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Fair Value Measurements (Tables)
 6 Months Ended
Jun. 30, 2026
Fair Value Disclosures [Abstract]  
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis
The following table summarizes, by level within the fair value hierarchy, the estimated fair values of our assets and liabilities measured at fair value on a recurring basis in the condensed consolidated balance sheets:
June 30, 2026December 31, 2025
Fair ValueFair Value
Level 1Level 2Level 3TotalLevel 1Level 2Level 3Total
Assets
U.S. Treasury securities$569,556 $— $— $569,556 $75,356 $— $— $75,356 
Agency mortgage-backed securities(1)
— 3,407,063 — 3,407,063 — 2,354,606 — 2,354,606 
Corporate bonds(1)
— 93 — 93 — 185 — 185 
Other(1)
— 823 — 823 — 833 — 833 
Asset-backed bonds(2)
— 204,491 — 204,491 — 113,272 — 113,272 
Residual investments(2)
— — 43,626 43,626 — — 31,355 31,355 
Investment securities(3)
569,556 3,612,470 43,626 4,225,652 75,356 2,468,896 31,355 2,575,607 
Loans at fair value(4)
— 403,647 46,198,365 46,602,012 — 204,133 36,199,228 36,403,361 
Servicing rights— — 364,318 364,318 — — 378,178 378,178 
Third party warrants(5)(6)
— — 540 540 — — 540 540 
Derivative assets(5)(7)(8)
— 228,649 — 228,649 — 61,583 — 61,583 
IRLCs(5)(9)
— — 11,077 11,077 — — 9,971 9,971 
Student loan commitments(5)(9)
— — 23,549 23,549 — — 28,779 28,779 
Personal loan commitments(5)(9)
— — 8,723 8,723 — — — — 
Total assets(11)
$569,556 $4,244,766 $46,650,198 $51,464,520 $75,356 $2,734,612 $36,648,051 $39,458,019 
Liabilities
Debt(10)
$— $48,111 $— $48,111 $— $54,107 $— $54,107 
Residual interests classified as debt— — 510 510 — — 520 520 
Derivative liabilities(5)(7)(8)
— 10,242 — 10,242 — 4,680 — 4,680 
Total liabilities$— $58,353 $510 $58,863 $— $58,787 $520 $59,307 
_____________________
(1)Investments in debt securities that were classified as Level 2 rely upon observable inputs other than quoted prices, dealer quotes in markets that are not active and implied pricing derived from new issuances of similar securities. See Note 6. Investment Securities for additional information.
(2)These assets represent the carrying value of our holdings in VIEs wherein we were not deemed the primary beneficiary. See Note 7. Securitization and Variable Interest Entities for additional information. We classify asset-backed bonds as Level 2 due to the use of quoted prices for similar assets in
markets that are not active, as well as certain factors specific to us. The key inputs used to value the asset-backed bonds include the discount rate and conditional prepayment rate. The fair value of our asset-backed bonds was not materially impacted by default assumptions on the underlying securitization loans, as the subordinate residual interests are expected to absorb all estimated losses based on our default assumptions for the period. We classify the residual investments as Level 3 due to the reliance on significant unobservable valuation inputs. See Note 6. Investment Securities for additional information on the asset-backed bonds and residual investments included herein which are classified as available for sale.
(3)These assets are presented within investment securities in the condensed consolidated balance sheets.
(4)Home loans classified as Level 2 have observable pricing sources utilized by management. Personal loans, student loans and home loans classified as Level 3 do not trade in an active market with readily observable prices. Personal loans and home loans are presented within loans held for sale, and student loans are presented within loans held for investment, at fair value.
(5)These assets and liabilities are presented within other assets and accounts payable, accruals and other liabilities, respectively, in the condensed consolidated balance sheets.
(6)The key unobservable assumption used in the fair value measurement of the third party warrants was the price of the stock underlying the warrants. The fair value was measured as the difference between the stock price and the strike price of the warrants. As the strike price was insignificant, we concluded that the impact of time value on the fair value measure was immaterial.
