SoFi Technologies, Inc. 10-K

Item 8. Financial Statements and Supplementary Data SOFI TECHNOLOGIES, INC. INDEX TO CONSOLIDATED FINANCIAL STATEMENTS Page Consolidated Financial Statements Report of Independent Registered Public Accounting Firm (PCAOB ID No. 34 ) 145 Consolidated Balance Sheets 147 Consolidated Statements of Operations and Comprehensive Income (Loss) 149 Consolidated Statements of Changes in Temporary Equity and Permanent Equity (Deficit) 150 Consolidated Statements of Cash Flows 151 Notes to Consolidated Financial Statements 153 Note 1. Organization, Summary of Significant Accounting Policies and New Accounting Standards 153 Note 2. Business Combinations 170 Note 3. Revenue 171 Note 4. Loans 173 Note 5. Allowance for Credit Losses 181 Note 6. Investment Securities 182 Note 7. Securitization and Variable Interest Entities 184 Note 8. Goodwill and Intangible Assets 186 Note 9. Property, Equipment, Software and Leases 188 Note 10. Other Assets and Other Liabilities 191 Note 11. Deposits 192 Note 12. Debt 193 Note 13. Equity 197 Note 14. Derivative Financial Instruments 200 Note 15. Fair Value Measurements 201 Note 16. Share-Based Compensation 209 Note 17. Income Taxes 213 Note 18. Commitments, Guarantees, Concentrations and Contingencies 218 Note 19. Earnings (Loss) Per Share 220 Note 20. Business Segment and Geographic Information 222 Note 21. Regulatory Capital 227 Note 22. Parent Company Condensed Financial Information 229 Note 23. Subsequent Events 232 144 SoFi Technologies, Inc. TABLE OF CONTENTS REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM To the shareholders and the Board of Directors of SoFi Technologies, Inc. Opinion on the Financial Statements We have audited the accompanying consolidated balance sheets of SoFi Technologies, Inc. and subsidiaries (the "Company") as of December 31, 2025 and 2024, the related consolidated statements of operations and comprehensive income (loss), changes in temporary equity and permanent equity (deficit), and cash flows, for each of the three years in the period ended December 31, 2025, and the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Company as of December 31, 2025 and 2024, and the results of its operations and its cash flows for each of the three years in the period ended December 31, 2025, in conformity with accounting principles generally accepted in the United States of America. We have also audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the Company's internal control over financial reporting as of December 31, 2025, based on criteria established in Internal Control — Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission and our report dated February 17, 2026, expressed an unqualified opinion on the Company's internal control over financial reporting. Basis for Opinion These financial statements are the responsibility of the Company's management. Our responsibility is to express an opinion on the Company's financial statements based on our audits. We are a public accounting firm registered with the PCAOB and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB. We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion. Critical Audit Matters The critical audit matters communicated below are matters arising from the current-period audit of the financial statements that were communicated or required to be communicated to the audit committee and that (1) relate to accounts or disclosures that are material to the financial statements and (2) involved our especially challenging, subjective, or complex judgments. The communication of critical audit matters does not alter in any way our opinion on the financial statements, taken as a whole, and we are not, by communicating the critical audit matters below, providing separate opinions on the critical audit matters or on the accounts or disclosures to which they relate. Loans at fair value— Refer to Notes 1, 4, and 15 to the financial statements Critical Audit Matter Description 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 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. This required a high degree of auditor judgment and an increased extent of effort, including the need to involve our fair value specialists. How the Critical Audit Matter Was Addressed in the Audit Our audit procedures related to the fair value measurement of certain personal and student loans included the following, among others: 145 SoFi Technologies, Inc. TABLE OF CONTENTS • 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. • We tested the completeness and accuracy of the source information derived from the Company’s loan data, which is used in the valuation model. • We evaluated the valuation models and the related assumptions, including significant unobservable inputs. • With the assistance of our fair value specialists, we developed a range of independent fair value estimates of certain personal and student loans and compared our estimates to the Company’s estimates. Goodwill — Galileo and Technisys Reporting Units - Refer to Notes 1 and 8 to the financial statements Critical Audit Matter Description 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 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, determination of market multiples, and reconciliation of the Company’s market capitalization. • 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. /s/ Deloitte & Touche LLP San Francisco, California February 17, 2026 We have served as the Company’s auditor since 2017. 146 SoFi Technologies, Inc. TABLE OF CONTENTS n SoFi Technologies, Inc. Consolidated Balance Sheets (In Thousands, Except for Share Data) December 31, 2025 2024 Assets Cash and cash equivalents $ 4,929,452 $ 2,538,293 Restricted cash and restricted cash equivalents 427,321 171,067 Investment securities (includes available-for-sale securities of $ 2,454,453 and $ 1,804,043 at fair value with associated amortized cost of $ 2,434,627 and $ 1,807,686 , as of December 31, 2025 and 2024, respectively) 2,575,607 1,895,689 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 13,657,578 8,597,368 Loans held for investment, at amortized cost (less allowance for credit losses of $ 50,934 and $ 46,684 as of December 31, 2025 and 2024, respectively) 1,516,736 1,246,458 Servicing rights 378,178 342,128 Property, equipment and software 416,448 287,869 Goodwill 1,393,505 1,393,505 Intangible assets 231,919 297,794 Operating lease right-of-use assets 93,941 81,219 Other assets (less allowance for credit losses of $ 2,998 and $ 2,444 as of December 31, 2025 and 2024, respectively) 2,177,044 1,714,669 Total assets $ 50,660,478 $ 36,250,951 Liabilities and permanent equity Liabilities: Deposits: Interest-bearing deposits $ 37,387,350 $ 25,861,400 Noninterest-bearing deposits 118,045 116,804 Total deposits 37,505,395 25,978,204 Accounts payable, accruals and other liabilities 743,716 556,923 Operating lease liabilities 106,190 97,389 Debt 1,815,162 3,092,692 Residual interests classified as debt 520 609 Total liabilities 40,170,983 29,725,817 Commitments, guarantees, concentrations and contingencies (Note 18) Permanent equity: Common stock, $ 0.00 par value: 3,100,000,000 and 3,100,000,000 shares authorized; 1,270,568,878 and 1,095,357,781 shares issued and outstanding as of December 31, 2025 and 2024, respectively (1) 126 109 Additional paid-in capital 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 10,489,495 6,525,134 Total liabilities and permanent equity $ 50,660,478 $ 36,250,951 __________________ (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. See Note 13. Equity for additional information. The accompanying notes are an integral part of these consolidated financial statements. 147 SoFi Technologies, Inc. TABLE OF CONTENTS SoFi Technologies, Inc. Consolidated Balance Sheets (Continued) (In Thousands, Except for Share Data) The following table presents the assets and liabilities of consolidated VIEs which are included in our consolidated balance sheets. The assets in the below table may only be used to settle obligations of consolidated VIEs and are in excess of those obligations as of the dates presented. Additionally, the assets and liabilities in the table below exclude intercompany balances, which eliminate upon consolidation. See Note 7. Securitization and Variable Interest Entities for additional information. December 31, 2025 2024 Assets: Restricted cash and restricted cash equivalents $ 2,099 $ 20,719 Loans held for sale, at fair value — 171,421 Loans held for investment, at fair value 65,796 80,812 Total assets $ 67,895 $ 272,952 Liabilities: Accounts payable, accruals and other liabilities $ 95 $ 117 Debt 54,107 80,878 Residual interests classified as debt 520 609 Total liabilities $ 54,722 $ 81,604 The accompanying notes are an integral part of these consolidated financial statements. 148 SoFi Technologies, Inc. TABLE OF CONTENTS SoFi Technologies, Inc. Consolidated Statements of Operations and Comprehensive Income (Loss) (In Thousands, Except for Per Share Data) Year Ended December 31, 2025 2024 2023 Interest income Loans and securitizations $ 3,146,296 $ 2,601,988 $ 1,944,128 Other 228,903 205,829 106,939 Total interest income 3,375,199 2,807,817 2,051,067 Interest expense Securitizations and warehouses 95,824 112,398 244,220 Deposits 1,014,043 930,154 507,820 Corporate borrowings 45,723 48,346 36,833 Other 653 438 454 Total interest expense 1,156,243 1,091,336 789,327 Net interest income 2,218,956 1,716,481 1,261,740 Noninterest income Loan origination, sales, securitizations and servicing 242,947 278,114 409,140 Technology products and solutions 360,903 350,810 323,972 Loan platform fees 575,911 141,608 33,602 Other 214,637 187,846 94,335 Total noninterest income 1,394,398 958,378 861,049 Total net revenue 3,613,354 2,674,859 2,122,789 Provision for credit losses 30,319 31,712 54,945 Noninterest expense Technology and product development 648,332 551,787 511,419 Sales and marketing 1,095,412 796,293 719,400 Cost of operations 608,998 461,633 379,998 General and administrative 704,436 600,089 511,011 Goodwill impairment — — 247,174 Total noninterest expense 3,057,178 2,409,802 2,369,002 Income (loss) before income taxes 525,857 233,345 ( 301,158 ) Income tax (expense) benefit ( 44,537 ) 265,320 416 Net income (loss) $ 481,320 $ 498,665 $ ( 300,742 ) Other comprehensive income (loss) Unrealized gains (losses) on available-for-sale securities, net 19,699 ( 7,158 ) 6,410 Foreign currency translation adjustments, net ( 355 ) 2 677 Total other comprehensive income (loss) 19,344 ( 7,156 ) 7,087 Comprehensive income (loss) $ 500,664 $ 491,509 $ ( 293,655 ) Earnings (loss) per share (Note 19) Earnings (loss) per share – basic $ 0.42 $ 0.46 $ ( 0.36 ) Earnings (loss) per share – diluted $ 0.39 $ 0.39 $ ( 0.36 ) Weighted average common stock outstanding – basic 1,150,140 1,050,219 945,024 Weighted average common stock outstanding – diluted 1,251,767 1,101,390 945,024 The accompanying notes are an integral part of these consolidated financial statements. 