What changed in this filing

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Item 7. Management’s Discussion and Analysis

2026-02-17 compared with 2025-02-24 · 570 added, 549 removed, 1170 unchanged (49% of the section changed)

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Noninterest Income

P rovision for Cred it Losses

Provision for Credit Losses

Noninterest Expense

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Corporate/Other Segment

Consolidated Balance Sheet Analysis

Liquidity and Capital Resources

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We refer to our customers as “members” and “clients”, as defined under “Key Business Metrics” .

We offer personal loans, student loans, home loans and related servicing and offer a variety of financial services products, such as SoFi Money, SoFi Credit Card, SoFi Invest and SoFi Relay, that provide more daily interactions with our members, as well as products and capabilities, such as SoFi At Work, that are designed to appeal to enterprises.

We offer personal loans, student loans, home loans and related servicing and offer a variety of financial services products, such as SoFi Money, SoFi Credit Card, SoFi Crypto, SoFi Invest and SoFi Relay, that provide more daily interactions with our members, as well as products and capabilities, such as SoFi At Work, that are designed to appeal to enterprises.

Lending related services that we offer through our Loan Platform Business help a broader range of borrowers to find lending solutions, through our relationships with members as well as third-party enterprise partners.

Our Technology Platform supports innovation for a broad range of enterprises, with offerings that give clients the ability to create, launch and run financial products.

In February 2025, we expanded our SoFi Plus membership program, which provides a range of benefits across our suite of products including an attractive APY with a SoFi Money account, extra cash back rewards, exclusive rate discounts on loans and more.

Members are able to access these membership benefits through a monthly subscription or direct deposit to a checking and savings account.

In addition, SoFi Plus is our premium financial membership that provides benefits that span our offerings and brings together all we have to offer.

Membership benefits include exclusive access to preferred pricing on products, extra rewards, investment matches, complimentary financial planning, live events and more In 2025, we launched SoFi Smart Card to SoFi Plus members, a charge card secured by a SoFi Money checking and savings account.

We continue to strive to innovate and develop new products and services.

During 2025, we launched global remittance services, which leverages blockchain technology to provide fast, seamless, low cost and safe international payments, in over 30 countries, including Mexico, India, Brazil and much of Europe.

We also returned to crypto investing with the launch of SoFi Crypto, once again giving our members the ability to buy, sell and hold digital assets directly in the SoFi app.

Lastly, we took another step forward with crypto through the launch of our own stablecoin, SoFiUSD.

This launch made SoFi the first national bank to issue a stablecoin on a public, permissionless blockchain.

“Business—Our Reportable Segments” for a discussion of our segments and their corresponding products.

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SoFi is a financial services company that leverages technology to serve people and enterprises.

SoFi's continuous investments in innovation and brand building yielded several milestones in the year, fueling significant member and product growth and paving the way for future growth.

We achieved a number of key financial achievements in the year ended December 31, 2024, including total net revenue of $2.7 billion, representing an increase of 26% over total net revenue in 2023.

Diluted earnings per share for the year ended December 31, 2024 was $0.39 compared to a loss per share of $0.36 for the year ended December 31, 2023.

Diluted EPS for the 2024 period does not include benefits from the gain on convertible debt exchanges in the first and third quarters of 2024.

Continued growth in both total members and products, along with improving operating efficiency, reflects the benefits of our broad product suite and Financial Services Productivity Loop strategy.

Total members reached over 10.1 million as of December 31, 2024, a 34% year over year increase, while total products reached over 14.7 million as of December 31, 2024, a 32% year over year increase.

Lending segment contribution profit of $890.5 million for the year ended December 31, 2024 increased 8% over 2023.

Contribution margin for 2024 and 2023 was 60%.

Lending segment performance was driven by an increase in net interest income primarily attributable to higher loan balances in 2024.

We recorded an average net interest margin of 5.80% for the year ended December 31, 2024, a decrease of 8 bps, compared to 5.88% in 2023.

The decrease in net interest margin for the year ended December 31, 2024 was driven by an increase in average interest-bearing liabilities of 44% and a decrease in yields on interest-earning assets of 7 bps, partially offset by an increase in average interest-earning assets of 38% and a decrease on the average rate paid on interest-bearing liabilities of 17 bps.

Origination volume for our Lending products increased 33%, primarily driven by continued strong demand for personal loans and home loans, as well as growth in the student loan business, despite operating in unpredictable macroeconomic headwinds.

Student loan demand increased in the latter part of 2023 following the resumption of principal and interest payments on federally-held student loans and we continued to experience increasing student loan demand with interest rate reductions in 2024.

Our acquisition of Wyndham in the second quarter of 2023 provided increased capacity and capabilities for our home loans product, which we expect to continue to provide benefits.

This contributed to a notable increase in 2024 in home loans alongside further diversification and expansion of our home loan product offerings, such as home equity loans.

We expect overall home loans growth could be correlated with interest rate movements in 2025.

SoFi's continuous investments in innovation and brand building led to the strongest financial performance in the history of the company, fueling significant member and product growth and paving the way for future growth.

We reported a number of key financial achievements in the year ended December 31, 2025, including total net revenue of $3.6 billion, representing an increase of 35% over total net revenue in 2024.

For the year ended December 31, 2025, total fee-based revenue reached a record of $1.5 billion, compared to $969.9 million in the same period of 2024, a year-over-year increase of 59%.

This was driven by strong performance from our Loan Platform Business, as well as origination fee revenue, referral fee revenue, interchange fee revenue and brokerage fee revenue.

Diluted earnings per share for each of the years ended December 31, 2025 and 2024 was $0.39.

Diluted EPS for the 2024 period does not include benefits from the gain on convertible debt exchanges in the first and third quarters of 2024, but does include the tax benefit of the release of the majority of the valuation allowance against our deferred tax assets.

SoFi Technologies, Inc.

The following tables set forth selected financial data:

Year Ended December 31, 2025 vs 2024

($ in thousands, except per share amounts)

2025 2024 2023 $ Change % Change $ Change % Change

Net interest income $ 2,218,956 $ 1,716,481 $ 1,261,740 $ 502,475 29 % $ 454,741 36 %

Total noninterest income 1,394,398 958,378 861,049 436,020 45 % 97,329 11 %

Total net revenue 3,613,354 2,674,859 2,122,789 938,495 35 % 552,070 26 %

Provision for credit losses 30,319 31,712 54,945 (1,393) (4) % (23,233) (42) %

Total noninterest expense 3,057,178 2,409,802 2,369,002 647,376 27 % 40,800 2 %

Net income (loss)

$ 481,320 $ 498,665 $ (300,742) $ (17,345) (3) % $ 799,407 n/m

Earnings (loss) per share – diluted

$ 0.39 $ 0.39 $ (0.36) $ — — % $ 0.75 n/m

Net interest margin 5.85 % 5.80 % 5.88 %

($ in thousands)

December 31, 2025 December 31, 2024

Loans held for sale

$ 22,862,749 $ 17,684,892 $ 5,177,857 29 %

Loans held for investment, at fair value 13,657,578

Loans held for investment, at amortized cost

Total deposits 37,505,395 25,978,204 11,527,191 44 %

Total risk-based capital ratio, SoFi Technologies

22.9 % 16.2 %

Total risk-based capital ratio, SoFi Bank

16.6 % 17.5 %

Continued growth in both total members and products, along with improving operating efficiency, reflects the benefits of our broad product suite and Financial Services Productivity Loop strategy.

Total members reached over 13.6 million as of December 31, 2025, a 35% year over year increase, while total products reached nearly 20.2 million as of December 31, 2025, a 37% year over year increase.

Year Ended December 31, 2025 vs 2024

($ in thousands)

2025 2024 2023 $ Change % Change $ Change % Change

Total net revenue $ 1,848,949 $ 1,485,222 $ 1,370,621 $ 363,727 24 % $ 114,601 8 %

Contribution profit 1,016,900 890,543 823,273 126,357 14 % 67,270 8 %

Technology Platform

Total net revenue 450,211 395,178 352,340 55,033 14 % 42,838 12 %

Contribution profit 144,413 126,955 94,786 17,458 14 % 32,169 34 %

Financial Services

Total net revenue 1,542,016 821,511 436,515 720,505 88 % 384,996 88 %

Contribution profit (loss)

792,909 307,007 (262) 485,902 158 % 307,269 n/m

Lending segment contribution profit of $1.0 billion for the year ended December 31, 2025 increased 14% over 2024 with a segment contribution margin of 55%.

Lending segment performance was driven by net interest income primarily driven by growth in average loan balances.

Origination volume for our Lending products increased 57%, as a result of continued strong member demand for personal loans, student loans and home loans as well as strong demand from capital markets partners.

Overall, we sold, or transferred through our Loan Platform Business, more than $15.6 billion in total of personal loans, student loans and home loans during the year ended December 31, 2025.

We believe that the growth opportunity for the Loan Platform Business continues to be strong.

Technology Platform segment contribution profit of $144.4 million for the year ended December 31, 2025 increased 14% over 2024, and total net revenue of $450.2 million for the year ended December 31, 2025 increased 14% over 2024.

Technology Platform total enabled client accounts increased 15% year-over-year, to 168 million up from 145 million in the prior year period.

Growth was driven primarily by account growth in Latin America, consumer brands in the United States and clients with innovative use cases like earned wage access and money movement, as well as contribution from new clients.

Our pipeline of potential clients spans banks, consumer brands, and fintech companies across consumer and B2B segments, which we believe offer larger and more durable revenue.

We believe our pipeline of potential new clients is strong, and the investments we have made in this segment have expanded our market opportunity.

We continue to make significant strides in our strategy of leveraging our unique product suite to pursue diversified growth and expansion to serve a broad range of clients, including governmental agencies, consumer brands and financial institutions.

Entering 2025, we are seeing strong demand from new partners as we signed several notable deals that represent more predictable revenue from larger established brands with higher average deal sizes.

We expect modest growth in segment revenue to continue in 2025 and beyond, as implementation and integration cycles from these deals will be gradual and with revenue impacts expected in 2026.

Within our Financial Services segment, contribution profit of $307.0 million for the year ended December 31, 2024 significantly improved compared to a contribution loss of $0.3 million in 2023.

Total net revenue of $821.5 million for the year ended December 31, 2024 increased 88% over 2023.

We achieved continued strong growth in deposits, ending the year with $26.0 billion of deposits as of December 31, 2024, allowing us to maintain diversified sources of funding and driving an increase in net interest income earned on our deposits.

Noninterest income grew 144% from the prior year period to $248.1 million in the current year.

This increase was driven by our Loan Platform Business, where we originate loans on behalf of third parties and refer pre-qualified borrowers to origination partners.

SoFi continues to diversify its Technology Platform client base.

During the year, SoFi announced that Banco Nación, one of Argentina’s largest financial institutions, selected our Cyberbank Digital platform to modernize their digital banking infrastructure.

SoFi announced partnerships with several more U.S.

consumer brands, as we continue to work with a broader range of companies to help bring innovative programs that drive greater loyalty and engagement with their customers.

SoFi Technologies, Inc.

Within our Financial Services segment, contribution profit of $792.9 million for the year ended December 31, 2025 significantly improved compared to a contribution profit of $307.0 million in 2024.

Total net revenue of $1.5 billion for the year ended December 31, 2025 increased 88% over 2024.

During the year, the Loan Platform Business generated $575.9 million in loan platform fees, driven by $11.0 billion of personal loans originated on behalf of third parties, as well as referrals.

In addition to our Loan Platform business, we continued to see growth in interchange fees driven by increased spend across Money and Credit Card.

By continuously innovating with new and relevant offerings, features and rewards for members, we grew total Financial Services products by 34% year-over-year to 12.7 million at year-end.

We continue to achieve scale in our marketing spend and improvement in operating leverage in the segment.

We expect to continue to scale our Loan Platform Business services and increase our fee-based revenue through increased brand awareness and network effects, and continue to improve contribution profit in the segment.

Additionally, our Loan Platform Business generated $12.3 million in servicing cash flow which is recorded in our Lending segment.

In total, our Loan Platform Business added $588.3 million to our consolidated adjusted net revenue across these two segments.

We also continued to see healthy growth in interchange fee revenue in the year ended December 31, 2025, up 71% year-over-year, driven by increased spend across Money and Credit Card.

We plan to continue to pursue opportunities to increase fee-based revenue.

We achieved continued strong growth in member deposits and strong deposit contribution from direct deposit members, ending the year with $37.5 billion of total deposits as of December 31, 2025, allowing us to maintain access to diversified sources of funding.

Total deposit funds grew over $11.5 billion during the year ended December 31, 2025.

We continue to provide our members with access to expanded FDIC insurance coverage through a network of participating banks in our Insured Deposit Program, further enhancing the benefits of our offering to our members.

The strength of our results underscores our belief that our suite of differentiated products and services provides the foundation for a diversified business that can endure through market cycles as well as in the face of exogenous factors.

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This typically provides more stable earnings in any macroeconomic environment but is particularly important during times of macroeconomic volatility.

During 2024, we continued to have strong deposit contribution from direct deposit members.

We expect that our funding mix will continue to move towards deposit funding, which generally has a lower borrowing cost of funds than warehouse financing .

We also continue to provide our members with access to expanded FDIC insurance coverage through a network of participating banks in our Insured Deposit Program, further enhancing the benefits of our offering to our members.

Our total capital ratio, as calculated under applicable regulatory capital rules, was 16.2% as of December 31, 2024.

Regulatory Capital to the Notes to Consolidated Financial Statements for additional information.

Lending Segment

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Many of these contracts contain minimum monthly payments, which may result in credits if we do not meet the agreed upon monthly service levels.

We also earn subscription and service fees for providing software licenses and associated services, including implementation, maintenance and subsequent

SoFi Technologies, Inc.

development work.

We also earn subscription and service fees for providing software licenses and associated services, including implementation, maintenance and subsequent development work.

We charge a recurring subscription fee for the software license and related maintenance services.

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Financial Services Segment

We earn revenues in connection with our Financial Services segment primarily in the ways listed below.

We earn revenues, both net interest income and fee-based, in connection with our Financial Services segment primarily in the ways listed below.

Business Segment and Geographic Information and Note 3.

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Through our Loan Platform Business, we originate loans on behalf of third-party partners, for which we receive a specified fee upon sale.

The fee includes components for a fixed price per loan and recognition of servicing assets.

The fee includes components for a fixed price per loan and

SoFi Technologies, Inc.

recognition of servicing assets.

These fees accounted for 65% of our total Financial Services noninterest income for the year ended December 31, 2025.

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Therefore, our non-GAAP measures may not be directly comparable to similarly titled measures of other companies.

SoFi Technologies, Inc.

Adjusted Net Revenue

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In addition, management uses this measure to better decide on the proper expenses to authorize for each of our operating segments, to ultimately help achieve target contribution profit margins.

SoFi Technologies, Inc.

Total Net Revenue and Adjusted Net Revenue

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Residual interests classified as debt – change in valuation inputs or assumptions (2)

108 425 6,608

Gain on extinguishment of debt (3)

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Gains and losses are recognized during the period of extinguishment for the difference between the net carrying amount of debt extinguished and the fair value of equity securities issued.

SoFi Technologies, Inc.

The following table reconciles adjusted net revenue to total net revenue, the most directly comparable GAAP measure, for the quarterly periods presented:

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(3) See footnote (3) to the table above.

SoFi Technologies, Inc.

The following table reconciles adjusted net revenue for the Lending segment to total net revenue for the Lending segment, the most directly comparable GAAP measure:

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Residual interests classified as debt – change in valuation inputs or assumptions (2)

108 425 6,608

Adjusted net revenue – Lending (non-GAAP)

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Adjusted contribution margin and incremental adjusted contribution margin are non-GAAP measures and relate only to our Lending segment.

Adjusted contribution margin is defined as segment contribution profit (loss) for the Lending segment, divided by adjusted net revenue for the Lending segment, a non-GAAP measure.

Incremental adjusted contribution margin is defined as the change in segment contribution profit (loss) for our Lending segment, divided by change in adjusted net revenue for the Lending segment.

Adjusted contribution margin is defined as segment contribution profit for the Lending segment, divided by adjusted net revenue for the Lending segment, a non-GAAP measure.

Incremental adjusted contribution margin is defined as the change in segment contribution profit for our Lending segment, divided by change in adjusted net revenue for the Lending segment.

See “ Adjusted Net Revenue” above for a reconciliation of Lending segment adjusted net revenue.

Management believes adjusted contribution margin metrics are useful because they enable management and investors to assess the underlying operating performance of our Lending segment, by removing the impact of changes in volume over periods to present a comparable view of segment contribution profit (loss), which is a measure of the direct profitability of each of our reportable segments, as a percentage of segment adjusted net revenue for the Lending segment during each period.

SoFi Technologies, Inc.

Management believes adjusted contribution margin metrics are useful because they enable management and investors to assess the underlying operating performance of our Lending segment, by removing the impact of changes in volume over periods to present a comparable view of segment contribution profit, which is a measure of the direct profitability of each of our reportable segments, as a percentage of segment adjusted net revenue for the Lending segment during each period.

The following table presents a reconciliation of adjusted contribution margin and incremental adjusted contribution margin for our reportable Lending segment:

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Adjusted EBITDA, adjusted EBITDA margin and incremental adjusted EBITDA margin are non-GAAP measures.

Adjusted EBITDA is defined as net income (loss), adjusted to exclude, as applicable:

(i) corporate borrowing-based interest expense (our adjusted EBITDA measure is not adjusted for warehouse or securitization-based interest expense, nor deposit interest expense and finance lease liability interest expense, as these are direct operating expenses), (ii) income tax expense (benefit), (iii) depreciation and amortization, (iv) share-based expense (inclusive of equity-based payments to non-employees), (v) restructuring charges, (vi) impairment expense (inclusive of goodwill impairment and property, equipment and software abandonments), (vii) transaction-related expenses, (viii) foreign currency impacts related to operations in highly inflationary countries, (ix) fair value changes in each of servicing rights and residual interests classified as debt due to valuation assumptions, (x) gain on extinguishment of debt, and (xi) other charges, as appropriate, that are not expected to recur and are not indicative of our core operating performance.

Adjusted EBITDA is defined as net income, adjusted to exclude, as applicable:

SoFi Technologies, Inc.

countries, (ix) fair value changes in each of servicing rights and residual interests classified as debt due to valuation assumptions, (x) gain on extinguishment of debt, and (xi) other charges, as appropriate, that are not expected to recur and are not indicative of our core operating performance.

