What changed in this filing

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Item 8. Financial Statements and Supplementary Data

2026-02-17 compared with 2025-02-24 · 669 added, 637 removed, 2849 unchanged (31% of the section changed)

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Critical Audit Matter Description

The Company has elected the fair value option to measure personal and student loans, which are classified as Level 3 instruments because the valuations utilize significant unobservable inputs.

The Company has elected the fair value option to measure certain personal and student loans, which are classified as Level 3 instruments because the valuations utilize significant unobservable inputs.

The Company determines the fair value of the loans using a discounted cash flow calculation, which is a form of the income approach, while also considering market data as it becomes available.

Management estimates the future cash flows of each loan portfolio using key loan metrics and significant unobservable inputs.

The significant unobservable assumptions used in the valuation model include conditional prepayment rate, annual default rate and discount rate.

The significant unobservable inputs used in the valuation model include conditional prepayment rate, annual default rate, and discount rate.

We identified the valuation of certain personal and student loans, as a critical audit matter because of the unobservable inputs management uses to estimate fair value.

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How the Critical Audit Matter Was Addressed in the Audit

Our audit procedures related to the fair value measurement of the personal and student loans included the following, among others:

• We tested the effectiveness of internal controls over the fair value of personal and student loans, including management’s controls over the evaluation of the reasonableness of unobservable inputs used in the valuation.

Our audit procedures related to the fair value measurement of certain personal and student loans included the following, among others:

SoFi Technologies, Inc.

• We tested the completeness and accuracy of the source information derived from the Company’s loan data, which is used in the valuation model.

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Critical Audit Matter Description

The Company tests goodwill for impairment at the reporting unit level annually on October 1 st or whenever indicators of impairment exist.

As of the annual impairment testing date of October 1, 2024, the Company performed a quantitative goodwill impairment assessment (“quantitative assessment”) for its Galileo and Technisys reporting units The Company’s quantitative assessment involves the comparison of the fair value of each reporting unit to its carrying amount.

The Company tests goodwill for impairment at the reporting unit level at least annually or whenever indicators of impairment exist.

As of September 1, 2025, the Company performed a quantitative goodwill impairment assessment (“quantitative assessment”) for its Galileo and Technisys reporting units.

The Company’s quantitative assessment involves the comparison of the fair value of each reporting unit to its carrying amount.

The Company determines the fair value of its reporting units using a combination of a discounted cash flow (“DCF”) calculation, which is a form of the income approach, and a market multiples calculation, which is a form of the market approach.

The determination of the fair value of a reporting unit requires management to make significant estimates and assumptions related to forecasted future revenues and cash flows, the discount rate, and the determination of market multiples.

Changes in these assumptions could have a significant impact on the fair value of the reporting units.

We identified the Company’s annual quantitative assessment of reporting units as a critical audit matter because of certain significant estimates and assumptions made by management to estimate the fair values of these reporting units.

This required a high degree of auditor judgment and an increased extent of effort, including the need to involve our fair value specialists, when performing procedures to evaluate the reasonableness of management’s estimates and assumptions related to the forecasted future revenues and cash flows, the discount rate, and the determination of market multiples, specifically due to the sensitivity of the fair value of the reporting units to changes in the assumptions.

Changes in these assumptions or a decline in the Company’s market capitalization could have a significant impact on the fair value of the reporting units.

We identified the Company’s September 1, 2025 quantitative assessment of each reporting unit referred to above as a critical audit matter because of certain significant estimates and assumptions made by management to estimate the fair values of these reporting units.

This required a high degree of auditor judgment and an increased extent of effort, including the need to involve our fair value specialists, when performing procedures to evaluate the reasonableness of management’s estimates and assumptions related to the forecasted future revenues and cash flows, the discount rate, the determination of market multiples, and reconciliation of the Company’s market capitalization, specifically due to the sensitivity of the fair value of the reporting units to changes in the assumptions.

How the Critical Audit Matter Was Addressed in the Audit

Our audit procedures related to the significant estimates and assumptions made by management to estimate the fair value of the Galileo and Technisys reporting units used in the quantitative assessment included the following, among others:

• We tested the effectiveness of controls over management's quantitative impairment assessment, including those controls related to management’s forecast of future revenues and cash flows, selection of discount rates and determination of market multiples.

• With the assistance of our fair value specialists, we evaluated the reasonableness of the valuation methodology and the key assumptions used in the assessment, including the selection of discount rates for which we tested the mathematical accuracy of the calculation, and developed a range of independent estimates and compared those to the discount rate selected by management.

• With the assistance of our fair value specialists, we evaluated the reasonableness of the valuation methodologies, including the Company’s market capitalization reconciliation, and the key assumptions used in the assessment, including the selection of discount rates for which we tested the mathematical accuracy of the calculation, and developed a range of independent estimates and compared those to the discount rate selected by management.

For the determination of market multiples, our specialist evaluated the peer set utilized, the selection and calculation of the multiples, and weighting of the multiples.

• We evaluated management's ability to accurately forecast future revenues and cash flows by (1) understanding management’s process for developing their forecasts, and (2) comparing the forecasts to historical results, projections utilized in the prior year goodwill impairment analysis, and forecasted information included in analyst and industry reports.

Valuation Allowance on Deferred Tax Assets - Refer to Note 1 and Note 17 to the financial statements

Critical Audit Matter Description

The Company recognizes deferred tax assets for the expected future tax benefits of temporary differences between the financial reporting and tax bases of assets, as well as for net operating loss and tax credit carryforwards.

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.

In determining whether it is more likely than not that deferred tax assets are realizable, management reviews all evidence, both positive and negative, including 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.

In prior periods, the Company determined that it was not more-likely-than-not that all or some portion of the deferred tax assets would be realized due to historical cumulative losses and recorded a valuation allowance.

During the fourth quarter of 2024, 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

SoFi Technologies, Inc.

primarily related to U.S.

and certain state jurisdictions and released $258 million of its valuation allowance (“valuation allowance release”).

We identified the Company’s valuation allowance release as a critical audit matter due to the significant judgments made by management in assessing the realizability of deferred tax assets subject to the valuation allowance release.

This required a high degree of auditor judgment and an increased extent of effort, including the need to involve our income tax specialists.

How the Critical Audit Matter Was Addressed in the Audit

Our audit procedures related to the Company’s valuation allowance release included the following, among others:

• We tested the effectiveness of management’s internal controls over the methods, assumptions, and judgements to determine whether it is more likely than not that the deferred tax assets will be realized, including management’s internal controls over the calculation of cumulative income, projections of future profitability, future reversal of deferred tax liabilities, history of U.S.

federal tax attributes and material state tax attributes expiring unused, and tax planning strategies.

• With the assistance of our income tax specialists:

◦ We evaluated management’s calculation of cumulative income including the appropriateness of the adjustments for certain non-taxable and non-deductible transactions as well as non-recurring items.

◦ We evaluated the nature and timing of the future reversal of the Company’s deferred tax liabilities.

◦ We evaluated the nature of the deferred tax assets, including any history of U.S.

federal and material state tax attributes expiring unused, and whether the sources of future taxable income were appropriate and sufficient such that the deferred tax assets would be realized under the relevant tax laws.

◦ We evaluated the plausibility of management’s potential tax strategies to realize the deferred tax assets.

• We evaluated the reasonableness of management's projections of future profitability by:

◦ Understanding management’s process for developing their projections

◦ Assessing the projections against internal communications to management and the board of directors, projected information included in analyst and industry reports and other areas of the audit.

/s/ Deloitte & Touche LLP

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2,575,607 1,895,689

Loans held for sale, at fair value 17,684,892 15,396,771

Loans held for sale (includes $ 22.7 billion and $ 17.7 billion at fair value, as of December 31, 2025 and 2024, respectively)

22,862,749 17,684,892

Loans held for investment, at fair value

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Total assets $ 50,660,478 $ 36,250,951

Liabilities, temporary equity and permanent equity

Liabilities and permanent equity

Interest-bearing deposits $ 37,387,350 $ 25,861,400

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Commitments, guarantees, concentrations and contingencies (Note 18)

Temporary equity (1) :

Redeemable preferred stock, $ 0.00 par value:

100,000,000 and 100,000,000 shares authorized;

— and 3,234,000 shares outstanding as of December 31, 2024 and 2023, respectively

Permanent equity:

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Additional paid-in capital 11,302,668 7,838,988

Accumulated other comprehensive loss

Accumulated other comprehensive income (loss)

Accumulated deficit ( 824,278 ) ( 1,305,598 )

Total permanent equity 10,489,495 6,525,134

Total liabilities, temporary equity and permanent equity $ 36,250,951 $ 30,074,858

Total liabilities and permanent equity

__________________

(1) Redemption amount was $ 323,400 as of December 31, 2023.

Equity for additional information.

(1) Includes 100,000,000 non-voting common shares authorized and no non-voting common shares issued and outstanding as of December 31, 2025 and 2024.

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Noninterest income

Loan origination, sales, and securitizations

255,870 371,812 565,372

Loan origination, sales, securitizations and servicing

242,947 278,114 409,140

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525,857 233,345 ( 301,158 )

Income tax benefit (expense)

Income tax (expense) benefit

( 44,537 ) 265,320 416

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Common Stock Additional Paid-In Capital

Accumulated Other Comprehensive Loss

Accumulated Other Comprehensive Income (Loss)

Accumulated Deficit

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Balance at January 1, 2023

Share-based compensation expense — — 328,571 — — 328,571 — —

Equity-based payments to non-employees 100,000 — — — — — — —

Vesting of RSUs 23,183,000 2 ( 2 ) — — — — —

Stock withheld related to taxes on vested RSUs ( 1,196,691 ) — ( 8,983 ) — — ( 8,983 ) — —

Exercise of common stock options 1,955,031 — 2,610 — — 2,610 — —

Issuance of common stock in acquisition 81,700,318 8 873,369 — — 873,377 — —

Vested awards assumed in acquisition — — 2,855 — — 2,855 — —

Redeemable preferred stock dividends — — ( 40,425 ) — — ( 40,425 ) — —

Net loss — — — — ( 320,407 ) ( 320,407 ) — —

Other comprehensive loss, net of taxes — — — ( 6,825 ) — ( 6,825 ) — —

Balance at December 31, 2022 933,896,120

933,896,120 $ 93 $ 6,719,826 $ ( 8,296 ) $ ( 1,503,521 ) $ 5,208,102 3,234,000 $ 320,374

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Common stock retired

( 19,319 ) — — — — — — —

Extinguishment of convertible notes by issuance of common stock

9,490,000 1 72,402 — — 72,403 — —

Redeemable preferred stock dividends — — ( 40,425 ) — — ( 40,425 ) — —

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Balance at December 31, 2023 975,861,793

$ ( 1,804,263 )

Share-based compensation expense — — 286,059 — — 286,059 — —

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Purchase of capped calls

— — ( 90,649 ) — — ( 90,649 ) — —

Unwind of capped calls

— — 10,180 — — 10,180 — —

Redeemable preferred stock dividends — — ( 16,503 ) — — ( 16,503 ) — —

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— — ( 3,026 ) — — ( 3,026 ) ( 3,234,000 ) ( 320,374 )

— — — — 498,665 498,665 — —

Other comprehensive loss, net of taxes

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Balance at December 31, 2024 1,095,357,781 $ 109 $ 7,838,988 $ ( 8,365 ) $ ( 1,305,598 ) $ 6,525,134 — $ —

Share-based compensation expense — — 313,175 — — 313,175 — —

Vesting of RSUs 33,544,210 4 ( 4 ) — — — — —

Stock withheld related to taxes on vested RSUs ( 1,548,587 ) — ( 30,213 ) — — ( 30,213 ) — —

Vesting of PSUs

3,991,995 — — — — — — —

Stock withheld related to taxes on vested PSUs

( 1,280,256 ) — ( 34,773 ) — — ( 34,773 ) — —

Exercise of common stock options 1,051,198 — 6,935 — — 6,935 — —

Issuance of common stock

137,279,271 13 3,182,327 — — 3,182,340 — —

Employee stock purchase plan

2,173,266 — 26,233 — — 26,233 — —

Other comprehensive income, net of taxes

— — — 19,344 — 19,344 — —

Balance at December 31, 2025 1,270,568,878 $ 126 $ 11,302,668 $ 10,979 $ ( 824,278 ) $ 10,489,495 — $ —

The accompanying notes are an integral part of these consolidated financial statements.

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Other 13,759 9,907 ( 9,348 )

Changes in operating assets and liabilities:

Changes in loans held for sale, net ( 5,270,873 ) ( 2,342,980 ) ( 7,708,935 )

Changes in accrued interest on loans

( 45,312 ) ( 24,474 ) ( 74,346 )

Changes in loans previously classified as held for sale, net

874,011 1,351,283 140,856

Servicing assets ( 161,659 ) ( 31,604 ) 18,405

Other assets ( 458,450 ) ( 5,506 ) ( 56,861 )

Accounts payable, accruals and other liabilities 23,552 42,088 6,365

Changes in servicing assets

( 36,050 ) ( 161,659 ) ( 31,604 )

Changes in other assets

( 100,666 ) ( 458,450 ) ( 5,506 )

Changes in other liabilities

140,456 23,552 42,088

Net cash used in operating activities

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Proceeds from maturities and paydowns of available-for-sale investments 549,555 807,804 153,828

Purchases of loans held for investment

( 2,082,827 ) — —

Proceeds from sales of loans held for investment 392,607 677,587 —

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Net change in deposits $ 11,248,505 $ 6,954,484 $ 11,231,904

Proceeds from issuance of common stock

3,185,618 — —

Payment of common stock issuance costs

( 3,278 ) — —

Net change in debt facilities ( 1,256,883 ) ( 1,982,644 ) 180,554

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Proceeds from stock option exercises 6,935 21,407 1,145

Proceeds from issuance of common stock under the ESPP

Payment of redeemable preferred stock dividends — ( 16,503 ) ( 40,425 )

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Extinguishment of convertible notes by issuance of common stock — 677,147 87,047

Securitization investments acquired via loan transfers 61,901 18,985 —

Derecognition of securitization investments — — 5,325

Deposits assumed in acquisition — — 158,016

Loans held for investment received in acquisition — — 84,485

Available-for-sale securities received in acquisition — — 10,014

The accompanying notes are an integral part of these consolidated financial statements.

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The Company has continued to expand its product offerings through strategic acquisitions.

During 2020, the Company expanded its investment product offerings into Hong Kong through the acquisition of 8 Limited, and also began to operate as a platform as a service for a variety of financial service providers, providing the infrastructure to facilitate core client-facing and back-end capabilities, such as account setup, account funding, direct deposit, authorizations and processing, payments functionality and check account balance features through the acquisition of Galileo.

During 2022, the Company became a bank holding company and began operating as SoFi Bank, National Association, through its acquisition of Golden Pacific Bancorp, Inc., and expanded its platform to include a cloud-native digital and core banking platform with customers in Latin America through its acquisition of Technisys, allowing the Company to expand its technology platform services to a broader international market.

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In our consolidated financial statements, we made the following presentation changes in 2025:

• in our consolidated statements of cash flows beginning in the first quarter of 2024, reclassified amounts related to fair value changes in residual interests classified as debt into other within the adjustments to reconcile net income (loss) to net cash provided used in operating activities .

There was no impact to net cash used in operating activities;

• in our consolidated statements of operations and comprehensive income (loss) beginning in the third quarter of 2024, reclassified amounts related to our Loan Platform Business previously included within the financial statement line item noninterest income—other to separate presentation in noninterest income—loan platform fees .

Revenue for presentation of disaggregated revenue;

• in our consolidated statements of operations and comprehensive income (loss) beginning in the fourth quarter of 2024, updated the presentation to present the provision for credit losses below total net revenue and above noninterest expenses , from its previous presentation within total noninterest expense .

• in our consolidated statements of operations and comprehensive income (loss) beginning in the second quarter of 2025, we combined the financial statement line items for noninterest income—loan origination, sales and securitizations and noninterest income—servicing , and presented within noninterest income—loan origination, sales, securitizations and servicing.

In all instances, the respective prior period amounts were recast to conform to the current period presentation.

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These estimates and assumptions are inherently subjective in nature and, therefore, actual results may differ from our estimates and assumptions, and the differences could be material.

Management bases its estimates on historical experience and on various other factors it believes to be reasonable under the

Management bases its estimates on historical experience and on various other factors it believes to be reasonable under the circumstances.

These assumptions and estimates include, but are not limited to, the following:

(i) fair value measurements, (ii) business combinations, and (iii) goodwill.

SoFi Technologies, Inc.

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(In Thousands, Unless Otherwise Stated and Except for Share and Per Share Data)

circumstances.

These assumptions and estimates include, but are not limited to, the following:

(i) fair value measurements, (ii) business combinations, (iii) goodwill, and (iv) valuation allowance on deferred tax assets.

Business Combinations

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Fair value is defined as the price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date.

We use a three-level fair value hierarchy to classify and disclose all assets and liabilities measured at fair

We use a three-level fair value hierarchy to classify and disclose all assets and liabilities measured at fair value on a recurring basis in periods subsequent to their initial measurement.

The hierarchy requires us to use observable inputs

SoFi Technologies, Inc.

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(In Thousands, Unless Otherwise Stated and Except for Share and Per Share Data)

value on a recurring basis in periods subsequent to their initial measurement.

The hierarchy requires us to use observable inputs when available and to minimize the use of unobservable inputs when determining fair value.

when available and to minimize the use of unobservable inputs when determining fair value.

The three levels are defined as follows:

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Fair Value Measurements may include changes in fair value that are attributable to both observable and unobservable inputs.

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 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.

Transfers of Financial Assets

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Cash proceeds received from these transfers are reported as liabilities, with related interest expense recognized over the life of the related secured borrowing.

As a component of the loan sale agreements, we make certain representations to third parties that purchase our previously-held loans, some of which include GSE repurchase requirements and all of which are standard in nature and do not constrain our ability to recognize a sale for accounting purposes.

As a component of the loan sale agreements, we make certain representations to third parties that purchase our previously-held loans, certain of which include GSE repurchase requirements and all of which are standard in nature and do not constrain our ability to recognize a sale for accounting purposes.

Any significant estimated post-sale obligations or contingent obligations to the purchaser of the loans arising from these representations are accrued if probable and estimable, which approximates fair value.

We establish a loan repurchase liability, which is based on historical experience and any current developments which would make it probable that we would buy back loans previously sold to third parties at the historical sales price.

The loan repurchase liability is presented within accounts payable, accruals and other liabilities in the consolidated balance sheets, with the corresponding charges recorded within noninterest income—loan origination, sales, and securitizations in the consolidated statements of operations and comprehensive income (loss) or within noninterest income - loan platform fees in the consolidated statements of operations and comprehensive income (loss) in connection with transfers of loans held for sale and carried at the lower of amortized cost or fair value as part of our Loan Platform Business.

The loan repurchase liability is presented within accounts payable, accruals and other liabilities in the consolidated balance sheets, with the corresponding charges recorded within noninterest income—loan origination, sales, securitizations and servicing in the consolidated statements of operations and comprehensive income (loss) or within noninterest income - loan platform fees in the consolidated statements of operations and comprehensive income (loss) in connection with transfers of loans held for sale and carried at the lower of amortized cost or fair value as part of our Loan Platform Business.

SoFi Technologies, Inc.

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Securitization Investments

In Company-sponsored securitization transactions that meet the applicable criteria to be accounted for as a sale, we retain certain residual interests and asset-backed bonds that we report within investment securities in the consolidated balance sheets.

We elected the fair value option for these investments and gains and losses are reported within noninterest income—loan origination, sales, and securitizations in the consolidated statements of operations and comprehensive income (loss).

We determine the fair value of our securitization investments using a discounted cash flow methodology, while also considering market data as it becomes available.

In Company-sponsored securitization transactions that meet the applicable criteria to be accounted for as a sale, we retain certain residual investments and asset-backed bonds (collectively, “securitization investments”) that we report within investment securities in the consolidated balance sheets.

We elected the fair value option for a portion of these investments with gains and losses reported within noninterest income—loan origination, sales, securitizations and servicing in the consolidated statements of operations and comprehensive income (loss).

We account for the remaining securitization investments as AFS debt securities.

Securitization and Variable Interest Entities for a breakout of those securitization investments for

SoFi Technologies, Inc.

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(In Thousands, Unless Otherwise Stated and Except for Share and Per Share Data)

which we have elected to account for as AFS debt securities.

We determine the fair value of our securitization investments using a discounted cash flow methodology, while also considering market data as it becomes available.