149 SoFi Technologies, Inc. TABLE OF CONTENTS SoFi Technologies, Inc. Consolidated Statements of Changes in Temporary Equity and Permanent Equity (Deficit) (In Thousands, Except for Share Data) Common Stock Additional Paid-In Capital Accumulated Other Comprehensive Income (Loss) Accumulated Deficit Permanent Equity Temporary Equity Shares Amount Shares Amount Balance at January 1, 2023 933,896,120 $ 93 $ 6,719,826 $ ( 8,296 ) $ ( 1,503,521 ) $ 5,208,102 3,234,000 $ 320,374 Share-based compensation expense — — 302,342 — — 302,342 — — Vesting of RSUs 33,564,543 3 ( 3 ) — — — — — Stock withheld related to taxes on vested RSUs ( 1,866,434 ) — ( 15,300 ) — — ( 15,300 ) — — Exercise of common stock options 796,883 — 1,145 — — 1,145 — — 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 ) — — Net loss — — — — ( 300,742 ) ( 300,742 ) — — Other comprehensive income, net of taxes — — — 7,087 — 7,087 — — Balance at December 31, 2023 975,861,793 $ 97 $ 7,039,987 $ ( 1,209 ) $ ( 1,804,263 ) $ 5,234,612 3,234,000 $ 320,374 Share-based compensation expense — — 286,059 — — 286,059 — — Vesting of RSUs 35,609,258 4 ( 4 ) — — — — — Stock withheld related to taxes on vested RSUs ( 2,397,214 ) — ( 22,601 ) — — ( 22,601 ) — — Exercise of common stock options 3,070,270 — 21,407 — — 21,407 — — Extinguishment of convertible notes by issuance of common stock 83,213,674 8 614,138 — — 614,146 — — Purchase of capped calls — — ( 90,649 ) — — ( 90,649 ) — — Unwind of capped calls — — 10,180 — — 10,180 — — Redeemable preferred stock dividends — — ( 16,503 ) — — ( 16,503 ) — — Preferred stock redemption — — ( 3,026 ) — — ( 3,026 ) ( 3,234,000 ) ( 320,374 ) Net income — — — — 498,665 498,665 — — Other comprehensive loss, net of taxes — — — ( 7,156 ) — ( 7,156 ) — — 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 — — Net income — — — — 481,320 481,320 — — 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. 150 SoFi Technologies, Inc. TABLE OF CONTENTS SoFi Technologies, Inc. Consolidated Statements of Cash Flows  (In Thousands) Year Ended December 31, 2025 2024 2023 Operating activities Net income (loss) $ 481,320 $ 498,665 $ ( 300,742 ) Adjustments to reconcile net income (loss) to net cash used in operating activities: Share-based compensation expense 262,058 246,152 271,216 Depreciation and amortization 234,151 203,498 201,416 Goodwill impairment — — 247,174 Deferred debt issuance and discount expense 11,335 13,478 20,104 Gain on extinguishment of convertible debt — ( 62,517 ) ( 14,574 ) Provision for credit losses 30,319 31,712 54,945 Deferred income taxes 16,188 ( 286,917 ) ( 15,828 ) Fair value changes in loans held for investment ( 351,191 ) ( 158,215 ) ( 44,007 ) Fair value changes in securitization investments ( 1,963 ) ( 2,842 ) ( 48 ) Other 13,759 9,907 ( 9,348 ) 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 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 $ ( 3,742,458 ) $ ( 1,119,807 ) $ ( 7,227,139 ) Investing activities Purchases of property, equipment and software $ ( 242,444 ) $ ( 154,265 ) $ ( 111,409 ) Capitalized software development costs ( 8,673 ) ( 9,352 ) ( 9,783 ) Purchases of available-for-sale investments ( 1,668,262 ) ( 2,190,545 ) ( 800,507 ) Proceeds from sales of available-for-sale investments 521,982 185,537 265,634 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 — Other changes in loans held for investment, net ( 4,199,268 ) ( 4,183,379 ) ( 1,362,418 ) Proceeds from securitization investments 78,074 79,799 108,291 Proceeds from non-securitization investments 41,897 3,576 5,354 Purchases of non-securitization investments ( 101,748 ) ( 37,752 ) ( 66,553 ) Acquisition of businesses, net of cash acquired — — ( 72,301 ) Net cash used in investing activities $ ( 6,719,107 ) $ ( 4,820,990 ) $ ( 1,889,864 ) The accompanying notes are an integral part of these consolidated financial statements. 151 SoFi Technologies, Inc. TABLE OF CONTENTS SoFi Technologies, Inc. Consolidated Statements of Cash Flows (Continued) (In Thousands) Year Ended December 31, 2025 2024 2023 Financing activities 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 Proceeds from other debt issuances — 845,250 339,995 Repayment of other debt ( 29,064 ) ( 352,797 ) ( 799,859 ) Payment of debt issuance costs ( 2,981 ) ( 7,620 ) ( 11,903 ) Purchase of capped calls — ( 90,649 ) — Unwind of capped calls — 10,180 — Taxes paid related to net share settlement of share-based awards ( 64,986 ) ( 22,601 ) ( 15,300 ) Proceeds from stock option exercises 6,935 21,407 1,145 Proceeds from issuance of common stock under the ESPP 26,233 — — Payment of redeemable preferred stock dividends — ( 16,503 ) ( 40,425 ) Redemption of Series 1 preferred stock — ( 323,400 ) — Finance lease principal payments ( 766 ) ( 530 ) ( 509 ) Net cash provided by financing activities $ 13,109,333 $ 5,034,577 $ 10,885,602 Effect of exchange rates on cash and cash equivalents ( 355 ) 2 677 Net increase (decrease) in cash, cash equivalents, restricted cash and restricted cash equivalents $ 2,647,413 $ ( 906,218 ) $ 1,769,276 Cash, cash equivalents, restricted cash and restricted cash equivalents at beginning of period 2,709,360 3,615,578 1,846,302 Cash, cash equivalents, restricted cash and restricted cash equivalents at end of period $ 5,356,773 $ 2,709,360 $ 3,615,578 Reconciliation to amounts on consolidated balance sheets (as of period end) Cash and cash equivalents $ 4,929,452 $ 2,538,293 $ 3,085,020 Restricted cash and restricted cash equivalents 427,321 171,067 530,558 Total cash, cash equivalents, restricted cash and restricted cash equivalents $ 5,356,773 $ 2,709,360 $ 3,615,578 Supplemental cash flow information Interest paid $ 1,146,248 $ 1,118,032 $ 720,163 Income taxes paid, net 28,912 26,910 14,326 Supplemental non-cash investing and financing activities Deposits credited but not yet received in cash $ 749,000 $ 403,056 $ 67,257 Deconsolidation of securitization and residual debt — — 92,914 Extinguishment of convertible notes by issuance of common stock — 677,147 87,047 Derecognition of securitization investments — — 5,325 The accompanying notes are an integral part of these consolidated financial statements. 152 SoFi Technologies, Inc. TABLE OF CONTENTS SoFi Technologies, Inc. Notes to Consolidated Financial Statements  (In Thousands, Unless Otherwise Stated and Except for Share and Per Share Data) Note 1. Organization, Summary of Significant Accounting Policies and New Accounting Standards Organization SoFi is a financial services platform that was founded in 2011 to offer an innovative approach to the private student loan market by providing student loan refinancing options. The Company conducts its business through three reportable segments: Lending, Technology Platform and Financial Services. Since its founding, SoFi has expanded its lending and financial services strategy to offer personal loans, home loans and credit cards. The Company has also developed additional financial products, such as money management and investment product offerings, and has also leveraged its financial services platform to empower other businesses. 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 Financial Technologies. 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. During 2023, the Company acquired Wyndham Capital Mortgage, a fintech mortgage lender. For additional information on our recent business combinations, see Note 2. Business Combinations . For additional information on our reportable segments, see Note 20. Business Segment and Geographic Information . The Company has elected to be treated as a financial holding company pursuant to Section 4(l) of the BHCA. As a financial holding company, the Company is authorized to engage in a broader set of financial activities than a bank holding company that has not elected to be treated as a financial holding company. Financial holding companies may also engage in activities that are determined by the Federal Reserve to be complementary to financial activities. Summary of Significant Accounting Policies Basis of Presentation The consolidated financial statements include the accounts of the Company, its wholly-owned and majority-owned subsidiaries and certain consolidated VIEs. All intercompany accounts were eliminated in consolidation. The consolidated financial statements were prepared in conformity with GAAP and in accordance with the rules and regulations of the SEC. In our consolidated financial statements, we made the following presentation changes in 2025: • 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. Use of Judgments, Assumptions and Estimates The preparation of our consolidated financial statements and related disclosures in conformity with GAAP requires management to make assumptions and estimates that affect the reported amounts of assets, liabilities, revenue and expenses as well as the disclosures of contingent assets and liabilities. 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 circumstances. These assumptions and estimates include, but are not limited to, the following: (i) fair value measurements, (ii) business combinations, and (iii) goodwill. 153 SoFi Technologies, Inc. TABLE OF CONTENTS SoFi Technologies, Inc. Notes to Consolidated Financial Statements  (continued) (In Thousands, Unless Otherwise Stated and Except for Share and Per Share Data) Business Combinations We account for acquisitions of entities or asset groups that qualify as businesses using the acquisition method of accounting. Purchase consideration is allocated to the tangible and intangible assets acquired and liabilities assumed based on the estimated fair values as of the acquisition date, which are measured in accordance with fair value measurement accounting principles. The determination of fair value requires management to make estimates about discount rates, future expected cash flows, market conditions and other future events that are highly subjective in nature. The excess of the total purchase consideration over the fair value of the identified net assets acquired is recognized as goodwill. The results of the acquired businesses are included in our results of operations beginning from the date of acquisition. Acquisition-related costs are expensed as incurred. During the measurement period, which may be up to one year from the acquisition date, we may record adjustments to the allocation of purchase consideration and to the fair values of assets acquired and liabilities assumed to the extent that additional information becomes available. After this period, any subsequent adjustments are recorded in the consolidated statements of operations and comprehensive income (loss). Variable Interest Entities VIEs are entities that, by design, either (a) lack sufficient equity to permit the entity to finance its activities without additional subordinated financial support from other parties; or (b) have equity investors that lack any of (i) the ability to make significant decisions relating to the entity’s operations through voting rights, (ii) the obligation to absorb the expected