SoFi Technologies Inc
For the period ended Dec 31, 2024. Filed Feb 24, 2025.
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FY2024 · Filed Feb 24, 2025
Extracted filing text, with the paragraph anchors used by the comparison.
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Consolidated Balance Sheets
| December 31, | ||
|---|---|---|
| 2024 | 2023 | |
| Assets | ||
| Cash and cash equivalents | $2,538,293 | $3,085,020 |
| Restricted cash and restricted cash equivalents | 171,067 | 530,558 |
| Investment securities (includes available-for-sale securities of $1,804,043 and $595,187 at fair value with associated amortized cost of $1,807,686 and $596,757, as of December 31, 2024 and 2023, respectively) | 1,895,689 | 701,935 |
| Loans held for sale, at fair value | 17,684,892 | 15,396,771 |
| Loans held for investment, at fair value | 8,597,368 | 6,725,484 |
| Loans held for investment at amortized cost (less allowance for credit losses of $46,684 and $54,695 as of December 31, 2024 and 2023, respectively) | 1,246,458 | 836,159 |
| Servicing rights | 342,128 | 180,469 |
| Property, equipment and software | 287,869 | 216,908 |
| Goodwill | 1,393,505 | 1,393,505 |
| Intangible assets | 297,794 | 364,048 |
| Operating lease right-of-use assets | 81,219 | 89,635 |
| Other assets (less allowance for credit losses of $2,444 and $1,837 as of December 31, 2024 and 2023, respectively) | 1,714,669 | 554,366 |
| Total assets | $36,250,951 | $30,074,858 |
| Liabilities, temporary equity and permanent equity | ||
| Liabilities: | ||
| Deposits: | ||
| Interest-bearing deposits | $25,861,400 | $18,568,993 |
| Noninterest-bearing deposits | 116,804 | 51,670 |
| Total deposits | 25,978,204 | 18,620,663 |
| Accounts payable, accruals and other liabilities | 556,923 | 549,748 |
| Operating lease liabilities | 97,389 | 108,649 |
| Debt | 3,092,692 | 5,233,416 |
| Residual interests classified as debt | 609 | 7,396 |
| Total liabilities | 29,725,817 | 24,519,872 |
| Commitments, guarantees, concentrations and contingencies (Note 18) | ||
| 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 December 31, 2024 and 2023, respectively | — | 320,374 |
| Permanent equity: | ||
| Common stock, $0.00 par value: 3,100,000,000 and 3,100,000,000 shares authorized; 1,095,357,781 and 975,861,793 shares issued and outstanding as of December 31, 2024 and 2023, respectively(2) | 109 | 97 |
| Additional paid-in capital | 7,838,988 | 7,039,987 |
| Accumulated other comprehensive loss | (8,365) | (1,209) |
| Accumulated deficit | (1,305,598) | (1,804,263) |
| Total permanent equity | 6,525,134 | 5,234,612 |
| Total liabilities, temporary equity and permanent equity | $36,250,951 | $30,074,858 |
(1)Redemption amount was $323,400 as of December 31, 2023. See Note 13. Equity for additional information.
(2)Includes 100,000,000 non-voting common shares authorized andno non-voting common shares issued and outstanding as of December 31, 2024 and 2023. See Note 13. Equity for additional information.
Consolidated Balance Sheets (Continued)
The following table presents the assets and liabilities of consolidated VIEs which are included in our 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.
| December 31, | ||
|---|---|---|
| 2024 | 2023 | |
| Assets: | ||
| Restricted cash and restricted cash equivalents | $20,719 | $50,547 |
| Loans held for sale, at fair value | 171,421 | 502,757 |
| Loans held for investment, at fair value | 80,812 | 221,461 |
| Total assets | $272,952 | $774,765 |
| Liabilities: | ||
| Accounts payable, accruals and other liabilities | $117 | $1,773 |
| Debt | 80,878 | 420,974 |
| Residual interests classified as debt | 609 | 7,396 |
| Total liabilities | $81,604 | $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.