2025 | 51,547 | — | ||||||||||||||||||||||||||||||||||||||||||||||||
Total, before unamortized debt issuance costs
|
$ | 508,466 | $ | 398,513 | $ | 431,243 | |||||||||||||||||||||||||||||||||||||||||||||||
Unamortized debt issuance costs
|
$ | (2,114) | $ | (2,052) | |||||||||||||||||||||||||||||||||||||||||||||||||
|
|
|
|
Outstanding as of
|
|||||||||||||||||||||||||||||||||||||||||||||||||
Borrowing Description
|
Collateral Balances(1)
|
Interest Rate(7)
|
Termination/
Maturity(2)
|
Total Capacity
|
March 31, 2021(3)
|
December 31, 2020
|
|||||||||||||||||||||||||||||||||||||||||||||||
Revolving Credit Facility(5)
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||
SoFi Corporate Revolver | n/a |
1 ML + 100 bps(15)
|
September 2023 | $ | 560,000 | $ | 486,000 | $ | 486,000 | ||||||||||||||||||||||||||||||||||||||||||||
Total, before unamortized debt issuance costs
|
$ | 560,000 | $ | 486,000 | $ | 486,000 | |||||||||||||||||||||||||||||||||||||||||||||||
Unamortized debt issuance costs
|
$ | (896) | $ | (987) | |||||||||||||||||||||||||||||||||||||||||||||||||
Seller note(6)
|
n/a |
1000 bps
|
February 2021 | $ | — | $ | 250,000 | ||||||||||||||||||||||||||||||||||||||||||||||
Total
|
$ | — | $ | 250,000 | |||||||||||||||||||||||||||||||||||||||||||||||||
Other financing – various notes(6)
|
n/a |
331 – 557 bps
|
April 2021 – January 2023 | $ | 3,765 | $ | 4,375 | ||||||||||||||||||||||||||||||||||||||||||||||
Total
|
$ | 3,765 | $ | 4,375 | |||||||||||||||||||||||||||||||||||||||||||||||||
Student Loan Securitizations
|
|
|
|
|
|
||||||||||||||||||||||||||||||||||||||||||||||||
SoFi PLP 2016-B LLC
|
$ | 66,970 |
1 ML + (120-380 bps)
|
April 2037 | $ | 60,670 | $ | 69,448 | |||||||||||||||||||||||||||||||||||||||||||||
SoFi PLP 2016-C LLC
|
78,820 |
1 ML + (110-335 bps)
|
May 2037 | 71,382 | 81,115 | ||||||||||||||||||||||||||||||||||||||||||||||||
SoFi PLP 2016-D LLC
|
94,883 |
1 ML + (95-323 bps)
|
January 2039 | 86,060 | 93,942 | ||||||||||||||||||||||||||||||||||||||||||||||||
SoFi PLP 2016-E LLC
|
113,104 |
1 ML + (85-443 bps)
|
October 2041 | 104,315 | 117,800 | ||||||||||||||||||||||||||||||||||||||||||||||||
SoFi PLP 2017-A LLC
|
140,444 |
1 ML + (70-443 bps)
|
March 2040 | 129,483 | 146,064 | ||||||||||||||||||||||||||||||||||||||||||||||||
SoFi PLP 2017-B LLC
|
122,595 |
183 – 444 bps
|
May 2040 | 114,124 | 129,873 | ||||||||||||||||||||||||||||||||||||||||||||||||
SoFi PLP 2017-C LLC
|
155,865 |
1 ML + (60-421 bps)
|
July 2040 | 144,038 | 161,897 | ||||||||||||||||||||||||||||||||||||||||||||||||
Total, before unamortized debt issuance costs and discount
|
$ | 772,681 | $ | 710,072 | $ | 800,139 | |||||||||||||||||||||||||||||||||||||||||||||||
Unamortized debt issuance costs
|
$ | (5,376) | $ | (5,958) | |||||||||||||||||||||||||||||||||||||||||||||||||
Unamortized discount
|
(1,499) | (1,654) | |||||||||||||||||||||||||||||||||||||||||||||||||||
Personal Loan Securitizations
|
|
|
|
|
|
||||||||||||||||||||||||||||||||||||||||||||||||
SoFi CLP 2016-1 LLC
|
$ | 38,807 |
326 bps
|
August 2025 | $ | 25,273 | $ | 36,546 | |||||||||||||||||||||||||||||||||||||||||||||
SoFi CLP 2016-2 LLC
|
38,052 |
309 – 477 bps
|
October 2025 | 26,060 | 37,973 | ||||||||||||||||||||||||||||||||||||||||||||||||
SoFi CLP 2016-3 LLC
|
55,606 |
305 – 449 bps
|
December 2025 | 15,839 | 30,780 | ||||||||||||||||||||||||||||||||||||||||||||||||
SoFi CLP 2018-3 LLC
|
156,036 |
320 – 467 bps
|
August 2027 | 136,484 | 163,784 | ||||||||||||||||||||||||||||||||||||||||||||||||
SoFi CLP 2018-4 LLC
|
177,428 |
354 – 476 bps
|
November 2027 | 154,623 | 184,831 | ||||||||||||||||||||||||||||||||||||||||||||||||
SoFi CLP 2018-3 Repack LLC
|
— |
200 bps
|
March 2021 | — | 2,457 | ||||||||||||||||||||||||||||||||||||||||||||||||
SoFi CLP 2018-4 Repack LLC
|
8,812 |
200 bps
|
December 2027 | 2,082 | 5,853 | ||||||||||||||||||||||||||||||||||||||||||||||||
Total, before unamortized debt issuance costs and discount
|
$ | 474,741 | $ | 360,361 | $ | 462,224 | |||||||||||||||||||||||||||||||||||||||||||||||
Unamortized debt issuance costs
|
$ | (2,565) | $ | (3,057) | |||||||||||||||||||||||||||||||||||||||||||||||||
Unamortized discount
|
(1,550) | (2,872) | |||||||||||||||||||||||||||||||||||||||||||||||||||
Total, before unamortized debt issuance costs and discounts
|
$ | 3,854,283 | $ | 4,830,137 | |||||||||||||||||||||||||||||||||||||||||||||||||
Less: unamortized debt issuance costs and discounts
|
(26,859) | (31,212) | |||||||||||||||||||||||||||||||||||||||||||||||||||
Total reported debt
|
$ | 3,827,424 | $ | 4,798,925 |
|
|
March 31, 2021 | December 31, 2020 | |||||||||||||||||||||||||||||||||||||||||
Series Name
|
Original Issuance Price
|
Number of Shares Authorized | Number of Shares Outstanding |
Number of Shares Authorized
|
Number of Shares Outstanding
|
|||||||||||||||||||||||||||||||||||||||
Series 1
|
$ | 100.00 | 4,500,000 | 3,234,000 | 4,500,000 | 3,234,000 | ||||||||||||||||||||||||||||||||||||||
Series A
|
0.20 | 19,687,500 | 19,687,500 | 19,687,500 | 19,687,500 | |||||||||||||||||||||||||||||||||||||||
Series B
|
2.20 | 37,252,051 | 26,693,795 | 37,252,051 | 26,693,795 | |||||||||||||||||||||||||||||||||||||||
Series C |
2.20 – 3.05
|
2,209,991 | 2,038,643 | 2,209,991 | 2,038,643 | |||||||||||||||||||||||||||||||||||||||
Series D
|
3.45 | 23,411,503 | 22,369,041 | 23,411,503 | 22,369,041 | |||||||||||||||||||||||||||||||||||||||
Series E
|
9.46 | 24,483,290 | 24,262,476 | 24,483,290 | 24,262,476 | |||||||||||||||||||||||||||||||||||||||
Series F
|
15.78 | 63,386,220 | 60,110,165 | 63,386,220 | 60,110,165 | |||||||||||||||||||||||||||||||||||||||
Series G
|
17.18 | 29,096,495 | 29,096,489 | 29,096,495 | 29,096,489 | |||||||||||||||||||||||||||||||||||||||
Series H
|
15.44 | 50,815,616 | 16,224,534 | 50,815,616 | 16,224,534 | |||||||||||||||||||||||||||||||||||||||
Series H-1
|
15.44 | 57,000,000 | 52,743,298 | 57,000,000 | 52,743,298 | |||||||||||||||||||||||||||||||||||||||
Total
|
311,842,666 | 256,459,941 | 311,842,666 | 256,459,941 |
|
March 31, | December 31, | ||||||||||||||||||||||||
Series Name(1)
|
2021 | 2020 | ||||||||||||||||||||||||
Series A | $ | 0.02 | $ | 0.02 | ||||||||||||||||||||||
Series B | 0.18 | 0.18 | ||||||||||||||||||||||||
Series D | 0.28 | 0.28 | ||||||||||||||||||||||||
Series E | 0.76 | 0.76 | ||||||||||||||||||||||||
Series F | 1.26 | 1.26 | ||||||||||||||||||||||||
Series G | 1.37 | 1.37 | ||||||||||||||||||||||||
Series H | 1.23 | 1.23 | ||||||||||||||||||||||||
Series H-1 | 1.23 | 1.23 |
|
March 31, | December 31, | ||||||||||||||||||||||||
Series Name
|
2021 | 2020 | ||||||||||||||||||||||||
Series A
|
$ | 0.20 | $ | 0.20 | ||||||||||||||||||||||
Series B
|
2.20 | 2.20 | ||||||||||||||||||||||||
Series C
|
1.00 | 1.00 | ||||||||||||||||||||||||
Series D
|
3.45 | 3.45 | ||||||||||||||||||||||||
Series E
|
9.46 | 9.46 | ||||||||||||||||||||||||
Series F
|
15.75 | 15.75 | ||||||||||||||||||||||||
Series G
|
17.06 | 17.06 | ||||||||||||||||||||||||
Series H
|
15.44 | 15.44 | ||||||||||||||||||||||||
Series H-1
|
15.44 | 15.44 |
|
March 31, | December 31, | ||||||||||||||||||||||||
Series Name
|
2021 | 2020 | ||||||||||||||||||||||||
Series 1
|
$ | 323,400 | $ | 323,400 | ||||||||||||||||||||||
Series A
|
3,938 | 3,938 | ||||||||||||||||||||||||
Series B
|
58,668 | 58,668 | ||||||||||||||||||||||||
Series C
|
4,837 | 4,837 | ||||||||||||||||||||||||
Series D
|
77,240 | 77,240 | ||||||||||||||||||||||||
Series E
|
229,470 | 229,470 | ||||||||||||||||||||||||
Series F
|
948,316 | 948,316 | ||||||||||||||||||||||||
Series G
|
500,000 | 500,000 | ||||||||||||||||||||||||
Series H
|
250,445 | 250,445 | ||||||||||||||||||||||||
Series H-1
|
814,156 | 814,156 | ||||||||||||||||||||||||
Total
|
$ | 3,210,470 | $ | 3,210,470 |
Warrant Liabilities | |||||
Fair value as of January 1, 2021 | $ | 39,959 | |||
Change in valuation inputs or other assumptions(1)
|
89,920 | ||||
Fair value as of March 31, 2021 | $ | 129,879 | |||
Fair value as of January 1, 2020 | $ | 19,434 | |||
Change in valuation inputs or other assumptions(1)
|
2,879 | ||||
Fair value as of March 31, 2020 | $ | 22,313 |
|
March 31, | December 31, | |||||||||||||||||||||
|
2021 | 2020 | |||||||||||||||||||||
Conversion of outstanding redeemable preferred stock
|
253,525,467 | 253,525,467 | |||||||||||||||||||||
Unissued redeemable preferred stock reserved for issued warrants
|
6,983,585 | 6,983,585 | |||||||||||||||||||||
Unissued redeemable preferred stock
|
47,133,140 | 47,133,140 | |||||||||||||||||||||
Outstanding stock options and RSUs
|
43,006,252 | 42,775,741 | |||||||||||||||||||||
Possible future issuance under stock plans
|
16,689,226 | 19,177,343 | |||||||||||||||||||||
Contingent common stock(1)
|
919,085 | 183,985 | |||||||||||||||||||||
Total common stock reserved for future issuance
|
368,256,755 | 369,779,261 |
|
Three Months Ended March 31, | ||||||||||||||||||||||||||||
|
2021 | 2020 | |||||||||||||||||||||||||||
Technology and product development
|
$ | 11,616 | $ | 6,061 | |||||||||||||||||||||||||
Sales and marketing
|
2,445 | 1,121 | |||||||||||||||||||||||||||
Cost of operations
|
1,481 | 1,671 | |||||||||||||||||||||||||||
General and administrative
|
21,912 | 10,832 | |||||||||||||||||||||||||||
Total
|
$ | 37,454 | $ | 19,685 |
|
Number of
Stock Options
|
Weighted Average
Exercise Price
|
Weighted Average
Remaining
Contractual Term
(in years)
|
||||||||||||||
Outstanding as of December 31, 2020 | 17,183,828 | $ | 9.92 | 6.6 | |||||||||||||
Granted(1)
|
— | n/a | |||||||||||||||
Exercised(2)
|
(963,873) | 2.75 | |||||||||||||||
Forfeited
|
(2,523) | 10.79 | |||||||||||||||
Expired
|
(42,912) | 10.37 | |||||||||||||||
Outstanding as of March 31, 2021 | 16,174,520 | $ | 10.35 | 6.4 | |||||||||||||
Exercisable as of March 31, 2021 | 14,113,930 | $ | 11.53 | 6.4 |
|
Number of
RSUs |
Weighted Average Grant Date Fair Value | |||||||||
Outstanding as of December 31, 2020 | 25,591,913 | $ | 13.06 | ||||||||
Granted
|
3,887,639 | 35.81 | |||||||||
Vested(1)
|
(2,096,875) | 12.12 | |||||||||
Forfeited
|
(550,945) | 12.61 | |||||||||
Outstanding as of March 31, 2021
|
26,831,732 | $ | 16.44 |
|
Three Months Ended March 31, | ||||||||||||||||||||||||||||
|
2021 | 2020 | |||||||||||||||||||||||||||
Numerator: | |||||||||||||||||||||||||||||
Net loss | $ | (177,564) | $ | (106,367) | |||||||||||||||||||||||||
Less: redeemable preferred stock dividends
|
(9,968) | (10,106) | |||||||||||||||||||||||||||
Net loss attributable to common stockholders – basic and diluted | $ | (187,532) | $ | (116,473) | |||||||||||||||||||||||||
Denominator: | |||||||||||||||||||||||||||||
Weighted average common stock outstanding – basic | 66,647,192 | 39,815,023 | |||||||||||||||||||||||||||
Weighted average common stock outstanding – diluted | 66,647,192 | 39,815,023 | |||||||||||||||||||||||||||
Loss per share – basic | $ | (2.81) | $ | (2.93) | |||||||||||||||||||||||||
Loss per share – diluted | $ | (2.81) | $ | (2.93) |
|
Three Months Ended March 31, | ||||||||||||||||||||||||||||
|
2021 | 2020 | |||||||||||||||||||||||||||
Redeemable preferred stock exchangeable for common stock(1)
|
253,225,941 | 215,580,230 | |||||||||||||||||||||||||||
Redeemable preferred stock warrants exchangeable for common stock(1)
|
6,983,585 | 6,983,585 | |||||||||||||||||||||||||||
Contingent common stock(1)(2)
|
919,085 | — | |||||||||||||||||||||||||||
Common stock options(1)
|
16,174,520 | 17,400,048 | |||||||||||||||||||||||||||
Unvested RSUs(1)
|
26,831,732 | 18,156,174 |
Three Months Ended March 31, 2021 |
Lending
|
Financial Services
|
Technology
Platform(1)
|
Reportable Segments Total | Other | Total | ||||||||||||||||||||||||||||||||
Net revenue
|
|
|||||||||||||||||||||||||||||||||||||
Net interest income (loss)
|
$ | 51,777 | $ | 229 | $ | (36) | $ | 51,970 | $ | (4,690) | $ | 47,280 | ||||||||||||||||||||||||||
Noninterest income
|
96,200 | 6,234 | 46,101 | 148,535 | 169 | 148,704 | ||||||||||||||||||||||||||||||||
Total net revenue (loss)
|
$ | 147,977 | $ | 6,463 | $ | 46,065 | $ | 200,505 | $ | (4,521) | $ | 195,984 | ||||||||||||||||||||||||||
Servicing rights – change in valuation inputs or assumptions(2)
|
12,109 | — | — | 12,109 | ||||||||||||||||||||||||||||||||||
Residual interests classified as debt – change in valuation inputs or assumptions(3)
|
7,951 | — | — | 7,951 | ||||||||||||||||||||||||||||||||||
Directly attributable expenses
|
(80,351) | (41,982) | (30,380) | (152,713) | ||||||||||||||||||||||||||||||||||
Contribution profit (loss) | $ | 87,686 | $ | (35,519) | $ | 15,685 | $ | 67,852 | ||||||||||||||||||||||||||||||
Three Months Ended March 31, 2020 |
Lending
|
Financial Services
|
Technology
Platform(1)
|
Reportable Segments Total | Other | Total | ||||||||||||||||||||||||||||||||
Net revenue
|
||||||||||||||||||||||||||||||||||||||
Net interest income
|
$ | 45,661 | $ | 215 | $ | — | $ | 45,876 | $ | 1,273 | $ | 47,149 | ||||||||||||||||||||||||||
Noninterest income
|
28,217 | 1,939 | 997 | 31,153 | — | 31,153 | ||||||||||||||||||||||||||||||||
Total net revenue
|
$ | 73,878 | $ | 2,154 | $ | 997 | $ | 77,029 | $ | 1,273 | $ | 78,302 | ||||||||||||||||||||||||||
Servicing rights – change in valuation inputs or assumptions(2)
|
(7,059) | — | — | (7,059) | ||||||||||||||||||||||||||||||||||
Residual interests classified as debt – change in valuation inputs or assumptions(3)
|
14,936 | — | — | 14,936 | ||||||||||||||||||||||||||||||||||
Directly attributable expenses
|
(77,660) | (29,137) | — | (106,797) | ||||||||||||||||||||||||||||||||||
Contribution profit (loss) | $ | 4,095 | $ | (26,983) | $ | 997 | $ | (21,891) |
Three Months Ended March 31, | |||||||||||||||||||||||||||||
2021 | 2020 | ||||||||||||||||||||||||||||
Reportable segments total contribution profit (loss) | $ | 67,852 | $ | (21,891) | |||||||||||||||||||||||||
Other total net revenue (loss) | (4,521) | 1,273 | |||||||||||||||||||||||||||
Servicing rights – change in valuation inputs or assumptions | (12,109) | 7,059 | |||||||||||||||||||||||||||
Residual interests classified as debt – change in valuation inputs or assumptions | (7,951) | (14,936) | |||||||||||||||||||||||||||
Expenses not allocated to segments: | |||||||||||||||||||||||||||||
Share-based compensation expense | (37,454) | (19,685) | |||||||||||||||||||||||||||
Depreciation and amortization expense | (25,977) | (4,715) | |||||||||||||||||||||||||||
Fair value change of warrant liability | (89,920) | (2,879) | |||||||||||||||||||||||||||
Employee-related costs(1)
|
(32,280) | (27,896) | |||||||||||||||||||||||||||
Other corporate and unallocated expenses(2)
|
(34,105) | (22,640) | |||||||||||||||||||||||||||
Loss before income taxes | $ | (176,465) | $ | (106,310) |
/s/ Deloitte & Touche LLP | |||||
San Francisco, California | |||||
March 17, 2021 | |||||
We have served as the Company’s auditor since 2017. |
December 31, | |||||||||||
2020 | 2019 | ||||||||||
Assets | |||||||||||
Cash and cash equivalents | $ | 872,582 | $ | 499,486 | |||||||
Restricted cash and restricted cash equivalents(1)
|
450,846 | 190,720 | |||||||||
Loans(1)(2)
|
4,879,303 | 5,387,958 | |||||||||
Servicing rights | 149,597 | 201,618 | |||||||||
Securitization investments | 496,935 | 653,952 | |||||||||
Equity method investments | 107,534 | 104,049 | |||||||||
Property, equipment and software | 81,489 | 59,553 | |||||||||
Goodwill | 899,270 | 15,673 | |||||||||
Intangible assets | 355,086 | 11,783 | |||||||||
Operating lease right-of-use assets | 116,858 | 101,446 | |||||||||
Related party notes receivable | 17,923 | 9,174 | |||||||||
Other assets(3)
|
136,076 | 53,748 | |||||||||
Total assets | $ | 8,563,499 | $ | 7,289,160 | |||||||
Liabilities, temporary equity and permanent deficit | |||||||||||
Liabilities: | |||||||||||
Accounts payable, accruals and other liabilities(1)
|
$ | 452,909 | $ | 103,590 | |||||||
Operating lease liabilities | 139,796 | 124,745 | |||||||||
Debt(1)
|
4,798,925 | 4,688,378 | |||||||||
Residual interests classified as debt(1)
|
118,298 | 271,778 | |||||||||
Total liabilities | 5,509,928 | 5,188,491 | |||||||||
Commitments, guarantees, concentrations and contingencies (Note 15) | |||||||||||
Temporary equity(4):
|
|||||||||||
Redeemable preferred stock: 311,842,666 and 254,842,666 shares authorized; 256,459,941 and 218,814,230 shares issued and outstanding as of December 31, 2020 and 2019, respectively
|
3,173,686 | 2,439,731 | |||||||||
Permanent deficit: | |||||||||||
Common stock, $0.00 par value: 452,815,616 and 395,815,616 shares authorized; 66,034,174 and 39,614,844 shares issued and outstanding as of December 31, 2020 and 2019, respectively(5)
|
— | — | |||||||||
Additional paid-in capital | 579,228 | 135,517 | |||||||||
Accumulated other comprehensive loss | (166) | (21) | |||||||||
Accumulated deficit | (699,177) | (474,558) | |||||||||
Total permanent deficit | (120,115) | (339,062) | |||||||||
Total liabilities, temporary equity and permanent deficit | $ | 8,563,499 | $ | 7,289,160 |
|
Year Ended December 31,
|
||||||||||||||||
|
2020 | 2019 | 2018 | ||||||||||||||
Interest income
|
|
|
|
||||||||||||||
Loans
|
$ | 330,353 | $ | 570,466 | $ | 568,209 | |||||||||||
Securitizations
|
24,031 | 23,179 | 19,300 | ||||||||||||||
Related party notes
|
3,189 | 3,338 | — | ||||||||||||||
Other
|
5,964 | 11,210 | 2,109 | ||||||||||||||
Total interest income | 363,537 | 608,193 | 589,618 | ||||||||||||||
Interest expense
|
|||||||||||||||||
Securitizations and warehouses
|
155,150 | 268,063 | 330,186 | ||||||||||||||
Other
|
30,456 | 10,296 | 368 | ||||||||||||||
Total interest expense | 185,606 | 278,359 | 330,554 | ||||||||||||||
Net interest income | 177,931 | 329,834 | 259,064 | ||||||||||||||
Noninterest income
|
|||||||||||||||||
Loan origination and sales
|
371,323 | 299,265 | 123,046 | ||||||||||||||
Securitizations
|
(70,251) | (199,125) | (114,705) | ||||||||||||||
Servicing
|
(19,426) | 8,486 | 1,197 | ||||||||||||||
Technology Platform fees
|
90,128 | — | — | ||||||||||||||
Other
|
15,827 | 4,199 | 797 | ||||||||||||||
Total noninterest income | 387,601 | 112,825 | 10,335 | ||||||||||||||
Total net revenue | 565,532 | 442,659 | 269,399 | ||||||||||||||
Noninterest expense
|
|||||||||||||||||
Technology and product development
|
201,199 | 147,458 | 99,319 | ||||||||||||||
Sales and marketing
|
276,577 | 266,198 | 212,604 | ||||||||||||||
Cost of operations
|
178,896 | 116,327 | 88,885 | ||||||||||||||
General and administrative
|
237,381 | 152,275 | 121,948 | ||||||||||||||
Total noninterest expense | 894,053 | 682,258 | 522,756 | ||||||||||||||
Loss before income taxes | (328,521) | (239,599) | (253,357) | ||||||||||||||
Income tax (expense) benefit
|
104,468 | (98) | 958 | ||||||||||||||
Net loss | $ | (224,053) | $ | (239,697) | $ | (252,399) | |||||||||||
Other comprehensive income (loss)
|
|||||||||||||||||
Foreign currency translation adjustments, net | (145) | (9) | 21 | ||||||||||||||