losses, or (iii) the right to receive the residual returns of the entity. The primary beneficiary of a VIE (i.e., the party that has a controlling financial interest) is required to consolidate the assets and liabilities of the VIE. The primary beneficiary is the party that has both (a) the power to direct the activities of the VIE that most significantly impact the VIE’s economic performance; and (b) the obligation to absorb losses or the right to receive benefits from the VIE that could potentially be significant to the VIE. The most common type of VIE with which we are involved is an SPE. SPEs are commonly used in whole loans sales and securitization transactions to isolate certain assets and distribute their related cash flows to investors. In determining whether we have the power to direct the activities of a VIE that most significantly impact that VIE’s economic performance, we consider all the facts and circumstances, including our role in establishing the VIE and our ongoing rights and responsibilities. First, we identify the activities that most significantly impact the VIE’s economic performance; second, we identify which party, if any, has power over those activities. In general, the parties that make the most significant decisions affecting the VIE (such as collateral managers, servicers, or owners of call options or liquidation rights over the VIE’s assets) or have the right to unilaterally remove those decision-makers are deemed to have the power to direct the activities that most significantly impact the VIE’s economic performance. In determining whether we have the obligation to absorb losses of the VIE or the right to receive benefits from the VIE that could potentially be significant to the VIE, we consider all of our economic interests, including debt and equity investments, servicing fees, and other arrangements deemed to be variable interests in the VIE. This assessment requires that we apply judgment in determining whether these interests, in the aggregate, are considered potentially significant to the VIE. Factors considered in assessing significance include: the design of the VIE, including its capitalization structure; subordination of interests; payment priority; relative share of interests held across various classes within the VIE’s capital structure; and the reasons for which we hold the interests. We perform on-going reassessments to evaluate whether changes in the facts and circumstances regarding each identified VIE, such as changes in the entity’s capital structure or changes in the nature of our involvement with the entity, cause a change to the VIE designation or change to our consolidation conclusion. Refer to Note 7. Securitization and Variable Interest Entities for more details regarding our consolidated VIEs. Fair Value Measurements 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 value on a recurring basis in periods subsequent to their initial measurement. The hierarchy requires us to use observable inputs 154 SoFi Technologies, Inc. TABLE OF CONTENTS SoFi Technologies, Inc. Notes to Consolidated Financial Statements  (continued) (In Thousands, Unless Otherwise Stated and Except for Share and Per Share Data) when available and to minimize the use of unobservable inputs when determining fair value. The three levels are defined as follows: • Level 1 — Quoted prices in active markets for identical assets or liabilities, accessible by us at the measurement date. • Level 2 — Quoted prices for similar assets or liabilities in active markets, or quoted prices for identical or similar assets or liabilities in markets that are not active, or observable inputs other than quoted prices. • Level 3 — Unobservable inputs for assets or liabilities for which there is little 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. Valuation techniques include the use of option pricing models, discounted cash flow models, or similar techniques, which incorporate management’s own estimates of assumptions that market participants would use in pricing the asset or liability. A financial instrument’s categorization within the fair value hierarchy is based on the lowest level of input that is significant to the fair value measurement. Instruments are categorized in Level 3 of the fair value hierarchy based on the significance of unobservable factors in the overall fair value measurement. As a result, the related gains and losses for assets and liabilities within the Level 3 category presented in Note 15. 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 Committee established by the Company that comprises leaders across finance, capital markets and accounting. Transfers of Financial Assets The transfer of an entire financial asset is accounted for as a sale if all of the following conditions are met: • the financial asset is isolated from the transferor and its consolidated affiliates as well as its creditors, even in bankruptcy or other receivership; • the transferee or beneficial interest holders have the right to pledge or exchange the transferred financial asset; and • the transferor, its consolidated affiliates and its agents do not maintain effective control over the transferred financial asset. Loan sales are aggregated in the financial statements due to the similarity of both the loans transferred and servicing arrangements. The portion of our income relating to ongoing servicing and the fair value of our servicing rights are dependent upon the performance of the sold loans. We measure the gain or loss on the sale of financial assets as the net assets received from the sale less the carrying amount of the loans sold. The net assets received from the sale represent the fair value of any assets obtained or liabilities incurred as part of the transaction, including but not limited to cash, servicing assets, retained securitization investments and recourse obligations. When securitizing loans, we employ a two-step transaction that includes the isolation of the underlying loans in a trust and the sale of beneficial interests in the trust to a bankruptcy-remote entity. Transfers of financial assets that do not qualify for sale accounting are reported as secured borrowings. Accordingly, the related assets remain on our consolidated balance sheets and continue to be reported and accounted for as if the transfer had not occurred. 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, 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, 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. 155 SoFi Technologies, Inc. TABLE OF CONTENTS SoFi Technologies, Inc. Notes to Consolidated Financial Statements  (continued) (In Thousands, Unless Otherwise Stated and Except for Share and Per Share Data) Cash and Cash Equivalents Cash and cash equivalents primarily include unrestricted deposits with financial institutions in checking, money market and short-term certificate of deposit accounts and certain short-term commercial paper. We consider all highly liquid investments with original maturity dates of three months or less to be cash equivalents. Restricted Cash and Restricted Cash Equivalents Restricted cash and restricted cash equivalents primarily include cash deposits, certificate of deposit accounts held on reserve, money market funds held by consolidated VIEs and collection balances. These accounts are earmarked as restricted because the balances are either member balances held in our custody, cash segregated for regulatory purposes associated with brokerage activities, escrow requirements for certain debt facilities and derivative agreements, deposits required by various bank holding companies we partner with (“Member Banks”) that support one or more of our products, loan collection balances awaiting disbursement, consolidated VIE cash balances that we cannot use for general operating purposes, or other legally restricted balances. Investments in Debt Securities The accounting and measurement framework for our investments in debt securities is determined based on the security classification. We do not hold investments in debt securities for trading purposes, nor do we have investments in debt securities that we have the intent and ability to hold to maturity. Therefore, we classify our investments in debt securities as available-for-sale. We record investments in AFS debt securities at fair value in our consolidated balance sheets, with unrealized gains and losses recorded, net of tax, as a component of AOCI. See Note 15. Fair Value Measurements for additional information on our fair value estimates for investments in AFS debt securities. The amortized cost basis of our investments in AFS debt securities reflects the security’s acquisition cost, adjusted for amortization of premium or accretion of discount, and collection of cash and charge-offs, as applicable. For purposes of determining gross realized gains and losses on AFS debt securities, the cost of securities sold is based on specific identification. We elected to present accrued interest for AFS debt securities within investment securities in the consolidated balance sheets. Purchase discounts, premiums, and other basis adjustments for investments in AFS debt securities are generally amortized into interest income over the contractual life of the security using the effective interest method. However, premiums on certain callable debt securities are amortized to the earliest call date. Amortization of premiums and discounts and other basis adjustments for investments in AFS debt securities, as well as interest income earned on the investments, are recognized within interest income—other , and realized gains and losses on investments in AFS debt securities are recognized within noninterest income—other in the consolidated statements of operations and comprehensive income (loss). An investment in AFS debt security is evaluated for an impairment if its fair value is less than its amortized cost. If we determine that we have the intent to sell the impaired investment in AFS debt security, or if it is more likely than not that we will be required to sell the impaired investment in AFS debt security before recovery of its amortized cost, we recognize the full impairment loss reflecting the difference between the amortized cost (net of any prior recognized allowance) and the fair value of the investment in AFS debt security within noninterest income—other in the consolidated statements of operations and comprehensive income (loss). If neither of the above conditions exists, we evaluate whether the impairment loss is attributable to credit-related or non-credit-related factors. Any impairment that is not credit-related is recognized within other comprehensive income (loss) , net of taxes. See the section “Allowance for Credit Losses” in this Note for the factors we consider in identifying credit-related impairment and the treatment of credit losses. See Note 6. Investment Securities for additional information on our investments in AFS debt securities. Securitization Investments 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. See