Adjusted EBITDA margin is computed as adjusted EBITDA divided by adjusted net revenue.

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In addition, management uses these measures to help evaluate cash flows generated from operations and the extent of additional capital, if any, required to invest in strategic initiatives.

SoFi Technologies, Inc.

Net Income (Loss) and Adjusted EBITDA

SoFi Technologies, Inc.

The following table reconciles adjusted EBITDA to net income (loss), the most directly comparable GAAP measure, and presents the computations of adjusted EBITDA margin and incremental adjusted EBITDA margin:

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45,723 48,346 36,833 (2,623) 11,513

Income tax (benefit) expense (2)

Income tax expense (benefit) (2)

44,537 (265,320) (416) 309,857 (264,904)

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(1) Our adjusted EBITDA measure adjusts for corporate borrowing-based interest expense, as these expenses are a function of our capital structure.

Corporate borrowing-based interest expense includes interest on our revolving credit facility, as well as interest expense and the amortization of debt discount and

SoFi Technologies, Inc.

debt issuance costs on our convertible notes.

Revolving credit facility interest expense in 2024 and 2023 increased due to elevated average interest rates relative to the prior year on identical outstanding debt.

Convertible note interest expense in 2024 increased related to the issuance of interest-bearing convertible senior notes during the first quarter of 2024.

Corporate borrowing-based interest expense includes interest on our revolving credit facility, as well as interest expense and the amortization of debt discount and debt issuance costs on our convertible notes.

(2) The income tax expense recognized in 2025 is primarily attributable to the Company’s profitability, partially offset by discrete tax benefits for stock compensation recorded during the year.

Our income tax position in 2024 was primarily due to the release in the fourth quarter of a $258 million valuation allowance against certain deferred tax assets based on our reassessment of their realizability.

Income taxes in 2023 were primarily attributable to income tax benefits from foreign losses in jurisdictions with net deferred tax liabilities related to Technisys, offset by income tax expense associated with the profitability of SoFi Bank in state jurisdictions where separate filings are required, as well as federal taxes where our tax credits and loss carryforwards may be limited.

Income taxes in 2022 were primarily attributable to tax expense at SoFi Lending Corp and SoFi Bank due to profitability in state jurisdictions where separate filings are required and recognition of expense from Technisys in certain Latin American countries where separate returns are filed.

The expense was partially offset by deferred tax benefits from the amortization of intangible assets acquired in the Technisys Merger.

Income Taxes to the Notes to Consolidated Financial Statements for additional information.

(3) Depreciation and amortization expense in 2024 was primarily related to our internally-developed software and intangibles.

Depreciation and amortization expense in 2023 increased compared to 2022 primarily in connection with acquisitions and growth in our internally-developed software balance.

(4) Restructuring charges in 2024 relate to legal entity restructuring.

(3) Restructuring charges in 2025 and 2024 relate to legal entity restructuring.

Restructuring charges in 2023 primarily included employee-related wages, benefits and severance associated with a small reduction in headcount in our Technology Platform segment in the first quarter of 2023 and expenses in the fourth quarter of 2023 related to a reduction in headcount across the Company, which do not reflect expected future operating expenses and are not indicative of our core operating performance.

(4) Impairment expense in 2023 includes $247,174 related to goodwill impairment, and $1,243 related to a sublease arrangement, which are not indicative of our core operating performance.

Goodwill and Intangible Assets to the Notes to Consolidated Financial Statements for additional information on goodwill impairment.

(5) Foreign currency charges reflect the impacts of highly inflationary accounting for our operations in Argentina, which are related to our Technology Platform segment and commenced in the first quarter of 2022 with the Technisys Merger.

For the year ended December 31, 2023, all amounts were reflected in the fourth quarter, as inter-quarter amounts were determined to be immaterial.

Amounts in 2022 were determined to be immaterial.

(6) Transaction-related expenses in 2024 and 2023 included financial advisory and professional services costs associated with our acquisition of Wyndham.

Transaction-related expenses in 2022 primarily included financial advisory and professional services costs associated with our acquisition of Technisys.

(7) Reflects changes in fair value inputs and assumptions, including market servicing costs, conditional prepayment, default rates and discount rates.

This non-cash change is unrealized during the period and, therefore, has no impact on our cash flows from operations.

As such, these positive and negative changes in fair value attributable to assumption changes are adjusted out of net income (loss) to provide management and financial users with better visibility into the earnings available to finance our operations.

As such, these positive and negative changes in fair value attributable to assumption changes are adjusted out of net income to provide management and financial users with better visibility into the earnings available to finance our operations.

(8) Reflects changes in fair value inputs and assumptions, including conditional prepayment, default rates and discount rates.

When third parties finance our consolidated VIEs through purchasing residual interests, we receive proceeds at the time of the securitization close and, thereafter, pass along contractual cash flows to the residual interest owner.

When third parties finance our consolidated VIEs through purchasing residual interests, we receive proceeds at the time of the securitization close and, thereafter, pass along contractual

SoFi Technologies, Inc.

cash flows to the residual interest owner.

These obligations are measured at fair value on a recurring basis, which has no impact on our initial financing proceeds, our future obligations to the residual interest owner (because future residual interest claims are limited to contractual securitization collateral cash flows), or the general operations of our business.

As such, these positive and negative non-cash changes in fair value attributable to assumption changes are adjusted out of net income (loss) to provide management and financial users with better visibility into the earnings available to finance our operations.

As such, these positive and negative non-cash changes in fair value attributable to assumption changes are adjusted out of net income to provide management and financial users with better visibility into the earnings available to finance our operations.

(9) Reflects gain on extinguishment of debt.

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(10) Refer to ‘ Adjusted Net Revenue ’ above for reconciliation of this non-GAAP measure.

SoFi Technologies, Inc.

The following table reconciles adjusted EBITDA to net income (loss), the most directly comparable GAAP measure, for the quarterly periods presented:

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($ in thousands) December 31, 2025 September 30, 2025 June 30, 2025 March 31, 2025 December 31, 2024 September 30, 2024 June 30, 2024 March 31, 2024

Net income (loss) (GAAP)

Net income (GAAP)

$ 173,549 $ 139,392 $ 97,263 $ 71,116 $ 332,473 $ 60,745 $ 17,404 $ 88,043

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Restructuring charges 20 41 36 851 255 1,275 — —

Impairment expense — — — — — 247,174 — 1,243

Foreign currency impact of highly inflationary subsidiaries

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$ 1,025,051 $ 961,600 $ 854,944 $ 771,759 $ 734,125 $ 697,121 $ 598,618 $ 644,995

Net income (loss) margin (GAAP)

Net income margin (GAAP)

17 % 14 % 11 % 9 % 45 % 9 % 3 % 14 %

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Adjusted Net Income (Loss), Adjusted Net Income Margin, Incremental Adjusted Net Income Margin and Adjusted EPS

Adjusted net income (loss), adjusted net income margin, incremental adjusted net income margin and adjusted diluted earnings (loss) are non-GAAP measures.

Adjusted net income (loss), adjusted net income margin, incremental adjusted net income margin and adjusted diluted earnings (loss) per share are non-GAAP measures.

Adjusted net income (loss) is defined as net income (loss), adjusted to exclude, as applicable, goodwill impairment expense and certain income tax benefits that are not expected to recur and are not indicative of our core operating performance.

Adjusted diluted earnings (loss) per share (“adjusted EPS”) is a non-GAAP financial measure that adjusts GAAP diluted earnings (loss) per share.

Adjusted EPS is computed by dividing net income (loss) attributable to common stockholders, adjusted to exclude, as applicable, goodwill impairment expense and certain income tax benefits that are not expected to recur and are not indicative of our core operating performance, by the diluted weighted average number of shares of common stock outstanding during the period, excluding the dilutive impact of the 2026 and 2029 convertible notes under the if-converted method for which the 2026 and 2029 capped call transactions, respectively, would deliver cash or shares to offset dilution.

Adjusted net income margin is computed as adjusted net income (loss) divided by adjusted net revenue.

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($ and shares in thousands, except per share amounts) (1)

2025 2024 2023

Net income (loss) (GAAP) $ 481,320 $ 498,665 $ (300,742) $ (17,345) $ 799,407

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$ 482,700 $ 163,333 $ (93,993)

Weighted average common stock outstanding – diluted

Weighted average common stock outstanding – diluted (GAAP)

1,251,767 1,101,390 945,024

Non-GAAP adjustments:

Dilutive impact of convertible notes (3)

(23,377) (6,214) —

Adjusted weighted average common stock outstanding – diluted (non-GAAP)

1,228,390 1,095,176 945,024

Earnings (loss) per share – diluted (GAAP) (2)

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____________________

(1) For the year ended December 31, 2024, diluted earnings per share and diluted net income attributable to common stockholders exclude gain on extinguishment of debt, net of tax, as well as interest expense incurred, net of tax, associated with convertible note activity during the period as evaluated under the if-converted method.

(1) Certain amounts may not recalculate exactly using the rounded amounts provided.

Earnings per share is calculated based on unrounded numbers.

(2) Diluted earnings per share and diluted net income attributable to common stockholders exclude gain on extinguishment of debt, net of tax, as well as interest expense incurred, net of tax, associated with convertible note activity during the period as evaluated under the if-converted method.

(3) This non-GAAP adjustment excludes the dilutive impact of the 2026 and 2029 convertible notes, to the extent that the 2026 and 2029 capped call transactions, respectively, would deliver cash or shares to offset dilution.

(4) Refer to ' Adjusted Net Revenue ' above for reconciliation of this non-GAAP measure.

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This process was completed in the first quarter of 2024.

As of December 31, 2023, SoFi Invest products included 265,595 digital assets accounts.

Excluding these accounts (that were closed as part of the transfer of the crypto services), total products increased by 3,868,554, or 36%, and total financial services products increased by 3,521,206, or 38%, during the year ended December 31, 2024 .

During 2025, we returned to crypto investing with the launch of SoFi Crypto.

See “ Summary Results by Segment ” for additional metrics we review at the segment level.

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The account of a co-borrower or co-signer is not considered a separate lending product.

In our Financial Services segment, total products refers to the number of SoFi Money accounts (inclusive of checking and savings accounts held at SoFi Bank and cash management accounts), SoFi Invest accounts, SoFi Credit Card accounts (including accounts with a zero dollar balance at the reporting date), referred loans (which are originated by a third-party partner to which we provide pre-qualified borrower referrals), SoFi At Work accounts and SoFi Relay accounts (with either credit score monitoring enabled or external linked accounts) that have been opened through our platform through the reporting date.

In our Financial Services segment, total products refers to the number of SoFi Money accounts (inclusive of checking and savings accounts held at SoFi Bank and cash management accounts), SoFi Invest accounts, SoFi Credit Card accounts (including accounts with a zero dollar balance at the reporting date), referred loans (which are originated by a third-party partner to which we provide pre-qualified borrower referrals), SoFi At Work accounts, SoFi Relay accounts (with either credit score monitoring enabled or external linked accounts), and SoFi Crypto accounts that have been opened through our platform through the reporting date.

Checking and savings accounts are considered one account within our total products metric.

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At Work 163,411 113,917 87,035 49,494 43 % 26,882 31 %

Crypto (2)(4)

63,441 — — — n/m — n/m

Total financial services products (2)

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This process was completed in the first quarter of 2024.

As of December 31, 2023, SoFi Invest products included 265,595 digital assets accounts.

During 2025, we returned to crypto investing with the launch of SoFi Crypto.

(3) Limited to loans wherein we provide third party fulfillment services as part of our Loan Platform Business.

(4) Product counts for Crypto for the fourth quarter of 2025 reflect activity from our product launch on December 22, 2025 through December 31, 2025 and are therefore not representative of a full quarter of performance.

Technology Platform Total Accounts

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Intercompany revenue is eliminated in consolidation.

Total accounts is a primary indicator of the accounts dependent upon our technology platform to use virtual card products, virtual wallets, make peer-to-peer and bank-to-bank transfers, receive early paychecks, separate savings from spending balances, make debit transactions and rely upon real-time authorizations, all of which result in revenues for the

SoFi Technologies, Inc.

Technology Platform segment.

We do not measure total accounts for the Technisys products and solutions, as the revenue model is not primarily dependent upon being a fully integrated, stand-ready service.

spending balances, make debit transactions and rely upon real-time authorizations, all of which result in revenues for the Technology Platform segment.

We do not measure total accounts for other products and solutions for which the revenue model is not primarily dependent upon being a fully integrated, stand-ready service.

Technology Platform Accounts

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Total accounts (1)

128,461,873 167,713,818 145,425,391 (23) % 15 %

___________________

(1) Includes the impact from a large client which fully transitioned off the platform prior to December 31, 2025.

Key Factors Affecting Operating Results

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See “ Industry Trends and General Economic Conditions ” for the impact of specific economic factors on origination volume.

SoFi Technologies, Inc.

Member Growth and Activity

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Growth in members and member activity will depend heavily on our ability to continue to offer attractive products and services at sustainable costs and our continued member acquisition and marketing efforts.

SoFi Technologies, Inc.

Product Offerings

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Operating as a bank allows for expanded access to multiple channels of funding, including deposits through SoFi Bank and borrowing capacity through the FHLB and Federal Reserve, which provides increased optionality in sourcing liquidity through different environments and periods of capital markets volatility, as well as increases our flexibility to capture additional net interest margin and optimize returns.

Since acquiring our bank license, we have shifted and continue to expect our funding mix to move towards deposit funding, which generally has a lower cost of funds than warehouse financing.

Since acquiring our bank license, we have shifted and continue to expect our funding mix to be primarily deposit funding, which generally has a lower cost of funds than warehouse financing.

See Part I, Item 1.

“Company Overview—SoFi Bank ” and “ Government Supervision and Regulation ” for a discussion of the key expected financial benefits to us of operating a national bank and discussion of supervision and regulation that we are subject to.

See Part I, Item 1A.

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Industry Trends and General Economic Conditions

Our results of operations have historically been relatively resilient to economic downturns but in the future may be impacted by the relative strength of the overall economy and its effect on unemployment, asset markets and consumer spending.

Our results of operations have historically been resilient to economic downturns but in the future may be impacted by the strength of the overall economy and its effect on key performance drivers such as unemployment, inflation and consumer spending.

As general economic conditions improve or deteriorate, the amount of consumer disposable income tends to fluctuate, which in turn impacts consumer spending levels and the willingness of consumers to take out loans to finance purchases or invest in financial assets.

Specific economic factors, such as interest rate levels, changes in monetary and related policies, unemployment rates, market volatility, consumer confidence and changing expectations for inflation, also influence consumer spending, saving, investing and borrowing patterns.

The Federal Reserve decreased the benchmark interest rate in September, November and December 2024, and additional rate cuts are anticipated by many financial market participants in 2025, although the timing of such cuts, if any, remains uncertain.

Specific economic factors, such as interest rate levels, changes in monetary and related policies, unemployment rates, inflation and consumer confidence, may also influence consumer spending, saving, investing and borrowing patterns.

Liquidity and robustness of capital markets may influence both benchmark interest rates and credit spreads, thereby similarly influencing consumer behavior.

The Federal Reserve decreased the benchmark interest rate in September, October and December 2025, each time by 0.25%.

Markets are currently pricing in some degree of continued easing over 2026, although the timing of such cuts will be largely determined by the combination of inflation persistence, labor market softness, and the political and leadership dynamics of the Federal Reserve.

Stubborn inflation could cause rising interest rates and unfavorably impact demand for refinancing loan products.

In addition, if interest rates were to rise unexpectedly or too quickly, or macroeconomic conditions deteriorate, it could have a negative impact on the overall economic growth and the state of the consumer.

SoFi Technologies, Inc.

Economic and market volatility may also adversely impact our liquidity, results of operations and financial condition.

We have continued to see strong demand for our deposits as a result of our competitive interest rate offering and access to expanded FDIC insurance coverage through a network of participating banks in our Insured Deposit Program.

High or rising interest rates have unfavorably impacted, and could continue to unfavorably impact, demand for refinancing loan products.

In addition, if the Federal Reserve does not effectively curb inflation, interest rates were to rise unexpectedly or too quickly, or macroeconomic conditions deteriorate or do not improve, it could have a negative impact on the overall economy and result in increased unemployment, which could adversely impact our results of operations.

In addition to benchmark interest rate considerations, economic and market volatility may adversely impact our liquidity, results of operations and financial condition.

Our increased personal loan annualized charge-off rate year over year was reflective of our expectation of credit metrics to revert over time to more normalized levels, but remains healthy, while our lower credit card annualized charge-off rate was reflective of improvement in credit card delinquency rates.

Our credit trends continued to be strong in 2025 after seeing delinquencies peak over one year ago in the first quarter of 2024.

Annualized charge-off rates decreased year-over-year across several portfolios, reflecting improvements in overall credit quality.

Changes or uncertainty persists with respect to the U.S.

presidential administration, governmental policies and regulations, and evolving priorities and guidance, and may adversely impact our members, our technology platform clients, our counterparties, and our operations, earnings and capital.

Negative changes to macroeconomic conditions may result in decreased demand for our products, increased operating costs and negatively impact our results of operations.

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We measure our personal loans, student loans and home loans at fair value.

Our fair value adjustments on loans impact our consolidated results of operations and include adjustments related to loans originated during the period, loans held at the

SoFi Technologies, Inc.

balance sheet date, as well as gains (losses) on loans sold or repurchased during the period.

Our fair value adjustments on loans impact our consolidated results of operations and include adjustments related to loans originated during the period, loans held at the balance sheet date, as well as gains (losses) on loans sold or repurchased during the period.

Fair value adjustments made in each reporting period are impacted by factors such as, among others, interest rates, weighted average coupon, credit spreads, actual and estimated losses, prepayment speeds, duration and previous loan sale execution on similar loans.

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As of the fourth quarter of 2025 relative to the third quarter of 2025, we observed the following trends:

• The weighted average coupon rates on personal loans decreased by 10 bps, which reflects the impacts of loan sales and rate reduction passed on to borrowers related to drops during the fourth quarter.

The weighted average coupon rates on student loans increased 4 bps, which reflects the impacts of loan sales.

• The weighted average conditional prepayment rate on student loans increased by 28 bps, which reflects increases in observed prepayments during the fourth quarter.