(7)For certain derivative instruments for which an enforceable master netting agreement exists, we elected to net derivative assets and derivative liabilities by counterparty. These instruments are presented on a gross basis herein. See Note 11. Derivative Financial Instruments for additional information.
(8)Home loan pipeline hedges represent TBAs used as economic hedges of loan fair values and are classified as Level 2, as we rely on quoted market prices from similar loan pools that transact in the marketplace. Interest rate swaps are classified as Level 2, because these financial instruments do not trade in active markets with observable prices, but rely on observable inputs other than quoted prices. As of June 30, 2026 and December 31, 2025, interest rate swaps were valued using the overnight SOFR curve and the implied volatilities suggested by the SOFR rate curve. These were determined to be observable inputs from active markets.
(9)IRLCs, student loan commitments (which include in-school loan and student loan refinancing commitments) and personal loan commitments are classified as Level 3 because of our reliance on assumed loan funding probabilities. The assumed probabilities are based on our internal historical experience with home loans, student loans and personal loans similar to those in the funding pipelines on the measurement date.
(10)The fair value of our securitization debt was classified as Level 2 and valued using a discounted cash flow model, with key inputs relating to the underlying contractual coupons, terms, discount rate and expectations for defaults and prepayments. As of June 30, 2026 and December 31, 2025, the unpaid principal related to debt measured at fair value was $50,051 and $56,255, respectively. For the three and six months ended June 30, 2026, losses from changes in fair value were immaterial. For the three and six months ended June 30, 2025, gains (losses) from changes in fair value were immaterial. The estimated amounts of gains (losses) included in earnings attributable to changes in instrument-specific credit risk, which were derived principally from observable changes in credit spread as observed in the bond market and default assumptions, were immaterial for the three and six months ended June 30, 2026 and 2025.
(11)During the fourth quarter of 2025, the Company launched SoFi Crypto which provides our members the ability to buy, sell and hold digital assets. To facilitate these member transactions, we maintain an incidental inventory of crypto assets for operational purposes. As of June 30, 2026 and December 31, 2025, the fair value of our crypto assets were immaterial. These assets are presented within other assets and categorized as Level 1 as of June 30, 2026 and December 31, 2025.
Schedule of Changes in Assets Measured at Fair Value on a Recurring Basis
The following tables present the changes in our assets and liabilities measured at fair value on a recurring basis using significant unobservable inputs (Level 3). We did not have any transfers into or out of Level 3 during the periods presented.
Fair Value atFair Value atChanges in unrealized gains (losses) included in earnings related to assets and liabilities held at period end
March 31,
2026		Impact on EarningsPurchasesSalesIssuancesSettlementsOther ChangesJune 30,
2026
Assets
Personal loans$23,682,421 $(247,108)$3,560 $(13,599)$7,629,592 $(3,558,039)$8,463 $27,505,290 $(55,567)
Student loans15,336,820 (79,786)— — 2,686,760 (1,039,179)15,949 16,920,564 (45,260)
Home loans1,322,979 18,678 — — 476,589 (48,738)3,003 1,772,511 19,374 
Loans at fair value(1)
40,342,220 (308,216)3,560 (13,599)10,792,941 (4,645,956)27,415 46,198,365 (81,453)
Servicing rights(2)
367,902 5,696 2,989 — 36,435 (48,704)— 364,318 5,695 
Residual investments(3)
37,617 757 7,499 (520)— (1,727)— 43,626 624 
IRLCs(4)
7,561 8,993 — — — (5,477)— 11,077 11,077 
Student loan commitments(4)
19,270 16,766 — — — (12,487)— 23,549 23,549 
Personal loan commitments(4)
9,034 5,030 — — — (5,341)— 8,723 8,723 
Third party warrants(5)
540 — — — — — — 540 — 
Liabilities
Residual interests classified as debt(3)
(517)(16)— — — 23 — (510)(16)
Net impact on earnings$(270,990)
Fair Value atFair Value at
Changes in unrealized gains (losses) included in earnings related to assets and liabilities held at period end
January 1,
2026		Impact on EarningsPurchasesSalesIssuancesSettlementsOther ChangesJune 30,
2026
Assets