Note 7. Securitization and Variable Interest Entities for a breakout of those securitization investments for 156 SoFi Technologies, Inc. TABLE OF CONTENTS SoFi Technologies, Inc. Notes to Consolidated Financial Statements  (continued) (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. On a quarterly basis, we reevaluate the cash flow estimates over the life of the residual investments to determine if a change to the accretable yield is required on a prospective basis. Additionally, we record interest income associated with asset-backed bonds over the term of the underlying bond using the effective interest method on unpaid bond amounts. Interest income on residual investments and asset-backed bonds is presented within interest income—loans and securitizations in the consolidated statements of operations and comprehensive income (loss). See Note 15. Fair Value Measurements for the key inputs used in the fair value measurements of our residual investments and asset-backed bonds. Investments in Equity Securities Our investments in equity securities primarily consist of investments for which fair values are not readily determinable, which we elect to measure using the alternative method of accounting, under which they are measured at cost less any impairment and adjusted for changes resulting from observable price changes in orderly transactions for identical or similar investments of the same issuers. Our investments in equity securities are presented within other assets in the consolidated balance sheets. Adjustments to the carrying values of our investments in equity securities, such as impairments and unrealized gains, are recognized within noninterest income—other in the consolidated statements of operations and comprehensive income (loss). Loans Loan Classification We classify loans as held for sale or held for investment based on management’s assessment of its intent and ability to hold the loans for the foreseeable future or until maturity, which may change over time. A loan that is initially designated as held for sale or held for investment may be reclassified when our intent for that loan changes. The accounting and measurement framework for loans differs depending on the loan classification and whether we elect the fair value option. The presentation within the consolidated statements of cash flows is based on management’s intent at origination. Cash flows related to loans that are originated with the intent to sell are included in cash flows from operating activities in the consolidated statements of cash flows. Cash flows related to loans that are originated with the intent to hold for investment are included in cash flows from investing activities in the consolidated statements of cash flows. Our loan portfolio primarily consists of: (i) personal loans, student loans and home loans, which are measured at fair value and held for sale or held for investment, and (ii) secured loans, credit cards, and commercial and consumer banking loans, which are measured at amortized cost and held for investment. The commercial and consumer banking portfolio is primarily inclusive of commercial real estate loans, commercial and industrial loans and residential real estate and other consumer loans. Loans Held For Sale, at Lower of Amortized Cost or Fair Value During 2024, we began originating personal loans on behalf of third parties as part of our Loan Platform Business. These loans are generally held for a short period of time prior to sale and are held for sale and carried at the lower of amortized cost or fair value. Direct origination fees and costs for these loans are deferred and included as part of the carrying value of the loans and, upon the sale of a loan, are recognized as part of the gain or loss included within noninterest income—loan platform fees in the consolidated statements of operations and comprehensive income (loss). 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—loan origination, sales, securitizations and servicing in the consolidated statements of operations and comprehensive income (loss). 157 SoFi Technologies, Inc. TABLE OF CONTENTS SoFi Technologies, Inc. Notes to Consolidated Financial Statements  (continued) (In Thousands, Unless Otherwise Stated and Except for Share and Per Share Data) 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 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). Loans Measured at Fair Value We elected the fair value option to measure our personal loans, student loans and home loans, as we believe that fair value best reflects the expected economic performance of the loans. Therefore, these loans are carried at fair value on a recurring basis. 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. 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, 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. Loan deferment is a provision within student loan contracts that permits the borrower to defer payments while enrolled at least half time in school. During the deferment period, interest accrues on the loan balance and is capitalized to the loan when the loan enters repayment status, which begins when the student no longer qualifies for deferment. Forbearance applies to student loans, personal loans and home loans. A borrower in repayment may generally request forbearance for reasons including a FEMA-declared disaster, unemployment, economic hardship or general economic uncertainty. Forbearance typically cannot exceed a total of 12 months over the life of the loan. If forbearance is granted, interest continues to accrue during the forbearance period and is capitalized to the loan when the borrower resumes making payments. At the conclusion of a forbearance period, the contractual monthly payment is recalculated and is generally higher as a result. For personal loans and student loans, delinquent loans are charged off after 120 days of delinquency or on the date of confirmed loss. For home loans, delinquent loans are charged off after 180 days of delinquency or on the date of confirmed loss. 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 and held for investment are included in Note 4. Loans , Note 7. Securitization and Variable Interest Entities and Note 15. Fair Value Measurements . Loans Measured at Amortized Cost For our secured and commercial and consumer banking loans, direct loan origination costs are deferred and amortized using the effective interest method over the contractual term of the loans within interest income—loans and securitizations in the consolidated statements of operations and comprehensive income (loss). As of December 31, 2025, the remaining balance of deferred costs was immaterial. We present accrued interest for loans measured at amortized cost within loans held for investment, at amortized cost in the consolidated balance sheets. The amortized cost of these loans is subject to our allowance for credit losses methodology described within “ Allowance for Credit Losses ” herein. We record cash flows related to loans held for investment within cash flows from investing activities in the consolidated statements of cash flows. 158 SoFi Technologies, Inc. TABLE OF CONTENTS SoFi Technologies, Inc. Notes to Consolidated Financial Statements  (continued) (In Thousands, Unless Otherwise Stated and Except for Share and Per Share Data) Credit card receivables are reported at the amounts due from members, including accrued interest and fees, and unamortized net deferred loan origination fees and costs. Loan origination fees and direct loan origination costs are amortized on a straight-line basis over a 12-month period as adjustments to income through interest income—loans and securitizations in the consolidated statements of operations and comprehensive income (loss). Credit card balances are reported as delinquent when they become 30 or more days past due. Credit card balances are charged off after 180 days of delinquency or on the date of the confirmed loss, at which time we stop accruing interest and fees and reverse all accrued but unpaid interest and fees through interest income as of such date. When a credit card balance is charged off, we record a reduction to the allowance and the credit card balance. When recovery payments are received against charged off credit card balances, we record a direct reduction to the provision for credit losses. Credit card receivables associated with alleged or potential third-party fraudulent transactions are charged off through noninterest expense—general and administrative in the consolidated statements of operations and comprehensive income (loss). Commercial and consumer banking loans are reported as delinquent when they become 30 or more days past due. For all commercial and consumer banking loans, we stop accruing interest and reverse all accrued but unpaid interest after 90 days of delinquency. For consumer banking loans, delinquent loans are charged off after 120 days of delinquency or on the date of confirmed loss. For commercial loans, performance is monitored on an individual loan basis and delinquent loans are charged off when collectability of interest and principal on the loan is not reasonably assured. 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. Secured loans are reported as delinquent when they become 30 or more days past due, and are charged off after 120 days of delinquency or on the date of confirmed loss. Allowance for Credit Losses We primarily evaluate expected credit losses under the current expected credit loss model for the following financial assets: (i) cash equivalents and restricted cash equivalents, (ii) accounts receivable from contracts with customers, inclusive of servicing related receivables, (iii) loans measured at amortized cost, and (iv) investments in AFS debt securities. Our approaches to measuring the allowance for credit losses on the applicable financial assets are as follows: Cash equivalents and restricted cash equivalents : Our cash equivalents and restricted cash equivalents are short-term in nature and of high credit quality; therefore, we determined that our exposure to credit losses over the life of these instruments was immaterial. Accounts receivable from contracts with customers : Accounts receivable from contracts with customers as of the balance sheet dates, all of which are short-term in nature, are recorded at their original invoice amounts reduced by any allowance for credit losses. We assess the risk of loss for each individual customer, even when the risk is remote. Certain of our historical accounts receivable balances did not have any write-offs. We use the aging method and historical loss rates as a basis for estimating the percentage of current and delinquent accounts receivable balances that will result in credit losses. We consider whether the conditions at the measurement date and reasonable and supportable forecasts about future conditions, such as customer creditworthiness, current economic conditions, customer location, expectations of near-term