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Debt (Tables) | 6 Months Ended
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Jun. 30, 2022
Debt Disclosure [Abstract] |
Schedule of Debt | The following table summarizes the Company’s principal outstanding debt, debt discounts/premiums and debt issuance costs as of the dates indicated:
Borrowing Description |  | Collateral Balances(1) |  | Interest Rate(2) |  | Termination/ Maturity(3) |  | Total Capacity(4) |  | Outstanding as of |  |  |  |  |
|  |  |  |  | June 30, 2022(5) |  | December 31, 2021 |  |  |  |  |
Student Loan Warehouse Facilities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
SoFi Funding I |  | $ | 95,308 |  |  | 1M SOFR + 100 bps |  | April 2023 |  | $ | 200,000 |  |  | $ | 88,402 |  |  | $ | — |  |  |  |  |  |
SoFi Funding III(6) |  | — |  |  | PR – 134 bps |  | September 2024 |  | 75,000 |  |  | — |  |  | 3,930 |  |  |  |  |  |
SoFi Funding V(7) |  | 21,704 |  |  | SOFR + 105 bps |  | November 2023 |  | 225,000 |  |  | 19,977 |  |  | — |  |  |  |  |  |
SoFi Funding VI |  | — |  |  | 3ML + 125 bps |  | March 2024 |  | 600,000 |  |  | — |  |  | 56,709 |  |  |  |  |  |
SoFi Funding VII |  | 173,720 |  |  | SOFR + 85 bps |  | September 2024 |  | 500,000 |  |  | 157,227 |  |  | 284,475 |  |  |  |  |  |
SoFi Funding VIII |  | — |  |  | 1ML + 90 bps |  | May 2023 |  | 300,000 |  |  | — |  |  | 245,723 |  |  |  |  |  |
SoFi Funding IX(8) |  | — |  |  | SOFR+ 210 bps and CP + 87.5 bps |  | May 2025 |  | 500,000 |  |  | — |  |  | 9,816 |  |  |  |  |  |
SoFi Funding X(9) |  | 249,150 |  |  | CP + 95 bps |  | April 2025 |  | 500,000 |  |  | 222,176 |  |  | 29,647 |  |  |  |  |  |
SoFi Funding XI(10) |  | 152,121 |  |  | CP + 100 bps |  | November 2024 |  | 500,000 |  |  | 143,196 |  |  | — |  |  |  |  |  |
SoFi Funding XII(11) |  | — |  |  | CP + 115 bps |  | November 2024 |  | 200,000 |  |  | — |  |  | 20,267 |  |  |  |  |  |
SoFi Funding XIII |  | 432,343 |  |  | SOFR + 55 bps |  | April 2024 |  | 450,000 |  |  | 380,559 |  |  | 424,348 |  |  |  |  |  |
Total, before unamortized debt issuance costs |  | $ | 1,124,346 |  |  |  |  |  |  | $ | 4,050,000 |  |  | $ | 1,011,537 |  |  | $ | 1,074,915 |  |  |  |  |  |
Unamortized debt issuance costs |  |  |  |  |  |  |  |  |  | $ | (7,719) |  |  | $ | (7,540) |  |  |  |  |  |
Personal Loan Warehouse Facilities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
SoFi Funding PL I(12) |  | $ | — |  |  | CP + 137.5 bps |  | September 2023 |  | $ | 250,000 |  |  | $ | — |  |  | $ | 11,911 |  |  |  |  |  |
SoFi Funding PL II |  | — |  |  | 3ML + 225 bps |  | July 2023 |  | 400,000 |  |  | — |  |  | — |  |  |  |  |  |
SoFi Funding PL III |  | — |  |  | SOFR + 125 bps |  | November 2023 |  | 175,000 |  |  | — |  |  | — |  |  |  |  |  |
SoFi Funding PL IV(13) |  | — |  |  | CP + 170 bps |  | November 2023 |  | 500,000 |  |  | — |  |  | — |  |  |  |  |  |
SoFi Funding PL VI(14) |  | — |  |  | CP + 170 bps |  | September 2024 |  | 50,000 |  |  | — |  |  | — |  |  |  |  |  |
SoFi Funding PL VII |  | — |  |  | 1ML + 115 bps |  | June 2023 |  | 250,000 |  |  | — |  |  | 71,572 |  |  |  |  |  |
SoFi Funding PL X |  | — |  |  | 1ML + 142.5 bps |  | February 2023 |  | 200,000 |  |  | — |  |  | — |  |  |  |  |  |
SoFi Funding PL XI |  | — |  |  | 1M SOFR + 125 bps |  | January 2023 |  | 200,000 |  |  | — |  |  | — |  |  |  |  |  |
SoFi Funding PL XIII |  | 143,104 |  |  | 1M SOFR + 110 bps |  | January 2032 |  | 300,000 |  |  | 120,366 |  |  | — |  |  |  |  |  |
SoFi Funding PL XIV |  | 67,025 |  |  | SOFR + 100 bps |  | October 2024 |  | 300,000 |  |  | 56,830 |  |  | 144,662 |  |  |  |  |  |
SoFi Funding PL XV |  | 279,861 |  |  | SOFR + 80 bps |  | October 2024 |  | 325,000 |  |  | 238,933 |  |  | — |  |  |  |  |  |
