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SOFI · Forward model · Corporate/Other · Noto case

What has to happen in Corporate/Other

Model as of

This page changes Corporate/Other inside the complete SOFI model. Every other vertical, corporate programme and valuation assumption stays in the selected portfolio case.

SOFI forward model
Horizon
Consolidated fair value $36.90 all other verticals held in this portfolio case
Final-quarter revenue −$89M -2% of company revenue
Explicit segment contribution −$1.10B EBITDA less segment capex, before corporate items

The 2028 slide taken literally: adjusted net revenue compounding 30% a year from 2025 to $7.89B, adjusted EPS compounding 38-42% to $1.02-1.12, and return on tangible common equity reaching the 20-30% band. Every line is lifted here, because a 30% company CAGR cannot be carried by the 45% of revenue that is not Lending. Note how little of this case is the revenue target: base already reaches $7.69B in 2028 against the $7.89B on the slide, so the top line is about 3% of the claim. The hard half is everything below it - SoFi's own bridge gets to 25% ROTCE from a 25% adjusted net income margin multiplied by a revenue-to-equity ratio of one, and the basis quarter runs a 13% margin on $9.5B of tangible equity. That is what the margin delta and the exit multiple in this case are paying for, and what the disclosure cannot yet test.

Corporate/Other

Basis quarter−$57M
Final quarter−$89M
Final revenue mix-2%

Not a business — the reconciling column, and it is carried here because it is a revenue line rather than an expense. Negative $56.9M in the basis quarter: unallocated net interest expense at the holding company, the elimination of the intersegment fees SoFi's businesses pay Galileo, and items the chief operating decision maker does not push down to a segment. It is included so that the four lines sum to reported total net revenue instead of running 4.7% above it. It is also the least forecastable line on the page — it was positive $16.0M across the first nine months of 2024 and has been negative in every quarter since.

Last four quarters
2025 Q3 −$66M Reported
2025 Q4 −$53M Estimated
2026 Q1 −$46M Reported
2026 Q2 −$57M Reported
Unallocated net interest expenseElimination of intersegment Technology Platform feesItems not allocated to reportable segments
Sequential growth +2.0%/qtr decaying toward +1.0% 2% a quarter more negative. Half of this column is intersegment elimination that grows with Galileo.
Corporate/Other

Latest: −$89M (2031Q2E)

Period Value
2024Q3 −$40M
2024Q4 −$43M
2025Q1 −$48M
2025Q2 −$61M
2025Q3 −$66M
2025Q4 −$53M
2026Q1 −$46M
2026Q2 −$57M
2026Q3E −$59M
2026Q4E −$60M
2027Q1E −$62M
2027Q2E −$63M
2027Q3E −$65M
2027Q4E −$66M
2028Q1E −$68M
2028Q2E −$70M
2028Q3E −$71M
2028Q4E −$73M
2029Q1E −$74M
2029Q2E −$76M
2029Q3E −$77M
2029Q4E −$79M
2030Q1E −$80M
2030Q2E −$82M
2030Q3E −$84M
2030Q4E −$85M
2031Q1E −$87M
2031Q2E −$89M

Assumptions & reasoning

  • This line exists so the model's consolidated revenue equals SoFi's reported total net revenue in every historical quarter. Without it the three operating segments sum to $1,275.6M in the basis quarter against a reported $1,218.7M.
  • It has changed sign inside the history window — positive $15.97M across the first nine months of 2024, negative $56.9M now — which is why its projection is the assumption on this page a reader should trust least.
  • Roughly half of the basis-quarter figure is the elimination of the $27.8M of intersegment fees SoFi's own businesses pay the Technology Platform. That half is structural and grows with Galileo's internal usage rather than with anything external.
  • Because the projection grows it slowly more negative, this line becomes a smaller drag as a share of revenue over the horizon — from 4.7% of the basis quarter to under 1% at the terminal. That is a real assumption, not an accounting identity.
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