economic trends and changes in customer payment terms and collection trends, warrant an adjustment to our historical loss experience. Based on this analysis, we determined that our historical loss rates remained most indicative of our lifetime expected losses. We record the provision for credit losses on accounts receivable from contracts with customers within noninterest expense—general and administrative in the consolidated statements of operations and comprehensive income (loss). When we determine that a receivable is not collectible, we write off the uncollectible amount as a reduction to both the allowance and the gross asset balance. Recoveries are recorded when received and credited to the provision for credit losses. Any change in the assumptions used in analyzing a specific account receivable may result in an additional allowance for credit losses being recognized in the period in which the change occurs. See Note 5. Allowance for Credit Losses for a rollforward of the allowance for credit losses related to our accounts receivable. Secured loans : We evaluate the credit quality of our secured loan portfolio based on the fair value of underlying collateral, which are subject to the requirements of our loan underwriting process and risk models upon origination. This analysis is performed on a quarterly basis utilizing a third-party valuation specialist, whereby the fair value of underlying collateral is reassessed based on relevant information such as funded loan rates and historical loss experience, among other factors. An allowance for credit losses is required when there is an expected credit loss after considering the fair value of the 159 SoFi Technologies, Inc. TABLE OF CONTENTS SoFi Technologies, Inc. Notes to Consolidated Financial Statements  (continued) (In Thousands, Unless Otherwise Stated and Except for Share and Per Share Data) collateral as well as any anticipated future changes in the underlying collateral. 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 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. In addition, the Company incorporates qualitative reserves to cover losses that are expected but may not be adequately represented in our quantitative methods. The PD model estimates the likelihood of default at different points in time over the life of each loan. 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, 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 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. 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. The qualitative reserves address possible limitations 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. We record the provision for credit losses on credit cards within provision for credit losses in the consolidated statements of operations and comprehensive income (loss). When we determine that balances are not collectible, we charge-off the uncollectible amounts as a reduction to both the allowance for credit loss and gross asset balances. Recoveries are recorded when received as a direct reduction to provision for credit losses. We do not measure credit losses on the undrawn credit exposure, as such undrawn credit exposure is unconditionally cancellable by us. 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. See Note 5. Allowance for Credit Losses for a rollforward of the allowance for credit losses related to our credit cards. Commercial and consumer banking loans : We evaluate the credit quality of our commercial and consumer banking loan portfolio based on regulatory risk ratings. Loans are categorized into risk ratings based on relevant information about the ability of borrowers to service their debt, such as current financial information, historical payment experience, collateral adequacy, credit documentation, and current economic trends, among other factors. The allowance for credit losses is determined at a portfolio level and estimated based on weighted average remaining maturity and annualized loss rate according to the loan’s regulatory loan type, risk rating classification and historical loss rates in the industry. This analysis is performed on an ongoing basis as new information is obtained. See Note 5. Allowance for Credit Losses for a rollforward of the allowance for credit losses related to our commercial and consumer banking loans. 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 consolidated statements of operations and comprehensive income (loss). For certain securities that are guaranteed by the U.S. Treasury or government agencies, or sovereign entities of high credit quality, we concluded that there is no risk of credit-related impairment due to the nature of the counterparties and history of no credit losses. For other investments in AFS debt securities, factors considered in evaluating credit losses include: (i) adverse conditions related to the macroeconomic environment or the industry, geographic area or financial condition of the issuer, (ii) other credit indicators of the security, such as external credit ratings, and (iii) payment structure of the security. 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 160 SoFi Technologies, Inc. TABLE OF CONTENTS SoFi Technologies, Inc. Notes to Consolidated Financial Statements  (continued) (In Thousands, Unless Otherwise Stated and Except for Share and Per Share Data) 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 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, 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). Servicing rights assumed from third parties as referral fees for financial assets for which we are not the loan originator are initially measured at fair value and recognized within noninterest income—loan platform fees in the consolidated statements of operations and comprehensive income (loss). 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. 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). 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. The loans are also impacted by similar factors, such as conditional prepayment rates and default rates. We consider the risk of the assets and the observability of inputs in determining the classes of servicing rights. We have three classes of servicing assets: personal loans, student loans and home loans. See Note 15. Fair Value Measurements for the key inputs used in the fair value measurements of our classes of servicing rights. Property, Equipment and Software All property, equipment and software are initially recorded at cost, while repairs and maintenance costs are expensed as incurred. Computer hardware, furniture and fixtures, software, buildings and finance lease ROU assets are depreciated or amortized on a straight-line basis over the estimated useful life of each class of depreciable or amortizable assets (ranging from 3 to 30 years). Leasehold improvements are amortized over the shorter of the respective lease term or the estimated lives of the leasehold improvements. Software includes both purchased and internally-developed software. Internally-developed software is capitalized when preliminary project efforts are successfully completed, and it is probable that both the project will be completed and the software will be used as intended. Capitalized costs consist of salaries and compensation costs (inclusive of share-based compensation) for employees, fees paid to third-party consultants who are directly involved in development efforts and costs incurred for upgrades and functionality enhancements, and are amortized over a useful life ranging from 3 to 5 years. Other costs are expensed as incurred. See Note 9. Property, Equipment, Software and Leases for additional information on our property, equipment and software. Goodwill and Intangible Assets Goodwill represents the fair value of an acquired business in excess of the fair value of the identified net assets acquired. Goodwill is tested for impairment at the reporting unit level annually or whenever indicators of impairment exist. Impairment of goodwill is the condition that exists when the carrying amount of a reporting unit that includes goodwill exceeds its fair value. We may assess goodwill for impairment initially using a qualitative approach, referred to as “step zero”, to 161 SoFi Technologies, Inc. TABLE OF CONTENTS 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. We may alternatively elect to initially perform a quantitative assessment and bypass the qualitative assessment. A goodwill impairment loss is recognized for the amount that the carrying amount of a reporting unit, including goodwill, exceeds its fair value, limited to the total amount of goodwill allocated to that reporting unit. Therefore, if the fair value of a reporting unit exceeds its carrying amount, goodwill of the reporting unit is not impaired. Our reporting units for our goodwill impairment analysis represent components of our business at one level below our operating segments. Our annual impairment testing date is October 1. Definite-lived intangible assets are amortized on a straight-line basis over their useful lives and reviewed for impairment annually and whenever events or circumstances indicate that the carrying amount of such assets may not be recoverable. Intangible assets include capitalized costs incurred in the development and enhancement of our software products to be sold, leased or marketed. These costs, consisting primarily of salaries and compensation costs (inclusive of share-based compensation) for employees, are expensed as incurred until technological feasibility has been established, after which the costs are capitalized until the product is available for general release to customers. See Note 2. Business Combinations and Note 8. Goodwill and Intangible Assets for further discussion of goodwill and intangible assets, including those recognized in connection with recent business combinations. Leases We determine if an arrangement is or contains a lease at inception of the contract. A contract is or contains a lease if the contract conveys the right to control the use of identified property or equipment for a period of time in exchange for consideration. For our current office and non-office classes of operating leases, we elected the practical expedient to not separate non-lease components from lease components and to, instead, account for each separate lease component and the non-lease components associated with that lease component as a single lease component. For our current classes of finance leases, we did not elect to apply this practical expedient and, instead, separately identify and measure the non-lease components of the contracts. As an accounting policy election, we apply the short-term lease exemption practical expedient to any lease that, at the commencement date, has a lease term of 12 months or less and does not include an option to purchase the underlying asset that we are reasonably certain to exercise. Operating leases are presented within operating lease right-of-use assets and operating lease liabilities in the consolidated balance sheets. Finance lease ROU assets are presented within property, equipment and software and finance lease liabilities are presented within accounts payable, accruals and other liabilities in the consolidated balance sheets. Operating and finance lease ROU assets represent our right to use an underlying asset for the lease term and operating and finance lease liabilities represent our obligation to make lease payments arising from the lease. ROU assets and lease liabilities are recognized at the commencement date based on the present value of lease payments over the lease term. As our leases do not provide an implicit borrowing rate, we use our incremental borrowing rate based on the information available at commencement date or modification date, as appropriate, in determining the present value of lease payments. The operating lease ROU assets are increased by any prepaid lease payments and are reduced by any unamortized lease incentives. Our lease terms may include options to extend or terminate the lease when it is reasonably certain that we will exercise that option. 