SoFi Technologies Inc

The following table presents the components of our total noninterest income, as well as total net revenue:

Loan Platform Business

The following table presents the components of noninterest income associated with our Loan Platform Business:

(1)Recorded within noninterest income—loan platform feesin the condensed consolidated statements of operations and comprehensive income (loss), and the Financial Services reportable segment.

(2)Recorded within noninterest income—servicingin the condensed consolidated statements of operations and comprehensive income (loss), and the Lending reportable segment. Amounts reflect revenue from our servicing agreements on loans which we did not originate, excluding the impacts of changes in fair value inputs and assumptions on related servicing rights as they were immaterial for all periods presented.

Total Noninterest Income

Three Months. Total noninterest income increased by $73.9 million, or 38%, for the three months ended September 30, 2024 compared to the three months ended September 30, 2023. The increase was primarily attributable to: (i) growth in our Loan Platform Business of $51.5 million, composed of an increase of $46.6 million reported inloan platform fees related to revenue from loans that we originate on behalf of third parties for a fee ($42.4 million) and pre-qualified borrower referrals to third-party loan origination partners ($4.2 million), as well as a related increase inservicing income of $5.0 million; (ii) inloan origination, sales and securitizations, higher origination fees of $42.1 million, primarily related to a product feature offered on personal loans, whereby a borrower may optionally elect to pay origination fees to qualify for a lower annual percentage rate; (iii) inother, an increase in interchange fee revenue of $12.7 million on higher volume; and (iv) intechnology products and solutions, an increase in technology services fee revenue of $8.0 million driven by increased processing and service arrangement activity among our integrated technology solutions clients as well as account growth.

These increases were partially offset by lower revenue inloan origination, sales and securitizations reflecting: (i) higher personal and student loan net charge-offs of $34.1 million, primarily driven by growth in the portfolios and elevated charge off rates; and (ii) a net decrease of $13.8 million related to the following: losses in the 2024 period compared to gains in the 2023 period on student loan, personal loan and risk retention interest rate swap positions due to decreases in interest rates during the 2024 period compared to increases during the 2023 period (a decrease of $342.7 million); fair value gains on student loans in the 2024 period compared to losses during the 2023 period which were primarily impacted by higher aggregate average unpaid principal balance (an increase of $169.0 million); and higher fair value gains on personal loans which were primarily impacted by lower discount rate assumptions and higher aggregate average unpaid principal balance (an increase of $159.9 million).

Nine Months. Total noninterest income increased by $59.1 million, or 9%, for the nine months ended September 30, 2024 compared to the nine months ended September 30, 2023. The increase was primarily attributable to: (i) inloan origination, sales and securitizations, higher origination fees of $196.7 million primarily related to a product feature offered on personal loans, whereby a borrower may optionally elect to pay origination fees to qualify for a lower annual percentage rate; (ii) growth in our Loan Platform Business of $64.7 million composed of an increase of $54.1 million reported inloan platform fees related to revenue from loans that we originate on behalf of third parties ($42.5 million) and pre-qualified borrower referrals to third-party loan origination partners ($11.6 million), as well as a related increase inservicing income of $10.6 million; (iii) inother, a gain on extinguishment of debt of $62.5 million and an increase in interchange fee revenue of $23.3 million on higher volume; and (iv) intechnology products and solutions, an increase in technology services fee revenue of $25.7 million driven by increased processing and service arrangement activity among our integrated technology solutions clients as well as account growth.

These increases were partially offset by lower revenue inloan origination, sales and securitizations reflecting: (i) higher personal and student loan net charge-offs of $175.8 million, primarily driven by growth in the portfolios and elevated charge off rates; and (ii) a net decrease of $114.5 million related to the following: lower gains on student loan, personal loan and risk retention interest rate swap positions primarily driven by larger increases in interest rates in the 2023 period compared to mixed rate movement during the 2024 period (a decrease of $154.6 million); lower fair value gains on personal loans, which were primarily impacted by higher prepayment rate assumptions (a decrease of $107.3 million); and higher fair value gains on student loans, which were primarily impacted by lower discount rate assumptions and higher aggregate average unpaid principal balance (an increase of $147.4 million). In addition, servicing income decreased $16.8 million primarily related to unfavorable changes in valuation inputs and assumptions for personal loans and student loans, which was primarily attributable to increased discount rate and prepayment rate assumptions, respectively, during 2024.