Investor Presentation Q4 2024 & FY 2024 January 2025 Disclaimer Use of Non-GAAP Financial Measures This presentation includes certain non-GAAP financial measures (including on a forward-looking basis) such as Adjusted Net Revenue, Adjusted EBITDA, Adjusted EBITDA Margin, and Tangible Book Value. These non- GAAP measures are in addition to, and not a substitute for or superior to, measures of financial performance prepared in accordance with GAAP and should not be considered as an alternative to net revenue, ...

SoFi Technologies, Inc. (NASDAQ:SOFI) Q4 2024 Earnings Conference Call January 27, 2025 8:00 AM ET Company Participants Anthony Noto - CEO Chris Lapointe - CFO Conference Call Participants Kyle Peterson - Needham and Co. Dan Dolev - Mizuho Terry Ma - Barclays John Hecht - Jefferies Mihir Bhatia - Bank of America Reggie Smith - JPMorgan Andrew Jeffrey - William Blair Jeff Adelson - Morgan Stanley Operator Good morning or good afternoon all. My name is Adam, and I will be your conference operator today. At th ...

Earnings season can be overwhelming for investors trying to stay on top of the day-to-day news flurry. For the next few weeks, we are going to highlight a few notable post-earnings reactions each day. Today’s movers include AT&T Inc (NYSE:T) and SoFi Technologies Inc (NASDAQ:SOFI).T Looks to Extend Win StreakAT&T beat fourth-quarter earnings and revenue expectations due to strong Fiber net adds and postpaid phone subscribers. The telecommunications giant also reiterated its 2025 earnings forecast. T is 6.3 ...

In this video, I will be going over SoFi Technologies' (SOFI -9.54%) fourth-quarter earnings report and key comments made by management during the earnings call. Watch the short video to learn more, consider subscribing, and click the special offer link below.*Stock prices used were from the trading day of Jan. 24, 2025. The video was published on Jan. 27, 2025. ...

SoFi Technologies’ drive toward cementing its financial services ecosystem status continues — with gains across consumer-focused lending and direct deposits. The data also showed notable momentum in its tech platform, which is geared toward linking banks and FinTechs to various digital banking services.Within the supplementals offered up in tandem with SoFi’s fourth-quarter results on Monday (Jan. 27), the financials show that technology platform accounts were up 15% year on year to 168 million. The technol ...

Core Viewpoint - SoFi's stock experienced a significant decline despite reporting strong fourth-quarter earnings, primarily due to management's guidance for future revenue and earnings per share [1][2]. Group 1: Financial Performance - SoFi reported better-than-expected earnings for the fourth quarter, with strong headline numbers that exceeded expectations on both revenue and earnings [1][2]. - The company added 785,000 members in Q4, marking an all-time high for member growth [4]. - SoFi's loan platform originated $1.1 billion in personal loans for third parties in Q4, surpassing the total from the first three quarters of the year combined [4]. - The net interest margin increased from 5.57% in Q3 to 5.91% in Q4, attributed to lower costs on interest-bearing deposits [4]. Group 2: Future Guidance - For 2025, SoFi expects revenue to be in the range of $3.2 billion to $3.275 billion, which is significantly higher than analyst consensus estimates [2][3]. - The earnings per share guidance for 2025 is projected to be between $0.25 and $0.27, which is considered lower than what investors had anticipated [2][3]. - The combination of higher revenue expectations and lower profit projections suggests a potential decrease in profit margins, contributing to investor concerns [3]. Group 3: Partnerships and Credit Quality - SoFi signed several new partnership deals for its Galileo tech platform, including a significant partnership with the U.S. Treasury to serve as the processing partner for Direct Express [4]. - The company's credit quality showed improvement, with annual personal loan charge-offs decreasing by 15 basis points [4].