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 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, 162 SoFi Technologies, Inc. TABLE OF CONTENTS SoFi Technologies, Inc. Notes to Consolidated Financial Statements  (continued) (In Thousands, Unless Otherwise Stated and Except for Share and Per Share Data) 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. Instead, based on the nature of the modification, we (i) reassess the lease classification on the modification date under the modified terms, and (ii) use the modified lease payments and discount rate to remeasure the lease liability and recognize any difference between the new lease liability and the old lease liability as an adjustment to the ROU asset. See Note 9. Property, Equipment, Software and Leases for additional information on our leases. Derivative Financial Instruments We enter into derivative contracts to manage future loan sale execution risk. We did not elect hedge accounting, as management’s hedging intentions are to economically hedge the risk of unfavorable changes in the fair values of our personal loans, student loans and home loans. 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 are not related to future loan sale execution risk. Changes in derivative instrument fair values are recognized in earnings as they occur. Depending on the measurement date position, derivative financial instruments are presented within other assets or accounts payable, accruals and other liabilities in the consolidated balance sheets. Our derivative instruments are reported within cash flows from operating activities in the consolidated statements of cash flows. Certain derivative instruments are subject to enforceable master netting arrangements. Accordingly, we present our net asset or liability position by counterparty in the consolidated balance sheets. Additionally, since our cash collateral balances do not approximate the fair value of the derivative position, we do not offset our right to reclaim cash collateral or obligation to return cash collateral against recognized derivative assets or liabilities. See Note 14. Derivative Financial Instruments and Note 15. Fair Value Measurements for additional information on our derivative assets and liabilities. Financial Guarantees A portion of our student loans at fair value are covered by a credit default swap which meets the definition of a financial guarantee and is excluded from derivative accounting treatment because we own the underlying portfolio at inception and throughout the term and receive reimbursements based only on unpaid principal balance and only once a loan has become past due. Because the contract transfers the risk of borrower default to the counterparty, we apply the insurance contract claim method by deferring the full estimated amount of premiums paid and payable at inception. The deferred premium is estimated using a discounted cash flow model considering the expected performance of the reference portfolio and recorded within other assets and accounts payable, accruals and other liabilities in the consolidated balance sheets. Deferred premiums are amortized based on actual premiums due and recognized in noninterest expense—general and administrative in the consolidated statements of operations and comprehensive income (loss). We recognize a receivable and related earnings when a loss event occurs, we have the right to submit a claim, and recovery is probable. Loan Commitments 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’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 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 163 SoFi Technologies, Inc. TABLE OF CONTENTS SoFi Technologies, Inc. Notes to Consolidated Financial Statements  (continued) (In Thousands, Unless Otherwise Stated and Except for Share and Per Share Data) 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. See Note 15. Fair Value Measurements for the key inputs used in the fair value measurements of our loan commitments. Borrowings and Financing Costs We borrow from various financial institutions to finance our lending activities. Direct costs incurred in connection with financing, such as banker fees, origination fees and legal fees, are classified as deferred debt issuance costs. Generally, we capitalize these costs and report the amounts as a direct deduction from the carrying amount of the debt balance, however, beginning in the third quarter of 2024, for revolving debt, the unamortized debt issuance costs are reported in other assets in the consolidated balance sheets. For non-revolving debt, any difference between the stated principal amount of debt and the amount of cash proceeds received, net of debt issuance costs, is presented as a discount or premium. The capitalized debt issuance costs for both revolving and non-revolving debt and the original issue discount/premium on non-revolving debt are amortized into interest expense—securitizations and warehouses in the consolidated statements of operations and comprehensive income (loss) over the expected life of the related financing agreements using the straight-line method for revolving facilities and the effective interest method for securitization debt and our senior convertible notes, as defined and further discussed below. Remaining unamortized fees are expensed immediately upon early extinguishment of the debt. In a debt modification for revolving debt, the initial issuance costs and any additional fees incurred as a result of the modification are deferred over the term of the new agreement, if the borrowing capacity of the revolving facility is increased. In the case that a modification results in a decrease in our borrowing capacity, any fees paid to the creditor and any third-party costs incurred are considered to be associated with the new arrangement and are, therefore, deferred and amortized over the term of the new arrangement. Unamortized deferred costs relating to the old arrangement at the time of the modification are expensed immediately in proportion to the decrease in borrowing capacity of the old arrangement. Any remaining unamortized deferred costs relating to the old arrangement are deferred and amortized over the term of the new arrangement. 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, 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. The key inputs to the calculation include the underlying contractual coupons, terms, discount rate and expectations for defaults and prepayments. Convertible Senior Notes 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. See Note 12. Debt for more detailed disclosure of the term and features of the 2026 convertible notes. 164 SoFi Technologies, Inc. TABLE OF CONTENTS SoFi Technologies, Inc. Notes to Consolidated Financial Statements  (continued) (In Thousands, Unless Otherwise Stated and Except for Share and Per Share Data) 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 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. See Note 12. Debt for more detailed disclosure of the term and features of the 2029 convertible notes. We elected to evaluate each embedded feature of the arrangement individually. We concluded that each of the conversion rights, optional redemption rights, fundamental change make-whole provision and repurchase rights did not require bifurcation as derivative instruments, which we reevaluate each reporting period. The additional interest and special interest that accrue on the notes in the event of our failure to comply with certain registration or reporting requirements are required to be bifurcated from the host contract, as the reporting requirement triggering event is not clearly and closely related to the host convertible debt contract, and therefore we measure the contingent interest feature at fair value each reporting period. The value was determined to be immaterial; therefore, we accounted for the convertible notes wholly as debt, which was recognized on the settlement date. Accordingly, we allocated all debt issuance costs to the debt instrument on the basis of materiality. In connection with the pricing of the convertible notes, we entered into privately negotiated capped call transactions with certain financial institutions, as defined and further discussed below. Capped Call Transactions During 2021, we entered into privately negotiated capped call transactions (the “2026 capped call transactions”) with certain financial institutions (the “capped call counterparties”). The Capped Call Transactions initially cover, subject to customary anti-dilution adjustments, the number of shares of our common stock that initially underlie the 2026 convertible notes. The Capped Call Transactions are net purchased call options on our own common stock. The Capped Call Transactions are separate transactions entered into by the Company with each of the Capped Call Counterparties, are not part of the terms of the 2026 convertible notes, and do not affect any holder’s rights under the 2026 convertible notes. Holders of the 2026 convertible notes do not have any rights with respect to the 2026 capped call transactions. As the 2026 capped call transactions are legally detachable and separately exercisable from the 2026 convertible notes, they were evaluated as freestanding instruments. We concluded that the 2026 capped call transactions meet the scope exceptions for derivative instruments, and as such, the 2026 capped call transactions meet the criteria for classification in equity and are included as a reduction to additional paid-in capital . In March 2024, we entered into privately negotiated capped call transactions (the “2029 capped call transactions”) with certain financial institutions (the “capped call counterparties”). 