• The weighted average discount rates on personal loans and student loans increased by 51 bps and 41, respectively.

For personal loans, our discount rate assumptions increased in the fourth quarter due to benchmark interest rates increasing by 63 bps, partially offset by spreads tightening by 12 bps.

For student loans, our discount rate assumptions increased in the fourth quarter due to benchmark interest rates increasing by 76 bps, partially offset by credit spreads tightening by 35 bps.

• The weighted average coupon rate on personal loans was flat, which reflects the impacts of increased originations and rate reduction passed on to borrowers related to benchmark rate reductions during the fourth quarter.

• The weighted average conditional prepayment rate on student loans decreased by 6 bps, reflecting the impact of expected changes in prepayments.

• The weighted average discount rates on personal loans and student loans decreased by 9 bps and 1 basis point, respectively.

For personal loans, our discount rate assumptions decreased in the fourth quarter due to benchmark interest rates declining by 8 bps, along with credit spreads tightening by 1 basis point.

For student loans, our discount rate assumptions decreased in the fourth quarter due to credit spreads tightening by 6 bps, partially offset by benchmark interest rates increasing by 5 bps.

Credit spread changes are indicated by asset-backed security and secondary markets.

• Annualized net charge-off rates on personal loans in the fourth quarter of 2025 were 2.80%, which remained lower than the assumed weighted average default rates in our fair value model of 4.46%.

Personal loan charge-offs during the third and fourth quarters of 2024 were impacted by delinquent loan sales of $81.0 million and $90.0 million, respectively, of aggregate unpaid principal balance.

Annualized net charge-off rates on student loans in the fourth quarter of 2024 of 0.62% were lower than the assumed weighted average default rates in our fair value model of 0.73%.

Personal loan charge-offs during each of the quarters of 2025 were impacted by delinquent loan sales of $359.9 million of aggregate unpaid principal balance.

Annualized net charge-off rates on student loans in the fourth quarter of 2025 of 0.76% were higher than the assumed weighted average default rates in our fair value model of 0.68%.

The increase in the student loan net charge-off rate was primarily a result of strategically repurchased certain seasoned loans during 2025 that had a higher charge-off rate, in line with our expectations.

Our fair value assumption for annual default rate incorporates fair value markdowns on loans beginning when they are 10 days or more delinquent, with additional markdowns at 30 days, 60 days and 90 days past due.

The combination of these and other factors resulted in fair value losses recognized on our personal and student loans portfolios during the fourth quarter of 2024.

Student Loan Relief

While we expect we may continue to see an increase in student loan refinancing volume as borrowers may look to refinance at a lower rate as interest rates decline or, given the high interest rate environment compared to recent historical periods, may look to extend the loan term, the timing and impact to our student loan refinancing product will largely depend on expectations regarding the impact of the recent change in the U.S.

presidential administration, the interest rate environment, how competitive our student loan refinancing products are compared to our competitors and macroeconomic factors.

For example, in the past, the government has provided relief measures for federal student loan borrowers, including, among others, a federal student loan payment moratorium and debt forgiveness measures that were put forward by the Biden administration.

Although we can’t predict the measures related to student loans, if any, that the Trump administration may pursue, any changes in law, regulations or governmental policies could impact our business in ways that are difficult to predict.

The combination of these and other factors, including in period originations, resulted in fair value gains recognized on our student loans portfolio and fair value losses on our personal loans portfolio during the fourth quarter of 2025.

SoFi Technologies, Inc.

Student Lending

We expect we may continue to see an increase in student loan refinancing volume as borrowers may look to refinance to either a lower rate if interest rates continue to decline or extend the loan term given the high interest rate environment compared to recent historical periods.

However, we expect that the timing and impact to our student loan refinancing product will largely depend on other factors, including executive actions by the U.S.

presidential administration, the interest rate environment and how competitive our student loan refinancing products are compared to our competitors and macroeconomic factors.

Changes in law, regulations or governmental policies related to federal or private student loans could impact demand for our student loan products and our business in ways that are difficult to predict.

While student loan repayments resumed in October 2023 for certain federal student loans, in May 2025, defaulted borrowers risked garnished wages, seized tax refunds, and reduced Social Security benefits (although these involuntary collections were delayed in January 2026).

In July 2025, the One Big Beautiful Bill Act (Pub.

119-21) (“OBBB”) was signed into law, which among other provisions, eliminates Grad PLUS loans and imposes lower borrowing limits and restrictions on Parent PLUS loans, starting in July 2026, and establishes new repayment assistance plans.

In August 2025, the Department of Education issued proposed rules that would narrow employer eligibility under the Public Service Loan Forgiveness program.

We expect these changes could lead to incremental opportunities for SoFi’s student loan products;

however, all such outcomes are highly uncertain.

Key Components of Results of Operations

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We generally expect these expenses to increase in absolute dollars as our business continues to grow.

Noninterest expense also includes goodwill impairment, related to the Galileo and Technisys reporting units.

Noninterest expense also includes goodwill impairment, related to the Technology Platform reporting unit in 2023.

SoFi Technologies, Inc.

Directly Attributable Expenses

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Expenses are attributed to the reportable segments using either direct costs of the segment or labor costs that can be attributed based upon the allocation of employee time for individual products.

SoFi Technologies, Inc.

Consolidated Results of Operations

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Income (loss) before income taxes 525,857 233,345 (301,158) 292,512 125 % 534,503 n/m

Income tax benefit (expense) 265,320 416 (1,686) 264,904 n/m 2,102 n/m

Income tax (expense) benefit (44,537) 265,320 416 (309,857) n/m 264,904 n/m

Net income (loss) $ 481,320 $ 498,665 $ (300,742) $ (17,345) (3) % $ 799,407 n/m

__________________

(1) In the fourth quarter of 2024, we made a presentation change to present the provision for credit losses below total net revenue and above total noninterest expense , from its previous presentation within total noninterest expense .

Respective prior period amounts were recast to conform to the current period presentation.

SoFi Technologies, Inc.

Net Interest Income

The tables below present average balance and interest information for each major category of interest-earning assets and interest-bearing liabilities, along with net interest income and net interest margin.

The table below presents average balance and interest information for each major category of interest-earning assets and interest-bearing liabilities, along with net interest income and net interest margin.

Average Balances and Net Interest Earnings Analysis

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___________________

(1) Average balances were calculated on daily carrying balances for the 2024 and 2023 periods, and on thirteen-month ending carrying balances for the 2022 period, as the daily analysis in the prior periods would have involved undue burden.

Both average calculations are representative of our operations.

(1) Average balances were calculated on daily carrying balances.

(2) Interest expense on other debt primarily includes debt issuance and discount expense, as well as interest expense on the revolving credit facility and convertible senior notes.

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(4) Net interest margin is calculated as net interest income divided by total average interest-earning assets.

Net interest income increased by $454.7 million, or 36%, during the year ended December 31, 2024 compared to the year ended December 31, 2023, and net interest margin decreased by 8 basis points.

Net interest income increased by $502.5 million, or 29%, during the year ended December 31, 2025 compared to the year ended December 31, 2024, and net interest margin increased by 5 basis points.

Average interest-earning assets increased by 28% and average yields decreased by 59 basis points overall, while average interest-bearing liabilities increased by 28% and the average cost of interest-bearing liabilities decreased by 70 basis points.

The increases in net interest income were primarily driven by (i) higher interest income from personal loans and student loans of $539.9 million, which was primarily a function of increases in the average balance and origination volume, as well as longer loan holding periods, (ii) higher interest income from investment securities of $39.7 million primarily

SoFi Technologies, Inc.

well as longer loan holding periods, (ii) higher interest income from investment securities of $54.2 million primarily attributable to higher average balances, (iii) higher interest income from interest-bearing deposits with banks of $42.4 million, primarily attributed to higher average balances, and (iv) lower interest expense on warehouse facilities and securitizations of $124.9 million primarily attributable to lower average balances, which is reflective of our continued funding mix shift towards deposit funding.

attributable to higher average balances, and (iii) lower interest expense on warehouse facilities of $9.3 million primarily attributable to lower rates.

These items were partially offset by (i) higher interest expense on deposits of $83.9 million, primarily attributable to higher average balances, (ii) lower interest income on interest-bearing deposits with banks of $18.0 million primarily attributable to lower rates.

Net interest income increased by $454.7 million, or 36%, during the year ended December 31, 2024 compared to the year ended December 31, 2023, and net interest margin decreased by 8 basis points.

Average interest-earning assets increased by 38% and average yields decreased by 7 basis points overall, while average interest-bearing liabilities increased by 44% and the average cost of interest-bearing liabilities decreased by 17 basis points.

The increases in net interest income were primarily driven by (i) higher interest income from personal loans and student loans of $602.1 million, which was primarily a function of increases in the average balance and origination volume, as well as longer loan holding periods, (ii) higher interest income from investment securities of $54.2 million primarily attributable to higher average balances, (iii) higher interest income from interest-bearing deposits with banks of $42.4 million, primarily attributed to higher average balances, and (iv) lower interest expense on warehouse facilities and securitizations of $124.9 million primarily attributable to lower average balances, which is reflective of our continued funding mix shift towards deposit funding.

These items were partially offset by higher interest expense on deposits of $422.3 million primarily attributable to higher average balances.

Net interest income increased by $677.6 million, or 116%, during the year ended December 31, 2023 compared to the year ended December 31, 2022, and net interest margin increased by 48 basis points.

The increases were primarily driven by higher interest income from (i) personal loans, which was primarily a function of increases in the average balance and origination volume, as well as longer loan holding periods for both personal and student loans, and (ii) interest-bearing deposits with banks, which reflected our strong liquidity position in a rising interest rate environment.

Average interest-earning assets increased by 98%, and average yields increased by 242 basis points.

These increases were partially offset by higher interest expense on deposits attributable to a higher average balance and higher interest rates offered to our members, and higher interest expense on warehouse facilities attributable to a higher average balance and higher interest rates incurred on our facilities, all of which are reflective of the higher interest rate environment year over year.

Analysis of Changes in Net Interest Income

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Interest expense:

Demand deposits $ 872 $ (33,047) $ (32,175) $ (988) $ (5,568) $ (6,556)

Savings deposits 298,772 (118,606) 180,166 421,347 1,414 422,761

Time deposits (52,588) (11,514) (64,102) 5,137 992 6,129

Interest-bearing deposits 247,056 (163,167) 83,889 425,495 (3,161) 422,334

Warehouse facilities 5,942 (15,252) (9,310) (99,723) 4,517 (95,206)

Securitization debt (4,358) (676) (5,034) (21,456) (8,200) (29,656)

(726) (3,912) (4,638) 4,539 139 4,678

Debt 858 (19,840) (18,982) (116,639) (3,545) (120,184)

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17,788 133,480 23,895 175,163

— — 8,132 8,132

Commercial and consumer banking 25 4,992 149,660 154,677

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2025 2024 2023 $ Change % Change $ Change % Change

Loan origination, sales, and securitizations $ 255,870 $ 371,812 $ 565,372 $ (115,942) (31) % $ (193,560) (34) %

Servicing 22,244 37,328 43,547 (15,084) (40) % (6,219) (14) %

Loan origination, sales, securitizations and servicing $ 242,947 $ 278,114 $ 409,140 $ (35,167) (13) % $ (131,026) (32) %

Technology products and solutions 360,903 350,810 323,972 10,093 3 % 26,838 8 %

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$ 1,394,398 $ 958,378 $ 861,049 $ 436,020 45 % $ 97,329 11 %

Total noninterest income increased by $436.0 million, or 45%, for the year ended December 31, 2025 compared to the year ended December 31, 2024, as described below.

Loan Origination, Sales, Securitizations and Servicing

Loan origination, sales, securitizations and servicing decreased by $35.2 million, or 13%, for the year ended December 31, 2025 compared to the year ended December 31, 2024.

The decrease was driven primarily by losses during the 2025 period compared to gains in the 2024 period on interest rate swap positions primarily related to student loans and personal loans, lower fair value gains on personal loans and net higher personal and student loan write-offs.

These decreases were partially offset by higher fair value gains on student loans, higher origination fees and higher fair value gains on home loans in the 2025 period primarily impacted by increased loan origination volume.

SoFi Technologies, Inc.

Loan Platform Business

Loan origination, sales, securitizations and servicing decreased by $131.0 million, or 32%, for the year ended December 31, 2024 compared to the year ended December 31, 2023.

The decrease was driven primarily by higher personal and student loan net charge-offs of $172.5 million, primarily driven by growth in the portfolios and elevated charge off rates, lower fair value gains on personal loans, which were primarily impacted by smaller decreases in discount rate assumptions during 2024, lower fair value gains on student loans, which were primarily impacted by higher discount rate assumptions, and gains on student loan, personal loan and risk retention interest rate swap positions during 2024 compared to losses in 2023, primarily driven by larger increases in interest rates in the 2024 period.

Partially offsetting these decreases were higher origination fees primarily related to a product feature offered on personal loans, whereby a borrower may optionally elect to pay origination fees to qualify for a lower annual percentage rate.

Technology Products and Solutions

Technology products and solutions increased by $10.1 million, or 3%, for the year ended December 31, 2025 compared to the year ended December 31, 2024.

The increase was driven by increased processing and service arrangement activity among our integrated technology solutions clients.

During 2025, a large client fully transitioned off the platform.

Technology products and solutions increased by $26.8 million, or 8%, for the year ended December 31, 2024 compared to the year ended December 31, 2023.

The increase was driven by increased processing and service arrangement activity among our integrated technology solutions clients as well as account growth.

Loan Platform Fees and Related Servicing

Loan platform fees and related servicing increased $430.8 million, or 274%, for the year ended December 31, 2025 compared to the year ended December 31, 2024.

This increase reflects a full year of Loan Platform Business originations during 2025 compared to the prior year period when the business was fully launched in the third quarter of 2024.

Loan platform fees and related servicing increased $121.4 million, or 337%, for the year ended December 31, 2024 compared to the year ended December 31, 2023.

This increase was driven by growth in our Loan Platform Business which was fully launched in the third quarter of 2024.

The following table presents the components of noninterest income associated with our Loan Platform Business:

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$ 121,367 337 %

___________________

(1) Recorded within noninterest income—loan platform fees in the consolidated statements of operations and comprehensive income (loss), and the Financial Services reportable segment.

(2) Recorded within noninterest income—servicing in the consolidated statements of operations and comprehensive income (loss), and the Lending reportable segment.

(2) Recorded within noninterest income—loan origination, sales, securitizations and servicing in the consolidated statements of operations and comprehensive income (loss), and the Lending reportable segment.

Amounts reflect revenue from our servicing agreements on loans which we did not originate, excluding the impacts of changes in fair value inputs and assumptions on related servicing rights as they were immaterial for all periods presented.

Total noninterest income increased by $97.3 million, or 11%, for the year ended December 31, 2024 compared to the year ended December 31, 2023.

The increase was primarily attributable to:

(i) in loan origination, sales and securitizations , higher origination fees of $242.9 million primarily related to a product feature offered on personal loans, whereby a borrower may optionally elect to pay origination fees to qualify for a lower annual percentage rate;

(ii) growth in our Loan Platform Business of $121.4 million composed of an increase of $108.0 million reported in loan platform fees related to revenue from loans that we originate on behalf of third parties and pre-qualified borrower referrals to third-party loan origination partners, as well as a related increase in servicing income of $13.4 million;

(iii) in other , an increase in gains on extinguishment of debt of $47.9 million, and an increase in interchange fee revenue of $32.4 million on higher volume;

and (iv) in technology products and solutions , an increase in technology services fee revenue of $26.3 million driven by increased processing and service arrangement activity among our integrated technology solutions clients as well as account growth.

These increases were partially offset by lower revenue in loan origination, sales and securitizations reflecting:

(i) higher personal and student loan net charge-offs of $172.5 million, primarily driven by growth in the portfolios and elevated charge off rates;

(ii) a net decrease of $111.0 million related to the following:

lower fair value gains on personal loans, which were primarily impacted by smaller decreases in discount rate assumptions during 2024 (a decrease of $371.2 million);

lower fair value gains on student loans, which were primarily impacted by higher discount rate assumptions (a decrease of $77.7 million;

and gains on student loan, personal loan and risk retention interest rate swap positions during 2024 compared to losses in 2023, primarily driven by larger increases in interest rates in the 2024 period (an increase of $337.9 million).

In addition, servicing income decreased $28.4 million primarily related to unfavorable changes in valuation inputs and assumptions for personal loans and student loans, which was primarily attributable to increased prepayment rate and default rate assumptions, respectively, during 2024;

and (iii) higher losses of $66.1 million on personal loan sales in the 2024 period, and were due to both price and volume factors, as well as delinquent loan sales in the 2024 period only.

Total noninterest income decreased by $128.4 million, or 13%, for the year ended December 31, 2023 compared to the year ended December 31, 2022, which was primarily attributable to:

(i) higher personal loan write-offs in 2023, (ii) higher origination fees primarily related to a new product feature offered on personal loans, whereby a borrower may optionally elect to pay origination fees to qualify for a lower annual percentage rate, (iii) the net effect of higher income related to in period originations, loan sale execution and fair value adjustments on loans and securitization loans, which were primarily impacted by higher personal loan origination volume, lower student loan prepayment assumptions, and an increase in securitization loan fair market values primarily associated with a consolidated securitization transaction in the first quarter of 2023, partially offset by losses in 2023 compared to gains in 2022 on loan hedging and risk retention hedge activities due to smaller increases in interest rates during the 2023 period, (iv) growth in technology products and solutions fees largely driven by revenue contribution from Technisys for the full period in 2023, (v) increased interchange revenue, and (vi) gain on extinguishment of debt during 2023.

Other noninterest income increased $26.8 million, or 14%, for the year ended December 31, 2025 compared to the year ended December 31, 2024.

The increase was driven by higher interchange income as a result of an increase in spending volumes across SoFi Money and Credit Card and brokerage income, partially offset by gains on extinguishment of debt during 2024.

Other noninterest income increased $93.5 million, or 99%, for the year ended December 31, 2024 compared to the year ended December 31, 2023.

This increase was driven by gains on extinguishment of debt and an increase in interchange income.

SoFi Technologies, Inc.

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Commercial and consumer banking

113 678 1,302 (565) (83) % (624) (48) %

(579) 113 678 (692) n/m (565) (83) %

$ 30,319 $ 31,712 $ 54,945 $ (1,393) (4) % $ (23,233) (42) %

The provision for credit losses was $30.3 million for the year-ended December 31, 2025, reflecting net charge-offs of $26.0 million and an allowance increase of $4.3 million.