Personal loans$21,540,668 $(449,565)$6,134 $(26,851)$13,006,590 $(6,573,195)$1,509 $27,505,290 $120,388 
Student loans13,657,578 (74,372)86,875 — 5,300,468 (2,082,429)32,444 16,920,564 13,329 
Home loans1,000,982 33,818 — — 813,719 (78,910)2,902 1,772,511 33,451 
Loans at fair value(1)
36,199,228 (490,119)93,009 (26,851)19,120,777 (8,734,534)36,855 46,198,365 167,168 
Servicing rights(2)
378,178 3,816 5,044 — 70,883 (93,603)— 364,318 4,218 
Residual investments(3)
31,355 933 15,901 (520)— (4,043)— 43,626 800 
IRLCs(4)
9,971 7,402 — — — (6,296)— 11,077 11,077 
Student loan commitments(4)
28,779 17,703 — — — (22,933)— 23,549 23,549 
Personal loan commitments(4)
— 8,723 — — — — — 8,723 8,723 
Third party warrants(5)
540 — — — — — — 540 — 
Liabilities
Residual interests classified as debt(3)
(520)(43)— — — 53 — (510)(43)
Net impact on earnings$(451,585)
Fair Value atFair Value atChanges in unrealized gains (losses) included in earnings related to assets and liabilities held at period end
March 31,
2025		Impact on EarningsPurchasesSalesIssuancesSettlementsOther ChangesJune 30,
2025
Assets
Personal loans$17,869,230 $(10,430)$2,032 $(290,015)$4,519,171 $(2,486,773)$722 $19,603,937 $248,752 
Student loans9,571,457 100,161 698,901 — 993,326 (621,766)(438)10,741,641 125,767 
Home loans268,778 4,150 — (266,469)257,994 (5,092)— 259,361 12,907 
Loans at fair value(1)
27,709,465 93,881 700,933 (556,484)5,770,491 (3,113,631)284 30,604,939 387,426 
Servicing rights(2)
389,780 (16,925)3,573 (5,841)40,323 (35,904)— 375,006 (16,925)
Residual investments(3)
28,730 671 3,827 (313)— (1,685)— 31,230 671 
IRLCs(4)
8,074 10,054 — — — (8,074)— 10,054 10,054 
Student loan commitments(4)
471 1,138 — — — (471)— 1,138 1,138 
Third party warrants(5)
540 — — — — — — 540 — 
Liabilities
Residual interests classified as debt(3)
(579)(12)— — — 37 — (554)(12)
Net impact on earnings$88,807 
Fair Value atFair Value at
Changes in unrealized gains (losses) included in earnings related to assets and liabilities held at period end
January 1,
2025		Impact on EarningsPurchasesSalesIssuancesSettlementsOther ChangesJune 30,
2025
Assets
Personal loans$17,532,396 $(83,855)$4,930 $(1,485,419)$8,496,841 $(4,859,930)$(1,026)$19,603,937 $391,223 
Student loans8,597,368 225,930 898,970 — 2,184,789 (1,167,012)1,596 10,741,641 264,476 
Home loans85,568 13,430 — (266,469)433,225 (6,393)— 259,361 14,440 
Loans at fair value(1)
26,215,332 155,505 903,900 (1,751,888)11,114,855 (6,033,335)570 30,604,939 670,139 
Servicing rights(2)
342,128 (15,851)7,210 (7,781)129,254 (79,954)— 375,006 (15,851)
Residual investments(3)
25,394 1,335 8,082 (313)— (3,268)— 31,230 1,335 
IRLCs(4)
1,227 18,128 — — — (9,301)— 10,054 10,054 
Student loan commitments(4)
6,042 1,609 — — — (6,513)— 1,138 1,138 
Third party warrants(5)
540 — — — — — — 540 — 
Liabilities
Residual interests classified as debt(3)
(609)(47)— — — 102 — (554)(47)
Net impact on earnings$160,679 
_____________________
(1)For loans at fair value, purchases reflect consideration and relate to previously transferred loans. Purchase activity included elective repurchases of $604.8 million and $804.8 million during the three and six months ended June 30, 2025, respectively. There were no elective repurchases during the three and six months ended June 30, 2026. Purchase activity also included securitization clean-up calls of $86.7 million during the six months ended June 30, 2026 and $94.1 million during each of the three and six months ended June 30, 2025. There were no securitization clean-up calls during the three months ended June 30, 2026. The remaining purchases during the periods presented related to standard representations and warranties pursuant to our various loan sale agreements. Sales reflect consideration received on loans sold during the period. Issuances represent the unpaid principal balance of loans originated. Settlements represent principal payments made on loans during the period. Other changes represent fair value adjustments that impact the balance sheet primarily associated with loan commitments funded during the period, capitalized interest, whole loan strategic repurchases, clean up calls and consolidated securitizations. Impacts on earnings for loans at fair value are recorded within interest income—loans and securitizations, within noninterest income—loan origination, sales, securitizations and servicing, and within noninterest expense—general and administrative in the condensed consolidated statements of operations and comprehensive income.