Our residual investments accrete interest income over the expected life using the effective yield method , which reflects a portion of the overall fair value adjustment recorded each period on our residual investments.

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Servicing rights recognized in connection with the sale of these loans are initially measured at fair value and recognized as a component of the gain or loss from sales of loans and the initial capitalization is reported within noninterest income—loan platform fees in the consolidated statements of operations and comprehensive income (loss).

Subsequent measurement changes for all servicing rights, including servicing fee payments and fair value changes, are included within noninterest income—servicing in the consolidated statements of operations and comprehensive income (loss).

Upon sale of these loans, we establish a loan repurchase liability, which is based on historical experience and any current developments which would make it probable that we would buy back loans previously sold to third parties at the historical sales price.

The loan repurchase liability is presented within accounts payable, accruals and other liabilities in the

Subsequent measurement changes for all servicing rights, including servicing fee payments and fair value changes, are included within noninterest income—loan origination, sales, securitizations and servicing in the consolidated statements of operations and comprehensive income (loss).

SoFi Technologies, Inc.

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(In Thousands, Unless Otherwise Stated and Except for Share and Per Share Data)

consolidated balance sheets, with the corresponding charges recorded within noninterest income—loan platform fees in the consolidated statements of operations and comprehensive income (loss).

Interest income on loans held for sale at the lower of amortized cost or fair value is accrued and recognized based on the contractual rate of interest within interest income—loans and securitizations in the consolidated statements of operations and comprehensive income (loss).

As of December 31, 2024, there were no material personal loans held for sale, at lower of amortized cost or fair value.

Loans Measured at Fair Value

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Therefore, these loans are carried at fair value on a recurring basis.

During the year ended December 31, 2023, we transferred certain home loans out of Level 3 and into Level 2 due to an update to pricing sources utilized by third-party valuation specialists, as part of the integration of Wyndham.

Other loans do not trade in an active market with readily observable prices and are classified as Level 3.

Loans classified as Level 2 have observable pricing sources utilized by management.

Loans that do not trade in an active market with readily observable prices are classified as Level 3.

We determine the fair value of our loans using a discounted cash flow methodology, while also considering market data as it becomes available.

Direct origination fees, which primarily relate to personal and home loans, are recognized in earnings as earned and are recorded within noninterest income—loan origination, sales, and securitizations in the consolidated statements of operations and comprehensive income (loss).

Personal loans and home loans are presented within loans held for sale , and student loans are presented within loans held for investment, at fair value

Direct origination fees, which primarily relate to personal and home loans, are recognized in earnings as earned and are recorded within noninterest income—loan origination, sales, securitizations and servicing in the consolidated statements of operations and comprehensive income (loss).

Direct loan origination costs are recognized in earnings as incurred and are recorded within noninterest expense—cost of operations in the consolidated statements of operations and comprehensive income (loss).

We record the initial fair value measurement and subsequent measurement changes in fair value in the period in which the changes occur within noninterest income—loan origination, sales, and securitizations in the consolidated statements of operations and comprehensive income (loss).

We record cash flows related to loans originally designated as held for sale within cash flows from operating activities in the consolidated statements of cash flows.

We record cash flows related to loans originally designated as held for investment within cash flows from investing activities in the consolidated statements of cash flows.

We record the initial fair value measurement and subsequent measurement changes in fair value in the period in which the changes occur within noninterest income—loan origination, sales, securitizations and servicing in the consolidated statements of operations and comprehensive income (loss).

We consider a loan to be delinquent when the borrower has not made the scheduled payment amount within one day after the scheduled payment date, provided the borrower is not in school or in deferment, forbearance or within an agreed-upon grace period.

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For all loans, we stop accruing interest and reverse all accrued but unpaid interest on the date of charge-off.

Additional information about our loans held for sale is included in Note 4.

Additional information about our loans held for sale and held for investment are included in Note 4.

Loans , Note 7.

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collateral as well as any anticipated future changes in the underlying collateral.

As of and for the year ended December 31, 2024, based on this evaluation we did not recognize an allowance for credit losses on our secured loan.

As of and for the year ended December 31, 2025, based on this evaluation we did not recognize an allowance for credit losses on our secured loans.

Credit cards :

We use a combination of statistical-based loan level models that incorporate current and historical credit performance data, which includes both internal and external industry data.

We use statistical-based loan level models that incorporate current and historical credit performance data from both internal and external industry data.

The process of estimating expected credit losses is based on an account-level PD model, a segment-level EAD model, and a portfolio-level recovery rate.

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The PD model analyzes a wide range of borrower characteristics, including credit scores and customer behaviors such as credit limit usage, revolving vs.

transactors trends, and number of credit inquires.

transactors trends, delinquency status and number of credit inquires.

The EAD model estimates the balance of an account at the time of default.

This includes balances less expected repayments based on historical payment and revolve behavior.

This includes balances less expected repayments based on historical payment and revolver behavior.

A recovery rate reflecting an estimate of amounts expected to be received after default occurs is estimated separately based on historical recovery performance and applied to the final CECL calculation.

For delinquent accounts we use roll rates based on historical data to determine the probabilities of default which is included in the final CECL calculation.

Additionally, management evaluates whether to include qualitative reserves to cover losses that are expected but may not be adequately represented in the quantitative methods or the economic assumptions.

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We do not measure credit losses on the undrawn credit exposure, as such undrawn credit exposure is unconditionally cancellable by us.

We elected to exclude interest on credit cards from the measurement of our allowance, as our policy allows for accrued interest to be reversed in a timely manner.

Further, we elected the practical expedient to exclude the accrued interest component of our credit cards from the quantitative disclosures presented.

However, we include interest on credit cards in the measurement of our allowance since these loans are not written off until the loan is 180 days past due.

Allowance for Credit Losses for a rollforward of the allowance for credit losses related to our credit cards.

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Investments in AFS debt securities :

Credit-related impairment is recognized as an allowance for credit losses in the consolidated balance sheets with a corresponding adjustment to provision for credit losses in the statements of operations and comprehensive income (loss).

Credit-related impairment is recognized as an allowance for credit losses in the consolidated balance sheets with a corresponding adjustment to provision for credit losses in the consolidated statements of operations and comprehensive income (loss).

For certain securities that are guaranteed by the U.S.

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For the year ended December 31, 2025, we did not recognize an allowance for credit losses on impaired investments in AFS debt securities.

Servicing Rights

We enter into servicing agreements in connection with transfers of our financial assets and referral fulfillment arrangements in which we are a sub-servicer for financial assets that we do not legally own, and on a standalone basis.

Under such servicing agreements, we earn servicing fees, generally expressed as a percentage of the serviced outstanding principal balance, portions of which may be subjected to subordination provisions.

At the inception of each servicing relationship, we

SoFi Technologies, Inc.

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(In Thousands, Unless Otherwise Stated and Except for Share and Per Share Data)

Servicing Rights

At the inception of each servicing relationship, we determine whether we should record a servicing asset or servicing liability, measured at the fair value of the servicing right, which may be zero.

determine whether we should record a servicing asset or servicing liability, measured at the fair value of the servicing right, which may be zero.

We elected the fair value option to measure our servicing rights subsequent to initial recognition.

We measure the initial and subsequent fair value of our servicing rights using a discounted cash flow methodology, while also considering market data as it becomes available.

The significant assumptions used in the valuation model include our contractual servicing fee, ancillary income, prepayment rate assumptions, default rate assumptions, a discount rate commensurate with the risk of the servicing asset or liability being valued, and an assumed market cost of servicing, which is based on active quotes from third-party servicers.

The value of the servicing rights are dependent on the performance of the underlying loans.

For servicing rights retained in connection with loan transfers that do not meet the requirements for sale accounting treatment, there is no recognition of a servicing asset or liability.

Servicing rights in connection with transfers of financial assets are initially measured at fair value and recognized as a component of the gain or loss from sales of loans and the initial capitalization is reported within noninterest income—loan origination, sales, and securitizations in the consolidated statements of operations and comprehensive income (loss).

Servicing rights in connection with transfers of financial assets are initially measured at fair value and recognized as a component of the gain or loss from sales of loans and the initial capitalization is reported within noninterest income—loan origination, sales, securitizations and servicing in the consolidated statements of operations and comprehensive income (loss).

For loans originated on behalf of third parties for our Loan Platform Business, servicing rights recognized as a component of the gain on sale are reported within noninterest income—loan platform fees in the consolidated statements of operations and comprehensive income (loss).

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Servicing rights are measured at fair value at each subsequent reporting date and changes in fair value are reported in earnings in the period in which they occur.

For servicing rights with adequate compensation resulting in an initial and subsequent value of zero, we recognize servicing fees received during the period within noninterest income—servicing .

For servicing rights with adequate compensation resulting in an initial and subsequent value of zero, we recognize servicing fees received during the period within noninterest income—loan origination, sales, securitizations and servicing .

We elected the fair value option to measure our servicing rights to better align with the valuation of our transferred loans, which also tend to share a similar risk profile to the personal loan servicing we assume from third parties when we are not the loan originator.

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Other costs are expensed as incurred.

SoFi Technologies, Inc.

Notes to Consolidated Financial Statements (continued)

(In Thousands, Unless Otherwise Stated and Except for Share and Per Share Data)

Property, Equipment, Software and Leases for additional information on our property, equipment and software.

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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 using a qualitative approach, referred to as “step zero”, to determine whether conditions exist to indicate that it is more likely than not that the fair value of a reporting unit is less than its carrying amount.

We may assess goodwill for impairment initially using a qualitative approach, referred to as “step zero”, to

SoFi Technologies, Inc.

Notes to Consolidated Financial Statements (continued)

(In Thousands, Unless Otherwise Stated and Except for Share and Per Share Data)

determine whether conditions exist to indicate that it is more likely than not that the fair value of a reporting unit is less than its carrying amount.

If management concludes, based on its assessment of relevant events, facts and circumstances, that it is more likely than not that a reporting unit’s carrying value is greater than its fair value, then a quantitative analysis will be performed to determine if there is any impairment.

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Base rent is typically subject to rent escalations on each annual anniversary from the lease commencement dates.

Lease expense for lease payments, including any step rent provisions specified in the lease agreements, is recognized on a

Lease expense for lease payments, including any step rent provisions specified in the lease agreements, is recognized on a straight-line basis over the lease term and is allocated among the components of noninterest expense in the consolidated statements of operations and comprehensive income (loss).

The finance lease ROU assets are depreciated on a straight-line basis over the estimated useful life ranging from 5 to 7 years.

Interest expense on finance leases is recognized for the difference between the present value of the lease liabilities and the scheduled lease payments within interest expense—other in the consolidated statements of operations and comprehensive income (loss).

When a lease agreement is modified, we determine if the modification grants us the right to use an additional asset that is not included in the original lease contract and if the lease payments increase commensurate with the standalone price for the additional ROU asset.

If both conditions are met, we account for the agreement as two separate contracts:

(i) the original,

SoFi Technologies, Inc.

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(In Thousands, Unless Otherwise Stated and Except for Share and Per Share Data)

straight-line basis over the lease term and is allocated among the components of noninterest expense in the consolidated statements of operations and comprehensive income (loss).

The finance lease ROU assets are depreciated on a straight-line basis over the estimated useful life of seven years .

If both conditions are met, we account for the agreement as two separate contracts:

(i) the original, unmodified contract and (ii) a separate contract for the additional ROU asset.

unmodified contract and (ii) a separate contract for the additional ROU asset.

If both conditions are not met, the modification is not evaluated as a separate contract.

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Our derivative instruments used to manage future loan sale execution risk include interest rate swaps, interest rate caps, credit derivatives and home loan pipeline hedges.

We also have IRLCs, interest rate swaps and interest rate caps that were not related to future loan sale execution risk.

We also have IRLCs, interest rate swaps and interest rate caps that are not related to future loan sale execution risk.

Changes in derivative instrument fair values are recognized in earnings as they occur.

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Loan Commitments

We offer a program whereby applicants can lock in an interest rate on an in-school loan to be funded at a later time.

The Company allows applicants to lock in an interest rate on certain loans to be funded at a later time.

Applicants can exit the loan origination process up until the loan funding date.

SoFi is obligated to fund the loan at the committed terms on the disbursement date if the borrower does not cancel prior to the loan funding date.

SoFi’s obligation to fund the loan at the committed terms begins on the date that we extend the final loan offer to borrowers, prior to the applicant’s acceptance of the offer and the loan funding date.

The student loan commitments meet the scope exception for issuers of commitments to originate non-mortgage loans.

As the writer of the

As the writer of the commitments, we elected the fair value option to measure our unfunded loan commitments to align with the measurement methodology of our originated loans.

As such, our loan commitments are carried at fair value on a recurring basis.

Depending on the measurement date position, loan commitments are presented within other assets or accounts payable, accruals and other liabilities in the consolidated balance sheets.

We record the initial fair value measurement and subsequent measurement changes in fair value in the period in which the changes occur within noninterest income—loan origination, sales, securitizations and servicing in the consolidated statements of operations and comprehensive income (loss).

Loan commitments also include IRLCs, whereby we commit to interest rate terms prior to completing the origination process for home loans.

IRLCs are derivative instruments that are measured at fair value on a recurring basis.

Changes in fair

SoFi Technologies, Inc.

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(In Thousands, Unless Otherwise Stated and Except for Share and Per Share Data)

commitments, we elected the fair value option to measure our unfunded student loan commitments to align with the measurement methodology of our originated student loans.

As such, our student loan commitments are carried at fair value on a recurring basis.

Depending on the measurement date position, student loan commitments are presented within other assets or accounts payable, accruals and other liabilities in the consolidated balance sheets.

Loan commitments also include IRLCs, whereby we commit to interest rate terms prior to completing the origination process for home loans.

IRLCs are derivative instruments that are measured at fair value on a recurring basis.

Changes in fair value are recognized within noninterest income—loan origination, sales, and securitizations in the consolidated statements of operations and comprehensive income (loss).

value are recognized within noninterest income—loan origination, sales, securitizations and servicing in the consolidated statements of operations and comprehensive income (loss).

See “Derivative Financial Instruments” in this Note for additional information on our derivative instruments.

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We elected the fair value option to measure certain securitization debt, with the intent to mitigate the accounting divergence between debt liabilities measured at historical cost and the corresponding loans securing these financings, which are risk-managed on a fair value basis.

For securitization debt carried at fair value on a recurring basis, we record the initial fair value measurement and subsequent measurement changes in fair value in the period in which the changes occur within noninterest income—loan origination, sales, and securitizations in the consolidated statements of operations and comprehensive income (loss).

For securitization debt carried at fair value on a recurring basis, we record the initial fair value measurement and subsequent measurement changes in fair value in the period in which the changes occur within noninterest income—loan origination, sales, securitizations and servicing in the consolidated statements of operations and comprehensive income (loss).

We determined the fair value of the applicable securitization debt using a discounted cash flow methodology, while also considering market data as it becomes available.

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Convertible Senior Notes

In October 2021, we issued $ 1.2 billion aggregate principal amount of convertible senior notes due 2026 (the “2026 convertible notes”).

The 2026 convertible notes will mature on October 15, 2026, unless earlier repurchased, redeemed or converted.

We will settle conversions by paying or delivering, at our election, cash, shares of our common stock or a combination of cash and shares of our common stock, based on the applicable conversion rate(s).

The 2026 convertible notes will also be redeemable, in whole or in part, at our option at any time, and from time to time, on or after October 15, 2024 through the 30 th scheduled trading day immediately before the maturity date, at a cash redemption price equal to the principal amount of the convertible notes to be redeemed, plus accrued interest, if any, thereon to, but excluding, the redemption date, but only if certain liquidity conditions described in the indenture are satisfied and certain conditions are met with respect to the last

In October 2021, we issued $ 1.2 billion aggregate principal amount of convertible senior notes due 2026 (the “2026 convertible notes”), which do not bear regular interest, will mature on October 15, 2026 (unless earlier repurchased, redeemed or converted) and will be convertible by the noteholders beginning in April 2026 under certain circumstances.

We will settle conversions of the 2026 convertible notes by paying or delivering, at our election, cash, shares of our common stock or a combination of cash and shares of our common stock, based on the applicable conversion rate(s).

The 2026 convertible notes are redeemable, in whole or in part, at our option at any time, and from time to time, beginning on or after October 15, 2024 through the 30 th scheduled trading day immediately before the maturity date at a cash redemption price equal to the principal amount of the 2026 convertible notes to be redeemed, plus accrued interest, if any, but excluding the redemption date, but only if certain liquidity conditions described in the indenture are satisfied and certain conditions are met with respect to the last reported sale price per share of our common stock prior to conversion.

Additionally, the 2026 convertible notes may incur special interest in the event of default, or additional interest if the Company has not satisfied certain reporting conditions or the 2026 convertible notes are not otherwise freely tradable, as such term is defined in the applicable indenture.

If special interest or additional interest is incurred on the 2026 convertible notes, it could require an additional use of cash.

In December 2023, March 2024, and August 2024, we entered into repurchase agreements to repurchase in aggregate principal amount of the 2026 convertible notes totaling $ 88.0 million, $ 600.0 million, and $ 84.0 million, respectively.

Debt for more detailed disclosure of the term and features of the 2026 convertible notes.

SoFi Technologies, Inc.

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(In Thousands, Unless Otherwise Stated and Except for Share and Per Share Data)

reported sale price per share of our common stock prior to conversion.

In December 2023, March 2024, and August 2024, we entered into repurchase agreements to repurchase in aggregate principal amount of the convertible notes totaling $ 88.0 million, $ 600.0 million, and $ 84.0 million, respectively.

Debt for more detailed disclosure of the term and features of the 2026 convertible notes.

In March 2024, we issued $ 862.5 million aggregate principal amount of convertible senior notes due 2029 (the “2029 convertible notes”).

The 2029 convertible notes will mature on March 15, 2029, unless earlier repurchased, redeemed or converted.

We will settle conversion of the notes by paying or delivering cash, and if applicable, shares of our common stock, based on the applicable conversion rate.

We will settle conversion of the 2029 convertible notes by paying or delivering cash, and if applicable, shares of our common stock for the amount in excess of the cash redemption price, based on the applicable conversion rate.

The 2029 convertible notes will also be redeemable, in whole or in part, at our option at any time, and from time to time, on or after March 15, 2027 through the 30th scheduled trading day immediately before the maturity date, at a cash redemption price equal to the principal amount of the 2029 convertible notes to be redeemed, plus accrued and unpaid interest, if any, thereon to, but excluding, the redemption date, but only if certain liquidity conditions described in the indenture are satisfied and certain conditions are met with respect to the last reported sale price per share of our common stock prior to conversion.

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Equity for additional information on the Capped Call Transactions.

Residual Interests Classified as Debt

Within consolidated securitizations, the residual interests held by third parties are presented as residual interests classified as debt in the consolidated balance sheets.

We measure residual interests classified as debt at fair value on a recurring basis.

We record subsequent measurement changes in fair value in the period in which the change occurs within noninterest

SoFi Technologies, Inc.

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(In Thousands, Unless Otherwise Stated and Except for Share and Per Share Data)

Residual Interests Classified as Debt

Within consolidated securitizations, the residual interests held by third parties are presented as residual interests classified as debt in the consolidated balance sheets.

We measure residual interests classified as debt at fair value on a recurring basis.

We record subsequent measurement changes in fair value in the period in which the change occurs within noninterest income—loan origination, sales, and securitizations in the consolidated statements of operations and comprehensive income (loss).

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

We determine the fair value of residual interests classified as debt using a discounted cash flow methodology, while also considering market data as it becomes available.

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Our activities in Argentina are related to our Technology Platform segment and commenced in the first quarter of 2022 with the Technisys Merger.

Safeguarding Asset and Liability

Through our SoFi Invest product (via our wholly-owned subsidiary, SoFi Digital Assets, LLC, a licensed money transmitter), our members were able to invest in digital assets.

In the fourth quarter of 2023, we transferred the crypto services provided by SoFi Digital Assets, LLC, and began closing existing digital assets accounts.

This process was completed in the first quarter of 2024.

Certain accounts were eligible for transfer to a third party digital asset service provider who assumed responsibility for the transferred accounts on a go-forward basis, including the arrangement of custodial services for the transferred digital assets.

We have no further ongoing responsibilities for the transferred digital assets subsequent to the executed transfer which took place in December 2023, and derecognized the corresponding digital assets safeguarding liability and safeguarding asset as of the date of the transfer.

For those digital assets that were not eligible to be transferred, we engaged third parties to provide custodial services for our digital assets offering, which included holding the cryptographic key information and working to protect the digital assets from loss or theft.