Net charge-offs of $26.1 million decreased $13.7 million compared to the year ended December 31, 2024, driven by lower credit card charge-offs primarily due to an improved delinquency rate as a result of tighter underwriting standards and risk mitigation actions.

The allowance increase of $4.3 million primarily reflected growth in the credit card portfolio balances, partially offset by continued improvement in credit quality of the portfolio.

The provision for credit losses was $31.7 million for the year-ended December 31, 2024, reflecting net charge-offs of $39.6 million and an allowance release of $8.0 million.

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The prior year provision for the year ended December 31, 2023 was $54.9 million, reflecting net charge-offs of $41.0 million and an allowance increase of $13.3 million.

The provision for the year ended December 31, 2023 was $54.9 million and increase of $0.6 million from the prior year reflecting higher average credit card balances combined with elevated credit card loss rates during 2022 .

Refer to “ Analysis of Charge-offs ”.

Refer to “ Analysis of Charge-offs ” for a further discussion of the factors driving changes in net charge-offs and the allowance.

Analysis of Allowance for Credit Losses

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(1) Total loans outstanding excludes accrued interest.

(2) The decrease in the ratio was primarily attributable to secured loans, for which we did not recognize an allowance for credit losses, as well as a decrease in the allowance for credit losses related to credit card on improved delinquencies.

(2) The decrease in the ratio was primarily attributable to improved credit quality in credit card and an increase of $67.5 million in secured loans.

We omitted the credit ratios associated with nonaccrual loans, as the balance of nonaccrual loans was immaterial.

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__________________

SoFi Technologies, Inc.

(1) Loans outstanding balances used in the calculation exclude accrued interest.

(2) Secured loans are term loan arrangements secured by underlying loans (collateral) owned by the debtor.

The underlying loans were previously originated by us and were subject to our underwriting process and risk models, prior to being sold to the debtor and in most instances these loans continue to be

SoFi Technologies, Inc.

serviced by us.

The underlying loans were previously originated by us and were subject to our underwriting process and risk models, prior to being sold to the debtor and in most instances these loans continue to be serviced by us.

We evaluate the credit quality of our secured loan portfolio relative to the fair value of the underlying collateral, reassessing it quarterly based on relevant information, including funded loan rates and historical loss experience.

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___________________

Both average calculations are representative of our operations.

(1) Average balances were calculated on daily carrying balances.

(2) Net charge-offs include both credit- and certain non-credit-related charge-offs.

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Non-credit related charge-offs were immaterial for all periods presented.

(3) Net charge-offs related to personal, student and home loans are generally recorded in noninterest income—loan origination, sales, and securitizations as part of the respective loans total change in fair value.

(3) Net charge-offs related to personal, student and home loans are generally recorded in noninterest income—loan origination, sales, securitizations and servicing as part of the respective loans total change in fair value.

Net charge-offs related to credit card and commercial and consumer banking are considered as part of the allowance for credit losses and provision for credit losses .

(4) Excludes the impact of delinquent personal loan sales during the year ended December 31, 2024 .

These loans were sold prior to charge-off during the year ended December 31, 2024 and otherwise would have been charged off as of December 31, 2024 consistent with our policy.

(4) Excludes the impact of delinquent personal loan sales during the years ended December 31, 2025 and 2024.

These loans were sold prior to charge-off during the years ended December 31, 2025 and 2024 and otherwise would have been charged off as of December 31, 2025 and 2024 consistent with our policy.

Loans to the Notes to Consolidated Financial Statements for additional information.

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For the year ended December 31, 2025, the total net charge-off ratio was 2.07%, a decrease of 56 bps compared with the year ended December 31, 2024, and total net charge-offs were $670.9 million, an increase of $2.7 million over the comparable period.

The decrease in the total net charge-off ratio was primarily due to a lower credit card net charge-off ratio reflective of improvement in delinquency rates (total credit card delinquency rate was 3.5%, down approximately 130 bps from the comparative period) as a result of tighter underwriting standards and risk mitigation actions, as well as lower personal loans net charge-off ratio reflective of improvement in delinquency rates (total personal loan delinquency rate was 52 bps, down approximately 4 bps from the comparative period).

The total net charge-off ratio decrease was partially offset by an increase in the student loan net charge-off ratio primarily driven by the repurchase of certain seasoned loans during 2025 that had a higher charge-off rate, in line with our expectations.

While the student loan charge-off ratio increased during the period, the delinquency rate was relatively in line with the prior year period, reflecting overall stable credit quality of the overall portfolio.

The increase in total net charge-offs was $2.7 million, driven by higher student loan net charge-offs of $31.0 million primarily reflecting an increase in average loans of 45%, partially offset by lower personal loan and credit card net charge-offs of $14.7 million and $13.6 million, respectively.

For the year ended December 31, 2024, the total net charge-off ratio was 2.63%, a decrease of 3 bps compared with the year ended December 31, 2023, and total net charge-offs were $668.2 million, an increase of $169.4 million over the comparable period.

The decrease in the total net charge-off ratio was primarily due to a lower credit card net charge-off ratio reflective of improvement in delinquency rates (total credit card delinquency rate was 4.8%, down approximately 210 bps from the comparative period) as a result of tighter underwriting standards and risk mitigation actions, as well as an increase of $359.1 million in secured loans, for which we did not recognize an allowance for credit losses.

The increase in total net charge-offs was primarily driven by higher personal loan amounts of $148.7 million and higher student loan amounts of $22.0 million.

SoFi Technologies, Inc.

In addition, charge-off ratios for personal loans and student loans were higher year over year, by 12 bps and 20 bps, respectively, which partially offset the improvement in the total net charge-off ratio.

These increases reflect growth in our portfolios, seasoning of vintages and credit normalization, along with the impact of the end of the student loan payment moratorium on August 30, 2023.

For the year ended December 31, 2023, the total net charge-off ratio was 2.66%, an increase of 133 bps compared with the year ended December 31, 2022, and total net charge-offs were $498.8 million, an increase of $376.6 million over the comparable period.

The increase in the net charge-off rate and net charge-offs related to credit card was primarily related to our maturing portfolio, and personal loans on growth in our portfolio, seasoning of vintages and credit normalization.

SoFi Technologies, Inc.

Noninterest Expense

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$ 3,057,178 $ 2,409,802 $ 2,369,002 $ 647,376 27 % $ 40,800 2 %

__________________

Respective prior period amounts were recast to conform to the current period presentation.

Total noninterest expense increased by $40.8 million, or 2%, for the year ended December 31, 2024 compared to the year ended December 31, 2023, primarily driven by:

(i) in sales and marketing , increases in direct member incentives, advertising and marketing expenditures, and lead generation costs of $112.8 million primarily related to our Lending and Financial Services segments;

(ii) increases in amortization of purchased and internally-developed software, and tools and subscriptions costs of $55.2 million, primarily reported in technology and product development, reflective of continued investments in technology;

(iii) increases in professional services costs of $43.8 million, primarily reported in general and administrative and cost of operations ;

(iv) primarily in cost of operations , an increase in product fulfillment costs of $36.1 million, which included debit card fulfillment services, primarily related to our SoFi Money product, as well as payment processing network association fees associated with increased activity on our technology platform;

(v) higher employee compensation and benefits of $32.5 million, which was attributable to increases in headcount and salary related to support of our growth and impacts of the inflationary environment, partially offset by decreases in share-based compensation expense and restructuring charges during the first quarter of 2023;

and (vi) in general and administrative , amortization of premiums on a credit default swap of $30.2 million related to our student loans during the 2024 period.

These increases were partially offset by the absence of $247.2 million of goodwill impairment expenses in the 2023 period related to the Galileo and Technisys reporting units.

Total noninterest expense increased by $531.1 million, or 29%, for the year ended December 31, 2023 compared to the year ended December 31, 2022, primarily driven by:

(i) goodwill impairment expense related to the Galileo and Technisys reporting units, further discussed within “ Critical Accounting Estimates—Goodwill ”, (ii) higher employee compensation and benefits, which was attributable to increases in headcount and salary and the inclusion of Technisys for the full 2023 period compared to a partial period in 2022, related to support of our growth and impacts of the inflationary environment, as well as restructuring charges during the first and fourth quarters of 2023 and partially offset by decreases in share-based compensation expense, (iii) increases in advertising and marketing expenditures, utilization of lead generation channels and direct member incentives, (iv) increased amortization of purchased and internally-developed software, and in tools and subscriptions costs, reflective of continued investments in technology, (v) an increase in product fulfillment costs, which included debit card fulfillment services, primarily related to our SoFi Money product, as well as payment processing network association fees associated with increased activity on our technology platform, and (vi) increases in amortization of intangible assets primarily due to acquired intangible assets in the Technisys Merger and Wyndham acquisition.

These increases were partially offset by the absence of transaction expenses that were incurred in the 2022 period related to our acquisition of Technisys.

The income tax benefit for the year ended December 31, 2024 was $265.3 million, primarily due to the release in the fourth quarter of a $258.4 million valuation allowance against certain deferred tax assets based on our reassessment of their realizability.

Total noninterest expense increased by $647.4 million, or 27%, for the year ended December 31, 2025 compared to the year ended December 31, 2024, as described below.

Technology and product development

Technology and product development expenses increased $96.5 million, or 17% for the year ended December 31, 2025 compared to the year ended December 31, 2024.

The increase was primarily driven by higher employee compensation and benefits attributable to increases in headcount and salary to support our growth, and amortization of internally-developed software.

Technology and product development expenses increased $40.4 million, or 8%, for the year ended December 31, 2024 compared to the year ended December 31, 2023.

This increase was driven by higher amortization of purchased and internally developed software, and tools and subscriptions costs reflective of continued investments in technology.

Sales and marketing

Sales and marketing expenses increased $299.1 million, or 38%, for the year ended December 31, 2025 compared to the year ended December 31, 2024.

The increase was driven by increases in advertising and marketing expenditures, as well as higher lead generation costs primarily related to our Financial Services and Lending segments as we continue to drive expansion of our products and offerings.

Sales and marketing expenses increased $76.9 million, or 11%, for the year ended December 31, 2024 compared to the year ended December 31, 2023.

This increase was driven by increases in direct member incentives, advertising and marketing expenditures, and lead generation costs primarily related to our Lending and Financial Services segments.

Cost of operations

Cost of operations expenses increased $147.4 million, or 32%, for the year ended December 31, 2025 compared to the year ended December 31, 2024.

The increase was driven by:

(i) loan origination and servicing expenses, (ii) higher employee compensation and benefits attributable to increases in headcount and salary to support our growth, (iii) product fulfillment costs which included debit card fulfillment services, primarily related to our SoFi Money product, and (iv) professional services costs.

Cost of operations expenses increased $81.6 million, or 21%, for the year ended December 31, 2024 compared to the year ended December 31, 2023.

This increase was driven by increases in professional services costs and an increase in product fulfillment costs, which included debit card fulfillment services, primarily related to our SoFi Money product, as well as payment processing network association fees associated with increased activity on our technology platform.

SoFi Technologies, Inc.

General and administrative

General and administrative expenses increased $104.3 million, or 17%, for the year ended December 31, 2025 compared to the year ended December 31, 2024.

This increase was driven by higher employee compensation and benefits attributable to increases in headcount and salary to support our growth.

General and administrative expenses increased $89.1 million, or 17%, for the year ended December 31, 2024 compared to the year ended December 31, 2023.

This increase was driven by higher employee compensation and benefits attributable to increases in headcount and salary to support our growth, increases in professional services costs and amortization of premiums on a credit default swap related to our student loans during the 2024 period.

The income tax expense for the year ended December 31, 2025 was $44.5 million, primarily attributable to the Company’s profitability, partially offset by tax benefits for stock compensation.

Income Taxes to the Notes to Consolidated Financial Statements for additional information.

On July 4, 2025, the OBBB was enacted into law, which included certain modifications to U.S.

The enacted portions of the OBBB have not had a material impact on the Company's results of operations in 2025.

Our income tax benefit in 2024 primarily due to the release in the fourth quarter of a $258.4 million valuation allowance against certain deferred tax assets based on our reassessment of their realizability.

The timing of this valuation allowance release was primarily due to our cumulative income combined with projections of continued profitability.

Management defines cumulative income as the most recent three years of pre-tax income when adjusted for certain non-recurring, non-taxable, or non-deductible transactions.

Income Taxes to the Notes to Consolidated Financial Statements for additional information.

SoFi Technologies, Inc.

Our income tax benefit in 2023 was primarily attributable to income tax benefits from foreign losses in jurisdictions with net deferred tax liabilities related to Technisys.

Our 2023 benefits were partially offset by income tax expense associated with the profitability of SoFi Bank in state jurisdictions where separate filings are required, as well as federal taxes where our tax credits and loss carryforwards may be limited.

Our income tax expense position in 2022 was primarily attributable to tax expense at SoFi Lending Corp.

and SoFi Bank due to profitability in state jurisdictions where separate filings are required and recognition of expense from Technisys in certain Latin American countries where separate returns are filed.

The expense was partially offset by deferred tax benefits from the amortization of intangible assets acquired in the Technisys Merger.

Valuation allowances are established when necessary to reduce deferred tax assets to the amounts that are more likely than not expected to be realized.

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As noted above, in 2024 we released a significant portion of our valuation allowance.

During the year ended December 31, 2025, we continue to maintain a valuation allowance in certain state and foreign jurisdictions where sufficient positive evidence does not exist to support the realizability of deferred tax assets.

Management will continue to assess the need for a valuation allowance in future periods.

Income Taxes to the Notes to Consolidated Financial Statements.

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See the sections entitled “Consolidated Results of Operations” , “Summary Results by Segment” and “Non-GAAP Financial Measures” for discussion and analysis of these key financial measures.

SoFi Technologies, Inc.

The following table sets forth selected segment-level data:

2024 2024 vs.

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1,954,222 1,324,505 917,797 629,717 48 % 406,708 44 %

SoFi Technologies, Inc.

Lending Segment

In the table below, we present certain metrics related to our Lending segment:

December 31, 2024 vs.

2023 2023 vs.

2024 2023 2022 Change % Change Change % Change

Total products (number, as of period end) 2,010,354 1,663,006 1,340,597 347,348 21 % 322,409 24 %

Origination volume ($ in thousands, during period)

Personal loans (1)

$ 17,614,985 $ 13,801,065 $ 9,773,705 $ 3,813,920 28 % $ 4,027,360 41 %

Student loans 3,780,752 2,630,040 2,245,499 1,150,712 44 % 384,541 17 %

Home loans 1,820,213 997,492 966,177 822,721 82 % 31,315 3 %

Total $ 23,215,950 $ 17,428,597 $ 12,985,381 $ 5,787,353 33 % $ 4,443,216 34 %

Loans with a balance (number, as of period end) (2)

1,257,965 1,009,433 753,043 248,532 25 % 256,390 34 %

Average loan balance ($, as of period end) (2)

Personal loans $ 25,377 $ 24,223 $ 24,917 $ 1,154 5 % $ (694) (3) %

Student loans (3)

42,960 44,683 46,585 (1,723) (4) % (1,902) (4) %

Home loans 279,321 284,289 285,152 (4,968) (2) % (863) — %

_________________

(1) Inclusive of origination volume related to our Loan Platform Business.

For the year ended December 31, 2024, we originated $2.1 billion of personal loans on behalf of third parties.

We did not originate any loans on behalf of third parties during 2023 or 2022.

(2) Loans with a balance and average loan balance include Lending products on our balance sheet, as well as transferred loans and referred loans with which we have a continuing involvement through our servicing agreements.

(3) Includes in-school loans and student loan refinancing products.

In-school loans carry a lower average balance than student loan refinancing products.

Total Products

Total products in our Lending segment is a subset of our total products metric.

See “ Key Business Metrics ” and Part I, Item 1.

“ Our Reportable Segments ” for further discussion of this measure as it relates to our Lending segment.

Origination Volume

We refer to the aggregate dollar amount of loans originated through our platform in a given period as origination volume.

Origination volume is an indicator of the size and health of our Lending segment and an indicator (together with the relevant loan characteristics, such as interest rate and prepayment and default expectations) of revenues and profitability.

We also originate and sell loans in support of our Loan Platform Business, through which we provide lending related services to third-party partners.

We maintain the same lending relationship with borrowers across all loans that we originate, inclusive of those originated on behalf of a third-party partner and as such, reflect these products within our Lending segment total products.

Changes in origination volume are driven by the addition of new members and existing members, the latter of which at times will either refinance into a new SoFi loan or secure an additional, concurrent loan, as well as macroeconomic factors impacting consumer spending and borrowing behavior.

Personal Loans.

During the year ended December 31, 2024, total personal loan origination volume increased by 28% relative to 2023, inclusive of a $2.1 billion increase related to personal loans originated on behalf of third parties during the second half of 2024 in support of our Loan Platform Business.

Overall increases in origination volume were primarily due to increased demand driven by expanded marketing efforts and increased demand for debt consolidation products in a rising interest rate environment during 2023 that remained elevated into the third quarter of 2024.

During the year ended December 31, 2023, personal loan origination volume increased by 41% relative to 2022, primarily due to increased demand driven by expanded marketing efforts and increased demand for debt consolidation products in a rising interest rate environment.

Student Loans.

During the year ended December 31, 2024, student loan origination volume increased by 44% relative to 2023, as demand for student loan refinancing products increased after the resumption of principal and interest payments on federally-held student loans as borrowers looked to refinance at a lower rate or, given the high interest rate environment, to extend the loan term.

SoFi Technologies, Inc.

During the year ended December 31, 2023, student loan origination volume increased by 17% relative to 2022, as demand for student loan refinancing products increased ahead of the resumption of principal and interest payments on federally-held student loans as borrowers looked to refinance at a lower rate or, given the high interest rate environment, to extend the loan term.

This was partially offset by the unfavorable impact of the suspension of principal and interest payments on federally-held student loans through August 30, 2023 and the expectation of debt cancellation for certain federal student loan borrowers which was struck down by the U.S.

Supreme Court in June 2023, combined with a continued rising interest rate environment in 2023.

During the year ended December 31, 2024, home loan origination volume increased by 82% relative to 2023.

Our home loan origination volume increased notably beginning in the second quarter of 2023 and throughout 2024, aided by the increased capacity and capabilities subsequent to our acquisition of Wyndham.