Earnings and Revenue Performance - SoFi Technologies reported Q4 EPS of $0.29, exceeding Visible Alpha forecasts [2] - Q4 revenue increased 19% YoY to $734 million, surpassing expectations [2] - Financial Services unit revenue surged 84% to $256.5 million [2] - Technology Platform division revenue grew 6% to $102.8 million [2] - Lending segment revenue increased 18% to $417.8 million [2] Guidance and Market Reaction - SoFi Technologies provided lower-than-expected guidance for Q1 2025 EPS of $0.03 and full-year EPS between $0.25 and $0.27 [1] - Analysts had expected Q1 EPS of $0.05 and full-year EPS of $0.28 [1] - Shares plunged 10% following the guidance announcement [1] Business Segment Performance - Financial Services and Tech Platform segments accounted for a record 49% of company revenue [3] - Product offerings expanded by 34% in the Financial Services unit [2] - Lending segment origination revenue increased 66% [2] Company Outlook and Stock Performance - CEO Anthony Noto declared 2024 as "SoFi's best year ever" [3][4] - Shares reached their highest level since fall 2021 last week [3] - Despite the recent drop, shares have more than doubled in value over the past year [3]

Core Insights - SoFi Technologies, Inc. (SOFI) reported quarterly earnings of $0.05 per share, exceeding the Zacks Consensus Estimate of $0.04 per share, and showing an increase from $0.02 per share a year ago, resulting in a 25% earnings surprise [1][2] - The company achieved revenues of $739.11 million for the quarter ended December 2024, surpassing the Zacks Consensus Estimate by 8.80% and up from $594.25 million year-over-year [2] - SoFi Technologies has consistently outperformed consensus EPS and revenue estimates over the last four quarters [2] Earnings Outlook - The current consensus EPS estimate for the upcoming quarter is $0.06 on revenues of $688.89 million, and for the current fiscal year, it is $0.30 on revenues of $2.97 billion [7] - The estimate revisions trend for SoFi Technologies is favorable, leading to a Zacks Rank 1 (Strong Buy) for the stock, indicating expected outperformance in the near future [6] Market Performance - SoFi Technologies shares have increased approximately 16.4% since the beginning of the year, significantly outperforming the S&P 500's gain of 3.7% [3] - The outlook for the Financial - Miscellaneous Services industry, to which SoFi belongs, is currently in the top 37% of over 250 Zacks industries, suggesting a positive environment for the stock [8]

Financial and Operational Review [Overall Performance Summary](index=1&type=section&id=Overall%20Performance%20Summary) SoFi Technologies achieved record Q4 2024 net revenue of **$734.1 million** and net income of **$332.5 million**, marking its first full year of GAAP profitability driven by strong growth in capital-light segments - CEO Anthony Noto declared 2024 as SoFi's best year ever, attributing the success to relentless innovation and brand building, resulting in record revenue, profit, members, and products[2](index=2&type=chunk) - The Financial Services and Tech Platform segments grew to represent a record **49% of SoFi's adjusted net revenue** in Q4 2024, up from 40% in the prior-year quarter, with combined revenue growth of **52% YoY**[2](index=2&type=chunk) - Record fee-based revenue reached **$289 million** in Q4, a **63% increase**, reinforcing the successful shift towards higher Return on Equity (ROE) revenue streams[1](index=1&type=chunk)[6](index=6&type=chunk) Q4 & Full-Year 2024 Consolidated Financial Results (GAAP vs. Non-GAAP) | ($ in millions, except per share) | Three Months Ended Dec 31, 2024 | Three Months Ended Dec 31, 2023 | % Change | Year Ended Dec 31, 2024 | Year Ended Dec 31, 2023 | % Change | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | **Consolidated – GAAP** | | | | | | | | Total net revenue | $734.1 | $615.4 | 19% | $2,674.9 | $2,122.8 | 26% | | Net income (loss) | $332.5 | $47.9 | 594% | $498.7 | $(300.7) | n/m | | Diluted EPS | $0.29 | $0.02 | n/m | $0.39 | $(0.36) | n/m | | **Consolidated – Non-GAAP** | | | | | | | | Adjusted net revenue | $739.1 | $594.2 | 24% | $2,606.2 | $2,073.9 | 26% | | Adjusted EBITDA | $198.0 | $181.2 | 9% | $666.5 | $431.7 | 54% | | Adjusted diluted EPS | $0.05 | $0.02 | 150% | $0.15 | $(0.10) | n/m | [Consolidated Financial Results](index=2&type=section&id=Consolidated%20Financial%20Results) SoFi achieved GAAP net income of **$332.5 million** in Q4 2024 and **$498.7 million** for the full year, strengthening its balance sheet with tangible book value per share rising to **$4.47** - Achieved fifth consecutive quarter and first full year of GAAP profitability. Q4 GAAP net income was **$332.5 million**, and adjusted net income was **$61.0 million**[7](index=7&type=chunk) - Full-year 2024 adjusted EBITDA reached a record **$666.5 million**, a **54% increase** from 2023, with a **26% margin**[8](index=8&type=chunk)[10](index=10&type=chunk) - Tangible book value grew by **$1.4 billion** during 2024, ending at **$4.9 billion**, or **$4.47 per share**, up from **$3.61** in the prior year[10](index=10&type=chunk) - Q4 Net Interest Margin (NIM) was **5.91%**, up **34 basis points sequentially** but down **11 basis points year-over-year**[12](index=12&type=chunk) [Member and Product Growth](index=3&type=section&id=Member%20and%20Product%20Growth) SoFi achieved record member and product growth in Q4 2024, adding **785,000 new members** for a total of **10.1 million** and **1.1 million new products** reaching **14.7 million total products** - Financial Services products grew **34% YoY** to **12.7 million**, driven by demand for SoFi Money, Relay, and Invest products[19](index=19&type=chunk) - Lending products increased by **21% YoY** to **2.0 million**[20](index=20&type=chunk) - Technology Platform enabled accounts grew by **15% YoY** to **168 million**[20](index=20&type=chunk) Member and Product Growth (Year-over-Year) | Metric | Q4 2024 Additions | Total as of Dec 31, 2024 | YoY Growth | | :--- | :--- | :--- | :--- | | Members | 785 thousand | 10.1 million | 34% | | Products | 1.1 million | 14.7 million | 32% | [Business Segment Performance](index=4&type=section&id=Business%20Segment%20Performance) All three of SoFi's business segments achieved record contribution profit in 2024, with Financial Services revenue surging **84%**, Technology Platform securing key partnerships, and Lending delivering **$7.2 billion** in record origination volume [Financial Services Segment](index=4&type=section&id=Financial%20Services%20Segment) The Financial Services segment demonstrated significant growth and profitability, with Q4 net revenue surging **84% YoY** to **$256.5 million** and contribution profit increasing **358%** to **$114.9 million** - Total deposits grew to **$26.0 billion**, with over **90% of SoFi Money deposits** coming from direct deposit members[29](index=29&type=chunk) - Monetization improved, with annualized revenue per product reaching **$81** in Q4, up **37% year-over-year**[28](index=28&type=chunk) Financial Services Segment Results (Q4 2024 vs Q4 2023) | ($ in millions) | Q4 2024 | Q4 2023 | % Change | | :--- | :--- | :--- | :--- | | Total net revenue | $256.5 | $139.1 | 84% | | Contribution profit | $114.9 | $25.1 | 358% | | Contribution margin | 45% | 18% | +27 p.p. | [Technology Platform Segment](index=5&type=section&id=Technology%20Platform%20Segment) The Technology Platform segment reported Q4 net revenue of **$102.8 million** and secured key long-term partnerships, including with the U.S. Department of