The third-party custodians held digital assets as custodial assets in an account in SoFi’s name for the benefit of our members.

We maintained the internal recordkeeping of our members’ digital assets, including the amount and type of digital assets owned by each of our members in the custodial accounts.

In accordance with Staff Accounting Bulletin No.

121 (“SAB 121”), which we adopted effective June 30, 2022 with retrospective application as of January 1, 2022, we recognized a digital assets safeguarding liability within accounts payable, accruals and other liabilities in the consolidated balance sheets reflecting our obligation to safeguard the digital assets held by third-party custodians for the benefit of our members.

We also recognized a corresponding safeguarding asset within other assets in the consolidated balance sheets.

The safeguarding liability and corresponding safeguarding asset were measured and recorded at the fair value of the digital assets held by the custodians at each reporting date.

Subsequent changes to the fair value measurement were reflected as equal and offsetting adjustments to the carrying values of the safeguarding liability and corresponding safeguarding asset.

We evaluated any potential loss events, such as theft, loss or destruction of the cryptographic keys, that may have affected the measurement of the safeguarding asset, which would be reflected in our results of operations in the period the loss occurs.

Measurement changes do not impact the consolidated statements of operations and comprehensive

SoFi Technologies, Inc.

Notes to Consolidated Financial Statements (continued)

(In Thousands, Unless Otherwise Stated and Except for Share and Per Share Data)

income (loss) unless such a loss event is identified.

See “ Recent Accounting Standards Issued, But Not Yet Adopted ” for discussion of Staff Accounting Bulletin No.

122 (“SAB 122”).

Fair Value Measurements for additional information on the fair value measurement of the safeguarding liability and corresponding safeguarding asset as of December 31, 2023.

As of December 31, 2023, we utilized one third-party custodian, and we did not identify any loss events.

We had no safeguarding liability and corresponding safeguarding asset as of December 31, 2024.

Interest Income

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We calculate a gain or loss on the sale based on the sum of the proceeds from the sale and any servicing asset or liability recognized, less the carrying value of the loans sold.

Our gain or loss calculation is also inclusive of repurchase liabilities recognized at the time of sale, and is recorded within noninterest income—loan origination, sales, and securitizations in the consolidated statements of operations and comprehensive income (loss) or within noninterest income - loan platform fees in connection with transfers of loans held for sale and carried at the lower of amortized cost or fair value as part of our Loan Platform Business.

Our gain or loss calculation is also inclusive of repurchase liabilities recognized at the time of sale, and is recorded within noninterest income—loan origination, sales, securitizations and servicing in the consolidated statements of operations and comprehensive income (loss) or within noninterest income—loan platform fees in connection with transfers of loans held for sale and carried at the lower of amortized cost or fair value as part of our Loan Platform Business.

Revenue Recognition

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We earn specified referral fees in connection with referral activities we facilitate through our platform, inclusive of referral fees generated through our Loan Platform Business, for providing pre-qualified borrower referrals to a third-party partner that offer services to end users who do not use one of our product offerings and referrals of pre-qualified borrowers to a third-party partner who separately contracts with a loan originator.

SoFi Technologies, Inc.

Notes to Consolidated Financial Statements (continued)

(In Thousands, Unless Otherwise Stated and Except for Share and Per Share Data)

• Interchange:

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We use a Monte Carlo simulation model to estimate the grant-date fair value of PSUs.

SoFi Technologies, Inc.

Notes to Consolidated Financial Statements (continued)

(In Thousands, Unless Otherwise Stated and Except for Share and Per Share Data)

Compensation expense is typically recognized on a straight-line basis over the period during which the share-based award holder is required to perform services in exchange for the award (the vesting period) for stock options and RSUs, on an accelerated attribution basis for each vesting tranche over the respective derived service period for PSUs and over each offering period for our ESPP.

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Commitments, Guarantees, Concentrations and Contingencies for discussion of contingent matters.

SoFi Technologies, Inc.

Notes to Consolidated Financial Statements (continued)

(In Thousands, Unless Otherwise Stated and Except for Share and Per Share Data)

Restructuring

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(i) technology and product development , (ii) sales and marketing , (iii) cost of operations , and (iv) general and administrative in the consolidated statements of operations and comprehensive income (loss).

Restructuring charges in 2024 were primarily related to legal entity restructuring.

Restructuring charges in 2025 and 2024 were primarily related to legal entity restructuring.

Restructuring charges in 2023 were associated with a reduction in headcount in the Technology Platform segment in the first quarter of 2023, as well as expenses in the fourth quarter of 2023 related to a reduction in headcount across the Financial Services, Lending and corporate functions, which primarily included employee-related wages, benefits and severance.

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In assessing the realizability of deferred tax assets, management reviews all available positive and negative evidence.

Generally, the weight we give to any

SoFi Technologies, Inc.

Notes to Consolidated Financial Statements (continued)

(In Thousands, Unless Otherwise Stated and Except for Share and Per Share Data)

particular factor is dependent upon the degree to which it can be objectively verified.

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.

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Recently Adopted Accounting Standards

Improvements to Reportable Segment Disclosures

In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280) — Improvements to Reportable Segment Disclosures .

The ASU improves reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses.

The standard is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024.

We adopted this standard effective for the reporting periods noted above, with retrospective application to all prior periods presented in the financial statements.

The adoption of this standard did not have any impact on the Company’s financial condition, results of operations or cash flows, but resulted in enhancements to our segment disclosures, primarily related to our significant segment expenses.

Business Segment and Geographic Information for further information.

Recent Accounting Standards Issued, But Not Yet Adopted

Improvements to Income Tax Disclosures

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The standard is effective for annual periods beginning after December 15, 2024, with early adoption permitted.

The standard should be applied on a prospective basis with the option to apply the standard retrospectively.

We are currently evaluating the impact of this standard on our disclosures.

We adopted this standard effective for the reporting periods noted above on a prospective basis.

The adoption of this standard did not have any impact on the Company’s financial condition, results of operations or cash flows, but resulted in enhancements to our income tax disclosures.

Income Taxes for further information.

Crypto-Assets

On December 2023, the FASB issued ASU 2023-08, Intangibles — Goodwill and Other — Crypto Assets (Subtopic 350-60) .

ASU 2023-08 amends ASC 350, Intangibles – Goodwill and Other , to provide guidance on the accounting for and disclosure of crypto assets and requires that the Company (i) subsequently remeasure crypto assets at fair value in the consolidated balance sheets and record gains and losses from remeasurement in net income (loss) in the consolidated statements of operations and comprehensive income (loss);

(ii) present crypto assets separate from other intangible assets in the consolidated balance sheets;

(iii) present the gains and losses from remeasurement of crypto assets separately in the consolidated statements of operations and comprehensive income (loss);

and (iv) provide specific disclosures for crypto assets.

SoFi Technologies, Inc.

Notes to Consolidated Financial Statements (continued)

(In Thousands, Unless Otherwise Stated and Except for Share and Per Share Data)

The standard is effective for annual periods beginning after December 15, 2024, including interim periods within those fiscal years with early adoption permitted, and a cumulative-effect adjustment to the opening balance of retained earning as of the beginning of the annual reporting period in which the entity adopts the amendment.

We adopted this standard during the fourth quarter of 2025 concurrent with SoFi Bank’s launch of SoFi Crypto, which provides our members the ability to buy, sell and hold digital assets.

To facilitate these member transactions and provide liquidity for the platform, we maintain an incidental inventory of crypto assets for operational purposes, none of which are held as long-term speculative investments and are immaterial.

As a result, the adoption did not have a material impact on the Company's consolidated financial statements presented.

Safeguarding Crypto-Assets

In January 2025, the SEC released Staff Accounting Bulletin No.

122 (“SAB 122”), which rescinds the interpretive guidance provided in Staff Accounting Bulletin No.

121 (“SAB 121”) for reporting entities that have an obligation to safeguard customers' crypto assets.

Under SAB 121, entities were required to recognize both a liability and a corresponding asset for their safeguarding obligations.

With the new guidance, an entity that has a safeguarding obligation should assess whether it has any loss contingencies under ASC 450, Contingencies.

SAB 122 must be applied retrospectively for annual periods beginning after December 15, 2024, with early adoption permitted in any interim or annual financial statement period filed with the SEC on or after January 30, 2025.

We adopted this standard during the fourth quarter of 2025 on a retrospective basis, concurrent with SoFi Bank’s launch of SoFi Crypto, which gives members the ability to buy, sell and hold digital assets.

We had previously exited a similar crypto business in the first quarter of 2024, in connection with our approval as a bank holding company by the Federal Reserve.

As a result of the adoption of SAB 122, we will not recognize a liability or a corresponding asset for safeguarding obligations for the periods presented.

We also considered whether a liability representing anticipated losses from crypto assets which we hold in custody (i.e.

off balance sheet) on behalf of users should be recognized under the ASC 450-20 Loss Contingencies framework.

As of December 31, 2025, the likelihood of loss from crypto assets which we held in custody on behalf of users was remote;

as such, no liability was recorded on our consolidated balance sheets.

Recent Accounting Standards Issued, But Not Yet Adopted

Disaggregation of Income Statement Expenses

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The standard is effective for annual periods beginning after December 15, 2025, and interim periods within those annual periods, with early adoption permitted for all entities that have adopted the amendments in ASU 2020-06.

The standard may be applied on a prospective

The standard may be applied on a prospective basis with the option to apply the standard retrospectively.

We are currently evaluating the impact of this standard on our consolidated financial statements.

Measurement of Credit Losses for Accounts Receivable and Contract Assets

In July 2025, the FASB issued ASU 2025-05, Financial Instruments—Credit Losses (Topic 326)—Measurement of Credit Losses for Accounts Receivable and Contract Assets .

The ASU provides an optional practical expedient related to the estimation of expected credit losses for current accounts receivable and current contract assets.

The standard is effective for

SoFi Technologies, Inc.

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(In Thousands, Unless Otherwise Stated and Except for Share and Per Share Data)

basis with the option to apply the standard retrospectively.

annual periods beginning after December 15, 2025, and interim periods within those annual periods, with early adoption permitted.

The standard should be applied on a prospective basis.

We are currently evaluating the impact of this standard on our consolidated financial statements.

Obligations to Safeguard Crypto-Assets

In January 2025, the SEC released Staff Accounting Bulletin No.

122 (“SAB 122”), which rescinds the interpretive guidance provided in SAB 121 for reporting entities that have an obligation to safeguard customers' crypto assets.

Under SAB 121, entities were required to recognize both a liability and a corresponding asset for their safeguarding obligations.

With the new guidance, an entity that has a safeguarding obligation should assess whether it has any loss contingencies under ASC 450, Contingencies.

Upon adoption, we will no longer recognize a liability and a corresponding asset for our safeguarding obligations.

We do not expect this guidance to have a material impact on our consolidated financial statements.

Refer to “ Safeguarding Asset and Liability ” for additional information about our historical digital assets activity.

Targeted Improvements to the Accounting for Internal-Use Software

In September 2025, the FASB issued ASU 2025-06, Intangibles—Goodwill and Other—Internal-Use Software (Subtopic 350-40)—Targeted Improvements to the Accounting for Internal-Use Software .

The ASU amendments modernize guidance to consider different methods of software development, updating the requirements for capitalization of software costs.

The standard is effective for annual periods beginning after December 15, 2027, and interim periods within those annual periods, with early adoption permitted.

The standard can be applied on a prospective, modified transition or retrospective basis.

We are currently evaluating the impact of this standard on our consolidated financial statements.

Business Combinations

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After closing the Bank Merger, we became a bank holding company and Golden Pacific began operating as SoFi Bank.

We are duly registered as a bank holding company with the Federal Reserve.

SoFi Bank is a national banking association whose primary federal regulator is the OCC.

Deposit accounts of SoFi Bank are insured by the FDIC through the Deposit Insurance Fund to the fullest extent permitted by law.

The closing of the Bank Merger was subject to regulatory approval.

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Golden Pacific’s community bank business continues to operate as a division of SoFi Bank.

A portion of the total cash purchase consideration ($ 0.6 million) was held back by the Company to satisfy any indemnification or certain other obligations (“Holdback Amount”), as certain legal proceedings with which Golden Pacific is involved as a plaintiff were not resolved at the time the Bank Merger closed.

During 2022, we incurred costs associated with the litigation involving Golden Pacific as a plaintiff in excess of the Holdback Amount.

Therefore, none of the Holdback Amount will be released to the Golden Pacific shareholders.

Additionally, we held back a $ 3.3 million payable to a dissenting Golden Pacific shareholder pending resolution of the shareholder’s dissenter’s rights appraisal claim.

We held back a $ 3.3 million payable to a dissenting Golden Pacific shareholder pending resolution of the shareholder’s dissenter’s rights appraisal claim.

During the fourth quarter of 2023, the appraisal claim was settled and payment was released.

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On March 3, 2022, we acquired Technisys S.A., a Luxembourg société anonyme, (“Technisys”), pursuant to an Agreement and Plan of Merger dated as of February 19, 2022 and amended as of March 3, 2022, by and among the Company, Technisys, Atom New Delaware, Inc., a Delaware corporation and a wholly owned subsidiary of Atom, and Atom Merger Sub Corporation, a Delaware corporation and wholly owned subsidiary of SoFi Technologies (the “Technisys Merger”).

In the business combination, we acquired all of the outstanding equity interests in Technisys for a preliminary purchase consideration of $ 915.4 million.

During the third quarter of 2022, we finalized the closing net working capital calculation specified in the merger agreement, which resulted in a reduction to the equity consideration of 155,794 shares, representing an adjustment to the total purchase consideration of $ 1,665 , and a corresponding reduction to the carrying value of recognized goodwill.

The remaining 442,274 shares that were held in escrow associated with the working capital calculation were released to the former

SoFi Technologies, Inc.

Notes to Consolidated Financial Statements (continued)

(In Thousands, Unless Otherwise Stated and Except for Share and Per Share Data)

Technisys shareholders.

The finalized closing net working capital calculation did not impact the estimated fair values of the assets acquired and liabilities assumed in conjunction with the transaction.

The following table presents the components of the total purchase consideration to acquire Technisys as of December 31, 2022:

Fair value of common stock issued (1)

Amounts payable to settle vested employee performance awards

Fair value of awards assumed (2)

Settlement of pre-combination transactions between acquirer and acquiree 235

Total purchase consideration

___________________

(1) Reflects the shares of SoFi common stock issued in the acquisition of 81,700,318 , multiplied by the closing stock price of SoFi common stock on the closing date of the Technisys Merger.

Additionally, these shares are inclusive of 6,305,595 shares that were held in escrow.

(2) We contemporaneously converted outstanding performance awards into RSUs to acquire common stock of SoFi (“Replacement Awards”).

The fair value of awards assumed in the purchase consideration was based on the closing stock price of SoFi common stock on the closing date of the Technisys Merger.

In the business combination, we acquired all of the outstanding equity interests in Technisys for a total purchase consideration of $ 913.8 million.

We settled vested employee performance awards, which were a component of the purchase consideration above, with payments during the years ended December 31, 2023 and 2022 of $ 19,656 and $ 17,641 , respectively.

During the year ended December 31, 2023, we released 6,259,736 escrow shares during the second and fourth quarters of 2023.

The remaining 45,859 shares continue to be held in escrow pending resolution of outstanding indemnification claims by SoFi.

The following unaudited supplemental pro forma financial information presents the Company’s consolidated results of operations as if the business combination had occurred on January 1, 2020:

Year Ended December 31,

Total net revenue $ 1,584,439

Net loss ( 311,512 )

The unaudited supplemental pro forma financial information is presented for comparative purposes only and is not necessarily indicative of the actual results of operations that would have been achieved, nor is it indicative of future results of operations.

The unaudited supplemental pro forma financial information reflects pro forma adjustments that give effect to applying the Company’s accounting policies and certain events the Company believes to be directly attributable to the acquisition.

The pro forma adjustments primarily include:

• incremental straight-line amortization expense associated with acquired intangible assets;

• an adjustment to reflect post-combination share-based compensation expense associated with the Replacement Awards as if the conversion had occurred on January 1, 2020;

• an adjustment to reflect acquisition-related costs for both parties as if they were incurred during the earliest period presented;

• the related income tax effects, at the statutory tax rate applicable for each period, of the pro forma adjustments noted above.

The unaudited supplemental pro forma financial information does not give effect to any anticipated cost savings, operating efficiencies or other synergies that may be associated with the acquisition, or any estimated costs that have been or will be incurred by the Company to integrate the assets and operations of Technisys.

The remaining 45,859 shares continued to be held in escrow as of December 31, 2025 pending resolution of outstanding indemnification claims by SoFi.

These claims were resolved and all shares were released in January 2026.

Acquisition of Wyndham Capital Mortgage

1 unchanged sentence

With the acquisition of Wyndham, a fintech mortgage lender, we broadened our suite of home loan products and now manage the technology for a digitized mortgage experience.

The acquisition is being accounted for as a business combination.

The acquisition was accounted for as a business combination.

The purchase consideration was allocated to the tangible and intangible assets acquired and liabilities assumed based on the estimated fair values as of the acquisition date.

The excess of the total purchase consideration over the fair value of the net assets acquired was allocated to goodwill, which was expected to be deductible for tax purposes.

The fair value estimates were subject to change for

SoFi Technologies, Inc.

2 unchanged sentences

(In Thousands, Unless Otherwise Stated and Except for Share and Per Share Data)

consideration is being allocated to the tangible and intangible assets acquired and liabilities assumed based on the estimated fair values as of the acquisition date.

The excess of the total purchase consideration over the fair value of the net assets acquired is allocated to goodwill, which is expected to be deductible for tax purposes.

The fair value estimates are subject to change for up to one year after the acquisition date as additional information becomes available.

up to one year after the acquisition date as additional information became available.

The acquisition was not determined to be a significant acquisition.

9 unchanged sentences

Therefore, we determined that our stand-ready performance obligation comprises a series of distinct days of service.

We are the principal in our integrated technology platform services arrangements as we control the service of completing transaction on the platform.

We are the principal in our integrated technology platform services arrangements as we control the service of completing transactions on the platform.

We earn fees for providing software licenses and associated services, including implementation and maintenance, related to our cloud-native digital and core banking platform.

13 unchanged sentences

Our referral fees are based on the referred loan amount, subject to a referral fulfillment fee penalty if a loan is determined to be ineligible and becomes a charged-off loan as defined in the contract.

We recognize revenue for each originated loan, less the estimated referral fulfillment fee penalty.

The estimated referral fulfillment fee penalty was immaterial as of December 31, 2024 and 2023.

We recognize revenue upon origination for each referred loan, less the estimated referral fulfillment fee penalty.

The estimated referral fulfillment fee penalty was immaterial for the years ended December 31, 2025, 2024 and 2023.

We earn interchange fees from debit and credit cardholder transactions conducted through payment networks.

Interchange fees from cardholder transactions represent a percentage of the underlying transaction value and are recognized

SoFi Technologies, Inc.

2 unchanged sentences

(In Thousands, Unless Otherwise Stated and Except for Share and Per Share Data)

We earn interchange fees from debit and credit cardholder transactions conducted through payment networks.

Interchange fees from cardholder transactions represent a percentage of the underlying transaction value and are recognized daily, concurrently with the transaction processing services provided to the cardholder.

daily, concurrently with the transaction processing services provided to the cardholder.

Interchange is presented net of cardholder rewards associated with card transactions.

32 unchanged sentences

Other sources of revenue

Loan origination, sales, and securitizations 255,870 371,812 565,372

Servicing 22,244 37,328 43,547

Loan origination, sales, securitizations and servicing 242,947 278,114 409,140

Loan platform business, other (1)

495,926 89,479 —

Total other sources of revenue 775,045 455,255 439,595

1 unchanged sentence

_____________________

SoFi Technologies, Inc.

Notes to Consolidated Financial Statements (continued)

(In Thousands, Unless Otherwise Stated and Except for Share and Per Share Data)

(1) Presented within noninterest income—loan platform fees in the consolidated statements of operations and comprehensive income (loss).

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

(3) Financial Services includes revenues from enterprise services and equity capital markets services.

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

Technology Platform includes revenues from software licenses and associated services, and payment network fees for serving as a transaction card program manager for enterprise customers that are the program marketers for separate card programs.

(4) Revenue from contracts with customers is presented within noninterest income—technology products and solutions and noninterest income—other in the consolidated statements of operations and comprehensive income (loss).

Related to these technology platform services, we had deferred revenue of $ 7,474 and $ 5,718 as of December 31, 2024 and 2023, respectively, which are presented within accounts payable, accruals and other liabilities in the consolidated balance sheets.