(2)For servicing rights, impacts on earnings are recorded within noninterest income—loan origination, sales, securitizations and servicing in the condensed consolidated statements of operations and comprehensive income.
(3)For residual investments, sales include the derecognition of investments associated with securitization clean up calls. The estimated amounts of gains and losses for residual investments included in earnings attributable to changes in instrument-specific credit risk were immaterial during the periods presented. For residual investments and residual interests classified as debt, impacts on earnings are recorded within noninterest income—loan origination, sales, securitizations and servicing in the condensed consolidated statements of operations and comprehensive income, a portion of which is subsequently
reclassified to interest expense—securitizations and warehouses for residual interests classified as debt and to interest income—loans and securitizations for residual investments, but does not impact the liability or asset balance, respectively.
(4)For IRLCs, student loan commitments and personal loan commitments, settlements reflect funded loans during the period multiplied by the respective IRLC, student loan commitment or personal loan commitment price in effect at the beginning of the quarter. For IRLCs, student loan commitments and personal loan commitments, impacts on earnings are recorded within noninterest income—loan origination, sales, securitizations and servicing in the condensed consolidated statements of operations and comprehensive income.
(5)For third party warrants, impacts on earnings are recorded within noninterest income—other in the condensed consolidated statements of operations and comprehensive income.
Schedule of Changes in Liabilities Measured at Fair Value on a Recurring Basis
The following tables present the changes in our assets and liabilities measured at fair value on a recurring basis using significant unobservable inputs (Level 3). We did not have any transfers into or out of Level 3 during the periods presented.
Fair Value atFair Value atChanges in unrealized gains (losses) included in earnings related to assets and liabilities held at period end
March 31,
2026		Impact on EarningsPurchasesSalesIssuancesSettlementsOther ChangesJune 30,
2026
Assets
Personal loans$23,682,421 $(247,108)$3,560 $(13,599)$7,629,592 $(3,558,039)$8,463 $27,505,290 $(55,567)
Student loans15,336,820 (79,786)— — 2,686,760 (1,039,179)15,949 16,920,564 (45,260)
Home loans1,322,979 18,678 — — 476,589 (48,738)3,003 1,772,511 19,374 
Loans at fair value(1)
40,342,220 (308,216)3,560 (13,599)10,792,941 (4,645,956)27,415 46,198,365 (81,453)
Servicing rights(2)
367,902 5,696 2,989 — 36,435 (48,704)— 364,318 5,695 
Residual investments(3)
37,617 757 7,499 (520)— (1,727)— 43,626 624 
IRLCs(4)
7,561 8,993 — — — (5,477)— 11,077 11,077 
Student loan commitments(4)
19,270 16,766 — — — (12,487)— 23,549 23,549 
Personal loan commitments(4)
9,034 5,030 — — — (5,341)— 8,723 8,723 
Third party warrants(5)
540 — — — — — — 540 — 
Liabilities
Residual interests classified as debt(3)
(517)(16)— — — 23 — (510)(16)
Net impact on earnings$(270,990)
Fair Value atFair Value at