In addition, interest rates began to decline in the third quarter of 2024, which tends to raise demand for home loans overall as well as shift demand towards refinance originations from purchase originations.

During the year ended December 31, 2023, home loan origination volume decreased by 3% relative to 2022 due to continued rising interest rates, which tends to lower demand for home loans overall and shift demand from refinance originations to purchase originations, the latter of which is a more competitive landscape.

Although purchase originations historically represented a smaller percentage of our home loan originations, our mix during the 2023 period has shifted toward more purchase originations, which we would expect to continue under similar macroeconomic conditions.

Our home loan origination volume increased notably beginning in the second quarter of 2023, aided by the increased capacity and capabilities subsequent to our acquisition of Wyndham.

Loans with a Balance and Average Loan Balance

Loans with a balance refers to the number of loans that have a balance greater than zero dollars as of the reporting date.

Loans with a balance allows management to better understand the unit economics of acquiring a loan in relation to the lifetime value of that loan.

Average loan balance is defined as the total unpaid principal balance of the loans divided by loans with a balance within the respective loan product category as of the reporting date.

Average loan balance tends to fluctuate based on the pace of loan originations relative to loan repayments and the initial loan origination size.

In the table below, we present additional information related to our lending products:

Year Ended December 31,

($ in thousands)

2024 2023 2022

Overall weighted average origination FICO 750 749 752

Personal Loans (1)

Weighted average origination FICO 746 745 747

Weighted average interest rate earned (2)

13.34 % 13.28 % 11.82 %

Interest income recognized

$ 2,077,990 $ 1,600,527 $ 551,458

Sales of loans

$ 6,595,822 $ 938,403 $ 2,911,491

Student Loans

Weighted average origination FICO 766 770 773

Weighted average interest rate earned (2)

5.73 % 5.13 % 4.27 %

Interest income recognized

$ 406,546 $ 281,921 $ 170,550

Sales of loans

$ 294,187 $ 96,678 $ 877,920

Weighted average origination FICO 755 755 749

Weighted average interest rate earned (2)

7.94 % 5.76 % 3.42 %

Interest income recognized

$ 6,117 $ 4,982 $ 4,714

Sales of loans

$ 1,737,100 $ 1,029,214 $ 1,094,981

__________________

(1) Inclusive of activity related to loans originated and subsequently sold as part of our Loan Platform Business.

For the year ended December 31, 2024, included $2.1 billion related to loans originated on behalf of third parties.

We did not originate any loans on behalf of third parties during the 2023 and 2022 periods presented.

(2) Weighted average interest rate earned represents annualized interest income recognized divided by the average of the unpaid principal balances of loans outstanding during the period, which are impacted by loan holding periods as well as interest rates charged to borrowers.

Weighted average interest rate earned was determined on a daily basis for the 2024 and 2023 periods and on a thirteen-month basis for the 2022 period, as the daily analysis in the prior period would have involved undue burden.

Both average calculations are representative of our operations.

SoFi Technologies, Inc.

Lending Segment Results of Operations

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Directly attributable expenses:

Direct advertising (327,747) (218,566) (183,885) (109,181) 50 % (34,681) 19 %

Lead generation (184,542) (149,481) (115,388) (35,061) 23 % (34,093) 30 %

Compensation and benefits (166,239) (126,394) (119,266) (39,845) 32 % (7,128) 6 %

Loan origination and servicing costs (84,215) (51,415) (46,241) (32,800) 64 % (5,174) 11 %

Professional services (13,041) (11,957) (9,592) (1,084) 9 % (2,365) 25 %

Intercompany technology platform expenses (2,078) (2,706) (948) 628 (23) % (1,758) 185 %

(32,244) (27,988) (37,753) (4,256) 15 % 9,765 (26) %

Directly attributable expenses

(810,106) (588,507) (513,073) (221,599) 38 % (75,434) 15 %

Contribution profit $ 1,016,900 $ 890,543 $ 823,273 $ 126,357 14 % $ 67,270 8 %

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These assumptions are highly sensitive to market interest rate changes and are not indicative of our performance or results of operations.

These non-cash charges, which are recorded within noninterest income in the consolidated statements of operations and comprehensive income (loss), are unrealized during the period and, therefore, have no impact on our cash flows from operations.

Moreover, these non-cash charges, which are recorded within noninterest income in the consolidated statements of operations and comprehensive income (loss), are unrealized during the period and, therefore, have no impact on our cash flows from operations.

(2) Reflects changes in fair value inputs and assumptions on residual interests classified as debt, including conditional prepayment, default rates and discount rates.

When third parties finance our consolidated securitization VIEs by purchasing residual interests, we receive proceeds at the time of the closing of the securitization and, thereafter, pass along contractual cash flows to the residual interest owner.

These obligations are measured at fair value on a recurring basis, with fair value changes recorded within noninterest income in the consolidated statements of operations and comprehensive income (loss).

These residual debt obligations are measured at fair value on a recurring basis, but they have no impact on our initial financing proceeds, our future obligations to the residual interest owner (because future residual interest claims are limited to contractual securitization collateral cash flows), or the general operations of our business.

These residual debt obligations are measured at fair value on a recurring basis, with fair value changes recorded within noninterest income in the consolidated statements of operations and comprehensive

SoFi Technologies, Inc.

income (loss), but they have no impact on our initial financing proceeds, our future obligations to the residual interest owner (because future residual interest claims are limited to contractual securitization collateral cash flows), or the general operations of our business.

(3) Other expenses primarily include loan marketing expenses, member promotional expenses, tools and subscriptions, travel and occupancy-related costs and third-party loan fraud (net of related insurance recoveries).

(4) Adjusted net revenue is a non-GAAP financial measure.

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Net interest income in our Lending segment increased by $398.8 million, or 33%, for the year ended December 31, 2025 compared to 2024.

This was primarily attributable to increases in aggregate average personal and student loan unpaid principal balances of $3.1 billion (20%) and $3.1 billion (43%), respectively, combined with higher weighted average interest rates on student loans.

The personal and student loan average balance increases were primarily attributable to higher origination volume and longer loan holding periods.

Net interest income in our Lending segment increased by $246.5 million, or 26%, for the year ended December 31, 2024 compared to 2023.

This was primarily attributable to increases in aggregate average personal and student loan unpaid principal balances of $3.5 billion (29%) and $1.6 billion (29%), respectively, combined with higher weighted average interest rates.

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Interest expense associated with funding our lending activities increased by $410.0 million, or 44%, primarily due to higher average loan balances.

Net interest income in our Lending segment increased by $429.3 million, or 81%, for the year ended December 31, 2023 compared to 2022.

This was primarily attributable to increases in average personal and student loan unpaid principal balances of $7.0 billion (161%) and $1.7 billion (49%), respectively, combined with a higher weighted average interest rate.

The personal loan average balance increase was primarily attributable to higher origination volume and longer loan holding periods.

The student loan average balance increase was primarily attributable to longer loan holding periods.

Interest expense associated with funding our lending activities increased by $732.1 million, or 356%, primarily due to the sharp increases in benchmark rates which are reflective of the higher interest rate environment year over year, as well as higher average loan balances.

Noninterest income

Noninterest income in our Lending segment decreased by $131.9 million, or 32%, for the year ended December 31, 2024 compared to 2023, which was primarily attributable to lower loan origination, sales, and securitizations income of $115.9 million.

Noninterest income in our Lending segment decreased by $198.7 million, or 33%, for the year ended December 31, 2023 compared to 2022, which was primarily attributable to lower loan origination, sales, and securitizations income of $193.3 million.

SoFi Technologies, Inc.

Loan Originations, Sales, and Securitizations

The following table presents the components of noninterest income—loan origination, sales, and securitizations :

Noninterest income in our Lending segment decreased by $35.1 million, or 13%, for the year ended December 31, 2025 compared to 2024, and decreased by $131.9 million, or 32%, for the year ended December 31, 2024 compared to 2023.

For both periods, the change was primarily attributable to lower loan origination, sales, securitizations and servicing income.

Loan Originations, Sales, Securitizations and Servicing

The following table presents the components of noninterest income—loan origination, sales, securitizations and servicing :

Year Ended December 31, 2025 vs.

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Economic derivative hedges of loan fair values (165,542) 331,477 (11,258) (497,019) n/m 342,735 n/m

Other derivative instruments (2)

(15,730) 7,560 (11,032) (23,290) n/m 18,592 n/m

Loan origination fees

377,277 134,399 7,452 242,878 181 % 126,947 n/m

429,621 377,277 134,399 52,344 14 % 242,878 181 %

Loan write-off expense – whole loans (2)

(645,006) (627,696) (455,194) (17,310) 3 % (172,502) 38 %

Loan repurchase (expense) benefit (4)

(4,803) (2,075) 4,460 (2,728) 131 % (6,535) n/m

Other (4,097) 8,453 (10) (12,550) n/m 8,463 n/m

Loan origination, sales, and securitizations noninterest income

20,152 (2,505) 51,103 22,657 n/m (53,608) n/m

Loan origination, sales, securitizations and servicing noninterest income

$ 242,944 $ 278,017 $ 409,006 $ (35,073) (13) % $ (130,989) (32) %

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Fair value adjustments are impacted by interest rates, weighted average coupon, credit spreads and loss estimates, prepayment speeds, duration and previous loan sale execution on similar loans.

(2) Includes gains (losses) on IRLCs and interest rate caps.

Also includes losses related to credit derivatives in 2024, as well as gains on purchase price earn-out during 2023 and 2022.

(2) For the years ended December 31, 2025, 2024 and 2023, includes gross write-offs of $756.7 million, $730.1 million and $533.3 million, respectively.

Total recoveries were $111.7 million, $102.4 million and $78.1 million, respectively, of which $81.3 million, $78.8 million and $53.7 million, respectively, were captured via loan sales to a third-party collection agency.

(4) Represents the (expense) benefit associated with our estimated loan repurchase obligation.

(3) Includes changes in fair value of servicing rights, gains (losses) on IRLCs and interest rate caps and the (expense) benefit associated with our estimated loan repurchase obligation.

Commitments, Guarantees, Concentrations and Contingencies to the Notes to Consolidated Financial Statements for additional information.

The decrease in loan origination, sales, and securitizations income of $115.9 million, or 31%, was primarily driven by:

The decrease in loan origination, sales, securitizations and servicing income of $35.1 million, or 13%, was primarily driven by:

(i) losses during the 2025 period compared to gains in the 2024 period on interest rate swap positions primarily related to student loans and personal loans ($479.4 million), and (ii) net higher loan write-offs in the 2025 period ($17.3 million), which were related to student and personal loans.

SoFi Technologies, Inc.

These decreases were partially offset by:

(i) higher fair value gains on student loans primarily impacted by a larger decrease in discount rate assumptions as well as increased loan origination volume ($292.4 million), (ii) higher fair value gains on home loans in the 2025 period primarily impacted by increased loan origination volume ($86.5 million), and (iii) higher origination fees ($52.3 million) primarily related to a product feature offered on personal loans, whereby a borrower may optionally elect to pay origination fees to qualify for a lower annual percentage rate, as well as home loans.

The decrease in loan origination, sales, securitizations and servicing income of $131.0 million, or 32%, was primarily driven by:

(i) higher personal loan as well as student loan write-offs in the 2024 period, primarily driven by higher loan origination volume, longer loan holding periods and elevated charge off rates during 2024 ($170.7 million);

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These decreases were partially offset by higher origination fees primarily related to a new product feature offered on personal loans, whereby a borrower may optionally elect to pay origination fees to qualify for a lower annual percentage rate ($242.9 million).

The decrease in loan origination, sales, and securitizations income was primarily driven by:

(i) higher personal loan write-offs in the 2023 period, primarily driven by longer loan holding periods and elevated charge off rates, (ii) losses in 2023 compared to gains in 2022 on student loan, personal loan and risk retention interest rate swap positions primarily driven by smaller increases in interest rates during the 2023 period, and (iii) lower gains on home loan pipeline hedges primarily driven by larger increases in the underlying hedge price index during the 2023 period.

These decreases were partially offset by:

(i) higher fair value gains on personal loans and lower fair value losses on student loans in the 2023 period, which were primarily impacted by higher origination volume and lower prepayment assumptions, respectively, (ii) higher origination fees primarily related to a new product feature offered on personal loans, whereby a borrower may optionally elect to pay origination fees to qualify for a lower annual percentage rate, (iii) improvement in securitizations income primarily driven by an increase in securitization loan and residual interests in securitization trusts fair market values primarily associated with consolidated securitization transactions in the first and third quarters of 2023, and a positive variance in our securitization bond and residual interest position fair values, (iv) fair value gains on home loans (compared to losses in the 2022 period), which were primarily impacted by smaller decreases in benchmark rates, and (v) losses on home loan and student loan sale execution in the 2022 period, which were due to both volume and price factors.

SoFi Technologies, Inc.

We own the master servicing on all of the servicing rights that we retain and, in each case, recognize the gross servicing rate applicable to each serviced loan.

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Personal loans

$ 153,952 $ 28,839 $ (4,245) $ 125,113 434 % $ 33,084 n/m

$ 54,416 $ 153,952 $ 28,839 $ (99,536) (65) % $ 125,113 434 %

Student loans (20,113) (7,678) (4,929) (12,435) 162 % (2,749) 56 %

Home loans 1,747 15,385 6,705 (13,638) (89) % 8,680 129 %

___________________

(1) Increases during the 2024 periods were primarily attributable to higher loan sales.

Directly attributable expenses

The directly attributable expenses allocated to the Lending segment that were used in the determination of the segment's contribution profit were as follows:

Year Ended December 31, 2024 vs.

Lending segment directly attributable expenses increased by $221.6 million, or 38%, for the year ended December 31, 2025 compared to 2024, primarily due to:

(i) an increase in direct advertising primarily related to online, digital and direct mail advertising, (ii) an increase in allocated compensation and related benefits, which reflected increases in headcount in 2025 to support growth in the Lending segment, (iii) an increase in expense related to personal loan lead generation channels, and (iv) an increase in loan origination and servicing costs, which correspond with increased loan origination volume.

Lending segment directly attributable expenses increased by $75.4 million, or 15%, for the year ended December 31, 2024 compared to 2023, primarily due to:

(i) an increase in direct advertising primarily related to online and digital advertising, (ii) an increase in personal and student loan lead generation channels, (iii) an increase in allocated compensation and related benefits, which reflected increases in average compensation in 2024, and (iv) a decrease in other expenses, primarily related to third-party loan fraud.

SoFi Technologies, Inc.

Total Products

Total products in our Lending segment is a subset of our total products metric.

See “ Key Business Metrics ” and Part I, Item 1.

“ Our Reportable Segments ” for further discussion of this measure as it relates to our Lending segment.

In the table below, we present certain metrics and financial information related to our Lending segment:

December 31, 2025 vs.

2024 2024 vs.

($ in thousands) 2024 2023 2022 $ Change % Change $ Change % Change

Direct advertising $ 218,566 $ 183,885 $ 178,263 $ 34,681 19 % $ 5,622 3 %

Lead generation 149,481 115,388 87,716 34,093 30 % 27,672 32 %

Compensation and benefits 126,394 119,266 103,996 7,128 6 % 15,270 15 %

Loan origination and servicing costs 51,415 46,241 41,535 5,174 11 % 4,706 11 %

Professional services 11,957 9,592 6,649 2,365 25 % 2,943 44 %

Intercompany technology platform expenses 2,706 948 — 1,758 185 % 948 n/m

2025 2024 2023 Change % Change Change % Change

Total products (number, as of period end) 2,633,186 2,010,354 1,663,006 622,832 31 % 347,348 21 %

Origination volume ($ in thousands, during period)

Personal loans (1)

$ 27,495,534 $ 17,614,985 $ 13,801,065 $ 9,880,549 56 % $ 3,813,920 28 %

Directly attributable expenses $ 588,507 $ 513,073 $ 442,945 $ 75,434 15 % $ 70,128 16 %

Student loans 5,537,934 3,780,752 2,630,040 1,757,182 46 % 1,150,712 44 %

Home loans 3,388,995 1,820,213 997,492 1,568,782 86 % 822,721 82 %

Total $ 36,422,463 $ 23,215,950 $ 17,428,597 $ 13,206,513 57 % $ 5,787,353 33 %

Loans with a balance (number, as of period end) (2)

1,744,115 1,257,965 1,009,433 486,150 39 % 248,532 25 %

(1) Other expenses primarily include loan marketing expenses, member promotional expenses, tools and subscriptions, travel and occupancy-related costs, and third-party loan fraud (net of related insurance recoveries).

Lending segment directly attributable expenses increased by $75.4 million, or 15%, for the year ended December 31, 2024 compared to 2023, primarily due to:

Lending segment directly attributable expenses increased by $70.1 million, or 16%, for the year ended December 31, 2023 compared to 2022, primarily due to:

(i) an increase in personal loan lead generation channels during 2023, (ii) an increase in allocated compensation and related benefits, which reflected increases in average compensation and average headcount in 2023, (ii) an increase in direct advertising primarily related to direct mail advertising, and (iv) an increase in other expenses, primarily related to loan marketing expenses and third-party loan fraud.

Average loan balance ($, as of period end) (2)

Personal loans $ 25,810 $ 25,377 $ 24,223 $ 433 2 % $ 1,154 5 %

Student loans (3)

43,371 42,960 44,683 411 1 % (1,723) (4) %

Home loans 243,916 279,321 284,289 (35,405) (13) % (4,968) (2) %

_________________

(1) Inclusive of origination volume related to our Loan Platform Business.

For the years ended December 31, 2025 and 2024, we originated $11.0 billion and $2.1 billion, respectively, of personal loans on behalf of third parties.

We did not originate any loans on behalf of third parties during 2023.

(3) Includes in-school loans and student loan refinancing products.

In-school loans carry a lower average balance than student loan refinancing products.

Origination Volume

We refer to the aggregate dollar amount of loans originated through our platform in a given period as origination volume.

We also originate and sell loans in support of our Loan Platform Business, through which we provide lending related services to third-party partners.

Personal Loans.

During the year ended December 31, 2025, total personal loan origination volume increased by 56% relative to 2024, inclusive of an $8.9 billion increase related to personal loans originated on behalf of third parties in support of our Loan Platform Business which we expanded starting in the second half of 2024.