Related to these technology platform services, we had deferred revenue of $ 8,535

SoFi Technologies, Inc.

Notes to Consolidated Financial Statements (continued)

(In Thousands, Unless Otherwise Stated and Except for Share and Per Share Data)

and $ 7,474 as of December 31, 2025 and 2024, respectively, which are presented within accounts payable, accruals and other liabilities in the consolidated balance sheets.

During the years ended December 31, 2025, 2024 and 2023, we recognized revenue of $ 10,260 , $ 7,112 and $ 8,327 , respectively, associated with deferred revenue within noninterest income—technology products and solutions in the consolidated statements of operations and comprehensive income (loss).

(5) Includes gain on extinguishment of convertible debt of $ 62,517 and $ 14,574 during the years ended December 31, 2024 and 2023, respectively.

(5) Includes gain on extinguishment of convertible debt of $ 62,517 during the year ended December 31, 2024.

Contract Balances

As of December 31, 2025 and 2024, accounts receivable, net associated with revenue from contracts with customers was $ 56,154 and $ 61,569 , respectively, reported within other assets in the consolidated balance sheets.

As of December 31, 2024, our loan portfolio consisted of (i) loans held for sale, including personal loans and home loans, which are measured at fair value under the fair value option, (ii) loans held for investment, including student loans, which are measured at fair value under the fair value option, and (iii) loans held for investment, including secured loans, credit cards, and commercial and consumer banking loans, which are measured at amortized cost.

As of December 31, 2025, our loan portfolio consisted of (i) loans held for sale, including personal loans, which are measured at fair value under the fair value option or at lower of amortized cost or fair value, and home loans, which are measured at fair value under the fair value option, (ii) loans held for investment, including student loans, which are measured at fair value under the fair value option, and (iii) loans held for investment, including secured loans, credit cards, and commercial and consumer banking loans, which are measured at amortized cost.

Below is a disaggregated presentation of our loans, inclusive of fair market value adjustments and accrued interest income and net of the allowance for credit losses, as applicable:

Loans held for sale

At fair value

Personal loans (1)

2 unchanged sentences

Total loans held for sale, at fair value 22,745,783 17,684,892

At lower of amortized cost or fair value

Personal loans (2)

Total loans held for sale, at lower of amortized cost or fair value

Total loans held for sale

22,862,749 17,684,892

Loans held for investment

17 unchanged sentences

_____________________

(1) Includes $ 171,421 and $ 502,757 of personal loans in consolidated VIEs as of December 31, 2024 and 2023, respectively.

(2) Includes $ 2,034,559 and $ 2,459,103 of student loans covered by financial guarantee, and $ 80,812 and $ 221,461 of student loans in consolidated VIEs as of December 31, 2024 and December 31, 2023, respectively.

(3) See Note 1.

Organization, Summary of Significant Accounting Policies and New Accounting Standards and Note 5.

Allowance for Credit Losses for additional information on our loans at amortized cost as it pertains to the allowance for credit losses.

(1) There were no personal loans in consolidated VIEs as of December 31, 2025.

Includes $ 171,421 of personal loans in consolidated VIEs as of December 31, 2024.

(2) Includes loans originated as part of the loan platform business on behalf of third party partners.

(3) Includes $ 4,410,038 and $ 2,034,559 of student loans covered by financial guarantees, and $ 65,796 and $ 80,812 of student loans in consolidated VIEs as of December 31, 2025 and 2024, respectively.

SoFi Technologies, Inc.

2 unchanged sentences

(In Thousands, Unless Otherwise Stated and Except for Share and Per Share Data)

(4) See Note 1.

Organization, Summary of Significant Accounting Policies and New Accounting Standards and Note 5.

Allowance for Credit Losses for additional information on our loans at amortized cost as it pertains to the allowance for credit losses.

Loans Measured at Fair Value

3 unchanged sentences

December 31, 2025

Unpaid principal $ 16,589,623 $ 8,215,629 $ 149,862 $ 24,955,114

Unpaid principal balance $ 20,243,217 $ 12,875,440 $ 1,133,329 $ 34,251,986

Accumulated interest 151,079 58,277 4,888 214,244

4 unchanged sentences

December 31, 2024

Unpaid principal $ 14,498,629 $ 6,445,586 $ 67,406 $ 21,011,621

Unpaid principal balance $ 16,589,623 $ 8,215,629 $ 149,862 $ 24,955,114

Accumulated interest 128,733 44,603 260 173,596

29 unchanged sentences

(1) 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, 60 and 90 days past due.

As such, the $ 82 million fair value adjustment as of December 31, 2024 has been recorded in noninterest income—loan origination, sales, and securitizations in the respective periods in which 10, 30, 60, and 90 days of delinquency occurred.

We record the initial fair value measurement and subsequent measurement changes in fair value in the period in which the changes occur within noninterest income—loan origination, sales, securitizations and servicing in the consolidated statements of operations and comprehensive income (loss).

As such, the $ 100 million fair value adjustment as of December 31, 2025 has been recorded in noninterest income—loan origination, sales, securitizations and servicing in the respective periods in which 10, 30, 60, and 90 days of delinquency occurred.

Organization, Summary of Significant Accounting Policies and New Accounting Standards for further discussion of the policies for determining the fair value of our loan portfolios.

3 unchanged sentences

When a transfer of financial assets qualifies as a sale, in many instances we have continuing involvement as the servicer of those financial assets.

As we expect the benefits of servicing to be more than just adequate, we recognize a servicing asset.

Further, in the case of securitization-related transfers that qualify as sales, we have additional continuing involvement as an investor, albeit at insignificant levels relative to the expected gains and losses of the securitization.

In instances where a transfer is accounted for as a secured borrowing, we perform servicing (but we do not

As we expect the benefits of servicing to be more than just

SoFi Technologies, Inc.

2 unchanged sentences

(In Thousands, Unless Otherwise Stated and Except for Share and Per Share Data)

recognize a servicing asset) and typically maintain a significant investment relative to the expected gains and losses of the securitization.

adequate, we recognize a servicing asset.

In instances where a transfer is accounted for as a secured borrowing, we perform servicing (but we do not recognize a servicing asset) and typically maintain a significant investment relative to the expected gains and losses of the securitization.

In whole loan sales, we do not have a residual financial interest in the loans, nor do we have any other power over the loans that would constrain us from recognizing a sale.

1 unchanged sentence

For GSE home loans, we have customary GSE repurchase requirements, which do not constrain sale treatment but result in a liability for the expected repurchase requirement.

The following table summarizes our personal loan securitization transfers qualifying for sale accounting treatment.

There were no loan securitization transfers qualifying for sale accounting treatment during the year ended December 31, 2022.

The following table summarizes our loan securitization transfers, other than those related to our Loan Platform Business, that qualified for sale accounting treatment.

There were no such loan securitization transfers qualifying for sale accounting treatment during the year ended December 31, 2025.

Year Ended December 31,

11 unchanged sentences

Deconsolidation of debt reflects the impacts of previously consolidated VIEs that became deconsolidated during the period because we no longer hold a significant financial interest in the underlying securitization entity, which can fluctuate from period to period.

Gains and losses on deconsolidations are presented within noninterest income—loan origination, sales, and securitizations in the consolidated statements of operations and comprehensive income (loss).

Gains and losses on deconsolidations are presented within noninterest income—loan origination, sales, securitizations and servicing in the consolidated statements of operations and comprehensive income (loss).

During the year ended December 31, 2025, we had deconsolidation of debt on personal loans of $ 13.2 million.

During the year ended December 31, 2024, we had deconsolidation of debt on student loans of $ 98.0 million.

During the year ended December 31, 2023, we had deconsolidation of debt on student loans of $ 100.3 million.

During the year ended December 31, 2022, we had deconsolidation of debt on personal loans of $ 70.6 million and on student loans of $ 126.0 million.

For all periods, the impact on earnings from these deconsolidations was immaterial.

31 unchanged sentences

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

Realized gain (loss)

Realized gain

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

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,

6 unchanged sentences

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

378,780 319,738

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

__________________

(1) 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.

For the year ended December 31, 2024, $ 197.4 million of unpaid principal balance was recorded in prior periods as a reduction in fair value 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.

(1) For the years ended December 31, 2025 and 2024, includes $ 359.9 million and $ 302.9 million, respectively, of aggregate unpaid principal balance sold, related to late-stage delinquent loans for which we retained servicing and portions of recoveries.

(2) For the years ended December 31, 2025 and 2024, $ 209.2 million and $ 197.4 million, respectively, of unpaid principal balance was recorded in prior periods as a reduction in fair value 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.

The following table summarizes loans originated and subsequently sold as part of our Loan Platform Business, which are loans that we originate on behalf of a third-party for which we receive a fee.

There were no sales related to our Loan Platform Business during the years ended December 31, 2023 and 2022.

The following table summarizes loans originated and subsequently sold as part of our Loan Platform Business, which are loans that we originate on behalf of a third-party for which we receive a fee during the years ended December 31, 2025 and 2024.

There were no sales related to our Loan Platform Business during the year ended December 31, 2023.

SoFi Technologies, Inc.

10 unchanged sentences

Aggregate carrying amount and accrued interest of loans sold (1)

10,557,465 2,077,243

Loan fees, net (2)

402,714 71,172

Servicing assets recognized

79,251 15,149

Loan platform fees recognized (3)

$ 481,965 $ 86,321

(1) Includes unpaid principal balance of $ 2.1 billion for the year ended December 31, 2024.

__________________

(1) Includes unpaid principal balance of $ 10.8 billion and $ 2.1 billion for the years ended December 31, 2025 and 2024, respectively.

(2) Represents loan platform fees earned less the repurchase liabilities recognized at the time of sale.

(3) Recorded in noninterest income—loan platform fees in the consolidated statements of operations and comprehensive income (loss).

In addition to the previously disclosed personal, student and home loan sale activity, the Company also sold secured loans at par during the year ended December 31, 2024, which had an unpaid principal balance and accrued interest of $ 555.9 million.

The following table summarizes the results of the transfer related to the portion of personal loans that we contributed as part of a securitization that qualified for sale accounting treatment, which related to incremental loans originated and subsequently sold as part of our Loan Platform Business.

There were no loan securitization transfers related to our Loan Platform Business qualifying for sale accounting treatment during the year ended December 31, 2024.

Year Ended December 31,

Personal loans

Fair value of consideration received:

Securitization investments retained (2)

Servicing assets recognized 925

Repurchase liabilities recognized ( 118 )

Total consideration

Aggregate carrying amount and accrued interest of loans sold (3)

Gain from loan sales (4)

_____________________

(1) Relates to payments for securitization-related expenses.

(2) Represents asset-backed bonds and residual investments retained pursuant to risk retention rules.

Organization, Summary of Significant Accounting Policies and New Accounting Standards and Note 15.

Fair Value Measurements for our accounting policy and key inputs used in the fair value measurements related to these asset-backed bonds and residual investments.

(3) Includes unpaid principal balance of $ 126.9 million for the year ended December 31, 2025.

(4) Recorded in noninterest income—loan platform fees in the consolidated statements of operations and comprehensive income (loss).

For certain transferred loans that qualified for sale accounting and are, therefore, derecognized, we have continuing involvement through our servicing agreements.

For such loans, our exposure to loss is generally limited to the extent we would be required to repurchase such a loan due to a breach of representations and warranties associated with the loan transfer or servicing contract.

SoFi Technologies, Inc.

Notes to Consolidated Financial Statements (continued)

(In Thousands, Unless Otherwise Stated and Except for Share and Per Share Data)

The following table presents information about the unpaid principal balances of loans originated by us and subsequently transferred, but with which we have continuing involvement:

13 unchanged sentences

The vast majority of total transferred loans serviced represent loans in repayment as of the dates indicated.

SoFi Technologies, Inc.

Notes to Consolidated Financial Statements (continued)

(In Thousands, Unless Otherwise Stated and Except for Share and Per Share Data)

The following table presents additional information about the servicing cash flows received and net charge-offs related to loans originated by us and subsequently transferred, but with which we have a continuing involvement:

17 unchanged sentences

695,554 429,339 209,285

SoFi Technologies, Inc.

Notes to Consolidated Financial Statements (continued)

(In Thousands, Unless Otherwise Stated and Except for Share and Per Share Data)

Loans Measured at Amortized Cost

Loan Portfolio Composition and Aging

The following table presents the amortized cost basis of our credit card and commercial and consumer banking portfolios (excluding accrued interest and before the allowance for credit losses) by either current status or delinquency status:

The following table presents the amortized cost basis of our credit card and commercial and consumer banking portfolios (excluding accrued interest, deferred origination costs and before the allowance for credit losses) by either current status or delinquency status:

Delinquent Loans

25 unchanged sentences

As of the dates indicated, credit card, commercial and consumer banking loans on nonaccrual status were immaterial.

(2) For credit card, the balance is presented before allowance for credit losses of $ 44,350 and $ 52,385 as of December 31, 2024 and December 31, 2023, respectively, and accrued interest of $ 4,125 and $ 5,288 , respectively.

For secured loans, the balance is presented before accrued interest of $ 1,641 and

(2) For credit card, the balance is presented before allowance for credit losses of $ 49,205 and $ 44,350 as of December 31, 2025 and 2024, respectively, accrued interest of $ 7,045 and $ 4,125 , respectively, and deferred origination costs of $ 8,687 and $ 912 as of December 31, 2025 and 2024, respectively.

For secured loans, the balance is presented before accrued interest of $ 1,728 and $ 1,641 as of December 31, 2025 and 2024, respectively.

For commercial and consumer banking, the balance is presented before allowance for credit losses of $ 1,729 and $ 2,334 , as of December 31, 2025 and 2024, respectively, and accrued interest of $ 689 and $ 554 , respectively.

(3) Includes residential real estate loans originated by Golden Pacific for which we did not elect the fair value option.

SoFi Technologies, Inc.

2 unchanged sentences

(In Thousands, Unless Otherwise Stated and Except for Share and Per Share Data)

$ 730 as of December 31, 2024 and December 31, 2023, respectively.

For commercial and consumer banking, the balance is presented before allowance for credit losses of $ 2,334 and $ 2,310 , as of December 31, 2024 and December 31, 2023, respectively, and accrued interest of $ 554 and $ 415 , respectively.

(3) Includes residential real estate loans originated by Golden Pacific for which we did not elect the fair value option.

Credit Quality Indicators

41 unchanged sentences

Pass $ — $ 120 $ 41 $ — $ — $ 2,728 $ 2,889 $ 1,145

Watch — 36 — — — 12 48 —

Substandard — — — — — 144 144 —

2 unchanged sentences

Pass $ 264 $ — $ — $ — $ — $ 4,021 $ 4,285 $ 7,251

Watch — — — — — 38 38 1,608

Total residential real estate and other consumer $ 264 $ — $ — $ — $ — $ 4,021 $ 4,285 $ 7,251

2 unchanged sentences

Secured Loans

The amortized cost basis (excluding accrued interest) of our secured loans were $ 804.8 million and $ 445.7 million as of December 31, 2024 and December 31, 2023, respectively.

The amortized cost basis (excluding accrued interest) of our secured loans were $ 872.3 million and $ 804.8 million as of December 31, 2025 and 2024, respectively.

Secured loans are term loan arrangements secured by underlying loans owned by the debtor, which were previously originated, sold and in most cases continue to be serviced by the Company.

The borrowers of our secured loans are generally financial institutions, and the underlying collateral are personal loans originated by the Company.

The duration of these secured loans align with the underlying collateral, the majority of which have a term of seven years or less.

The duration of these secured loans align with the underlying collateral, the majority of which have a term of 7 years or less.

Our secured loans were originated in 2023, 2024 and 2025 are all current and there have been no charge-offs since origination.

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.

An allowance for credit losses is required when there is an expected credit loss after considering the fair value of the collateral as well as any anticipated future changes in the underlying collateral.

As of December 31, 2025 and 2024, based on this evaluation we did no t recognize an allowance for credit losses on our secured loans.

Allowance for Credit Losses

1 unchanged sentence

Given our methods of collecting funds on servicing receivables, our historical experience of infrequent write-offs, and that we have not observed meaningful changes in our counterparties’ abilities to pay, we determined that the future exposure to credit losses on servicing related receivables was immaterial.

In estimating expected credit losses for credit cards, we segment loans based on credit quality indicators and reassess our pools periodically to confirm that all loans within each pool continue to share similar risk characteristics.

We establish an allowance within each pool utilizing a proprietary risk model that relies on assumptions such as average annual percentage rate, payment rate, utilization, delinquency status and default probability.

The model may then be adjusted for current conditions and reasonable and supportable forecasts of future conditions, including economic conditions.

We apply the aforementioned assumptions to the drawn balance of credit cards within each pool to estimate the lifetime expected credit losses within each pool, which are then aggregated to determine the allowance for credit losses.

We evaluate whether to include qualitative reserves to cover losses that are expected but may not be adequately represented in the quantitative methods or the economic assumptions.

The qualitative reserves address possible limitations

SoFi Technologies, Inc.

2 unchanged sentences

(In Thousands, Unless Otherwise Stated and Except for Share and Per Share Data)

within the models, such as macroeconomic conditions, regulatory requirements, emerging portfolio trends, the nature and size of the portfolio, portfolio concentrations, the volume and severity of past due accounts, changes in underwriting or lending staff or other management risk actions.

When a credit card balance is charged off, we record a reduction to the allowance and the credit card balance.

The following table presents changes in our allowance for credit losses:

5 unchanged sentences

54,267 678 773

Allowance for PCD loans (3)

Write-offs charged against the allowance

Net charge-offs (3)

( 40,992 ) ( 46 ) ( 1,721 )

Balance at December 31, 2023 $ 52,385 $ 2,310 $ 1,837

$ 39,110 $ 1,678 $ 2,785

Provision for credit losses (2)

31,599 113 3,685

Write-offs charged against the allowance

Net charge-offs (3)

( 39,634 ) ( 89 ) ( 3,078 )

2 unchanged sentences

30,898 ( 579 ) 698

Write-offs charged against the allowance

Net charge-offs (3)

( 26,043 ) ( 26 ) ( 144 )

4 unchanged sentences

(2) The provision for credit losses on credit cards and commercial and consumer banking loans is presented within provision for credit losses in the consolidated statements of operations and comprehensive income (loss) .

During the years ended December 31, 2024, 2023 and 2022, recoveries of amounts previously reserved related to credit cards were $ 4,166 , $ 2,895 and immaterial , respectively.

There were immaterial recoveries of amounts previously reserved related to commercial and consumer banking loans during the years ended December 31, 2024, 2023 and 2022.

The provision for credit losses on accounts receivable is presented within noninterest expense—general and administrative in the consolidated statements of operations and comprehensive income (loss).

(3) During the years ended December 31, 2025, 2024 and 2023, recoveries of amounts previously reserved related to credit cards were $ 5,468 , $ 4,166 and $ 2,895 , respectively.

There were immaterial recoveries of amounts previously reserved related to commercial and consumer banking loans during the years ended December 31, 2025, 2024 and 2023.

During the years ended December 31, 2025, 2024 and 2023, recoveries of amounts previously reserved related to accounts receivable were $ 943 , $ 1,227 and $ 1,252 , respectively.

(3) In connection with the Bank Merger, we obtained PCD loans, for which we measured an allowance, with a corresponding increase to the amortized cost basis as of the acquisition date.

Therefore, recognition of the initial allowance for credit losses did not impact earnings.

Accrued interest receivables written off by reversing interest income were $ 6.5 million, $ 9.0 million and $ 9.2 million during the years ended December 31, 2025, 2024 and 2023, respectively.

SoFi Technologies, Inc.

Notes to Consolidated Financial Statements (continued)

(In Thousands, Unless Otherwise Stated and Except for Share and Per Share Data)

Investment Securities

Investments in AFS Debt Securities

The following table presents our investments in AFS debt securities:

5 unchanged sentences

Corporate bonds 184 3 — ( 2 ) 185

Asset-backed bonds (2)

19,626 83 — ( 6 ) 19,703

Residual investments (2)

3,825 38 — ( 93 ) 3,770

951 8 — ( 126 ) 833

Total investments in AFS debt securities $ 2,434,627 $ 6,342 $ 15,528 $ ( 2,044 ) $ 2,454,453

3 unchanged sentences

Corporate bonds 3,272 39 — ( 94 ) 3,217

Multinational securities (3)

946 8 — ( 174 ) 780

Other asset-backed securities 7,272 4 — ( 154 ) 7,122

941 8 — ( 161 ) 788

Total investments in AFS debt securities $ 1,807,686 $ 5,717 $ 3,599 $ ( 12,959 ) $ 1,804,043

_____________________

(1) As of December 31, 2024 and December 31, 2023, we concluded that there was no credit loss attributable to securities in unrealized loss positions, as (i) approximately 100 % and 92 % of the amortized cost basis of our investments as of December 31, 2024 and December 31, 2023, respectively, was composed of U.S.

