SoFi Technologies, Inc. (SOFI) 2026 Q2 法說會逐字稿

Good morning. My name is Sarah, and I will be your conference operator today. At this time, I would like to welcome everyone to the SoFi Technologies second-quarter 2026 earnings conference call. (Operator Instructions)

早安。我叫 Sarah，今天將擔任各位的電話會議接線員。此刻，我謹代表主辦方歡迎各位參加 SoFi Technologies 2026 年第二季財報電話會議。(接線員指示)

With that, you may begin your conference.

那麼，您可以開始會議。

Thank you, and good morning. Welcome to SoFi's second-quarter 2026 earnings conference call. Joining me today to talk about our results and recent events are Anthony Noto, CEO; and Chris Lapointe, CFO. You can find the presentation accompanying our earnings release on the Investor Relations section of our website. Unless otherwise stated, we'll be referring to adjusted results for the second quarter of 2026 versus the second quarter of 2025.

謝謝，各位早安。歡迎參加 SoFi 2026 年第二季財報電話會議。今天與我一同就我們的業績與近期動態進行說明的有：執行長 Anthony Noto，以及財務長 Chris Lapointe。您可在我們網站「投資人關係」專區找到與本次財報新聞稿相配套的簡報。除非另有說明，我們將以 2026 年第二季相較於 2025 年第二季的調整後（adjusted）結果作為討論基礎。

Our remarks today will include forward-looking statements that are based on our current expectations and forecasts and involve risks and uncertainties. These statements include, but are not limited to, our competitive advantage and strategy, macroeconomic conditions and outlook, future products and services, and future business and financial performance.

我們今天的發言將包含前瞻性陳述，係基於我們目前的預期與預測，並涉及風險與不確定性。這些陳述包括但不限於：我們的競爭優勢與策略、總體經濟狀況與展望、未來產品與服務，以及未來的業務與財務表現。

Our GAAP consolidated income statement and all reconciliations can be found in today's earnings release in the subsequent 10-Q filing, which will be made available next month. Our actual results may differ materially from those contemplated by these forward-looking statements. Factors that could cause these results to differ materially are described in today's press release and our subsequent filings made with the SEC, including our upcoming Form 10-Q.

我們的 GAAP 合併損益表及所有調節表，可於今日的財報新聞稿以及後續的 10-Q 申報文件中查閱；該文件將於下個月提供。我們的實際結果可能與這些前瞻性陳述所預期者存在重大差異。可能導致結果出現重大差異的因素，已載於今日新聞稿及我們後續向 SEC 提交的文件中，包括即將提交的 Form 10-Q。

Any forward-looking statements that we make on this call are based on assumptions as of today. We undertake no obligation to update these statements as a result of new information or future events. And now I'd like to turn the call over to Anthony.

我們在本次電話會議中所作的任何前瞻性陳述，均基於截至今日的假設。我們不承擔因新資訊或未來事件而更新這些陳述的任何義務。接下來我想把電話交給 Anthony。

Thank you, and good morning, everyone. I'm pleased to share that we had nothing short of an exceptional quarter. Q2 was our 19th consecutive quarter exceeding the Rule of 40 with a score of 70. This included exceptional revenue growth of 40% year over year and a 30% EBITDA margin. Our team has continued to execute at a remarkable level and our business mix has proven its durability driving record growth and profitability in the face of a volatile interest rate environment.

謝謝，各位早安。我很高興與各位分享，我們本季表現可謂極為出色。第二季是我們連續第 19 個季度在「40 法則（Rule of 40）」上超標，得分達到 70。其中包括營收年增 40% 的亮眼成長，以及 30% 的 EBITDA 利潤率。我們的團隊持續以卓越水準執行，而我們的業務組合也證明了其韌性：即使在利率環境波動之下，仍推動了創紀錄的成長與獲利能力。

Few businesses have maintained such a strong combination of growth and returns for it has been nearly five years and still feels like we're just getting started. Our success is driven by our focus on building innovative products that are far superior to what is available from traditional banks and fintechs alike. Our members recognize this, and as their needs grow, they take out additional products and become our greatest advocates. This in turn fuels our growth and financial performance.

能在近五年的時間裡持續維持如此強勁的成長與報酬組合的企業並不多，但我們仍覺得才剛起步。我們的成功來自於專注打造創新產品，其體驗遠優於傳統銀行與各類金融科技公司所提供的方案。我們的會員也認同這一點；隨著需求增加，他們會使用更多產品，並成為我們最有力的推廣者。這反過來又推動了我們的成長與財務表現。

Despite our significant scale, our growth has not slowed. We added a record 1.1 million new members in Q2, increasing total members 35% year over year to a total of 15.8 million members. To put this in context, we had 650,000 total members when I joined in 2018, and we are now adding that amount every seven or eight weeks.

儘管我們已具相當規模，成長並未放緩。第二季我們新增創紀錄的 110 萬名新會員，使會員總數年增 35%，達到 1,580 萬名。作為對照，我在 2018 年加入時，我們的會員總數僅 65 萬；而現在我們每七到八週就能新增相當於當時總量的會員數。

We also, for the first time, added twice as many products as members despite having such rapid growth in members. We added a record 2.2 million new products in Q2, increasing total products by 42% year over year to 24.4 million products. This is a huge milestone for our Everything App strategy as more members take out multiple products driving our competitive advantage and having a superior lifetime value.

此外，我們也首次在會員高速成長的同時，新增產品數量達到會員新增數的兩倍。第二季我們新增創紀錄的 220 萬項新產品，使產品總數年增 42%，達到 2,440 萬項。這是我們「Everything App」策略的一個重大里程碑：更多會員採用多項產品，進一步強化我們的競爭優勢，並帶來更優異的終身價值（lifetime value）。

In fact, we've reached an important inflection point with products per member accelerating over the last two quarters. we are starting to hit escape velocity on our path to be the winner that takes most in digital financial services. Cross-buy continues to accelerate with 51% of new products opened by existing SoFi members. This is up from 43% last quarter and 35% in Q2 of 2025. That's a year-over-year increase of 16 percentage points.

事實上，過去兩個季度每位會員的產品數加速提升，我們已到達一個重要的拐點。我們正開始在邁向成為數位金融服務「贏者通吃」的道路上達到臨界加速（escape velocity）。交叉購買（cross-buy）持續加速，新增產品中有 51% 是由既有 SoFi 會員開立。相較之下，上季為 43%，而 2025 年第二季為 35%。這代表年增 16 個百分點。

This is a reflection of the trust members have in SoFi and the superior products we are building, which work better together and are designed to promote further cross-buy. Two of the clearest examples of our unique ability to package all that we offer into uniquely differentiated products are SoFi Plus and SoFi Coach. Both are only possible because of our diverse set of products and services and their usage drives cross-buying that powers our financial services productivity loop.

這反映出會員對 SoFi 的信任，以及我們打造的優質產品；這些產品彼此搭配運作更佳，並且在設計上能促進進一步的交叉購買。最能體現我們將所有能力打包成高度差異化產品的兩個例子，就是 SoFi Plus 與 SoFi Coach。兩者都只有在我們擁有多元產品與服務組合的前提下才可能實現，而其使用也會帶動交叉購買，進而驅動我們金融服務的生產力循環（productivity loop）。

SoFi Plus is our premium membership offering that brings the best of every SoFi product into one experience with a value that is unrivaled in the market. At the start of the second quarter, we relaunched SoFi Plus with significantly enhanced benefits in each of our products.

SoFi Plus 是我們的高階會員方案，將每一項 SoFi 產品的精華整合為單一體驗，其價值在市場上無可匹敵。在第二季初，我們重新推出 SoFi Plus，並在各項產品中大幅強化其權益。

For example, SoFi Money at 4.5% interest, and SoFi Invest with a 1% match while fully transitioning the product to a paid subscription model. The results have exceeded our expectations. After just one quarter, we surpassed 200,000 paid subscribers with most of the growth coming from existing members who are upgrading their memberships. This equates to an annualized revenue of over $24 million.

例如，SoFi Money 提供 4.5% 利率，SoFi Invest 提供 1% 配對（match），同時我們也將該產品全面轉型為付費訂閱模式。成果超出我們的預期。僅一個季度後，我們的付費訂閱者就突破 20 萬人，其中大部分成長來自既有會員升級其會員等級。這相當於年化營收超過 2,400 萬美元。

Importantly, we're seeing incredibly strong cross-buy. 85% of new SoFi Plus members were existing members and 25% of those are adding another product after Plus, with SoFi Invest accounting for the highest percentage of the follow-on demand. For new to SoFi members who joined via SoFi Plus, SoFi Money is the main product that is subsequently being adopted.

更重要的是，我們看到極為強勁的交叉購買：新增 SoFi Plus 會員中有 85% 為既有會員，而其中 25% 在加入 Plus 後又加購另一項產品；後續需求占比最高的是 SoFi Invest。對於透過 SoFi Plus 加入的 SoFi 新會員而言，後續最主要被採用的產品是 SoFi Money。

And across both groups, we're seeing a very strong adoption of SoFi Relay and our lending products. SoFi Plus is doing exactly what we designed it to do. It's creating a recurring revenue stream, it's increasing awareness of the breadth of products in our Everything App, it's driving greater cross buy as well as increasing deposits, spending, and AUM in the existing open accounts, all in hand increasing member lifetime value.

而在這兩類族群中，我們都看到 SoFi Relay 與我們的放款產品有非常強勁的採用率。SoFi Plus 正在精準達成我們的設計目標。它正在創造經常性收入來源、提升會員對我們 Everything App 產品廣度的認知、推動更高的交叉購買，同時也增加既有開立帳戶中的存款、支出與資產管理規模（AUM），從而提升會員終身價值。

It's the financial services productivity loop in action. We are encouraged to see the success so far, and I'd be disappointed if we are not at 1 million SoFi Plus members generating annual revenue of $120 million a year from now. That same strategic focus on deepening member relationships is behind SoFi Coach, which launched in June.

這正是金融服務生產力循環的實際運作。我們對目前的成果感到振奮；如果一年後我們未能達到 100 萬名 SoFi Plus 會員、並帶來每年 1.2 億美元的年營收，我會感到失望。同樣聚焦於深化會員關係的策略，也促成了 SoFi Coach，並已於 6 月推出。

SoFi Coach brings together three things no other company can: the full picture of a member's personal finances across their SoFi products and third-party products, the trust and security of a regulated bank, and soon, the ability to perform actions on behalf of our members. The result is personalized financial guidance across a member's entire financial life that helps them achieve the most critical success factor on their way to realize their ambitions, which is spending less than they make and investing the rest.

SoFi Coach 結合了其他公司無法同時具備的三項能力：跨 SoFi 產品與第三方產品的會員個人財務全貌、受監管銀行所帶來的信任與安全性，以及即將推出的代表會員執行操作的能力。其結果是：在會員整體財務生活的各個面向提供個人化的財務指引，協助他們達成實現抱負道路上最關鍵的成功要素——花得比賺得少，並把剩餘資金用於投資。

A key driver of Coach's success is our unique data set from both our breadth and depth of products, services, and activities. Coach is powered by SoFi Relay's hub of financial data that spans 12,000 connected financial institutions, 6.5 billion transactions, roughly $0.75 trillion in outstanding balances and over $0.25 trillion in member real-world assets.

Coach 成功的一個關鍵驅動因素，是我們來自產品、服務與活動在廣度與深度上的獨特資料集。Coach 由 SoFi Relay 的金融資料中樞所驅動，涵蓋 12,000 家已連結的金融機構、65 億筆交易、約 0.75 兆美元的未償餘額，以及超過 0.25 兆美元的會員真實世界資產。

This unique data set gives SoFi Coach an amazing level of insights on which to base its responses to members' financial questions and soon to be proactive insights to what members can do. Since Coach's rollout, we've already seen nearly 0.5 million conversations with over 90% positive feedback.