Total other comprehensive income (loss) | (145) | (9) | 21 | ||||||||||||||
Comprehensive loss | $ | (224,198) | $ | (239,706) | $ | (252,378) | |||||||||||
Loss per share (Note 16)
|
|||||||||||||||||
Loss per share – basic | $ | (7.49) | $ | (7.00) | $ | (7.19) | |||||||||||
Loss per share – diluted | $ | (7.49) | $ | (7.00) | $ | (7.19) | |||||||||||
Weighted average common stock outstanding – basic | 42,374,976 | 37,651,687 | 35,091,026 | ||||||||||||||
Weighted average common stock outstanding – diluted | 42,374,976 | 37,651,687 | 35,091,026 |
|
Common Stock
|
Additional
Paid-In
Capital
|
Treasury
Stock |
Accumulated
Other Comprehensive Income (Loss) |
Retained
Earnings (Accumulated Deficit) |
Permanent
Equity (Deficit) |
Temporary Equity | |||||||||||||||||||||||||||||||||||||||||||||||||
|
Shares
|
Amount
|
Shares | Amount | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at January 1, 2018 | 39,492,695 | $ | — | $ | 113,820 | $ | (2,914) | $ | (33) | $ | 29,256 | $ | 140,129 | 199,355,696 | $ | 1,890,554 | ||||||||||||||||||||||||||||||||||||||||
Stock-based compensation expense
|
— | — | 42,936 | — | — | — | 42,936 | — | — | |||||||||||||||||||||||||||||||||||||||||||||||
Equity-based payments to non-employees
|
43,655 | — | 523 | — | — | — | 523 | — | — | |||||||||||||||||||||||||||||||||||||||||||||||
Vesting of RSUs
|
730,900 | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||
Stock withheld related to taxes on vested RSUs
|
(279,043) | — | (3,154) | — | — | — | (3,154) | — | — | |||||||||||||||||||||||||||||||||||||||||||||||
Exercise of common stock options
|
812,467 | — | 2,581 | — | — | — | 2,581 | — | — | |||||||||||||||||||||||||||||||||||||||||||||||
Issuance of common stock in asset acquisition
|
87,311 | — | 941 | — | — | — | 941 | — | — | |||||||||||||||||||||||||||||||||||||||||||||||
Foreign currency translation adjustments, net of tax of $0
|
— | — | — | — | 21 | — | 21 | — | — | |||||||||||||||||||||||||||||||||||||||||||||||
Net loss | — | — | — | — | — | (252,399) | (252,399) | — | — | |||||||||||||||||||||||||||||||||||||||||||||||
Balance at December 31, 2018 | 40,887,985 | $ | — | $ | 157,647 | $ | (2,914) | $ | (12) | $ | (223,143) | $ | (68,422) | 199,355,696 | $ | 1,890,554 | ||||||||||||||||||||||||||||||||||||||||
Stock-based compensation expense
|
— | — | 60,936 | — | — | — | 60,936 | — | — | |||||||||||||||||||||||||||||||||||||||||||||||
Equity-based payments to non-employees
|
43,656 | — | 483 | — | — | — | 483 | — | — | |||||||||||||||||||||||||||||||||||||||||||||||
Vesting of RSUs
|
4,417,306 | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||
Stock withheld related to taxes on vested RSUs
|
(1,877,549) | — | (21,411) | — | — | — | (21,411) | — | — | |||||||||||||||||||||||||||||||||||||||||||||||
Exercise of common stock options
|
1,879,956 | — | 7,844 | — | — | — | 7,844 | — | — | |||||||||||||||||||||||||||||||||||||||||||||||
Common stock purchases
|
(1,018,177) | — | — | — | — | (8,804) | (8,804) | — | — | |||||||||||||||||||||||||||||||||||||||||||||||
Redeemable preferred stock dividends
|
— | — | (23,923) | — | — | — | (23,923) | — | — | |||||||||||||||||||||||||||||||||||||||||||||||
Constructive retirement of treasury shares
|
(4,718,333) | — | — | 2,914 | — | (2,914) | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||
Note receivable issuance to stockholder, inclusive of interest
|
— | — | (61,214) | — | — | — | (61,214) | — | — | |||||||||||||||||||||||||||||||||||||||||||||||
Note receivable payments from stockholder, inclusive of interest
|
— | — | 15,155 | — | — | — | 15,155 | — | — | |||||||||||||||||||||||||||||||||||||||||||||||
Issuance of redeemable preferred stock
|
— | — | — | — | — | — | — | 19,458,534 | 551,577 | |||||||||||||||||||||||||||||||||||||||||||||||
Preferred stock issuance costs
|
— | — | — | — | — | — | — | — | (2,400) | |||||||||||||||||||||||||||||||||||||||||||||||
Foreign currency translation adjustments, net of tax of $0
|
— | — | — | — | (9) | — | (9) | — | — | |||||||||||||||||||||||||||||||||||||||||||||||
Net loss
|
— | — | — | — | — | (239,697) | (239,697) | — | — | |||||||||||||||||||||||||||||||||||||||||||||||
Balance at December 31, 2019
|
39,614,844 | $ | — | $ | 135,517 | $ | — | $ | (21) | $ | (474,558) | $ | (339,062) | 218,814,230 | $ | 2,439,731 |
|
Common Stock
|
Additional Paid-In Capital
|
Accumulated Other Comprehensive Income (Loss)
|
Retained Earnings (Accumulated Deficit)
|
Permanent Equity (Deficit)
|
Temporary Equity
|
||||||||||||||||||||||||||||||||||||||||||||
|
Shares
|
Amount
|
Shares
|
Amount
|
||||||||||||||||||||||||||||||||||||||||||||||
Balance at December 31, 2019
|
39,614,844 | $ | — | $ | 135,517 | $ | (21) | $ | (474,558) | $ | (339,062) | 218,814,230 | $ | 2,439,731 | ||||||||||||||||||||||||||||||||||||
Stock-based compensation expense
|
— | — | 99,870 | — | — | 99,870 | — | — | ||||||||||||||||||||||||||||||||||||||||||
Equity-based payments to non-employees
|
75,000 | — | 908 | — | — | 908 | — | — | ||||||||||||||||||||||||||||||||||||||||||
Vesting of RSUs
|
6,614,661 | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||
Stock withheld related to taxes on vested RSUs
|
(2,543,013) | — | (31,259) | — | — | (31,259) | — | — | ||||||||||||||||||||||||||||||||||||||||||
Exercise of common stock options
|
1,169,956 | — | 3,781 | — | — | 3,781 | — | — | ||||||||||||||||||||||||||||||||||||||||||
Vested stock options assumed in acquisition
|
— | — | 32,197 | — | — | 32,197 | — | — | ||||||||||||||||||||||||||||||||||||||||||
Common stock purchases
|
(65,882) | — | — | — | (566) | (566) | — | — | ||||||||||||||||||||||||||||||||||||||||||
Redeemable preferred stock dividends
|
— | — | (40,536) | — | — | (40,536) | — | — | ||||||||||||||||||||||||||||||||||||||||||
Note receivable issuance to stockholder, inclusive of interest
|
— | — | (1,764) | — | — | (1,764) | — | — | ||||||||||||||||||||||||||||||||||||||||||
Note receivable payments from stockholder, inclusive of interest
|
— | — | 47,823 | — | — | 47,823 | — | — | ||||||||||||||||||||||||||||||||||||||||||
Issuance of redeemable preferred stock
|
— | — | — | — | — | — | 52,743,298 | 814,156 | ||||||||||||||||||||||||||||||||||||||||||
Preferred stock redemption | — | — | (52,658) | — | — | (52,658) | (15,097,587) | (80,201) | ||||||||||||||||||||||||||||||||||||||||||
Issuance of common stock in acquisition
|
1,101,306 | — | 15,565 | — | — | 15,565 | — | — | ||||||||||||||||||||||||||||||||||||||||||
Issuance of common stock | 20,067,302 | — | 369,840 | — | — | 369,840 | — | — | ||||||||||||||||||||||||||||||||||||||||||
Common stock issuance costs | — | — | (56) | — | — | (56) | — | — | ||||||||||||||||||||||||||||||||||||||||||
Foreign currency translation adjustments, net of tax of $0
|
— | — | — | (145) | — | (145) | — | — | ||||||||||||||||||||||||||||||||||||||||||
Net loss | — | — | — | — | (224,053) | (224,053) | — | — | ||||||||||||||||||||||||||||||||||||||||||
Balance at December 31, 2020 | 66,034,174 | $ | — | $ | 579,228 | $ | (166) | $ | (699,177) | $ | (120,115) | 256,459,941 | $ | 3,173,686 |
Year Ended December 31, | |||||||||||||||||
2020 | 2019 | 2018 | |||||||||||||||
Operating activities | |||||||||||||||||
Net loss | $ | (224,053) | $ | (239,697) | $ | (252,399) | |||||||||||
Adjustments to reconcile net loss to net cash provided by (used in) operating activities: | |||||||||||||||||
Depreciation and amortization | 69,832 | 15,955 | 10,912 | ||||||||||||||
Deferred debt issuance and discount expense | 28,310 | 33,205 | 23,858 | ||||||||||||||
Stock-based compensation expense | 99,870 | 60,936 | 42,936 | ||||||||||||||
Equity-based payments to non-employees | 908 | 483 | 523 | ||||||||||||||
Deferred income taxes | (104,504) | 52 | (1,089) | ||||||||||||||
Equity method investment earnings | (4,314) | (869) | 50 | ||||||||||||||
Accretion of seller note interest expense | 6,002 | — | — | ||||||||||||||
Fair value changes in residual interests classified as debt | 38,216 | 17,157 | (27,481) | ||||||||||||||
Fair value changes in securitization investments | (13,919) | (11,363) | (2,668) | ||||||||||||||
Fair value changes in warrant liabilities | 20,525 | (2,834) | — | ||||||||||||||
Fair value adjustment to related party notes receivable | 319 | — | — | ||||||||||||||
Other | 803 | 2,205 | 500 | ||||||||||||||
Changes in operating assets and liabilities: | |||||||||||||||||
Originations and purchases of loans | (10,406,813) | (11,579,679) | (12,001,921) | ||||||||||||||
Proceeds from sales and repayments of loans | 9,949,805 | 11,635,228 | 13,128,583 | ||||||||||||||
Other changes in loans | (58,743) | 69,214 | 102,218 | ||||||||||||||
Servicing assets | 52,021 | (35,913) | (15,975) | ||||||||||||||
Related party notes receivable interest income | 1,121 | (2,670) | — | ||||||||||||||
Other assets | (29,883) | (18,171) | 2,004 | ||||||||||||||
Accounts payable, accruals and other liabilities | 95,161 | 2,028 | 13,226 | ||||||||||||||
Net cash provided by (used in) operating activities | $ | (479,336) | $ | (54,733) | $ | 1,023,277 | |||||||||||
Investing activities | |||||||||||||||||
Purchases of property, equipment, software and intangible assets | $ | (24,549) | $ | (37,590) | $ | (13,729) | |||||||||||
Related party notes receivable issuances | (7,643) | (9,050) | — | ||||||||||||||
Purchases of non-securitization investments | (145) | (3,608) | (100,401) | ||||||||||||||
Proceeds from non-securitization investments | 974 | — | — | ||||||||||||||
Receipts from securitization investments | 322,704 | 165,116 | 101,879 | ||||||||||||||
Acquisition of business, net of cash acquired | (32,392) | — | — | ||||||||||||||
Net cash provided by (used in) investing activities | $ | 258,949 | $ | 114,868 | $ | (12,251) |
Year Ended December 31, | |||||||||||||||||
2020 | 2019 | 2018 | |||||||||||||||
Financing activities | |||||||||||||||||
Proceeds from debt issuances | $ | 10,234,378 | $ | 12,458,120 | $ | 13,702,867 | |||||||||||
Repayment of debt | (9,708,991) | (12,826,085) | (14,634,415) | ||||||||||||||
Payment of debt issuance costs | (16,443) | (20,596) | (22,672) | ||||||||||||||
Taxes paid related to net share settlement of stock-based awards | (31,259) | (21,411) | (3,154) | ||||||||||||||
Purchases of common stock | (40) | (8,804) | — | ||||||||||||||
Proceeds from stock option exercises | 3,781 | 7,844 | 2,581 | ||||||||||||||
Note receivable issuance to stockholder | — | (58,000) | — | ||||||||||||||
Note receivable principal repayments from stockholder | 43,513 | 14,487 | — | ||||||||||||||
Proceeds from common stock issuances | 369,840 | — | — | ||||||||||||||
Proceeds from redeemable preferred stock issuances | — | 573,845 | — | ||||||||||||||
Payment of redeemable preferred stock issuance costs | — | (2,400) | — | ||||||||||||||
Payment of redeemable preferred stock dividends | (40,536) | (23,923) | — | ||||||||||||||
Finance lease principal payments | (489) | — | — | ||||||||||||||
Net cash provided by (used in) financing activities | $ | 853,754 | $ | 93,077 | $ | (954,793) | |||||||||||
Effect of exchange rates on cash and cash equivalents | (145) | (9) | 21 | ||||||||||||||
Net increase in cash, cash equivalents, restricted cash and restricted cash equivalents | 633,222 | 153,203 | 56,254 | ||||||||||||||
Cash, cash equivalents, restricted cash and restricted cash equivalents at beginning of period | 690,206 | 537,003 | 480,749 | ||||||||||||||
Cash, cash equivalents, restricted cash and restricted cash equivalents at end of period | $ | 1,323,428 | $ | 690,206 | $ | 537,003 | |||||||||||
Reconciliation to amounts on Consolidated Balance Sheets (as of period end) | |||||||||||||||||
Cash and cash equivalents | $ | 872,582 | $ | 499,486 | $ | 325,114 | |||||||||||
Restricted cash and restricted cash equivalents | 450,846 | 190,720 | 211,889 | ||||||||||||||
Total cash, cash equivalents, restricted cash and restricted cash equivalents | $ | 1,323,428 | $ | 690,206 | $ | 537,003 |
Year Ended December 31, | |||||||||||||||||
2020 | 2019 | 2018 | |||||||||||||||
Supplemental cash flow information | |||||||||||||||||
Interest paid | $ | 129,131 | $ | 224,916 | $ | 223,440 | |||||||||||
Income taxes paid | 529 | 8 | 138 | ||||||||||||||
Supplemental non-cash investing and financing activities | |||||||||||||||||
Securitization investments acquired via loan transfers | $ | 151,768 | $ | 351,254 | $ | 348,455 | |||||||||||
Redeemable preferred stock warrants accounted for as liabilities | — | 22,268 | — | ||||||||||||||
Non-cash property, equipment, software and intangible asset additions | 358 | 15,247 | — | ||||||||||||||
Deconsolidation of residual interests classified as debt | 101,718 | 97,928 | — | ||||||||||||||
Deconsolidation of securitization debt | 770,918 | 1,366,992 | — | ||||||||||||||
Issuance of residual interests classified as debt as consideration for loan additions | — | 116,906 | 34,499 | ||||||||||||||
Deferred debt issuance costs accrued but not paid | 1,600 | — | — | ||||||||||||||
Seller note issued in acquisition | 243,998 | — | — | ||||||||||||||
Redeemable preferred stock issued in acquisition | 814,156 | — | — | ||||||||||||||
Common stock options assumed in acquisition | 32,197 | — | — | ||||||||||||||
Issuance of common stock in acquisition | 15,565 | — | 941 | ||||||||||||||
Finance lease ROU assets acquired | 15,100 | — | — | ||||||||||||||
Property, equipment and software acquired in acquisition | 2,026 | — | — | ||||||||||||||
Debt assumed in acquisition | 5,832 | — | — | ||||||||||||||
Accrued but unpaid deferred equity costs | 56 | — | — | ||||||||||||||
Redeemed but unpaid common stock | 526 | — | — | ||||||||||||||
Redeemed but unpaid redeemable preferred stock | 132,859 | — | — | ||||||||||||||
December 31, 2020 | |||||||||||||||||||||||||||||||||||
Delinquent Loans | |||||||||||||||||||||||||||||||||||
Current | 30–59 Days | 60–89 Days | ≥ 90 Days | Total Delinquent Loans | Total Loans | ||||||||||||||||||||||||||||||
Credit card loans | $ | 3,864 | $ | 74 | $ | 2 | $ | — | $ | 76 | $ | 3,940 |
Gross
Balance |
Accumulated Depreciation/Amortization |
Carrying
Value |
|||||||||||||||
December 31, 2020 | |||||||||||||||||
Computer hardware(1)
|
$ | 13,494 | $ | (6,037) | $ | 7,457 | |||||||||||
Leasehold improvements | 36,725 | (7,920) | 28,805 | ||||||||||||||
Furniture and fixtures(2)
|
12,361 | (5,251) | 7,110 | ||||||||||||||
Software(3)
|
42,323 | (18,587) | 23,736 | ||||||||||||||
Finance lease ROU assets(4)
|
15,100 | (719) | 14,381 | ||||||||||||||
Total | $ | 120,003 | $ | (38,514) | $ | 81,489 | |||||||||||
December 31, 2019 | |||||||||||||||||
Computer hardware | $ | 6,518 | $ | (3,052) | $ | 3,466 | |||||||||||
Leasehold improvements | 35,571 | (3,923) | 31,648 | ||||||||||||||
Furniture and fixtures(2)
|
9,736 | (3,134) | 6,602 | ||||||||||||||
Software | 26,188 | (8,351) | 17,837 | ||||||||||||||
Total | $ | 78,013 | $ | (18,460) | $ | 59,553 |
Year Ended December 31,
|
|||||||||||||||||
|
2020 | 2019 | 2018 | ||||||||||||||
Financial Services
|
|||||||||||||||||
Referrals
|
$ | 5,889 | $ | 3,652 | $ | 680 | |||||||||||
Brokerage
|
3,470 | 84 | — | ||||||||||||||
Payment network
|
2,433 | 660 | 41 | ||||||||||||||
Enterprise services
|
244 | 124 | 102 | ||||||||||||||
Total
|
$ | 12,036 | $ | 4,520 | $ | 823 | |||||||||||
Technology Platform
|
|||||||||||||||||
Technology Platform fees
|
$ | 90,128 | $ | — | $ | — | |||||||||||
Payment network
|
1,167 | — | — | ||||||||||||||
Total
|
$ | 91,295 | $ | — | $ | — | |||||||||||
Total Revenue from Contracts with Customers
|
|||||||||||||||||
Technology Platform fees
|
$ | 90,128 | $ | — | $ | — | |||||||||||
Referrals
|
5,889 | 3,652 | 680 | ||||||||||||||
Payment network
|
3,600 | 660 | 41 | ||||||||||||||
Brokerage
|
3,470 | 84 | — | ||||||||||||||
Enterprise services
|
244 | 124 | 102 | ||||||||||||||
Total
|
$ | 103,331 | $ | 4,520 | $ | 823 |
Cash paid(1)
|
$ | 75,633 | |||
Seller note(2)
|
243,998 | ||||
Fair value of preferred stock issued(3)
|
814,156 | ||||
Fair value of common stock options assumed(4)
|
32,197 | ||||
Total purchase consideration | $ | 1,165,984 |
Stock price on acquisition date | $46.38 | ||||
Risk-free rate |
0.16% – 0.32%
|
||||
Dividend yield | —% | ||||
Volatility |
28.4% – 37.4%
|
||||
Expected term (years) |
2.0 – 5.2
|
Assets acquired
|
|||||
Cash and cash equivalents
|
$ | 10,305 | |||
Accounts receivable(1)
|
12,999 | ||||
Property, equipment and software
|
2,026 | ||||
Intangible assets(2)
|
388,000 | ||||
Operating lease ROU assets
|
5,361 | ||||
Other assets(3)
|
10,631 | ||||
Total identifiable assets acquired
|
429,322 | ||||
Liabilities assumed
|
|||||
Accounts payable, accruals and other liabilities(3)
|
20,668 | ||||
Operating lease liabilities | 5,361 | ||||
Debt | 5,832 | ||||
Deferred income taxes(4)
|
104,835 | ||||
Total liabilities assumed
|
136,696 | ||||
Total identified net assets acquired
|
292,626 | ||||
Goodwill(5)
|
873,358 | ||||
Total consideration
|
$ | 1,165,984 |
Gross Carrying Amount
|
Weighted Average Useful Life (Years)
|
||||||||||
Developed technology(a)
|
$ | 253,000 | 8.6 | ||||||||
Customer-related(b)
|
125,000 | 3.6 | |||||||||
Trade names, trademarks and domain names(c)
|
10,000 | 8.6 |
Year Ended December 31,
|
|||||||||||
2020 | 2019 | ||||||||||
Total net revenue | $ | 625,413 | $ | 483,921 | |||||||
Net loss | (304,219) | (209,770) |
|
December 31,
|
||||||||||
|
2020 | 2019 | |||||||||
Beginning balance
|
$ | 15,673 | $ | 15,741 | |||||||
Less: accumulated impairment
|
— | — | |||||||||
Beginning balance, net
|
15,673 | 15,741 | |||||||||
Additional goodwill recognized(1)
|
883,597 | — | |||||||||
Other adjustments(2)
|
— | (68) | |||||||||
Ending balance(3)
|
$ | 899,270 | $ | 15,673 |
Weighted Average Useful Life (Years)
|
Gross Balance
|
Accumulated Amortization
|
Net Book Value
|
||||||||||||||||||||
December 31, 2020
|
|||||||||||||||||||||||
Developed technology(1)
|
8.5 | $ | 257,438 | $ | (19,142) | $ | 238,296 | ||||||||||||||||
Customer-related(1)
|
3.6 | 125,350 | (22,102) | 103,248 | |||||||||||||||||||
Trade names, trademarks and domain names(1)
|
8.6 | 10,000 | (736) | 9,264 | |||||||||||||||||||
Core banking infrastructure(2)
|
1.0 | 17,100 | (13,043) | 4,057 | |||||||||||||||||||
Broker-dealer license and trading rights(1)
|
5.7 | 250 | (29) | 221 | |||||||||||||||||||
Total
|
6.7 | $ | 410,138 | $ | (55,052) | $ | 355,086 | ||||||||||||||||
December 31, 2019
|
|||||||||||||||||||||||
Core banking infrastructure(2)
|
9.0 | $ | 17,100 | $ | (5,383) | $ | 11,717 | ||||||||||||||||
Partnerships(3)
|
1.0 | 123 | (57) | 66 | |||||||||||||||||||
Total
|
8.9 | $ | 17,223 | $ | (5,440) | $ | 11,783 |
2021 | $ | 70,507 | |||
2022 | 66,449 | ||||
2023 | 64,753 | ||||
2024 | 31,468 | ||||
2025 | 31,468 | ||||
Thereafter | 90,441 | ||||
Total | $ | 355,086 |
December 31,
|