the Treasury, expected to significantly contribute to future revenue - Galileo was selected by the U.S. Department of the Treasury as the processing partner for the Direct Express prepaid debit card program, with financial impact expected in 2026[9](index=9&type=chunk)[39](index=39&type=chunk) - Signed new deals with a large U.S. financial services provider and a leading hotel rewards brand, expanding its client base[33](index=33&type=chunk)[39](index=39&type=chunk) Technology Platform Segment Results (Q4 2024 vs Q4 2023) | ($ in millions) | Q4 2024 | Q4 2023 | % Change | | :--- | :--- | :--- | :--- | | Total net revenue | $102.8 | $96.9 | 6% | | Contribution profit | $32.1 | $30.6 | 5% | | Contribution margin | 31% | 32% | -1 p.p. | [Lending Segment](index=6&type=section&id=Lending%20Segment) The Lending segment achieved record Q4 origination volume of **$7.2 billion**, a **66% YoY increase**, while adjusted net revenue grew **22%** to **$422.8 million** and credit quality improved - Q4 adjusted net revenue was **$422.8 million**, up **22% YoY**, with a contribution profit of **$246.0 million**[38](index=38&type=chunk)[41](index=41&type=chunk) - Credit performance improved, with the **90-day personal loan delinquency rate decreasing to 55 bps** from 57 bps in the prior quarter, and the annualized charge-off rate decreasing to **3.37%** from 3.52%[9](index=9&type=chunk)[49](index=49&type=chunk)[50](index=50&type=chunk) Lending Origination Volume (Q4 2024 vs Q4 2023) | ($ in millions) | Q4 2024 | Q4 2023 | % Change | | :--- | :--- | :--- | :--- | | Personal loans | $5,251.9 | $3,222.8 | 63% | | Student loans | $1,349.0 | $790.0 | 71% | | Home loans | $577.4 | $308.9 | 87% | | **Total** | **$7,178.3** | **$4,321.6** | **66%** | [Guidance and Outlook](index=9&type=section&id=Guidance%20and%20Outlook) SoFi projects full-year 2025 adjusted net revenue between **$3.200 billion and $3.275 billion**, with adjusted EBITDA of **$845 million to $865 million**, and plans to add at least **2.8 million new members** - Management expects to add at least **2.8 million new members** in 2025, representing **28% growth**[62](index=62&type=chunk) - Macro assumptions for 2025 guidance include **1.5+ rate cuts**, **1-2% GDP expansion**, and unemployment normalizing in the **5% range**[61](index=61&type=chunk) Full-Year 2025 Guidance | Metric | 2025 Full-Year Guidance | | :--- | :--- | | Adjusted Net Revenue | $3.200 - $3.275 billion | | Adjusted EBITDA | $845 - $865 million | | GAAP Net Income | $285 - $305 million | | GAAP EPS | $0.25 - $0.27 | Q1 2025 Guidance | Metric | Q1 2025 Guidance | | :--- | :--- | | Adjusted Net Revenue | $725 - $745 million | | Adjusted EBITDA | $175 - $185 million | | GAAP Net Income | $30 - $40 million | | GAAP EPS | $0.03 | Financial Tables [1. Condensed Consolidated Statements of Operations and Comprehensive Income (Loss)](index=15&type=section&id=1.%20Condensed%20Consolidated%20Statements%20of%20Operations%20and%20Comprehensive%20Income%20(Loss)) This table presents the company's detailed income statement for Q4 and full-year 2024, outlining revenues, operating expenses, and net income (loss) figures, including earnings per share Condensed Consolidated Statements of Operations (Full Year) | ($ in millions) | Year Ended Dec 31, 2024 | Year Ended Dec 31, 2023 | | :--- | :--- | :--- | | Total net revenue | $2,674.9 | $2,122.8 | | Income (loss) before income taxes | $233.3 | $(301.2) | | Net income (loss) | $498.7 | $(300.7) | | Earnings (loss) per share – diluted | $0.39 | $(0.36) | [2. Reconciliation of GAAP to Non-GAAP Financial Measures](index=16&type=section&id=2.