Changes in unrealized gains (losses) included in earnings related to assets and liabilities held at period end
January 1,
2026		Impact on EarningsPurchasesSalesIssuancesSettlementsOther ChangesJune 30,
2026
Assets
Personal loans$21,540,668 $(449,565)$6,134 $(26,851)$13,006,590 $(6,573,195)$1,509 $27,505,290 $120,388 
Student loans13,657,578 (74,372)86,875 — 5,300,468 (2,082,429)32,444 16,920,564 13,329 
Home loans1,000,982 33,818 — — 813,719 (78,910)2,902 1,772,511 33,451 
Loans at fair value(1)
36,199,228 (490,119)93,009 (26,851)19,120,777 (8,734,534)36,855 46,198,365 167,168 
Servicing rights(2)
378,178 3,816 5,044 — 70,883 (93,603)— 364,318 4,218 
Residual investments(3)
31,355 933 15,901 (520)— (4,043)— 43,626 800 
IRLCs(4)
9,971 7,402 — — — (6,296)— 11,077 11,077 
Student loan commitments(4)
28,779 17,703 — — — (22,933)— 23,549 23,549 
Personal loan commitments(4)
— 8,723 — — — — — 8,723 8,723 
Third party warrants(5)
540 — — — — — — 540 — 
Liabilities
Residual interests classified as debt(3)
(520)(43)— — — 53 — (510)(43)
Net impact on earnings$(451,585)
Fair Value atFair Value atChanges in unrealized gains (losses) included in earnings related to assets and liabilities held at period end
March 31,
2025		Impact on EarningsPurchasesSalesIssuancesSettlementsOther ChangesJune 30,
2025
Assets
Personal loans$17,869,230 $(10,430)$2,032 $(290,015)$4,519,171 $(2,486,773)$722 $19,603,937 $248,752 
Student loans9,571,457 100,161 698,901 — 993,326 (621,766)(438)10,741,641 125,767 
Home loans268,778 4,150 — (266,469)257,994 (5,092)— 259,361 12,907 
Loans at fair value(1)
27,709,465 93,881 700,933 (556,484)5,770,491 (3,113,631)284 30,604,939 387,426 
Servicing rights(2)
389,780 (16,925)3,573 (5,841)40,323 (35,904)— 375,006 (16,925)
Residual investments(3)
28,730 671 3,827 (313)— (1,685)— 31,230 671 
IRLCs(4)
8,074 10,054 — — — (8,074)— 10,054 10,054 
Student loan commitments(4)
471 1,138 — — — (471)— 1,138 1,138 
Third party warrants(5)
540 — — — — — — 540 — 
Liabilities
Residual interests classified as debt(3)
(579)(12)— — — 37 — (554)(12)
Net impact on earnings$88,807 
Fair Value atFair Value at
Changes in unrealized gains (losses) included in earnings related to assets and liabilities held at period end
January 1,
2025		Impact on EarningsPurchasesSalesIssuancesSettlementsOther ChangesJune 30,
2025
Assets
Personal loans$17,532,396 $(83,855)$4,930 $(1,485,419)$8,496,841 $(4,859,930)$(1,026)$19,603,937 $391,223 
Student loans8,597,368 225,930 898,970 — 2,184,789 (1,167,012)1,596 10,741,641 264,476 
Home loans85,568 13,430 — (266,469)433,225 (6,393)— 259,361 14,440 
Loans at fair value(1)
26,215,332 155,505 903,900 (1,751,888)11,114,855 (6,033,335)570 30,604,939 670,139 
Servicing rights(2)
342,128 (15,851)7,210 (7,781)129,254 (79,954)— 375,006 (15,851)
Residual investments(3)
25,394 1,335 8,082 (313)— (3,268)— 31,230 1,335 
IRLCs(4)
1,227 18,128 — — — (9,301)— 10,054 10,054 
Student loan commitments(4)
6,042 1,609 — — — (6,513)— 1,138 1,138 
Third party warrants(5)
540 — — — — — — 540 — 
Liabilities
Residual interests classified as debt(3)
(609)(47)— — — 102 — (554)(47)
Net impact on earnings$160,679 