|||||||||||
2020 | 2019 | ||||||||||
Loans at fair value | |||||||||||
Securitized student loans | $ | 908,427 | $ | 1,428,924 | |||||||
Securitized personal loans | 559,743 | 1,563,603 | |||||||||
Student loans | 1,958,032 | 1,756,309 | |||||||||
Home loans | 179,689 | 91,695 | |||||||||
Personal loans | 1,253,177 | 547,427 | |||||||||
Total loans at fair value | 4,859,068 | 5,387,958 | |||||||||
Loans at amortized cost(1)
|
|||||||||||
Credit card loans(2)
|
3,723 | — | |||||||||
Commercial loan(3)
|
16,512 | — | |||||||||
Total loans at amortized cost | 20,235 | — | |||||||||
Total loans | $ | 4,879,303 | $ | 5,387,958 |
Student Loans | Home Loans | Personal Loans | Total | ||||||||||||||||||||
December 31, 2020 | |||||||||||||||||||||||
Unpaid principal | $ | 2,774,511 | $ | 171,967 | $ | 1,780,246 | $ | 4,726,724 | |||||||||||||||
Accumulated interest | 9,472 | 141 | 11,558 | 21,171 | |||||||||||||||||||
Cumulative fair value adjustments | 82,476 | 7,581 | 21,116 | 111,173 | |||||||||||||||||||
Total fair value of loans | $ | 2,866,459 | $ | 179,689 | $ | 1,812,920 | $ | 4,859,068 | |||||||||||||||
December 31, 2019 | |||||||||||||||||||||||
Unpaid principal | $ | 3,111,032 | $ | 91,225 | $ | 2,112,306 | $ | 5,314,563 | |||||||||||||||
Accumulated interest | 8,186 | 120 | 13,936 | 22,242 | |||||||||||||||||||
Cumulative fair value adjustments | 66,015 | 350 | (15,212) | 51,153 | |||||||||||||||||||
Total fair value of loans | $ | 3,185,233 | $ | 91,695 | $ | 2,111,030 | $ | 5,387,958 |
|
Student Loans
|
Home Loans
|
Personal Loans
|
Total
|
|||||||||||||||||||
December 31, 2020
|
|||||||||||||||||||||||
Unpaid principal
|
$ | 1,046 | $ | — | $ | 4,199 | $ | 5,245 | |||||||||||||||
Accumulated interest
|
37 | — | 210 | 247 | |||||||||||||||||||
Cumulative fair value adjustments
|
(442) | — | (3,872) | (4,314) | |||||||||||||||||||
Fair value of loans 90 days or more delinquent | $ | 641 | $ | — | $ | 537 | $ | 1,178 | |||||||||||||||
December 31, 2019
|
|||||||||||||||||||||||
Unpaid principal
|
$ | 2,772 | $ | — | $ | 10,625 | $ | 13,397 | |||||||||||||||
Accumulated interest
|
47 | — | 334 | 381 | |||||||||||||||||||
Cumulative fair value adjustments
|
(1,508) | — | (9,356) | (10,864) | |||||||||||||||||||
Fair value of loans 90 days or more delinquent
|
$ | 1,311 | $ | — | $ | 1,603 | $ | 2,914 |
|
Student Loans
|
Home Loans
|
Personal Loans
|
Total
|
|||||||||||||||||||
Fair value as of January 1, 2019
|
$ | 3,365,741 | $ | 42,698 | $ | 3,803,550 | $ | 7,211,989 | |||||||||||||||
Origination of loans
|
6,695,138 | 773,684 | 3,731,981 | 11,200,803 | |||||||||||||||||||
Principal payments
|
(852,019) | (1,107) | (1,677,532) | (2,530,658) | |||||||||||||||||||
Sales of loans
|
(6,051,418) | (726,443) | (2,604,263) | (9,382,124) | |||||||||||||||||||
Deconsolidation of securitizations
|
— | — | (1,538,620) | (1,538,620) | |||||||||||||||||||
Purchases(1)
|
36,120 | 1,137 | 10,055 | 47,312 | |||||||||||||||||||
Additions of loans to securitizations(2)
|
— | — | 448,470 | 448,470 | |||||||||||||||||||
Change in accumulated interest
|
(1,047) | 65 | (10,684) | (11,666) | |||||||||||||||||||
Change in fair value(3)
|
(7,282) | 1,661 | (51,927) | (57,548) | |||||||||||||||||||
Fair value as of December 31, 2019
|
$ | 3,185,233 | $ | 91,695 | $ | 2,111,030 | $ | 5,387,958 | |||||||||||||||
Origination of loans | 4,928,880 | 2,183,521 | 2,580,757 | 9,693,158 | |||||||||||||||||||
Principal payments | (883,761) | (2,748) | (1,015,046) | (1,901,555) | |||||||||||||||||||
Sales of loans | (4,534,286) | (2,102,101) | (1,531,058) | (8,167,445) | |||||||||||||||||||
Deconsolidation of securitizations | (495,507) | — | (406,687) | (902,194) | |||||||||||||||||||
Purchases(1)
|
648,153 | 2,070 | 39,975 | 690,198 | |||||||||||||||||||
Change in accumulated interest | 1,286 | 21 | (2,379) | (1,072) | |||||||||||||||||||
Change in fair value(3)
|
16,461 | 7,231 | 36,328 | 60,020 | |||||||||||||||||||
Fair value as of December 31, 2020 | $ | 2,866,459 | $ | 179,689 | $ | 1,812,920 | $ | 4,859,068 |
December 31, | |||||||||||
2020 | 2019 | ||||||||||
Assets: | |||||||||||
Restricted cash and restricted cash equivalents | $ | 76,973 | $ | 117,733 | |||||||
Loans | 1,468,170 | 2,992,527 | |||||||||
Total assets | $ | 1,545,143 | $ | 3,110,260 | |||||||
Liabilities: | |||||||||||
Accounts payable, accruals and other liabilities | $ | 759 | $ | 1,479 | |||||||
Debt(1)
|
1,248,822 | 2,539,610 | |||||||||
Residual interests classified as debt | 118,298 | 271,778 | |||||||||
Total liabilities | $ | 1,367,879 | $ | 2,812,867 |
December 31, | |||||||||||
2020 | 2019 | ||||||||||
Personal loans | $ | 71,115 | $ | 181,703 | |||||||
Student loans | 425,820 | 472,249 | |||||||||
Securitization investments | $ | 496,935 | $ | 653,952 |
Year Ended December 31, | |||||||||||||||||
2020 | 2019 | 2018 | |||||||||||||||
Student loans | |||||||||||||||||
Fair value of consideration received: | |||||||||||||||||
Cash | $ | 2,015,357 | $ | 4,542,431 | $ | 4,718,093 | |||||||||||
Securitization investments | 130,807 | 239,698 | 266,399 | ||||||||||||||
Deconsolidation of debt(1)
|
458,375 | — | — | ||||||||||||||
Servicing assets recognized | 19,903 | 42,826 | 38,179 | ||||||||||||||
Total consideration | 2,624,442 | 4,824,955 | 5,022,671 | ||||||||||||||
Aggregate unpaid principal balance and accrued interest of loans sold | 2,540,052 | 4,677,471 | 4,929,724 | ||||||||||||||
Gain from loan sales | $ | 84,390 | $ | 147,484 | $ | 92,947 | |||||||||||
Personal loans | |||||||||||||||||
Fair value of consideration received: | |||||||||||||||||
Cash | $ | 316,503 | $ | 397,962 | $ | 1,148,626 | |||||||||||
Securitization investments | 20,961 | 111,556 | 82,056 | ||||||||||||||
Deconsolidation of debt(1)
|
414,261 | 1,464,920 | — | ||||||||||||||
Servicing assets recognized | 2,086 | 11,229 | 4,218 | ||||||||||||||
Total consideration | 753,811 | 1,985,667 | 1,234,900 | ||||||||||||||
Aggregate unpaid principal balance and accrued interest of loans sold | 708,346 | 1,906,757 | 1,213,929 | ||||||||||||||
Gain from loan sales | $ | 45,465 | $ | 78,910 | $ | 20,971 |
Year Ended December 31, | |||||||||||||||||
2020 | 2019 | 2018 | |||||||||||||||
Student loans | |||||||||||||||||
Fair value of consideration received: | |||||||||||||||||
Cash | $ | 2,596,719 | $ | 1,399,921 | $ | 1,664,224 | |||||||||||
Servicing assets recognized | 25,734 | 21,145 | 18,231 | ||||||||||||||
Repurchase liabilities recognized | (510) | (314) | (211) | ||||||||||||||
Total consideration | 2,621,943 | 1,420,752 | 1,682,244 | ||||||||||||||
Aggregate unpaid principal balance and accrued interest of loans sold | 2,503,821 | 1,389,986 | 1,667,592 | ||||||||||||||
Gain from loan sales | $ | 118,122 | $ | 30,766 | $ | 14,652 | |||||||||||
Home loans | |||||||||||||||||
Fair value of consideration received: | |||||||||||||||||
Cash | $ | 2,173,709 | $ | 733,860 | $ | 925,265 | |||||||||||
Servicing assets recognized | 20,440 | 5,724 | 2,688 | ||||||||||||||
Repurchase liabilities recognized | (3,034) | (1,720) | (299) | ||||||||||||||
Total consideration | 2,191,115 | 737,864 | 927,654 | ||||||||||||||
Aggregate unpaid principal balance and accrued interest of loans sold | 2,101,895 | 726,379 | 919,693 | ||||||||||||||
Gain from loan sales | $ | 89,220 | $ | 11,485 | $ | 7,961 | |||||||||||
Personal loans | |||||||||||||||||
Fair value of consideration received: | |||||||||||||||||
Cash | $ | 1,285,689 | $ | 2,316,771 | $ | 2,196,881 | |||||||||||
Servicing assets recognized | 8,429 | 31,138 | 22,789 | ||||||||||||||
Repurchase liabilities recognized | (3,535) | (2,948) | (6,437) | ||||||||||||||
Total consideration received | 1,290,583 | 2,344,961 | 2,213,233 | ||||||||||||||
Aggregate unpaid principal balance and accrued interest of loans sold | 1,238,474 | 2,257,223 | 2,250,943 | ||||||||||||||
Gain (loss) from loan sales | $ | 52,109 | $ | 87,738 | $ | (37,710) |
Year Ended December 31, 2018 | |||||||||||||||||
Fair value of consideration received: | |||||||||||||||||
Cash | $ | 91,946 | |||||||||||||||
Servicing assets recognized | 3,163 | ||||||||||||||||
Total consideration received | 95,109 | ||||||||||||||||
Aggregate unpaid principal balance and accrued interest of loans sold | 91,976 | ||||||||||||||||
Gain from participating interest sales | $ | 3,133 |
Student Loans | Home Loans | Personal Loans | Total | ||||||||||||||||||||
December 31, 2020 | |||||||||||||||||||||||
Loans in repayment | $ | 12,059,702 | $ | 2,629,015 | $ | 4,796,404 | $ | 19,485,121 | |||||||||||||||
Loans in-school/grace/deferment | 26,158 | — | — | 26,158 | |||||||||||||||||||
Loans in forbearance | 275,659 | 46,357 | 35,677 | 357,693 | |||||||||||||||||||
Loans in delinquency | 91,424 | 8,493 | 110,640 | 210,557 | |||||||||||||||||||
Total loans serviced | $ | 12,452,943 | $ | 2,683,865 | $ | 4,942,721 | $ | 20,079,529 | |||||||||||||||
Servicing fees collected | $ | 50,794 | $ | 4,499 | $ | 45,574 | $ | 100,867 | |||||||||||||||
Charge-offs, net of recoveries | 16,999 | — | 197,927 | 214,926 | |||||||||||||||||||
December 31, 2019 | |||||||||||||||||||||||
Loans in repayment | $ | 13,119,596 | $ | 1,292,171 | $ | 6,153,313 | $ | 20,565,080 | |||||||||||||||
Loans in-school/grace/deferment | 48,157 | — | — | 48,157 | |||||||||||||||||||
Loans in forbearance | 56,767 | — | 12,922 | 69,689 | |||||||||||||||||||
Loans in delinquency | 103,489 | 2,120 | 140,558 | 246,167 | |||||||||||||||||||
Total loans serviced | $ | 13,328,009 | $ | 1,294,291 | $ | 6,306,793 | $ | 20,929,093 | |||||||||||||||
Servicing fees collected | $ | 47,038 | $ | 2,635 | $ | 31,268 | $ | 80,941 | |||||||||||||||
Charge-offs, net of recoveries | 27,740 | — | 233,628 | 261,368 |
Year Ended December 31, 2020 | |||||
Beginning balance | $ | — | |||
Provision for expected losses | 766 | ||||
Write-offs charged against the allowance | (204) | ||||
Recoveries collected | — | ||||
Ending balance | $ | 562 |
|
|
December 31, 2020 | December 31, 2019 | ||||||||||||||||||||||||||
|
Level
|
Carrying
Value
|
Fair Value
|
Carrying
Value
|
Fair Value
|
||||||||||||||||||||||||
Assets |
|
|
|
|
|
||||||||||||||||||||||||
Cash and cash equivalents(1)
|
1 | $ | 872,582 | $ | 872,582 | $ | 499,486 | $ | 499,486 | ||||||||||||||||||||
Restricted cash and restricted cash equivalents(1)
|
1 | 450,846 | 450,846 | 190,720 | 190,720 | ||||||||||||||||||||||||
Student loans(2)
|
3 | 2,866,459 | 2,866,459 | 3,185,233 | 3,185,233 | ||||||||||||||||||||||||
Home loans(2)
|
3 | 179,689 | 179,689 | 91,695 | 91,695 | ||||||||||||||||||||||||
Personal loans(2)
|
3 | 1,812,920 | 1,812,920 | 2,111,030 | 2,111,030 | ||||||||||||||||||||||||
Credit card loans(1)
|
3 | 3,723 | 3,723 | — | — | ||||||||||||||||||||||||
Commercial loan(1)
|
3 | 16,512 | 16,512 | — | — | ||||||||||||||||||||||||
Servicing rights(2)
|
3 | 149,597 | 149,597 | 201,618 | 201,618 | ||||||||||||||||||||||||
Asset-backed bonds(2)(9)
|
2 | 357,411 | 357,411 | 391,072 | 391,072 | ||||||||||||||||||||||||
Residual investments(2)(9)
|
3 | 139,524 | 139,524 | 262,880 | 262,880 | ||||||||||||||||||||||||
Non-securitization investments – ETFs(2)(11)
|
1 | 6,850 | 6,850 | 6,851 | 6,851 | ||||||||||||||||||||||||
Non-securitization investments – other(3)
|
3 | 1,147 | 1,147 | 1,950 | 1,950 | ||||||||||||||||||||||||
Derivative assets(2)(4)(8)
|
1 | — | — | 1,105 | 1,105 | ||||||||||||||||||||||||
Interest rate lock commitments(2)(5)
|
3 | 15,620 | 15,620 | 1,090 | 1,090 | ||||||||||||||||||||||||
Total assets | $ | 6,872,880 | $ | 6,872,880 | $ | 6,944,730 | $ | 6,944,730 | |||||||||||||||||||||
Liabilities | |||||||||||||||||||||||||||||
Debt(1)
|
2 | $ | 4,798,925 | $ | 4,851,658 | $ | 4,688,378 | $ | 4,750,815 | ||||||||||||||||||||
Residual interests classified as debt(2)
|
3 | 118,298 | 118,298 | 271,778 | 271,778 | ||||||||||||||||||||||||
Warrant liabilities(2)(10)
|
3 | 39,959 | 39,959 | 19,434 | 19,434 | ||||||||||||||||||||||||
Derivative liabilities(2)(6)(8)
|
1 | 2,008 | 2,008 | 396 | 396 | ||||||||||||||||||||||||
Interest rate swaps(2)(7)(8)
|
2 | 947 | 947 | 145 | 145 | ||||||||||||||||||||||||
ETF short positions(2)(11)
|
1 | 5,241 | 5,241 | — | — | ||||||||||||||||||||||||
Total liabilities | $ | 4,965,378 | $ | 5,018,111 | $ | 4,980,131 | $ | 5,042,568 |
December 31, 2020 | December 31, 2019 | ||||||||||||||||||||||
Range | Weighted Average | Range | Weighted Average | ||||||||||||||||||||
Student loans | |||||||||||||||||||||||
Conditional prepayment rate |
15.8% – 33.3%
|
18.4% |
14.1% – 34.2%
|
18.6% | |||||||||||||||||||
Annual default rate |
0.2% – 4.9%
|
0.4% |
0.2% – 5.7%
|
0.3% | |||||||||||||||||||
Discount rate |
1.1% – 7.1%
|
3.3% |
2.5% – 6.2%
|
4.1% | |||||||||||||||||||
Home loans | |||||||||||||||||||||||
Conditional prepayment rate |
4.4% – 17.6%
|
14.9% |
7.1% – 11.5%
|
8.3% | |||||||||||||||||||
Annual default rate |
0.1% – 4.9%
|
0.1% |
0.2% – 7.9%
|
0.2% | |||||||||||||||||||
Discount rate |
1.3% – 10.0%
|
1.6% |
3.2% – 11.2%
|
3.5% | |||||||||||||||||||
Personal loans | |||||||||||||||||||||||
Conditional prepayment rate |
14.5% – 23.2%
|
18.1% |
12.1% – 17.4%
|
15.7% | |||||||||||||||||||
Annual default rate |
3.3% – 33.8%
|
4.2% |
4.3% – 29.2%
|
5.5% | |||||||||||||||||||
Discount rate |
5.0% – 10.7%
|
6.0% |
4.5% – 8.3%
|
6.0% |
December 31, 2020 | December 31, 2019 | ||||||||||||||||||||||
Range | Weighted Average | Range | Weighted Average | ||||||||||||||||||||
Student loans | |||||||||||||||||||||||
Market servicing costs |
0.1% – 0.2%
|
0.1% |
0.1% – 0.1%
|
0.1% | |||||||||||||||||||
Conditional prepayment rate |
13.8% – 24.7%
|
18.7% |
10.3% – 39.4%
|
14.4% | |||||||||||||||||||
Annual default rate |
0.2% – 4.8%
|
0.4% |
0.1% – 5.3%
|
0.3% | |||||||||||||||||||
Discount rate |
7.3% – 7.3%
|
7.3% |
7.3% – 7.3%
|
7.3% | |||||||||||||||||||
Home loans | |||||||||||||||||||||||
Market servicing costs |
0.1% – 0.1%
|
0.1% |
0.1% – 0.1%
|
0.1% | |||||||||||||||||||
Conditional prepayment rate |
13.9% – 20.3%
|
16.5% |
5.9% – 10.0%
|
7.5% | |||||||||||||||||||
Annual default rate |
0.1% – 0.1%
|
0.1% |
0.1% – 0.4%
|
0.2% | |||||||||||||||||||
Discount rate |
10.0% – 10.0%
|
10.0% |
10.2% – 10.4%
|
10.3% | |||||||||||||||||||
Personal loans | |||||||||||||||||||||||
Market servicing costs |
0.2% – 0.7%
|
0.3% |
0.2% – 0.5%
|
0.3% | |||||||||||||||||||
Conditional prepayment rate |
16.2% – 26.1%
|
19.1% |
15.2% – 20.2%
|
15.8% | |||||||||||||||||||
Annual default rate |
3.1% – 7.5%
|
5.5% |
4.6% – 11.0%
|
5.8% | |||||||||||||||||||
Discount rate |
7.3% – 7.3%
|
7.3% |
7.3% – 7.3%
|
7.3% |
December 31, | |||||||||||
2020 | 2019 | ||||||||||
Market servicing costs | |||||||||||
2.5 basis points increase | $ | (10,472) | $ | (12,177) | |||||||
5.0 basis points increase | (20,944) | (24,345) | |||||||||
Conditional prepayment rate | |||||||||||
10% increase | $ | (5,430) | $ | (5,477) | |||||||
20% increase | (10,230) | (10,591) | |||||||||
Annual default rate | |||||||||||
10% increase | $ | (336) | $ | (723) | |||||||
20% increase | (681) | (1,489) | |||||||||
Discount rate | |||||||||||
100 basis points increase | $ | (2,986) | $ | (3,839) | |||||||
200 basis points increase | (5,820) | (7,474) |
Student Loans | Home Loans | Personal Loans | Total | ||||||||||||||||||||
Fair value as of January 1, 2019 | $ | 122,075 | $ | 8,623 | $ | 35,007 | $ | 165,705 | |||||||||||||||
Recognition of servicing from transfers of financial assets | 63,971 | 5,724 | 42,367 | 112,062 | |||||||||||||||||||
Derecognition of servicing via loan purchases | (208) | — | — | (208) | |||||||||||||||||||
Change in valuation inputs or other assumptions | 233 | 1,482 | 6,772 | 8,487 | |||||||||||||||||||
Realization of expected cash flows and other changes | (47,489) | (2,648) | (34,291) | (84,428) | |||||||||||||||||||
Fair value as of December 31, 2019 | $ | 138,582 | $ | 13,181 | $ | 49,855 | $ | 201,618 | |||||||||||||||
Recognition of servicing from transfers of financial assets | 45,637 | 20,440 | 10,515 | 76,592 | |||||||||||||||||||
Derecognition of servicing via loan purchases | (12,924) | — | (934) | (13,858) | |||||||||||||||||||
Change in valuation inputs or other assumptions | (20,168) | (5,056) | 7,765 | (17,459) | |||||||||||||||||||
Realization of expected cash flows and other changes | (50,490) | (4,651) | (42,155) | (97,296) | |||||||||||||||||||
Fair value as of December 31, 2020 | $ | 100,637 | $ | 23,914 | $ | 25,046 | $ | 149,597 |
December 31, | |||||||||||
2020 | 2019 | ||||||||||
Discount rate (range) |
0.8% – 4.0%
|
2.0% – 5.7%
|
|||||||||
Conditional prepayment rate (range) |
18.8% – 21.9%
|
14.7% – 18.8%
|
December 31, 2020 | December 31, 2019 | ||||||||||||||||||||||
Range | Weighted Average | Range | Weighted Average | ||||||||||||||||||||
Residual investments | |||||||||||||||||||||||
Conditional prepayment rate |
18.8% – 22.3%
|
20.2% |
14.7% – 24.4%
|
16.7% | |||||||||||||||||||
Annual default rate |
0.3% – 6.2%
|
0.7% |
0.2% – 6.7%
|
0.9% | |||||||||||||||||||
Discount rate |
3.0% – 18.5%
|
6.2% |
3.9% – 13.1%
|
5.4% | |||||||||||||||||||
Residual interests classified as debt | |||||||||||||||||||||||
Conditional prepayment rate |
19.5% – 24.8%
|
21.4% |
14.9% – 21.5%
|
17.8% | |||||||||||||||||||
Annual default rate |
0.4% – 6.4%
|
3.1% |
0.3% – 6.9%
|
4.1% | |||||||||||||||||||
Discount rate |
8.5% – 18.0%
|
10.8% |
7.8% – 12.0%
|
10.2% |
Residual Investments | Residual Interests Classified as Debt | ||||||||||
Fair value as of January 1, 2019 | $ | 135,142 | $ | 444,846 | |||||||
Additions | 171,061 | 116,906 | |||||||||
Change in valuation inputs or other assumptions | 6,384 | 17,157 | |||||||||
Payments | (49,707) | (209,203) | |||||||||
Derecognition upon achieving true sale accounting treatment | — | (97,928) | |||||||||
Fair value as of December 31, 2019 | $ | 262,880 | $ | 271,778 | |||||||
Additions | 10,708 | — | |||||||||
Change in valuation inputs or other assumptions | 9,702 | 38,216 | |||||||||
Payments(1)
|
(96,505) | (89,978) | |||||||||
Transfers(2)
|
(47,261) | — | |||||||||
Derecognition upon achieving true sale accounting treatment | — | (101,718) | |||||||||
Fair value as of December 31, 2020 | $ | 139,524 | $ | 118,298 |
Year Ended December 31, | |||||||||||||||||
2020 | 2019 | 2018 | |||||||||||||||
Loans | $ | 133,294 | $ | 195,917 | $ | 342,886 | |||||||||||
Residual investments | 8,127 | 19,102 | 14,760 |
December 31, 2020 | December 31, 2019 | ||||||||||||||||||||||
Range | Weighted Average | Range | Weighted Average | ||||||||||||||||||||
IRLCs | |||||||||||||||||||||||
Loan funding probability |
54.5% – 54.5%
|
54.5% |
50.0% – 50.0%
|
50.0% |
IRLCs | |||||
Fair value as of January 1, 2019 | $ | 174 | |||
Revaluation adjustments | 3,635 | ||||
Funded loans(1)
|
(1,677) | ||||
Unfunded loans(1)
|
(1,042) | ||||
Fair value as of December 31, 2019 | $ | 1,090 | |||
Revaluation adjustments | 62,528 | ||||
Funded loans(1)
|