%20Reconciliation%20of%20GAAP%20to%20Non-GAAP%20Financial%20Measures) This section details reconciliations for non-GAAP financial measures, including Adjusted Net Revenue, Adjusted EBITDA, Tangible Book Value, and Adjusted Net Income, clarifying adjustments made to comparable GAAP figures for core operating performance [Adjusted Net Revenue](index=16&type=section&id=Adjusted%20Net%20Revenue) Adjusted Net Revenue is reconciled from total net revenue by excluding non-cash fair value changes and gains on debt extinguishment, totaling **$739.1 million** for Q4 2024 compared to GAAP total net revenue of **$734.1 million** Reconciliation of Adjusted Net Revenue | ($ in millions) | Three Months Ended Dec 31, 2024 | Year Ended Dec 31, 2024 | | :--- | :--- | :--- | | Total net revenue (GAAP) | $734.1 | $2,674.9 | | Adjustments | $5.0 | $(68.7) | | **Adjusted net revenue (non-GAAP)** | **$739.1** | **$2,606.2** | [Adjusted EBITDA](index=18&type=section&id=Adjusted%20EBITDA) Adjusted EBITDA is reconciled from GAAP net income by adding back corporate interest expense, income taxes, depreciation, amortization, share-based expense, and other non-recurring items, totaling **$198.0 million** for Q4 2024 Reconciliation of Adjusted EBITDA | ($ in millions) | Three Months Ended Dec 31, 2024 | Year Ended Dec 31, 2024 | | :--- | :--- | :--- | | Net income (loss) (GAAP) | $332.5 | $498.7 | | Total adjustments | $(134.5) | $167.8 | | **Adjusted EBITDA (non-GAAP)** | **$198.0** | **$666.5** | [Tangible Book Value](index=20&type=section&id=Tangible%20Book%20Value) Tangible Book Value is calculated by subtracting goodwill and intangible assets from permanent equity, reaching **$4.9 billion** or **$4.47 per share** as of December 31, 2024, up from **$3.5 billion** in 2023 Reconciliation of Tangible Book Value | ($ and shares in millions, except per share) | December 31, 2024 | December 31, 2023 | | :--- | :--- | :--- | | Permanent equity (GAAP) | $6,525.1 | $5,234.6 | | Less: Goodwill & Intangible Assets (Net) | $(1,631.2) | $(1,713.4) | | **Tangible book value (non-GAAP)** | **$4,893.9** | **$3,521.2** | | **Tangible book value per common share (non-GAAP)** | **$4.47** | **$3.61** | [Adjusted Net Income (Loss) and Adjusted EPS](index=22&type=section&id=Adjusted%20Net%20Income%20(Loss)%20and%20Adjusted%20EPS) Adjusted Net Income is reconciled from GAAP net income by excluding non-recurring items and significant one-time tax benefits, resulting in **$61.0 million** for Q4 2024, or **$0.05 per share** Reconciliation of Adjusted Net Income | ($ in millions) | Three Months Ended Dec 31, 2024 | Year Ended Dec 31, 2024 | | :--- | :--- | :--- | | Net income (loss) (GAAP) | $332.5 | $498.7 | | Non-GAAP adjustments | $(271.4) | $(271.4) | | **Adjusted net income (loss) (non-GAAP)** | **$61.0** | **$227.2** | [3. Condensed Consolidated Balance Sheets](index=24&type=section&id=3.%20Condensed%20Consolidated%20Balance%20Sheets) This table presents SoFi's balance sheet as of December 31, 2024, showing total assets increased to **$36.3 billion**, driven by growth in loans and deposits, with total deposits reaching **$26.0 billion** Key Balance Sheet Items | ($ in millions) | Dec 31, 2024 | Dec 31, 2023 | | :--- | :--- | :--- | | Total assets | $36,251.0 | $30,074.9 | | Loans (held for sale & investment) | $26,282.3 | $22,122.3 | | Total deposits | $25,978.2 | $18,620.7 | | Total liabilities | $29,725.8 | $24,519.9 | | Total permanent equity | $6,525.1 | $5,234.6 | [4. Average Balances and Net Interest Earnings Analysis](index=25&type=section&id=4.%20Average%20Balances%20and%20Net%20Interest%20Earnings%20Analysis) This table details net interest income components, including average balances, interest income/expense, and yields/rates for assets and liabilities, showing a Q4 2024 net interest margin of **5.91%** - For Q4 2024, the average yield on total interest-earning assets was **9.34%**, while the average rate on total interest-bearing liabilities was **3.85%**, resulting in a net interest margin of **5.91%**[128](index=128&type=chunk) [5. Condensed Consolidated Cash Flow Data](index=27&type=section&id=5.