_____________________
(1)For loans at fair value, purchases reflect consideration and relate to previously transferred loans. Purchase activity included elective repurchases of $604.8 million and $804.8 million during the three and six months ended June 30, 2025, respectively. There were no elective repurchases during the three and six months ended June 30, 2026. Purchase activity also included securitization clean-up calls of $86.7 million during the six months ended June 30, 2026 and $94.1 million during each of the three and six months ended June 30, 2025. There were no securitization clean-up calls during the three months ended June 30, 2026. The remaining purchases during the periods presented related to standard representations and warranties pursuant to our various loan sale agreements. Sales reflect consideration received on loans sold during the period. Issuances represent the unpaid principal balance of loans originated. Settlements represent principal payments made on loans during the period. Other changes represent fair value adjustments that impact the balance sheet primarily associated with loan commitments funded during the period, capitalized interest, whole loan strategic repurchases, clean up calls and consolidated securitizations. Impacts on earnings for loans at fair value are recorded within interest income—loans and securitizations, within noninterest income—loan origination, sales, securitizations and servicing, and within noninterest expense—general and administrative in the condensed consolidated statements of operations and comprehensive income.
(2)For servicing rights, impacts on earnings are recorded within noninterest income—loan origination, sales, securitizations and servicing in the condensed consolidated statements of operations and comprehensive income.
(3)For residual investments, sales include the derecognition of investments associated with securitization clean up calls. The estimated amounts of gains and losses for residual investments included in earnings attributable to changes in instrument-specific credit risk were immaterial during the periods presented. For residual investments and residual interests classified as debt, impacts on earnings are recorded within noninterest income—loan origination, sales, securitizations and servicing in the condensed consolidated statements of operations and comprehensive income, a portion of which is subsequently
reclassified to interest expense—securitizations and warehouses for residual interests classified as debt and to interest income—loans and securitizations for residual investments, but does not impact the liability or asset balance, respectively.
(4)For IRLCs, student loan commitments and personal loan commitments, settlements reflect funded loans during the period multiplied by the respective IRLC, student loan commitment or personal loan commitment price in effect at the beginning of the quarter. For IRLCs, student loan commitments and personal loan commitments, impacts on earnings are recorded within noninterest income—loan origination, sales, securitizations and servicing in the condensed consolidated statements of operations and comprehensive income.
(5)For third party warrants, impacts on earnings are recorded within noninterest income—other in the condensed consolidated statements of operations and comprehensive income.