這套獨特資料集讓 SoFi Coach 能以驚人的洞察力作為基礎，回應會員的財務問題，並且很快將提供主動式洞察，告訴會員可以採取哪些行動。自 Coach 上線以來，我們已經看到接近 50 萬次對話，且正面回饋超過 90%。

Every interaction with Coach gives us real-time insights into what matters most to our members what they need and where we can help them the most. For example, more than half of the conversations to date have focused on investing. We believe we can uniquely help the nearly 65% of Americans over the age of 18 that do not buy stocks, ETFs, or invest in robo accounts become great investors.

與 Coach 的每一次互動，都能讓我們即時洞察會員最在意的是什麼、他們需要什麼，以及我們在哪裡能最有效地幫助他們。例如，迄今超過一半的對話都聚焦在投資。我們相信，我們能以獨特方式協助近 65% 的 18 歲以上美國人（他們不買股票、ETF，或不投資於機器人投顧帳戶）成為優秀的投資人。

This is just the beginning for Coach, and we'll continue to expand its capabilities. One of my favorite questions to ask is how much I spent on subscriptions in the last month. Suffice it to say, I'm astonished by how many subscriptions I pay that I no longer need. I cannot wait for our launch of automated subscription management and cancellation coming later this year.

這只是 Coach 的開始，我們將持續擴展其能力。我最喜歡問的一個問題是：我上個月在訂閱服務上花了多少錢。不用說，我對自己仍在支付、但其實已不再需要的訂閱數量感到震驚。我非常期待我們在今年稍晚推出自動化訂閱管理與取消功能。

SoFi Plus and Coach are exactly the kinds of products that make our model more powerful over time. They help members get their money right across their entire financial life, they deepen engagement across the platform and they create more opportunities for cross-buy, resulting in more lifetime value that we can reinvest in better interest rates on checking and savings, better interest rates on tokenized deposits, higher matches on contributions to your Invest account, lower interest rates on home loans, personal loans, and student loans, and better services like free certified financial planners.

SoFi Plus 與 Coach 正是那種會讓我們的模式隨時間變得更強大的產品。它們幫助會員在整個財務生活中把錢打理好，深化平台上的互動參與，並創造更多交叉購買機會，帶來更高的終身價值；我們可以將其再投資於：更好的支票與儲蓄利率、更好的代幣化存款利率、對您的 Invest 帳戶供款提供更高的配對（match）、更低的房貸、個人貸款與學生貸款利率，以及像免費的認證理財規劃師等更好的服務。

The durable and consistent 35% growth in our members and the inflection point in products per member and cross-buy that we've seen in the last two quarters are a direct result of these two everything products in our Everything App driving the financial services productivity loop and we cannot be more excited about our strategy and execution coming together as we pull away from the industry.

我們會員數穩健且一致的 35% 成長，以及過去兩個季度我們看到的「每位會員產品數」與交叉購買的拐點，都是因為我們 Everything App 中這兩個「全方位」產品推動了金融服務生產力循環的直接結果；隨著我們在產業中逐步拉開差距，我們對策略與執行的結合感到無比振奮。

With that, let me now turn to the second-quarter results. In Q2, adjusted net revenue was ahead of expectations and up 40% year over year to $1.2 billion. Importantly, our revenue growth continues to be durable and diversified. Total fee-based revenue was $472 million, representing 39% of total revenue in the quarter.

接下來，讓我轉到第二季的業績。第二季（Q2）調整後淨營收優於預期，年增 40% 至 12 億美元。重要的是，我們的營收成長持續穩健且多元化。本季手續費型營收總額為 4.72 億美元，占本季總營收的 39%。

This is an increase of 22% from last quarter and up roughly 38% year over year when normalizing SoFi Technology Solutions, or STS. The growth was driven by origination fees as well as strong performance from our Loan Platform Business, interchange revenue brokerage fee revenue and SoFi Tech Solutions revenue.

相較上季增加 22%；在將 SoFi Technology Solutions（STS）標準化後，年增約 38%。成長動能來自承作手續費（origination fees），以及我們貸款平台業務（Loan Platform Business）、交換手續費收入（interchange revenue）、經紀手續費收入（brokerage fee revenue）與 SoFi Tech Solutions 收入的強勁表現。

In the second quarter, we generated $1.2 billion in cash revenue. This was our third consecutive quarter of generating over $1 billion in cash revenue. Our Lending segment had another very strong quarter, generating a record $712 million in adjusted net revenue. In total, we had our best quarter ever for loan originations at $14.8 billion, which is up over $2.5 billion from just last quarter and included record originations across personal, student, and home loans.

第二季我們創造了 12 億美元的現金營收。這是我們連續第三個季度現金營收超過 10 億美元。我們的放款（Lending）部門再度繳出非常強勁的一季，調整後淨營收創紀錄達 7.12 億美元。整體而言，我們本季貸款承作量達到史上最佳的 148 億美元，較上季增加超過 25 億美元，且個人貸款、學生貸款與房貸的承作量皆創新高。

This was our first $10 billion quarter of personal loans. Of the $14.8 billion in total originations, $11.7 billion was for our Lending segment and $3.1 billion was for our Loan Platform Business. The diversification across channels demonstrates the strength and optionality that comes from having a fortress balance sheet and strong demand from our capital markets partners.

這是我們個人貸款首次達到單季 100 億美元。在 148 億美元的總承作量中，117 億美元來自我們的放款部門，31 億美元來自我們的貸款平台業務。跨通路的多元化，展現了我們擁有堅實如堡壘的資產負債表，以及資本市場合作夥伴強勁需求所帶來的實力與選擇性（optionalitiy）。

Similar to Q1, we are balancing loans originated for our balance sheet with Loan Platform Business originations that drive both returns and great visibility of net interest income for the next six to eight quarters. Loans originated for our balance sheet are providing a competitive advantage in a large, durable, and highly visible revenue stream with attractive returns, which is allowing us to make massive investments relative to our digital competitors.

與第一季類似，我們在為自有資產負債表承作的貸款，與貸款平台業務的承作量之間取得平衡；後者同時帶來報酬，並為未來六到八個季度的淨利息收入提供極佳的可見度。為自有資產負債表承作的貸款，在龐大、持久且高度可見的營收來源中提供了競爭優勢，並帶來具吸引力的報酬，使我們得以相較數位競爭對手進行大規模投資。

For example, from Q1 2024 until Q2 2026, we have generated $5.4 billion in cash net interest income, which has allowed us to make significant investments to launch new businesses and drive high rates of growth in both members and products. Additionally, the net interest income recorded of $5.4 billion is 2.7 times the cumulative noncash premium on our balance sheet of $2 billion. So not only is the scale of net interest income revenue in advantage, we are delivering significant returns compared to the original marks recorded in our noncash revenue.

例如，從 2024 年第一季到 2026 年第二季，我們已產生 54 億美元的現金淨利息收入，使我們得以投入可觀資源以推出新業務，並推動會員數與產品數的高速成長。此外，已入帳的 54 億美元淨利息收入，是我們資產負債表上 20 億美元累計非現金溢價（noncash premium）的 2.7 倍。因此，淨利息收入的規模不僅具優勢，我們相較於原先在非現金營收中記錄的初始評價（marks），也交付了顯著的報酬。

Together, our Financial Services and Technology Platform segment generated revenue of $551 million, representing 46% of adjusted net revenue. Over time, we expect these revenue streams to be more than 50% of our revenue and a key driver of our long-term target return on tangible common equity of 20% to 30%, which is now becoming very visible.

合計而言，我們的金融服務與科技平台部門創造營收 5.51 億美元，占調整後淨營收的 46%。隨著時間推進，我們預期這些營收來源將占我們總營收的 50% 以上，並成為我們長期目標——有形普通股權報酬率（return on tangible common equity）20% 至 30%——的關鍵驅動因素，而這一點如今正變得非常清晰可見。

In addition to delivering durable growth, we delivered strong returns and profitability. In the second quarter, adjusted EBITDA was $358 million, up 44% year over year. Our adjusted EBITDA margin for the quarter was 30%. Our incremental EBITDA margin was 31% as we continue to balance reinvesting in the business to drive long-term growth and balancing profitability. Adjusted net income in the quarter was $160 million at a margin of 13%.

除了實現穩健成長外，我們也交付了強勁的報酬與獲利能力。第二季調整後 EBITDA 為 3.58 億美元，年增 44%。本季調整後 EBITDA 利潤率為 30%。我們的增量 EBITDA 利潤率為 31%，在持續平衡再投資以推動長期成長與維持獲利之間取得良好拿捏。本季調整後淨利為 1.60 億美元，利潤率為 13%。

Adjusted earnings per share were $0.12, which included a negative impact of roughly $0.05 due to higher-than-expected tax rate. Finally, our tangible book value ended the quarter at $9.5 billion up 80% year over year and $7.34 per share, which is up 56% year over year.

調整後每股盈餘為 0.12 美元，其中約 0.05 美元的負面影響來自高於預期的稅率。最後，我們的有形帳面價值在季末達到 95 億美元，年增 80%；每股有形帳面價值為 7.34 美元，年增 56%。

Let me now turn to brand building and additional product innovations across our business. In the second quarter, unaided brand awareness rose to an all-time high of 10.4%, up 190 basis points year over year. It was another exciting quarter. We saw SoFi brand ambassador, Wyndham Clark win the US Open at Shinnecock. We brought together some of the biggest names in country music for CMA Fest presented by SoFi reaching millions of viewers across ABC, Hulu, and YouTube.

接下來我將談談品牌建設，以及我們業務中更多的產品創新。第二季，未提示品牌知名度（unaided brand awareness）升至歷史新高的 10.4%，年增 190 個基點。這又是一個令人振奮的季度。我們看到 SoFi 品牌大使 Wyndham Clark 在 Shinnecock 贏得美國公開賽（US Open）。我們集結了多位鄉村音樂界最知名的藝人，舉辦由 SoFi 呈現的 CMA Fest，透過 ABC、Hulu 與 YouTube 觸及數百萬名觀眾。

SoFi Stadium welcomed the world as host the Team USA and several FIFA World Cup knockout round matches putting the SoFi brand on one of the biggest stages in global sports. And just yesterday, we announced a multiyear partnership with Notre Dame Athletics becoming the first brand to appear on the Fighting Irish jerseys across all 26 varsity sports.

SoFi 體育場（SoFi Stadium）作為美國隊（Team USA）主場並承辦多場 FIFA 世界盃淘汰賽，迎接全球目光，讓 SoFi 品牌登上全球體育最重要的舞台之一。而就在昨天，我們宣布與聖母大學體育部（Notre Dame Athletics）達成多年合作夥伴關係，成為首個在「戰鬥愛爾蘭人」（Fighting Irish）球衣上露出的品牌，涵蓋全部 26 項校隊運動。

In football, Notre Dame is in a class of one as the only division one program with their own broadcast television media deal, giving them a national television audience for primetime games that is well above the average for 95% of prime time professional and college sports. Similar to the SoFi Stadium deal, SoFi will be seen by millions of unique television viewers each week.

在美式足球方面，聖母大學（Notre Dame）自成一格，是唯一一個擁有自家廣播電視媒體合約的第一級（Division I）計畫，使其黃金時段賽事能觸及全國電視觀眾，其收視規模遠高於 95% 的黃金時段職業與大學體育賽事平均水準。類似於 SoFi 體育場（SoFi Stadium）的合作案，SoFi 每週將被數以百萬計的不重複電視觀眾看見。

Turning now to our product innovation. 87% of our products, or 21.3 million total products, are now non-lending products. These include SoFi Money, SoFi Relay, SoFi Invest, SoFi Credit Card and Smart Card, SoFi Crypto, SoFi Protect, SoFi Plus, and recently launched SoFi Big Business Banking.