Demand from our Loan Platform Business has continued to increase as partners seek to leverage our customer acquisition and operational capabilities to originate loans at scale, as well as increased demand driven by expanded advertising and marketing efforts.

During the year ended December 31, 2024, personal loan origination volume increased by 28% relative to 2023, inclusive of a $2.1 billion increase related to personal loans originated on behalf of third parties during the second half of 2024 in support of our Loan Platform Business.

Student Loans.

During the year ended December 31, 2025, student loan origination volume increased by 46% relative to 2024, as demand for student loan refinancing products continued to increase after the resumption of principal and interest payments in 2024 on federally-held student loans as borrowers looked to refinance at a lower rate, as well as increased interest in loan term extensions given the elevated interest rate environment.

SoFi Technologies, Inc.

During the year ended December 31, 2025, home loan origination volume increased by 86% relative to 2024.

Our home loan origination volume increased notably throughout 2024 and into 2025, aided by the increased capacity and technology and fulfillment capabilities subsequent to our acquisition of Wyndham.

During 2024, we began offering fixed rate home equity loans and variable rate HELOCs.

Origination volume during 2025 reflected increased demand for home equity loans, which have allowed members to take advantage of the equity that has built up in their homes.

During the year ended December 31, 2024, home loan origination volume decreased by 82% relative to 2023.

In addition, interest rates declined in the third quarter of 2024, which tends to raise demand for home loans overall as well as shift demand towards refinance originations from purchase originations.

Loans with a Balance and Average Loan Balance

Loans with a balance refers to the number of loans that have a balance greater than zero dollars as of the reporting date.

Loans with a balance allows management and investors to better understand the unit economics of acquiring a loan in relation to the lifetime value of that loan.

Average loan balance is defined as the total unpaid principal balance of the loans divided by loans with a balance within the respective loan product category as of the reporting date.

Average loan balance tends to fluctuate based on the pace of loan originations relative to loan repayments and the initial loan origination size.

In the table below, we present additional information related to our lending products:

Year Ended December 31,

($ in thousands)

2025 2024 2023

Overall weighted average origination FICO 749 750 749

Personal Loans (1)

Weighted average origination FICO 744 746 745

Weighted average interest rate earned (2)

13.00 % 13.34 % 13.28 %

Interest income recognized

$ 2,425,576 $ 2,077,990 $ 1,600,527

Sales of loans

$ 12,831,325 $ 6,595,822 $ 938,403

Student Loans

Weighted average origination FICO 769 766 770

Weighted average interest rate earned (2)

5.89 % 5.73 % 5.13 %

Interest income recognized

$ 598,886 $ 406,546 $ 281,921

Sales of loans

$ 376,545 $ 294,187 $ 96,678

Weighted average origination FICO 751 755 755

Weighted average interest rate earned (2)

7.78 % 7.94 % 5.76 %

Interest income recognized

$ 39,996 $ 6,117 $ 4,982

Sales of loans

$ 2,376,087 $ 1,737,100 $ 1,029,214

__________________

(1) Inclusive of activity related to loans originated and subsequently sold as part of our Loan Platform Business.

For the years ended December 31, 2025 and 2024, included $10.9 billion and $2.1 billion, respectively, related to loans originated on behalf of third parties.

We did not originate any loans on behalf of third parties during 2023.

Weighted average interest rate earned was determined on a daily basis.

SoFi Technologies, Inc.

Transfers of Financial Assets

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Loans to the Notes to Consolidated Financial Statements for additional information.

The following table summarizes our whole loan sales:

The following table summarizes our current whole loan sales:

Year Ended December 31,

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Repurchase liabilities recognized (2,432) (9,907) (2,069)

Total consideration received 3,141,787 596,003 3,031,314

Total consideration 1,684,970 3,141,787 596,003

Aggregate unpaid principal balance and accrued interest of loans sold 1,589,607 2,973,077 567,003

Realized gain $ 95,363 $ 168,710 $ 29,000

$ 168,710 $ 29,000 $ 106,747

Sale execution (1)(2)

8 unchanged sentences

Realized gain $ 23,142 $ 14,956 $ 1,484

$ 14,956 $ 1,484 $ 11,078

Sale execution (1)

6 unchanged sentences

Aggregate unpaid principal balance and accrued interest of loans sold 2,379,280 1,738,036 1,029,623

Realized gain (loss)

$ 24,392 $ 1,396 $ (25,518)

Realized gain $ 52,265 $ 24,392 $ 1,396

Sale execution (1)

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(2) Excludes net origination fees, which are recognized in earnings at the time of origination.

Personal loans sold during the year ended December 31, 2025, had related origination fees of $42,733.

Sales execution including these origination fees would be 108.8%.

Personal loans sold during the year ended December 31, 2024, had related origination fees of $60.5 million.

3 unchanged sentences

SoFi Technologies, Inc.

The following table summarizes our delinquent whole loan sales during the year ended December 31, 2024.

There were no delinquent whole loan sales during the years ended December 31, 2023 and 2022.

The following table summarizes our delinquent whole loan sales during the years ended December 31, 2025 and 2024.

There were no delinquent whole loan sales during the year ended December 31, 2023.

Year Ended December 31,

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Aggregate unpaid principal balance and accrued interest of loans sold (1)(2)

378,780 319,738

Realized loss $ (325,167) $ (275,387)

1 unchanged sentence

14.3 % 13.9 %

__________________

(1) For the year ended December 31, 2025, includes $359.9 million of aggregate unpaid principal balance sold, related to late-stage delinquent loans for which we retained servicing and portions of recoveries.

For the year ended December 31, 2024, $197.4 million of unpaid principal balance was recorded in prior periods as a write down in noninterest income—loan origination, sales, and securitizations in the consolidated statements of operations and comprehensive income (loss).

These loans were sold prior to charge-off during the year ended December 31, 2024 and otherwise would have been charged off as of December 31, 2024 consistent with our policy.

For the year ended December 31, 2024, includes $302.9 million of aggregate unpaid principal balance sold, related to late-stage delinquent loans for which we retained servicing and portions of recoveries.

(2) For the year ended December 31, 2025, $209.2 million of unpaid principal balance was recorded in prior periods as write down in noninterest income—loan origination, sales, securitizations and servicing in the consolidated statements of operations and comprehensive income (loss).

For the year ended December 31, 2024, $197.4 million of unpaid principal balance was recorded in prior periods as a write down in noninterest income—loan origination, sales, securitizations and servicing in the consolidated statements of operations and comprehensive income (loss).

These loans were sold prior to charge-off during the respective periods and otherwise would have been charged off as of December 31, 2025 and 2024, respectively, consistent with our policy.

In our other charged off whole loan sales, we typically do not retain servicing or recoveries.

3 unchanged sentences

Technology Platform Segment

In the table below, we present the total accounts metric related to Galileo within our Technology Platform segment:

December 31, 2024 vs.

2023 2023 vs.

2024 2023 2022 $ Change % Change $ Change % Change

Total accounts 167,713,818 145,425,391 130,704,351 22,288,427 15 % 14,721,040 11 %

See “Key Business Metrics” and Part I, Item 1.

“ Our Reportable Segments ” for further discussion of this measure as it relates to our Technology Platform segment.

Technology Platform Segment Results of Operations

4 unchanged sentences

Net interest income $ 1,505 $ 2,158 $ 1,514 $ (653) (30) % $ 644 43 %

$ 2,158 $ 1,514 $ — $ 644 43 % $ 1,514 n/m

Noninterest income 448,706 393,020 350,826 55,686 14 % 42,194 12 %

2 unchanged sentences

Directly attributable expenses:

Compensation and benefits (187,895) (152,158) (151,041) (35,737) 23 % (1,117) 1 %

Product fulfillment (50,852) (58,247) (47,731) 7,395 (13) % (10,516) 22 %

Tools and subscriptions (37,291) (28,081) (26,384) (9,210) 33 % (1,697) 6 %

Professional services (14,234) (12,088) (13,230) (2,146) 18 % 1,142 (9) %

(15,526) (17,649) (19,168) 2,123 (12) % 1,519 (8) %

Directly attributable expenses (1)

(305,798) (268,223) (257,554) (37,575) 14 % (10,669) 4 %

Contribution profit $ 144,413 $ 126,955 $ 94,786 $ 17,458 14 % $ 32,169 34 %

___________________

(1) Other expenses are primarily related to travel and occupancy-related costs, advertising and marketing and accounts receivable write-offs.

Net interest income

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Noninterest income in our Technology Platform segment increased by $55.7 million, or 14%, for the year ended December 31, 2025 compared to 2024.

The increase was primarily attributable to an increase in intercompany revenue of $48.7 million, primarily attributable to increased usage of technology platform services during the 2025 period by our Financial Services segment as we continue to leverage synergies to enhance our product offerings.

During 2025, a large client fully transitioned off the platform.

Noninterest income in our Technology Platform segment increased by $42.2 million, or 12%, for the year ended December 31, 2024 compared to 2023.

The increase was primarily attributable to growth in technology services fees of $26.3 million driven by increased processing and service arrangement activity among our integrated technology solutions clients as well as account growth.

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The increase in intercompany revenue was primarily attributable to increased usage of technology platform services during the 2024 period by our Financial Services segment as we continue to leverage synergies to enhance our product offerings.

Noninterest income in our Technology Platform segment increased by $35.7 million, or 11%, for the year ended December 31, 2023 compared to 2022.

The increase was primarily attributable to growth in technology services fees of $20.5 million driven by revenue contribution from Technisys for the full 2023 period compared to ten months of 2022.

Noninterest income also included $22.2 million and $7.6 million of intercompany revenue for the years ended December 31, 2023 and 2022, respectively.

The increase in intercompany revenue was primarily attributable to increased usage of technology platform services during the 2023 periods by our Financial Services segment, as well as within our Technology Platform segment, as we continue to leverage synergies to enhance our product offerings.

Directly attributable expenses

The directly attributable expenses allocated to the Technology Platform segment that were used in the determination of the segment's contribution profit were as follows:

Year Ended December 31, 2024 vs.

2023 2023 vs.

($ in thousands) 2024 2023 2022 $ Change % Change $ Change % Change

Compensation and benefits $ 152,158 $ 151,041 $ 143,843 $ 1,117 1 % $ 7,198 5 %

Product fulfillment 58,247 47,731 39,237 10,516 22 % 8,494 22 %

Tools and subscriptions 28,081 26,384 21,745 1,697 6 % 4,639 21 %

Professional services 12,088 13,230 11,460 (1,142) (9) % 1,770 15 %

17,649 19,168 22,335 (1,519) (8) % (3,167) (14) %

Directly attributable expenses $ 268,223 $ 257,554 $ 238,620 $ 10,669 4 % $ 18,934 8 %

___________________

(1) Other expenses are primarily related to travel and occupancy-related costs, advertising and marketing, and accounts receivable write-offs.

Technology Platform segment directly attributable expenses increased by $37.6 million, or 14%, for the year ended December 31, 2025 compared to 2024, primarily attributable to an increase in allocated compensation and related benefits, which reflected an increase in headcount and increases in average compensation in 2025.

Technology Platform segment directly attributable expenses increased by $10.7 million, or 4%, for the year ended December 31, 2024 compared to 2023, primarily attributable to an increase in product fulfillment costs, primarily related to payment processing network association fees associated with increased activity on the platform.

Technology Platform segment directly attributable expenses increased by $18.9 million, or 8%, for the year ended December 31, 2023 compared to 2022, primarily due to:

(i) an increase in product fulfillment costs, primarily related to payment processing network association fees associated with increased activity on the platform, (ii) an increase in compensation and benefits expense, primarily related to bonus adjustments in the second quarter of 2023 and the inclusion of Technisys in our results for the full 2023 period, partially offset by a decrease in average headcount in 2023 corresponding with restructuring during the first quarter of 2023, and (iii) an increase in tools and subscriptions costs related to internal technology initiatives to support the growth of the platform, along with the inclusion of Technisys in our results for the full 2023 period.

Financial Services Segment

In the table below, we present the total products metric related to our Financial Services segment:

Total Accounts

In the table below, we present the total accounts metric related to our Technology Platform segment:

December 31, 2025 vs.

1 unchanged sentence

2025 2024 2023 $ Change % Change $ Change % Change

Total products

Total accounts

128,461,873 167,713,818 145,425,391 (39,251,945) (23) % 22,288,427 15 %

Total products in our Financial Services segment is a subset of our total products metric.

See “Key Business Metrics” and Part I, Item 1.

“ Our Reportable Segments ” for a further discussion of this measure as it relates to our Financial Services segment.

“ Our Reportable Segments ” for further discussion of this measure as it relates to our Technology Platform segment.

SoFi Technologies, Inc.

Financial Services Segment

Financial Services Segment Results of Operations

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Net interest income $ 777,991 $ 573,422 $ 334,847 $ 204,569 36 % $ 238,575 71 %

$ 573,422 $ 334,847 $ 92,574 $ 238,575 71 % $ 242,273 262 %

Noninterest income 764,025 248,089 101,668 515,936 208 % 146,421 144 %

4 unchanged sentences

Directly attributable expenses:

Compensation and benefits (181,356) (137,097) (125,143) (44,259) 32 % (11,954) 10 %

Member incentives (77,488) (80,837) (54,616) 3,349 (4) % (26,221) 48 %

Product fulfillment (86,411) (73,194) (49,829) (13,217) 18 % (23,365) 47 %

Lead generation (161,896) (50,325) (36,447) (111,571) 222 % (13,878) 38 %

Direct advertising (33,323) (36,729) (44,347) 3,406 (9) % 7,618 (17) %

Intercompany technology platform expenses (46,890) (23,924) (12,961) (22,966) 96 % (10,963) 85 %

Professional services (30,245) (22,972) (12,719) (7,273) 32 % (10,253) 81 %

(101,169) (57,767) (45,770) (43,402) 75 % (11,997) 26 %

Directly attributable expenses

(718,778) (482,845) (381,832) (235,933) 49 % (101,013) 26 %

Contribution profit (loss)

1 unchanged sentence

__________________

(1) In the fourth quarter of 2024, we made a presentation change to present the provision for credit losses below total net revenue and above directly attributable expenses, from its previous presentation within directly attributable expenses .

Respective prior period amounts were recast to conform to the current period presentation.

(1) Other expenses primarily include operational product losses, network servicing fees, travel and occupancy-related costs, tools and subscriptions and marketing expenses.

Net interest income

1 unchanged sentence

This net increase corresponds with the growth of our SoFi Money product and related deposits at SoFi Bank.

Net interest income in our Financial Services segment increased by $242.3 million, or 262%, for the year ended December 31, 2023 compared to 2022, which was primarily attributable to net interest income earned on our deposits, which includes interest income based on our FTP framework (which eliminates in consolidation) and interest expense to members.

This net increase corresponds with the growth of deposits at SoFi Bank, as well as the impact of higher interest rates offered to members.

In addition, net interest income earned on our credit cards increased, which includes interest income earned on outstanding balances as well as interest expense incurred under the FTP framework, and was primarily attributable to growth in total credit cards.

Net interest income in our Financial Services segment increased by $238.6 million, or 71%, for the year ended December 31, 2024 compared to 2023, which was primarily attributable to net interest income earned on our deposits which includes interest income based on our FTP framework (which is eliminated in consolidation) and interest expense to members.

This net increase corresponds with the growth of our SoFi Money product and related deposits at SoFi Bank.

SoFi Technologies, Inc.

Noninterest income

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Loan platform business, other (1)

89,479 — — 89,479 n/m — n/m

495,926 89,479 — 406,447 454 % 89,479 n/m

Other sources of revenue (5)

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(2) Presented within noninterest income—other in the consolidated statements of operations and comprehensive income (loss).

(3) Includes revenues from enterprise services and equity capital markets services.

SoFi Technologies, Inc.

(3) Includes revenues from wire fee income, enterprise services, SoFi Plus subscriptions, and equity capital markets services.

(4) See Note 3.

Revenue to the Notes to Consolidated Financial Statements for additional information.

(5) Presented within noninterest income—other, noninterest income—servicing and noninterest income—loan origination, sales, and securitizations in the consolidated statements of operations and comprehensive income (loss) .

(5) Presented within noninterest income—other and noninterest income—loan origination, sales, securitizations and servicing in the consolidated statements of operations and comprehensive income (loss) .

Noninterest income in our Financial Services segment increased by $515.9 million, or 208%, for the year ended December 31, 2025 compared to 2024, primarily due to:

1 unchanged sentence

and (ii) an increase in interchange fees of $47.5 million, which coincided with increased credit card and debit card transactions.

Noninterest income in our Financial Services segment increased by $26.6 million, or 35%, for the year ended December 31, 2023 compared to 2022, primarily due to an increase in interchange fees of $17.9 million, which coincided with increased credit card and debit card transactions, as well as brokerage-related fees, which were primarily attributable to increased trading volume on our platform during 2023.

Noninterest income in our Financial Services segment increased by $146.4 million, or 144%, for the year ended December 31, 2024 compared to 2023, primarily due to:

(i) growth in our Loan Platform Business of $108.0 million, which includes increases in loan platform fees related to revenue from loans which we originate on behalf of third parties in order to subsequently sell as well as pre-qualified borrower referrals to third-party loan origination partners as we continue to drive volume to our partners;

and (ii) an increase in interchange fees of $31.6 million, which coincided with increased credit card and debit card transactions.

Provision for credit losses

Provision for credit losses in our Financial Services segment decreased by $1.3 million, or 4%.

The allowance increase of $4.3 million during 2025 primarily reflected growth in the credit card portfolio balances, partially offset by continued improvement in credit quality of the portfolio.

Net charge-offs decreased primarily related to improvement in credit card delinquency rates (total credit card delinquency rate was 3.5% as of December 31, 2025, down approximately 130 bps from the comparative period) as a result of tighter underwriting standards and risk mitigation actions.

Provision for credit losses in our Financial Services segment decreased by $23.3 million, or 42%, primarily related to improvement in credit card delinquency rates (total credit card delinquency rate was 4.8%, down approximately 210 bps from the comparative period) as a result of tighter underwriting standards and risk mitigation actions, and improved credit quality of the portfolio, including higher borrower FICO scores.

Provision for credit losses in our Financial Services segment increased by $0.6 million, or 1%, reflecting higher average credit card balances combined with elevated credit card loss rates during 2022.

Directly attributable expenses

The directly attributable expenses allocated to the Financial Services segment that were used in the determination of the segment’s contribution profit (loss) were as follows:

Year Ended December 31, 2024 vs.

