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Debt (Tables)
 6 Months Ended
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 202475,000 — 3,930 
SoFi Funding V(7)
21,704 
SOFR + 105 bps
November 2023225,000 19,977 — 
SoFi Funding VI
— 
3ML + 125 bps
March 2024600,000 — 56,709 
SoFi Funding VII
173,720 
SOFR + 85 bps
 September 2024500,000 157,227 284,475 
SoFi Funding VIII
— 
1ML + 90 bps
May 2023300,000 — 245,723 
SoFi Funding IX(8)
— 
SOFR+ 210 bps and CP + 87.5 bps
 May 2025500,000 — 9,816 
SoFi Funding X(9)
249,150 
CP + 95 bps
 April 2025500,000 222,176 29,647 
SoFi Funding XI(10)
152,121 
CP + 100 bps
November 2024500,000 143,196 — 
SoFi Funding XII(11)
— 
CP + 115 bps
November 2024200,000 — 20,267 
SoFi Funding XIII432,343 
SOFR + 55 bps
April 2024450,000 380,559 424,348 
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 2023400,000 — — 
SoFi Funding PL III
— 
SOFR + 125 bps
November 2023175,000 — — 
SoFi Funding PL IV(13)
— 
CP + 170 bps
November 2023500,000 — — 
SoFi Funding PL VI(14)
— 
CP + 170 bps
September 202450,000 — — 
SoFi Funding PL VII
— 
1ML + 115 bps
June 2023250,000 — 71,572 
SoFi Funding PL X
— 
1ML + 142.5 bps
February 2023200,000 — — 
SoFi Funding PL XI
— 
1M SOFR + 125 bps
January 2023200,000 — — 
SoFi Funding PL XIII
143,104 
1M SOFR + 110 bps
January 2032300,000 120,366 — 
SoFi Funding PL XIV67,025 
SOFR + 100 bps
October 2024300,000 56,830 144,662 
SoFi Funding PL XV279,861 
SOFR + 80 bps
October 2024325,000 238,933 — 
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 202419,223 98,031 
SoFi RR Funding III36,180 
1ML + 125 bps
November 202434,981 39,158 
SoFi RR Funding IV66,550 
SOFR + 150 bps
October 2027100,000 51,313 66,555 
SoFi RR Funding V38,065 
298 bps
December 20259,767 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 notesn/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 203740,060 49,685 
SoFi PLP 2016-D LLC
59,093 
1ML + (95–323 bps)
January 203952,414 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 204076,904 92,972 
SoFi PLP 2017-B LLC
71,639 
274 – 444 bps
May 204064,794 78,811 
SoFi PLP 2017-C LLC
95,241 
1ML + (60–421 bps)
July 204085,837 102,814 
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 202753,370 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 $7.6 million with correspondent banks.
Schedule of Maturities of Borrowings
As of June 30, 2022, future maturities of our outstanding debt with scheduled payments, which included our revolving credit facility and convertible notes, were as follows:
Remainder of 2022$— 
2023486,000 
2024— 
2025— 
20261,200,000 
Thereafter— 
Total$1,686,000