Treasury securities, agency mortgage-backed securities and sovereign foreign bonds, which are of high credit quality and have no risk of credit-related impairment due to the nature of the counterparties and history of no credit losses, and (ii) we have not identified factors indicating credit-related impairment for the remaining investments and expect that the contractual principal and interest payments will be received.

Additionally, we do not intend to sell the securities in loss positions nor is it more likely than not that we will be required to sell the securities prior to recovery of the amortized cost basis.

(2) Includes state municipal bond securities.

(3) Includes supranational bonds.

SoFi Technologies, Inc.

2 unchanged sentences

(In Thousands, Unless Otherwise Stated and Except for Share and Per Share Data)

The following table presents information about our investments in AFS debt securities with gross unrealized losses and the length of time that individual securities have been in a continuous unrealized loss position as of December 31, 2024 and December 31, 2023.

(1) As of December 31, 2025 and 2024, we concluded that there was no credit loss attributable to securities in unrealized loss positions, as (i) approximately 99 % and 100 % of the amortized cost basis of our investments as of December 31, 2025 and 2024, respectively, was composed of U.S.

Treasury securities and agency mortgage-backed securities, which are of high credit quality and have no risk of credit-related impairment due to the nature of the counterparties and history of no credit losses, and (ii) we have not identified factors indicating credit-related impairment for the remaining investments and expect that the contractual principal and interest payments will be received.

Additionally, we do not intend to sell the securities in loss positions nor is it more likely than not that we will be required to sell the securities prior to recovery of the amortized cost basis.

(2) These assets represent the carrying value of our holdings in VIEs wherein we were not deemed the primary beneficiary, classified as AFS debt securities.

Securitization and Variable Interest Entities for additional information.

(3) Includes state municipal bond securities.

Less than 12 Months 12 Months or Longer Total

4 unchanged sentences

Corporate bonds — — 185 ( 2 ) 185 ( 2 )

Asset-backed bonds

19,703 ( 6 ) — — 19,703 ( 6 )

Residual investments

3,770 ( 93 ) — — 3,770 ( 93 )

Other — — 834 ( 126 ) 834 ( 126 )

4 unchanged sentences

Corporate bonds — — 3,216 ( 94 ) 3,216 ( 94 )

Multinational securities — — 8,634 ( 17 ) 8,634 ( 17 )

Other asset-backed securities — — 7,122 ( 154 ) 7,122 ( 154 )

Other — — 780 ( 174 ) 780 ( 174 )

7 unchanged sentences

Corporate bonds — 184 — — 184

Asset-backed bonds

— — 19,626 — 19,626

Residual investments

— — 3,825 — 3,825

Other — — 951 — 951

2 unchanged sentences

4.60 % 4.52 % 5.69 % 5.24 % 5.19 %

SoFi Technologies, Inc.

Notes to Consolidated Financial Statements (continued)

(In Thousands, Unless Otherwise Stated and Except for Share and Per Share Data)

Due Within One Year Due After One Year Through Five Years Due After Five Years Through Ten Years Due After Ten Years Total

Investments in AFS debt securities—Fair value (2) :

2 unchanged sentences

Corporate bonds — 182 — — 182

Asset-backed bonds

— — 19,620 — 19,620

Residual investments

— — 3,732 — 3,732

Other — — 825 — 825

2 unchanged sentences

(1) The weighted average yield represents the effective yield for the investment securities owned at the end of the period and is computed based on the amortized cost of each security .

(2) Presentation of fair values of our investments in AFS debt securities by contractual maturity excludes total accrued interest of $ 5,717 and $ 639 as of December 31, 2024 and December 31, 2023, respectively.

SoFi Technologies, Inc.

Notes to Consolidated Financial Statements (continued)

(In Thousands, Unless Otherwise Stated and Except for Share and Per Share Data)

Gross realized gains and losses on our investments in AFS debt securities were $ 4,247 and $ 679 , respectively, during the year ended December 31, 2024, and were $ 3,356 and $ 509 , respectively, during the year ended December 31, 2023.

Gross realized gains and losses on our investments in AFS debt securities were immaterial during the year ended December 31, 2022.

(2) Presentation of fair values of our investments in AFS debt securities by contractual maturity excludes total accrued interest of $ 6.3 million as of December 31, 2025.

Gross realized gains on our investments in AFS debt securities were $ 7.2 million, $ 4.2 million, and $ 3.4 million, respectively, during the years ended December 31, 2025, 2024, and 2023.

Gross realized losses on our investments in AFS debt securities were $ 0.4 million, $ 0.7 million, and $ 0.5 million, respectively, during the years ended December 31, 2025, 2024, and 2023.

During the years ended December 31, 2025, 2024 and 2023, there were no transfers between classifications of our investments in AFS debt securities.

16 unchanged sentences

There are no liquidity arrangements, guarantees or other commitments that may affect the fair value or risk of our variable interests in consolidated VIEs.

As of December 31, 2024 and December 31, 2023, we had four and six consolidated VIEs, respectively, on our consolidated balance sheets.

During the year ended December 31, 2024, we exercised a securitization clean up call related to two consolidated VIEs.

The assets of consolidated VIEs that were included in our consolidated balance sheets may only be used to settle obligations of consolidated VIEs and were in excess of those obligations as of December 31, 2024, and December 31, 2023.

As of December 31, 2025 and 2024, we had one and four consolidated VIEs, respectively, on our consolidated balance sheets.

During the year ended December 31, 2025, we exercised a securitization clean up call related to three consolidated VIEs.

Intercompany balances are eliminated upon consolidation.

SoFi Technologies, Inc.

Notes to Consolidated Financial Statements (continued)

(In Thousands, Unless Otherwise Stated and Except for Share and Per Share Data)

Nonconsolidated VIEs

10 unchanged sentences

As of December 31, 2025, and December 31, 2024, we had investments in 22 and 23 nonconsolidated VIEs, respectively.

During the year ended December 31, 2024, we established three nonconsolidated trusts and sold two risk retention interests of nonconsolidated trusts.

SoFi Technologies, Inc.

Notes to Consolidated Financial Statements (continued)

(In Thousands, Unless Otherwise Stated and Except for Share and Per Share Data)

During the year ended December 31, 2025, we established four nonconsolidated trusts and called five nonconsolidated trusts.

The following table presents the carrying value of Company assets associated with these nonconsolidated VIEs as of the dates presented.

6 unchanged sentences

Securitization Investments

The following table presents additional detail of the aggregate outstanding value of asset-backed bonds and residual interests owned by the Company in nonconsolidated VIEs, which are presented within investment securities in the consolidated balance sheets.

The following table presents additional detail of the aggregate outstanding value of asset-backed bonds and residual investments owned by the Company in nonconsolidated VIEs, which are presented within investment securities in the consolidated balance sheets.

These risk retention interests represent the carrying value of our holdings in nonconsolidated VIEs, and the maximum exposure to a loss as a result of our involvement as of the dates presented.

2 unchanged sentences

Securitization investments (1)

$ 144,627 $ 91,646

_____________________

(1) As of December 31, 2025, this includes $ 19.6 million and $ 3.8 million of asset-backed bonds and residual investments, respectively, classified as available for sale.

Investment Securities for additional information.

Fair Value Measurements for the key inputs used in the fair value measurements of these asset-backed bonds and residual interests.

Low Income Housing Tax Credit Investments

In addition to the nonconsolidated VIEs noted above, the Company also makes equity investments as a limited partner in various entities that sponsor affordable housing projects that qualify for the LIHTC program.

The purpose of these

SoFi Technologies, Inc.

Notes to Consolidated Financial Statements (continued)

(In Thousands, Unless Otherwise Stated and Except for Share and Per Share Data)

investments is not only to support the Company’s community reinvestment initiatives, but also to provide an investment return, primarily through the realization of tax benefits.

Each of these entities is managed by an unrelated third-party general partner or managing member that has the power to direct the activities which most significantly affect the performance of each entity.

Therefore, the Company has determined that it is not the primary beneficiary of any of these LIHTC entities and accordingly, does not consolidate the VIEs.

The Company's funding requirements are limited to its invested capital and any additional unfunded commitments for future equity contributions.

The Company's maximum exposure to loss as a result of its involvement is limited to the carrying amounts of the investments, including the unfunded commitments, which are included in other assets and accounts payable, accruals and other liabilities , respectively, in the consolidated balance sheets.

Our investments were $ 53.5 million and $ 12.6 million as of December 31, 2025 and 2024, respectively.

The unfunded commitments, included as part of our investments, were $ 47.2 million and $ 11.1 million as of December 31, 2025 and 2024, respectively, the majority of which are expected to be funded over the next 3 years.

The Company accounts for its LIHTC investments under the proportional amortization method.

Under this method, the Company amortizes the initial cost of the investment in proportion to the tax credits and other tax benefits received and recognizes the net investment performance as a component of income tax expense .

The related tax credits and other benefits recognized, as well as the amortization of the related investments were $ 1.6 million for the year ended December 31, 2025 .

The related tax credits and other benefits recognized, as well as the amortization of the related investments were immaterial for the year ended December 31, 2024.

Goodwill and Intangible Assets

3 unchanged sentences

$ 1,393,505 $ 1,393,505

accumulated impairment

Beginning balance, net

1,393,505 1,622,991

Additional goodwill recognized (1)

Goodwill impairment (2)

— ( 247,174 )

Changes during the period

Ending balance (1)

1 unchanged sentence

_____________________

(1) For the year ended December 31, 2023, related to the acquisition of Wyndham, which is attributable to our Lending reportable segment.

(2) During the year ended December 31, 2023, we recognized goodwill impairment losses related to our Technology Platform reportable segment, which were reported within noninterest expense—goodwill impairment in the consolidated statements of operations and comprehensive income (loss).

These goodwill impairment losses represent non-cash charges and did not affect our liquidity position or regulatory capital ratios.

(3) As of December 31, 2024 and 2023, goodwill attributable to the Lending, Technology Platform and Financial services reportable segments was $ 17,688 , $ 1,338,658 and $ 37,159 , respectively.

(1) As of each of December 31, 2025 and 2024, goodwill attributable to the Lending, Technology Platform and Financial services reportable segments was $ 17,688 , $ 1,338,658 and $ 37,159 , respectively.

SoFi Technologies, Inc.

11 unchanged sentences

8.5 $ 461,438 $ ( 262,695 ) $ 198,743

Customer-related

3.9 167,350 ( 149,949 ) 17,401

Capitalized software development costs (1)

4.0 38,288 ( 18,016 ) 20,272

Customer-related

3.9 167,350 ( 158,357 ) 8,993

Trade names, trademarks and domain names

5.9 20,060 ( 16,610 ) 3,450

Core banking infrastructure (2)

n/a 17,100 ( 17,100 ) —

Core deposits

1 unchanged sentence

Broker-dealer license and trading rights (2)

5.7 250 ( 206 ) 44

n/a 250 ( 250 ) —

Core banking infrastructure (2)

n/a 17,100 ( 17,100 ) —

$ ( 473,567 )

2 unchanged sentences

8.5 $ 461,438 $ ( 207,516 ) $ 253,922

Customer-related

3.9 167,350 ( 141,248 ) 26,102

Capitalized software development costs (1)

4.0 29,584 ( 10,312 ) 19,272

Customer-related

3.9 167,350 ( 149,949 ) 17,401

Trade names, trademarks and domain names

5.9 20,060 ( 13,503 ) 6,557

Core banking infrastructure (2)

n/a 17,100 ( 17,100 ) —

Core deposits

2 unchanged sentences

5.7 250 ( 206 ) 44

Core banking infrastructure (2)

n/a 17,100 ( 17,100 ) —

$ ( 398,988 ) $ 297,794

3 unchanged sentences

During the year ended December 31, 2025, total amortization expense related to capitalized software was $ 6,917 , and capitalized share-based compensation related to capitalized software development costs was immaterial.

(2) Although the core banking infrastructure intangible asset was fully amortized as of December 31, 2024 and December 31, 2023, it remains in use by the Company.

(2) These intangible assets were fully amortized but remain in use by the Company.

For the years ended December 31, 2025, 2024 and 2023, amortization expense associated with intangible assets was $ 74,579 , $ 75,494 and $ 104,919 , respectively.

79 unchanged sentences

We elected the practical expedient to not bifurcate the lease component from the non-lease components.

(2) For the year ended December 31, 2024 we had no operating lease ROU assets obtained through acquisitions.

For the years ended December 31, 2023 and 2022 includes $ 6,995 and $ 764 , respectively, of operating lease ROU assets obtained through acquisitions.

Also includes impacts from lease modifications.

(2) Includes impacts from lease modifications.

For the years ended December 31, 2025 and 2024, we had no operating lease ROU assets obtained through acquisitions.

For the year ended December 31, 2023, this includes $ 6,995 of operating lease ROU assets obtained through acquisitions.

SoFi Technologies, Inc.

42 unchanged sentences

$ 893,480 $ 587,496

Derivative financial instruments (2)

290,714 6,916

Prepaid expenses and capitalized contract costs (2)

1 unchanged sentence

Deferred tax assets, net (3)

Restricted investments (5)

249,336 267,220

1 unchanged sentence

155,687 91,206

Restricted investments (5)

146,204 109,417

Derivative financial instruments (6)

71,961 290,714

LIHTC investments (7)

53,506 12,614

Investments in equity securities (8)

51,083 29,500

Digital assets safeguarding asset (8)

Other 78,042 49,571

3 unchanged sentences

Allowance for Credit Losses for information on the allowance for credit losses on accounts receivable.

(2) See Note 14.

Derivative Financial Instruments and Note 15.

Fair Value Measurements for additional information on derivative financial instruments.

(3) Includes capitalized incremental costs of obtaining certain contracts of $ 213,417 and $ 60,729 as of December 31, 2024 and December 31, 2023, respectively, During the year ended December 31, 2024, we recognized associated amortization expense of $ 23,872 .

(2) Includes capitalized incremental costs of obtaining certain contracts of $ 407,662 and $ 213,417 as of December 31, 2025 and 2024, respectively.

During the years ended December 31, 2025 and 2024, we recognized associated amortization expense of $ 50,787 and $ 23,872 , respectively.

Revenue for additional information.

(4) As of the December 31, 2024 the Company’s net deferred tax asset position primarily reflected the release of the majority of its valuation allowance during the year.

Income Taxes for additional information.

(3) See Note 17.

Income Taxes for additional information on income taxes.

(4) We entered into credit default swaps related to our student loans which meets the definition of a financial guarantee and is excluded from derivative accounting treatment.

We apply the insurance contract claim method by deferring the full estimated amount of premiums paid and payable at inception.

(5) Includes investments in FRB stock and FHLB stock, which are restricted investment securities that are not marketable.

These investments are carried at cost and assessed for impairment.

(6) We entered into a credit default swap related to our student loans which meets the definition of a financial guarantee and is excluded from derivative accounting treatment.

We apply the insurance contract claim method by deferring the full estimated amount of premiums paid and payable at inception.

(7) As of December 31, 2024 and December 31, 2023, primarily included an investment that was entered into in 2021 and recorded as an equity method investment until January 2022 in conjunction with relinquishing our seat on the investee’s board of directors.

Our equity method investment income for the year ended December 31, 2024 and December 31, 2023 was immaterial and we did not receive any distributions.

(6) See Note 14.

Organization, Summary of Significant Accounting Policies and New Accounting Standards and Note 15.

Fair Value Measurements for additional information on the digital assets safeguarding asset.

Derivative Financial Instruments and Note 15.

Fair Value Measurements for additional information on derivative financial instruments.

(7) See Note 7.

Securitization and Variable Interest Entities for additional information on LIHTC investments.

(8) See Note 15.

Fair Value Measurements for additional information on investments in equity securities.

Our equity method investment income for the years ended December 31, 2025 and 2024 was immaterial and we did not receive any distributions.

The following table presents the components of accounts payable, accruals and other liabilities :

1 unchanged sentence

$ 364,164 $ 265,316

Accounts payable 106,343 93,301

Credit default swap (2)

155,687 91,206

Accounts payable 64,707 95,270

LIHTC commitments (3)

47,208 11,073

Accrued interest 25,103 26,441

Deferred tax liabilities, net (4)

21,426 20,164

Finance lease liability (5)

1 unchanged sentence

Deferred revenue (6)

Deferred tax liabilities, net (5)

20,164 40,229

Digital assets safeguarding liability (6)

Derivative financial instruments (7)

2 unchanged sentences

_____________________

(1) Includes accrued compensation and compensation-related expenses, accrued taxes and other accrued expenses.

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

(3) See Note 7.

Securitization and Variable Interest Entities for additional information on LIHTC investments.

SoFi Technologies, Inc.

2 unchanged sentences

(In Thousands, Unless Otherwise Stated and Except for Share and Per Share Data)

(1) Includes accrued compensation and compensation-related expenses, accrued taxes and other accrued expenses.

(2) See footnote (6) to the table above.

(4) See Note 17.

Income Taxes for additional information on income taxes.

(5) See Note 9.

Property, Equipment, Software and Leases for additional information on finance leases.

2 unchanged sentences

(7) See Note 14.

Income Taxes for additional information on income taxes.

(6) See Note 1.

Organization, Summary of Significant Accounting Policies and New Accounting Standards and Note 15.

Fair Value Measurements for additional information on the digital assets safeguarding liability.

(7) See Note 14.

Derivative Financial Instruments and Note 15.

1 unchanged sentence

We offer deposit accounts (referred to as “checking and savings” accounts within SoFi Money) to our members through SoFi Bank, which include interest-bearing deposits and noninterest-bearing deposits.

The following table presents detail of our deposits:

Below is a disaggregated presentation of our deposits:

Savings deposits $ 32,461,228 $ 22,838,858

8 unchanged sentences

_____________________

(1) As of December 31, 2024, includes brokered deposits of $ 772,914 consisting of time deposits.

As of December 31, 2023, includes brokered deposits of $ 3,160,414 , of which $ 2,971,462 and $ 188,952 are time deposits and demand deposits, respectively.

(2) As of December 31, 2024 and December 31, 2023, the amount of time deposits that exceeded the insured limit (referred to as “uninsured deposits”) totaled $ 20,305 and $ 21,268 , respectively.

(1) As of December 31, 2025 and 2024, includes brokered deposits of $ 1,402,355 and $ 772,914 , respectively, consisting of time deposits.

(2) As of December 31, 2025 and 2024, the amount of time deposits that exceeded the insured limit (referred to as “uninsured deposits”) totaled $ 26,317 and $ 20,305 , respectively.

As of December 31, 2025, future maturities of our total time deposits were as follows:

16 unchanged sentences

4.46 % – 5.07 %

5.73 % January 2025 – November 2027

June 2026 – October 2028

Student loan warehouse facilities —

4.37 % – 4.90 %

5.59 % May 2025 – January 2027

May 2026 – November 2028

Risk retention warehouse facilities (6)

5.99 % – 5.99 %

7.20 % October 2027 – October 2027

Revolving credit facility (7)

6 unchanged sentences

Personal loan securitizations

2.04 % – 2.04 %

5.71 % September 2030 – May 2031

Student loan securitizations

3.09 % – 3.73 %

3.64 % August 2048 – August 2048

3.40 % August 2048

Total, before unamortized debt issuance costs, premiums and discounts

13 unchanged sentences

Securitization debt matures as loan collateral payments are made.

(5) There were $ 17.3 million of debt discounts issued during the year ended December 31, 2024.

(5) There were no debt discounts issued during the year ended December 31, 2025.

(6) For risk retention warehouse facilities, we only state capacity amounts for facilities wherein we can pledge additional asset-backed bonds and residual investments as of the balance sheet date.

4 unchanged sentences

(8) The original issue discount and debt issuance costs related to the convertible senior notes due 2026 are amortized into interest expense—corporate borrowings in the consolidated statements of operations and comprehensive income (loss) using the effective interest method over the contractual term of the notes.

For the years ended December 31, 2024, 2023 and 2022, total interest expense on the convertible notes was $ 2.7 million, $ 5.1 million and $ 5.1 million, respectively, and the effective interest rate was 0.43 %, 0.43 % and 0.42 %, respectively, related to amortization of debt discount and issuance

For the years ended December 31, 2025, 2024 and 2023, total interest expense on the convertible notes was $ 1.8 million, $ 2.7 million and $ 5.1 million, respectively, and the effective interest rate was 0.43 %, 0.43 % and 0.43 %, respectively.