2023 2023 vs.

($ in thousands) 2024 2023 2022 $ Change % Change $ Change % Change

Compensation and benefits $ 137,097 $ 125,143 $ 110,288 $ 11,954 10 % $ 14,855 13 %

Member incentives 80,837 54,616 45,923 26,221 48 % 8,693 19 %

Product fulfillment 73,194 49,829 33,713 23,365 47 % 16,116 48 %

Lead generation 50,325 36,447 30,418 13,878 38 % 6,029 20 %

Direct advertising 36,729 44,347 36,660 (7,618) (17) % 7,687 21 %

Intercompany technology platform expenses 23,924 12,961 4,600 10,963 85 % 8,361 182 %

Professional services 22,972 12,719 4,590 10,253 81 % 8,129 177 %

57,767 45,770 46,578 11,997 26 % (808) (2) %

Directly attributable expenses (2)

$ 482,845 $ 381,832 $ 312,770 $ 101,013 26 % $ 69,062 22 %

__________________

(1) Other expenses primarily include operational product losses, third party fraud expense, network servicing fees, travel and occupancy-related costs, tools and subscriptions, and marketing expenses.

(2) In the fourth quarter of 2024, we made a presentation change to present the provision for credit losses below total net revenue and above directly attributable expenses, from its previous presentation within directly attributable expenses .

Respective prior period amounts were recast to conform to the current period presentation.

Financial Services directly attributable expenses increased by $235.9 million, or 49%, for the year ended December 31, 2025 compared to 2024, primarily due to:

(i) a net increase in direct advertising and lead generation costs

SoFi Technologies, Inc.

as we continue to expand our Loan Platform Business and our SoFi Money product;

(ii) an increase in allocated compensation and related benefits which reflected an increase in headcount and increases in average compensation in 2025 to support growth in the Financial Services segment;

and (iii) an increase in intercompany expenses attributable to increased usage of technology platform services during the 2025 period.

Financial Services directly attributable expenses increased by $101.0 million, or 26%, for the year ended December 31, 2024 compared to 2023, primarily due to:

(i) an increase in direct member incentives utilized to drive adoption and usage of our Financial Services products, the most significant of which was our SoFi Money product;

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and (iv) an increase in intercompany expenses attributable to increased usage of technology platform services during the 2024 period.

Financial Services directly attributable expenses increased by $69.1 million, or 22%, for the year ended December 31, 2023 compared to 2022, primarily due to:

(i) an increase in product fulfillment costs, which included debit card

SoFi Technologies, Inc.

fulfillment services, primarily related to our SoFi Money product, (ii) an increase in compensation and benefits expense, which reflected growth in the Financial Services segment that required additional staffing, as well as increased average compensation in 2023, (iii) an increase in direct member incentives utilized to drive adoption and usage of our Financial Services products, the most significant of which was our SoFi Money product, (iv) an increase in direct advertising costs primarily driven by an increase in online and digital advertising largely related to the promotion of our SoFi Money product, and (v) an increase related to utilization of lead generation channels, primarily related to our credit card and Relay products

Total Products

In the table below, we present the total products metric related to our Financial Services segment:

December 31, 2025 vs.

2024 2024 vs.

2025 2024 2023 $ Change % Change $ Change % Change

Total products

17,534,956 12,735,081 9,479,470 4,799,875 38 % 3,255,611 34 %

Total products in our Financial Services segment is a subset of our total products metric.

See “Key Business Metrics” and Part I, Item 1.

“ Our Reportable Segments ” for a further discussion of this measure as it relates to our Financial Services segment.

Corporate/Other Segment

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Net interest expense $ (166,572) $ (66,325) $ (35,394) $ (100,247) 151 % $ (30,931) 87 %

Noninterest income (loss) 39,273 (1,293) (9,307) 40,566 n/m 8,014 (86) %

Noninterest income (loss) (61,250) 39,273 (1,293) (100,523) n/m 40,566 n/m

Total net revenue (loss)

$ (227,822) $ (27,052) $ (36,687) $ (200,770) 742 % $ 9,635 (26) %

SoFi Technologies, Inc.

Reconciliation of Directly Attributable Expenses

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(2) Represents corporate overhead costs that are not allocated to reportable segments, which primarily includes corporate marketing and advertising costs, tools and subscription costs, professional services costs, amortization of premiums on a credit default swap, corporate and FDIC insurance costs, foreign currency translation adjustments and transaction-related expenses.

Consolidated Balance Sheet Analysis

The following is a discussion of the significant changes in our assets, liabilities and permanent equity between December 31, 2025 and 2024.

($ in thousands) December 31, 2025 December 31, 2024 $ Change % Change

Total cash, cash equivalents, restricted cash and restricted cash equivalents $ 5,356,773 $ 2,709,360 $ 2,647,413 98 %

Investment securities 2,575,607 1,895,689 679,918 36 %

Total loans 38,037,063 27,528,718 10,508,345 38 %

All other assets (1)

4,691,035 4,117,184 573,851 14 %

___________________

(1) All other assets includes servicing rights, property, equipment and software, goodwill, intangible assets, operating lease right-of-use assets and other assets.

See the consolidated balance sheets within this report.

Total assets as of December 31, 2025 were $50.7 billion, up $14.4 billion, or 40%, from December 31, 2024.

The increase was primarily attributable to an increase in total loans of $10.5 billion, comprised of held for sale ($5.2 billion) driven by an increase in personal and home loan originations and an increase in our loans held for investment ($5.3 billion) which was primarily related to student loan purchases and originations.

See “ Cash Flow and Liquidity Analysis” for further discussion of changes in total cash, cash equivalents, restricted cash and restricted cash equivalents during the year ended December 31, 2025.

SoFi Technologies, Inc.

($ in thousands) December 31, 2025 December 31, 2024 $ Change % Change

Liabilities and permanent equity

Total deposits $ 37,505,395 $ 25,978,204 $ 11,527,191 44 %

Debt 1,815,162 3,092,692 (1,277,530) (41) %

All other liabilities (1)

850,426 654,921 195,505 30 %

Total liabilities 40,170,983 29,725,817 10,445,166 35 %

Total permanent equity 10,489,495 6,525,134 3,964,361 61 %

Total liabilities and permanent equity $ 50,660,478 $ 36,250,951 $ 14,409,527 40 %

___________________

(1) Other liabilities includes accounts payable, accruals and other liabilities, operating lease liabilities and residual interests classified as debt.

See the consolidated balance sheets within this report.

Liabilities and Permanent Equity

Total liabilities as of December 31, 2025 were $40.2 billion, up $10.4 billion, or 35%, from December 31, 2024.

The increase was primarily attributable to an increase in total deposits ($11.5 billion) driven by our differentiated checking and savings account offerings and competitive APY, partially offset by a decrease in total debt ($1.3 billion) as our common stock offerings in July and December 2025 allowed us to fully pay down outstanding warehouse lines .

Total permanent equity as of December 31, 2025 was $10.5 billion, up $4.0 billion, or 61%, from December 31, 2024.

The increase was primarily attributable to our common stock offerings in July and December 2025 and a decrease in accumulated deficit driven by net income during the year ended December 31, 2025.

Cash Flow and Liquidity Analysis

The following table provides a summary of cash flow data:

Year Ended December 31,

($ in thousands) 2025 2024 2023

Net cash used in operating activities $ (3,742,458) $ (1,119,807) $ (7,227,139)

Net cash used in investing activities (6,719,107) (4,820,990) (1,889,864)

Net cash provided by financing activities 13,109,333 5,034,577 10,885,602

Cash Flows from Operating Activities

For the year ended December 31, 2025, net cash used in operating activities primarily stemmed from loans held for sale originations outpacing cash proceeds from loans held for sale paydowns and sales activities, partially offset by net income and paydowns on our loans previously classified as held for sale.

We had principal loan originations of $30.9 billion and principal loan purchases of $119.5 million during the period.

These cash uses were partially offset by principal loan payments of $11.2 billion and principal loan sales of $15.1 billion.

For the year ended December 31, 2024, net cash used in operating activities stemmed from net income of $498.7 million, an unfavorable change in our operating assets net of operating liabilities of $1.6 billion, and a negative adjustment for non-cash items of $5.6 million.

The change in operating assets net of operating liabilities was primarily a result of our loan origination and sales activities.

We originated loans of $19.4 billion during the year and also purchased loans of $170 million.

These cash uses were partially offset by principal payments on loans of $9.5 billion and principal proceeds from loan sales of $8.5 billion.

For the year ended December 31, 2023, net cash used in operating activities of $7.2 billion stemmed from a net loss of $300.7 million and an unfavorable change in our operating assets net of operating liabilities of $7.6 billion, partially offset by a positive adjustment for non-cash items of $706.8 million.

The change in operating assets net of operating liabilities was primarily a result of our loan origination and sales activities.

We originated loans of $17.4 billion during the year and also purchased loans of $198.7 million.

These cash uses were partially offset by principal payments on loans of $7.2 billion and proceeds from loan sales of $2.1 billion.

SoFi Technologies, Inc.

Cash Flows from Investing Activities

For the year ended December 31, 2025, net cash used in investing activities was primarily driven by growth in our loans and AFS investment portfolio, including $6.1 billion of loan originations, $2.1 billion of loan purchases and $1.7 billion of AFS investment purchases, as well as net outflows related to credit cards of $230.1 million.

These outflows were partially offset by $2.2 billion of proceeds from loan repayments and recoveries, proceeds from loan sales of $392.6 million as well as $522.0 million of AFS investment sales and $549.6 million of AFS investment payments and maturities.

For the year ended December 31, 2024, net cash used in investing activities was primarily attributable to loan activities.

Changes in loans held for investment was primarily a result of loan originations during the period of $7.5 billion, partially offset by principal payments on loans of $3.3 billion and proceeds from loan sales of $677.6 million.

Other cash uses included net purchases of $1.2 billion related to our investments in AFS debt securities, $154.3 million for purchases of property, equipment and software, which primarily included internally-developed software and purchased software, and $37.8 million related to purchases of non-securitization investments, primarily FRB stock and FHLB stock.

These uses were partially offset by proceeds of $79.8 million from our securitization investments.

For the year ended December 31, 2023, net cash used in investing activities of $1.9 billion was primarily attributable to $1.4 billion related to loan activities, primarily driven by student loans, secured loans and credit cards, net purchases of $381.0 million related to our investments in AFS debt securities, $111.4 million for purchases of property, equipment and software, which primarily included internally-developed software and purchased software, $72.3 million related to business combinations, net of cash acquired, which includes our acquisition of Wyndham and settlements of vested employee performance awards associated with the Technisys Merger, and $66.6 million related to purchases of non-securitization investments, primarily FRB stock and FHLB stock.

These uses were partially offset by proceeds of $108.3 million from our securitization investments.

Cash Flows from Financing Activities

For the year ended December 31, 2025, net cash provided by financing activities was primarily attributable to net cash sources from our SoFi Bank deposits and proceeds from the common stock offerings that we completed in the third and fourth quarters of 2025.

This was partially offset by our net change in debt facilities related to our warehouses and debt repayments.

For the year ended December 31, 2024, net cash provided by financing activities was primarily attributable to net cash sources from our SoFi Bank deposits and proceeds from the issuance of our 2029 convertible notes.

This was partially offset by our net change in debt facilities related to our warehouses and debt repayments.

Our payments of debt issuance costs were in the normal course of business and reflective of our recurring debt warehouse facility activity, which involves securing new warehouse facilities and extending existing warehouse facilities.

In addition, we had an outflow of $323.4 million related to the redemption of our Series 1 preferred stock in May 2024.

For the year ended December 31, 2023, net cash provided by financing activities was primarily attributable to net cash sources from our SoFi Bank deposits.

This was partially offset by debt repayments which exceeded our proceeds from debt financing activity, which were primarily related to our warehouse facilities.

Liquidity and Capital Resources

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(and its subsidiaries) capital planning, financial planning and forecasting, liquidity risk management, contingency funding planning, interest rate risk management, cash management and financial operations, among other activities.

Oversight of these

Oversight of these activities is the responsibility of our ALCO.

SoFi Technologies, Inc.

activities is the responsibility of our ALCO.

The ALCO is a management committee comprised of a cross-functional leadership team that is responsible for managing our use of capital, liquidity, sources and uses of funding, and sensitivities to various market risks, by identifying key risks and exposures, monitoring them appropriately, establishing tolerances and limits, mitigating risks where appropriate, and facilitating timely responses to changes in the macroeconomic environment and liquidity events to work to ensure the Company has the ability to meet its obligations.

mitigating risks where appropriate, and facilitating timely responses to changes in the macroeconomic environment and liquidity events to work to ensure the Company has the ability to meet its obligations.

The following table summarizes our total liquidity reserves:

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___________________

(1) Excludes investments in AFS debt securities which are pledged as collateral to the FHLB.

(1) Excludes investments in AFS debt securities which are pledged as collateral to the FHLB, and AFS securitization investments.

(2) Includes personal loan, student loan and risk retention warehouse facilities.

For risk retention facilities, we only include capacity amounts wherein we can pledge additional asset-backed bonds and residual investments as of the date indicated.

As of December 31, 2024, warehouse facility maturity dates ranged from January 2025 through November 2027.

Debt to the Notes to Consolidated Financial Statements for additional information.

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We also source brokered and non-brokered wholesale deposits, which include certificates of deposit.

As of December 31, 2024 and December 31, 2023, time deposit balances due in less than one year totaled $814.7 million and $2.6 billion, respectively.

As of December 31, 2024 and December 31, 2023, the amount of uninsured deposits totaled $544.3 million and $348.1 million, respectively.

As of December 31, 2025 and 2024, time deposit balances due in less than one year totaled $1.2 billion and $814.7 million, respectively.

As of December 31, 2025 and 2024, the amount of uninsured deposits totaled $1.0 billion and $544.3 million, respectively.

As of December 31, 2025, approximately 97% of our total deposits were insured.

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Total uninsured time deposits $ 26,317

On July 31, 2025, the Company completed an underwritten public offering of 82,733,817 shares of common stock, at an offering price of $20.85 per share.

The Company received net proceeds of $1.7 billion after deducting underwriting discounts and offering costs.

On December 8, 2025, the Company completed an underwritten public offering of 54,545,454 shares of common stock, at an offering price of $27.50 per share.

The Company received net proceeds of $1.5 billion after deducting underwriting discounts and offering costs.

The Company used a portion of total proceeds to reduce its higher-cost debt and give it the flexibility to pursue growth opportunities.

SoFi Technologies, Inc.

Uses of Funding

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Our capital expenditures have historically been less significant relative to our operating and financing cash flows, and we expect this trend to continue for the foreseeable future.

SoFi Technologies, Inc.

As of December 31, 2025, we had debt obligations and common stock outstanding.

Our borrowings primarily included our loan and risk retention warehouse facilities, asset-backed securitization debt, revolving credit facility and convertible notes.

The amount of financing actually advanced on each individual loan under our loan warehouse facilities, as determined by agreed-upon advance rates, may be less than the stated advance rate depending, in part, on changes in underlying loan characteristics of the loans securing the financings.

Each of our loan warehouse facilities allows the lender providing the funds to evaluate the market value of the loans that are serving as collateral for the borrowings or advances being made.

The amount owed and outstanding on our loan warehouse facilities fluctuates significantly based on our origination volume, sales volume, the amount of time we strategically hold loans on our balance sheet, and the amount of loans being funded with our cash or member deposits.

Our borrowings primarily included our revolving credit facility and convertible notes.

During the fourth quarter of 2025, the Company used a portion of the proceeds from its common stock issuances to pay down its warehouse facilities;

the warehouse facilities remain open to maintain future borrowing capacity.

Refer to Note 12.

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($ in thousands) Total Less than 1 Year 1 – 3 Years 3 – 5 Years More than 5 Years

Warehouse debt (1)

$ 1,261,094 $ 197,553 $ 1,063,541 $ — $ —

Revolving credit facility (1)

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__________________

(1) The amounts reported exclude future interest expense, other than interest accrued as of December 31, 2024, as it is difficult to predict the amount of interest we will incur due to the variability of the utilization of our warehouse debt and timing of collateral cash flows.

As such, only principal commitments and the aforementioned accrued interest are included herein.

Debt to the Notes to Consolidated Financial Statements for additional information on our warehouse debt.

(1) Includes principal balance and variable interest on our revolving credit facility.

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We continued to have strong deposit contribution through 2025.

There is no guarantee that we will be able to execute on our strategy as it relates to the timing and pricing of capital markets transaction.

Further, future uncertainties around the demand for our personal loans, home loans and around the student loan refinance market in general, including as a result of worsening macroeconomic conditions or market disruptions, should be

SoFi Technologies, Inc.

There is no guarantee that we will be able to execute on our strategy as it relates to the timing and pricing of securitization-related transfers.

Therefore, we may hold securitization interests for longer than planned or be forced to liquidate at suboptimal prices.

Securitization transfers are also negatively impacted during recessionary periods, wherein purchasers may be more risk averse.

considered when assessing our future liquidity and solvency prospects.

In the future, our loan origination volume and our resulting loan balances, and any positive cash flows thereof, could also be lower based on strategic decisions to tighten our credit standards.

In addition to our ability to pledge unencumbered loans against available warehouse capacity, we have relationships with whole loan buyers who have historically demonstrated strong demand for our loans.

Securitization markets can also generate additional liquidity;

however, financing through the securitization market could result in worse execution as compared to whole loans sales depending on market conditions and, in certain cases, we are required to maintain a minimum investment due to securitization risk retention rules.

Additionally, our securitization transactions require us to maintain a continuing financial interest in the form of securitization investments when we deconsolidate the SPE or in consolidation of the SPE when we have a significant financial interest.

In either instance, the continuing financial interest requires us to maintain capital in the SPE that would otherwise be available to us if we had sold loans through a different channel.

As it relates to our securitization debt, the maturity of the notes issued by the various trusts occurs upon either the maturity of the loan collateral or full payment of the loan collateral held in the trusts, the timing of which cannot be reasonably estimated.

Our own liquidity resources are not required to make any contractual payments on our securitization borrowings.

Our cash flows from operations have also historically been impacted by material net losses.

While we achieved net income profitability for the first time during the fourth quarter of 2023, changing business, macroeconomic or other conditions could potentially lead us, in the future, to raise additional capital in the form of equity or debt, which may not be at favorable terms when compared to previous financing transactions.

