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Debt (Tables)
 9 Months Ended
Sep. 30, 2021
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
September 30,
2021(5)
December 31,
2020
Student Loan Warehouse Facilities
SoFi Funding I
$71,695 
1ML + 125 bps
April 2022$200,000 $66,936 $374,575 
SoFi Funding III27,417 
PR – 134 bps(6)
September 202475,000 24,427 30,170 
SoFi Funding V(7)
4,237 
1ML + 135 bps
May 2023350,000 4,437 — 
SoFi Funding VI
79,914 
3ML + 125 bps
March 2024600,000 76,219 432,437 
SoFi Funding VII
186,113 
1ML + 125 bps
September 2022500,000 170,431 276,910 
SoFi Funding VIII
124,112 
1ML + 90 bps
May 2022300,000 115,214 221,342 
SoFi Funding IX(8)
264,047 
3ML+ 200 bps and CP + 87.5 bps
 May 2025500,000 246,358 70,780 
SoFi Funding X(9)
128,328 
CP + 125 bps
 April 2024400,000 116,395 44,136 
SoFi Funding XI(10)
36,806 
CP + 115 bps
November 2023500,000 32,636 87,404 
Total, before unamortized debt issuance costs$922,669 $3,425,000 $853,053 $1,537,754 
Unamortized debt issuance costs
$(6,570)$(7,940)
Personal Loan Warehouse Facilities
SoFi Funding PL I(11)
$105,363 
CP + 137.5 bps
September 2023$250,000 $88,295 $— 
SoFi Funding PL II
— 
3ML + 225 bps
July 2023400,000 — 137,420 
SoFi Funding PL III
10,199 
1ML + 175 bps
May 2023250,000 8,855 2,793 
SoFi Funding PL IV(12)
— 
CP + 170 bps
November 2023500,000 — 132,416 
SoFi Funding PL VI(13)
— 
CP + 170 bps
September 202450,000 — 107,595 
SoFi Funding PL VII
127,281 
1ML + 115 bps
June 2022250,000 102,303 15,610 
SoFi Funding PL X
22,756 
1ML + 142.5 bps
February 2023200,000 19,279 3,004 
Borrowing Description
Collateral Balances(1)
Interest Rate(2)
Termination/
Maturity(3)
Total Capacity(4)
Outstanding as of
September 30,
2021(5)
December 31,
2020
SoFi Funding PL XI
114,207 
1ML + 170 bps
January 2022200,000 95,513 112,478 
SoFi Funding PL XII
— 
1 ML + (225–315 bps)
June 2021— — 127,724 
SoFi Funding PL XIII
— 
1ML + 175 bps
January 2030300,000 — 219,362 
Total, before unamortized debt issuance costs$379,806 $2,400,000 $314,245 $858,402 
Unamortized debt issuance costs$(4,254)$(6,692)
Credit Card Warehouse Facilities
SoFi Funding CC I LLC$13,461 
CP + 175 bps(14)
October 2022$100,000 $10,789 $— 
Total, before unamortized debt issuance costs$13,461 $100,000 $10,789 $— 
Unamortized debt issuance costs
$(259)$— 
Risk Retention Warehouse Facilities(15)
SoFi RR Funding I
$18,755 
1ML + 200 bps
January 2024$100,000 $15,631 $54,304 
SoFi RR Repo
95,464 
3ML + 185 bps
June 2023192,141 80,224 75,863 
SoFi C RR Repo
6,822 
3ML + (180–185 bps)
December 20215,873 42,757 
SoFi RR Funding II
122,681 
1ML + 125 bps
November 2024110,692 160,199 
SoFi RR Funding III48,140 
1ML + 375 bps
November 202443,962 60,786 
SoFi RR Funding IV65,071 
1ML + 150 bps
October 2027100,000 53,606 37,334 
SoFi RR Funding V61,224 
298 bps
December 202537,344 — 
Total, before unamortized debt issuance costs$418,157 $347,332 $431,243 
Unamortized debt issuance costs$(2,289)$(2,052)
Revolving Credit Facility(16)
SoFi Corporate Revolvern/a
1ML + 100 bps(17)
September 2023$560,000 $486,000 $486,000 
Total, before unamortized debt issuance costs$560,000 $486,000 $486,000 
Unamortized debt issuance costs$(716)$(987)
Seller note(18)
n/a
1000 bps
February 2021$— $250,000 
Total
$— $250,000 
Other financing – various notes(18)
n/a
331 – 547 bps
July 2021$— $4,375 
Total$— $4,375 
Student Loan Securitizations
SoFi PLP 2016-B LLC
$54,528 
1ML + (120–380 bps)
April 2037$48,256 $69,448 
SoFi PLP 2016-C LLC
61,960 
1ML + (110–335 bps)
May 203755,553 81,115 
SoFi PLP 2016-D LLC
77,455 
1ML + (95–323 bps)
January 203969,449 93,942 
SoFi PLP 2016-E LLC
92,026 
1ML + (85–443 bps)
October 2041 83,499 117,800 
SoFi PLP 2017-A LLC
114,950 
1ML + (70–443 bps)
March 2040103,782 146,064 
SoFi PLP 2017-B LLC
97,407 
274 – 444 bps
May 204088,942 129,873 
SoFi PLP 2017-C LLC
126,438 
1ML + (60–421 bps)
July 2040114,649 161,897 
Total, before unamortized debt issuance costs and discount
$624,764 $564,130 $800,139 
Unamortized debt issuance costs
$(4,317)$(5,958)
Unamortized discount
(1,218)(1,654)
Borrowing Description
Collateral Balances(1)
Interest Rate(2)
