Three more points from the Q3 call (no funding needed in 2027, risk control becomes a fourth product line, growth at high rates)

Tying about $6.4 billion of 2027 revenue and $1.28 billion of net income to 'no raise' amounts to a public commitment. The self-funding logic: $51.3 billion of deposits (cheaper than warehouse funding), $241 million of net income retained each quarter, and tangible book value per share up 25% year on year. Past share issuance was the shorts' main argument, and next year will test this. (2) The technology platform (formerly Galileo and Technisys) adds a fourth product line, risk control and anti-fraud. Noto's reasoning is that at the scale of 17.1 million fully digital members SoFi is 'under attack all the time', so it will sell the capability it built for itself. It has signed 9 new clients so far in 2026. The CFO expects the technology platform to return to about 25% year-on-year growth in 2027 (Q3 was -24%, or +18% excluding a large client that migrated away). The weak spot: risk control revenue is not disclosed separately, and Noto declined to split out how much of the technology platform comes from SoFi itself, so for now this line rests on talk. (3) Noto said his 'confidence in continued growth in a high-rate environment is the same as in a low-rate one'. The market expected rate cuts this year and rates rose instead. Net interest margin was 6.14% (up 16 bp quarter on quarter), and deposit costs are 145 bp below warehouse funding, so deposits hold up the funding side. This weakens the view that SoFi is a rate-cut trade, as the fundamentals no longer bet on the direction of rates. Insider trading: no new Form 4 since 22 Oct.