Schedule of Valuation Inputs and Assumptions
The following key unobservable assumptions were used in the fair value measurement of our loans:
June 30, 2026December 31, 2025
RangeWeighted AverageRangeWeighted Average
Personal loans
Conditional prepayment rate
15.4% – 32.1%
25.8%
18.3% – 30.7%
26.9%
Annual default rate
4.0% – 18.3%
4.8%
3.7% – 37.9%
4.5%
Discount rate
4.9% – 6.9%
5.0%
4.4% – 6.6%
4.5%
Student loans
Conditional prepayment rate
9.3% – 12.8%
11.0%
9.6% – 12.9%
11.2%
Annual default rate
0.4% – 6.8%
0.7%
0.4% – 6.4%
0.7%
Discount rate
4.1% – 8.2%
4.3%
3.7% – 8.2%
3.9%
Home loans
Conditional prepayment rate
8.2% – 14.9%
14.9%
6.2% – 20.7%
13.6%
Annual default rate
0.5% – 1.0%
0.5%
0.1% – 7.4%
0.6%
Discount rate
6.0% – 6.1%
6.0%
4.9% – 8.5%
5.9%
The following key unobservable inputs were used in the fair value measurement of our classes of servicing rights:
June 30, 2026December 31, 2025
RangeWeighted AverageRangeWeighted Average
Personal loans
Market servicing costs
0.2% – 1.4%
0.3%
0.1% – 1.1%
0.3%
Conditional prepayment rate
15.6% – 37.6%
24.9%
15.0% – 39.4%
24.3%
Annual default rate
1.0% – 17.5%
4.8%
1.0% – 18.0%
5.0%
Discount rate
8.5% – 19.3%
10.5%
8.5% – 19.0%
10.1%
Student loans
Market servicing costs
0.1% – 0.4%
0.2%
0.1% – 0.3%
0.2%
Conditional prepayment rate
9.7% – 15.4%
13.1%
6.4% – 15.1%
12.5%
Annual default rate
0.3% – 3.7%
1.0%
0.3% – 3.7%
0.9%
Discount rate
8.5% – 8.5%
8.5%
8.5% – 8.5%
8.5%
Home loans
Market servicing costs
0.7% – 0.9%
0.7%
0.1% – 0.2%
0.1%
Conditional prepayment rate
4.4% – 14.5%
9.0%
4.7% – 21.5%
8.7%
Annual default rate
0.1% – 0.4%
0.1%
0.0% – 0.1%
0.0%
Discount rate
9.0% – 12.8%
9.1%
9.3% – 10.0%
9.3%
The following key unobservable inputs were used in the fair value measurements of our residual investments and residual interests classified as debt:
June 30, 2026December 31, 2025
RangeWeighted AverageRangeWeighted Average
Residual investments
Conditional prepayment rate
11.3% – 36.7%
20.9%
11.9% – 36.5%
21.2%
Annual default rate
0.7% – 9.1%
3.8%
0.7% – 8.6%
3.5%
Discount rate
5.3% – 30.0%
13.2%
5.1% – 30.0%
11.9%
Residual interests classified as debt
Conditional prepayment rate
11.7% – 11.7%
11.7%
12.0% – 12.0%
12.0%
Annual default rate
1.0% – 1.0%
1.0%
1.1% – 1.1%
1.1%
Discount rate
9.5% – 9.5%
9.5%
9.5% – 9.5%
9.5%
The following key unobservable inputs were used in the fair value measurements of our IRLCs, student loan commitments and personal loan commitments:
June 30, 2026December 31, 2025
RangeWeighted AverageRangeWeighted Average
IRLCs
Loan funding probability(1)
64.4% – 78.0%
71.5%
58.6% – 75.6%
69.7%
Student loan commitments
Loan funding probability(1)
89.0% – 99.0%
93.9%
89.0% – 99.0%
94.5%
Personal loan commitments
Loan funding probability(1)
97.2% – 99.4%
97.8%
n/m
n/m
___________________
(1)The aggregate amount of student loans we committed to fund was $592,540 and $437,470 as of June 30, 2026 and December 31, 2025, respectively. The aggregate amount of personal loans we committed to fund was $87,803 as of June 30, 2026. As of December 31, 2025, we had no personal loan commitments. See Note 11. Derivative Financial Instruments for the aggregate notional amount associated with IRLCs.