接著談我們的產品創新。目前我們 87% 的產品（合計 2,130 萬項）已是非放貸類產品。這些包括 SoFi Money、SoFi Relay、SoFi Invest、SoFi Credit Card 與 Smart Card、SoFi Crypto、SoFi Protect、SoFi Plus，以及近期推出的 SoFi Big Business Banking。

These products are more broadly appealing, are used much more frequently, and have vastly lower our customer acquisition costs than our lending products. And as such, tip of the sword and member acquisition that fuels our downstream loan originations be it cross-buy at superior customer acquisition costs.

這些產品的受眾更廣、使用頻率更高，且相較於放貸產品，能大幅降低我們的客戶取得成本。因此，它們成為我們獲客的「尖刀」，帶動後續的貸款發放，不論是交叉購買（cross-buy），都能以更優的客戶取得成本達成。

The breadth and depth of our product ecosystem and the scale we've achieved with 21.3 million non-lending products that members engage with regularly will increasingly strengthen our competitive advantage and drive long-term growth in a way few financial services companies can match.

我們產品生態系的廣度與深度，以及我們在 2,130 萬項非放貸產品上所達成的規模（會員經常使用互動），將日益強化我們的競爭優勢，並以少有金融服務公司能匹敵的方式推動長期成長。

Here are a few highlights. Our Invest products grew 38% year over year, while brokerage revenue increased nearly 2.5x. That reflects both growing engagement and stronger monetization.

以下是幾個重點。我們的 Invest 產品年增 38%，同時經紀業務收入成長近 2.5 倍，反映出互動度提升與變現能力增強。

We know savings gets you by, but investment gets you ahead. Savings alone won't get members to their financial goals. They also need to be investing for the long term. Yet 65% of Americans still don't invest. Our goal remains to make investing simpler and more accessible by giving everyday investors access to the best tools and opportunities which they have not historically had.

我們知道，儲蓄能讓你維持生活，但投資能讓你超前。僅靠儲蓄無法讓會員達成其財務目標。他們也需要進行長期投資。然而，仍有 65% 的美國人不投資。我們的目標仍是讓投資更簡單、更容易取得，讓一般投資人也能使用過去在歷史上未曾擁有的最佳工具與機會。

For example, during the second quarter, we brought AI to SoFi Invest with the launch of Composer by SoFi. Composer lets members turn investing ideas written in plain terms into strategies they can build, test, and automate in minutes. It is simple, intuitive and accessible fitting perfectly into the SoFi Invest platform.

例如在第二季，我們透過推出 Composer by SoFi，將 AI 導入 SoFi Invest。Composer 讓會員把以白話寫下的投資想法，轉化為可在幾分鐘內建立、測試並自動化的策略。它簡單、直覺且易於使用，與 SoFi Invest 平台完美契合。

In June, we also gave members access to the record-setting SpaceX IPO, which became the largest and most subscribed IPO offering in SoFi's history. It was our 36th IPO offering over the past five years. This year alone, we've completed more IPO offerings than in all of 2025, and we're excited about the pipeline of companies that may go public this year.

6 月，我們也讓會員參與創紀錄的 SpaceX IPO，成為 SoFi 歷史上規模最大、認購最踴躍的 IPO 申購案。這是我們過去五年來的第 36 檔 IPO 申購。僅今年，我們完成的 IPO 申購數就已超過 2025 年全年，我們也對今年可能上市的公司儲備（pipeline）感到振奮。

Just this month, we launched SoFi Social 50 Income ETF which gives investors exposure to an options-based income strategy without having to build and manage covered-call positions on their own. This fund combines the 50 most widely held stocks across SoFi self-directed brokerage accounts with an actively managed option strategy, seeking monthly income and long-term growth.

就在本月，我們推出 SoFi Social 50 Income ETF，讓投資人無須自行建立與管理備兌買權（covered-call）部位，也能取得以選擇權為基礎的收益策略曝險。該基金結合 SoFi 自主交易券商帳戶中持有最廣泛的 50 檔股票，並搭配主動管理的選擇權策略，目標為每月收益與長期成長。

Now let me spend a minute on SoFi Credit Card. We think we've cracked the code on efficiently acquiring high-quality credit card members. Year over year, credit card revenue has more than doubled. In fact, credit card revenue was up nearly 50% and products are up 17% from just last quarter. We're excited by the trends we are seeing, not only in the back book, which reached profitability, but also our ability to add the right members in this important product.

接著我花一點時間談 SoFi 信用卡。我們認為已找出高效率取得高品質信用卡會員的關鍵方法。信用卡收入年增已超過一倍。事實上，信用卡收入較去年同期成長近 50%，而產品數較上一季成長 17%。我們對目前看到的趨勢感到振奮，不僅是既有存量（back book）已達獲利，也包括我們在這項重要產品上新增合適會員的能力。

Turning now to Crypto and Big Business Banking where we're building the infrastructure to bring blockchain-based financial services to consumers and businesses alike. We have been pioneers in this space, becoming the first nationally licensed bank that launched crypto trading and our own stable coin in SoFiUSD.

接著談加密貨幣與 Big Business Banking，我們正在打造基礎設施，將以區塊鏈為基礎的金融服務帶給消費者與企業。我們一直是此領域的先行者，成為第一家推出加密貨幣交易並發行自有穩定幣 SoFiUSD 的全國性持牌銀行。

In the second quarter, we began selling our trading business in SoFiUSD, and in Big Business Banking, we began processing transactions on the SoFi Exchange Network, enabling our first commercial clients to move money in real-time 24/7. This marks an important milestone for two reasons. First, it creates more real-world commercial use cases for SoFiUSD, helping the scale of our new lower cost, faster and safer proprietary payment rails.

在第二季，我們開始出售我們在 SoFiUSD 的交易業務；同時在 Big Business Banking 方面，我們開始透過 SoFi Exchange Network 處理交易，使我們的首批商業客戶能 24/7 即時移轉資金。這在兩個層面上是重要里程碑。第一，它為 SoFiUSD 創造更多真實世界的商業使用情境，有助於擴大我們全新、成本更低、更快且更安全的自有支付軌道（payment rails）規模。

And second, it significantly expands our enterprise offering for SoFi Technology Solutions, creating new opportunities for both fee-based revenue and net interest income over time. Big Business Banking clients can now hold funds in regulated insured business deposit accounts, move money and digital assets in real time through API-driven payments, and seamlessly convert between fiat and digital assets, all within SoFi's regulated banking environment.

第二，它大幅擴展我們 SoFi Technology Solutions 的企業級產品供給，隨時間推進，為手續費型收入與淨利息收入創造新機會。Big Business Banking 客戶現在可在受監管且受保險保障的企業存款帳戶中持有資金，透過 API 驅動的支付即時移轉資金與數位資產，並在 SoFi 受監管的銀行環境內無縫在法幣與數位資產間轉換。

We first announced Big Business Banking in January, and just months later, it's already in market and serving commercial clients. That speed of execution reflects both our culture and the capabilities of the SoFi Technology Solutions, cloud-native banking core on which Big Business Banking was built entirely. Big Business Banking isn't the only powerful proof point for SoFi Technology Solutions or STS.

我們在 1 月首次宣布 Big Business Banking，而短短數月後，它已進入市場並服務商業客戶。這樣的執行速度反映了我們的文化，以及 SoFi Technology Solutions 的能力——Big Business Banking 完全建立在其雲端原生（cloud-native）的銀行核心系統之上。Big Business Banking 並非 SoFi Technology Solutions（或 STS）唯一有力的驗證案例。

We've begun onboarding SoFi Money to our new, modern cloud-native banking core, fully developed by STS and purpose-built for US regulated banking environments. The platform will soon be available to other banks, financial institutions, and brand partners. This marks the first major US bank to join the platform, serving as a proof point for other large US institutions who wanted to modernize their infrastructure to meet the demands of the evolving financial landscape.

我們已開始將 SoFi Money 導入我們全新、現代化的雲端原生銀行核心系統；該系統由 STS 完整開發，並專為美國受監管的銀行環境量身打造。該平台不久後也將提供給其他銀行、金融機構與品牌合作夥伴使用。這標誌著首家主要美國銀行加入該平台，成為其他希望現代化基礎設施、以因應不斷演進金融環境需求的大型美國機構之示範案例。

We are also accelerating SoFi Technology Solutions capabilities. During the quarter, we acquired Peach Finance, adding new platform services across credit card, lines of credit, buy now pay later, and installment lending. The acquisition strengthens our offering for banks, credit unions, fintechs, and enterprise clients, while also positioning us to bring SoFi's own credit card processing in-house and launch a full-stack revolving credit card platform for our clients.

我們也在加速提升 SoFi Technology Solutions 的能力。本季我們收購 Peach Finance，新增涵蓋信用卡、信用額度（lines of credit）、先買後付（buy now pay later）與分期貸款（installment lending）的平台服務。此收購強化了我們對銀行、信用合作社、金融科技公司與企業客戶的產品供給，同時也讓我們得以將 SoFi 自身的信用卡處理（processing）內部化，並為客戶推出全堆疊（full-stack）的循環信用卡平台。

Turning now to innovation with our Lending products. Since 2024, we've been referring members to small business lenders through our online marketplace. But recently, we identified an opportunity to serve these folks directly with a SoFi small business loan. Entrepreneurs and small business owners are the backbone of our economy, yet they are not well served. On one hand, you have banks and credit unions that are not providing the necessary access to capital or doing so at a snail's pace.

接著談我們放貸產品的創新。自 2024 年起，我們透過線上市集將會員轉介給小型企業放款機構。但近期我們發現一個機會，可透過 SoFi 小型企業貸款直接服務這些客群。創業者與小型企業主是我們經濟的支柱，但他們並未獲得良好服務。一方面，銀行與信用合作社未能提供必要的資金取得管道，或提供速度慢如蝸牛。

And on the other hand, we have newer entrants that are charging exorbitant rates. Our new small business loan combines competitive pricing with the speed and simplicity members expect from SoFi, helping us serve more of our members' financial needs seamlessly on one digital platform. We are starting off by originating SMB loans through our Loan Platform Business to established partners.

另一方面，較新的市場進入者則收取高得離譜的利率。我們全新的小型企業貸款結合具競爭力的定價，以及會員對 SoFi 所期待的速度與簡便性，協助我們在單一數位平台上無縫滿足會員更多財務需求。我們將先透過我們的 Loan Platform Business，為既有合作夥伴承作（originate）SMB 貸款。

In the future, we may also create optionality to hold these loans on our balance sheet to generate recurring net interest income. In the second quarter, we also launched our new home equity line of credit experience, giving members fast access to a revolving line of credit right in the SoFi platform.

未來，我們也可能創造選擇權（optionality），將這些貸款持有在資產負債表上，以產生經常性的淨利息收入。在第二季，我們也推出全新的房屋淨值信用額度（HELOC）體驗，讓會員可直接在 SoFi 平台上快速取得循環型信用額度。

Unlike most lenders, SoFi offers both home equity lines of credit and home equity loans, allowing us to match members with the right solution while providing a lower cost alternative to unsecured loans and all with the speed and simplicity members expect from SoFi. Together, these products accounted for one-third of our record home loan originations during the quarter, helping drive growth as purchase and refinance remaining muted in this high-rate environment.

不同於大多數放款機構，SoFi 同時提供房屋淨值信用額度（HELOC）與房屋淨值貸款，使我們能為會員配對合適的解決方案，同時提供相較於無擔保貸款更低成本的替代方案，並以會員對 SoFi 所期待的速度與簡便性完成。本季這兩項產品合計占我們創紀錄房貸承作量的三分之一，在高利率環境下購屋與再融資需求仍偏低之際，助力帶動成長。

We had an amazing quarter on any measure. Our exceptional member and product growth continue to demonstrate the trust and confidence that our members have in the quality of our products that keeps them coming back for more. Our offering is unmatched across traditional banks, fintechs, and everyone in between.