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 capped call transactions are net purchased call options on our own common stock. The 2029 capped call transactions are separate transactions entered into by the Company with each of the capped call counterparties, are not part of the terms of the 2029 convertible notes, and do not affect any holder’s rights under the 2029 convertible notes. Holders of the 2029 convertible notes do not have any rights with respect to the 2029 capped call transactions. As the 2029 capped call transactions are legally detachable and separately exercisable from the 2029 convertible notes, they were evaluated as freestanding instruments. We concluded that the 2029 capped call transactions meet the scope exceptions for derivative instruments, and as such, the capped call transactions meet the criteria for classification in equity and are included as a reduction to additional paid-in capital . See Note 13. 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 165 SoFi Technologies, Inc. TABLE OF CONTENTS SoFi Technologies, Inc. Notes to Consolidated Financial Statements  (continued) (In Thousands, Unless Otherwise Stated and Except for Share and Per Share Data) 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. We recognize interest expense related to residual interests classified as debt 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 interests classified as debt. Interest expense related to residual interests classified as debt is presented within interest expense—securitizations and warehouses in the consolidated statements of operations and comprehensive income (loss). On a quarterly basis, we reevaluate the cash flow estimates to determine if a change to the accretable yield is required on a prospective basis. See Note 15. Fair Value Measurements for the key inputs used in the fair value measurements of residual interests classified as debt. Foreign Currency Translation Adjustments We revalue assets, liabilities, income and expense denominated in non-United States currencies into United States dollars using applicable exchange rates. For foreign subsidiaries in which the functional currency is the subsidiary’s local currency, gains and losses relating to foreign currency translation adjustments are included in accumulated other comprehensive income (loss) in our consolidated balance sheets. For foreign subsidiaries in which the functional currency is the United States Dollar, gains and losses relating to foreign currency transaction adjustments are included within earnings in the consolidated statements of operations and comprehensive income (loss) . Due to the highly inflationary economic environment in Argentina, we use the United States Dollar as the functional currency of our Argentinian operations. Our activities in Argentina are related to our Technology Platform segment and commenced in the first quarter of 2022 with the Technisys Merger. Interest Income Interest income on loans 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). We stop accruing interest and reverse all accrued but unpaid interest at the time a loan charges off. Loans are returned to accrual status if the loans are brought to nondelinquent status or have performed in accordance with the contractual terms for a reasonable period of time and, in management’s judgment, will continue to make scheduled periodic principal and interest payments. Other interest income is primarily earned on our bank balances. Loan Origination and Sales Activities As part of our loan sale agreements, we may retain the rights to service sold loans. 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, 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 In each of our revenue arrangements, revenue is recognized when control of the promised goods or services is transferred to the customer in an amount that reflects our expected consideration in exchange for those goods or services. Our primary revenue streams for the periods presented include the following: • Technology Products and Solutions: We earn fees for providing an integrated platform as a service for financial and non-financial institutions. • Referrals: 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. 166 SoFi Technologies, Inc. TABLE OF CONTENTS SoFi Technologies, Inc. Notes to Consolidated Financial Statements  (continued) (In Thousands, Unless Otherwise Stated and Except for Share and Per Share Data) • Interchange: We earn interchange fees from debit and credit cardholder transactions conducted through payment networks. • Brokerage : We earn fees in connection with facilitating investment-related transactions through our platform, such as brokerage transactions, share lending and exchange conversion. See Note 3. Revenue for additional information on our revenue recognition policy within each revenue stream. Share-Based Compensation Share-based compensation made to employees and non-employees, including stock options, RSUs, PSUs and employee stock purchase rights granted under the Company's ESPP, is measured based on the grant date fair value of the awards. We used the Black-Scholes Option Pricing Model (the “Black-Scholes Model”) to estimate the grant-date fair value of stock options and employee stock purchase rights granted under the ESPP. RSUs are measured based on the fair value of the underlying stock on the dates of grant. We use a Monte Carlo simulation model to estimate the grant-date fair value of PSUs. 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. Share-based compensation expense is allocated among the following categories of expenses within noninterest expense : (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). We recognize forfeitures and withdrawals (relevant to the ESPP) as incurred and, therefore, reverse previously recognized share-based compensation expense at the time of forfeiture and withdrawal. See Note 16. Share-Based Compensation for further discussion of share-based compensation. Advertising, Sales and Marketing Advertising production costs and advertising communication costs, as well as amounts paid to various affiliates to market our products, are included within noninterest expense—sales and marketing in the consolidated statements of operations and comprehensive income (loss). Advertising costs are expensed either as incurred or when the advertising takes place, depending on the nature of the advertising activity. For the years ended December 31, 2025, 2024 and 2023, advertising totaled $ 426,233 , $ 321,951 and $ 284,176 , respectively. Expenses incurred by us related to member acquisition, including brand development, business development and direct member marketing expenses, are also presented within noninterest expense—sales and marketing in the consolidated statements of operations and comprehensive income (loss). Technology and Product Development Expenses incurred by us related to technology, product design and implementation, which includes compensation and benefits, are classified as noninterest expense—technology and product development in the consolidated statements of operations and comprehensive income (loss). Loss Contingencies Loss contingencies, including claims and legal actions arising in the ordinary course of business, are recorded in accounts payable, accruals and other liabilities in the consolidated balance sheets. Such liabilities and associated expenses are recorded when the likelihood of loss is probable and an amount or range of loss can be reasonably estimated. Such estimates are based on the best information available at the time. As additional information becomes available, we reassess the potential liability and record an estimate in the period in which the adjustment is probable and an amount or range can be reasonably estimated. Due to the inherent uncertainties of loss contingencies, estimates may be different from the actual outcomes. With respect to legal proceedings, we recognize legal fees as they are incurred within noninterest expense—general and administrative in the consolidated statements of operations and comprehensive income (loss). See Note 18. Commitments, Guarantees, Concentrations and Contingencies for discussion of contingent matters. 167 SoFi Technologies, Inc. TABLE OF CONTENTS SoFi Technologies, Inc. Notes to Consolidated Financial Statements  (continued) (In Thousands, Unless Otherwise Stated and Except for Share and Per Share Data) Restructuring During the years ended December 31, 2025, 2024 and 2023, we recognized restructuring charges of $ 948 , $ 1,530 and $ 12,749 , respectively, within the following categories of expenses within noninterest expense : (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 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. Income Taxes We recognize deferred tax assets and liabilities for the expected future tax consequences of temporary differences between the financial reporting and tax basis of assets and liabilities, as well as for net operating loss and tax credit carryforwards. Deferred tax assets and liabilities are measured using the tax rates that are expected to apply to taxable income for the years in which those tax assets and liabilities are expected to be realized or settled. In assessing the realizability of deferred tax assets, management reviews all available positive and negative evidence. 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. Valuation allowances are recorded if, in management’s judgment, it is determined that all or some portion of the deferred tax asset will not be realized. Deferred tax assets and liabilities are offset when they related to income taxes levied by the same taxation authority and we intend to settle tax assets and liabilities on a net basis. The tax effects from an uncertain tax position can be recognized in the financial statements only if the tax position would more likely than not be upheld on examination by the taxing authorities based on the merits of the tax position. Management is required to analyze all open tax years, as defined by the statute of limitations, for all jurisdictions. We accrue tax penalties and interest, if any, as incurred and recognize them within income tax (expense) benefit in the consolidated statements of operations and comprehensive income (loss). Related Parties We define related parties as members of our Board of Directors, entity affiliates, executive officers and principal owners of our outstanding stock and members of their immediate families. Related parties also include any other person or entity with significant influence over our management or operations. Recently Adopted Accounting Standards Improvements to Income Tax Disclosures In December 2023, the FASB issued ASU 2023-09 , Income Taxes (Topic 740) — Improvements to Income Tax Disclosures. The ASU improves income tax disclosures primarily related to enhancements of the rate reconciliation and income taxes paid information. The standard is effective for annual periods beginning after December 15, 2024, with early adoption permitted. 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. See Note 17. 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. 