Total, before unamortized debt issuance costs |  | $ | 489,990 |  |  |  |  |  |  | $ | 2,950,000 |  |  | $ | 416,129 |  |  | $ | 228,145 |  |  |  |  |  |
Unamortized debt issuance costs |  |  |  |  |  |  |  |  |  | $ | (3,774) |  |  | $ | (3,898) |  |  |  |  |  |
Home Loan Warehouse Facilities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Mortgage Warehouse VI |  | $ | — |  |  | SOFR + 200 bps |  | October 2022 |  | $ | 1,000 |  |  | $ | — |  |  | $ | — |  |  |  |  |  |
Total, before unamortized debt issuance costs |  | $ | — |  |  |  |  |  |  | $ | 1,000 |  |  | $ | — |  |  | $ | — |  |  |  |  |  |
Unamortized debt issuance costs |  |  |  |  |  |  |  |  |  | $ | — |  |  | $ | — |  |  |  |  |  |
Credit Card Warehouse Facilities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
SoFi Funding CC I LLC(15) |  | $ | — |  |  | CP + 100 bps |  | December 2023 |  | $ | 100,000 |  |  | $ | — |  |  | $ | 11,810 |  |  |  |  |  |
Total, before unamortized debt issuance costs |  | $ | — |  |  |  |  |  |  | $ | 100,000 |  |  | $ | — |  |  | $ | 11,810 |  |  |  |  |  |
Unamortized debt issuance costs |  |  |  |  |  |  |  |  |  | $ | (141) |  |  | $ | (312) |  |  |  |  |  |
Risk Retention Warehouse Facilities(16) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
SoFi RR Funding I |  | $ | 32,627 |  |  | 3ML + 200 bps |  | January 2024 |  | $ | 100,000 |  |  | $ | 22,117 |  |  | $ | 22,608 |  |  |  |  |  |
SoFi RR Repo |  | — |  |  | 3ML + 185 bps |  | January 2022 |  | — |  |  | — |  |  | 69,843 |  |  |  |  |  |
SoFi RR Funding II |  | 27,347 |  |  | 1ML + 125 bps |  | November 2024 |  |  |  | 19,223 |  |  | 98,031 |  |  |  |  |  |
SoFi RR Funding III |  | 36,180 |  |  | 1ML + 125 bps |  | November 2024 |  |  |  | 34,981 |  |  | 39,158 |  |  |  |  |  |
SoFi RR Funding IV |  | 66,550 |  |  | SOFR + 150 bps |  | October 2027 |  | 100,000 |  |  | 51,313 |  |  | 66,555 |  |  |  |  |  |
SoFi RR Funding V |  | 38,065 |  |  | 298 bps |  | December 2025 |  |  |  | 9,767 |  |  | 29,453 |  |  |  |  |  |
Total, before unamortized debt issuance costs |  | $ | 200,769 |  |  |  |  |  |  |  |  | $ | 137,401 |  |  | $ | 325,648 |  |  |  |  |  |
Unamortized debt issuance costs |  |  |  |  |  |  |  |  |  | $ | (1,481) |  |  | $ | (2,086) |  |  |  |  |  |
Borrowing Description |  | Collateral Balances(1) |  | Interest Rate(2) |  | Termination/ Maturity(3) |  | Total Capacity(4) |  | Outstanding as of |  |  |  |  |
|  |  |  |  | June 30, 2022(5) |  | December 31, 2021 |  |  |  |  |
Revolving Credit Facility |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
SoFi Corporate Revolver(17) |  | n/a |  | 1ML + 100 bps |  | September 2023 |  | $ | 560,000 |  |  | $ | 486,000 |  |  | $ | 486,000 |  |  |  |  |  |
Total, before unamortized debt issuance costs |  |  |  |  |  |  |  | $ | 560,000 |  |  | $ | 486,000 |  |  | $ | 486,000 |  |  |  |  |  |
Unamortized debt issuance costs |  |  |  |  |  |  |  |  |  | $ | (446) |  |  | $ | (626) |  |  |  |  |  |
Other Financing |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Convertible senior notes |  | n/a |  | —% |  | October 2026 |  |  |  | $ | 1,200,000 |  |  | $ | 1,200,000 |  |  |  |  |  |
Total, before unamortized debt issuance costs and discount |  |  |  |  |  |  |  |  |  | $ | 1,200,000 |  |  | $ | 1,200,000 |  |  |  |  |  |
Unamortized debt issuance costs |  |  |  |  |  |  |  |  |  | $ | (1,464) |  |  | $ | (1,634) |  |  |  |  |  |
Unamortized discount |  |  |  |  |  |  |  |  |  | (20,493) |  |  | (22,858) |  |  |  |  |  |
Other financing(18) |  | $ | 18,273 |  |  |  |  |  |  | $ | 18,964 |  |  | $ | — |  |  | $ | — |  |  |  |  |  |
Student Loan Securitizations |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
SoFi PLP 2016-B LLC |  | $ | 39,401 |  |  | 1ML + (120–380 bps) |  | April 2037 |  |  |  | $ | 34,635 |  |  | $ | 43,186 |  |  |  |  |  |