我們本季在各項衡量指標上都表現出色。我們卓越的會員與產品成長持續證明，會員對我們產品品質的信任與信心，讓他們不斷回流使用更多服務。我們的產品組合在傳統銀行、金融科技公司以及介於兩者之間的所有競爭者中，都是無可匹敵的。

We continue to make significant investments in our platform, adding new products like SoFi Coach and making existing products like SoFi Plus even better. These investments reinforce what makes SoFi different a seamless integrated experience that helps our members do more with their money all in one place while advancing our mission to help people get their money right.

我們持續對平台進行重大投資，推出如 SoFi Coach 等新產品，並讓既有產品如 SoFi Plus 更加完善。這些投資強化了 SoFi 的差異化優勢：無縫整合的一體化體驗，讓會員能在同一處更有效地管理與運用資金，同時推進我們「幫助人們把錢理對」的使命。

Our execution has led us to an important inflection point in our strategy and results. As our member base grows cross-buy increases and engagement deepens, the power of our financial services productivity loop continues to compound. That flywheel is driving higher quality, more durable earnings, and positions us to achieve our long-term target of 20% to 30% returns on tangible common equity. We are building a financial services company with a business model that we believe is increasingly differentiated, increasingly profitable, and increasingly difficult to replicate.

我們的執行力使我們在策略與成果上來到一個重要的轉折點。隨著會員基礎擴大、交叉購買增加、互動更深入，我們金融服務的生產力循環（productivity loop）所帶來的效益持續複利累積。這個飛輪正推動更高品質、更具韌性的獲利，並使我們有望達成長期目標：有形普通股權益報酬率（ROTCE）20% 至 30%。我們正在打造一家金融服務公司，其商業模式我們相信正變得愈加差異化、愈加獲利，且愈加難以被複製。

With that, I'll turn it over to Chris.

接下來我把時間交給 Chris。

Thank you, Anthony. We had a strong second quarter and have great momentum heading into the back half of 2026. Our innovation and brand building continue to power exceptionally strong revenue growth. In the second quarter, adjusted net revenue grew 40% to $1.2 billion. Importantly, we generated $1.2 billion in cash revenue in Q2, our third straight quarter exceeding $1 billion of cash revenue.

謝謝你，Anthony。我們第二季表現強勁，並在邁向 2026 年下半年之際具備良好動能。我們的創新與品牌建設持續推動極為強勁的營收成長。第二季，調整後淨營收成長 40%，達 12 億美元。更重要的是，我們在第二季創造 12 億美元的現金營收，連續第三季現金營收超過 10 億美元。

This included $790 million from net interest income and approximately $420 million from interchange fees, brokerage fees, Technology Platform fees, loan platform fees and loan origination fees. Cash is defined and accounted for the same universally no matter what type of company it applies to. In addition to our strong revenue growth, we delivered strong profitability during the quarter.

其中包括 7.90 億美元的淨利息收入，以及約 4.20 億美元來自交換手續費、經紀手續費、科技平台費用、貸款平台費用與貸款承作手續費。現金的定義與會計處理具有普遍一致性，無論適用於何種公司皆然。除強勁的營收成長外，我們本季也交出亮眼的獲利表現。

Adjusted EBITDA was $358 million, up 44% year over year at a margin of 30%. Adjusted net income was $160 million at a margin of 13%. Net income was up 61% year over year. And adjusted earnings per share was $0.12, which included a negative impact of roughly $0.05 due to a higher-than-expected tax rate. This was our 11th consecutive profitable quarter.

調整後 EBITDA 為 3.58 億美元，年增 44%，利潤率為 30%。調整後淨利為 1.60 億美元，利潤率為 13%。淨利年增 61%。調整後每股盈餘為 0.12 美元，其中包含因稅率高於預期而造成約 0.05 美元的負面影響。這是我們連續第 11 個季度實現獲利。

Turning now to our segment performance, starting with Financial Services. For the second quarter, Financial Services net revenue was $466 million, up 29% year over year. Contribution profit was $213 million, up 13% from last year, and contribution margin was 46%. Net interest income for the segment was $249 million, up 29% year over year, which was primarily driven by growth in member deposits. Noninterest income grew 28% to $217 million for the quarter.

接著看各事業部表現，先從金融服務（Financial Services）開始。第二季金融服務淨營收為 4.66 億美元，年增 29%。貢獻利潤為 2.13 億美元，較去年成長 13%，貢獻毛利率為 46%。該事業部淨利息收入為 2.49 億美元，年增 29%，主要由會員存款成長所帶動。本季非利息收入成長 28%，達 2.17 億美元。

During the quarter, we achieved record interchange fee revenue, which was up 67% year over year and 25% from just last quarter. This was driven by more than $28 billion in total annualized spend across money and credit card. We also achieved record brokerage fee revenue, which was up 2.4x year over year and 20% from just last quarter.

本季我們創下交換手續費營收新高，年增 67%，較上季成長 25%。這主要由貨幣（money）與信用卡合計超過 280 億美元的年度化總消費額所帶動。我們也創下經紀手續費營收新高，年增 2.4 倍，較上季成長 20%。

During the second quarter, our Loan Platform Business generated $143 million of revenue, driven by the $3.1 billion of personal loans originated on behalf of third parties as well as referrals. This includes $2 million of servicing income recognized in our Lending segment. Our Loan Platform Business helped us achieve another quarterly record in total personal loan originations of $10.7 billion meeting incremental demand from our members beyond what we would put on our balance sheet.

第二季，我們的貸款平台業務（Loan Platform Business）創造 1.43 億美元營收，主要來自代表第三方承作的 31 億美元個人貸款以及轉介。其中包含在我們放款（Lending）事業部認列的 200 萬美元服務收入。貸款平台業務協助我們再度創下單季個人貸款總承作量新高，達 107 億美元，以滿足會員超出我們資產負債表承作規模之外的增量需求。

Note that during the second quarter, we had significant demand from LPB partners over and above what we decided to fulfill but we did fill all demand from our contractual commitments and more. We have also recently made several positive advancements with our Loan Platform Business. First, we've reached an agreement with a new partner, Sixth Street, to invest in personal loans totaling up to $1 billion.

請注意，第二季我們來自 LPB 合作夥伴的需求顯著高於我們決定承作的量，但我們已滿足所有合約承諾的需求，且超額完成。我們近期也在貸款平台業務方面取得多項正向進展。第一，我們已與新合作夥伴 Sixth Street 達成協議，投資總額最高達 10 億美元的個人貸款。

Second, we've expanded our offering to include our new SMB loan product and we agreed to terms on a three-year $3 billion agreement with BasePoint Capital. Third, we just further expanded our offering to include our home equity loans with the first loans being transferred in the coming days to a leading global bank.

第二，我們擴大產品範圍，納入新的中小企業（SMB）貸款產品，並與 BasePoint Capital 談定一項為期三年、總額 30 億美元的協議條款。第三，我們也進一步擴大產品範圍，納入房屋淨值貸款，首批貸款將於未來幾天內轉移給一家全球領先銀行。

Adding two new loan types to the Loan Platform Business is a significant achievement that will not only provide opportunities to grow our capital-light fee-based revenue, but it will also allow us to serve more members generating more cross buy over the long term. LPB is a great example of how we can build highly scalable tech-driven platform businesses.

在貸款平台業務中新增兩種貸款類型是一項重大里程碑，不僅將帶來擴大我們輕資本、以手續費為主之營收的機會，也將使我們能服務更多會員，長期帶動更多交叉購買。LPB 是我們如何打造高度可擴展、以科技驅動的平台型業務的絕佳例證。

Shifting to our Tech Platform segment. For the second quarter, we delivered net revenue of $85 million up 13% from the prior quarter. Contribution profit was $12 million and a contribution margin of 14%. Revenue growth was driven by further monetization of existing clients as well as contributions from new clients.

接著看科技平台（Tech Platform）事業部。第二季我們實現淨營收 8,500 萬美元，較前一季成長 13%。貢獻利潤為 1,200 萬美元，貢獻毛利率為 14%。營收成長來自對既有客戶的進一步變現，以及新客戶的貢獻。

Turning to our Lending segment performance, which was very strong during the quarter. For Q2, adjusted net revenue for the segment was $712 million, up 59% from the same period last year. Contribution profit was $399 million with a 55% contribution margin. These strong results were primarily driven by growth in net interest income, which increased 54% year over year to $573 million. The balance of the growth came primarily from loan origination fees, which were up 64% year over year.

再來看我們放款（Lending）事業部的表現，本季非常強勁。第二季該事業部調整後淨營收為 7.12 億美元，較去年同期成長 59%。貢獻利潤為 3.99 億美元，貢獻毛利率為 55%。這些強勁成果主要由淨利息收入成長所帶動，淨利息收入年增 54% 至 5.73 億美元。其餘成長主要來自貸款承作手續費，年增 64%。

During the quarter, we saw continued record member demand for our Lending products. For personal loans, we delivered record originations of $10.7 billion, of which $7.6 billion was originated for our balance sheet. The ability to hold loans on our balance sheet is a key differentiator for SoFi, allowing us to generate predictable recurring net interest income and to efficiently deploy our capital to generate strong risk-adjusted returns.

本季我們看到會員對放款產品的需求持續創新高。就個人貸款而言，我們創下 107 億美元的承作新高，其中 76 億美元為我們資產負債表承作。能將貸款持有於資產負債表上是 SoFi 的關鍵差異化優勢，使我們能產生可預測、可重複的淨利息收入，並有效配置資本以創造優異的風險調整後報酬。

For example, our core personal loan product generated a roughly 6.1% risk-adjusted margin in Q2. This consisted of a weighted average coupon of 12.9%, a funding cost of 3.1%, and annualized losses of 3.7%. Our ability to generate loans with attractive risk and return profiles supports our strong revenue growth through both balance sheet lending and our Loan Platform Business.

例如，我們核心個人貸款產品在第二季產生約 6.1% 的風險調整後利差。其組成包括加權平均票面利率 12.9%、資金成本 3.1%，以及年化損失 3.7%。我們具備產出具吸引力風險與報酬特徵之貸款的能力，透過資產負債表放款與貸款平台業務兩種模式，共同支撐我們強勁的營收成長。

In addition to the record personal loan originations, we also saw record originations in student and home loans. Student loan originations were $2.7 billion, up 2.7x from the same period last year. Home loan originations were $1.4 billion, up 74% from the prior year. Turning to capital markets, where activity continued to be strong in the second quarter.

除了個人貸款創紀錄的發放量之外，我們也看到學生貸款與房屋貸款的發放量同創新高。學生貸款發放額為27億美元，較去年同期成長2.7倍。房屋貸款發放額為14億美元，較前一年成長74%。接著談資本市場，第二季的活動仍然強勁。

During the quarter, we transferred $3.1 billion of personal loans through our Loan Platform Business. We also closed $834 million in home loan sales and a blended execution of 101.6%. Consistent with prior quarters, we sold $90 million of late-stage delinquent personal loans. In addition to these loan sales, we executed two securitizations of loans originated on behalf of our partners through the Loan Platform Business totaling $1.37 billion.

本季我們透過貸款平台業務轉移了31億美元的個人貸款。我們也完成了8.34億美元的房屋貸款出售，綜合執行價格為101.6%。與前幾季一致，我們出售了9,000萬美元的後期逾期個人貸款。除上述貸款出售外，我們也就透過貸款平台業務代表合作夥伴所發放的貸款執行了兩筆證券化，合計13.7億美元。

These transactions priced at an industry-leading cost of funds levels with weighted average spreads of 91 basis points and 86 basis points, respectively. In fact, 86 basis points was our best ever pricing, reflecting exceptional demand for SoFi-originated loans. I would also note that our most recent deal was meaningfully upsized from the original deal size.