Our long-term liquidity strategy includes continuing to grow our deposit base, maintaining adequate warehouse capacity, maintaining corporate debt and other sources of financing, as well as effectively managing the capital raised through debt and equity transactions.

Capital markets can also generate additional liquidity;

however, we are required to maintain a minimum investment due to securitization risk retention rules.

We also had available borrowing capacity at the FHLBs and the discount window at the Federal Reserve Banks as a result of collateral pledged by us to such banks.

Our long-term liquidity strategy includes continuing to grow our deposit base, maintaining adequate warehouse capacity, maintaining access to debt capital markets and other sources of financing, as well as effectively managing the capital raised through debt and equity transactions.

Although our goal is to increase our cash flow from operations, there can be no assurance that our future operating plans will lead to improved operating cash flows.

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As of December 31, 2025, our regulatory capital ratios exceeded the thresholds required to be regarded as a well-capitalized institution, and meet all capital adequacy requirements to which we are subject.

Cash Flow and Liquidity Analysis

The following table provides a summary of cash flow data:

Year Ended December 31,

($ in thousands) 2024 2023 2022

Net cash used in operating activities $ (1,119,807) $ (7,227,139) $ (7,255,858)

Net cash used in investing activities (4,820,990) (1,889,864) (106,333)

Net cash provided by financing activities 5,034,577 10,885,602 8,439,485

Cash Flows from Operating Activities

For the year ended December 31, 2024, net cash used in operating activities of $1.1 billion stemmed from net income of $498.7 million, an unfavorable change in our operating assets net of operating liabilities of $1.6 billion, and a negative adjustment for non-cash items of $5.6 million.

The change in operating assets net of operating liabilities was primarily a result of our loan origination and sales activities.

We originated loans of $19.4 billion during the year and also purchased loans of $170 million.

These cash uses were partially offset by principal payments on loans of $9.5 billion and principal proceeds from loan sales of $8.5 billion.

SoFi Technologies, Inc.

The change in operating assets net of operating liabilities was primarily a result of our loan origination and sales activities.

We originated loans of $17.4 billion during the year and also purchased loans of $198.7 million.

These cash uses were partially offset by principal payments on loans of $7.2 billion and proceeds from loan sales of $2.1 billion.

For the year ended December 31, 2022, net cash used in operating activities of $7.3 billion stemmed from a net loss of $320.4 million and an unfavorable change in our operating assets net of operating liabilities of $7.5 billion, partially offset by a positive adjustment for non-cash items of $560.1 million.

The change in operating assets net of operating liabilities was primarily a result of our loan origination and sales activities.

We originated loans of $13.0 billion during the year and also purchased loans of $2.5 billion.

These cash uses were largely offset by principal payments on loans of $3.1 billion and proceeds from loan sales of $4.9 billion.

Cash Flows from Investing Activities

For the year ended December 31, 2024, net cash used in investing activities of $4.8 billion was primarily attributable to $3.5 billion related to loan activities.

These uses were partially offset by proceeds of $79.8 million from our securitization investments.

These uses were partially offset by proceeds of $108.3 million from our securitization investments.

For the year ended December 31, 2022, net cash used in investing activities of $106.3 million was primarily attributable to proceeds of $118.8 million from our securitization investments and the aggregate net cash acquired from the Technisys Merger and Bank Merger of $58.5 million.

These sources were more than offset by net cash uses of $173.7 million related to loan activities, primarily driven by credit cards, $93.2 million for purchases of property, equipment and software, which primarily included internally-developed software and purchased software, as well as $10.5 million related to costs incurred in the development and enhancement of software to be sold, leased or marketed.

Cash Flows from Financing Activities

For the year ended December 31, 2024, net cash provided by financing activities of $5.0 billion was primarily attributable to net cash sources from our SoFi Bank deposits of $7.0 billion and proceeds from the issuance of our 2029 convertible notes of $845.3 million.

This was partially offset by our net change in debt facilities of $2.0 billion related to our warehouses, and debt repayments of $352.8 million.

In addition, we had an outflow of $323.4 million related to the redemption of our Series 1 preferred stock in May 2024.

For the year ended December 31, 2023, net cash provided by financing activities of $10.9 billion was primarily attributable to net cash sources from our SoFi Bank deposits of $11.2 billion.

This was partially offset by debt repayments of $799.9 million which exceeded our proceeds from debt financing activity of $520.5 million, which were primarily related to our warehouse facilities.

For the year ended December 31, 2022, net cash provided by financing activities of $8.4 billion was primarily attributable to net cash sources from our SoFi Bank deposits of $7.2 billion.

Additionally, our proceeds from debt financing activities of $1.9 billion exceeded our debt repayments of $516.4 million, which were primarily related to our warehouse facilities.

Our payments of debt issuance costs were in the normal course of business and reflective of our recurring debt

SoFi Technologies, Inc.

warehouse facility activity, which involves securing new warehouse facilities and extending existing warehouse facilities.

Finally, we paid redeemable preferred stock dividends of $40.4 million and taxes related to RSU vesting of $9.0 million.

Other Arrangements

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Securitization and Variable Interest Entities to the Notes to Consolidated Financial Statements.

Financial Condition Summary

Changes in the composition and balance of our assets and liabilities as of December 31, 2024 compared to December 31, 2023 were principally attributed to the following:

• a decrease of $906.2 million in cash and cash equivalents and restricted cash and restricted cash equivalents.

See “Cash Flow and Liquidity Analysis” for further discussion of our cash flow activity;

• an increase in loans held for investment of $2.3 billion, which was primarily related to longer loan holding periods on student loans and secured loans;

• an increase in loans held for sale of $2.3 billion, which was primarily related to personal loan originations;

• an increase in other assets of $1.2 billion, which was primarily related to an increase in accounts receivable, derivative instruments, and deferred tax assets.

Other Assets and Other Liabilities to the Notes to Consolidated Financial Statements for additional information;

• an increase in investments in AFS debt securities portfolio of $1.2 billion.

Our portfolio primarily consists of U.S.

Treasury and agency mortgage-backed securities of high credit quality, utilized in our ongoing asset-liability management activities;

• an increase in deposits of $7.4 billion, which was primarily related to increased savings deposits from members;

• a decrease of $2.0 billion in gross warehouse and risk retention facility debt as we continue to use our consumer deposit growth to replace higher cost of funding sources.

Critical Accounting Estimates

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Actual results could differ materially from these estimates under different assumptions or conditions.

We regularly evaluate our estimates, assumptions and judgments, particularly those that

SoFi Technologies, Inc.

include the most difficult, subjective or complex judgments which are often about matters that are inherently uncertain.

We regularly evaluate our estimates, assumptions and judgments, particularly those that include the most difficult, subjective or complex judgments which are often about matters that are inherently uncertain.

The most significant judgments, estimates and assumptions relate to the critical accounting estimates, which are discussed in detail below.

We evaluate our critical accounting policies and estimates on an ongoing basis and update them as necessary based on changes in market conditions or factors specific to us.

We evaluate our critical accounting policies and estimates on an ongoing basis and update them as necessary based on

SoFi Technologies, Inc.

changes in market conditions or factors specific to us.

Organization, Summary of Significant Accounting Policies and New Accounting Standards to the Notes to Consolidated Financial Statements for a summary of our significant accounting policies.

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Our involvement with VIEs and origination of personal loans, student loans and home loans results in Level 2 and Level 3 assumptions having a material impact on our consolidated financial statements, as further discussed below.

We utilize third-party valuation specialists to perform a valuation of these Level 2 and Level 3 financial instruments on a monthly basis with quarterly oversight by a Valuation Working Group established by the Company that comprises leaders across finance, capital markets and accounting.

We elected the fair value option to measure our personal loans, student loans and home loans, as we believe that fair value best reflects the expected economic performance of the loans.

We utilize third-party valuation specialists to perform a valuation of these Level 2 and Level 3 financial instruments on a monthly basis with quarterly oversight by a Valuation Committee established by the Company that comprises leaders across finance, capital markets and accounting.

We generally elect the fair value option to measure our personal loans, student loans and home loans, as we believe that fair value best reflects the expected economic performance of the loans.

Home loans classified as Level 2 have observable pricing sources utilized by management.

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We also consider the volume and terms of recent whole loan sales and securitization market pricing factors, as applicable, as indicators of loan fair values.

Securitizations

Loans in consolidated VIEs remain on our consolidated balance sheet and are measured at fair value using Level 3 inputs in a manner consistent with our non-securitization loans.

Moreover, third-party residual claims on these loans are measured at fair value on a recurring basis and are presented as residual interests classified as debt in our consolidated balance sheet.

We classify the residual interests classified as debt as Level 3 due to the reliance on significant unobservable valuation

SoFi Technologies, Inc.

In Company-sponsored securitization transactions that meet the applicable criteria to be accounted for as a sale, we retain certain asset-backed bonds, which are measured at fair value on a recurring basis using Level 2 inputs, and residual investments, which are measured at fair value on a recurring basis using Level 3 inputs.

These risk retention interests in nonconsolidated VIEs are referred to as securitization investments.

We determine the fair value of our residual interests classified as debt and our securitization investments using a DCF calculation, while also considering market data as it becomes available.

In applying the DCF methodology, we estimate the future collateral cash flows using key securitization portfolio metrics, such as contractual payments and delinquency profile, among others.

The significant assumptions used in the valuation model include conditional prepayment rate, annual default rate and discount rate.

The conditional prepayment and annual default rate assumptions are determined using observed prepayment and default performance.

The discount rate is determined based on market observations, such as secondary trading information, newly closed deals, benchmark rates and spread index, among others.

See “ Quantitative and Qualitative Disclosures About Market Risk ” for discussion of the sensitivity of our financial instruments measured at fair value to changes in various market risks.

Goodwill represents the fair value of an acquired business in excess of the fair value of the identified net assets acquired.

As of December 31, 2024, we had goodwill of $1.4 billion.

As of December 31, 2025, we had goodwill of $1.4 billion, of which $1.3 billion was assigned to the Technology Platform reporting unit.

SoFi Technologies, Inc.

Goodwill is tested for impairment at the reporting unit level at least annually, with a recurring testing date of October 1, or whenever indicators of impairment exist.

Impairment of goodwill is the condition that exists when the carrying amount of a reporting unit that includes goodwill exceeds its fair value.

We may assess goodwill for impairment initially based on qualitative considerations, referred to as “step zero”, to determine whether conditions exist that indicate that it is more likely than not that the fair value of a reporting unit is less than its carrying amount.

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Our reporting units for our goodwill impairment analysis represent components of our business at one level below our operating segments.

As of the annual impairment testing date of October 1, 2024, the Company performed a quantitative assessment for its Galileo and Technisys reporting units.

Management calculated the fair value amount of the Galileo and Technisys reporting units using an evenly weighted combination of a DCF calculation, which is a form of the income approach, and a market multiples calculation, which is a form of the market approach.

The discount rates used for the Galileo and Technisys reporting units in our annual quantitative assessment were 13.2% and 19.7%, respectively.

The higher discount rate at Technisys was primarily driven by macroeconomic factors in Latin America, specifically the highly inflationary economic environment in Argentina.

During the third quarter of 2025, due to the continued shift in strategy to focus on potential new partners with scaled customer bases and the change in customer mix within the Technology Platform segment, management performed an interim quantitative assessment on the Galileo and Technisys reporting units as of September 1, 2025, prior to aggregating the two reporting units, to determine if there was any goodwill impairment.

As of September 1, 2025, management calculated the fair value amount of the Galileo and Technisys reporting units using an evenly weighted combination of a DCF calculation, which is a form of the income approach, and a market multiples calculation, which is a form of the market approach.

The discount rates used for the Galileo and Technisys reporting units in our interim quantitative assessment were 12.9% and 19.3%, respectively.

The higher discount rate for Technisys, relative to Galileo, was primarily driven by macroeconomic factors in Latin America, specifically the highly inflationary economic environment in Argentina.

Additionally, management applied a terminal year long-term growth rate of 4.0% to both reporting units.

As a result of this assessment, the fair value of the Galileo and Technisys reporting units were determined to be above their respective carrying values, though not substantially, which resulted in no impairment at October 1, 2024.

As a result of this interim quantitative assessment, the fair value of the Galileo and Technisys reporting units were determined to be above their respective carrying values which resulted in no impairment at September 1, 2025.

If the discount rate applied to the estimated cash flows was increased or decreased by 50 basis points, the fair value of the Galileo and Technisys reporting units would decrease or increase by approximately 4% and 3%, respectively.

Similarly, if the long-term growth rate was increased or decreased by 50 basis points, the fair value of the Galileo and Technisys reporting units would increase or decrease by approximately 2% and 1%, respectively.

As of December 31, 2024 the amount of goodwill assigned to Galileo and Technisys was $816.0 million and $522.6 million, respectively.

For each of our other reporting units, the Company performed a qualitative “step zero” analysis as of its annual impairment testing date of October 1, 2024.

The Company evaluated events and circumstances since the last assessment date to

SoFi Technologies, Inc.

determine if it was more likely than not that the fair value of the reporting units were less than their respective carrying amounts.

Or, if the Company’s market capitalization was to decline due to unforeseen factors, it could impact the fair value of the respective units.

Subsequent to our September 1, 2025 interim goodwill assessment, the Company aggregated its Galileo and Technisys reporting units into a single reporting unit, Technology Platform.

This update is reflective of the operational and strategic integration of these former two reporting units and is consistent with how segment management manages the business.

As a result, the amount of goodwill previously assigned to Galileo and Technisys of $816.0 million and $522.6 million, respectively, was combined in the Technology Platform reporting unit ($1.3 billion).

As of its annual impairment testing date of October 1, 2025, the Company performed a qualitative “step zero” analysis for all of our reporting units.

The Company evaluated events and circumstances since the last goodwill assessment date to determine if it was more likely than not that the fair value of the reporting units were less than their respective carrying amounts.

The factors evaluated included an assessment of macroeconomic conditions, industry and market conditions, key financial metrics, overall financial performance of the reporting unit, or any other specific events or changes.

As a result of this assessment, the fair value of these reporting units was determined to be above their respective carrying values which resulted in no impairment loss as of October 1, 2024.

For all of our reporting units, management continued to monitor events and circumstances after October 1 annual testing date and through December 31, 2024, concluding that it was not more-likely-than-not that the fair value of any of our reporting units was below its respective carrying value as of December 31, 2024.

As a result of this assessment, we concluded that it was not more-likely-than-not that the fair value of any of our reporting units was below its respective carrying value as of October 1, 2025.

For all of our reporting units, management continued to monitor events and circumstances after the October 1 annual testing date and through December 31, 2025, concluding that it was not more-likely-than-not that the fair value of any of our reporting units was below its respective carrying value as of December 31, 2025.

Management cannot predict the occurrence of certain events or changes in circumstances that might adversely affect the value of goodwill.

We continue to monitor the aforementioned conditions, general macroeconomic deterioration, including the interest rate environment, inflationary pressures, and the potential for a prolonged economic downturn or recession, as well as other factors, including those listed in " Cautionary Statement Regarding Forward-Looking Statements " and " Risk Factors " in Part I, Item 1A of this Annual Report.

Further persistence of the aforementioned conditions and these other factors could result in additional impairment charges in future periods.

We continue to monitor the aforementioned conditions, the general macroeconomic environment, including the interest rate environment, inflationary pressures, and the potential for a prolonged economic downturn or recession, as well as other factors, including those listed in " Cautionary Statement Regarding Forward-Looking Statements " and " Risk Factors " in Part I, Item 1A of this Annual Report.

Further persistence of the aforementioned conditions and these other factors could result in impairment charges in future periods.

SoFi Technologies, Inc.

Goodwill and Intangible Assets to the Notes to Consolidated Financial Statements for additional disclosures related to goodwill.

Valuation Allowance on Deferred Tax Assets

Determining our deferred tax assets, including any related valuation allowance, and assessing their realizability, requires significant judgements and assumptions.

To the extent that our judgements and assumptions materially change, or if actual circumstances differ materially from those in the assumptions, our financial statements could be materially impacted, by the recognition of deferred tax expense and increases to our valuation allowance.

We recognize deferred tax assets for the expected future tax benefits of temporary differences between the financial reporting and tax basis of assets, as well as for net operating loss and tax credit carryforwards.

Deferred tax assets are measured using tax rates that are expected to apply to taxable income for the years in which those assets are expected to be realized.

A significant portion of the Company’s deferred tax assets relate to U.S.

federal and state jurisdictions.

In connection with recording deferred taxes, management assesses the likelihood that deferred tax assets are more likely than not to be realized.

A valuation allowance is recorded if, in management’s judgment, it is determined that it is not more-likely-than-not that all or some portion of the deferred tax asset will be realized.

We evaluate our deferred tax assets quarterly to determine whether adjustments to our valuation allowance are appropriate in light of changes in facts and circumstances.

Management reviews all evidence, both positive and negative, to determine whether it is more likely than not that our deferred tax assets are realizable.

Examples of positive or negative evidence include cumulative income, projections of future profitability, future reversal of deferred tax liabilities, history of U.S.

federal and material state tax attributes expiring unused, as well as tax planning strategies.

Management defines cumulative income as the most recent three years of pre-tax income adjusted for certain non-recurring, non-taxable, or non-deductible transactions.

Generally, the weight we give to any particular factor is dependent upon the degree to which it can be objectively verified.

As a result, we give greater weight to the recent cumulative income of a relevant jurisdiction than other more subjective factors.

During the fourth quarter of 2024, based on this assessment, management concluded that cumulative income combined with projections of future profitability provided substantial positive evidence that outweighs the negative evidence to support the realization of certain of the Company's deferred tax assets, primarily related to U.S.

and certain state jurisdictions.

As a result, during the fourth quarter of 2024, the Company released $258.4 million of its valuation allowance.

We continue to maintain a valuation allowance of $30.7 million in certain state and foreign jurisdictions where sufficient positive evidence does not exist to support the realizability of deferred tax assets.

Management will continue to assess the need for a valuation allowance in future periods.

Income Taxes to the Notes to Consolidated Financial Statements for additional disclosures related to income taxes.

Recent Accounting Standards Issued, But Not Yet Adopted

Organization, Summary of Significant Accounting Policies and New Accounting Standards to the Notes to Consolidated Financial Statements.

SoFi Technologies, Inc.

Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.

What changed 10-K

Item 7. Management’s Discussion and Analysis