%20Condensed%20Consolidated%20Cash%20Flow%20Data) This table summarizes full-year 2024 cash flows, reporting net cash used in operating activities of **$1.12 billion**, net cash used in investing activities of **$4.82 billion**, and net cash provided by financing activities of **$5.03 billion** Condensed Consolidated Cash Flow Data (Full Year) | ($ in millions) | Year Ended Dec 31, 2024 | Year Ended Dec 31, 2023 | | :--- | :--- | :--- | | Net cash used in operating activities | $(1,119.8) | $(7,227.1) | | Net cash used in investing activities | $(4,821.0) | $(1,889.9) | | Net cash provided by financing activities | $5,034.6 | $10,885.6 | [6. Company Metrics](index=28&type=section&id=6.%20Company%20Metrics) This section provides a quarterly breakdown of key company metrics, including Members, Total Products, and Technology Platform Accounts from Q4 2022 to Q4 2024, along with their definitions Key Metrics Trend | | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | | :--- | :--- | :--- | :--- | | Members | 10,127,323 | 7,541,860 | 5,222,533 | | Total Products | 14,745,435 | 11,142,476 | 7,894,636 | | Tech Platform Accounts | 167,713,818 | 145,425,391 | 130,704,351 | [7. Segment Financials](index=30&type=section&id=7.%20Segment%20Financials) This table presents a quarterly summary of key financial data for each business segment (Lending, Technology Platform, Financial Services) and Corporate/Other, including net interest income, total net revenue, and contribution profit - The table shows consistent quarterly growth in contribution profit for the Financial Services segment, turning from a loss of **$(43.6) million** in Q4 2022 to a profit of **$114.9 million** in Q4 2024[141](index=141&type=chunk) [8. Disaggregated Revenue](index=31&type=section&id=8.%20Disaggregated%20Revenue) This table provides a detailed breakdown of noninterest income, separating revenue from contracts with customers and other sources, with full-year 2024 total noninterest income at **$958.4 million** - For the full year 2024, revenue from contracts with customers was **$503.1 million**, a significant increase from **$421.5 million** in 2023, driven by growth in interchange and technology services[145](index=145&type=chunk) [9. Analysis of Charge-Offs](index=32&type=section&id=9.%20Analysis%20of%20Charge-Offs) This table details net charge-offs and charge-off ratios for each loan category for Q4 and full-year 2024, showing an improved annualized net charge-off ratio for personal loans at **3.37%** Net Charge-off Ratios (Q4 2024 vs Q4 2023) | Loan Type | Q4 2024 Ratio | Q4 2023 Ratio | | :--- | :--- | :--- | | Personal loans | 3.37% | 3.98% | | Student loans | 0.62% | 0.59% | | Credit card | 12.31% | 14.05% | | **Total loans** | **2.48%** | **3.07%** | [10. Regulatory Capital](index=33&type=section&id=10.%20Regulatory%20Capital) This table displays SoFi's key regulatory capital ratios as of December 31, 2024, showing all ratios well above required minimums, indicating a strong capital position Regulatory Capital Ratios (Estimated) | (As of Dec 31, 2024) | Ratio | Required Minimum | | :--- | :--- | :--- | | CET1 risk-based capital | 16.0% | 7.0% | | Tier 1 risk-based capital | 16.0% | 8.5% | | Total risk-based capital | 16.2% | 10.5% | | Tier 1 leverage | 13.4% | 4.0% | Other Information [Earnings Webcast and Investor Communications](index=11&type=section&id=Earnings%20Webcast%20and%20Investor%20Communications) This section provides details for the earnings webcast and directs investors to the company's investor relations website and social media for