(27,321) | ||||
Unfunded loans(1)
|
(20,677) | ||||
Fair value as of December 31, 2020 | $ | 15,620 |
Outstanding as of | ||||||||||||||||||||||||||||||||||||||
Borrowing Description |
Collateral Balances (1)
|
Interest Rate(2)
|
Termination/
Maturity(3)
|
Total Capacity |
December 31,
2020(4)
|
December 31,
2019(4)
|
||||||||||||||||||||||||||||||||
Student Loan Warehouse Facilities | ||||||||||||||||||||||||||||||||||||||
SoFi Funding I | $ | 421,356 |
1 ML + 175 bps
|
April 2021 | $ | 600,000 | $ | 374,575 | $ | 152,008 | ||||||||||||||||||||||||||||
SoFi Funding III | 33,425 |
PR – 134 bps(12)
|
September 2024 | 75,000 | 30,170 | 13,104 | ||||||||||||||||||||||||||||||||
SoFi Funding V | — |
1 ML + 250 bps
|
May 2023 | 350,000 | — | 143,501 | ||||||||||||||||||||||||||||||||
SoFi Funding VI | 469,660 |
3 ML + 150 bps
|
March 2023 | 600,000 | 432,437 | 88,791 | ||||||||||||||||||||||||||||||||
SoFi Funding VII | 303,140 |
1 ML + 125 bps
|
September 2022 | 500,000 | 276,910 | 251,731 | ||||||||||||||||||||||||||||||||
SoFi Funding VIII | 242,142 |
1 ML + 150 bps
|
March 2021 | 300,000 | 221,342 | 151,007 | ||||||||||||||||||||||||||||||||
SoFi Funding IX(9)
|
76,535 |
3 ML+ 350 bps and
CP + 143 bps
|
July 2023 | 500,000 | 70,780 | 204,642 | ||||||||||||||||||||||||||||||||
SoFi Funding X(10)
|
50,291 |
CP + 200 bps
|
August 2023 | 100,000 | 44,136 | — | ||||||||||||||||||||||||||||||||
SoFi Funding XI(11)
|
98,525 |
CP + 115 bps
|
November 2023 | 500,000 | 87,404 | — | ||||||||||||||||||||||||||||||||
Total | $ | 1,695,074 | $ | 3,525,000 | $ | 1,537,754 | $ | 1,004,784 | ||||||||||||||||||||||||||||||
Unamortized debt issuance costs | $ | (7,940) | $ | (6,100) | ||||||||||||||||||||||||||||||||||
Weighted average effective interest rate | 2.29 | % | 3.92 | % | ||||||||||||||||||||||||||||||||||
Personal Loan Warehouse Facilities | ||||||||||||||||||||||||||||||||||||||
SoFi Funding PL I | $ | — |
1 ML + 350 bps
|
December 2021 | $ | 250,000 | $ | — | $ | — | ||||||||||||||||||||||||||||
SoFi Funding PL II | 148,123 |
3 ML + 225 bps
|
July 2023 | 400,000 | 137,420 | — | ||||||||||||||||||||||||||||||||
SoFi Funding PL III | 3,538 |
1 ML + 325 bps
|
May 2023 | 250,000 | 2,793 | 95,833 | ||||||||||||||||||||||||||||||||
SoFi Funding PL IV | 147,991 |
CP + 170 bps
|
November 2023 | 500,000 | 132,416 | 152,041 | ||||||||||||||||||||||||||||||||
SoFi Funding PL VI | 122,482 |
3 ML + 200 bps
|
September 2022 | 150,000 | 107,595 | — | ||||||||||||||||||||||||||||||||
SoFi Funding PL VII | 18,898 |
1 ML + 250 bps
|
June 2021 | 250,000 | 15,610 | — | ||||||||||||||||||||||||||||||||
SoFi Funding PL IX | — |
1 ML + 200 bps
|
August 2020 | — | — | 110,325 | ||||||||||||||||||||||||||||||||
SoFi Funding PL X | 3,598 |
1 ML + 142.5 bps
|
February 2023 | 200,000 | 3,004 | — | ||||||||||||||||||||||||||||||||
SoFi Funding PL XI | 129,543 |
1 ML + 170 bps
|
January 2022 | 200,000 | 112,478 | — | ||||||||||||||||||||||||||||||||
SoFi Funding PL XII | 139,194 |
1 ML + (225-315 bps)
|
March 2029 | 250,000 | 127,724 | — | ||||||||||||||||||||||||||||||||
SoFi Funding PL XIII | 254,808 |
1 ML + 175 bps
|
January 2030 | 300,000 | 219,362 | — | ||||||||||||||||||||||||||||||||
Total | $ | 968,175 | $ | 2,750,000 | $ | 858,402 | $ | 358,199 | ||||||||||||||||||||||||||||||
Unamortized debt issuance costs | $ | (6,692) | $ | (9,516) | ||||||||||||||||||||||||||||||||||
Weighted average effective interest rate | 3.63 | % | 4.83 | % | ||||||||||||||||||||||||||||||||||
Home Loan Warehouse Facilities | ||||||||||||||||||||||||||||||||||||||
Mortgage Warehouse V | $ | — |
1 ML + 325 bps
|
June 2021 | $ | 150,000 | $ | — | $ | 32,366 | ||||||||||||||||||||||||||||
Total | $ | — | $ | 150,000 | $ | — | $ | 32,366 | ||||||||||||||||||||||||||||||
Unamortized debt issuance costs
|
$ | — | $ | (29) | ||||||||||||||||||||||||||||||||||
Weighted average effective interest rate | —% | 4.26 | % | |||||||||||||||||||||||||||||||||||
Outstanding as of | ||||||||||||||||||||||||||||||||||||||
Borrowing Description |
Collateral Balances (1)
|
Interest Rate(2)
|
Termination/
Maturity(3)
|
Total Capacity |
December 31,
2020(4)
|
December 31,
2019(4)
|
||||||||||||||||||||||||||||||||
Risk Retention Warehouse Facilities(5)
|
||||||||||||||||||||||||||||||||||||||
SoFi RR Funding I | $ | 84,312 |
1 ML + 200 bps
|
June 2022 | $ | 250,000 | $ | 54,304 | $ | 174,006 | ||||||||||||||||||||||||||||
SoFi RR Repo | 133,953 |
3 ML + 185 bps
|
June 2023 | 192,141 | 75,863 | 124,064 | ||||||||||||||||||||||||||||||||
SoFi EU RR Repo | — |
3 ML + 425 bps
|
June 2021 | — | 70,272 | |||||||||||||||||||||||||||||||||
SoFi C RR Repo | 49,260 |
3 ML + (180-185 bps)
|
December 2021 | 42,757 | 75,439 | |||||||||||||||||||||||||||||||||
SoFi RR Funding II | 179,468 |
1 ML + 125 bps
|
November 2024 | 160,199 | 167,826 | |||||||||||||||||||||||||||||||||
SoFi RR Funding III | 68,538 |
1 ML + 375 bps
|
November 2024 | 60,786 | — | |||||||||||||||||||||||||||||||||
SoFi RR Funding IV | 43,309 |
1 ML + 250 bps
|
October 2026 | 100,000 | 37,334 | — | ||||||||||||||||||||||||||||||||
Total | $ | 558,840 | $ | 431,243 | $ | 611,607 | ||||||||||||||||||||||||||||||||
Unamortized debt issuance costs | $ | (2,052) | $ | (2,198) | ||||||||||||||||||||||||||||||||||
Weighted average effective interest rate | 2.24 | % | 3.82 | % | ||||||||||||||||||||||||||||||||||
Revolving Credit Facility(6)
|
||||||||||||||||||||||||||||||||||||||
SoFi Corporate Revolver | n/a |
1 ML + 100 bps(7)
|
September 2023 | $ | 560,000 | $ | 486,000 | $ | 161,000 | |||||||||||||||||||||||||||||
Total | $ | 560,000 | $ | 486,000 | $ | 161,000 | ||||||||||||||||||||||||||||||||
Unamortized debt issuance costs | $ | (987) | $ | (1,345) | ||||||||||||||||||||||||||||||||||
Weighted average effective interest rate | 1.26 | % | 3.03 | % | ||||||||||||||||||||||||||||||||||
Seller note(8)
|
n/a |
1000 bps
|
May 2021 | $ | 250,000 | $ | — | |||||||||||||||||||||||||||||||
Total | $ | 250,000 | $ | — | ||||||||||||||||||||||||||||||||||
Unamortized discount | $ | — | $ | — | ||||||||||||||||||||||||||||||||||
Weighted average effective interest rate | 10.00 | % | —% | |||||||||||||||||||||||||||||||||||
Other financing – various notes(8)
|
n/a |
331 – 557 bps
|
April 2021 – January 2023 | $ | 4,375 | $ | — | |||||||||||||||||||||||||||||||
Total | $ | 4,375 | $ | — | ||||||||||||||||||||||||||||||||||
Unamortized debt issuance costs | $ | — | $ | — | ||||||||||||||||||||||||||||||||||
Weighted average effective interest rate | 3.64 | % | —% | |||||||||||||||||||||||||||||||||||
Student Loan Securitizations | ||||||||||||||||||||||||||||||||||||||
SoFi PLP 2016-B LLC | $ | 78,173 |
1 ML + (120-380 bps)
|
April 2037 | $ | 69,448 | $ | 109,333 | ||||||||||||||||||||||||||||||
SoFi PLP 2016-C LLC | 90,628 |
1 ML + (110-335 bps)
|
May 2037 | 81,115 | 128,858 | |||||||||||||||||||||||||||||||||
SoFi PLP 2016-D LLC | 106,421 |
1 ML + (95-323 bps)
|
January 2039 | 93,942 | 145,272 | |||||||||||||||||||||||||||||||||
SoFi PLP 2016-E LLC | 130,056 |
1 ML + (85-443 bps)
|
October 2041 | 117,800 | 187,872 | |||||||||||||||||||||||||||||||||
SoFi PLP 2017-A LLC | 161,082 |
1 ML + (70-443 bps)
|
March 2040 | 146,064 | 221,873 | |||||||||||||||||||||||||||||||||
SoFi PLP 2017-B LLC | 142,903 |
183 – 444 bps
|
May 2040 | 129,873 | 208,459 | |||||||||||||||||||||||||||||||||
SoFi PLP 2017-C LLC | 178,794 |
1 ML + (60-421 bps)
|
July 2040 | 161,897 | 252,400 | |||||||||||||||||||||||||||||||||
Total | $ | 888,057 | $ | 800,139 | $ | 1,254,067 | ||||||||||||||||||||||||||||||||
Unamortized debt issuance costs | $ | (5,958) | $ | (8,914) | ||||||||||||||||||||||||||||||||||
Unamortized discount | (1,654) | (2,404) | ||||||||||||||||||||||||||||||||||||
Weighted average effective interest rate | 3.22 | % | 4.39 | % | ||||||||||||||||||||||||||||||||||
Outstanding as of | ||||||||||||||||||||||||||||||||||||||
Borrowing Description |
Collateral Balances (1)
|
Interest Rate(2)
|
Termination/
Maturity(3)
|
Total Capacity |
December 31,
2020(4)
|
December 31,
2019(4)
|
||||||||||||||||||||||||||||||||
Personal Loan Securitizations | ||||||||||||||||||||||||||||||||||||||
SoFi CLP 2016-1 LLC | $ | 49,199 |
326 bps
|
August 2025 | $ | 36,546 | $ | 78,223 | ||||||||||||||||||||||||||||||
SoFi CLP 2016-2 LLC | 49,641 |
309 – 477 bps
|
October 2025 | 37,973 | 90,229 | |||||||||||||||||||||||||||||||||
SoFi CLP 2016-3 LLC | 69,955 |
305 – 449 bps
|
December 2025 | 30,780 | 110,175 | |||||||||||||||||||||||||||||||||
SoFi CLP 2017-1 LLC | — |
328 – 473 bps
|
March 2020 | — | 139,098 | |||||||||||||||||||||||||||||||||
SoFi CLP 2017-2 LLC | — |
328 – 473 bps
|
March 2020 | — | 89,365 | |||||||||||||||||||||||||||||||||
SoFi CLP 2017-3 LLC | — |
277 – 385 bps
|
July 2020 | — | 166,177 | |||||||||||||||||||||||||||||||||
SoFi CLP 2018-3 LLC | 188,461 |
320 – 467 bps
|
August 2027 | 163,784 | 292,146 | |||||||||||||||||||||||||||||||||
SoFi CLP 2018-4 LLC | 212,940 |
354 – 476 bps
|
November 2027 | 184,831 | 326,295 | |||||||||||||||||||||||||||||||||
SoFi CLP 2018-3 Repack LLC | 10,495 |
200 bps
|
August 2027 | 2,457 | 4,708 | |||||||||||||||||||||||||||||||||
SoFi CLP 2018-4 Repack LLC | 12,775 |
200 bps
|
December 2027 | 5,853 | 8,465 | |||||||||||||||||||||||||||||||||
Total | $ | 593,466 | $ | 462,224 | $ | 1,304,881 | ||||||||||||||||||||||||||||||||
Unamortized debt issuance costs | $ | (3,057) | $ | (7,476) | ||||||||||||||||||||||||||||||||||
Unamortized discount | (2,872) | (544) | ||||||||||||||||||||||||||||||||||||
Weighted average effective interest rate | 4.47 | % | 4.09 | % | ||||||||||||||||||||||||||||||||||
Total | $ | 4,830,137 | $ | 4,726,904 | ||||||||||||||||||||||||||||||||||
Less: unamortized debt issuance costs and discounts | (31,212) | (38,526) | ||||||||||||||||||||||||||||||||||||
Total reported debt | $ | 4,798,925 | $ | 4,688,378 |
2021 | $ | 252,420 | |||
2022 | 1,809 | ||||
2023 | 486,146 | ||||
2024 | — | ||||
2025 | — | ||||
Thereafter | — | ||||
Total | $ | 740,375 |
|
|
December 31, 2020
|
December 31, 2019
|
|||||||||||||||||||||||||||||
Series Name
|
Original Issuance Price
|
Number of Shares Authorized
|
Number of Shares Outstanding
|
Number of Shares Authorized
|
Number of Shares Outstanding
|
|||||||||||||||||||||||||||
Series 1
|
$ | 100.00 | 4,500,000 | 3,234,000 | 4,500,000 | 3,234,000 | ||||||||||||||||||||||||||
Series A
|
0.20 | 19,687,500 | 19,687,500 | 19,687,500 | 19,687,500 | |||||||||||||||||||||||||||
Series B
|
2.20 | 37,252,051 | 26,693,795 | 37,252,051 | 37,252,051 | |||||||||||||||||||||||||||
Series C |
2.20 – 3.05
|
2,209,991 | 2,038,643 | 2,209,991 | 2,038,643 | |||||||||||||||||||||||||||
Series D
|
3.45 | 23,411,503 | 22,369,041 | 23,411,503 | 23,411,503 | |||||||||||||||||||||||||||
Series E
|
9.46 | 24,483,290 | 24,262,476 | 24,483,290 | 24,483,290 | |||||||||||||||||||||||||||
Series F
|
15.78 | 63,386,220 | 60,110,165 | 63,386,220 | 63,386,220 | |||||||||||||||||||||||||||
Series G
|
17.18 | 29,096,495 | 29,096,489 | 29,096,495 | 29,096,489 | |||||||||||||||||||||||||||
Series H
|
15.44 | 50,815,616 | 16,224,534 | 50,815,616 | 16,224,534 | |||||||||||||||||||||||||||
Series H-1
|
15.44 | 57,000,000 | 52,743,298 | — | — | |||||||||||||||||||||||||||
Total
|
311,842,666 | 256,459,941 | 254,842,666 | 218,814,230 |
December 31, | ||||||||||||||
Series Name(1)
|
2020 | 2019 | ||||||||||||
Series A | $ | 0.02 | $ | 0.02 | ||||||||||
Series B | 0.18 | 0.18 | ||||||||||||
Series D | 0.28 | 0.28 | ||||||||||||
Series E | 0.76 | 0.76 | ||||||||||||
Series F | 1.26 | 1.26 | ||||||||||||
Series G | 1.37 | 1.37 | ||||||||||||
Series H | 1.23 | 1.23 | ||||||||||||
Series H-1 | 1.23 | — |
December 31, | ||||||||||||||
Series Name | 2020 | 2019 | ||||||||||||
Series A | $ | 0.20 | $ | 0.20 | ||||||||||
Series B | 2.20 | 2.20 | ||||||||||||
Series C | 1.00 | 1.00 | ||||||||||||
Series D | 3.45 | 3.45 | ||||||||||||
Series E | 9.46 | 9.46 | ||||||||||||
Series F | 15.75 | 15.75 | ||||||||||||
Series G | 17.06 | 17.06 | ||||||||||||
Series H | 15.44 | 15.44 | ||||||||||||
Series H-1 | 15.44 | — |
December 31, | ||||||||||||||
Series Name | 2020 | 2019 | ||||||||||||
Series 1 | $ | 323,400 | $ | 323,400 | ||||||||||
Series A | 3,938 | 3,938 | ||||||||||||
Series B | 58,668 | 81,873 | ||||||||||||
Series C | 4,837 | 4,837 | ||||||||||||
Series D | 77,240 | 80,840 | ||||||||||||
Series E | 229,470 | 231,558 | ||||||||||||
Series F | 948,316 | 1,000,000 | ||||||||||||
Series G | 500,000 | 500,000 | ||||||||||||
Series H | 250,445 | 250,445 | ||||||||||||
Series H-1 | 814,156 | — | ||||||||||||
Total | $ | 3,210,470 | $ | 2,476,891 |
December 31, | Initial Measurement Assumptions | |||||||||||||||||||
Input | 2020 | 2019 | ||||||||||||||||||
Risk-free interest rate | 0.2 | % | 1.7 | % | 2.1 | % | ||||||||||||||
Expected term (years) | 3.4 | 4.4 | 5 | |||||||||||||||||
Expected volatility | 32.6 | % | 25.0 | % | 25.0 | % | ||||||||||||||
Dividend yield | —% | —% | —% | |||||||||||||||||
Exercise price | $ | 15.44 | $ | 15.44 | $ | 15.44 | ||||||||||||||
Fair value of Series H preferred stock | $ | 18.43 | $ | 14.02 | $ | 14.13 |
Warrant Liabilities | |||||
Fair value as of January 1, 2019 | $ | — | |||
Initial measurement | 22,268 | ||||
Change in valuation inputs or other assumptions(1)
|
(2,834) | ||||
Fair value as of December 31, 2019 | $ | 19,434 | |||
Change in valuation inputs or other assumptions(1)
|
20,525 | ||||
Fair value as of December 31, 2020 | $ | 39,959 |
December 31, | |||||||||||
2020 | 2019 | ||||||||||
Conversion of outstanding redeemable preferred stock | 253,525,467 | 215,884,709 | |||||||||
Unissued redeemable preferred stock reserved for issued warrants | 6,983,585 | 6,983,585 | |||||||||
Unissued redeemable preferred stock | 47,133,140 | 27,778,851 | |||||||||
Outstanding stock options and RSUs | 42,775,741 | 32,153,427 | |||||||||
Possible future issuance under stock plans | 19,177,343 | 6,526,084 | |||||||||
Contingent common stock in connection with acquisition(1)
|
183,985 | — | |||||||||
Total common stock reserved for future issuance | 369,779,261 | 289,326,656 |
Year Ended December 31, | |||||||||||||||||
2020 | 2019 | 2018 | |||||||||||||||
Technology and product development | $ | 28,271 | $ | 16,107 | $ | 7,872 | |||||||||||
Sales and marketing | 8,045 | 4,192 | 2,301 | ||||||||||||||
Cost of operations | 6,067 | 1,678 | 1,841 | ||||||||||||||
General and administrative | 57,487 | 38,959 | 30,922 | ||||||||||||||
Total | $ | 99,870 | $ | 60,936 | $ | 42,936 |
Number of
Stock Options |
Weighted Average
Exercise Price |
Weighted Average
Remaining Contractual Term (in years) |
|||||||||||||||
Outstanding as of December 31, 2019 | 17,640,539 | $ | 12.11 | 7.7 | |||||||||||||
Granted(1)
|
217,275 | 11.39 | |||||||||||||||
Replacement Options(2)
|
3,980,300 | 0.65 | |||||||||||||||
Exercised(3)
|
(1,169,956) | 3.23 | |||||||||||||||
Modifications(4)
|
(2,346,628) | 13.34 | |||||||||||||||
Forfeited | (314,195) | 11.61 | |||||||||||||||
Expired | (823,507) | 11.42 | |||||||||||||||
Outstanding as of December 31, 2020 | 17,183,828 | $ | 9.92 | 6.6 | |||||||||||||
Exercisable as of December 31, 2020 | 12,012,098 | $ | 10.28 | 6.4 |
Year Ended December 31, | ||||||||||||||||||||
Input | 2020 | 2018 | ||||||||||||||||||
Risk-free interest rate |
0.3% – 1.4%
|
2.5% – 3.1%
|
||||||||||||||||||
Expected term (years) |
5.5 – 6.0
|
5.7 – 6.3
|
||||||||||||||||||
Expected volatility |
36.5% – 42.5%
|
35.0% | ||||||||||||||||||
Fair value of common stock |
$11.21 – $12.11
|
$10.78 – $11.97
|
||||||||||||||||||
Dividend yield | —% | —% |
Number of
RSUs |
Weighted Average Grant Date Fair Value | ||||||||||
Outstanding at December 31, 2019 | 14,512,888 | $ | 11.33 | ||||||||
Granted | 20,636,594 | 13.57 | |||||||||
Modifications(1)
|
732,724 | n/a | |||||||||
Vested(2)
|
(6,614,661) | 11.53 | |||||||||
Forfeited | (3,675,632) | 11.64 | |||||||||
Outstanding at December 31, 2020(3)
|
25,591,913 | $ | 13.06 |
Year Ended December 31, | |||||||||||||||||
2020 | 2019 | 2018 | |||||||||||||||
Domestic | $ | (316,252) | $ | (238,533) | $ | (251,950) | |||||||||||
Foreign | (12,269) | (1,066) | (1,407) | ||||||||||||||
Loss before income taxes | $ | (328,521) | $ | (239,599) | $ | (253,357) |
|
Year Ended December 31,
|
||||||||||||||||
|
2020 | 2019 | 2018 | ||||||||||||||
Current tax expense:
|
|
|
|||||||||||||||
U.S. federal
|
$ | — | $ | — | $ | 34 | |||||||||||
U.S. state and local
|
23 | 17 | 80 | ||||||||||||||
Foreign
|
13 | 29 | 17 | ||||||||||||||
Total current tax expense
|
36 | 46 | 131 | ||||||||||||||
Deferred tax expense (benefit):
|
|||||||||||||||||
U.S. federal
|
(70,692) | (34) | 2,664 | ||||||||||||||
U.S. state and local
|
(33,823) | 94 | (3,753) | ||||||||||||||
Foreign
|
11 | (8) | — | ||||||||||||||
Total deferred tax expense (benefit)
|
(104,504) | 52 | (1,089) | ||||||||||||||
Income tax expense (benefit)
|
$ | (104,468) | $ | 98 | $ | (958) |
Year Ended December 31, | |||||||||||||||||
2020 | 2019 | 2018 | |||||||||||||||
Expected income tax benefit at federal statutory rate | $ | (68,921) | $ | (50,316) | $ | (53,205) | |||||||||||
Valuation allowance for deferred tax assets | (9,445) | 53,431 | 55,920 | ||||||||||||||
State and local income taxes, net of federal benefit | (26,681) | 52 | (2,894) | ||||||||||||||
Research and development tax credits | (6,883) | (5,469) | (3,505) | ||||||||||||||
Change in fair value of warrants(1)
|
4,310 | (595) | — | ||||||||||||||
Other(1)
|
3,152 | 2,995 | 2,726 | ||||||||||||||
Income tax expense (benefit) | $ | (104,468) | $ | 98 | $ | (958) | |||||||||||
Effective tax rate | 31.80 | % | (0.04) | % | 0.38 | % |
Year Ended December 31, | |||||||||||||||||
2020 | 2019 | 2018 | |||||||||||||||
Unrecognized tax benefits at beginning of year | $ | 4,307 | $ | 1,928 | $ | 1,393 | |||||||||||
Gross increases – tax positions in prior period | 55 | 1,306 | 121 | ||||||||||||||
Gross decreases – tax positions in prior period | (331) | (11) | — | ||||||||||||||
Gross increases – tax positions in current period | 1,086 | 1,084 | 414 | ||||||||||||||
Unrecognized tax benefits at end of year | $ | 5,117 | $ | 4,307 | $ | 1,928 |
December 31, | |||||||||||
2020 | 2019 | ||||||||||
Deferred tax assets: | |||||||||||
Net operating loss carryforwards | $ | 230,866 | $ | 176,564 | |||||||
Operating lease liabilities | 29,340 | 29,969 | |||||||||
Stock-based compensation | 16,876 | 10,120 | |||||||||
Research and development credits | 25,538 | 16,081 | |||||||||
Capital loss carryforwards | 733 | 2,619 | |||||||||
Amortization | — | 1,333 | |||||||||
Accruals and other | 14,614 | 6,643 | |||||||||
Gross deferred tax assets | 317,967 | 243,329 | |||||||||
Valuation allowance | (141,101) | (148,426) | |||||||||
Total deferred tax assets | $ | 176,866 | $ | 94,903 | |||||||
Deferred tax liabilities: | |||||||||||
Depreciation | $ | (4,951) | $ | (968) | |||||||