這些交易以業界領先的資金成本水準定價，加權平均利差分別為91個基點與86個基點。事實上，86個基點是我們歷來最佳定價，反映市場對SoFi發放貸款的需求極為強勁。我也要指出，我們最新一筆交易的規模相較原始規模有顯著上調。

Turning to credit performance. Our credit performance remains very strong overall, performing in line with our expectations and driving attractive returns across all loan types. For personal loans, we saw a very strong credit performance during the quarter.

接著談信用品質表現。整體而言，我們的信用品質表現仍然非常強勁，符合我們的預期，並在各類貸款上帶來具吸引力的報酬。就個人貸款而言，本季我們看到非常強勁的信用品質表現。

Excluding the impact of delinquent loan sales, the estimated all-in annualized net charge-off rate was 3.7%. This 70 basis point decrease from last quarter was driven by an improvement in the underlying credit performance as well as growth in average loans on the balance sheet. Including the impact from the DQ sales, the net charge-off rate was 2.62%.

若排除出售逾期貸款的影響，估計的全口徑年化淨核銷率為3.7%。較上季下降70個基點，主要由基礎信用品質改善以及資產負債表上平均貸款規模成長所帶動。若納入逾期（DQ）出售的影響，淨核銷率為2.62%。

This is down 41 basis points from the first quarter and 21 basis points from the second quarter of 2025. The on-balance sheet, 90-day delinquency rate was 40 basis points, down 7 basis points from last quarter. For student loans, the annualized charge-off rate was 61 basis points, down 4 basis points from the prior quarter. The on-balance sheet, 90-day delinquency rate was just 11 basis points, up 1 basis point from the prior quarter.

這較第一季下降41個基點，較2025年第二季下降21個基點。資產負債表內的90天逾期率為40個基點，較上季下降7個基點。就學生貸款而言，年化核銷率為61個基點，較前一季下降4個基點。資產負債表內的90天逾期率僅11個基點，較前一季上升1個基點。

Turning to our fair value marks and key assumptions. As a reminder, we mark our loans at fair value each quarter which is done alongside an independent valuation specialists. This is based on actual loan-level data and considers a number of factors, including the weighted average coupon, the constant default rate, the conditional prepayment rate, and the discount rate comprised of benchmark rates and spreads.

接著談我們的公允價值評價與關鍵假設。提醒一下，我們每季都以公允價值對貸款進行評價，並與獨立估值專家共同完成。此評價以實際的單筆貸款層級資料為基礎，並考量多項因素，包括加權平均票息（WAC）、固定違約率、條件式提前還款率，以及由基準利率與利差構成的折現率。

At the end of the second quarter, our personal loans were marked at 104.7%, down 71 basis points from the prior quarter. This was driven by an increase in the discount rate, which was up due to higher benchmark rates as well as a modest increase in the default rate and prepayment rate assumptions and a small decrease in WAC.

截至第二季末，我們的個人貸款以104.7%入帳評價，較前一季下降71個基點。主要原因是折現率上升（受較高的基準利率影響），同時違約率與提前還款率假設小幅上調，且WAC小幅下降。

At the end of the second quarter, our student loans were marked at 104.4%, down 85 basis points from the prior quarter. This was driven by an increase in the discount rate due to a higher benchmark rate partially offset by a modest decrease in the prepayment rate. The WAC and default rate assumptions remained relatively consistent with the first quarter.

截至第二季末，我們的學生貸款以104.4%入帳評價，較前一季下降85個基點。主要原因是基準利率較高導致折現率上升，部分被提前還款率小幅下降所抵銷。WAC與違約率假設與第一季相比仍相對一致。

Turning to our balance sheet. In the second quarter, total assets grew by $7.2 billion. This was driven primarily by $5.8 billion of loan growth and roughly $800 million of growth in cash, cash equivalents, and investment securities. Total company-wide cash at quarter end was $3.6 billion. On the liability side, total deposits grew by $5.3 billion to $45.5 billion, which included strong growth in member deposits.

接著談資產負債表。第二季總資產增加72億美元。主要由58億美元的貸款成長，以及現金、約當現金與投資證券約8億美元的成長所帶動。季末全公司現金總額為36億美元。在負債端，總存款增加53億美元至455億美元，其中包含會員存款的強勁成長。

Our net interest margin was 5.98% for the quarter, up 4 basis points sequentially. This included a 7 basis point increase in average asset yields partially offset by a 1 basis point increase in cost of funds. We continue to expect a healthy net interest margin above 5% for the foreseeable future. In terms of our regulatory capital ratios, we are very well capitalized. Our total capital ratio of 18.8% at quarter end is well above the regulatory minimum of 10.5% as well as our additional internal stress buffer.

本季淨利差為5.98%，較前一季上升4個基點。其中平均資產收益率上升7個基點，部分被資金成本上升1個基點所抵銷。我們仍預期在可預見的未來，淨利差可維持在5%以上的健康水準。就監管資本比率而言，我們的資本水準非常充足。季末總資本比率為18.8%，遠高於10.5%的監管最低要求，也高於我們額外的內部壓力緩衝。

Over the medium term, we expect to efficiently deploy our excess capital into high-returning assets, while letting our risk-based capital ratio normalize towards the low- to mid-teens. Tangible book value grew $4.2 billion year over year to $9.5 billion. The tangible book value per share at quarter end is $7.34 up from $4.72 a year ago, a 56% increase.

在中期內，我們預期將有效率地把超額資本部署至高報酬資產，同時讓風險加權資本比率朝向低到中十幾%的水準正常化。有形帳面價值年增42億美元至95億美元。季末每股有形帳面價值為7.34美元，高於一年前的4.72美元，成長56%。

Let me finish by providing our outlook for the year and some longer-term thoughts. In line with market expectations, we now expect an interest rate outlook consistent with the Fed funds futures and one to two hikes in 2026 versus the expectation of two rate cuts when we first provided our 2026 guidance.

最後我以今年展望以及一些較長期的看法作結。符合市場預期，我們現在預期利率展望將與聯邦基金期貨一致，並預期2026年將有1到2次升息；相較之下，我們最初提供2026年指引時，市場預期為降息兩次。

Now for our specific guidance. For the full-year 2026, we now expect to deliver adjusted net revenue of $4.75 billion to $4.85 billion, which equates to year-over-year growth of approximately 32% to 35%. This is up from our prior guidance of approximately 30% year-over-year growth.

接著是我們的具體指引。對於2026年全年，我們目前預期調整後淨營收為47.5億至48.5億美元，約當年增約32%至35%。這高於我們先前所給的約30%年增指引。

We continue to expect to deliver adjusted EBITDA of approximately $1.6 billion, which equates to an adjusted EBITDA margin of approximately 33% to 34%, adjusted net income of approximately $825 million, which equates to a net income margin of approximately 17%, and the EPS of approximately $0.60.

我們仍預期可達成調整後EBITDA約16億美元，約當調整後EBITDA利潤率約33%至34%；調整後淨利約8.25億美元，約當淨利率約17%；以及每股盈餘（EPS）約0.60美元。

Our EPS guidance now includes a tax rate of 22%, which is approximately 700 basis points higher than our original guidance. At the same mid-teens tax rate as our original guidance, our new guidance today would have actually been $0.65 in EPS instead of our actual guidance of $0.60 in the EPS.

我們的EPS指引目前納入22%的稅率，較我們原始指引高約700個基點。若採用與原始指引相同的中十幾%稅率，我們今天更新後的指引其實會是EPS 0.65美元，而非目前指引的EPS 0.60美元。

As we look out over the longer term, we are on a path to generating return on tangible common equity in the 20% to 30% range. ROTCE is the product of net income margin times the amount of revenue generated per dollar of tangible equity. For example, a 25% to 30% net income margin combined with approximately $1 of annual revenue for every dollar of tangible common equity produces roughly a 25% to 30% ROTCE.

從更長期來看，我們正走在一條可產生20%至30%有形普通股權益報酬率（ROTCE）的路徑上。ROTCE等於淨利率乘以每1美元有形股權所產生的營收金額。例如，25%至30%的淨利率，搭配每1美元有形普通股權每年約產生1美元營收，將帶來約25%至30%的ROTCE。

Achieving both a net income margin of 25% to 30% and the revenue of equity ratio of 1 is embedded in our strategy with a very visible path from where we operate today. First, we expect continued expansion in the net income margins due to both higher margin businesses becoming a larger part of our mix, and we continue to realize operating leverage.

在我們目前的營運基礎上，同時達成25%至30%的淨利率，以及營收對股東權益比率（revenue of equity ratio）為1，已內嵌於我們的策略之中，且路徑非常清晰可見。首先，隨著高毛利業務在我們的組合中占比提升，加上我們持續實現營運槓桿，我們預期淨利率將持續擴張。

Second, we're increasingly generating more revenue without a commensurate increase in equity by growing more capital-light fee-based businesses. We have high visibility and confidence in our target net income margin because our incremental net income margin has already been approximately 30% while growing revenue more than 35%, demonstrating that these margin levels are achievable.

第二，透過擴大更多資本輕量、以手續費為主的業務，我們在不需要相應增加股東權益的情況下，正逐步創造更多營收。我們對目標淨利率具有高度能見度與信心，因為在營收成長超過35%的同時，我們的增量淨利率已約為30%，這證明這些利潤率水準是可達成的。

As the business matures and incremental margins increasingly become overall margins, we believe the path to a 25% to 30% net income margin is highly probable. Revenue to equity is a function of revenue mix and capital efficiency. We believe both of those outcomes are achievable over time through execution of the strategy we're already pursuing which is why we have confidence in our long-term return profile.

隨著業務成熟、增量利潤率愈來愈成為整體利潤率，我們認為達成25%至30%淨利率的路徑高度可期。營收對股東權益比率取決於營收組合與資本效率。我們相信，透過執行我們已在推進的策略，這兩項成果都能隨時間達成，這也是我們對長期報酬輪廓充滿信心的原因。

Overall, Q2 was a strong quarter, and we continue to have strong momentum in our business. Let's now begin the Q&A.

整體而言，第二季表現強勁，我們的業務動能也持續強勁。接下來我們開始問答環節。

(Operator Instructions) Devin Ryan, Citizens Bank.

(接線員指示) Devin Ryan，Citizens Bank。

First off, congratulations on the Notre Dame partnership, my alma mater. So good to see that yesterday, you got a lot of attention. Question just on loan platform and really want to focus on some of the new capabilities with SMB and home equity and the new agreements that you guys have recently announced. Can you just give a little bit of context around the capacity that you see in kind of some of these newer categories?

首先，恭喜你們與聖母大學（Notre Dame）的合作，那也是我的母校。很高興看到昨天你們獲得了很多關注。問題是關於貸款平台，我想聚焦在你們近期宣布的SMB與房屋淨值（home equity）等新能力，以及新的合作協議。你能否就你們在這些較新的類別中所看到的容量（capacity）提供一些背景說明？

And also, how quickly SoFi can build origination volume into that capacity? And just also how we should think about kind of the fee economics in these new categories as you kind of expand beyond personal loans?

另外，SoFi能以多快的速度把放款承作量（origination volume）建立到那個容量水準？以及，當你們從個人貸款擴展到這些新類別時，我們應該如何看待這些新類別的手續費經濟性（fee economics）？

Yeah, absolutely. Thanks, Devin. So in terms of the Loan Platform Business, that was originally started a few years ago, primarily as a referral channel where we were setting all of our declines to a marketplace and generating a fee. That evolved over time to where we started to originate on behalf of others in meaningful scale from an unsecured personal loan perspective.