For all periods, interest expense was related to

SoFi Technologies, Inc.

2 unchanged sentences

(In Thousands, Unless Otherwise Stated and Except for Share and Per Share Data)

As of December 31, 2024 and December 31, 2023, unamortized debt discount and issuance costs were $ 3.3 million and $ 13.3 million, respectively, and the net carrying amount was $ 424.7 million and $ 1.1 billion, respectively.

amortization of debt discount and issuance costs.

As of December 31, 2025 and 2024, unamortized debt discount and issuance costs were $ 1.5 million and $ 3.3 million, respectively, and the net carrying amount was $ 426.6 million and $ 424.7 million, respectively.

(9) The original issue discount and debt issuance costs related to the convertible senior notes due 2029 are amortized into interest expense—corporate borrowings in the consolidated statements of operations and comprehensive income (loss) using the effective interest method over the contractual term of the notes.

For the year ended December 31, 2024, total interest expense on the convertible notes was $ 12.3 million, which was composed of $ 8.7 million of contractual interest expense and $ 3.6 million of amortization of discounts and issuance costs;

and the effective interest rate was 1.75 %.

As of December 31, 2024, unamortized debt discount and issuance costs were $ 18.3 million, and the net carrying amount was $ 844.2 million.

For the years ended December 31, 2025 and 2024, total interest expense on the convertible notes was $ 15.1 million and $ 12.3 million, respectively, which was composed of $ 10.8 million and $ 8.7 million, respectively, of contractual interest expense, and $ 4.3 million and $ 3.6 million, respectively, of amortization of discounts and issuance costs;

and the effective interest rate was 1.75 % and 1.75 %, respectively.

As of December 31, 2025 and 2024, unamortized debt discount and issuance costs were $ 14.0 million and $ 18.3 million, respectively, and the net carrying amount was $ 848.5 million and $ 844.2 million, respectively.

(10) Includes $ 63.0 million of loans and $ 219.6 million of investment securities pledged as collateral to secure $ 285.5 million of available borrowing capacity with the FHLB, of which $ 46.7 million was not available as it was utilized to secure letters of credit.

2 unchanged sentences

Also includes unsecured available borrowing capacity of $ 50.0 million with correspondent banks.

(11) As of December 31, 2024, $ 1.5 million of unamortized debt issuance costs related to revolving debt are reported in other assets in the consolidated balance sheets.

As of December 31, 2023, both revolving and non-revolving unamortized debt issuance costs were presented as a reduction to debt in the consolidated balance sheets.

(11) As of December 31, 2025 and 2024, unamortized debt issuance costs related to revolving debt of $ 1.0 million and $ 1.5 million, respectively, was reported in other assets in the consolidated balance sheets.

The total accrued interest payable on borrowings of $ 3.3 million and $ 7.5 million as of December 31, 2025 and 2024, respectively, was presented within accounts payable, accruals and other liabilities in the consolidated balance sheets.

13 unchanged sentences

Following these repurchases, $ 428.0 million aggregate principal amount of the 2026 convertible notes remain outstanding.

As of December 31, 2024, the 2026 convertible notes are potentially convertible into 19,096,202 shares of common stock.

These transactions were determined to be an extinguishment of debt.

4 unchanged sentences

Equity for additional detail.

As of December 31, 2025, the 2026 convertible notes are potentially convertible into 19,096,202 shares of common stock.

SoFi Technologies, Inc.

46 unchanged sentences

The Amended and Restated Credit Agreement also contains financial covenants that require the Company to maintain a certain amount of unrestricted cash and cash equivalents and to meet certain risk-based capital ratios and a leverage ratio.

During the year ended December 31, 2024, we closed seven warehouse facilities which had an aggregate maximum available capacity of $ 2.0 billion, and closed two risk retention warehouse facilities.

One warehouse facility matured and one risk retention warehouse facility matured.

We did not open any warehouse facilities.

During the year ended December 31, 2025, we opened one warehouse facility with a capacity of $ 450.0 million.

We closed two warehouse facilities with an aggregate maximum available capacity of $ 250.0 million, closed one risk retention facility, and one warehouse facility matured.

Our warehouse and securitization debt is secured by a continuing lien and security interest in the loans financed by the proceeds.

14 unchanged sentences

December 31, 2025

2026 $ 428,022

Total $ 1,776,522

5 unchanged sentences

The Series 1 Redeemable Preferred Stock remained classified as temporary equity through redemption in May 2024 because the Series 1 Redeemable Preferred Stock was not fully controlled by the issuer, SoFi Technologies.

In May 2024, the Company redeemed all of the 3,234,000 shares of Series 1 Redeemable Preferred Stock outstanding for a total redemption price of $ 339,903 or $ 105.1027 per share.

In May 2024, the Company redeemed all of the 3,234,000 shares of Series 1 Redeemable Preferred Stock outstanding for a total redemption price of $ 339,903 or $ 105.1027 per share, subsequent to which the Company had no Series 1 Redeemable Preferred Stock outstanding.

The total redemption price included:

(i) a reduction to redeemable preferred stock of $ 320,374 for the carrying value of redeemable preferred stock at the time of exercise, (ii) a reduction to additional paid-in capital of $ 3,026 for the amount paid upon redemption over the carrying value of the redeemable preferred stock, and (iii) payment for accrued but unpaid dividends at the time of redemption of $ 16,503 .

As of December 31, 2024, the Company has no shares of Series 1 Redeemable Preferred Stock outstanding.

During the years ended December 31, 2024 and 2023, the Series 1 preferred stockholders were entitled to dividends of $ 16,503 and $ 40,425 , respectively.

Payment for all accrued but unpaid dividends was made at the time of redemption.

Permanent Equity

7 unchanged sentences

As of December 31, 2025, the Company had 1,270,568,878 shares of common stock and no shares of non-voting common stock issued and outstanding.

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 the proceeds to reduce its higher-cost debt and give the flexibility to pursue growth opportunities.

In January 2026, the Company completed the issuance and sale of common stock purchased pursuant to a 30 -day option related to the December 2025 underwriting agreement.

Subsequent Events for additional information.

The Company reserved the following common stock for future issuance:

5 unchanged sentences

19,096,202 19,096,202

Outstanding common stock warrants (2)

Total common stock reserved for future issuance 212,768,027 190,143,247

_____________________

(1) Represents the number of common stock issuable upon conversion of all convertible notes at the conversion rate in effect at the balance sheet date.

As of December 31, 2024, the 2026 convertible notes are potentially convertible into 19,096,202 shares of common stock, and the 2029 convertible notes were not convertible.

(1) Represents the number of common stock issuable upon conversion of all convertible note principal at the conversion rate in effect at the balance sheet date.

As of December 31, 2025, the 2026 convertible notes are potentially convertible into 19,096,202 shares of common stock.

The principal amount of the 2029 convertible notes is to be settled by paying or delivering cash.

Debt for additional information.

(2) All remaining unexercised common stock warrants expired in May 2024.

As of December 31, 2024, the Company has no outstanding common stock warrants.

Common stockholders and non-voting common stockholders are entitled to dividends when and if declared by the Board of Directors and subject to government regulation over banks and bank holding companies, as discussed further in Note 21.

12 unchanged sentences

2026 capped call transactions are subject to automatic exercise if they are in-the-money as of certain expiration dates during September and October 2026.

Settlement is subject to acceleration pursuant to the occurrence of certain corporate events, as well as postponement no later than January 12, 2027.

Capped Call Transactions, Due 2029

During 2024, we entered into privately negotiated capped call transactions (“2029 capped call transactions”) for a total cost of $ 90.6 million.

The 2029 capped call transactions initially cover, subject to customary anti-dilution adjustments, the number of shares of our common stock that initially underlie the 2029 convertible notes.

The 2029 capped call transactions are

Settlement is

SoFi Technologies, Inc.

2 unchanged sentences

(In Thousands, Unless Otherwise Stated and Except for Share and Per Share Data)

expected generally to reduce the potential dilutive effect on the common stock upon any conversion of 2029 convertible notes and/or offset any potential cash payments we are required to make in excess of the principal amount of converted 2029 convertible notes, as the case may be, with such reduction and/or offset subject to a cap, subject to certain adjustments under the terms of the 2029 capped call transactions.

subject to acceleration pursuant to the occurrence of certain corporate events, as well as postponement no later than January 12, 2027.

Capped Call Transactions, Due 2029

During 2024, we entered into privately negotiated capped call transactions (“2029 capped call transactions”) for a total cost of $ 90.6 million.

The 2029 capped call transactions initially cover, subject to customary anti-dilution adjustments, the number of shares of our common stock that initially underlie the 2029 convertible notes.

The 2029 capped call transactions are expected generally to reduce the potential dilutive effect on the common stock upon any conversion of 2029 convertible notes and/or offset any potential cash payments we are required to make in excess of the principal amount of converted 2029 convertible notes, as the case may be, with such reduction and/or offset subject to a cap, subject to certain adjustments under the terms of the 2029 capped call transactions.

The 2029 capped call transactions allow the Company to purchase shares of our common stock at a strike price equal to the initial conversion price of approximately $ 9.45 per share, and are subject to a cap of $ 14.54 per share, subject to certain adjustments under the terms of the 2029 capped call transactions.

7 unchanged sentences

Balance at January 1, 2023

Other comprehensive income (loss) before reclassifications (1)

$ ( 8,611 ) $ 315 $ ( 8,296 )

Other comprehensive income before reclassifications

6,238 677 6,915

Amounts reclassified from AOCI into earnings 172 — 172

Net current-period other comprehensive income (loss) (2)

Net current-period other comprehensive income (1)(2)

6,410 677 7,087

1 unchanged sentence

$ ( 2,201 ) $ 992 $ ( 1,209 )

Other comprehensive income before reclassifications (1)

Other comprehensive income (loss) before reclassifications

( 7,324 ) 2 ( 7,322 )

Amounts reclassified from AOCI into earnings 166 — 166

Net current-period other comprehensive income (2)

Net current-period other comprehensive income (loss) (1)(2)

( 7,158 ) 2 ( 7,156 )

37 unchanged sentences

_____________________

(1) Recorded within noninterest income—loan origination, sales, and securitizations in the consolidated statements of operations and comprehensive income (loss).

(2) Represents gains (losses) on derivative contracts to manage securitization investment interest rate risk, which are recorded within noninterest income—loan origination, sales, and securitizations in the consolidated statements of operations and comprehensive income (loss).

(3) Represents gains (losses) on derivative contracts to manage credit risk associated with consumer loans, which are recorded within noninterest income—loan origination, sales, and securitizations in the consolidated statements of operations and comprehensive income (loss).

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

(2) Represents gains (losses) on derivative contracts to manage securitization investment interest rate risk.

(3) Represents gains (losses) on derivative contracts to manage credit risk associated with consumer loans.

(4) In conjunction with a loan sale agreement, we are entitled to receive payments from the buyer of the loans underlying the agreement if the internal rate of return (as defined in the loan sale agreement) on such loans exceeds a specified hurdle, subject to a dollar cap.

4 unchanged sentences

Interest rate swaps $ 61,583 $ ( 133 ) $ 288,062 $ —

Interest rate caps — — — ( 3,276 )

Home loan pipeline hedges — ( 4,547 ) 928 ( 43 )

4 unchanged sentences

_____________________

(1) We did not have a cash collateral requirement related to these instruments as of December 31, 2024 and December 31, 2023.

(1) As of December 31, 2025, we had a cash collateral requirement related to these instruments of $ 3,364 .

We did not have a cash collateral requirement related to these instruments as of December 31, 2024.

SoFi Technologies, Inc.

5 unchanged sentences

Interest rate swaps $ 19,113,953 $ 14,829,500

Interest rate caps — 405,000

Home loan pipeline hedges 1,244,000 228,000

Interest rate caps (1)

Interest rate swaps (1)

3 unchanged sentences

_____________________

(1) We sold an interest rate cap that was subject to master netting to offset an interest rate cap purchase made in conjunction with a contract to manage future loan sale execution risk.

(1) Represents interest rate swaps utilized to manage interest rate risk associated with certain of our securitization investments.

3 unchanged sentences

Fair Value Measurements for additional information on our derivative assets and liabilities.

SoFi Technologies, Inc.

Notes to Consolidated Financial Statements (continued)

(In Thousands, Unless Otherwise Stated and Except for Share and Per Share Data)

Fair Value Measurements

4 unchanged sentences

Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total

Investments in AFS debt securities (1)(2)

Treasury securities

$ 75,356 $ — $ — $ 75,356 $ 273,652 $ — $ — $ 273,652

Agency mortgage-backed securities (1)

— 2,354,606 — 2,354,606 — 1,526,394 — 1,526,394

Corporate bonds (1)

— 185 — 185 — 3,217 — 3,217

— 833 — 833 — 780 — 780

Asset-backed bonds (2)

2 unchanged sentences

— — 31,355 31,355 — — 25,394 25,394

Investment securities (3)

75,356 2,468,896 31,355 2,575,607 273,652 1,596,643 25,394 1,895,689

Loans at fair value (4)

8 unchanged sentences

— — 28,779 28,779 — — 6,042 6,042

Interest rate caps (5)(8)

— — — — — 3,269 — 3,269

Digital assets safeguarding asset (5)(10)

— — — — — 9,292 — 9,292

Total assets (11)

$ 75,356 $ 2,734,612 $ 36,648,051 $ 39,458,019 $ 273,652 $ 1,952,561 $ 26,590,663 $ 28,816,876

$ — $ 54,107 $ — $ 54,107 $ — $ 80,878 $ — $ 80,878

Residual interests classified as debt — — 520 520 — — 609 609

1 unchanged sentence

— 4,680 — 4,680 — 43 — 43

Digital assets safeguarding liability (5)(10)

— — — — — 9,292 — 9,292

Total liabilities $ — $ 58,787 $ 520 $ 59,307 $ — $ 80,921 $ 609 $ 81,530

_____________________

(1) The investments in AFS debt securities that were classified as Level 2 rely upon observable inputs other than quoted prices, dealer quotes in markets that are not active and implied pricing derived from new issuances of similar securities.

(1) Investments in debt securities that were classified as Level 2 rely upon observable inputs other than quoted prices, dealer quotes in markets that are not active and implied pricing derived from new issuances of similar securities.

Investment Securities for additional information.

(2) These assets are presented within investment securities in the consolidated balance sheets.

SoFi Technologies, Inc.

Notes to Consolidated Financial Statements (continued)

(In Thousands, Unless Otherwise Stated and Except for Share and Per Share Data)

(2) These assets represent the carrying value of our holdings in VIEs wherein we were not deemed the primary beneficiary.

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We classify the residual investments as Level 3 due to the reliance on significant unobservable valuation inputs.

Investment Securities for additional information on the asset-backed bonds and residual investments included herein which are classified as available for sale.

(3) These assets are presented within investment securities in the consolidated balance sheets.

(4) Home loans classified as Level 2 have observable pricing sources utilized by management.

Personal loans, student loans and home loans classified as Level 3 do not trade in an active market with readily observable prices.

Personal loans and home loans are presented within loans held for sale, at fair value, and student loans are presented within loans held for investment, at fair value .

During the year ended December 31, 2023, we transferred $ 66,198 out of Level 3 into Level 2 relating to home loans due to an update to pricing sources utilized by third-party valuation specialists, as part of the integration of Wyndham.

Personal loans and home loans are presented within loans held for sale, and student loans are presented within loans held for investment, at fair value .

(5) These assets and liabilities are presented within other assets and accounts payable, accruals and other liabilities , respectively, in the consolidated balance sheets.

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(8) Home loan pipeline hedges represent TBAs used as economic hedges of loan fair values and are classified as Level 2, as we rely on quoted market prices from similar loan pools that transact in the marketplace.

Interest rate swaps and interest rate caps are classified as Level 2, because these financial instruments do not trade in active markets with observable prices, but rely on observable inputs other than quoted prices.

As of December 31, 2024 and December 31, 2023, interest rate swaps and interest rate caps were valued using the overnight SOFR curve and the implied volatilities suggested by the

SoFi Technologies, Inc.

Notes to Consolidated Financial Statements (continued)

(In Thousands, Unless Otherwise Stated and Except for Share and Per Share Data)

SOFR rate curve.

Interest rate swaps are classified as Level 2, because these financial instruments do not trade in active markets with observable prices, but rely on observable inputs other than quoted prices.

As of December 31, 2025 and 2024, interest rate swaps were valued using the overnight SOFR curve and the implied volatilities suggested by the SOFR rate curve.

These were determined to be observable inputs from active markets.

Credit derivatives classified as Level 2 are valued using tradable credit default swap indices, which were determined to be observable inputs from active markets.

(9) IRLCs and student loan commitments are classified as Level 3 because of our reliance on assumed loan funding probabilities.

(9) IRLCs and student loan commitments (which include in-school loan and student loan refinancing commitments) are classified as Level 3 because of our reliance on assumed loan funding probabilities.

The assumed probabilities are based on our internal historical experience with home loans and student loans similar to those in the funding pipelines on the measurement date.

(10) The digital assets safeguarding liability and corresponding safeguarding asset are classified as Level 2, because they do not trade in active markets, and are valued using quoted prices on an active exchange that has been identified as the principal market for the underlying digital assets that are being held by our third-party custodians for the benefit of our members.

In the fourth quarter of 2023, we transferred the crypto services provided by SoFi Digital Assets, LLC, and began closing existing digital assets accounts.

This process was completed in the first quarter of 2024, subsequent to which we have no digital assets safeguarding liability and safeguarding asset.

Refer to Note 1.

Organization, Summary of Significant Accounting Policies and New Accounting Standards for additional information about our digital assets activities.

(10) The fair value of our securitization debt was classified as Level 2 and valued using a discounted cash flow model, with key inputs relating to the underlying contractual coupons, terms, discount rate and expectations for defaults and prepayments.

As of December 31, 2024 and December 31, 2023, the unpaid principal related to debt measured at fair value was $ 85,160 and $ 128,619 , respectively.

As of December 31, 2025 and 2024, the unpaid principal related to debt measured at fair value was $ 56,255 and $ 85,160 , respectively.

For the years ended December 31, 2025, 2024 and 2023, losses from changes in fair value were $ 2,097 , $ 4,696 and $ 2,969 , respectively.

The estimated amounts of gains (losses) included in earnings attributable to changes in instrument-specific credit risk, which were derived principally from observable changes in credit spread as observed in the bond market and default assumptions, were immaterial for the years ended December 31, 2025, 2024 and 2023.

(11) During the fourth quarter of 2025, the Company launched SoFi Crypto which provides our members the ability to buy, sell and hold digital assets.

To facilitate these member transactions, we maintain an incidental inventory of crypto assets for operational purposes.

As of December 31, 2025, the fair value of our crypto assets were immaterial.

These assets are presented within other assets and categorized as Level 1 as of December 31, 2025.

Level 3 Recurring Fair Value Rollforward

The following tables present the changes in our assets and liabilities measured at fair value on a recurring basis using significant unobservable inputs (Level 3).

During the year ended December 31, 2024, we had no transfers out of Level 3 and no transfers into Level 3.

During the year ended December 31, 2023, we had transfers out of Level 3 of $ 66,198 and no transfers into Level 3.

We did not have any transfers into or out of Level 3 during the periods presented.

Fair Value at Fair Value at

2024 Impact on Earnings Purchases Sales Issuances Settlements Other Changes Transfers Out of Level 3 December 31,

2025 Impact on Earnings Purchases Sales Issuances Settlements Other Changes December 31,

Personal loans $ 17,532,396 $ ( 320,341 ) $ 117,982 $ ( 1,940,165 ) $ 16,461,114 $ ( 10,316,825 ) $ 6,507 $ 21,540,668

20 unchanged sentences

Fair Value at Fair Value at

2023 Impact on Earnings Purchases Sales Issuances Settlements Other Changes Transfers Out of Level 3

2024 Impact on Earnings Purchases Sales Issuances Settlements Other Changes December 31,

Personal loans $ 15,330,573 $ ( 554,796 ) $ 168,114 $ ( 4,483,253 ) $ 15,499,773 $ ( 8,415,255 ) $ ( 12,760 ) $ 17,532,396

12 unchanged sentences

630 ( 90 ) — — — — — 540

Purchase price earn out (6)

54 9 — — — ( 63 ) — — —

Residual interests classified as debt (3)

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(1) For loans at fair value, purchases reflect unpaid principal balance and relate to previously transferred loans.