Amortization(1)
|
(95,819) | — | |||||||||
Operating lease ROU assets | (26,121) | (27,279) | |||||||||
Servicing rights | (41,556) | (56,978) | |||||||||
Securitization investments | (7,268) | (9,576) | |||||||||
Other | (1,734) | (353) | |||||||||
Total deferred tax liabilities | (177,449) | (95,154) | |||||||||
Net deferred tax liabilities | $ | (583) | $ | (251) |
|
Balance at Beginning of Period
|
Additions
|
Deductions(2)
|
Balance at End of Period
|
|||||||||||||||||||||||||
|
Charged to Costs and Expenses
|
Charged to
Other
Accounts(1)
|
|||||||||||||||||||||||||||
Year Ended December 31, 2018
|
|||||||||||||||||||||||||||||
Deferred tax asset valuation allowance
|
$ | 3,464 | $ | 74,180 | $ | — | $ | — | $ | 77,644 | |||||||||||||||||||
Year Ended December 31, 2019
|
|||||||||||||||||||||||||||||
Deferred tax asset valuation allowance
|
77,644 | 70,782 | — | — | 148,426 | ||||||||||||||||||||||||
Year Ended December 31, 2020
|
|||||||||||||||||||||||||||||
Deferred tax asset valuation allowance
|
148,426 | 87,552 | 4,916 | (99,793) | 141,101 |
December 31, | |||||||||||||||||
Expiration | 2020 | 2019 | |||||||||||||||
U.S. federal(1)
|
2031 – 2037 | $ | 209,564 | $ | 209,564 | ||||||||||||
Indefinite | 589,996 | 426,646 | |||||||||||||||
U.S. state(2)
|
2021 – 2040 | 689,298 | 543,401 | ||||||||||||||
Indefinite | 130,404 | 95,330 | |||||||||||||||
Foreign | Indefinite | 44,419 | — |
|
As of December 31,
|
||||||||||
|
2020(1)
|
2019 | |||||||||
Total assets
|
$ | 10,254,902 | $ | 5,098,943 | |||||||
Total liabilities
|
10,032,736 | 4,932,181 |
|
Year Ended December 31,
|
||||||||||||||||
|
2020(1)
|
2019 |
2018(2)
|
||||||||||||||
Total revenues
|
$ | 276,968 | $ | 149,922 | $ | 5,014 | |||||||||||
Net income
|
58,426 | 22,255 | 432 |
|
Year Ended December 31,
|
||||||||||
|
2020 | 2019 | |||||||||
Operating lease cost
|
$ | 17,371 | $ | 16,380 | |||||||
Finance lease cost – amortization of ROU assets
|
719 | — | |||||||||
Finance lease cost – interest expense on lease liabilities
|
167 | — | |||||||||
Short-term lease cost
|
463 | 323 | |||||||||
Variable lease cost(1)
|
2,382 | 880 | |||||||||
Sublease income(2)
|
(820) | (512) | |||||||||
Total lease cost
|
$ | 20,282 | $ | 17,071 | |||||||
Cash paid for amounts included in the measurement of lease liabilities
|
|||||||||||
Operating cash outflows from operating leases
|
$ | 17,444 | $ | 12,446 | |||||||
Operating cash outflows from finance leases
|
85 | — | |||||||||
Financing cash outflows from finance leases
|
489 | — |
|
December 31, | ||||||||||
|
2020
|
2019
|
|||||||||
Operating Leases
|
|
|
|||||||||
ROU assets
|
$ | 116,858 | $ | 101,446 | |||||||
Operating lease liabilities
|
$ | 139,796 | $ | 124,745 | |||||||
Weighted average remaining lease term (in years)
|
9.5 | 9.0 | |||||||||
Weighted average discount rate
|
4.7 | % | 5.1 | % | |||||||
Finance Leases
|
|||||||||||
ROU assets(1)
|
$ | 14,381 | $ | — | |||||||
Lease liabilities(2)
|
$ | 14,693 | $ | — | |||||||
Weighted average remaining lease term (in years)
|
19.2 | — | |||||||||
Weighted average discount rate
|
3.4 | % | — | % |
|
Operating Leases
|
Finance Leases
|
|||||||||
As of December 31, 2020 |
|
|
|||||||||
2021 | $ | 19,168 | $ | 1,004 | |||||||
2022 | 19,793 | 959 | |||||||||
2023 | 19,437 | 964 | |||||||||
2024 | 19,091 | 968 | |||||||||
2025 | 18,036 | 1,038 | |||||||||
Thereafter
|
77,903 | 15,113 | |||||||||
Total
|
173,428 | 20,046 | |||||||||
Less: imputed interest
|
(33,632) | (5,353) | |||||||||
Lease liabilities
|
$ | 139,796 | $ | 14,693 |
As of December 31, 2020 | |||||
2021(1)
|
$ | 24,375 | |||
2022 | 25,077 | ||||
2023 | 25,183 | ||||
2024 | 25,292 | ||||
2025 | 29,157 | ||||
Thereafter | 479,041 | ||||
Total | $ | 608,125 |
|
Year Ended December 31,
|
||||||||||||||||
|
2020 | 2019 | 2018 | ||||||||||||||
Numerator: |
|
|
|||||||||||||||
Net loss | $ | (224,053) | $ | (239,697) | $ | (252,399) | |||||||||||
Less: preferred stock dividends
|
(40,536) | (23,923) | — | ||||||||||||||
Less: preferred stock redemptions, net(1)
|
(52,658) | — | — | ||||||||||||||
Net loss attributable to common stockholders – basic
|
$ | (317,247) | $ | (263,620) | $ | (252,399) | |||||||||||
Denominator: | |||||||||||||||||
Weighted average common stock outstanding – basic | 42,374,976 | 37,651,687 | 35,091,026 | ||||||||||||||
Add: Dilutive effects, as shown separately below | |||||||||||||||||
Common stock options | — | — | — | ||||||||||||||
Unvested RSUs | — | — | — | ||||||||||||||
Weighted average common stock outstanding – diluted | 42,374,976 | 37,651,687 | 35,091,026 | ||||||||||||||
Loss per share – basic | $ | (7.49) | $ | (7.00) | $ | (7.19) | |||||||||||
Loss per share – diluted | $ | (7.49) | $ | (7.00) | $ | (7.19) |
|
Year Ended December 31,
|
||||||||||||||||
|
2020 | 2019 | 2018 | ||||||||||||||
Redeemable preferred stock exchangeable for common stock(1)
|
253,225,941 | 215,580,230 | 199,355,696 | ||||||||||||||
Redeemable preferred stock warrants exchangeable for common stock(1)
|
6,983,585 | 6,983,585 | — | ||||||||||||||
Contingent common stock in connection with acquisition(1)(2)
|
183,985 | — | — | ||||||||||||||
Common stock options(1)
|
17,183,828 | 17,640,539 | 22,822,810 | ||||||||||||||
Unvested RSUs(1)
|
25,591,913 | 14,512,888 | 10,910,000 |
Year Ended December 31, 2020 | Lending | Financial Services |
Technology
Platform(1)
|
Reportable Segments Total | Other | Total | ||||||||||||||||||||||||||||||||
Net revenue | ||||||||||||||||||||||||||||||||||||||
Net interest income (loss) | $ | 199,345 | $ | 484 | $ | (107) | $ | 199,722 | $ | (21,791) | $ | 177,931 | ||||||||||||||||||||||||||
Noninterest income (loss) | 281,521 | 11,386 | 95,737 | 388,644 | (1,043) | 387,601 | ||||||||||||||||||||||||||||||||
Total net revenue (loss)
|
$ | 480,866 | $ | 11,870 | $ | 95,630 | $ | 588,366 | $ | (22,834) | $ | 565,532 | ||||||||||||||||||||||||||
Servicing rights – change in valuation inputs or assumptions(2)
|
17,459 | — | — | 17,459 | ||||||||||||||||||||||||||||||||||
Residual interests classified as debt – change in valuation inputs or assumptions(3)
|
38,216 | — | — | 38,216 | ||||||||||||||||||||||||||||||||||
Directly attributable expenses | (294,812) | (143,280) | (42,427) | (480,519) | ||||||||||||||||||||||||||||||||||
Contribution profit (loss)
|
$ | 241,729 | $ | (131,410) | $ | 53,203 | $ | 163,522 |
Year Ended December 31, 2019 | Lending | Financial Services |
Technology
Platform(1)
|
Reportable Segments Total | Other | Total | ||||||||||||||||||||||||||||||||
Net revenue | ||||||||||||||||||||||||||||||||||||||
Net interest income | $ | 325,589 | $ | 614 | $ | — | $ | 326,203 | $ | 3,631 | $ | 329,834 | ||||||||||||||||||||||||||
Noninterest income | 108,712 | 3,318 | 795 | 112,825 | — | 112,825 | ||||||||||||||||||||||||||||||||
Total net revenue
|
$ | 434,301 | $ | 3,932 | $ | 795 | $ | 439,028 | $ | 3,631 | $ | 442,659 | ||||||||||||||||||||||||||
Servicing rights – change in valuation inputs or assumptions(2)
|
(8,487) | — | — | (8,487) | ||||||||||||||||||||||||||||||||||
Residual interests classified as debt – change in valuation inputs or assumptions(3)
|
17,157 | — | — | 17,157 | ||||||||||||||||||||||||||||||||||
Directly attributable expenses | (350,511) | (122,732) | — | (473,243) | ||||||||||||||||||||||||||||||||||
Contribution profit (loss)
|
$ | 92,460 | $ | (118,800) | $ | 795 | $ | (25,545) |
Year Ended December 31, 2018 | Lending | Financial Services |
Technology
Platform(1)
|
Reportable Segments Total | Other | Total | ||||||||||||||||||||||||||||||||
Net revenue | ||||||||||||||||||||||||||||||||||||||
Net interest income | $ | 257,344 | $ | 30 | $ | — | $ | 257,374 | $ | 1,690 | $ | 259,064 | ||||||||||||||||||||||||||
Noninterest income (loss) | 9,404 | 844 | 117 | 10,365 | (30) | 10,335 | ||||||||||||||||||||||||||||||||
Total net revenue
|
$ | 266,748 | $ | 874 | $ | 117 | $ | 267,739 | $ | 1,660 | $ | 269,399 | ||||||||||||||||||||||||||
Servicing rights – change in valuation inputs or assumptions(2)
|
(1,197) | — | — | (1,197) | ||||||||||||||||||||||||||||||||||
Residual interests classified as debt – change in valuation inputs or assumptions(3)
|
(27,481) | — | — | (27,481) | ||||||||||||||||||||||||||||||||||
Directly attributable expenses | (347,348) | (20,117) | — | (367,465) | ||||||||||||||||||||||||||||||||||
Contribution profit (loss)
|
$ | (109,278) | $ | (19,243) | $ | 117 | $ | (128,404) |
Year Ended December 31, | ||||||||||||||||||||
2020 | 2019 | 2018 | ||||||||||||||||||
Reportable segments total contribution profit (loss) | $ | 163,522 | $ | (25,545) | $ | (128,404) | ||||||||||||||
Other total net revenue (loss) | (22,834) | 3,631 | 1,660 | |||||||||||||||||
Servicing rights – change in valuation inputs or assumptions | (17,459) | 8,487 | 1,197 | |||||||||||||||||
Residual interests classified as debt – change in valuation inputs or assumptions | (38,216) | (17,157) | 27,481 | |||||||||||||||||
Expenses not allocated to segments: | ||||||||||||||||||||
Share-based compensation expense | (99,870) | (60,936) | (42,936) | |||||||||||||||||
Depreciation and amortization expense | (69,832) | (15,955) | (10,912) | |||||||||||||||||
Employee-related costs(1)
|
(114,599) | (53,080) | (46,724) | |||||||||||||||||
Other corporate and unallocated expenses(2)
|
(129,233) | (79,044) | (54,719) | |||||||||||||||||
Loss before income taxes | $ | (328,521) | $ | (239,599) | $ | (253,357) |
December 31, | |||||||||||
2020 | 2019 | ||||||||||
Assets | |||||||||||
Cash and cash equivalents | $ | 451,510 | $ | 49,522 | |||||||
Restricted cash and restricted cash equivalents | 142,457 | 5,930 | |||||||||
Intercompany receivables | 71,852 | 301,924 | |||||||||
Investments in subsidiaries and VIEs(1)
|
3,054,120 | 1,711,181 | |||||||||
Securitization investments | 496,935 | 653,952 | |||||||||
Equity method investments | 107,534 | 102,946 | |||||||||
Operating lease right-of-use assets | 107,329 | 96,588 | |||||||||
Related party notes receivable | 17,923 | 9,174 | |||||||||
Other assets | 139,792 | 111,044 | |||||||||
Total assets | $ | 4,589,452 | $ | 3,042,261 | |||||||
Liabilities, temporary equity and permanent deficit | |||||||||||
Liabilities: | |||||||||||
Accounts payable, accruals and other liabilities | $ | 243,357 | $ | 54,003 | |||||||
Operating lease liabilities | 128,319 | 118,525 | |||||||||
Debt | 1,164,205 | 769,064 | |||||||||
Total liabilities | 1,535,881 | 941,592 | |||||||||
Temporary equity(2):
|
|||||||||||
Redeemable preferred stock: 311,842,666 and 254,842,666 shares authorized; 256,459,941 and 218,814,230 shares issued and outstanding as of December 31, 2020 and 2019, respectively
|
3,173,686 | 2,439,731 | |||||||||
Permanent deficit: | |||||||||||
Common stock, $0.00 par value: 452,815,616 and 395,815,616 shares authorized; 66,034,174 and 39,614,844 shares issued and outstanding as of December 31, 2020 and 2019, respectively(3)
|
— | — | |||||||||
Additional paid-in capital | 579,228 | 135,517 | |||||||||
Accumulated other comprehensive loss | (166) | (21) | |||||||||
Accumulated deficit | (699,177) | (474,558) | |||||||||
Total permanent deficit | (120,115) | (339,062) | |||||||||
Total liabilities, temporary equity and permanent deficit | $ | 4,589,452 | $ | 3,042,261 |
Year Ended December 31, | |||||||||||||||||
2020 | 2019 | 2018 | |||||||||||||||
Interest income
|
|
|
|
||||||||||||||
Securitizations
|
$ | 22,541 | $ | 18,424 | $ | 16,106 | |||||||||||
Related party notes
|
3,189 | 3,338 | — | ||||||||||||||
Intercompany
|
3,575 | 6,230 | 7,276 | ||||||||||||||
Other
|
925 | 899 | 423 | ||||||||||||||
Total interest income
|
30,230 | 28,891 | 23,805 | ||||||||||||||
Interest expense
|
|||||||||||||||||
Securitizations and warehouses
|
11,906 | 23,545 | 15,868 | ||||||||||||||
Corporate borrowing and other
|
28,140 | 4,962 | 233 | ||||||||||||||
Total interest expense
|
40,046 | 28,507 | 16,101 | ||||||||||||||
Net interest income (expense) | (9,816) | 384 | 7,704 | ||||||||||||||
Noninterest income
|
|||||||||||||||||
Securitizations
|
4,189 | 4,382 | (4,555) | ||||||||||||||
Other
|
(87) | 1,502 | 534 | ||||||||||||||
Total noninterest income (loss)
|
4,102 | 5,884 | (4,021) | ||||||||||||||
Total net revenue
|
(5,714) | 6,268 | 3,683 | ||||||||||||||
Noninterest expense
|
|||||||||||||||||
Technology and product development
|
105,056 | 103,278 | 37,653 | ||||||||||||||
Sales and marketing
|
70,219 | 65,158 | 39,441 | ||||||||||||||
Cost of operations
|
16,722 | 9,299 | 896 | ||||||||||||||
General and administrative
|
125,401 | 59,090 | 27,776 | ||||||||||||||
Total noninterest expense
|
317,398 | 236,825 | 105,766 | ||||||||||||||
Loss before income taxes
|
(323,112) | (230,557) | (102,083) | ||||||||||||||
Income tax (expense) benefit
|
113,548 | 5,122 | (33,914) | ||||||||||||||
Loss before equity in loss of subsidiaries
|
(209,564) | (225,435) | (135,997) | ||||||||||||||
Equity in loss of subsidiaries
|
(14,489) | (14,262) | (116,402) | ||||||||||||||
Net loss
|
$ | (224,053) | $ | (239,697) | $ | (252,399) | |||||||||||
Other comprehensive income (loss)
|
|||||||||||||||||
Foreign currency translation adjustments, net
|
(145) | (9) | 21 | ||||||||||||||
Total other comprehensive income (loss)
|
(145) | (9) | 21 | ||||||||||||||
Comprehensive loss
|
$ | (224,198) | $ | (239,706) | $ | (252,378) |
|
Year Ended December 31,
|
||||||||||||||||
|
2020 | 2019 | 2018 | ||||||||||||||
Operating activities
|
|
|
|
||||||||||||||
Net cash used in operating activities
|
$ | (226,217) | $ | (99,301) | $ | (107,115) | |||||||||||
Investing activities
|
|||||||||||||||||
Purchases of property, equipment, software and intangible assets
|
$ | (18,327) | $ | (37,529) | $ | (11,222) | |||||||||||
Related party notes receivable issuances
|
(7,643) | (9,050) | — | ||||||||||||||
Issuances of notes to subsidiaries
|
(1,387,801) | (1,123,568) | (479,829) | ||||||||||||||
Repayments of notes by subsidiaries
|
1,443,765 | 461,849 | 122,438 | ||||||||||||||
Purchases of non-securitization investments
|
(145) | (3,583) | (100,401) | ||||||||||||||
Receipts from securitization investments
|
322,704 | 165,116 | 101,879 | ||||||||||||||
Acquisition of business, net of cash acquired
|
(76,194) | — | — | ||||||||||||||
Net cash provided by (used in) investing activities
|
$ | 276,359 | $ | (546,765) | $ | (367,135) | |||||||||||
Financing activities
|
|||||||||||||||||
Proceeds from debt issuances
|
$ | 596,176 | $ | 462,410 | $ | 612,935 | |||||||||||
Repayment of debt
|
(451,540) | (302,600) | (107,236) | ||||||||||||||
Payment of debt issuance costs
|
(928) | (544) | (4,296) | ||||||||||||||
Taxes paid related to net share settlement of stock-based awards
|
(31,259) | (21,411) | (3,154) | ||||||||||||||
Purchases of common stock
|
(40) | (8,804) | — | ||||||||||||||
Proceeds from common stock issuances | 369,840 | — | — | ||||||||||||||
Proceeds from stock option exercises | 3,781 | 7,844 | 2,581 | ||||||||||||||
Note receivable issuance to stockholder | — | (58,000) | — | ||||||||||||||
Note receivable principal repayments from stockholder | 43,513 | 14,487 | — | ||||||||||||||
Proceeds from redeemable preferred stock issuances | — | 573,845 | — | ||||||||||||||
Payment of redeemable preferred stock issuance costs | — | (2,400) | — | ||||||||||||||
Payment of redeemable preferred stock dividends | (40,536) | (23,923) | — | ||||||||||||||
Finance lease principal payments | (489) | — | — | ||||||||||||||
Net cash provided by financing activities | $ | 488,518 | $ | 640,904 | $ | 500,830 | |||||||||||
Effect of exchange rates on cash and cash equivalents | (145) | (9) | 21 | ||||||||||||||
Net increase (decrease) in cash, cash equivalents, restricted cash and restricted cash equivalents | 538,515 | (5,171) | 26,601 | ||||||||||||||
Cash, cash equivalents, restricted cash and restricted cash equivalents at beginning of period | 55,452 | 60,623 | 34,022 | ||||||||||||||
Cash, cash equivalents, restricted cash and restricted cash equivalents at end of period | $ | 593,967 | $ | 55,452 | $ | 60,623 | |||||||||||
Supplemental non-cash investing and financing activities | |||||||||||||||||
Non-cash settlement of notes receivable via beneficial loan interest transfers | $ | 176,449 | $ | 486,168 | $ | 510,910 | |||||||||||
Redeemable preferred stock warrants accounted for as liabilities | — | 22,268 | — | ||||||||||||||
Non-cash property, equipment, software and intangible asset additions | 47 | 13,955 | — | ||||||||||||||
Seller note issued in acquisition | 243,998 | — | — | ||||||||||||||
Redeemable preferred stock issued in acquisition | 814,156 | — | — | ||||||||||||||
Common stock options assumed in acquisition | 32,197 | — | — | ||||||||||||||
Issuance of common stock in acquisition | 15,565 | — | 941 | ||||||||||||||
Finance lease ROU assets acquired | 15,100 | — | — | ||||||||||||||
Accrued but unpaid deferred equity costs | 56 | — | — | ||||||||||||||
Redeemed but unpaid common stock | 526 | — | — | ||||||||||||||
Redeemed but unpaid redeemable preferred stock | 132,859 | — | — |
SEC registration fee | $ | 1,172,339 | |||
Accounting fees and expenses | 40,000 | ||||
Legal fees and expenses | 225,000 | ||||
Financial printing and miscellaneous expenses | — | ||||
Total | $ | 1,437,339 |
Exhibit No. | Description | |||||||
1.1** | Form of Underwriting Agreement | |||||||
2.1+ | ||||||||
2.2 |
2.3* | ||||||||
3.1 | ||||||||
3.2 | ||||||||
4.1 | ||||||||
4.2 | ||||||||
4.3 | ||||||||
5.1## |
Opinion of Goodwin Procter LLP
|
|||||||
10.1 | ||||||||
10.2 | ||||||||
10.3 | ||||||||
10.4 | ||||||||
10.5 | ||||||||
10.6 |
Amended and Restated Registration Rights Agreement, dated as of May 28, 2021, by and among the Registrant, SCH Sponsor V LLC, certain former stockholders of Social Finance, Inc., as set forth on Schedule 1 thereto, Jay Parikh, Jennifer Dulski and the parties set forth on Schedule 2 thereto (incorporated by reference to Exhibit 10.5 to the Current Report on Form 8-K filed June 4, 2021)
|
|||||||
10.7 | ||||||||
10.8 | ||||||||
10.9# | ||||||||
10.10# | ||||||||
10.11
|
||||||||
10.12*†
|
10.13*
|
||||||||
10.14*
|
||||||||
10.15*
|
||||||||
10.16*#
|
||||||||
10.17*#
|
||||||||
10.18*#
|
||||||||
10.19*#
|
||||||||
10.20*#
|
||||||||
10.21*#
|
||||||||
10.22*#
|
||||||||
10.23*#
|
||||||||
10.24#
|
||||||||
16.1 | ||||||||
21.1 | ||||||||
23.1* | ||||||||
23.2* | ||||||||
23.3## |
Consent of Goodwin Procter LLP (included as part of Exhibit 5.1)
|
|||||||
24.1* | ||||||||
101.INS* | XBRL Instance Document | |||||||
101.SCH* | XBRL Taxonomy Extension Schema Document | |||||||
101.CAL* | XBRL Taxonomy Extension Calculation Linkbase Document | |||||||
101.DEF* | XBRL Taxonomy Extension Definition Linkbase Document | |||||||
101.LAB* | XBRL Taxonomy Extension Label Linkbase Document | |||||||
101.PRE* | XBRL Taxonomy Extension Presentation Linkbase Document |
SOFI TECHNOLOGIES, INC.