好的，當然可以。謝謝你，Devin。就貸款平台業務（Loan Platform Business, LPB）而言，這項業務最初在幾年前啟動，主要作為轉介渠道：我們把所有未核准的案件導向一個市集平台，並收取手續費。隨著時間推進，這項業務演進到我們開始以相當規模，代表他方承作（originate on behalf of others）無擔保個人貸款。

I would say, and I've said this consistently, the nirvana state for the LPB business is to be able to go to investors with a menu of options and asset types that allows them to pick and choose exactly what they would like from both the risk and reward and return profile perspective.

我會說，而且我也一直這麼說，LPB業務的理想狀態（nirvana state）是：我們能向投資人提供一份包含多種選項與資產類型的「菜單」，讓他們能從風險、報酬與回報輪廓的角度，精準挑選自己想要的配置。

And one of the key things that we needed to achieve was to start expanding the Loan Platform Business into other asset types. And this is the first quarter where we were able to do so by introducing the SMB partnerships. There are two of them. One is with BasePoint Capital for $3 billion over three years and the other is with an undisclosed party for several hundred million dollars. And then we are also introducing home equity lines of credit to the mix as well in the coming days.

而我們需要達成的關鍵之一，就是把LPB業務擴展到其他資產類型。本季是我們首次能做到這點，透過導入SMB合作夥伴關係。共有兩項合作。其一是與BasePoint Capital合作，三年總額30億美元；其二是與一個未揭露的合作方，規模為數億美元。此外，我們也將在未來幾天把房屋淨值信用額度（HELOC）納入組合。

In terms of the overall size and scale and opportunity and our ability to originate into that, we're just starting to originate in meaningful scale on the SMB side. There's considerable demand from an application start perspective, and you would expect to see economics in the range of where we're executing today to maybe slightly better.

就整體規模、量體、機會，以及我們將承作量導入其中的能力而言，我們在SMB端才剛開始以具意義的規模進行承作。從申請啟動（application start）的角度來看，需求相當可觀；而你可以預期其經濟性大致落在我們目前的執行水準附近，甚至可能略優。

On the closed-end second and mortgage side, similar story, we're already originating at a pretty good clip right now on a monthly basis and the partnerships that we're talking about are in the $100 million to $200 million per month, but we're talking to several parties. But we certainly have the ability to originate into that. And again, from an economics perspective, we don't disclose that by party, but you could expect it to be similar to where we're executing today.

在封閉式第二順位貸款（closed-end second）與房貸端也是類似情況：我們目前每月的承作速度已相當不錯，而我們所談的合作夥伴關係規模約為每月1億至2億美元，且我們也正在與多方洽談。我們當然有能力把承作量導入其中。同樣地，就經濟性而言，我們不按合作方揭露細節，但你可以預期與我們目前的執行水準相近。

The other thing I would add is that as we continue to build out a more diversified portfolio of Loan Platform Businesses, we build new relationships that can benefit existing Loan Platform Businesses. The SMB business is one that we think we can be incredibly competitive on. Similar to personal loans and credit cards, most SMB lenders are charging exorbitant rates of over 30%. We think we can operate meaningfully below that and take significant market share.

我還想補充的是，隨著我們持續打造更多元化的LPB業務組合，我們也會建立新的合作關係，而這些關係能反過來讓既有的LPB業務受益。我們認為SMB業務是我們可以極具競爭力的一塊。如同個人貸款與信用卡，多數SMB放款機構收取的利率高得驚人，超過30%。我們認為我們能在顯著低於該水準的利率下營運，並取得可觀的市占。

If you think about our portfolio of loans and originations more broadly, we are really taking massive market share from high, high, high return, high profit margin types of products. Do in personal loans, we're underwriting WAC at about 12% compared to credit card at 25%. That's an incredibly compelling value proposition for any individual consumer.

如果更廣泛地看我們的貸款組合與承作量，我們其實正在從那些回報極高、利潤率極高的產品中大幅奪取市占。以個人貸款為例，我們承作的加權平均票面利率（WAC）約為12%，相較之下信用卡約為25%。對任何個人消費者而言，這都是極具吸引力的價值主張。

In SMB, as I mentioned, we could be 10 points below where the pricing is on SMB. Closed end also, we can be more competitive than others. And because we're more competitive on price, we get higher quality borrowers, which will only reinforce the productivity loop of originating high-quality borrowers, delivering great return assets to our partners, putting great return assets on our balance sheet driving capital that can continue to fund that.

在SMB方面，如我提到的，我們的定價可能比SMB市場現行水準低10個百分點。封閉式產品方面，我們也能比其他業者更具競爭力。而因為我們在價格上更具競爭力，我們能吸引到更高品質的借款人，這將進一步強化正向循環：承作高品質借款人、為合作夥伴提供高回報資產、在我們資產負債表上配置高回報資產，進而帶動資本投入，持續為上述承作提供資金。

And we're very close to the whole equation playing out.

而我們距離整個方程式完全運轉起來已非常接近。

Andrew Jeffrey, William Blair.

Andrew Jeffrey，William Blair。

Great to see the momentum you have in the business. Anthony, kind of a high-level question for you. I know the company has been sort of hyper-focused on driving members given the size of the TAM. And now it seems that cross buys reached a pretty important inflection point. Is this the time to sort of focus on monetization sort of at the margin versus member growth or do you think you walk and chew gum, and we see both metrics rise over the next couple of years?

很高興看到你們業務的動能。Anthony，我想問一個較高層次的問題。我知道公司一直因為TAM規模而高度聚焦於推動會員成長。而現在看起來交叉購買（cross buys）已到達一個相當重要的拐點。現在是否是時候把重心稍微轉向邊際上的變現（monetization），相較於會員成長？還是你認為你們可以同時兼顧，並在未來幾年看到兩項指標都上升？

It's an important point that you bring up. It was an important inflection point for us in this quarter. It started in Q1. We didn't want to overemphasize in Q1 relative to Q2. But make no mistake about it.

你提出了一個很重要的點。這一季對我們而言確實是一個重要的拐點。其實在第一季就已開始。我們不想在第一季相對於第二季過度強調。但毫無疑問。

This is -- the first half of this year has proven that our broad-based Everything App strategy is working. We've seen improvement in products per member in Q1 and Q2. We continue to expect that to happen for the foreseeable future. We have the right portfolio of products where people are organically acquired in the next product. And so if you think about Relay and you think about SoFi Money, those are tip of the sword products that are broadly appealing.

今年上半年已證明，我們以「Everything App」為核心的廣泛產品策略正在奏效。我們在第一季與第二季都看到每位會員的產品數（products per member）提升。我們也預期在可預見的未來會持續如此。我們擁有正確的產品組合，讓用戶能自然地被導入下一個產品。因此，若你看Relay與SoFi Money，這些都是「劍尖」（tip of the sword）產品，具有廣泛吸引力。

We have over 7 million Money members now over 6 million Relay members. The more Money members we bring in, the more Relay members we bring in, the more downstream benefit we get in SoFi Invest and SoFi Credit card and SoFi SMB as well as all the loan products. And those acquisition costs are basically 0 on those other products, which basically doubled the profitability on the loan side.

我們目前已有超過700萬名Money會員，以及超過600萬名Relay會員。我們帶進越多Money會員、越多Relay會員，就能在SoFi Invest、SoFi信用卡與SoFi SMB，以及所有貸款產品上獲得更多下游效益。而在那些其他產品上的獲客成本基本上為0，這也使得貸款端的獲利能力幾乎翻倍。

And so there's a great flywheel here at work. And what's changed this year is that the SoFi Plus product, the SoFi Crypto product are absolutely driving product per member organically. So as we mentioned in the remarks, SoFi Plus relaunched we're already at over 200,000 paying members, which is on a run rate basis, going to be over $24 million a year, and it's growing very rapidly.

因此，這裡有一個很強的飛輪效應在運作。而今年改變的是，SoFi Plus 產品與 SoFi Crypto 產品正以有機方式大幅推動每位會員的產品數。所以如同我們在發言中提到的，SoFi Plus 重新上線後，我們已經有超過 200,000 名付費會員；以年化運行率來看，將超過 2,400 萬美元，而且成長非常快速。

But the most important thing is that 85% of those new SoFi Plus members are existing members. And a quarter of them were taking out another product after they take out SoFi. So if an existing member takes out SoFi Plus, they have at least two products since they're existing and then 25% of them are taking out another product. On layer -- on top of that more broadly appealing products like crypto and more broadly piling products like SMB and now Big Business Banking, and you can see the flywheel really working.

但最重要的是，這些新增的 SoFi Plus 會員中有 85% 是既有會員。而其中四分之一在申辦 SoFi 之後又再申辦了另一項產品。因此，如果既有會員申辦 SoFi Plus，他們至少會有兩項產品（因為他們本來就是會員），而其中 25% 會再申辦另一項產品。再加上更具普遍吸引力的產品如加密貨幣，以及更廣泛堆疊的產品如 SMB，現在還有大型企業銀行業務，你就能看到飛輪真的在運轉。

So our growth is going to be driven by members by products per member and by revenue per product. So all three working for us, and you saw that in the quarter.

因此，我們的成長將由會員數、每位會員的產品數，以及每項產品的營收所驅動。三者都在為我們發力，你也在本季看到了。

John Hecht, Jefferies.

John Hecht，Jefferies。

Good quarter. Anthony, just I'm wondering if maybe you can give us an update on the competitive excuse me, the competitive environment and like customer acquisition costs and channels? And how are those trends going?

本季表現不錯。Anthony，我想請問你是否能更新一下競爭環境——不好意思——競爭態勢，以及像是客戶取得成本與通路？這些趨勢目前如何？

Yeah. Outside the loan business, the competition is very benign. Our customer acquisition costs are staying pretty stable. The team is doing a great job of really optimizing unit economics and driving efficient scale and customers. The fact that we're driving 35% year over year growth in members and over 40% growth in products and really keeping constant is a function of the great data analytics we have and the value prop that we have.

好的。在放款業務之外，競爭相當溫和。我們的客戶取得成本維持相當穩定。團隊在優化單位經濟效益、推動高效率規模化與獲客方面做得非常好。我們能推動會員年增 35%、產品年增超過 40%，同時成本保持大致不變，這反映了我們優秀的數據分析能力以及我們的價值主張。

Each one of our products we absolutely designed to be the best of breed on its own, both from a value prop to the consumer as well as unit economics. So we're indifferent in what product they take first. But we're seeing continued strong demand in our channels at stable pricing in all of the Financial Services products. The Lending products are definitely more competitive, but we have very unique products. So in personal loans, we're really not competing with big banks.

我們的每一項產品都被設計成單獨拿出來就是同類最佳（best of breed），無論是對消費者的價值主張，還是單位經濟效益。所以他們先申辦哪一個產品，我們並不在意。但我們在各個通路上，於所有金融服務產品都看到持續強勁的需求，且定價穩定。放款產品的競爭確實更激烈，但我們有非常獨特的產品。因此在個人貸款方面，我們其實並不是在和大型銀行競爭。

They don't offer personal loans, primarily because they have these huge credit card businesses that they don't want to cannibalize. So we're kind of competing with the smaller companies that don't have as much capital and they have higher cost of funding than us. So we've competed really well. But don't get me wrong, look I'm focused on funnels and pricing every day in the PL business. The student loan business doesn't really have a competitor in the home loan business.

他們不提供個人貸款，主要是因為他們有龐大的信用卡業務，不想被自我侵蝕（cannibalize）。所以我們某種程度上是在和資本沒那麼充足、資金成本比我們更高的小型公司競爭。因此我們競爭得相當好。但別誤會，我每天都在關注個人貸款（PL）業務的漏斗與定價。學貸業務在房貸業務上其實沒有真正的競爭對手。

So overall, a pretty benign environment at the top of the funnel, bottom of the funnel, nothing's changed, but it's always been competitive on pricing and we're pretty nimble and have a significant advantage in lower funding costs than others, not to mention a large percentage of home loans are cross bought from existing members and increasingly a higher percentage of personal loans is cross bought again without customer acquisition for us.