The following table summarizes the inputs used for estimating the fair value of PSUs granted:
Six Months Ended June 30,
Input20262025
Risk-free interest rate3.6%3.9%
Expected volatility61.3%64.3%
Fair value of common stock$18.53$11.26
Dividend yield—%—%
The table below presents the fair value assumptions used for the period indicated:
Six Months Ended June 30,
Input20262025
Risk-free interest rate3.8%4.3%
Expected term (in years)0.50.5
Expected volatility57.4%61.9%
Fair value of common stock

$23.23$14.70
Dividend yield—%—%
Schedule of Sensitivity Analysis for Servicing Rights
The following table presents the estimated decrease to the fair value of our servicing rights if the key assumptions had each of the below adverse changes:
June 30, 2026December 31, 2025
Market servicing costs
2.5 basis points increase$(11,469)

$(8,825)
5.0 basis points increase(20,184)

(17,675)
Conditional prepayment rate
10% increase$(11,103)

$(11,650)
20% increase(21,567)

(22,653)
Annual default rate
10% increase$(995)

$(1,015)
20% increase(1,982)

(2,020)
Discount rate
100 basis points increase$(6,805)

$(6,646)
200 basis points increase(13,202)

(12,925)
Schedule of Fair Value Disclosure of Asset and Liability Not Measured at Fair Value
The following table summarizes the carrying values and estimated fair values, by level within the fair value hierarchy, of our assets and liabilities that are not measured at fair value on a recurring basis in the condensed consolidated balance sheets:
Fair Value
Carrying ValueLevel 1Level 2Level 3Total
June 30, 2026
Assets
Cash and cash equivalents(1)
$3,126,237 $3,126,237 $— $— $3,126,237 
Restricted cash and restricted cash equivalents(1)
439,322 439,322 — — 439,322 
Loans(2)
1,331,370 — — 1,346,645 1,346,645 
Other investments(3)
149,668 — 149,668 — 149,668 
Total assets$5,046,597 $3,565,559 $149,668 $1,346,645 $5,061,872 
Liabilities
Deposits(4)
$45,543,160 $— $45,545,291 $— $45,545,291 
Debt(5)
3,252,433 2,183,446 1,974,307 — 4,157,753 
Stablecoin liability outstanding(6)
52,484 — 52,484 — 52,484 
Total liabilities$48,848,077 $2,183,446 $47,572,082 $— $49,755,528 
December 31, 2025
Assets
Cash and cash equivalents(1)
$4,929,452 $4,929,452 $— $— $4,929,452 
Restricted cash and restricted cash equivalents(1)
427,321 427,321 — — 427,321 
Loans(2)
1,633,702 — — 1,670,391 1,670,391 
Other investments(3)
146,204 — 146,204 — 146,204 
Total assets$7,136,679 $5,356,773 $146,204 $1,670,391 $7,173,368 
Liabilities
Deposits(4)
$37,505,395 $— $37,506,689 $— $37,506,689 
Debt(5)
1,761,055 2,997,347 486,000 — 3,483,347 
Total liabilities$39,266,450 $2,997,347 $37,992,689 $— $40,990,036 
___________________
(1)The carrying amounts of our cash and cash equivalents and restricted cash and restricted cash equivalents approximate their fair values due to the short-term maturities and highly liquid nature of these accounts.
(2)The fair value of our credit cards was determined using a discounted cash flow model with key inputs relating to weighted average lives, expected lifetime loss rates and discount rate. The fair value of our commercial and consumer banking, loans held at lower of amortized cost or fair value and secured loans was determined using a discounted cash flow model with key inputs relating to the underlying contractual coupons, terms, discount rate and expectations for defaults.
(3)Other investments include FRB stock and FHLB stock, which are presented within other assets in the condensed consolidated balance sheets.
(4)The fair values of our deposits without contractually defined maturities (such as demand and savings deposits) and our noninterest-bearing deposits approximate their carrying values. The fair value of our time-based deposits was determined using a discounted cash flow model based on interest rates currently offered for deposits of similar remaining maturities.
(5)The carrying value of our debt is net of unamortized discounts and debt issuance costs. The fair value of our convertible notes was classified as Level 1, as it was based on an observable market quote. The estimated fair value of our 2026 convertible notes was $440.7 million and $554.1 million as of June 30, 2026 and December 31, 2025, respectively. The estimated fair value of our 2029 convertible notes was $1.7 billion and $2.4 billion as of June 30, 2026 and December 31, 2025, respectively. The fair values of our warehouse facility debt and revolving credit facility debt were classified as Level 2 based on market factors and credit factors specific to these financial instruments. The fair value of our securitization debt was classified as Level 2 and valued using a discounted cash flow model, with key inputs relating to the underlying contractual coupons, terms, discount rate and expectations for defaults and prepayments.
(6)The carrying amount of our stablecoin liability approximates its fair value due to its on-demand nature and 1:1 backing of USD. Stablecoin is presented within Accounts payable, accruals and other liabilities in the condensed consolidated balance sheets. The related reserve assets backing the stablecoin liability are presented within Cash and cash equivalents on our condensed consolidated balance sheets.