|
||||||||
By: |
/s/ Christopher Lapointe
|
|||||||
Name: | Christopher Lapointe | |||||||
Title: | Chief Financial Officer |
Signature | Title | |||||||
/s/ Anthony Noto
|
Director and Chief Executive Officer
(Principal Executive Officer)
|
|||||||
Anthony Noto | ||||||||
/s/ Christopher Lapointe
|
Chief Financial Officer
(Principal Financial Officer and Principal
Accounting Officer)
|
|||||||
Christopher Lapointe | ||||||||
/s/ Ahmed Al-Hammadi
|
Director | |||||||
Ahmed Al-Hammadi | ||||||||
/s/ Ruzwana Bashir
|
Director | |||||||
Ruzwana Bashir | ||||||||
/s/ Michael Bingle
|
Director | |||||||
Michael Bingle | ||||||||
/s/ Michel Combes
|
Director | |||||||
Michel Combes | ||||||||
/s/ Richard Costolo
|
Director | |||||||
Richard Costolo | ||||||||
/s/ Steven Freiberg
|
Director | |||||||
Steven Freiberg | ||||||||
/s/ Tom Hutton
|
Director | |||||||
Tom Hutton | ||||||||
/s/ Clara Liang
|
Director | |||||||
Clara Liang | ||||||||
/s/ Carlos Medeiros
|
Director | |||||||
Carlos Medeiros | ||||||||
/s/ Harvey Schwartz
|
Director | |||||||
Harvey Schwartz | ||||||||
/s/ Clay Wilkes
|
Director | |||||||
Clay Wilkes | ||||||||
/s/ Magdalena Yeşil
|
Director | |||||||
Magdalena Yeşil |
ARTICLE I | DEFINITIONS, TERMS AND INTERPRETIVE MATTERS | 2 | ||||||||||||
Section 1.01 |
Certain Definitions
|
2 | ||||||||||||
Section 1.02 |
Other Terms
|
25 | ||||||||||||
ARTICLE II | THE MERGERS | 25 | ||||||||||||
Section 2.01 |
Mergers
|
25 | ||||||||||||
Section 2.02 |
Closing
|
25 | ||||||||||||
Section 2.03 |
Effective Time
|
26 | ||||||||||||
Section 2.04 |
Effects of the Mergers
|
26 | ||||||||||||
Section 2.05 |
Certificate of Incorporation and By-laws
|
26 | ||||||||||||
Section 2.06 |
Directors and Officers
|
27 | ||||||||||||
Section 2.07 |
Conversion of Company Shares
|
27 | ||||||||||||
Section 2.08 |
Stock Options
|
28 | ||||||||||||
Section 2.09 |
Conversion of Common Stock of Merger Sub; Conversion of Common Stock of Surviving Corporation
|
29 | ||||||||||||
Section 2.10 | Closing Adjustments | 29 | ||||||||||||
Section 2.11 |
Tax Treatment and Cooperation
|
31 | ||||||||||||
Section 2.12 |
Withholding Taxes
|
31 | ||||||||||||
Section 2.13 |
Closing of the Company’s Transfer Books
|
31 | ||||||||||||
Section 2.14 |
Payment of Merger Consideration and Other Payments
|
31 | ||||||||||||
Section 2.15 |
Stockholders’ Representative
|
35 | ||||||||||||
Section 2.16 |
Dissenting Shares
|
37 | ||||||||||||
ARTICLE III | REPRESENTATIONS AND WARRANTIES OF THE COMPANY | 38 | ||||||||||||
Section 3.01 |
Organization
|
38 | ||||||||||||
Section 3.02 |
Capitalization
|
38 | ||||||||||||
Section 3.03 |
Authority
|
41 | ||||||||||||
Section 3.04 |
Consents and Approvals; No Violations
|
42 | ||||||||||||
Section 3.05 |
Financial Statements
|
42 | ||||||||||||
Section 3.06 |
Absence of Undisclosed Liabilities
|
42 | ||||||||||||
Section 3.07 |
Absence of Changes; Operations in Ordinary Course
|
43 | ||||||||||||
Section 3.08 |
Taxes; Tax Matters
|
43 | ||||||||||||
Section 3.09 |
Plans
|
46 | ||||||||||||
Section 3.10 |
Intellectual Property
|
47 | ||||||||||||
Section 3.11 |
Material Contracts
|
50 | ||||||||||||
Section 3.12 |
Compliance with Laws; Permits
|
53 | ||||||||||||
Section 3.13 |
Real Property
|
54 | ||||||||||||
Section 3.14 |
Environmental and Safety Matters
|
55 | ||||||||||||
Section 3.15 |
Labor Matters
|
56 | ||||||||||||
Section 3.16 |
Insurance Policies
|
57 | ||||||||||||
Section 3.17 |
Legal Proceedings
|
57 | ||||||||||||
Section 3.18 |
Privacy and Data Security
|
58 | ||||||||||||
Section 3.19 |
Company Systems
|
58 |
Section 3.20 |
Export Approvals
|
59 | ||||||||||||
Section 3.21 |
Certain Payments
|
59 | ||||||||||||
Section 3.22 |
Brokers
|
60 | ||||||||||||
Section 3.23 |
Books and Records
|
60 | ||||||||||||
Section 3.24 |
Customers and Vendors
|
60 | ||||||||||||
Section 3.25 |
Anti-Money Laundering
|
61 | ||||||||||||
Section 3.26 |
Independent Investigation; No Other Representations and Warranties
|
61 | ||||||||||||
ARTICLE IV |
REPRESENTATIONS AND WARRANTIES OF PARENT,
MERGER SUB, and MERGER SUB II |
62 | ||||||||||||
Section 4.01 | Organization, Good Standing and Qualification | 62 | ||||||||||||
Section 4.02 | Capitalization | 62 | ||||||||||||
Section 4.03 | Authority | 64 | ||||||||||||
Section 4.04 | Valid Issuance of Securities | 65 | ||||||||||||
Section 4.05 | Governmental Consents and Filings | 65 | ||||||||||||
Section 4.06 | No “Bad Actor” Disqualification | 65 | ||||||||||||
Section 4.07 | Litigation | 66 | ||||||||||||
Section 4.08 | Parent IP | 66 | ||||||||||||
Section 4.09 | Compliance with Other Instruments and Law | 67 | ||||||||||||
Section 4.10 | Agreements; Actions | 67 | ||||||||||||
Section 4.11 | No Conflict of Interest | 68 | ||||||||||||
Section 4.12 | Rights of Registration and Voting Rights | 68 | ||||||||||||
Section 4.13 | Title to Property and Assets | 69 | ||||||||||||
Section 4.14 | Financial Statements | 69 | ||||||||||||
Section 4.15 | Absence of Undisclosed Liabilities | 69 | ||||||||||||
Section 4.16 | Changes | 69 | ||||||||||||
Section 4.17 | Employee Benefit Plans | 70 | ||||||||||||
Section 4.18 | Tax Matters; Tax Returns, Payments and Elections | 70 | ||||||||||||
Section 4.19 | Confidential Information and Invention Assignment Agreements | 71 | ||||||||||||
Section 4.20 | Governmental Authorizations | 71 | ||||||||||||
Section 4.21 | Severance Arrangement | 71 | ||||||||||||
Section 4.22 | Employment Agreements | 71 | ||||||||||||
Section 4.23 | Compliance with Applicable Laws | 71 | ||||||||||||
Section 4.24 | Compliance with Parent Credit Facility, Parent Warehouse Facilities and Parent Securitization Documents | 72 | ||||||||||||
Section 4.25 | Investment Company | 73 | ||||||||||||
Section 4.26 | Shell Company Status | 73 | ||||||||||||
Section 4.27 | Section 83(b) Elections | 73 | ||||||||||||
Section 4.28 | No Claims for Breach of Representation or Warranty | 73 | ||||||||||||
Section 4.29 | Brokers | 73 | ||||||||||||
Section 4.30 | Independent Investigation; No Other Representations or Warranties | 73 | ||||||||||||
ARTICLE V | COVENANTS | 74 | ||||||||||||
Section 5.01 |
Conduct of Business
|
74 |
Section 5.02 |
Control of Operations
|
77 | ||||||||||||
Section 5.03 |
Commercially Reasonable Efforts; Cooperation
|
77 | ||||||||||||
Section 5.04 |
Consents
|
77 | ||||||||||||
Section 5.05 |
Antitrust Notifications and Other Regulatory Approvals
|
78 | ||||||||||||
Section 5.06 |
Access to Information
|
80 | ||||||||||||
Section 5.07 |
Public Statements
|
82 | ||||||||||||
Section 5.08 |
Indemnification of Directors and Officers
|
83 | ||||||||||||
Section 5.09 |
Employee Benefits
|
84 | ||||||||||||
Section 5.10 |
Termination of Related Party Contracts and Plans
|
85 | ||||||||||||
Section 5.11 |
Closing Conditions
|
86 | ||||||||||||
Section 5.12 |
Tax Matters
|
86 | ||||||||||||
Section 5.13 |
Stockholder Consent
|
88 | ||||||||||||
Section 5.14 |
Termination of Equity Agreements
|
88 | ||||||||||||
Section 5.15 |
Exclusivity
|
88 | ||||||||||||
Section 5.16 |
Advice of Changes
|
89 | ||||||||||||
Section 5.17 |
Merger Sub, Surviving Corporation and Merger Sub II
|
90 | ||||||||||||
Section 5.18 | Tax Opinions | 90 | ||||||||||||
Section 5.19 | Conduct of Parent Business | 91 | ||||||||||||
Section 5.20 | R&W Policy | 91 | ||||||||||||
Section 5.21 | Data Room | 91 | ||||||||||||
ARTICLE VI | CONDITIONS TO CLOSING | 92 | ||||||||||||
Section 6.01 |
Mutual Conditions to the Obligations of the Parties
|
92 | ||||||||||||
Section 6.02 |
Conditions to the Obligations of Parent, Merger Sub, and Merger Sub II
|
92 | ||||||||||||
Section 6.03 |
Conditions to the Obligations of the Company
|
95 | ||||||||||||
ARTICLE VII | SURVIVAL; INDEMNIFICATION | 97 | ||||||||||||
Section 7.01 |
Survival
|
97 | ||||||||||||
Section 7.02 |
Indemnification in Favor of Parent
|
98 | ||||||||||||
Section 7.03 |
Indemnification Claim Procedure; Third Party Claims
|
99 | ||||||||||||
Section 7.04 |
R&W Policy and Escrow
|
101 | ||||||||||||
Section 7.05 |
Limits on Indemnification
|
102 | ||||||||||||
Section 7.06 |
Exclusive Remedy
|
103 | ||||||||||||
Section 7.07 |
Effect of Investigation
|
104 | ||||||||||||
ARTICLE VIII | TERMINATION | 104 | ||||||||||||
Section 8.01 |
Termination
|
104 | ||||||||||||
Section 8.02 |
Effect of Termination; Etc
|
105 | ||||||||||||
ARTICLE IX | MISCELLANEOUS | 106 | ||||||||||||
Section 9.01 |
Notices
|
106 | ||||||||||||
Section 9.02 |
Amendment; Waiver, Etc
|
108 | ||||||||||||
Section 9.03 |
Assignment
|
108 | ||||||||||||
Section 9.04 |
Expenses
|
108 | ||||||||||||
Section 9.05 |
Entire Agreement
|
108 | ||||||||||||
Section 9.06 |
Severability
|
108 |
Section 9.07 |
Fulfillment of Obligations
|
109 | ||||||||||||
Section 9.08 |
Parties in Interest
|
109 | ||||||||||||
Section 9.09 |
Governing Law; Jurisdiction; Waiver of Jury Trial
|
109 | ||||||||||||
Section 9.10 |
Counterparts; Etc
|
110 | ||||||||||||
Section 9.11 |
Headings, Etc
|
110 | ||||||||||||
Section 9.12 |
Further Assurances
|
110 | ||||||||||||
Section 9.13 |
Remedies
|
111 | ||||||||||||
Section 9.14 |
Knowledge
|
111 | ||||||||||||
Section 9.15 |
Interpretation
|
111 | ||||||||||||
Section 9.16 |
Legal Representation
|
112 |
SOCIAL FINANCE, INC. | ||||||||
By: | /s/ Anthony Noto | |||||||
Name: Anthony Noto | ||||||||
Title: CEO | ||||||||
SFI ACQUISITION CO., INC. | ||||||||
By: | /s/ Christopher Lapointe | |||||||
Name: Christopher Lapointe | ||||||||
Title: President | ||||||||
SFI FINANCIAL TECHNOLOGIES LLC | ||||||||
By: | /s/ Christopher Lapointe | |||||||
Name: Christopher Lapointe | ||||||||
Title: President | ||||||||
GALILEO FINANCIAL TECHNOLOGIES, INC. | ||||||||
By: | /s/ Clay Wilkes | |||||||
Name: Clay Wilkes | ||||||||
Title: Chief Executive Officer |
Acknowledged and agreed solely in its capacity as STOCKHOLDERS’ REPRESENTATIVE:
|
||||||||
SHAREHOLDER REPRESENTATIVE SERVICES LLC, solely in its capacity as the Stockholders’ Representative
|
||||||||
By: | /s/ Kip Wallen | |||||||
Name: Kip Wallen | ||||||||
Title: Director |
SOCIAL FINANCE, INC. | ||||||||
By: | ||||||||
Name: | ||||||||
Title: |
STOCKHOLDER | ||||||||
Name: | ||||||||
By: | ||||||||
Name: | ||||||||
Title: | ||||||||
Address: | ||||||||
E-mail: | ||||||||
[BENEFICIAL OWNER | ||||||||
Name: | ||||||||
By: | ||||||||
Name: | ||||||||
Title: | ||||||||
Address: | ||||||||
E-mail:] |
SOCIAL FINANCE, INC. | |||||||||||
By: | |||||||||||
Name: | |||||||||||
Title: | |||||||||||
Accepted and Agreed to: | |||||||||||
[Payee] | |||||||||||
By: | |||||||||||
Name: | |||||||||||
Title: |
OPTIONHOLDER | ||||||||||||||||||||
By: | ||||||||||||||||||||
Name: | ||||||||||||||||||||
Name and address to which notices shall be sent to Optionholder prior to Effective Time (please print):
|
||||||||||||||||||||
(Name) | ||||||||||||||||||||
(Street) | ||||||||||||||||||||
(City) | (State) | (Zip) | ||||||||||||||||||
GALILEO FINANCIAL TECHNOLOGIES, INC. | ||||||||||||||||||||
By: | ||||||||||||||||||||
Name: | ||||||||||||||||||||
Title: |
Page | |||||||||||
1. |
DEFINITIONS
|
2 | |||||||||
2. |
TERM
|
7 | |||||||||
(a) |
Term
|
7 | |||||||||
(b) |
[***]
|
8 | |||||||||
(c) |
No Continued Use Upon Expiration or Termination
|
8 | |||||||||
(d) |
[***]
|
8 | |||||||||
3. |
ASSETS
|
8 | |||||||||
(a) |
Naming Rights Assets
|
8 | |||||||||
(b) |
Team Assets
|
9 | |||||||||
(c) |
Stadium Logos; Signage, Displays, and other Collateral
|
9 | |||||||||
(d) |
Stadium Name; References; Restriction on Sponsorship of Other Venues
|
10 | |||||||||
(e) |
Stadium Name Changes
|
10 | |||||||||
(f) |
Unavailable Assets
|
13 | |||||||||
(g) |
No Pass-Throughs
|
13 | |||||||||
(h) |
Rights Reserved
|
13 | |||||||||
(i) |
[***]
|
13 | |||||||||
(j) |
Annual Review Meeting
|
13 | |||||||||
4. |
CATEGORY PROTECTION AND CERTAIN OTHER RIGHTS
|
14 | |||||||||
(a) |
Category Protection
|
14 | |||||||||
(b) |
Exclusive Category
|
14 | |||||||||
(c) |
Exceptions and Limitations to Scope of Exclusive Category
|
14 | |||||||||
(d) |
Exceptions to Category Protection and Other Rights
|
15 | |||||||||
(e) |
Prominence
|
17 | |||||||||
(f) |
No Rights to Any Additional Teams
|
17 | |||||||||
(g) |
Ambush Marketing
|
17 | |||||||||
5. |
FEES
|
17 | |||||||||
(a) |
Sponsorship Fees
|
17 | |||||||||
Page | |||||||||||
(b) |
Payment Schedule for Sponsorship Fees
|
17 | |||||||||
(c) |
Playoff Fees
|
19 | |||||||||
(d) |
Taxes; Fees and Commissions; Wire Transfer
|
19 | |||||||||
(e) |
Interest on Late Payments
|
19 | |||||||||
(f) |
Costs and Expenses
|
19 | |||||||||
6. |
DEFAULT AND REMEDIES
|
21 | |||||||||
(a) |
Default by Naming Rights Partner
|
21 | |||||||||
(b) |
Rights and Remedies of StadCo
|
21 | |||||||||
(c) |
Default by StadCo
|
21 | |||||||||
(d) |
Rights and Remedies of Naming Rights Partner
|
22 | |||||||||
(e) |
Special Termination Rights
|
22 | |||||||||
(f) |
Effect of Termination
|
22 | |||||||||
7. |
LATE COMPLETION OR FAILURE TO COMPLETE
|
22 | |||||||||
8. |
FORCE MAJEURE; EMINENT DOMAIN; CASUALTY; CHANGES TO NFL RULES
|
23 | |||||||||
(a) |
Effect of Force Majeure
|
23 | |||||||||
(b) |
Total Condemnation of Stadium
|
23 | |||||||||
(c) |
Partial Condemnation of Stadium
|
23 | |||||||||
(d) |
Casualty
|
23 | |||||||||
(e) |
Changes in NFL Rules
|
24 | |||||||||
9. |
LOST GAMES FROM FORCE MAJEURE EVENTS, CASUALTY EVENTS, AND WORK STOPPAGE; RELOCATION OF TEAMS
|
24 | |||||||||
(a) |
Remedies for Lost Games
|
24 | |||||||||
(b) |
Relocation of Teams
|
25 | |||||||||
10. |
INTELLECTUAL PROPERTY
|
25 | |||||||||
(a) |
Ownership of Naming Rights Partner Marks
|
25 | |||||||||
(b) |
Registration and Protection of Stadium Marks
|
25 | |||||||||
Page | |||||||||||
(c) |
Licenses to StadCo
|
25 | |||||||||
(d) |
Merchandising
|
26 | |||||||||
(e) |
Licenses to Naming Rights Partner
|
26 | |||||||||
(f) |
Uses of Marks
|
27 | |||||||||
(g) |
Limitations on Licenses; Quality Control
|
27 | |||||||||
(h) |
Stadium Website
|
27 | |||||||||
(i) |
Stadium Social Media and Mobile Application
|
28 | |||||||||
(j) |
Rights of NFL Entities
|
28 | |||||||||
(k) |
Inventory Run-Out
|
28 | |||||||||
(l) |
Notification of Infringement
|
29 | |||||||||
(m) |
Approval of Use of Marks
|
29 | |||||||||
(n) |
Players and Coaches
|
30 | |||||||||
(o) |
No Contests without Approval
|
30 | |||||||||
(p) |
Restrictions
|
31 | |||||||||
(q) |
Compliance with Law
|
31 | |||||||||
11. |
CONFIDENTIALITY
|
31 | |||||||||
12. |
REPRESENTATIONS, WARRANTIES, AND COVENANTS
|
31 | |||||||||
(a) |
By StadCo
|
31 | |||||||||
(b) |
By Naming Rights Partner
|
32 | |||||||||
13. |
INDEMNIFICATION AND INSURANCE
|
33 | |||||||||
(a) |
Indemnification by Naming Rights Partner
|
33 | |||||||||
(b) |
Indemnification by StadCo
|
34 | |||||||||
(c) |
Indemnification Process
|
34 | |||||||||
(d) |
Insurance
|
35 | |||||||||
14. |
LIMITATION OF DAMAGES
|
36 | |||||||||
15. |
ARBITRATION
|
37 | |||||||||
Page | |||||||||||
(a) |
Disputes Subject to Arbitration
|
37 | |||||||||
(b) |
Arbitration Award
|
37 | |||||||||
(c) |
Injunctive Relief
|
37 | |||||||||
16. |
APPRAISAL
|
37 | |||||||||
(a) | Appraisal Process for [***] | 37 | |||||||||
(b) |
Appraisal Process for [***]
|
38 | |||||||||
(c) |
Selection and Determination of Appraiser
|
38 | |||||||||
(d) |
Appraisal Costs
|
38 | |||||||||
(e) |
Disputes Regarding Appraisal
|
38 | |||||||||
17. | MISCELLANEOUS PROVISIONS | 38 | |||||||||
(a) |
Relationship of Parties
|
38 | |||||||||
(b) |
Third Party Beneficiaries
|
39 | |||||||||
(c) |
Sponsorship Revenues
|
39 | |||||||||
(d) |
Subject and Subordinate
|
39 | |||||||||
(e) |
Waiver
|
39 | |||||||||
(f) |
Notices
|
39 | |||||||||
(g) |
Severability
|
40 | |||||||||
(h) |
Assignment by StadCo
|
40 | |||||||||
(i) |
Assignment by Naming Rights Partner
|
41 | |||||||||
(j) |
Media Releases
|
41 | |||||||||
(k) |
Headings
|
41 | |||||||||
(l) |
Survival
|
41 | |||||||||
(m) |
Entire Agreement
|
41 | |||||||||
(n) |
Governing Law; Venue
|
42 | |||||||||
(o) |
Amendments/Modification
|
42 | |||||||||
(p) |
Counterparts
|
42 | |||||||||
Page | |||||||||||
(q) |
Exculpation
|
42 | |||||||||
(r) |
No Inferences
|
42 | |||||||||
(s) |
Waiver of Jury Trial
|
42 | |||||||||
(t) |
General Interpretive Principles
|
42 | |||||||||
(u) |
Further Assurances
|
43 | |||||||||
(v) |
Time is of the Essence
|
43 | |||||||||
(w) |
Expenses
|
43 | |||||||||
(x) |
No Team or Stadium Event Representations, Warranties, or Covenants
|
43 | |||||||||
(y) |
No Consultants
|
43 |
Contract
Year |
Payments Due |
Total
Sponsorship Fees |
|||||||||||||||
April 1 | July 1 | October 1 | January 1 | ||||||||||||||
Initial Contract Year | $5,575,000 | $5,575,000 | $5,575,000 | $5,575,000 | $22,300,000 | ||||||||||||
2 | $6,200,000 | $6,200,000 | $6,200,000 | $6,200,000 | $24,800,000 | ||||||||||||
3 | $6,225,625 | $6,225,625 | $6,225,625 | $6,225,625 | $24,902,500 | ||||||||||||
4 | $6,252,301 | $6,252,301 | $6,252,301 | $6,252,301 | $25,009,203 | ||||||||||||
5 | $6,280,070 | $6,280,070 | $6,280,070 | $6,280,070 | $25,120,280 | ||||||||||||
6 | $6,875,000 | $6,875,000 | $6,875,000 | $6,875,000 | $27,500,000 | ||||||||||||
7 | $6,875,000 | $6,875,000 | $6,875,000 | $6,875,000 | $27,500,000 | ||||||||||||
8 | $6,875,000 | $6,875,000 | $6,875,000 | $6,875,000 | $27,500,000 | ||||||||||||
9 | $6,875,000 | $6,875,000 | $6,875,000 | $6,875,000 | $27,500,000 | ||||||||||||
10 | $6,875,000 | $6,875,000 | $6,875,000 | $6,875,000 | $27,500,000 | ||||||||||||
11 | $6,875,000 | $6,875,000 | $6,875,000 | $6,875,000 | $27,500,000 | ||||||||||||
12 | $6,875,000 | $6,875,000 | $6,875,000 | $6,875,000 | $27,500,000 | ||||||||||||
13 | $6,875,000 | $6,875,000 | $6,875,000 | $6,875,000 | $27,500,000 | ||||||||||||
14 | $6,875,000 | $6,875,000 | $6,875,000 | $6,875,000 | $27,500,000 | ||||||||||||
15 | $6,875,000 | $6,875,000 | $6,875,000 | $6,875,000 | $27,500,000 | ||||||||||||
16 | $6,875,000 | $6,875,000 | $6,875,000 | $6,875,000 | $27,500,000 | ||||||||||||
17 | $6,875,000 | $6,875,000 | $6,875,000 | $6,875,000 | $27,500,000 | ||||||||||||
18 | $6,875,000 | $6,875,000 | $6,875,000 | $6,875,000 | $27,500,000 |
Contract
Year |
Payments Due |
Total
Sponsorship Fees |
|||||||||||||||
19 | $6,875,000 | $6,875,000 | $6,875,000 | $6,875,000 | $27,500,000 | ||||||||||||
20 | $6,875,000 | $6,875,000 | $6,875,000 | $6,875,000 | $27,500,000 | ||||||||||||
TOTAL | $534,631,982 |
If to StadCo: |
Stadco LA, LLC
1000 S. Prairie Avenue Inglewood, CA 90301 Attention: Jason Gannon |
|||||||
With a copy to: |
Arent Fox LLP
55 Second Street, 21st Floor
San Francisco, CA 94105
Attention: Richard L. Brand, Esq.
|
|||||||
If to Naming Rights Partner: |
Social Finance, Inc.
234 1st Street
San Francisco, CA 94105
Attention: Anthony Noto
|
|||||||
With a copy to: |
Bryan Cave Leighton Paisner LLP
90 South Cascade Avenue, Suite 1300, Colorado Springs, CO 90903 Attention: Steven B. Smith, Esq. |
STADCO
|
|||||||||||
STADCO LA, LLC
|
|||||||||||
By:
|
/s/ Jason S. Gannon | ||||||||||
Jason S. Gannon
|
|||||||||||
Managing Director
|
|||||||||||
NAMING RIGHTS PARTNER
|
|||||||||||
SOCIAL FINANCE, INC.