整體而言，從漏斗頂端到漏斗底端的環境都相當溫和，沒有什麼改變；但在定價上一直都很競爭，而我們相當靈活，並且在較低資金成本方面相較他人有顯著優勢。更不用說，我們相當大比例的房貸是由既有會員交叉購買而來；而個人貸款交叉購買的比例也在提高，對我們而言同樣不需要額外的客戶取得成本。

Dan Dolev, Mizuho.

Dan Dolev，Mizuho。

Really nice results, congrats. Just wanted to ask maybe, Chris, can you walk us through the rationale of not raising the EBITDA? Obviously, results are super strong. Just some color on that. I think a lot of investors are asking. Thank you so much. And congrats again.

結果非常漂亮，恭喜。我想問的是，Chris，你能否說明一下為什麼不調高 EBITDA 指引的理由？顯然結果非常強勁。想請你補充一些背景。我想很多投資人都在問。非常感謝。也再次恭喜。

Yeah, absolutely. Thanks, Dan. So we ended up raising guidance from a revenue perspective, about $100 million to $200 million. That obviously reflects the continued strong execution and strong demand that we're seeing across the entire business. And as we've said before, when we see opportunities to deploy capital at attractive returns, we're going to lean into them. And that's what we're doing today.

好的，當然可以。謝謝你，Dan。我們最終從營收角度上調了指引，大約增加 1 億到 2 億美元。這顯然反映了我們在整體業務上持續強勁的執行力，以及我們所看到的強勁需求。而且如同我們之前所說，當我們看到能以具吸引力的報酬率部署資本的機會時，我們會加大投入。這就是我們今天正在做的事。

There are just too many large attractive growth areas for us to invest versus adding even more profitability. The profitability opportunity is not going to go away, but choosing not to invest today would come at the expense of capturing that growth opportunity in the future. The incremental revenue gives us, obviously, the additional flexibility to invest in initiatives that we believe will drive long-term growth, while maintaining the EBITDA and EPS guidance that we've provided.

對我們而言，可投資的、規模大且具吸引力的成長領域實在太多，相較之下，我們更願意投資，而不是再額外追求更多獲利。獲利提升的機會不會消失，但如果今天選擇不投資，代價就是未來無法掌握那些成長機會。新增的營收顯然讓我們有更多彈性，去投資我們相信能推動長期成長的計畫，同時維持我們已提供的 EBITDA 與 EPS 指引。

Dan, the other thing I'd say is we don't want to over optimize for the actual EPS that we hit or the actual EBITDA that we hit relative to these bigger growth opportunities. But we also do need to be balanced relative to the environment. And while we couldn't be more positive about the demand for our products, the performance that we're driving with them, the credit trends we're seeing, the spending trends we're seeing as well as the investing trends.

Dan，我還想補充的是，我們不希望為了實際達成的 EPS 或實際達成的 EBITDA 去過度最佳化，而犧牲這些更大的成長機會。但同時，我們也必須在環境面保持平衡。雖然我們對產品需求、我們用這些產品帶來的表現、我們看到的信用趨勢、支出趨勢以及投資趨勢，都再正面不過。

All of those things are green and up and to the right. And so that's what's allowing us to drive such strong demand. It's not coming at higher costs, which I think is what a lot of people will point to. The incremental investment is on new growth opportunities. This year, we've launched a number of things that were never in our 2026 plan.

這些指標全部都是綠燈，且持續向上、向右。因此這也讓我們能推動如此強勁的需求。而這並不是以更高成本換來的，我想很多人會指向這一點。額外的投資是投入在新的成長機會上。今年我們推出了多項在我們 2026 年計畫中從未納入的項目。

We just launched big business banking. We launched SMB. We launched SoFi USD. We launched SoFi Crypto and we're leaning into SoFi Plus because of how well it's doing. So that momentum is absolutely continuing.

我們剛推出大型企業銀行業務。我們推出了 SMB。我們推出了 SoFi USD。我們推出了 SoFi Crypto，而且因為 SoFi Plus 表現非常好，我們也正在加大投入。所以這股動能絕對仍在延續。

The other thing I would just say is we entered the year expecting rate cuts. We're now expecting two rate increases. We've not only maintained our guidance for revenue and profitability. We've exceeded expectations on the revenue side. So when we think about the back half of the year, I don't know if there's going to be two rate cuts.

另外我還想說的是，我們在年初時預期會降息。但現在我們預期會升息兩次。即便如此，我們不僅維持了營收與獲利的指引。我們在營收端還超出預期。因此當我們看下半年時，我不確定是否真的會有兩次降息。

If they are, we're going to be fine -- sorry, two rate increases, if there are, we're going to be fine. If there are no rate increases, we probably have upside to the bottom line. But we have the cushion in our guidance to be prepared to deliver in regardless of the environment.

如果真的有——抱歉，是兩次升息——如果真的發生，我們也會沒問題。如果沒有升息，我們的獲利端可能還有上行空間。但我們的指引中留有緩衝，讓我們能在任何環境下都做好交付準備。

Kyle Peterson, Needham.

Kyle Peterson，Needham。

I wanted to talk on the Loan Platform Business. It's -- I think this is the second quarter in a row, you guys have talked about the demand is really good from the buyers, but you guys aren't necessarily fulfilling some of the upsized requests based on the capital levels and unit economics for you guys. So I guess how should we think about -- should that continue on the personal loan side moving forward as you guys still have really strong capital ratios? And I guess, like is any of that volume decision impacted by (inaudible) and SMB starting to get ramped up on the platform?

我想談談貸款平台業務。我想這已經是連續第二季，你們提到買方需求非常好，但基於你們的資本水位與單位經濟效益，你們不一定會滿足一些上調規模的需求。所以我想問，我們該如何看待——在你們仍然有非常強的資本比率之下，這種情況在個人貸款端未來是否會持續？另外，我想問，這些量的決策是否會受到（聽不清）以及 SMB 開始在平台上加速爬坡的影響？

Yeah, absolutely. Thanks, Kyle. So I'd say on how we're feeling about the PL business as it relates to LPB. We're happy with that level of volume. We're able to meet all of our contractual commitments and then some and where you're going to start to see more meaningful growth is in some of these other asset types, and I walked through those earlier in the call during my prepared remarks and in the first question.

是的，完全同意。謝謝，Kyle。所以就我們對 PL 業務（就其與 LPB 的關聯而言）的感受來說，我們對目前這個量能水準感到滿意。我們能夠履行所有合約承諾，甚至超出承諾；而你將開始看到更具意義的成長，會出現在其他一些資產類型上，我在先前的電話會議中、在我準備好的發言以及第一個問題時已經走過一遍。

As it relates to some of the capital consumption questions and how that pertains to LPB, what I would say is that we're self-funded through our guidance period and the medium-term operating plan that we've laid out. As our profitability continues to improve, our organic capital generation is going to continue to increase as well.

至於一些資本消耗的問題以及其與 LPB 的關聯，我想說的是：在我們的指引期間，以及我們已提出的中期營運計畫之下，我們是自給自足的。隨著我們的獲利能力持續改善，我們的有機資本生成也將持續增加。

Combined with continued growth in our capital-light businesses that Anthony has mentioned as well as the flexibility that we have and how we monetize our originations, whether that's through the LPB program or on the balance sheet, we believe that we can operate comfortably within our target capital range without the need to raise capital under our current operating plan.

再加上 Anthony 提到的資本輕型業務持續成長，以及我們在如何將自營放款（originations）變現方面所具備的彈性——不論是透過 LPB 計畫或留在資產負債表上——我們相信在目前的營運計畫下，無需募資也能在目標資本區間內舒適運作。

Pete Christiansen, Citi.

Pete Christiansen，花旗。

Really nice results here. Anthony, I'm curious, with introducing some of these more commercial-like products, how should we think about the cross-buy flywheel here or, I guess, in the future and putting it around some of these newer offerings. Is it hey, this is a small business, we could connect to some of the proprietors there maybe for personal banking or do you envision some additional services that could serve that market to increase cross-buy.

這次的成果非常亮眼。Anthony，我很好奇，隨著你們推出一些更偏商業型的產品，我們應該如何看待這裡的交叉購買飛輪，或者說未來如何把它套用到這些較新的產品上？是說，嘿，這是一家小型企業，我們可以連結到那裡的一些業主，提供個人銀行服務；還是你們設想提供一些額外服務來服務該市場、以提升交叉購買？

Yeah. What I'd say is the following, the most common sort of app or stage someone goes through as they come in through SoFi Relay or SoFi Money, they come through Relay the most prominent next product is going to be SoFi Money. If they come in through SoFi Money, there's going to be a path to Relay or to SoFi Invest or to loans.

是的。我會這樣說：最常見的路徑或階段是，使用者先透過 SoFi Relay 或 SoFi Money 進來；其中最常見的入口是 Relay，而下一個最突出的產品會是 SoFi Money。如果他們是從 SoFi Money 進來，接下來會有一條路徑導向 Relay、SoFi Invest 或貸款。

SMB really was born out of the fact that a large percentage of our members actually are small business operators. And back during COVID, when the government provided PPP loans, we've got a significant amount of demand for applications on PPP loans, even though we were not in the SMB business. We actually stood up an application process that met the government's application criteria and help pass on that demand to lenders.

SMB（中小企業）其實是基於一個事實而誕生：我們相當大比例的會員本身就是小型企業經營者。而在 COVID 期間，當政府提供 PPP 貸款時，即使我們當時並不在 SMB 業務中，我們仍收到大量 PPP 貸款申請需求。我們實際上建立了一套符合政府申請標準的申請流程，並協助把這些需求轉介給放款機構。

And then on the back of that, we built a marketplace so that we actually get paid for that referral process that we're doing. So the SMB business is very much synergistic to the rest of our business. And I would think of it as just another use case for an individual to satisfy the needs they have from a borrowing standpoint. We'll obviously follow this up with checking and savings in SMB and other products that are ancillary to that. And so it will add to the flywheel.

在此基礎上，我們建立了一個市集（marketplace），讓我們在進行該轉介流程時能夠獲得報酬。因此 SMB 業務與我們其他業務高度協同。我會把它視為另一種使用情境，讓個人能從借款角度滿足其需求。我們顯然也會在 SMB 端跟進推出支票與儲蓄等產品，以及其他周邊產品。因此它會為飛輪增添動能。

Big Business Banking, I don't think is truly appreciated by people outside the company. We were looking to partner with marketplaces and market makers in crypto. And everyone we talked to said, can you please be our actual bank? Can you build a fiat and crypto banking capability that's API-driven. And that's where that business was born out of.

大型企業銀行（Big Business Banking）我認為公司外部的人並沒有真正理解其價值。我們原本想與加密貨幣領域的市集與做市商合作。但我們接觸的每一家都說：你們能不能直接當我們的銀行？你們能不能建立一套由 API 驅動的法幣與加密貨幣銀行能力？這就是那項業務的起源。

And so not only will it be a business on its own, it will drive second-order benefits in driving more usage of SoFi USD. And the SoFi USD product is going to be driven, obviously, by the net interest income from leaving that cash at the Fed bank and earning Fed funds on it. And so we have a number of pieces of demand for SoFi USD.

因此它不僅會成為一項獨立業務，還會帶來第二層效益，推動 SoFi USD 的更多使用。而 SoFi USD 產品的驅動力，顯然來自於把現金留在聯準會銀行並賺取聯邦基金利率所帶來的淨利息收入。因此我們有多個面向的 SoFi USD 需求來源。

We have Big Business Banking, which is now up and running and people can use SoFi USD as a form of payment in those payment rails. We have our Crypto business, which is actually settling in SoFi USD. On the consumer side, we have our debit and credit card with MasterCard will begin settling in SoFi USD with MasterCard in the coming weeks. And so these businesses are starting to layer on top of each other and there's synergies across that.