Purchase activity included elective repurchases of $ 165.3 million during the year ended December 31, 2024.

There were no elective repurchases during the year ended December 31, 2023.

Purchase activity included securitization clean-up calls of $ 39,936 during the year ended December 31, 2023.

Purchase activity included elective repurchases of $ 1.7 billion and $ 165.3 million during the years ended December 31, 2025 and 2024, respectively, and securitization clean-up calls of $ 426.9 million during the year ended December 31, 2025.

There were no securitization clean-up calls during the year ended December 31, 2024.

3 unchanged sentences

Other changes represent fair value adjustments that impact the balance sheet primarily associated with whole loan strategic repurchases, clean up calls and consolidated securitizations.

During the year ended December 31, 2023, we had $ 66,198 of transfers out of Level 3 related to our home loans related to an update to pricing sources utilized by third-party valuation specialists.

Impacts on earnings for loans at fair value are recorded within interest income—loans and securitizations , within noninterest income—loan origination, sales, and securitizations , and within noninterest expense—general and administrative in the consolidated statements of operations and comprehensive income (loss) .

(2) For servicing rights, impacts on earnings are recorded within noninterest income—loan origination, sales, and securitizations in the consolidated statements of operations and comprehensive income (loss) .

Impacts on earnings for loans at fair value are recorded within interest income—loans and securitizations , within noninterest income—loan origination, sales, securitizations and servicing , and within noninterest expense—general and administrative in the consolidated statements of operations and comprehensive income (loss) .

(2) For servicing rights, impacts on earnings are recorded within noninterest income—loan origination, sales, securitizations and servicing in the consolidated statements of operations and comprehensive income (loss) .

(3) For residual investments, sales include the derecognition of investments associated with securitization clean up calls.

The estimated amounts of gains and losses for residual investments included in earnings attributable to changes in instrument-specific credit risk were immaterial during the periods presented.

For residual investments and residual interests classified as debt, impacts on earnings are recorded within noninterest income—loan origination, sales, and securitizations in the consolidated statements of operations and comprehensive income (loss), a portion of which is subsequently reclassified to interest expense—securitizations and warehouses for residual interests classified as debt and to interest income—loans and securitizations for residual investments, but does not impact the liability or asset balance, respectively.

For residual investments and residual interests classified as debt, impacts on earnings are recorded within noninterest income—loan origination, sales, securitizations and servicing in the consolidated statements of operations and comprehensive income (loss), a portion of which is subsequently reclassified to interest expense—securitizations and warehouses for residual interests classified as debt and to interest income—loans and securitizations for residual investments, but does not impact the liability or asset balance, respectively.

(4) For IRLCs and student loan commitments, settlements reflect funded and unfunded adjustments representing the unpaid principal balance of funded and unfunded loans during the quarter multiplied by the IRLC or student loan commitment price in effect at the beginning of the quarter.

Purchases of IRLCs during the year ended December 31, 2023 were associated with our acquisition of Wyndham.

For year-to-date periods, amounts represent the summation of the per-quarter effects.

For IRLCs and student loan commitments, impacts on earnings are recorded within noninterest income—loan origination, sales, and securitizations in the consolidated statements of operations and comprehensive income (loss).

For IRLCs and student loan commitments, impacts on earnings are recorded within noninterest income—loan origination, sales, securitizations and servicing in the consolidated statements of operations and comprehensive income (loss).

(5) For third party warrants, impacts on earnings are recorded within noninterest income—other in the consolidated statements of operations and comprehensive income (loss).

(6) For purchase price earn out, impacts on earnings are recorded within noninterest income—loan origination, sales, and securitizations in the consolidated statements of operations and comprehensive income (loss).

Loans at Fair Value

3 unchanged sentences

The gains (losses) attributable to instrument-specific credit risk were estimated by incorporating our current default and loss severity assumptions for the loans.

These assumptions are based on historical performance, market trends and performance expectations over the term of the underlying instrument.

Level 3 Significant Inputs

Level 3 fair value measurements include unobservable inputs for assets or liabilities for which there is little

SoFi Technologies, Inc.

2 unchanged sentences

(In Thousands, Unless Otherwise Stated and Except for Share and Per Share Data)

assumptions are based on historical performance, market trends and performance expectations over the term of the underlying instrument.

Level 3 Significant Inputs

Level 3 fair value measurements include unobservable inputs for assets or liabilities for which there is little or no market data, which requires us to develop our own assumptions.

or no market data, which requires us to develop our own assumptions.

These unobservable assumptions reflect estimates of inputs that market participants would use in pricing the asset or liability.

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3.9 % 4.2 % – 8.2 %

Home loans (1)

Conditional prepayment rate 6.2 % – 20.7 %

13.6 % 6.7 % – 23.6 %

Annual default rate 0.1 % – 7.4 %

0.6 % 0.1 % – 3.5 %

Discount rate 4.9 % – 8.5 %

5.9 % 5.0 % – 9.2 %

(1) As of December 31, 2023, we had no Level 3 home loans.

The key assumptions are defined as follows:

10 unchanged sentences

Loans for additional loan fair value disclosures.

SoFi Technologies, Inc.

Notes to Consolidated Financial Statements (continued)

(In Thousands, Unless Otherwise Stated and Except for Share and Per Share Data)

Servicing Rights

3 unchanged sentences

Management classifies servicing rights as Level 3 due to the use of significant unobservable inputs in the fair value measurement.

SoFi Technologies, Inc.

Notes to Consolidated Financial Statements (continued)

(In Thousands, Unless Otherwise Stated and Except for Share and Per Share Data)

The following key unobservable inputs were used in the fair value measurement of our classes of servicing rights:

98 unchanged sentences

We classify student loan commitments as Level 3 because the assets do not trade in an active market with readily observable prices and, as such, our valuations utilize significant unobservable inputs.

Additionally, we classify IRLCs as Level 3, as our IRLCs are inherently uncertain and unobservable given that a home loan origination is contingent on a plethora of factors.

Additionally, we classify IRLCs as Level 3, as our IRLCs are inherently uncertain and unobservable given that a home loan origination is contingent on a variety of factors.

The following key unobservable inputs were used in the fair value measurements of our IRLCs and student loan commitments:

9 unchanged sentences

_____________________

(1) The aggregate amount of student loans we committed to fund was $ 149,402 and $ 89,369 as of December 31, 2024 and December 31, 2023, respectively.

(1) The aggregate amount of student loans we committed to fund was $ 437,470 and $ 149,402 as of December 31, 2025 and 2024, respectively.

Derivative Financial Instruments for the aggregate notional amount associated with IRLCs.

4 unchanged sentences

The weighted average assumptions were weighted based on relative fair values.

Safeguarding Assets and Liabilities

The following table presents the significant digital assets held by our third-party custodians on behalf of our members as of December 31, 2023.

We had no digital assets safeguarding liability or corresponding safeguarding asset as of December 31, 2024.

December 31, 2023

Bitcoin (BTC) $ 5,425

Ethereum (ETH) 3,304

Ethereum Classic (ETC) 294

Litecoin (LTC) 198

Dogecoin (DOGE) 8

All other (1)

Digital assets safeguarding liability and corresponding safeguarding asset (2)

___________________

(1) Includes 17 digital assets as of December 31, 2023, none of which were determined to be individually significant.

(2) Refer to Note 1.

Organization, Summary of Significant Accounting Policies and New Accounting Standards for additional information about our digital assets activities.

SoFi Technologies, Inc.

10 unchanged sentences

427,321 427,321 — — 427,321

Loans at amortized cost (2)

1,633,702 — — 1,670,391 1,670,391

11 unchanged sentences

171,067 171,067 — — 171,067

Loans at amortized cost (2)

1,246,458 — — 1,274,080 1,274,080

9 unchanged sentences

(2) The fair value of our credit cards was determined using a discounted cash flow model with key inputs relating to weighted average lives, expected lifetime loss rates and discount rate.

The fair value of our commercial and consumer banking and secured loans was determined using a discounted cash flow model with key inputs relating to the underlying contractual coupons, terms, discount rate and expectations for defaults.

The fair value of our commercial and consumer banking, loans held at lower of amortized cost or fair value and secured loans was determined using a discounted cash flow model with key inputs relating to the underlying contractual coupons, terms, discount rate and expectations for defaults.

(3) Other investments include FRB stock and FHLB stock, which are presented within other assets in the consolidated balance sheets.

4 unchanged sentences

The estimated fair value of our 2026 convertible notes was $ 554.1 million and $ 453.5 million as of December 31, 2025 and 2024, respectively.

The estimated fair value of our 2029 convertible note was $ 1.5 billion as of December 31, 2024.

The estimated fair value of our 2029 convertible notes was $ 2.4 billion and $ 1.5 billion as of December 31, 2025 and 2024, respectively.

The fair values of our warehouse facility debt and revolving credit facility debt were classified as Level 2 based on market factors and credit factors specific to these financial instruments.

3 unchanged sentences

The fair value measurements are classified within Level 3 of the fair value hierarchy due to the use of unobservable inputs in the fair value measurements.

The balances were primarily composed of a $ 27,500 and $ 19,739 investment, as of December 31, 2024 and 2023, respectively, valued under the measurement alternative method.

The balances were primarily composed of a $ 27,500 investment, as of both December 31, 2025 and 2024, as well as a $ 20,000 investment as of December 31, 2025, that are valued under the measurement alternative method.

SoFi Technologies, Inc.

29 unchanged sentences

(In Thousands, Unless Otherwise Stated and Except for Share and Per Share Data)

Share-based compensation expense related to stock options, RSUs, PSUs and ESPP is presented within the following line items in the consolidated statements of operations and comprehensive income (loss):

Compensation and Benefits

Share-based compensation expense related to stock options, RSUs, PSUs and the ESPP is presented within the following line items in the consolidated statements of operations and comprehensive income (loss):

Year Ended December 31,

5 unchanged sentences

Total $ 262,058 $ 246,152 $ 271,216

Compensation and Benefits

Total compensation and benefits, inclusive of share-based compensation expense, was $ 1,142,145 , $ 927,258 and $ 894,720 for the years ended December 31, 2025, 2024 and 2023, respectively.

23 unchanged sentences

RSUs, inclusive of DSUs, are equity awards granted to employees that entitle the holder to shares of our common stock when the awards vest.

For employees hired during 2024, new hire RSU grants typically vest between 12.5 % to 16.7 % on

For employees hired since 2024, new hire RSU grants typically vest between 12.5 % to 16.7 % on

SoFi Technologies, Inc.

25 unchanged sentences

In the event of a Sale Event (as defined in the 2021 Amended and Restated Plan), the awards may automatically vest subject to the satisfaction of the Target Hurdles by reference to the sale price, without regard to any other vesting conditions.

During 2024, we granted PSUs, that will vest, if at all, at the conclusion of a three-year measurement period, subject to the achievement of specific performance goals, such as absolute growth in tangible book value, total risk weighted capital ratio, and relative total shareholder return.

During 2024 and 2025, we granted PSUs, that will vest, if at all, at the conclusion of a three-year measurement period, subject to the achievement of specific performance goals, such as absolute growth in tangible book value, total risk weighted capital ratio, and relative total shareholder return.

The following table summarizes PSU activity:

3 unchanged sentences

Granted 1,820,753 13.42

Vested ( 3,991,995 ) 15.17

Forfeited ( 1,533,420 ) 7.99

1 unchanged sentence

10,343,841 $ 11.50

The aggregate intrinsic value of PSUs vested during the year ended December 31, 2025 was $ 120.0 million.

There were no PSUs vested during the years ended December 31, 2024 and 2023.

Compensation cost associated with PSUs is recognized using the accelerated attribution method for each of the three vesting tranches over the respective derived service period.

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Our ESPP provides permitted eligible employees the right to purchase shares of the Company's common stock through payroll deductions of up to 15 % of their eligible compensation, subject to certain limitations.

The purchase price of the shares under the ESPP equals 85 % of the lower of the fair market value of the Company's common stock on either the first or last day of each six-month offering period (i.e.

a 15 % discount).

The purchase price of the shares under the ESPP equals 85 % of the lower of the fair market value of the Company's common stock on either the first or last day of each six-month offering period (i.e., a 15 % discount).

The ESPP does not include post-purchase holding requirements and does not include certain features that could trigger modification, such as increases to contribution rates, resets, and rollovers.

3 unchanged sentences

The table below presents the fair value assumptions used for the period indicated:

Input Year Ended December 31, 2024

Input Year Ended December 31, 2025 Year Ended December 31, 2024

Risk-free interest rate

1 unchanged sentence

Expected volatility

60.5 % 49.6 %

Fair value of common stock

$ 20.51 $ 15.57

Dividend yield

10 unchanged sentences

• Dividend yield — We assumed no dividend yield because we have historically not paid out dividends to common stockholders.

As of December 31, 2024, there was $ 3.8 million of unrecognized compensation cost related to the ESPP over the remaining six-month offering period, ending in June 2025.

As of December 31, 2025, there was $ 9.1 million of unrecognized compensation cost related to the ESPP, to be recognized over the remainder of the six-month offering period, ending in June 2026.

Income (loss) before income taxes consisted of the following:

19 unchanged sentences

( 2,222 ) ( 98,556 ) ( 115 )

Total deferred tax benefit

Total deferred tax expense (benefit)

16,188 ( 286,917 ) ( 15,828 )

1 unchanged sentence

$ ( 265,320 )

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.

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.

5 unchanged sentences

(In Thousands, Unless Otherwise Stated and Except for Share and Per Share Data)

The table below presents a reconciliation of the expected income tax benefit at the statutory federal income tax rate to the income tax expense (benefit) at the effective income tax rate:

The table below presents a reconciliation from the statutory federal income tax rate to the Company’s effective income tax rate subsequent to the adoption of ASU 2023-09:

Year Ended December 31, 2025

federal statutory tax rate

$ 110,430 21.0 %

State and local income taxes, net of federal income tax effect (1)

Foreign tax effects:

Statutory tax rate difference between other jurisdictions and U.S.

Other factors

Effect of cross-border tax laws 642 0.1 %

Tax credits (2)

Nontaxable or nondeductible items:

Share-based compensation

Non-deductible compensation expense (3)

Other adjustments ( 1,944 ) ( 0.4 ) %

Effective tax rate $ 44,537 8.5 %

_________________

(1) State taxes in California, Florida, Maryland, Montana, Massachusetts and New York made up the majority of the tax effect in this category.

(2) Primarily relates to research and development tax credits.

(3) Reflects the impact of applying Section 162(m), which prohibits deduction of certain excess employee compensation to certain “covered employees”.

The table below presents a reconciliation of the expected income tax benefit at the statutory federal income tax rate to the income tax expense (benefit) at the effective income tax rate for the years ended December 31, 2024 and 2023, prepared under the disclosure requirements in effect prior to the adoption of ASU 2023-09:

Year Ended December 31,

Expected income tax expense (benefit) at federal statutory rate

2 unchanged sentences

Share-based compensation

6,071 554 19,811

Tax credits (2)

2 unchanged sentences

Goodwill impairment

Income tax expense (benefit) $ ( 265,320 ) $ ( 416 ) $ 1,686

Income tax benefit

$ ( 265,320 )

Effective tax rate ( 113.70 ) % 0.14 %

2 unchanged sentences

(2) Primarily relates to research and development tax credits.

SoFi Technologies, Inc.

Notes to Consolidated Financial Statements (continued)

(In Thousands, Unless Otherwise Stated and Except for Share and Per Share Data)

Income taxes paid on a cash basis consisted of the following:

Year Ended December 31,

Federal income taxes paid

State and local income taxes paid:

Florida 4,887

Maryland 2,024

Georgia 1,973

Illinois 1,557

Total state and local income taxes paid

Foreign income taxes paid:

Argentina 1,612

Total foreign income taxes paid

Total income taxes paid, net

The table below presents a reconciliation of unrecognized tax benefits:

8 unchanged sentences

Unrecognized tax benefits at end of year

$ 43,620 $ 36,235 $ 29,687

As of December 31, 2025, 2024, and 2023, unrecognized tax benefits of $ 38.2 million, $ 32.4 million and $ 7.5 million, respectively, if recognized, would affect our effective tax rate in a future period.

We expect to continue to accrue unrecognized tax benefits for certain recurring tax positions;

however, we do not expect any other significant increases or decreases to unrecognized tax benefits within the next twelve months.

Interest and penalties recorded during the years ended December 31, 2025, 2024 and 2023 were immaterial .

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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 2024, the valuation allowance decreased by $ 315.0 million , of which $ 258.4 million related to our fourth quarter assessment in which 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

As a result, we give greater weight to the recent cumulative income or loss of a relevant jurisdiction than other more subjective factors.

During 2025, we maintained a valuation allowance of $ 38.7 million, in certain state and foreign jurisdictions where sufficient positive evidence does not exist to support the realizability of deferred tax assets, increasing our valuation allowance by $ 8.0 million.

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

SoFi Technologies, Inc.

2 unchanged sentences

(In Thousands, Unless Otherwise Stated and Except for Share and Per Share Data)

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.

During 2023, and 2022, we maintained a full valuation allowance against our net deferred tax assets, in applicable jurisdictions, increasing our valuation allowance by $ 27.2 million and $ 37.5 million, respectively.

During 2024, the valuation allowance decreased by $ 315.0 million, of which $ 258.4 million related to our fourth quarter assessment in which 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.

During 2023, we maintained a full valuation allowance against our net deferred tax assets, in applicable jurisdictions, increasing our valuation allowance by $ 27.2 million.

Net operating loss carryforwards by jurisdiction :

As of December 31, 2025, the Company had federal, state, and foreign net operating loss carryforwards (prior to the application of statutory tax rates) of approximately $ 167.0 million, $ 1.1 billion and $ 156.6 million, respectively.

Federal and foreign net operating loss carryforwards of approximately $ 485.2 million and $ 74.8 million, respectively, carry forward indefinitely, while the remaining federal and foreign net operating loss carryforwards primarily start expiring in 2043.

Most state net operating loss carryforwards are limited and primarily begin expiring in 2042.

Federal and foreign net operating loss carryforwards of approximately $ 149.1 million and $ 74.8 million, respectively, carry forward indefinitely, while the remaining federal and foreign net operating loss carryforwards primarily expire by 2032.

Most state net operating loss carryforwards are limited and primarily expire by 2038.

The carryforwards, net of the valuation allowance for certain states, are expected to be fully utilized prior to expiration.

6 unchanged sentences

California 2012

We are currently under examination by tax authorities in New York City and Argentina.

Tax years subject to and open for examination vary by jurisdiction.

A portion of our foreign operations benefit from tax holidays.

4 unchanged sentences

The regime reduces the statutory federal income tax rate from 35% to 28%.

SoFi Technologies, Inc.

Notes to Consolidated Financial Statements (continued)

(In Thousands, Unless Otherwise Stated and Except for Share and Per Share Data)

Commitments, Guarantees, Concentrations and Contingencies

As of December 31, 2024, we had $ 685.6 million in financial commitments outstanding related to sponsorship, advertising, and cloud computing agreements under which we are required to make payments over the life of the agreements ranging from one to 15 years.

As of December 31, 2025, we had $ 848.3 million in financial commitments outstanding related to sponsorship, advertising, and cloud computing agreements under which we are required to make payments over the life of the agreements ranging from 1 to 14 years.

We made payments related to these commitments totaling $ 96.6 million, $ 80.8 million and $ 67.3 million during the years ended December 31, 2025, 2024 and 2023, respectively.

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Total $ 848,293

SoFi Technologies, Inc.

Notes to Consolidated Financial Statements (continued)

(In Thousands, Unless Otherwise Stated and Except for Share and Per Share Data)

We also have commitments to fund home loans and student loans that are only cancellable at the option of the borrower.

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Given we have a limited number of prospective buyers for our personal loan securitization residual interests, this might result in our utilization of a significant amount of deposits or our own capital to fund future residual interests in personal loan securitizations, or impact the execution of future securitizations if we are limited in our own ability to invest in the residual interest portion of future securitizations, or find willing buyers for securitization residual interests.

SoFi Technologies, Inc.

Notes to Consolidated Financial Statements (continued)

(In Thousands, Unless Otherwise Stated and Except for Share and Per Share Data)

Contingencies

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We have a three-year repurchase obligation from the time of origination to buy back originated loans that do not meet GSE guidelines, and we are required to pay the full initial purchase price back to the GSE.

SoFi Technologies, Inc.

Notes to Consolidated Financial Statements (continued)

(In Thousands, Unless Otherwise Stated and Except for Share and Per Share Data)

conditions and forecasts of future conditions, as appropriate, as our exposure under the guarantee is typically short-term in nature.