|
|||||||||||
By:
|
/s/ Anthony J. Noto | ||||||||||
Anthony J. Noto
|
|||||||||||
Chief Executive Officer
|
ARTICLE I DEFINITIONS
|
1 | |||||||||||||
Section 1.01 | Defined Terms | 1 | ||||||||||||
Section 1.02 | Classification of Loans and Borrowings | 29 | ||||||||||||
Section 1.03 | Terms Generally | 29 | ||||||||||||
Section 1.04 | Accounting Terms; GAAP | 29 | ||||||||||||
Section 1.05 | Exchange Rates; Currency Equivalents | 30 | ||||||||||||
Section 1.06 | Electronic Execution of Documents | 30 | ||||||||||||
ARTICLE II THE CREDITS
|
30 | |||||||||||||
Section 2.01 | Commitments | 30 | ||||||||||||
Section 2.02 | Loans and Borrowings | 30 | ||||||||||||
Section 2.03 | Requests for Borrowings | 31 | ||||||||||||
Section 2.04 | Funding of Borrowings | 32 | ||||||||||||
Section 2.05 | Interest Elections | 33 | ||||||||||||
Section 2.06 | Termination and Reduction of Commitments | 34 | ||||||||||||
Section 2.07 | Repayment of Loans; Evidence of Debt | 35 | ||||||||||||
Section 2.08 | Prepayment of Loans | 35 | ||||||||||||
Section 2.09 | Fees | 36 | ||||||||||||
Section 2.10 | Interest | 37 | ||||||||||||
Section 2.11 | Alternate Rate of Interest; Illegality | 38 | ||||||||||||
Section 2.12 | Increased Costs | 40 | ||||||||||||
Section 2.13 | Break Funding Payments | 41 | ||||||||||||
Section 2.14 | Taxes | 42 | ||||||||||||
Section 2.15 | Payments Generally; Pro Rata Treatment; Sharing of Set-Off | 46 | ||||||||||||
Section 2.16 | Mitigation Obligations; Replacement of Lenders | 47 | ||||||||||||
Section 2.17 | Defaulting Lenders | 48 | ||||||||||||
Section 2.18 | Incremental Facility | 50 | ||||||||||||
Section 2.19 | Letters of Credit | 52 | ||||||||||||
Section 2.20 | Extension of the Maturity Date | 59 | ||||||||||||
ARTICLE III REPRESENTATIONS AND WARRANTIES
|
60 | |||||||||||||
Section 3.01 | Organization; Powers | 60 | ||||||||||||
Section 3.02 | Authorization; Enforceability | 60 | ||||||||||||
Section 3.03 | Governmental Approvals; No Conflicts | 60 | ||||||||||||
Section 3.04 | Financial Condition; No Material Adverse Change | 60 | ||||||||||||
Section 3.05 | Properties | 61 | ||||||||||||
Section 3.06 | Litigation and Environmental Matters | 61 | ||||||||||||
Section 3.07 | Compliance with Laws and Agreements; No Default | 61 | ||||||||||||
Section 3.08 | Investment Company Status | 62 | ||||||||||||
Section 3.09 | Margin Stock | 62 | ||||||||||||
Section 3.10 | Taxes | 62 | ||||||||||||
Section 3.11 | ERISA | 62 | ||||||||||||
Section 3.12 | Disclosure | 63 | ||||||||||||
Section 3.13 | Subsidiaries | 64 | ||||||||||||
Section 3.14 | Solvency | 64 |
Section 3.15 | Anti-Terrorism Law | 64 | ||||||||||||
Section 3.16 | FCPA; Sanctions | 65 | ||||||||||||
ARTICLE IV CONDITIONS
|
65 | |||||||||||||
Section 4.01 | Effective Date | 65 | ||||||||||||
Section 4.02 | Each Credit Event | 67 | ||||||||||||
ARTICLE V AFFIRMATIVE COVENANTS
|
67 | |||||||||||||
Section 5.01 | Financial Statements; Ratings Change and Other Information | 68 | ||||||||||||
Section 5.02 | Notices of Material Events | 70 | ||||||||||||
Section 5.03 | Existence; Conduct of Business | 70 | ||||||||||||
Section 5.04 | Payment of Taxes and Other Claims | 70 | ||||||||||||
Section 5.05 | Maintenance of Properties; Insurance | 70 | ||||||||||||
Section 5.06 | Books and Records; Inspection Rights | 71 | ||||||||||||
Section 5.07 | ERISA-Related Information | 71 | ||||||||||||
Section 5.08 | Compliance with Laws and Agreements | 72 | ||||||||||||
Section 5.09 | Use of Proceeds | 72 | ||||||||||||
Section 5.10 | Guarantors | 72 | ||||||||||||
Section 5.11 | Designation of Restricted and Unrestricted Subsidiaries | 72 | ||||||||||||
ARTICLE VI NEGATIVE COVENANTS
|
74 | |||||||||||||
Section 6.01 | Indebtedness | 74 | ||||||||||||
Section 6.02 | Liens | 76 | ||||||||||||
Section 6.03 | Fundamental Changes | 78 | ||||||||||||
Section 6.04 | Restricted Payments | 79 | ||||||||||||
Section 6.05 | Restrictive Agreements | 80 | ||||||||||||
Section 6.06 | Transactions with Affiliates | 81 | ||||||||||||
Section 6.07 | [Reserved] | 81 | ||||||||||||
Section 6.08 | Investments | 82 | ||||||||||||
Section 6.09 | Financial Covenant | 83 | ||||||||||||
ARTICLE VII EVENTS OF DEFAULT
|
83 | |||||||||||||
Section 7.01 | Events of Default | 83 | ||||||||||||
Section 7.02 | Application of Funds | 86 | ||||||||||||
ARTICLE VIII THE AGENTS
|
87 | |||||||||||||
Section 8.01 | Appointment of the Administrative Agent | 87 | ||||||||||||
Section 8.02 | Powers and Duties | 87 | ||||||||||||
Section 8.03 | General Immunity | 87 | ||||||||||||
Section 8.04 | Administrative Agent Entitled to Act as Lender | 89 | ||||||||||||
Section 8.05 | Lenders’ Representations, Warranties and Acknowledgment | 89 | ||||||||||||
Section 8.06 | Right to Indemnity | 90 | ||||||||||||
Section 8.07 | Successor Administrative Agent | 91 | ||||||||||||
Section 8.08 | Guaranty | 92 | ||||||||||||
Section 8.09 | Withholding Taxes | 92 |
Section 8.10 | Administrative Agent May File Bankruptcy Disclosure and Proofs of Claim | 93 | ||||||||||||
Section 8.11 | Certain ERISA Matters. | 93 | ||||||||||||
ARTICLE IX MISCELLANEOUS
|
95 | |||||||||||||
Section 9.01 | Notices | 95 | ||||||||||||
Section 9.02 | Waivers; Amendments | 98 | ||||||||||||
Section 9.03 | Expenses; Indemnity; Damage Waiver | 100 | ||||||||||||
Section 9.04 | Successors and Assigns | 102 | ||||||||||||
Section 9.05 | Survival | 106 | ||||||||||||
Section 9.06 | Counterparts; Integration; Effectiveness | 107 | ||||||||||||
Section 9.07 | Severability | 107 | ||||||||||||
Section 9.08 | Right of Setoff | 107 | ||||||||||||
Section 9.09 | Governing Law; Jurisdiction; Consent to Service of Process | 108 | ||||||||||||
Section 9.10 | Waiver Of Jury Trial | 108 | ||||||||||||
Section 9.11 | Headings | 109 | ||||||||||||
Section 9.12 | Confidentiality | 109 | ||||||||||||
Section 9.13 | Interest Rate Limitation | 111 | ||||||||||||
Section 9.14 | No Advisory or Fiduciary Responsibility | 111 | ||||||||||||
Section 9.15 | Electronic Execution of Assignments and Certain Other Documents | 111 | ||||||||||||
Section 9.16 | USA PATRIOT Act | 112 | ||||||||||||
Section 9.17 | Release of Guarantors | 112 | ||||||||||||
Section 9.18 | Acknowledgement and Consent to Bail-in of EEA Financial Institutions | 112 | ||||||||||||
Section 9.19 | Judgment Currency | 112 |
SCHEDULES | |||||
Schedule 2.01 | Lenders, Commitments and Letter of Credit Issuer Sublimit | ||||
SCHEDULES TO THE DISCLOSURE LETTER | |||||
Schedule 2.19 | Effective Date Letters of Credit | ||||
Schedule 3.11 | Plans | ||||
Schedule 3.13 | Capitalization | ||||
Schedule 6.02 | Effective Date Liens | ||||
Schedule 6.05 | Effective Date Restrictive Agreements | ||||
EXHIBITS | |||||
Exhibit A | Form of Assignment and Assumption | ||||
Exhibit B | Form of Borrowing Request | ||||
Exhibit C | Form of Interest Election Request | ||||
Exhibit D | Form of Revolving Note | ||||
Exhibit E | Form of Guaranty | ||||
Exhibit F | Form of Compliance Certificate | ||||
Exhibit G-1 | Form of U.S. Tax Compliance Certificate | ||||
Exhibit G-2 | Form of U.S. Tax Compliance Certificate | ||||
Exhibit G-3 | Form of U.S. Tax Compliance Certificate |
Exhibit G-4 | Form of U.S. Tax Compliance Certificate | ||||
Exhibit H | Form of Intercompany Subordination Agreement | ||||
Exhibit I | Form of Annual Forecast |
SOCIAL FINANCE, INC., | ||||||||
as Borrower | ||||||||
By: | /s/ Michelle Gill | |||||||
Name: Michelle Gill | ||||||||
Title: Chief Financial Officer |
GOLDMAN SACHS BANK USA, | ||||||||
as Administrative Agent, Issuing Bank and
as a Lender |
||||||||
By: | /s/ Charles D. Johnston | |||||||
Name: Charles D. Johnston | ||||||||
Title: Authorized Signatory |
CITIBANK, N.A.,
|
||||||||
as an Issuing Bank and a Lender | ||||||||
By: | /s/ Maureen Maroney | |||||||
Name: Maureen Maroney | ||||||||
Title: Vice President |
DEUTSCHE BANK AG NEW YORK BRANCH,
|
||||||||
as an Issuing Bank and a Lender | ||||||||
By: | /s/ Virginia Cosenza | |||||||
Name: Virginia Cosenza | ||||||||
Title: Vice President | ||||||||
By: | /s/ Ming K. Chu | |||||||
Name: Ming K. Chu | ||||||||
Title: Director |
Mizuho Bank, Ltd.,
|
||||||||
as a Lender | ||||||||
By: | /s/ Donna DeMagistris | |||||||
Name: Donna DeMagistris | ||||||||
Title: Authorized Signatory |
MORGAN STANLEY SENIOR FUNDING, INC., as an Issuing Bank and a Lender
|
||||||||
By: |
/s/ Michael King
|
|||||||
Name: Michael King
|
||||||||
Title: Vice President
|
ROYAL BANK OF CANADA, | ||||||||
as a Lender | ||||||||
By: | /s/ Glenn van Allen | |||||||
Name: GLENN VAN ALLEN
|
||||||||
Title: AUTHORIZED SIGNATORY
|
Lender | Amount of Lender Commitment | ||||
Citibank, N.A. | $145,000,000 | ||||
Goldman Sachs Bank USA | $115,000,000 | ||||
Deutsche Bank AG New York Branch | $100,000,000 | ||||
Mizuho Bank, Ltd. | $100,000,000 | ||||
Morgan Stanley Senior Funding, Inc. | $50,000,000 | ||||
Royal Bank of Canada | $50,000,000 | ||||
Total | $560,000,000 |
Issuing Bank | Amount of Letter of Credit Sublimit | ||||
Citibank, N.A. | $60,700,000 | ||||
Goldman Sachs Bank USA | $50,000,000 | ||||
Deutsche Bank AG New York Branch | $35,700,000 | ||||
Morgan Stanley Senior Funding, Inc. | $17,900,000 | ||||
Total | $164,300,000 |
1. | Assignor: | ||||||||||||||||
[Assignor [is] [is not] a Defaulting Lender] | |||||||||||||||||
2. | Assignee: | ||||||||||||||||
[and is an [Affiliate] [Approved Fund] of [identify Lender]] | |||||||||||||||||
3. | Borrower: | Social Finance, Inc. | |||||||||||||||
4. |
Administrative
Agent: |
Goldman Sachs Bank USA, as administrative agent under the Credit Agreement
|
|||||||||||||||
5. |
Credit
Agreement: |
Revolving Credit Agreement, dated as of September 27, 2018, among the Borrower, the Lenders party thereto, the Issuing Banks party thereto and |
Goldman Sachs Bank USA, as Administrative Agent. | |||||||||||||||||
6. |
Assigned
Interest: |
Facility Assigned |
Aggregate
Amount of Commitment/Loans for all Lenders |
Amount of Commitment/Loans Assigned1 |
Percentage
Assigned of Commitment/ Loans2 |
|||||||||||||||||
Revolving Facility | $ | $ | % |
ASSIGNOR: | ||||||||
[NAME OF ASSIGNOR] | ||||||||
By: | ||||||||
Name: | ||||||||
Title: | ||||||||
ASSIGNEE: | ||||||||
[NAME OF ASSIGNEE] | ||||||||
By: | ||||||||
Name: | ||||||||
Title: |
[CONSENTED TO AND ACCEPTED: | ||||||||
GOLDMAN SACHS BANK USA, as Administrative Agent | ||||||||
By: | ||||||||
Name: | ||||||||
Title: | ||||||||
CONSENTED TO AND ACCEPTED: | ||||||||
[_],3 | ||||||||
as an Issuing Bank | ||||||||
By: | ||||||||
Name: | ||||||||
Title: |
CONSENTED TO: | ||||||||
SOCIAL FINANCE, INC. | ||||||||
By: | ||||||||
Name: | ||||||||
Title: ]4 |
Very truly yours, | ||||||||
SOCIAL FINANCE, INC. | ||||||||
By: | ||||||||
Name: | ||||||||
Title: |
Very truly yours, | ||||||||
SOCIAL FINANCE, INC. | ||||||||
By: | ||||||||
Name: | ||||||||
Title: |
SOCIAL FINANCE, INC. | ||||||||
By: | ||||||||
Name: | ||||||||
Title: |
[INSERT GUARANTOR NAME] | ||||||||
By: | ||||||||
Name: | ||||||||
Title: | ||||||||
[INSERT GUARANTOR NAME] | ||||||||
By: | ||||||||
Name: | ||||||||
Title: | ||||||||
GOLDMAN SACHS BANK USA, | ||||||||
as Administrative Agent | ||||||||
By: | ||||||||
Name: | ||||||||
Title: |
SOCIAL FINANCE, INC. | ||||||||
By: | ||||||||
Name: | ||||||||
Title: |
Consolidated Tangible Net Worth for the Relevant Period ended on the Computation Date | Amount | ||||||||||
1. | Stockholders’ equity as set forth on the most recent quarterly or annual consolidated balance sheet of the Borrower and its Subsidiaries | $ | |||||||||
less | |||||||||||
2. | All intangible items included therein, including, without limitation, goodwill, franchises, licenses, patents, trademarks, trade names, copyrights, service marks, brand names and write-ups of intangible assets (but only to the extent that such items would be included on a consolidated balance sheet of the Borrower and its Subsidiaries in accordance with GAAP) | $ | |||||||||
$ |
Leverage Ratio for the Relevant Period ended on the Computation Date | Amount | ||||||||||
1. | Total Indebtedness of the Borrower and its Restricted Subsidiaries | $ | |||||||||
2. | Consolidated Tangible Net Worth | $ | |||||||||
$ |
Unrestricted cash and Cash Equivalents of the Borrower and its consolidated Subsidiaries23 | Amount | ||||||||||||||||
1. | Unrestricted cash of the Borrower and its Restricted Subsidiaries | $ | |||||||||||||||
2. | Cash Equivalents of the Borrower and its Restricted Subsidiaries: | ||||||||||||||||
(a) | Direct obligations of, or obligations the principal of and interest on which are unconditionally guaranteed by, the United States of America (or by any agency thereof to the extent such obligations are backed by the full faith and credit of the United States of America), in each case maturing within one year from the date of issuance thereof | $ | |||||||||||||||
(b) | Investments in commercial paper maturing within 270 days from the date of issuance thereof and having, at such date of acquisition, a rating of at least “Prime 1” (or the then equivalent grade) by Moody’s or “A-1” (or the then equivalent grade) by S&P | $ | |||||||||||||||
(c) | Investments in certificates of deposit, banker’s acceptances and time deposits maturing within one year from the date of acquisition thereof issued or guaranteed by or placed with, and money market deposit accounts issued or offered by, the Administrative Agent or any domestic office of any commercial bank organized under the laws of the United States of America or any State thereof that issues (or the parent of which issues) commercial paper rated at least “Prime 1” (or the then equivalent grade) by Moody’s or “A-1” (or the then equivalent grade) by S&P | $ | |||||||||||||||
(d) | Fully collateralized repurchase agreements with a term of not more than 30 days for securities described in clause (a) above and entered into with a financial institution satisfying the criteria of clause (c) above | $ | |||||||||||||||
(e) | Investments in “money market funds” substantially all of whose assets are invested in investments of the type described in clauses (a) through (d) above | $ | |||||||||||||||
(f) | In the case of any Foreign Subsidiary, other short-term investments that are analogous to the foregoing, are of comparable credit quality and are customarily used by companies in the jurisdiction of such Foreign Subsidiary for cash management purposes | $ | |||||||||||||||
(g) | Investments permitted pursuant to Borrower’s investment policy as approved by the board of directors (or committee thereof) of the Borrower from time to time | $ | |||||||||||||||
$ |
[Lender] | ||||||||
By: | ||||||||
Name: | ||||||||
Title: | ||||||||
[Address] | ||||||||
Dated: ____________________, 20[ ] |
[Participant] | ||||||||
By: | ||||||||
Name: | ||||||||
Title: | ||||||||
[Address] | ||||||||
Dated: ____________________, 20[ ] |
[Participant] | ||||||||
By: | ||||||||
Name: | ||||||||
Title: | ||||||||
[Address] | ||||||||
Dated: ____________________, 20[ ] |
[Lender] | ||||||||
By: | ||||||||
Name: | ||||||||
Title: | ||||||||
[Address] | ||||||||
Dated: ____________________, 20[ ] |
Payor | ||||||||
[ ] | ||||||||
By: | ||||||||
Name: | ||||||||
Title: |
Payee | ||||||||
[ ] | ||||||||
By: | ||||||||
Name: | ||||||||
Title: |
Fiscal
Year |
|||||
Revenue | |||||
OpEx | |||||
Operating Income | |||||
D&A | |||||
Other Expense / (Income) | |||||
Net Income | |||||
CapEx |
ONE TEHAMA
[Social Finance, Inc.]
|
Page | |||||||||||
ARTICLE 1 |
PREMISES, BUILDING, PROJECT, AND COMMON AREAS
|
5 | |||||||||
ARTICLE 2 |
LEASE TERM
|
6 | |||||||||
ARTICLE 3 |
BASE RENT
|
12 | |||||||||
ARTICLE 4 |
ADDITIONAL RENT
|
13 | |||||||||
ARTICLE 5 |
USE OF PREMISES
|
23 | |||||||||
ARTICLE 6 |
SERVICES AND UTILITIES
|
25 | |||||||||
ARTICLE 7 |
REPAIRS
|
29 | |||||||||
ARTICLE 8 |
ADDITIONS AND ALTERATIONS
|
30 | |||||||||
ARTICLE 9 |
COVENANT AGAINST LIENS
|
36 | |||||||||
ARTICLE 10 |
TENANT'S INDEMNITY AND INSURANCE
|
36 | |||||||||
ARTICLE 11 |
DAMAGE AND DESTRUCTION
|
43 | |||||||||
ARTICLE 12 |
NONWAIVER
|
46 | |||||||||
ARTICLE 13 |
CONDEMNATION
|
46 | |||||||||
ARTICLE 14 |
ASSIGNMENT AND SUBLETTING
|
47 | |||||||||
ARTICLE 15 |
SURRENDER OF PREMISES; OWNERSHIP AND REMOVAL OF TRADE FIXTURES
|
53 | |||||||||
ARTICLE 16 |
HOLDING OVER
|
54 | |||||||||
ARTICLE 17 |
CERTIFICATES
|
54 | |||||||||
ARTICLE 18 |
MORTGAGE OR GROUND LEASE
|
55 | |||||||||
ARTICLE 19 |
DEFAULTS; REMEDIES
|
57 | |||||||||
ARTICLE 20 |
COVENANT OF QUIET ENJOYMENT
|
61 | |||||||||
ARTICLE 21 |
LETTER OF CREDIT
|
61 | |||||||||
ARTICLE 22 |
INTENTIONALLY OMITTED
|
66 | |||||||||
ARTICLE 23 |
SIGNS
|
66 | |||||||||
ARTICLE 24 |
COMPLIANCE WITH LAW
|
68 | |||||||||
ARTICLE 25 |
LATE CHARGES
|
69 | |||||||||
ARTICLE 26 |
LANDLORD'S RIGHT TO CURE DEFAULT; PAYMENTS BY TENANT
|
70 | |||||||||
ARTICLE 27 |
ENTRY BY LANDLORD
|
70 | |||||||||
ARTICLE 28 |
NOTICES
|
71 | |||||||||
ARTICLE 29 |
MISCELLANEOUS PROVISIONS
|
72 | |||||||||
LIST OF EXHIBITS | |||||||||||
EXHIBIT A | OUTLINE OF PREMISES | ||||||||||
EXHIBIT B | TENANT WORK LETTER | ||||||||||
SCHEDULE 1 TO EXHIBIT B | LANDLORD WORK | ||||||||||
SCHEDULE 2 TO EXHIBIT B | LANDLORD WORK PLANS | ||||||||||
EXHIBIT C | FORM OF NOTICE OF LEASE TERM DATES | ||||||||||
EXHIBIT D | RULES AND REGULATIONS | ||||||||||
EXHIBIT E | FORM OF TENANT'S ESTOPPEL CERTIFICATE | ||||||||||
EXHIBIT F | FORM OF SNDAA | ||||||||||
EXHIBIT G | FORM OF LETTER OF CREDIT | ||||||||||
EXHIBIT H | TENANT'S EXTERIOR SIGNAGE | ||||||||||
EXHIBIT I | ENGINEERING STAFF REQUIREMENTS |
(i)
|
ONE TEHAMA
[Social Finance, Inc.]
|
Page | |||||||||||
EXHIBIT J | LIST OF QUALIFICATIONS OF SERVICE PROVIDERS AND AGREEMENTS | ||||||||||
EXHIBIT K | REPAIR AND MAINTENANCE SPECIFICATIONS | ||||||||||
EXHIBIT L | LOCATION OF TELECOMMUNICATIONS EQUIPMENT, THIRD-PARTY ROOF EQUIPMENT, AND GENERATOR |
(ii)
|
ONE TEHAMA
[Social Finance, Inc.] |
Page(s) | |||||
Abatement Event | 61 | ||||
Abatement Event Termination Date | 62 | ||||
Abatement Event Termination Notice | 61 | ||||
Above Standard Alterations | 39 | ||||
Above Standard Tenant Improvements | Exhibit B | ||||
Additional Insureds | 44 | ||||
Additional Rent | 13 | ||||
Adjusted L-C Amount | 67 | ||||
Advocate Arbitrators. | 9 | ||||
Alterations | 36 | ||||
Anticipated Delivery Date | 2 | ||||
Anti-Money Laundering Laws | 81 | ||||
Appealable Tax Expenses | 18 | ||||
Appeals Notice | 18 | ||||
Applicable Laws | 70 | ||||
Approved Working Drawings |
Exhibit B, Exhibit B
|
||||
Arbitration Agreement | 10 | ||||
Architect | Exhibit B | ||||
Audit Notice | 20 | ||||
Bank | 62 | ||||
Bank Credit Threat | 63 | ||||
Bank Prime Loan | 72 | ||||
Bankruptcy Code | 64 | ||||
Base Building | 38 | ||||
Base Rent | 12 | ||||
Bicycles | 24 | ||||
Briefs | 10 | ||||
Brokers | 79 | ||||
Building | 6 | ||||
Building Direct Expenses | 13 | ||||
Building Structure | 32 | ||||
Building System | 32 | ||||
Building System Documents | 31 | ||||
Building Systems | 32 | ||||
Cafeteria | 23 | ||||
Cafeteria Users | 23 | ||||
Capital Improvement Notice | 33 | ||||
capital in nature | 34 | ||||
CASp | 71 | ||||
Casualty | 45 | ||||
City |
69, Exhibit B
|
||||
Code | Exhibit B | ||||
Comparable Area | 8 | ||||
Comparable Buildings | 8 |
(iii)
|
ONE TEHAMA
[Social Finance, Inc.] |
Page(s) | |||||
Comparable Transactions | 7 | ||||
Concessions | 7 | ||||
Constant Rate Equivalent Approach | 7 | ||||
Construction Professional | 45 | ||||
Contemplated Effective Date | 52 | ||||
Contemplated Transfer | 52 | ||||
Contract | Exhibit B | ||||
Control | 54 | ||||
Coordination Fee | Exhibit B | ||||
Credit Rating Threshold | 62 | ||||
Delay Notice | Exhibit B | ||||
Delayed Repair Termination Date | 47 | ||||
Delayed Repair Termination Notice | 47 | ||||
Delivery Condition | Exhibit B | ||||
Delivery Date | Exhibit B | ||||
Delivery Delay Termination Date | Exhibit B | ||||
Delivery Delay Termination Notice | Exhibit B | ||||
Delivery Notice | Exhibit B | ||||
Deposit Period | 66 | ||||
Design Problem | Exhibit B | ||||
Eligibility Period | 61 | ||||
Emergency | 35 | ||||
Encumbrances | 56 | ||||
Engineers | Exhibit B | ||||
Estimate | 19 | ||||
Estimate Statement | 19 | ||||
Estimated Building Direct Expenses | 19 | ||||
Estoppel Reminder Notice | 56 | ||||
Excess Personal Property | 77 | ||||
Expense Year | 13 | ||||
Fair Market Rent Rate, | 7 | ||||
FDIC | 65 | ||||
Final Costs | Exhibit B | ||||
Final Retention | Exhibit B | ||||
Final Space Plan | Exhibit B | ||||
Final Working Drawings | Exhibit B | ||||
Fire Control Room | Schedule 1 to Exhibit B | ||||
First Rebuttals | 10 | ||||
Fitness Center | 23 | ||||
Fitness Center Users | 23 | ||||
Fixed Period | 66 | ||||
Force Majeure | 77 | ||||
Force Majeure Delay | Exhibit B | ||||
Generator | 29 | ||||
Generator Area | 29 |
(iv)
|
ONE TEHAMA
[Social Finance, Inc.] |
Page(s) | |||||
Hazardous Substance | 22 | ||||
HVAC | 24 | ||||
Intention to Transfer Notice | 52 | ||||
Interest Rate | 72 | ||||
Interim Cash Deposit | 66 | ||||
Landlord | Summary | ||||
Landlord Caused Delay | Exhibit B | ||||
Landlord Parties | 45 | ||||
Landlord Party | 45 | ||||
Landlord Response Notice | 9 | ||||
Landlord Use Rights | 68 | ||||
Landlord Work | Exhibit B | ||||
Landlord's Capital Improvements | 33 | ||||
Landlord's Casualty Notice | 45 | ||||
Landlord's Initial Statement | 11 | ||||
Landlord's Warranty Period | 5 | ||||
Late Delivery Date Abatements | Exhibit B | ||||
L-C | 62 | ||||
L-C Amount | 62 | ||||
LC Expiration Date | 63 | ||||
LC Replacement Notice | 65 | ||||
Lease | Summary | ||||
Lease Commencement Date |
6, Summary
|
||||
Lease Commencement Date Delay | Exhibit B | ||||
Lease Expiration Date | 6 | ||||
Lease Term | 6 | ||||
Lease Year | 6 | ||||
Lines | 80 | ||||
74 | |||||
Management Standard | 30 | ||||
Material Alteration | 36 | ||||
Material Alterations | 36 | ||||
Mortgagee | 56 | ||||
Neutral Arbitrator | 9 | ||||
Neutral Audit | 21 | ||||
New Lease Notice | 55 | ||||
Nine Month Period | 52 | ||||
Non-Office Permits | Exhibit B | ||||
Non-Reimbursable Capital Improvements | 34 | ||||
North Financial District | 8 | ||||
Notices | 73 | ||||
OFAC | 80 | ||||
Office Permits | Exhibit B | ||||
Operating Expenses | 13 | ||||
Option Conditions | 7 |
(v)
|
ONE TEHAMA
[Social Finance, Inc.] |
Page(s) | |||||
Option Notice | 7 | ||||
Option Rent | 7 | ||||
Option Term | 7 | ||||
Option Terms | 7 | ||||
Original Improvements | 42 | ||||
OTC | Exhibit B | ||||
Outside Agreement Date | 9 | ||||
Over-Allowance Amount | Exhibit B | ||||
Over-Allowance Payments | Exhibit B | ||||
Patriot Act | 81 | ||||
Payment Notice | Exhibit B | ||||
Permit Contingency Date | Exhibit B | ||||
Permit Drawings | Exhibit B | ||||
Permit Notice | Exhibit B | ||||
Permits | Exhibit B | ||||
Permitted Alterations | 36 | ||||
Permitted Transferee | 54 | ||||
Personal Property Limitation | 77 | ||||
Pre-Delivery Landlord Work | Exhibit B | ||||
Premises | 5 | ||||
Project | 6 | ||||
Proposition 13 | 17 | ||||
Receivership | 65 | ||||
Records | 20 | ||||
Refusal Notice | Exhibit B | ||||
Reimbursable Capital Improvements | 14 | ||||
REIT Requirements | 77 | ||||
Releases | Exhibit B | ||||
Remaining Landlord Work | Exhibit B | ||||
Rent | 13 | ||||
Rent Abatement | 12 | ||||
Rent Abatement Date | Exhibit B | ||||
Rent Abatement Period | 12 | ||||
Re-Routed Lines | 28 | ||||
Review Period | 20 | ||||
Roof Deck | 68 | ||||
Roof Deck Users | 68 | ||||
RSF | Summary | ||||
Ruling | 11 | ||||
Second Rebuttals | 11 | ||||
Secured Areas | 73 | ||||
Security Deposit Laws | 65 | ||||
Service Agreements | 30 | ||||
Site Operations Manager | 30 | ||||
SNDAA | 56 |
(vi)
|
ONE TEHAMA
[Social Finance, Inc.] |
Page(s) | |||||
South Financial District | 8 | ||||
Staircase | 28 | ||||
Staircase Removal Requirements | 28 | ||||
Statement | 19 | ||||
Subject Space | 49 | ||||
Substantial Completion of the Tenant Improvements | Exhibit B | ||||
Summary | Summary | ||||
Tax Expenses | 16 | ||||
Telecommunications Equipment | 27 | ||||
Tenant | Summary | ||||
Tenant Agents | 38 | ||||
Tenant Damage | 5 | ||||
Tenant Delay | Exhibit B | ||||
Tenant Delay Notice | Exhibit B | ||||
Tenant Facility Coordinator | 20 | ||||
Tenant Funded Capital Improvements, | 34 | ||||
Tenant Improvement Allowance | Exhibit B | ||||
Tenant Improvement Allowance Items | Exhibit B | ||||
Tenant Improvement Changes | Exhibit B | ||||
Tenant Improvements | Exhibit B | ||||
Tenant Parties | 45 | ||||
Tenant Party | 45 | ||||
Tenant Work Letter | 5 | ||||
Tenant's Agents | Exhibit B | ||||
Tenant's Dogs | 22 | ||||
Tenant's Engineers | 30 | ||||
Tenant's Exterior Signage | 69 | ||||
Tenant's Initial Statement | 11 | ||||
Tenant's Rebuttal Statement | 11 | ||||
Tenant's Security Personnel | 25 | ||||
Tenant's Share | 18 | ||||
Tenant's South Side Exterior Signage | 69 | ||||
Tenant's Subleasing Costs | 52 | ||||
Termination Effective Date | Exhibit B | ||||
Termination Notice | 52 | ||||
Third Party Operator | 23 | ||||
TI Contractor | Exhibit B | ||||
Transfer | 49 | ||||
Transfer Notice | 49 | ||||
Transfer Premium | 51, 52 | ||||
Transferee | 49 | ||||
Transfers | 49 | ||||
Unused L-C Proceeds | 65 | ||||
Window Covering Allowance | Exhibit B | ||||
Window Covering Costs | Exhibit B |
(vii)
|
ONE TEHAMA
[Social Finance, Inc.] |
TERMS OF LEASE
|
DESCRIPTION | ||||||||||
1. | Date: | August 6, 2018 | |||||||||
2.
|
Premises (Article 1). | ||||||||||
2.1 | Building: |
246 1st Street, San Francisco, CA 94105, containing 98,566 rentable square feet of space ("RSF").
|
|||||||||
2.2 | Premises: |
The entire Building, excluding the Building Structure, containing a total of 98,566 RSF, as further set forth in Exhibit A to the Lease located on the basement through sixth (6th) floors of the Building, including the mezzanine (2nd level) of the Building, together with an interior area for trash and recycling, loading and unloading, and deliveries. Tenant also has the right to use the roof of the Building in accordance with Section 6.5 and Article 22.
|
|||||||||
3. |
Lease Term (Article 2).
|
||||||||||
3.1 | Lease Term: |
The period commencing on the Lease Commencement Date (defined in Section 3.3 of the Summary), and expiring on the "Lease Expiration Date", as that term is defined in Section 3.3 of this Summary, below (anticipated to be approximately one hundred thirty-two (132) months).
|
|||||||||
3.2 | Option Terms: |
Two (2) five (5)-year options to renew, as more particularly set forth in Section 2.2 of the Lease.
|
ONE TEHAMA
[Social Finance, Inc.]
|
3.3 | Lease Commencement Date: |
The date (the "Lease Commencement Date") that is the earlier of (i) the date upon which Tenant first commences to conduct business from the Premises and (ii) April 1, 2019. The Lease Commencement Date is subject to extension as set forth in Exhibit B attached hereto.
|
|||||||||
3.4 | Lease Expiration Date: |
The last day of the one hundred thirty-second (132nd) full calendar month following the Lease Commencement Date.
|
4. |
Base Rent (Article 3):
|
|||||||||||||
Period During Lease Term |
Annual
Base Rent**
|
Monthly Installment
of Base Rent
|
Annual Base Rental Rate Per RSF
|
|||||||||||
Lease Year 1*
|
$6,899,620.00 | $574,968.33 | $70.000 | |||||||||||
Lease Year 2 | $7,106,608.60 | $592,217.38 | $72.100 | |||||||||||
Lease Year 3 | $7,319,806.86 | $609,983.90 | $74.263 | |||||||||||
Lease Year 4 | $7,539,401.06 | $628,283.42 | $76.491 | |||||||||||
Lease Year 5 | $7,765,583.10 | $647,131.92 | $78.786 | |||||||||||
Lease Year 6 | $7,998,550.59 | $666,545.88 | $81.149 | |||||||||||
Lease Year 7 | $8,238,507.11 | $686,542.26 | $83.584 | |||||||||||
Lease Year 8 | $8,485,662.32 | $707,138.53 | $86.091 | |||||||||||
Lease Year 9 | $8,740,232.19 | $728,352.68 | $88.674 | |||||||||||
Lease Year 10 | $9,002,439.15 | $750,203.26 | $91.334 | |||||||||||
Lease Year 11 – Lease Expiration
Date |
$9,272,512.33 | $772,709.36 | $94.074 | |||||||||||
*The Monthly Installments of Base Rent payable by Tenant during the period commencing on the first day of the first full calendar month of the Lease Term and continuing through the last day of the sixth (6th) full calendar month of the Lease Term shall be abated pursuant to Section 3.2 below.
|
||||||||||||||
5. | Intentionally Omitted | |||||||||||||
6. |
Tenant's Share (Article 4):
|
100%. |
-2-
|
ONE TEHAMA
[Social Finance, Inc.]
|
7. |
Permitted Use (Article 5):
|
General office and related uses consistent with a first-class office building | ||||||
8. |
Letter of Credit (Article 21):
|
$6,000,000.00, subject to the terms of Article 21 of the Lease
|
||||||
9. |
Address of Tenant (Article 28):
|
Prior to Lease Commencement Date: | ||||||
Social Finance, Inc.