Termination/
Maturity(3)
Total Capacity(4)
Outstanding as of
September 30,
2021(5)
December 31,
2020
Personal Loan Securitizations
SoFi CLP 2016-1 LLC
$22,105 
326 bps
August 2025$6,562 $36,546 
SoFi CLP 2016-2 LLC
21,370 
477 bps
October 20256,467 37,973 
SoFi CLP 2016-3 LLC
— 
305 – 449 bps
September 2021— 30,780 
SoFi CLP 2018-3 LLC
103,783 
402 – 467 bps
August 202795,430 163,784 
SoFi CLP 2018-4 LLC
116,535 
417 – 476 bps
November 2027107,452 184,831 
SoFi CLP 2018-3 Repack LLC
— 
200 bps
March 2021— 2,457 
SoFi CLP 2018-4 Repack LLC
— 
200 bps
June 2021— 5,853 
Total, before unamortized debt issuance costs, premiums and discount
$263,793 $215,911 $462,224 
Unamortized debt issuance costs
$(1,865)$(3,057)
Unamortized premium (discount)
254 (2,872)
Total, before unamortized debt issuance costs, premiums and discounts
$2,791,460 $4,830,137 
Less: unamortized debt issuance costs, premiums and discounts
(21,234)(31,212)
Total reported debt
$2,770,226 $4,798,925 
_________________
(1)As of September 30, 2021, 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 75 basis points (“bps”) on our various warehouse facilities are recognized as noninterest expense — general and administrative in our consolidated statements of operations and comprehensive income (loss). “ML” stands for “Month LIBOR”. As of September 30, 2021, 1ML and 3ML was 0.08% and 0.13%, respectively. As of December 31, 2020, 1ML and 3ML was 0.14% and 0.24%, respectively. “PR” stands for “Prime Rate”. As of September 30, 2021 and December 31, 2020, PR was 3.25% and 3.25%, respectively.
(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 September 30, 2021.
(5)There were no debt discounts and a debt premium of $335 issued during the nine months ended September 30, 2021. We paid $1,400 during 2021 related to debt issuance costs accrued in 2020.
(6)This facility has a prime rate floor of 309 bps.
(7)The outstanding balance as of September 30, 2021 does not reflect restricted cash amounts earmarked for repayment of $512 at the cutoff date.
(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 September 30, 2021 and December 31, 2020, the CP rate for this facility was 0.15% and 0.25%, respectively.
(9)Warehouse facility incurs interest based on a CP rate, which is determined by the facility lender. As of September 30, 2021 and December 31, 2020, the CP rate for this facility was 0.19% and 0.28%, respectively.
(10)Warehouse facility incurs interest based on a CP rate, which is determined by the facility lender. As of September 30, 2021 and December 31, 2020, the CP rate for this facility was 0.15% and 0.25%, respectively.
(11)Warehouse facility incurs interest based on a CP rate, which is determined by the facility lender. As of September 30, 2021, the CP rate for this facility was 0.09%. As of December 31, 2020, this facility incurred interest based on 1ML.
(12)Warehouse facility incurs interest based on a CP rate, which is determined by the facility lender. As of September 30, 2021 and December 31, 2020, the CP rate for this facility was 0.14% and 0.25%, respectively.
(13)Warehouse facility incurs interest based on a CP rate, which is determined by the facility lender. As of September 30, 2021, the CP rate for this facility was 0.14%. As of December 31, 2020, this facility incurred interest based on 3ML.
(14)Warehouse facility incurs interest at a spread (as indicated in the table) plus the lower of (a) 3ML plus 35 bps or (b) the CP rate for this facility, which is determined by the facility lender. As of September 30, 2021, the CP rate for this facility was 0.16%.
(15)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 September 30, 2021.
(16)As of September 30, 2021, $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.
(17)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)Part of our consideration to acquire Galileo was in the form of a seller note financing arrangement, which we paid off in February 2021. See Note 2 for additional information. We also assumed certain other financing arrangements resulting from our acquisition of Galileo, which we paid off during the third quarter of 2021.