We recognize a liability for the full amount of expected loan repurchases, which we estimate based on historical repurchase activity for similar types of loans and assess whether adjustments to our historical loss experience are required based on current conditions and forecasts of future conditions, as appropriate, as our exposure under the guarantee is typically short-term in nature.

The liability we record is equal to what we expect to buy back.

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As of December 31, 2025, and 2024, we accrued liabilities within accounts payable, accruals and other liabilities in the consolidated balance sheets of $ 18.4 million and $ 11.9 million, respectively, related to our estimated repurchase obligation.

The corresponding charges for changes in the estimated obligation are recorded within noninterest income—loan origination, sales, and securitizations in the consolidated statements of operations and comprehensive income (loss) or within noninterest income - loan platform fees in the consolidated statements of operations and comprehensive income (loss) in connection with transfers of loans held for sale and carried at the lower of amortized cost or fair value as part of our Loan Platform Business.

The corresponding charges for changes in the estimated obligation are recorded within noninterest income—loan origination, sales, securitizations and servicing in the consolidated statements of operations and comprehensive income (loss) or within noninterest income - loan platform fees in the consolidated statements of operations and comprehensive income (loss) in connection with transfers of loans held for sale and carried at the lower of amortized cost or fair value as part of our Loan Platform Business.

As of December 31, 2025 and 2024, the amounts associated with loans sold that were subject to the terms and conditions of our repurchase obligations totaled $ 15.7 billion and $ 12.5 billion, respectively.

As of December 31, 2025 and 2024, we had a total of $ 4.7 million and $ 5.6 million, respectively, in letters of credit outstanding with financial institutions, which were issued for the purpose of securing certain of our operating lease obligations.

A portion of the letters of credit was collateralized by $ 1.3 million and $ 1.3 million of our cash as of December 31, 2024 and 2023, respectively, which is included within restricted cash and restricted cash equivalents in the consolidated balance sheets.

A portion of the letters of credit was collateralized by $ 1.3 million of our cash as of December 31, 2025 and 2024, respectively, which is included within restricted cash and restricted cash equivalents in the consolidated balance sheets.

As of December 31, 2025 and 2024, we had a total of $ 46.7 million and $ 25.2 million, respectively, in letters of credit outstanding with the FHLB, which serve as collateral for public deposits and were collateralized by loans.

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therefore, we have not accrued any liabilities related to fines or penalties.

SoFi Technologies, Inc.

Notes to Consolidated Financial Statements (continued)

(In Thousands, Unless Otherwise Stated and Except for Share and Per Share Data)

Retirement Plans

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Our contributions to the plan are discretionary.

We have not made any contributions to the plan to date.

We did not make any contributions to the plan through December 31, 2025.

Digital Assets Under Custody

As part of the SoFi Crypto business, we are obligated to securely store all digital assets that are held in custodial products on behalf of customers.

As such, we may be liable to our users for losses arising from the our failure to secure these assets from theft or loss.

We have not incurred any losses related to such obligations and therefore have not accrued any liabilities as of December 31, 2025.

These assets are not recorded in the consolidated balance sheets.

Since the risk of loss is remote, we did not record a contingent liability at December 31, 2025.

We have no reason to believe we will incur any expense associated with such potential liability because (i) we account for and continually verify the amount of crypto assets within our control and (ii) we have established security around custodial product private keys to minimize the risk of theft or loss.

Earnings (Loss) Per Share

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Diluted EPS is computed by dividing net income (loss) attributable to common stockholders, as adjusted for activity related to convertible notes, net of tax, if dilutive and applicable, by the weighted average number of shares of common stock outstanding during the period plus the effect of dilutive potential common shares.

These potential common shares relate to (i) contingently issuable shares including PSU awards which require future service as a condition of delivery of the underlying common stock as determined using contingently issuable share guidance, (ii) outstanding RSUs, options, warrants and shares issuable under the ESPP as determined using the treasury stock method, and (iii) shares issuable upon conversion of convertible

The adjustment for convertible notes reflects the conversion price at the end of the reporting period.

We excluded the effect of all potentially dilutive common stock elements from the denominator in the computation of diluted EPS in the periods where their inclusion would have been anti-dilutive.

SoFi Technologies, Inc.

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(In Thousands, Unless Otherwise Stated and Except for Share and Per Share Data)

notes as determined using the if-converted method.

The adjustment for convertible notes reflects the conversion price at the end of the reporting period.

We excluded the effect of all potentially dilutive common stock elements from the denominator in the computation of diluted EPS in the periods where their inclusion would have been anti-dilutive.

The calculations of basic and diluted earnings (loss) per share were as follows:

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$ ( 341,167 )

$ ( 360,832 )

Weighted average common stock outstanding – basic (4)

1,150,140 1,050,219 945,024

Convertible notes (5)

62,219 33,973

Unvested RSUs

31,130 14,405

Common stock options

Unvested PSUs

Weighted average common stock outstanding – diluted 1,251,767 1,101,390 945,024

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____________________

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

Earnings per share is calculated based on unrounded numbers.

(2) In May 2024, we redeemed all outstanding Series 1 Redeemable Preferred Stock.

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Equity for additional information.

(2) For the year ended December 31, 2024, diluted earnings per share of $ 0.39 and diluted net income attributable to common stockholders of $ 434,776 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) For the year ended December 31, 2024, includes incremental dilutive shares from 2026 convertible notes and 2029 convertible notes.

(3) Reflects interest expense incurred, net of tax, associated with convertible note activity during the period as evaluated under the if-converted method.

For the year ended December 31, 2024, diluted earnings per share of $ 0.39 and diluted net income attributable to common stockholders of $ 434,776 also exclude gain on extinguishment of debt, net of tax.

(4) On July 31, 2025, the Company sold 82.7 million shares of its common stock at an offering price of $ 20.85 per share.

On December 8, 2025, the Company sold 54.5 million shares of its common stock at an offering price of $ 27.50 per share.

Equity for additional information.

(5) For the years ended December 31, 2025 and 2024, includes incremental dilutive shares from 2026 convertible notes and 2029 convertible notes.

The following table presents the securities that were not included in the computation of diluted EPS as the effect would have been anti-dilutive.

For the year ended December 31, 2023 and December 31, 2022, all elements were excluded from our calculation of diluted EPS as there were no earnings attributable to common stockholders, and amounts reflect the number of instruments outstanding at the end of the period.

For the year ended December 31, 2023, all elements were excluded from our calculation of diluted EPS as there were no earnings attributable to common stockholders, and amounts reflect the number of instruments outstanding at the end of the period.

Year Ended December 31,

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Unvested PSUs (1)

14,090 14,049 16,240

ESPP 589 59 —

Contingent common stock (2)

Underwritten public offering options (3)

Convertible notes

— 49,611 53,538

Common stock warrants (4)

____________________

(1) Amounts reflect weighted average instruments outstanding for the year ended December 31, 2024.

(2) Represents contingently returnable common stock in connection with the Technisys Merger, which consists of shares that continue to be held in escrow pending resolution of outstanding indemnification claims by SoFi.

These shares were issued in 2022 and partially released in 2023.

Business Combinations for additional information.

(1) Amounts reflect weighted average instruments outstanding.

SoFi Technologies, Inc.

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(In Thousands, Unless Otherwise Stated and Except for Share and Per Share Data)

(3) All remaining unexercised common stock warrants expired in May 2024.

As of December 31, 2024, the Company has no outstanding common stock warrants.

(2) Represents contingently returnable common stock in connection with the Technisys Merger, which consists of shares that continued to be held in escrow as of December 31, 2025 pending resolution of outstanding indemnification claims by SoFi.

These shares were issued in 2022 and partially released in 2023.

All remaining shares were released in January 2026.

Business Combinations for additional information.

(3) Amounts reflect weighted average options outstanding related to a 30-day option to purchase additional shares pursuant to our December 2025 underwritten public offering.

Equity for additional information.

(4) All remaining unexercised common stock warrants expired in May 2024, subsequent to which the Company has no outstanding common stock warrants.

Business Segment and Geographic Information

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The application of the FTP framework impacts the measure of net interest income and, thereby, total net revenue and contribution profit (loss) for our reportable segments, as well as the total net revenue of Corporate/Other, but has no impact on our consolidated results of operations.

The accounting policies of our reportable segments are consistent with those described in Note 1.

Organization, Summary of Significant Accounting Policies and New Accounting Standards , except for the application of the FTP framework and the allocations of consolidated income and consolidated expenses.

Assets are not allocated to reportable segments, as our CODM does not evaluate reportable segments using discrete asset information.

SoFi Technologies, Inc.

2 unchanged sentences

(In Thousands, Unless Otherwise Stated and Except for Share and Per Share Data)

The accounting policies of our reportable segments are consistent with those described in Note 1.

Assets are not allocated to reportable segments, as our CODM does not evaluate reportable segments using discrete asset information.

Segment Information

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The Financial Services segment includes:

(i) our SoFi Money product, primarily inclusive of checking and savings accounts which provide members with a digital banking experiences, as well as cash management accounts, (ii) SoFi Invest product which provides investment features and financial planning services, (iii) SoFi Credit Card products, (iv) our Loan Platform Business, through which we provide lending related services and includes activity through which third-party partners leverage our end-to-end origination and servicing platform to acquire loans within their credit specifications on a fee per loan basis, referred loans originated by a third-party partner to which we provide pre-qualified borrower referrals, and certain loans associated with our Lantern financial services marketplace platform, developed to help applicants that do not qualify for SoFi products and small business owners to seek alternative products from other providers, (v) SoFi Relay personal finance management product and (vi) other financial services, such as a product comparison experience through Lantern and content for other financial services institutions, employers and our members.

(i) our SoFi Money product, primarily inclusive of checking and savings accounts which provide members with a digital banking experiences, as well as cash management accounts, (ii) SoFi Invest product which provides investment features and financial planning services, (iii) SoFi Credit Card products, (iv) our Loan Platform Business, through which we provide lending related services and includes activity through which third-party partners leverage our end-to-end origination and servicing platform to acquire loans within their credit specifications on a fee per loan basis, referred loans originated by a third-party partner to which we provide pre-qualified borrower referrals, and certain loans associated with our Lantern financial services marketplace platform, developed to help applicants that do not qualify for SoFi products and small business owners to seek alternative products from other providers, (v) SoFi Crypto, which gives members the ability to buy, sell and hold digital assets, (vi) SoFi Relay personal finance management product and (vii) other financial services, such as a product comparison experience through Lantern and content for other financial services institutions, employers and our members.

Revenues in the Financial Services segment include interest income earned and interest expense incurred under the FTP framework, interchange fees on our member debit and credit transactions, and brokerage fees related to pay for order flow and share lending arrangements in SoFi Invest.

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Beginning in the first quarter of 2022, net interest income (expense) within Corporate/Other reflects the residual impact from FTP charges and FTP credits allocated to our reportable segments under our FTP framework.

These non-segment net revenue (loss) also include interest income earned on corporate cash balances, nonrecurring income on certain investments from available cash on hand, such as our investments in AFS debt securities (which investments are not interconnected with our core business lines and, thereby, reportable segments), noninterest income related to gains and losses on extinguishment of corporate borrowings including our convertible notes, and interest expense on other corporate borrowings, such as our revolving credit facility and the amortization of debt issuance costs and original issue discount on our convertible notes.

SoFi Technologies, Inc.

2 unchanged sentences

(In Thousands, Unless Otherwise Stated and Except for Share and Per Share Data)

such as our revolving credit facility and the amortization of debt issuance costs and original issue discount on our convertible notes.

Segment Results

The following tables present financial information, including the measure of contribution profit (loss), for each reportable segment.

The following tables also reconcile reportable segments total contribution profit (loss) to consolidated income (loss) before income taxes.

Directly attributable expenses are the significant expenses of each of our respective segments relative to those regularly provided to our CODM.

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Net interest income (expense) $ 1,606,032 $ 1,505 $ 777,991 $ 2,385,528 $ ( 166,572 ) $ 2,218,956

Noninterest income (2)

Noninterest income (expense) (2)

242,917 448,706 764,025 1,455,648 ( 61,250 ) 1,394,398

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Net interest income (expense) $ 1,207,226 $ 2,158 $ 573,422 $ 1,782,806 $ ( 66,325 ) $ 1,716,481

Noninterest income (expense) (2)

Noninterest income (2)

277,996 393,020 248,089 919,105 39,273 958,378

17 unchanged sentences

Directly attributable expenses ( 588,507 ) ( 268,223 ) ( 482,845 ) ( 1,339,575 )

Contribution profit (loss) $ 823,273 $ 94,786 $ ( 262 ) $ 917,797

Contribution profit

$ 890,543 $ 126,955 $ 307,007 $ 1,324,505

Year Ended December 31, 2023 Lending Technology Platform

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Residual interests classified as debt – change in valuation inputs or assumptions (4)

6,608 — — 6,608

Directly attributable expenses (5) :

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$ 823,273 $ 94,786 $ ( 262 ) $ 917,797

_____________________

SoFi Technologies, Inc.

2 unchanged sentences

(In Thousands, Unless Otherwise Stated and Except for Share and Per Share Data)

_____________________

(1) Within the Technology Platform segment, intercompany fees were $ 85,484 , $ 36,765 and $ 22,199 for the years ended December 31, 2025, 2024 and 2023, respectively.

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Revenue for a reconciliation of revenue from contracts with customers to total noninterest income (expense).

(3) 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.

(3) Reflects changes in fair value inputs and assumptions on servicing rights, including conditional prepayment, default rates and discount rates.

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.

(4) 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 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.

(5) The significant expense categories and amounts presented align with the segment-level information that is regularly provided to the CODM.

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Other expenses for our Technology Platform are primarily related to travel and occupancy-related costs, advertising and marketing and accounts receivable write-offs.

Other expenses for our Financial Services segment primarily include operational product losses, third party fraud expense, network servicing fees, travel and occupancy-related costs, tools and subscriptions, and marketing expenses.

Other expenses for our Financial Services segment primarily include operational product losses, network servicing fees, travel and occupancy-related costs, tools and subscriptions and marketing expenses.

The following table reconciles reportable segments total contribution profit to consolidated income (loss) before income taxes.

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The following tables present total net revenue from external customers and total assets attributed to the United States and to all foreign countries in total in which we operate.

We attribute total net revenue and total assets based on the country of

We attribute total net revenue and total assets based on the country of domicile of the legal entity.

No individual foreign country had material total net revenue during any of the years presented.

SoFi Technologies, Inc.

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(In Thousands, Unless Otherwise Stated and Except for Share and Per Share Data)

domicile of the legal entity.

No individual foreign country had material total net revenue during any of the years presented.

Our long-lived assets as of the dates indicated were not considered by management to be significant relative to total assets.

long-lived assets as of the dates indicated were not considered by management to be significant relative to total assets.

The majority of our long-lived assets were located in the United States as of the dates indicated.

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($ in thousands)

Amount Ratio Amount Ratio Required Minimum (1)

Required Minimum (1)

Well-Capitalized Minimum (2)

CET1 risk-based capital $ 4,352,537 17.3 % $ 3,331,616 17.3 % 7.0 % 6.5 %

Tier 1 risk-based capital 4,352,537 17.3 % 3,331,616 17.3 % 8.5 % 8.0 %

Total risk-based capital 4,398,944 17.5 % 3,386,105 17.6 % 10.5 % 10.0 %

Tier 1 leverage 4,352,537 14.4 % 3,331,616 15.0 % 4.0 % 5.0 %

Risk-weighted assets 25,207,621 19,244,841

Quarterly adjusted average assets 30,159,786 22,273,285

SoFi Technologies (3)

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Quarterly adjusted average assets 45,007,951 33,234,724

CET1 risk-based capital $ 5,789,629 16.4 % $ 4,352,537 17.3 % 7.0 % 6.5 %

Tier 1 risk-based capital 5,789,629 16.4 % 4,352,537 17.3 % 8.5 % 8.0 %

Total risk-based capital 5,840,360 16.6 % 4,398,944 17.5 % 10.5 % 10.0 %

Tier 1 leverage 5,789,629 13.5 % 4,352,537 14.4 % 4.0 % 5.0 %

Risk-weighted assets 35,221,924 25,207,621

Quarterly adjusted average assets 42,755,205 30,159,786

___________________

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(2) The well-capitalized minimum measure is applicable at the bank level only.

As of December 31, 2024 and December 31, 2023, 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.

(3) Amounts and ratios for December 31, 2025 are estimated.

Our risk-based capital ratios and Tier 1 leverage ratio increased for SoFi Technologies as of December 31, 2025 compared to December 31, 2024.

This increase was primarily driven by the issuance of $ 3.2 billion of common stock during the third and fourth quarters of 2025 and net income.

As of December 31, 2025 and 2024, 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.

There have been no events or conditions since December 31, 2025 that management believes would change the categorization.

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Total liabilities 1,799,467 1,780,991

Temporary equity (1) :

Redeemable preferred stock, $ 0.00 par value:

100,000,000 and 100,000,000 shares authorized;

— and 3,234,000 shares outstanding as of December 31, 2024 and 2023, respectively

Permanent equity:

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Additional paid-in capital

Accumulated other comprehensive loss ( 8,365 ) ( 1,209 )

11,302,668 7,838,988

Accumulated other comprehensive income (loss)

10,979 ( 8,365 )

Accumulated deficit

( 824,278 ) ( 1,305,598 )

Total permanent equity

Total liabilities, temporary equity and permanent equity $ 8,306,125 $ 7,188,071

10,489,495 6,525,134

(1) Redemption amount was $ 323,400 as of December 31, 2023.

Total liabilities and permanent equity

$ 12,288,962 $ 8,306,125

_______________

(1) Includes 100,000,000 non-voting common shares authorized and no non-voting common shares issued and outstanding as of December 31, 2025 and 2024.

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Foreign currency translation adjustments, net

( 355 ) 2 677

Total other comprehensive income (loss)

3 unchanged sentences

SoFi Technologies, Inc.

Notes to Consolidated Financial Statements (continued)

(In Thousands, Unless Otherwise Stated and Except for Share and Per Share Data)

SoFi Technologies, Inc.

Condensed Statements of Cash Flows

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Operating activities

Net cash (used in) provided by operating activities

Net cash used in operating activities

$ ( 41,827 ) $ ( 53,292 ) $ ( 42,618 )

1 unchanged sentence

Changes in investments in subsidiaries $ ( 988,156 ) $ ( 336,819 ) $ 79,185

Net cash (used in) provided by investing activities

Net cash provided by (used in) investing activities

$ ( 988,156 ) $ ( 336,819 ) $ 79,185

Financing activities

Proceeds from other debt issuances

Proceeds from issuance of common stock

$ 3,185,618 $ — $ —

Payment of common stock issuance costs

( 3,278 ) — —

Proceeds from other debt issuances

Taxes paid related to net share settlement of share-based awards

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Cash, cash equivalents, restricted cash and restricted cash equivalents at end of period $ 2,183,117 $ 30,760 $ 201

SoFi Technologies, Inc.

Notes to Consolidated Financial Statements (continued)

(In Thousands, Unless Otherwise Stated and Except for Share and Per Share Data)

Notes to Parent Company Condensed Financial Information

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Debt for additional information on these debt arrangements.

Temporary Equity

Equity for information on the redeemable preferred stock held at SoFi Technologies, Inc.

SoFi Technologies, Inc.

Notes to Consolidated Financial Statements (continued)

(In Thousands, Unless Otherwise Stated and Except for Share and Per Share Data)

Subsequent Events

Management of the Company performed an evaluation of subsequent events that occurred after the balance sheet date through the date of this Annual Report on Form 10-K, and determined that there were no subsequent events to report.

Equity for information on an underwritten public offering that was completed on December 8, 2025.

Pursuant to the December 2025 underwriting agreement, the Company also granted the underwriters a 30-day option to purchase additional shares of its common stock at the public offering price, less underwriting discounts and commissions.

On January 2, 2026, the Underwriters exercised the option, and on January 5, 2026, the Company completed the issuance and sale of the common stock purchased pursuant to the option of 3.2 million shares of common stock, $ 0.0001 par value, at an offering price of $ 27.50 per share, for total cash proceeds of approximately $ 0.1 billion, net of underwriting discounts and commissions paid.

Inclusive of the option, the total aggregate number of shares sold in December 2025 and January 2026 related to the offering was 57.8 million shares, for total cash proceeds of approximately $ 1.6 billion, net of underwriting discounts and commissions paid.

SoFi Technologies, Inc.

1 unchanged sentence

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 8. Financial Statements and Supplementary Data