One Letterman Dr., Building A, Suite 4700 San Francisco, CA 94129 Attention: Chief Financial Officer |
||||||||
and | ||||||||
Social Finance, Inc.
One Letterman Dr., Building A, Suite 4700 San Francisco, CA 94129 Attention: Director of Facilities & Real Estate |
||||||||
and | ||||||||
Social Finance, Inc.
l 070 l Parkridge Blvd., Suite 120 Reston, VA 20191 Attention: General Counsel After Lease Commencement Date: |
||||||||
Social Finance, Inc.
246 1st Street San Francisco, CA 94105 Attention: Chief Financial Officer |
||||||||
and | ||||||||
Social Finance, Inc.
246 1st Street San Francisco, CA 94105 Attention: Director of Facilities & Real Estate |
||||||||
and | ||||||||
Social Finance, Inc.
10701 Parkridge Blvd., Suite 120 Reston, VA 20191 Attention: General Counsel |
||||||||
-3-
|
ONE TEHAMA
[Social Finance, Inc.]
|
10. |
Address of Landlord (Article 28):
|
See Article 28 of the Lease.
|
||||||
11. |
Broker(s) (Section 29.24):
|
Avison Young-Northem California, Ltd. (Nick Slonek and John Cashin), representing Tenant. | ||||||
CBRE, Inc. (Bob Kraynak), representing Landlord. | ||||||||
12. |
Tenant Improvement Allowance (Exhibit B):
|
$105.00 per RSF, plus the Window Covering Allowance, as further described in Section 2.1 of Exhibit B.
|
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ONE TEHAMA
[Social Finance, Inc.]
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ONE TEHAMA
[Social Finance, Inc.]
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[Social Finance, Inc.]
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[Social Finance, Inc.]
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[Social Finance, Inc.]
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[Social Finance, Inc.]
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ONE TEHAMA
[Social Finance, Inc.]
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ONE TEHAMA
[Social Finance, Inc.]
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ONE TEHAMA
[Social Finance, Inc.]
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ONE TEHAMA
[Social Finance, Inc.]
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ONE TEHAMA
[Social Finance, Inc.]
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ONE TEHAMA
[Social Finance, Inc.]
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ONE TEHAMA
[Social Finance, Inc.]
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ONE TEHAMA
[Social Finance, Inc.]
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ONE TEHAMA
[Social Finance, Inc.]
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ONE TEHAMA
[Social Finance, Inc.]
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ONE TEHAMA
[Social Finance, Inc.]
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ONE TEHAMA
[Social Finance, Inc.]
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ONE TEHAMA
[Social Finance, Inc.]
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ONE TEHAMA
[Social Finance, Inc.]
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ONE TEHAMA
[Social Finance, Inc.]
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ONE TEHAMA
[Social Finance, Inc.]
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ONE TEHAMA
[Social Finance, Inc.]
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ONE TEHAMA
[Social Finance, Inc.]
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ONE TEHAMA
[Social Finance, Inc.]
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ONE TEHAMA
[Social Finance, Inc.]
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ONE TEHAMA
[Social Finance, Inc.]
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ONE TEHAMA
[Social Finance, Inc.]
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ONE TEHAMA
[Social Finance, Inc.]
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ONE TEHAMA
[Social Finance, Inc.]
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-34-
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ONE TEHAMA
[Social Finance, Inc.]
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-35-
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ONE TEHAMA
[Social Finance, Inc.]
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-36-
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ONE TEHAMA
[Social Finance, Inc.]
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-37-
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ONE TEHAMA
[Social Finance, Inc.]
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-38-
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ONE TEHAMA
[Social Finance, Inc.]
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-39-
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ONE TEHAMA
[Social Finance, Inc.]
|
-40-
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ONE TEHAMA
[Social Finance, Inc.]
|
-41-
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ONE TEHAMA
[Social Finance, Inc.]
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-42-
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ONE TEHAMA
[Social Finance, Inc.]
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ONE TEHAMA
[Social Finance, Inc.]
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ONE TEHAMA
[Social Finance, Inc.]
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-45-
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ONE TEHAMA
[Social Finance, Inc.]
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-46-
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ONE TEHAMA
[Social Finance, Inc.]
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-47-
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ONE TEHAMA
[Social Finance, Inc.]
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ONE TEHAMA
[Social Finance, Inc.]
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ONE TEHAMA
[Social Finance, Inc.]
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ONE TEHAMA
[Social Finance, Inc.]
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ONE TEHAMA
[Social Finance, Inc.]
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ONE TEHAMA
[Social Finance, Inc.]
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ONE TEHAMA
[Social Finance, Inc.]
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-54-
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ONE TEHAMA
[Social Finance, Inc.]
|
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|
ONE TEHAMA
[Social Finance, Inc.]
|
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ONE TEHAMA
[Social Finance, Inc.]
|
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ONE TEHAMA
[Social Finance, Inc.]
|
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ONE TEHAMA
[Social Finance, Inc.]
|
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ONE TEHAMA
[Social Finance, Inc.]
|
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ONE TEHAMA
[Social Finance, Inc.]
|
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ONE TEHAMA
[Social Finance, Inc.]
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ONE TEHAMA
[Social Finance, Inc.]
|
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ONE TEHAMA
[Social Finance, Inc.]
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ONE TEHAMA
[Social Finance, Inc.]
|
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ONE TEHAMA
[Social Finance, Inc.]
|
-66-
|
ONE TEHAMA
[Social Finance, Inc.]
|
Date of Reduction | Amount of Reduction | Remaining L-C Amount | ||||||
First Day of Lease Year 5 | $857,142.86 | $5,142,857.14 | ||||||
First Day of Lease Year 6 | $857,142.86 | $4,285,714.28 | ||||||
First Day of Lease Year 7 | $857,142.86 | $3,428,571.42 | ||||||
First Day of Lease Year 8 | $857,142.86 | $2,571,428.56 | ||||||
First Day of Lease Year 9 | $857,142.86 | $1,714,285.70 | ||||||
First Day of Lease Year 10 | $857,142.86 | $857,142.86 | ||||||
First Day of Lease Year 11 | $857,142.86 | $0.00 |
-67-
|
ONE TEHAMA
[Social Finance, Inc.]
|
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ONE TEHAMA
[Social Finance, Inc.]
|
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ONE TEHAMA
[Social Finance, Inc.]
|
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|
ONE TEHAMA
[Social Finance, Inc.]
|
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ONE TEHAMA
[Social Finance, Inc.]
|
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|
ONE TEHAMA
[Social Finance, Inc.]
|
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|
ONE TEHAMA
[Social Finance, Inc.]
|
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|
ONE TEHAMA
[Social Finance, Inc.]
|
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|
ONE TEHAMA
[Social Finance, Inc.]
|
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|
ONE TEHAMA
[Social Finance, Inc.]
|
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|
ONE TEHAMA
[Social Finance, Inc.]
|
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|
ONE TEHAMA
[Social Finance, Inc.]
|
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|
ONE TEHAMA
[Social Finance, Inc.]
|
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|
ONE TEHAMA
[Social Finance, Inc.]
|
-81-
|
ONE TEHAMA
[Social Finance, Inc.]
|
-82-
|
ONE TEHAMA
[Social Finance, Inc.]
|
"Landlord": | |||||||||||
246 FIRST STREET (SF) OWNER, LLC,
a Delaware limited liability company |
|||||||||||
By: | /s/ Terry Wachsner 8/6/18 | ||||||||||
Name: | Terry Wachsner | ||||||||||
Title: | Vice President | ||||||||||
"Tenant": | |||||||||||
SOCIAL FINANCE, INC.,
a Delaware corporation |
|||||||||||
By: | |||||||||||
Name: | |||||||||||
Title: | |||||||||||
By: | |||||||||||
Name: | |||||||||||
Title: |
-83-
|
ONE TEHAMA
[Social Finance, Inc.]
|
"Landlord": | |||||||||||
246 FIRST STREET (SF) OWNER, LLC,
a Delaware limited liability company |
|||||||||||
By: | |||||||||||
Name: | |||||||||||
Title: | |||||||||||
"Tenant": | |||||||||||
SOCIAL FINANCE, INC.,
a Delaware corporation |
|||||||||||
By: | /s/ Michelle Gill | ||||||||||
Name: | Michelle Gill | ||||||||||
Title: | Chief Financial Officer | ||||||||||
By: | /s/ Robert Lavet | ||||||||||
Name: | Robert Lavet | ||||||||||
Title: | Secretary |
-84-
|
ONE TEHAMA
[Social Finance, Inc.]
|
|
EXHIBIT A
-1-
|
ONE TEHAMA
[Social Finance, Inc.]
|
|
EXHIBIT B
-1-
|
ONE TEHAMA
[Social Finance, Inc.]
|
|
EXHIBIT B
-2-
|
ONE TEHAMA
[Social Finance, Inc.]
|
|
EXHIBIT B
-3-
|
ONE TEHAMA
[Social Finance, Inc.]
|
|
EXHIBIT B
-4-
|
ONE TEHAMA
[Social Finance, Inc.]
|
|
EXHIBIT B
-5-
|
ONE TEHAMA
[Social Finance, Inc.]
|
|
EXHIBIT B
-6-
|
ONE TEHAMA
[Social Finance, Inc.]
|
|
EXHIBIT B
-7-
|
ONE TEHAMA
[Social Finance, Inc.]
|
|
EXHIBIT B
-8-
|
ONE TEHAMA
[Social Finance, Inc.]
|
|
EXHIBIT B
-9-
|
ONE TEHAMA
[Social Finance, Inc.]
|
|
EXHIBIT B
-10-
|
ONE TEHAMA
[Social Finance, Inc.]
|
|
EXHIBIT B
-11-
|
ONE TEHAMA
[Social Finance, Inc.]
|
|
EXHIBIT B
-12-
|
ONE TEHAMA
[Social Finance, Inc.]
|
|
EXHIBIT B
-13-
|
ONE TEHAMA
[Social Finance, Inc.]
|
|
EXHIBIT B
-14-
|
ONE TEHAMA
[Social Finance, Inc.]
|
|
EXHIBIT B
-15-
|
ONE TEHAMA
[Social Finance, Inc.]
|
|
EXHIBIT B
-16-
|
ONE TEHAMA
[Social Finance, Inc.]
|
|
EXHIBIT B
-17-
|
ONE TEHAMA
[Social Finance, Inc.]
|
|
EXHIBIT B
-18-
|
ONE TEHAMA
[Social Finance, Inc.]
|
|
SCHEDULE 1 TO EXHIBIT B
-1-
|
ONE TEHAMA
[Social Finance, Inc.]
|
|
SCHEDULE 1 TO EXHIBIT B
-2-
|
ONE TEHAMA
[Social Finance, Inc.]
|
|
SCHEDULE 1 TO EXHIBIT B
-3-
|
ONE TEHAMA
[Social Finance, Inc.]
|
|
SCHEDULE 2 TO EXHIBIT B
-1-
|
ONE TEHAMA
[Social Finance, Inc.]
|
|
EXHIBIT C
-1-
|
ONE TEHAMA
[Social Finance, Inc.]
|
|
EXHIBIT D
-1-
|
ONE TEHAMA
[Social Finance, Inc.]
|
|
EXHIBIT D
-2-
|
ONE TEHAMA
[Social Finance, Inc.]
|
|
EXHIBIT D
-3-
|
ONE TEHAMA
[Social Finance, Inc.]
|
|
EXHIBIT E
-1-
|
ONE TEHAMA
[Social Finance, Inc.]
|
"Tenant": | |||||||||||||||||
, | |||||||||||||||||
a | |||||||||||||||||
By: | |||||||||||||||||
Its: | |||||||||||||||||
By: | |||||||||||||||||
Its: |
|
EXHIBIT E
-2-
|
ONE TEHAMA
[Social Finance, Inc.]
|
RECORDING REQUESTED BY
AND WHEN RECORDED RETURN TO:
|
|||||
|
EXHIBIT F
-1-
|
ONE TEHAMA
[Social Finance, Inc.]
|
|
EXHIBIT F
-2-
|
ONE TEHAMA
[Social Finance, Inc.]
|
|
EXHIBIT F
-3-
|
ONE TEHAMA
[Social Finance, Inc.]
|
|
EXHIBIT F
-4-
|
ONE TEHAMA
[Social Finance, Inc.]
|
|
EXHIBIT F
-6-
|
ONE TEHAMA
[Social Finance, Inc.]
|
|
EXHIBIT F
-7-
|
ONE TEHAMA
[Social Finance, Inc.]
|
TENANT:
|
||||||||||||||
SOCIAL FINANCE, INC., | ||||||||||||||
a Delaware corporation | ||||||||||||||
By: | ||||||||||||||
Name: | ||||||||||||||
Title: | ||||||||||||||
LANDLORD:
|
||||||||||||||
246 FIRST STREET (SF) OWNER, LLC | ||||||||||||||
By: | ||||||||||||||
Name: | ||||||||||||||
Title: | ||||||||||||||
LENDER:
|
||||||||||||||
DEUTSCHE BANK AG, NEW YORK BRANCH | ||||||||||||||
By: | ||||||||||||||
Name: | ||||||||||||||
Title: | ||||||||||||||
By: | ||||||||||||||
Name: | ||||||||||||||
Title: |
|
EXHIBIT F
-8-
|
ONE TEHAMA
[Social Finance, Inc.]
|
|
EXHIBIT F
-9-
|
ONE TEHAMA
[Social Finance, Inc.]
|
Date: | ||||||||
Beneficiary: | ||||||||
246 First Street (SF) Owner, LLC | ||||||||
c/o CIM | ||||||||
4700 Wilshire Boulevard | ||||||||
Los Angeles, CA 90010 | ||||||||
Attention: Terry Wachsner | ||||||||
Letter of Credit No. |
EXHIBIT G
-1-
|
ONE TEHAMA
[Social Finance, Inc.]
|
EXHIBIT G
-2-
|
ONE TEHAMA
[Social Finance, Inc.]
|
To: | ||||||||||||||
Date: | [ ] | |||||||||||||
Dear Sirs, | ||||||||||||||
Irrevocable Letter of Credit No. | [___________________] |
EXHIBIT G
-3-
|
ONE TEHAMA
[Social Finance, Inc.]
|
Beneficiary: | ||||||||||||||
[Print name of Beneficiary] | ||||||||||||||
By: | [Signature of Beneficiary] | |||||||||||||
Name: | [Print name of signatory] |
EXHIBIT G
-4-
|
ONE TEHAMA
[Social Finance, Inc.]
|
To: | [issuing bank] | ||||||||||||||||||||||||||||
Re: | L/C | ||||||||||||||||||||||||||||
No. | |||||||||||||||||||||||||||||
Issued by: | CITIBANK, N.A. | ||||||||||||||||||||||||||||
Citibank, | N.A. | Ref: | |||||||||||||||||||||||||||
whose | address | ||||||||||
is | |||||||||||
(Optional) Please advise Beneficiary through the below-indicated Advising Bank: | |||||||||||
EXHIBIT G
-5-
|
ONE TEHAMA
[Social Finance, Inc.]
|
EXHIBIT G
-6-
|
ONE TEHAMA
[Social Finance, Inc.]
|
SIGNATURE GUARANTEED | Sincerely yours, | ||||
The First Beneficiary’s signature(s) with
title(s) conforms to that on file
with us and such is/are authorized
for the execution of this instrument.
|
(Name of Bank) | (Name of First Beneficiary) | ||||||||||||||||
(Bank Address) | (Telephone Number) | ||||||||||||||||
(City, State, Zip Code) | (Authorized Name and Title) | ||||||||||||||||
(Telephone Number) | (Authorized Signature) | ||||||||||||||||
(Authorized Name and Title) | (Authorized Name and Title) | ||||||||||||||||
(If applicable) |
EXHIBIT G
-7-
|
ONE TEHAMA
[Social Finance, Inc.]
|
(Authorized Signature) | (Authorized Signature) | ||||||||||||||||
(If applicable) |
EXHIBIT G
-8-
|
ONE TEHAMA
[Social Finance, Inc.]
|
EXHIBIT H
-1-
|
ONE TEHAMA
[Social Finance, Inc.]
|
EXHIBIT I
-1-
|
ONE TEHAMA
[Social Finance, Inc.]
|
EXHIBIT J
-1-
|
ONE TEHAMA
[Social Finance, Inc.]
|
EXHIBIT K
-1-
|
ONE TEHAMA
[Social Finance, Inc.]
|
EXHIBIT K
-2-
|
ONE TEHAMA
[Social Finance, Inc.]
|
EXHIBIT K
-3-
|
ONE TEHAMA
[Social Finance, Inc.]
|
EXHIBIT K
-4-
|
ONE TEHAMA
[Social Finance, Inc.]
|
EXHIBIT K
-5-
|
ONE TEHAMA
[Social Finance, Inc.]
|
EXHIBIT K
-6-
|
ONE TEHAMA
[Social Finance, Inc.]
|
EXHIBIT K
-7-
|
ONE TEHAMA
[Social Finance, Inc.]
|
EXHIBIT K
-8-
|
ONE TEHAMA
[Social Finance, Inc.]
|
EXHIBIT L
-1-
|
ONE TEHAMA
[Social Finance, Inc.]
|
ONE TEHAMA
First Amendment to Office Lease [Social Finance, Inc.] |
||||||||
-1-
|
ONE TEHAMA
First Amendment to Office Lease [Social Finance, Inc.] |
||||||||
-2-
|
ONE TEHAMA
First Amendment to Office Lease [Social Finance, Inc.] |
||||||||
-3-
|
ONE TEHAMA
First Amendment to Office Lease [Social Finance, Inc.] |
||||||||
-4-
|
ONE TEHAMA
First Amendment to Office Lease [Social Finance, Inc.] |
||||||||
-5-
|
"LANDLORD": | |||||||||||
246 FIRST STREET (SF) OWNER, LLC,
a Delaware limited liability company
|
|||||||||||
By: | /s/ Terry Wachsner | ||||||||||
Name: | Terry Wachsner | ||||||||||
Title: | Vice President | ||||||||||
"TENANT": | |||||||||||
SOCIAL FINANCE, INC.,
a Delaware corporation
|
|||||||||||
By: | /s/ Chris Lapointe | ||||||||||
Name: | Chris Lapointe | ||||||||||
Title: | Vice President |
ONE TEHAMA
First Amendment to Office Lease [Social Finance, Inc.] |
||||||||
-6-
|
EXHIBIT A |
ONE TEHAMA
First Amendment to Office Lease [Social Finance, Inc.] |
|||||||
-1-
|
EXHIBIT A |
ONE TEHAMA
First Amendment to Office Lease [Social Finance, Inc.] |
|||||||
-2-
|
"Tenant": | |||||||||||||||||
, | |||||||||||||||||
a | |||||||||||||||||
By: | |||||||||||||||||
Its: | |||||||||||||||||
By: | |||||||||||||||||
Its: |
EXHIBIT A |
ONE TEHAMA
First Amendment to Office Lease [Social Finance, Inc.] |
|||||||
-3-
|
EXHIBIT B |
ONE TEHAMA
First Amendment to Office Lease [Social Finance, Inc.] |
|||||||
-1-
|
EXHIBIT C |
ONE TEHAMA
First Amendment to Office Lease [Social Finance, Inc.] |
|||||||
-1-
|
EXHIBIT D |
ONE TEHAMA
First Amendment to Office Lease [Social Finance, Inc.] |
|||||||
-1-
|
Very truly yours, | |||||
SOCIAL FINANCE, INC. | |||||
By: | /s/ Tom Hutton | ||||
Name: Tom Hutton | |||||
Title: Interim Chief Executive Officer and Chairman of the Board of Directors |
ACCEPTED AND AGREED: | ||
ANTHONY NOTO | ||
/s/ Anthony Noto
|
||
(Signature) | ||
Date |
By: | /s/ Jing Liao | ||||
(Signature) | |||||
Name: Jing Liao | |||||
Title: Chief Human Resources Officer |
Chris Lapointe | ||
/s/ Chris Lapointe
|
||
(Signature) | ||
5/29/2018 | ||
Date |
Vest Date
|
# of RSUs
|
||||
12/14/2020
|
20,096
|
||||
3/14/2021
|
18,509
|
||||
6/14/2021
|
18,510
|
||||
9/14/2021
|
18,510
|
||||
12/14/2021
|
18,510
|
||||
3/14/2022
|
26,322
|
||||
6/14/2022
|
26,322
|
||||
9/14/2022
|
26,322
|
||||
12/14/2022
|
26,322
|
||||
3/14/2023
|
34,759
|
||||
6/14/2023
|
34,760
|
||||
9/14/2023
|
34,760
|
||||
12/14/2023
|
34,760
|
||||
3/14/2024
|
40,384
|
||||
6/14/2024
|
40,385
|
||||
9/14/2024
|
40,385
|
||||
12/14/2024
|
40,384
|
Very truly yours, | |||||
SOCIAL FINANCE, INC. | |||||
By: | |||||
Name: Anthony Noto | |||||
Title: Chief Executive Officer |
ACCEPTED AND AGREED: | ||
/s/ Michelle Gill
|
||
(Signature) | ||
4/12/2018 | ||
Date |
By: | /s/ Anna Avalos | ||||
(Signature) | |||||
Name: Anna Avalos | |||||
Title: Head of People |
Jennifer Nuckles | ||
/s/ Jennifer Nuckles
|
||
(Signature) | ||
5/16/2018 | ||
Date |
By: | /s/ Anna Avalos | ||||
(Signature) | |||||
Name: Anna Avalos | |||||
Title: Head of People |
Maria Renz | ||
/s/ Jennifer Nuckles
|
||
(Signature) | ||
2/18/2020 | ||
Date |
Very truly yours, | ||||||||||||||
Galileo Financial Technologies, LLC. | ||||||||||||||
By: | /s/ Anna Avalos | |||||||||||||
Anna Avalos | ||||||||||||||
Head of People | ||||||||||||||
ACCEPTED AND AGREED: | ||||||||||||||
Derek White | ||||||||||||||
/s/ Derek White | ||||||||||||||
(Signature) | ||||||||||||||
May 17, 2021 | ||||||||||||||
Date |
ACCEPTED AND AGREED: | |||||
Derek White | |||||
/s/ Derek White | |||||
(Signature) | |||||
May 17, 2021 | |||||
Date |
/s/ Marcum LLP
|
||
Marcum LLP
New York, NY
June 14, 2021
|