SoFi Technologies Inc
For the period ended Sep 30, 2024. Filed Nov 7, 2024.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Sep 30, 2024 · Filed Nov 7, 2024
Extracted filing text, with the paragraph anchors used by the comparison.
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Condensed Consolidated Balance Sheets
| September 30,2024 | December 31,2023 | |
|---|---|---|
| Assets | ||
| Cash and cash equivalents | $2,354,965 | $3,085,020 |
| Restricted cash and restricted cash equivalents | 614,794 | 530,558 |
| Investment securities (includes available-for-sale securities of $1,478,066 and $595,187 at fair value with associated amortized cost of $1,468,146 and $596,757, as of September 30, 2024 and December 31, 2023, respectively) | 1,554,285 | 701,935 |
| Loans held for sale, at fair value | 17,324,514 | 15,396,771 |
| Loans held for investment, at fair value | 7,876,667 | 6,725,484 |
| Loans held for investment, at amortized cost (less allowance for credit losses of $48,419 and $54,695, as of September 30, 2024 and December 31, 2023, respectively) | 1,417,262 | 836,159 |
| Servicing rights | 296,127 | 180,469 |
| Property, equipment and software | 266,226 | 216,908 |
| Goodwill | 1,393,505 | 1,393,505 |
| Intangible assets | 314,959 | 364,048 |
| Operating lease right-of-use assets | 84,149 | 89,635 |
| Other assets (less allowance for credit losses of $2,651 and $1,837, as of September 30, 2024 and December 31, 2023, respectively) | 882,723 | 554,366 |
| Total assets | $34,380,176 | $30,074,858 |
| Liabilities, temporary equity and permanent equity | ||
| Liabilities: | ||
| Deposits: | ||
| Interest-bearing deposits | $24,351,778 | $18,568,993 |
| Noninterest-bearing deposits | 56,008 | 51,670 |
| Total deposits | 24,407,786 | 18,620,663 |
| Accounts payable, accruals and other liabilities | 569,018 | 549,748 |
| Operating lease liabilities | 101,028 | 108,649 |
| Debt | 3,180,205 | 5,233,416 |
| Residual interests classified as debt | 658 | 7,396 |
| Total liabilities | 28,258,695 | 24,519,872 |
| Commitments, guarantees, concentrations and contingencies (Note 15) | ||
| Temporary equity(1): | ||
| Redeemable preferred stock, $0.00 par value: 100,000,000 and 100,000,000 shares authorized; — and 3,234,000 shares outstanding, as of September 30, 2024 and December 31, 2023, respectively | — | 320,374 |
| Permanent equity: | ||
| Common stock, $0.00 par value: 3,100,000,000 and 3,100,000,000 shares authorized; 1,084,136,516 and 975,861,793 shares issued and outstanding, as of September 30, 2024 and December 31, 2023, respectively(2) | 108 | 97 |
| Additional paid-in capital | 7,751,335 | 7,039,987 |
| Accumulated other comprehensive income (loss) | 8,109 | (1,209) |
| Accumulated deficit | (1,638,071) | (1,804,263) |
| Total permanent equity | 6,121,481 | 5,234,612 |
| Total liabilities, temporary equity and permanent equity | $34,380,176 | $30,074,858 |
(1)Redemption amount was $323,400 as of December 31, 2023. See Note 10. Equity for additional information.
(2)Includes 100,000,000 non-voting common shares authorized andno non-voting common shares issued and outstanding as of September 30, 2024 and December 31, 2023. See Note 10. Equity for additional information.
Condensed Consolidated Balance Sheets (Continued)
The following table presents the assets and liabilities of consolidated VIEs which are included in our condensed consolidated balance sheets. The assets in the below table may only be used to settle obligations of consolidated VIEs and are in excess of those obligations as of the dates presented. Additionally, the assets and liabilities in the table below exclude intercompany balances, which eliminate upon consolidation. See Note 7. Securitization and Variable Interest Entities for additional information.
| September 30,2024 | December 31,2023 | |
|---|---|---|
| Assets | ||
| Restricted cash and restricted cash equivalents | $27,281 | $50,547 |
| Loans held for sale, at fair value | 229,072 | 502,757 |
| Loans held for investment, at fair value | 85,445 | 221,461 |
| Total assets | $341,798 | $774,765 |
| Liabilities | ||
| Accounts payable, accruals and other liabilities | $158 | $1,773 |
| Debt | 94,163 | 420,974 |
| Residual interests classified as debt | 658 | 7,396 |
| Total liabilities | $94,979 | $430,143 |
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.