SoFi PLP 2016-C LLC |  | 45,217 |  |  | 1ML + (110–335 bps) |  | May 2037 |  |  |  | 40,060 |  |  | 49,685 |  |  |  |  |  |
SoFi PLP 2016-D LLC |  | 59,093 |  |  | 1ML + (95–323 bps) |  | January 2039 |  |  |  | 52,414 |  |  | 61,760 |  |  |  |  |  |
SoFi PLP 2016-E LLC |  | 67,693 |  |  | 1ML + (344–443 bps) |  | October 2041 |  |  |  | 60,562 |  |  | 74,242 |  |  |  |  |  |
SoFi PLP 2017-A LLC |  | 85,536 |  |  | 1ML + (70–443 bps) |  | March 2040 |  |  |  | 76,904 |  |  | 92,972 |  |  |  |  |  |
SoFi PLP 2017-B LLC |  | 71,639 |  |  | 274 – 444 bps |  | May 2040 |  |  |  | 64,794 |  |  | 78,811 |  |  |  |  |  |
SoFi PLP 2017-C LLC |  | 95,241 |  |  | 1ML + (60–421 bps) |  | July 2040 |  |  |  | 85,837 |  |  | 102,814 |  |  |  |  |  |
Total, before unamortized debt issuance costs and discount |  | $ | 463,820 |  |  |  |  |  |  |  |  | $ | 415,206 |  |  | $ | 503,470 |  |  |  |  |  |
Unamortized debt issuance costs |  |  |  |  |  |  |  |  |  | $ | (3,020) |  |  | $ | (3,851) |  |  |  |  |  |
Unamortized discount |  |  |  |  |  |  |  |  |  | (873) |  |  | (1,094) |  |  |  |  |  |
Personal Loan Securitizations |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
SoFi CLP 2018-3 LLC |  | $ | 49,965 |  |  | 467 bps |  | August 2027 |  |  |  | $ | 44,614 |  |  | $ | 76,535 |  |  |  |  |  |
SoFi CLP 2018-4 LLC |  | 57,683 |  |  | 417 – 476 bps |  | November 2027 |  |  |  | 53,370 |  |  | 86,835 |  |  |  |  |  |
Total, before unamortized debt issuance costs, premiums and discount |  | $ | 107,648 |  |  |  |  |  |  |  |  | $ | 97,984 |  |  | $ | 163,370 |  |  |  |  |  |
Unamortized debt issuance costs |  |  |  |  |  |  |  |  |  | $ | (1,397) |  |  | $ | (1,683) |  |  |  |  |  |
Unamortized premium |  |  |  |  |  |  |  |  |  | 112 |  |  | 207 |  |  |  |  |  |
Total, before unamortized debt issuance costs, premiums and discounts |  |  |  |  |  |  |  |  |  | $ | 3,764,257 |  |  | $ | 3,993,358 |  |  |  |  |  |
Less: unamortized debt issuance costs, premiums and discounts |  |  |  |  |  |  |  |  |  | (40,696) |  |  | (45,375) |  |  |  |  |  |
Total reported debt |  |  |  |  |  |  |  |  |  | $ | 3,723,561 |  |  | $ | 3,947,983 |  |  |  |  |  |
_________________ (1)As of June 30, 2022, represents unpaid principal balances, with the exception of the risk retention warehouse facilities, which include securitization-related investments carried at fair value. In addition, certain securitization interests that eliminate in consolidation are pledged to risk retention warehouse facilities. Collateral balances relative to debt balances as presented may vary period to period due to the timing of the next scheduled payment to the warehouse facility. (2)Unused commitment fees ranging from 0 to 70 basis points (“bps”) on our various warehouse facilities are recognized within noninterest expense—general and administrative in our unaudited condensed consolidated statements of operations and comprehensive income (loss). “ML” stands for “Month LIBOR”. As of June 30, 2022, 1ML and 3ML was 1.79% and 2.29%, respectively. “SOFR” in this table refers to the overnight SOFR, unless otherwise indicated. “1M SOFR” stands for “one-month SOFR”. As of June 30, 2022, SOFR was 1.50% and 1M SOFR was 1.69%. “PR” stands for “Prime Rate”. As of June 30, 2022, PR was 4.75%. (3)For securitization debt, the maturity of the notes issued by the various trusts occurs upon either the maturity of the loan collateral or full payment of the loan collateral held in the trusts. Our maturity date represents the legal maturity of the last class of maturing notes. Securitization debt matures as loan collateral payments are made. (4)Represents total capacity as of June 30, 2022. (5)There were no debt discounts or premiums issued during the six months ended June 30, 2022. We paid $700 during the six months