我們有大型企業銀行業務，現在已經上線運作，客戶可以在那些支付軌道中使用 SoFi USD 作為支付形式。我們也有加密貨幣業務，實際上是以 SoFi USD 進行結算。在消費者端，我們與 MasterCard 的簽帳卡與信用卡，將在接下來幾週開始透過 MasterCard 以 SoFi USD 結算。因此這些業務開始彼此疊加，並在其中產生協同效應。

Will Nance, Goldman Sachs.

Will Nance，高盛。

I wanted to ask a question on the SoFi Plus commentary that you had and some of the membership growth that you guys have seen. I was hoping you could maybe talk through just the profile of the customers that are adopting the product? What have you seen from a wallet share perspective or an engagement perspective? And have you seen things like average deposit balances increasing or engagement with the SoFi platform increasing on the back of some of those sign-ups.

我想就你們對 SoFi Plus 的評論以及你們看到的一些會員成長提個問題。我希望你們可以談談採用該產品的客戶輪廓是什麼？從錢包占比（wallet share）或互動參與（engagement）的角度，你們觀察到什麼？另外，在這些註冊之後，你們是否看到像平均存款餘額上升，或 SoFi 平台的使用黏著度提升？

Yeah. Our hope when we relaunched SoFi Plus is that it would increase the awareness of the other products that we offered that existing members may not be aware of or new members may not be aware of because SoFi Plus is meant to be the best of ever individual products. So if you sign up for SoFi Plus compared to just SoFi Money, you get a higher interest rate, you get other bells and whistles. If you sign up for SoFi Plus compared to just SoFi Invest, you get a 1% match.

是的。我們重新推出 SoFi Plus 時的期待，是它能提升大家對我們所提供其他產品的認知——不論是既有會員可能不知道的，或新會員可能不知道的——因為 SoFi Plus 的定位是把各個單一產品的「最佳版本」整合在一起。所以如果你訂閱 SoFi Plus，而不是只用 SoFi Money，你會拿到更高的利率，以及其他附加功能。如果你訂閱 SoFi Plus，而不是只用 SoFi Invest，你會拿到 1% 的配對（match）。

And each product, credit card, better rewards, et cetera. So of the 206,000 SoFi Plus members that we reported in the quarter, 85% of them are existing members. And so it's the same demographic of our member base already because they are members and the 25% incremental purchases of a new product after SoFi Plus, it's primarily -- the thing that's benefiting the most is invest.

而每個產品——信用卡、更好的回饋等等——也是如此。我們在本季揭露的 206,000 名 SoFi Plus 會員中，有 85% 是既有會員。因此他們的人口統計特徵與我們原本的會員基礎相同；而在訂閱 SoFi Plus 後新增購買一項新產品的 25% 增量中，主要受益最大的——是投資（Invest）。

And that's really encouraging. That means we're getting -- we're increasing share of wallet. We have investors for the first time that are novice to new investors, but we're also getting investors that are transferring the money because of the match. Secondarily, the SoFi Money product is the product that benefits if SoFi Plus is in that 15% bucket.

這非常令人鼓舞。這表示我們正在提升錢包占比。我們第一次吸引到一些新手投資人，但同時也吸引到因為配對（match）而把資金轉入的投資人。其次，如果 SoFi Plus 落在那 15% 的區間，受益的產品會是 SoFi Money。

So SoFi Plus is the first product of the member. The second product that they're buying is SoFi Money. In terms of the actual second order effects of their existing activity, a SoFi Money member that takes out SoFi Plus, one-fourth of them are taken out of third product, but we're actually seeing increases in their deposits on the back of that SoFi Plus subscription sign-up and we're seeing increases in AUM as well, and we're seeing increases in spending.

也就是說，SoFi Plus 是會員的第一個產品。他們購買的第二個產品是 SoFi Money。就既有行為的第二層效應而言，一位 SoFi Money 會員若再訂閱 SoFi Plus，其中四分之一會再開通第三個產品；而我們也確實看到在訂閱 SoFi Plus 之後，他們的存款增加、資產管理規模（AUM）也增加，同時支出也增加。

So there is a benefit from more products being taken out from SoFi Plus and there's a benefit for more engagement as defined by more deposits, more AUM, and more spending. Here's a really interesting data point. I looked back at the Q1 2021 cohort.

因此，SoFi Plus 帶來的好處，一方面是開通更多產品，另一方面是更高的互動參與——其定義為更多存款、更高 AUM，以及更多支出。這裡有一個非常有趣的數據點。我回頭看了 2021 年第一季（Q1 2021）的同批用戶（cohort）。

Of the money members in the Q1 2021 cohort that became money members that quarter with the launch of SoFi Plus, we increased the product per member of that cohort by one product in the quarter, which is, if you think about it, that's almost five years old, that customer that was acquired. And they added one product for the entire cohort in the quarter.

在 2021 年第一季同批次（cohort）中，於該季隨著 SoFi Plus 上線而成為付費會員（money members）的會員，我們在該季將該批次每位會員的產品數提升了 1 個產品；換個角度想，這位被獲取的客戶如今已接近五年資歷。而且他們在該季為整個批次新增了 1 個產品。

So it's having a really strong impact, and that's why we mentioned in the earnings results and in my comments that we're seeing an inflection point benefiting from the flywheel. Crypto is also contributing to that flywheel as well as a new product.

所以這帶來非常強勁的影響，這也是為什麼我們在財報結果以及我的評論中提到，我們正看到受益於飛輪效應的拐點。加密貨幣作為一項新產品，也在為該飛輪效應做出貢獻。

Matt Coad, Truist.

Matt Coad，Truist。

Anthony, I just wanted to ask about the spend down of that excess capital that you guys have talked about. So you're in that advantageous position where you have a really strong CET ratio -- CET1 ratio, a lot of capital to spend, but you brought down that CET1 ratio pretty quickly over the past couple of quarters. So could you talk about just capital balance sheet growth and kind of the spend down and the pace of the spend down of that excess capital?

Anthony，我想問一下你們之前談到的超額資本消耗（spend down）。你們目前處於相當有利的位置，CET 比率——CET1 比率非常強勁，有很多資本可以運用，但過去幾個季度你們把 CET1 比率降得相當快。能否談談資本、資產負債表成長，以及這些超額資本的消耗方式與消耗速度？

Sure. I'll let Chris get into the numbers in more detail. One of the benefits of growing our balance sheet in Q1 and Q2 of this year is that we have very strong visibility into our revenue for 2027. And that visibility is going to continue because if we maintain our balance sheet at this size, it's going to produce the net interest income that's being delivered today consistently over time, barring a huge change in the economy or overall credit performance we can kind of count on that revenue in the future.

當然。我先請 Chris 更詳細地說明數字。今年第一季與第二季擴張我們資產負債表的一個好處是，我們對 2027 年的營收有非常高的可見度。而且這種可見度會持續下去，因為如果我們把資產負債表維持在這個規模，它將持續產生今天所交付的淨利息收入；除非經濟或整體信用表現出現巨大變化，否則我們基本上可以在未來依賴這部分營收。

And that's a really stable thing to have. So we can, at a minimum, fund a significant amount of investments regardless of the environment that we're in. And so when people ask like why are you putting loans in the balance sheet, why you're not doing everything through Loan Platform Business because we want to make sure we have revenue in the future that's visible that can deliver no matter what. It's 100% in our control.

而這是一件非常穩定的事情。因此，無論我們所處的環境如何，至少我們都能為相當可觀的投資提供資金。所以當人們問：為什麼要把貸款放在資產負債表上、為什麼不透過 Loan Platform Business 來做所有事情？原因是我們希望確保未來有可見、且無論發生什麼都能交付的營收。這 100% 在我們的掌控之中。

We layer a Loan Platform Business on top of that, not just in PL, but now SMB and closed-end seconds and it's a very incremental additive return on top of something that's very visible and we have five years of history.

我們在此之上再疊加 Loan Platform Business，不僅在 PL（個人貸款），現在也包括 SMB（中小企業）以及 closed-end seconds（封閉式第二順位房貸），這是在一個高度可見、且我們已有五年歷史的基礎之上，帶來非常增量、具加成效果的報酬。

I don't know if people heard the numbers that I mentioned about over $5 billion of cash net interest income from what we generated in Q1 of 2024 through Q2 of '26 but that's an astronomical number especially where it's 2x greater than what the noncash revenue was recorded as a premium over time, which shows that the loans are really performing.

我不確定大家是否聽到我提到的數字：從 2024 年第一季到 2026 年第二季，我們所產生的現金淨利息收入超過 50 億美元；這是一個天文數字，尤其是它比非現金營收（以溢價形式隨時間認列）高出 2 倍，這顯示這些貸款的表現確實很好。

I'll let Chris talk about where the capital ratios will settle out, et cetera.

我讓 Chris 來談談資本比率最終會落在什麼水準等等。

Yeah. So we exited the quarter at an 18.8% total risk-based capital ratio, which is our binding constraint, that's well above the regulatory limit of 10.5%. As I mentioned in my prepared remarks, we believe that having a risk-based capital ratio in the low- to mid-teens is appropriate for this business longer term.

好的。我們在本季末的總風險基礎資本比率為 18.8%，這是我們的約束性指標（binding constraint），明顯高於 10.5% 的監管門檻。如我在事先準備的發言中提到，我們認為長期而言，對這項業務來說，風險基礎資本比率落在十幾%的低段到中段是合適的。

And like I said a few minutes ago, based on our current operating plan and the guidance that we've provided, we feel really good about being able to operate within those confines without the need to raise capital. As you know, as we continue to expand profitability, our organic capital generation will continue to increase. And by continuing to scale our capital-light fee-based revenue streams that will help as well.

而且就像我幾分鐘前說的，基於我們目前的營運計畫以及已提供的指引，我們對於能在這些範圍內運作、且不需要增資感到非常有信心。如你所知，隨著我們持續擴大利潤，我們的有機資本生成也會持續增加。同時，持續擴大我們資本輕量的手續費型收入來源，也會有所助益。

Operator, I'd like to end with some closing comments. In closing, Q2 marks a clear inflection point in our strategy where Everything App is driving higher products per member, resulting in higher lifetime value, supporting superior levels of investment in our ability to offer more value to our members than anyone else in better rates, products, and services. This continuous reinforcing cycle of the Financial Services productivity fuels durable growth and high returns.

接線員，我想以一些結語作結。總結來說，第二季標誌著我們策略的一個明確拐點：Everything App 正推動每位會員持有更多產品，進而帶來更高的終身價值，並支持我們以更高水準投資於能力，透過更好的利率、產品與服務，為會員提供比任何人都更高的價值。這個持續自我強化的金融服務生產力循環，推動了可持續的成長與高報酬。

The benefits of this strategy in our view are no longer theoretical or a leap of faith. They are 100% in our control via disciplined execution. I'm often asked why I buy the stock and the answer is simple. I believe we will achieve the returns that Chris walked through before of 20% to 30% return on tangible common equity, and it's just a matter of when, not if the market can connect the dots to the attractive return potential of our business.

在我們看來，這項策略的效益不再只是理論或信念的跳躍。透過嚴謹的執行，它 100% 在我們的掌控之中。我常被問為什麼我會買這支股票，答案很簡單。我相信我們將達成 Chris 先前所說的報酬水準，也就是有形普通股權益報酬率（return on tangible common equity）20% 到 30%；而問題只是時間早晚，而不是市場是否能把我們業務具吸引力的報酬潛力串連起來。

Until then, we're going to keep our heads down and continue to execute and deliver for our members and our shareholders. Thank you, and we look forward to talking to you next quarter.

在那之前，我們會繼續埋頭苦幹，持續執行，為會員與股東交付成果。謝謝，我們期待下個季度再與各位交流。

This concludes today's conference call. You may now disconnect.

今天的電話會議到此結束。您現在可以掛線。