supplemental financial information - SoFi's executive management will host a live audio webcast to discuss the financial results, with a replay available on the investor relations website[64](index=64&type=chunk) - The company communicates material information to investors through its website, investor relations site, and social media channels like X and LinkedIn[71](index=71&type=chunk) [Cautionary Statement Regarding Forward-Looking Statements](index=11&type=section&id=Cautionary%20Statement%20Regarding%20Forward-Looking%20Statements) This standard legal disclaimer warns that the report contains forward-looking statements, including financial guidance and strategic plans, which are subject to various risk factors that could cause actual results to differ materially - The report contains forward-looking statements regarding 2025 guidance, business growth, and macroeconomic assumptions[65](index=65&type=chunk) - Key risk factors include changing market conditions, ability to maintain profitability, regulatory environment, and credit performance[65](index=65&type=chunk) [About SoFi](index=12&type=section&id=About%20SoFi) This section describes SoFi as a member-centric digital financial services company with over **10.1 million members**, offering products across Lending, Financial Services, and Technology Platform segments - SoFi is a digital financial services company serving over **10.1 million members** with products for borrowing, saving, spending, investing, and protecting money[69](index=69&type=chunk) - The company operates across three segments: Lending, Financial Services, and Technology Platform, and is a bank holding company regulated by the Federal Reserve[70](index=70&type=chunk)

ARK Invest's Position in SoFi Technologies - ARK Invest's ETFs are highly concentrated, with SoFi Technologies being the sixth-largest holding in the ARK Fintech Innovation ETF (ARKF), making up 5% of the fund's total assets [1] - SoFi stock is also present in the ARK Innovation ETF (ARKK) with a value of approximately $95 million [2] - SoFi's app is the exclusive distribution partner for the ARK Venture Fund (ARKVX), providing exposure to pre-IPO companies like SpaceX and OpenAI [2] SoFi's Recent Performance and Growth - SoFi's stock has surged by more than 140% over the past six months, reaching a new 52-week high [3] - The company's membership base grew by 756,000 in the third quarter, marking its highest one-quarter new member additions ever [7] - Revenue grew by 30% year over year, with net income reaching $214 million compared to a $301 million net loss a year prior [7] SoFi's Personal Loan Business - SoFi's personal loans have seen a surge in demand, with PGIM Fixed Income investing $350 million and closing another $525 million securitization agreement [4] - PGIM, managing $860 billion in assets, considers SoFi's personal loans an "attractive investment opportunity" [4] - SoFi is rapidly expanding its capabilities as a third-party loan origination platform, generating capital-light fee income [4] Interest Rates and Regulatory Environment - SoFi could benefit from lower interest rates, which would reduce deposit costs and increase loan demand [5] - The Trump administration's policies favoring looser bank regulations and lower corporate taxes could also benefit SoFi [6] SoFi's Loan Performance and Banking Platform - SoFi's more recent loans are performing better than older vintages [8] - The company's banking platform continues to attract customer deposits at an impressive pace [8] Investment Perspective on SoFi - Despite the stock's significant price increase, the growth and profitability of SoFi justify the valuation [9] - The company's core personal loan business is gaining serious interest from the asset management industry [9]