ended June 30, 2022 related to debt issuance costs accrued in 2021. (6)Warehouse facility has a prime rate floor of 309 bps. (7)Warehouse facility has a SOFR floor of 0%. (8)Warehouse facility incurs different interest rates on its two types of asset classes. One such class incurs interest based on a commercial paper (“CP”) rate, which is determined by the facility lender. As of June 30, 2022, the CP rate for this facility was 1.36%. (9)Warehouse facility incurs interest based on a CP rate, which is determined by the facility lender. As of June 30, 2022, the CP rate for this facility was 1.71%. (10)Warehouse facility incurs interest based on a CP rate, which is determined by the facility lender. As of June 30, 2022, the CP rate for this facility was 1.46%. The facility was amended in the first quarter of 2022 to allow up to $250 million of securitization risk retention securities to be pledged to the warehouse. As of June 30, 2022, $85.9 million of the collateral balance for the facility was related to securitization risk retention securities, with the remainder of the collateral balance related to student loans. (11)Warehouse facility incurs interest based on a CP rate, which is determined by the facility lender. As of June 30, 2022, the CP rate for this facility was 1.46%. Under certain conditions, warehouse facility could incur an interest rate spread of 215 bps. (12)Warehouse facility incurs interest based on a CP rate, which is determined by the facility lender. As of June 30, 2022, the CP rate for this facility was 1.40%. (13)Warehouse facility incurs interest based on a CP rate, which is determined by the facility lender. As of June 30, 2022, the CP rate for this facility was 1.46%. (14)Warehouse facility incurs interest based on a CP rate, which is determined by the facility lender. As of June 30, 2022, the CP rate for this facility was 1.46%. (15)Warehouse facility incurs interest at a spread (as indicated in the table) plus the lower of (a) three-month SOFR plus 35 bps or (b) the CP rate for this facility, which is determined by the facility lender. As of June 30, 2022, the CP rate for this facility was 1.92%, and the three-month SOFR rate was 2.12%. (16)Financing was obtained for both asset-backed bonds and residual investments in various personal loan and student loan securitizations, and the underlying collateral are the underlying asset-backed bonds and residual investments. We only state capacity amounts in this table for risk retention facilities wherein we can pledge additional asset-backed bonds and residual investments as of June 30, 2022. (17)As of June 30, 2022, $6.0 million of the revolving credit facility total capacity was not available for general borrowing purposes because it was utilized to secure a letter of credit. Refer to our letter of credit disclosures in Note 15 for more details. Additionally, the interest rate presented is the interest rate on standard withdrawals on our revolving credit facility, while same-day withdrawals incur interest based on PR. (18)Includes $18.3 million of loans pledged as collateral to secure $11.4 million of available borrowing capacity with the FHLB, of which $9.7 million was not available as it was utilized to secure letters of credit. Refer to our letter of credit disclosures in Note 15 for more details. Also includes unsecured available borrowing capacity of $7.6 million with correspondent banks.
Schedule of Maturities of Borrowings | As of June 30, 2022, future maturities of our outstanding debt with scheduled payments, which included our revolving credit facility and convertible notes, were as follows:
Remainder of 2022 | $ | — |
2023 | 486,000 |
2024 | — |
2025 | — |
2026 | 1,200,000 |
Thereafter | — |
Total | $ | 1,686,000 |

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