168 SoFi Technologies, Inc. TABLE OF CONTENTS 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 In November 2024, the FASB issued ASU 2024-03 , Income Statement — Reporting Comprehensive Income — Expense Disaggregation Disclosures (Subtopic 220-40) — Disaggregation of Income Statement Expenses. The ASU requires the disclosure of additional information about specific costs and expense categories in the notes to financial statements. The standard is effective for annual periods beginning after December 15, 2026, and interim periods beginning after December 15, 2027, 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. Induced Conversions of Convertible Debt Instruments In November 2024, the FASB issued ASU 2024-04, Debt-Debt with Conversion and Other Options (Subtopic 470-20)—Induced Conversions of Convertible Debt Instruments. The ASU clarifies the requirements for determining whether certain settlements of convertible debt instruments should be accounted for as an induced conversion. 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 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 169 SoFi Technologies, Inc. TABLE OF CONTENTS SoFi Technologies, Inc. Notes to Consolidated Financial Statements  (continued) (In Thousands, Unless Otherwise Stated and Except for Share and Per Share Data) 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. 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. Note 2. Business Combinations Acquisition of Golden Pacific Bancorp, Inc. On February 2, 2022, we acquired Golden Pacific, pursuant to an Agreement and Plan of Merger dated as of March 8, 2021 by and among the Company, a wholly-owned subsidiary of the Company, and Golden Pacific. In the business combination, we acquired all of the outstanding equity interests in Golden Pacific for total cash purchase consideration of $ 22.3 million (the “Bank Merger”). The acquisition was not determined to be a significant acquisition. After closing the Bank Merger, we became a bank holding company and Golden Pacific began operating as SoFi Bank. The closing of the Bank Merger was subject to regulatory approval. On January 18, 2022, we received approval from the Federal Reserve of our application to become a bank holding company under the Bank Holding Company Act, and we received conditional approval from the OCC to close the Bank Merger. The OCC also approved our application to change the composition of Golden Pacific’s assets in connection with the Bank Merger. The OCC conditional approval imposed a number of conditions, including that SoFi Bank have initial paid-in capital of no less than $ 750 million and adhere to an operating agreement. Golden Pacific’s community bank business continues to operate as a division of SoFi Bank. 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. Acquisition of Technisys S.A. 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 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 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 On April 3, 2023, we acquired all of the outstanding equity interests in Wyndham for cash consideration. 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 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 170 SoFi Technologies, Inc. TABLE OF CONTENTS SoFi Technologies, Inc. Notes to Consolidated Financial Statements  (continued) (In Thousands, Unless Otherwise Stated and Except for Share and Per Share Data) up to one year after the acquisition date as additional information became available. The acquisition was not determined to be a significant acquisition. Note 3. Revenue In each of our revenue arrangements, revenue is recognized when control of the promised goods or services is transferred to the customer in an amount that reflects our expected consideration in exchange for those goods or services. Technology Products and Solutions We earn fees for providing an integrated technology platform as a service for financial and non-financial institutions. Our single performance obligation is the promise to stand ready to provide integrated technology platform services as needed throughout the contract term. The integrated technology platform service fees are determined based on the number of accounts supported on the platform and on the volume of transactions generated on the platform. We satisfy our performance obligation continuously throughout the contractual arrangements and our customers receive and consume the benefits simultaneously as we perform. Our integrated technology platform as a service is a stand-ready obligation, as we provide the service regardless of the timing and quantity of accounts on the platform and transactions generated on the platform. Under this stand-ready obligation, our performance obligation is satisfied over time throughout the contract term rather than at a point in time. The service of standing ready to fulfill our integrated platform as a service offering is substantially the same each day and has the same pattern of transfer to the customer. 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 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. We charge a recurring fee for the software license and related maintenance services. Other software-related services are billed on a periodic basis as the services are provided. The Company’s software license arrangements provide the customer with the right to use functional intellectual property for the duration of the contract term. We recognize revenue related to software licenses at a point in time upon delivery of the license and the close of the user-acceptance testing period. When implementation services are distinct, we recognize revenue over time during the implementation period. We recognize maintenance services ratably over the contractual maintenance term. We allocate fees charged for software licenses and associated services to our performance obligations on the basis of the relative standalone selling price using observable standalone selling prices and the adjusted market assessment approach. The standalone selling prices either represent the prices at which we separately sell each license or service or are estimated using available information, such as market conditions and internal pricing policies. The standalone selling price of the software license and related maintenance are determined based on the value relationship for these products as well as the term of the software license. Referrals We earn specified referral fees in connection with certain referral activities we facilitate through our platform. In one type of referral arrangement, we refer end users through our platform to third-party enterprise partners. Our referral fee is calculated as either a fixed price per successful referral or a percentage of the transaction volume between the enterprise partners and referred consumers. In another type of referral arrangement, we earn referral fulfillment fees for providing pre-qualified borrower referrals to a third-party partner who separately contracts with a loan originator. 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 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. Interchange 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 171 SoFi Technologies, Inc. TABLE OF CONTENTS SoFi Technologies, Inc. Notes to Consolidated Financial Statements  (continued) (In Thousands, Unless Otherwise Stated and Except for Share and Per Share Data) daily, concurrently with the transaction processing services provided to the cardholder. Interchange is presented net of cardholder rewards associated with card transactions. Costs of Obtaining Contracts with Customers We capitalize incremental costs of obtaining a contract with a customer, which are certain commissions paid to third-parties in connection with the acquisition of member accounts. Capitalized costs are amortized over the life of the account. We elected the practical expedient to expense the incremental costs of obtaining a contract when the amortization period is one year or less. The expense is reported in noninterest expense—sales and marketing on the consolidated statements of operations and comprehensive income (loss). Brokerage We earn fees in connection with facilitating investment-related transactions through our platform, which we refer to as brokerage revenue. Our brokerage revenue performance obligation is generally completely satisfied upon the completion of an investment-related transaction. In general, we act as the agent in these arrangements as we do not oversee the execution of the transactions and ultimately lack the requisite control. Disaggregated Revenue The table below presents revenue from contracts with customers disaggregated by type of service, which best depicts how the revenue and cash flows are affected by economic factors, and by the reportable segment to which each revenue stream relates, as well as a reconciliation of total revenue from contracts with customers to total noninterest income . Year Ended December 31, 2025 2024 2023 Revenue from contracts with customers Financial Services Referrals, loan platform business (1) $ 79,985 $ 52,129 $ 33,602 Referrals, other (2) 12,454 8,197 4,841 Interchange (2) 114,315 66,829 35,247 Brokerage (2) 39,666 21,494 21,127 Other (2)(3) 12,141 2,797 2,647 Total financial services 258,561 151,446 97,464 Technology Platform Technology services 355,721 346,185 319,845 Other (3) 5,071 5,492 4,145 Total technology platform (4) 360,792 351,677 323,990 Total revenue from contracts with customers 619,353 503,123 421,454 Other sources of revenue Loan origination, sales, securitizations and servicing 242,947 278,114 409,140 Loan platform business, other (1) 495,926 89,479 — Other (5) 36,172 87,662 30,455 Total other sources of revenue 775,045 455,255 439,595 Total noninterest income $ 1,394,398 $ 958,378 $ 861,049 _____________________ (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 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 $ 8,535 172 SoFi Technologies, Inc. TABLE OF CONTENTS 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 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. Note 4. Loans 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: December 31, 2025 2024 Loans held for sale At fair value Personal loans (1) $ 21,540,668 $ 17,532,396 Home loans 1,205,115 152,496 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) 116,966 — Total loans held for sale, at lower of amortized cost or fair value 116,966 — Total loans held for sale 22,862,749 17,684,892 Loans held for investment Student loans (3) 13,657,578 8,597,368 Total loans held for investment, at fair value 13,657,578 8,597,368 Secured loans 873,981 806,441 Credit card 467,854 289,159 Commercial and consumer banking: Commercial real estate 159,265 136,474 Commercial and industrial 4,161 4,986 Residential real estate and other consumer 11,475 9,398 Total commercial and consumer banking 174,901 150,858 Total loans held for investment, at amortized cost (4) 1,516,736 1,246,458 Total loans held for investment 15,174,314 9,843,826 Total loans $ 38,037,063 $ 27,528,718 _____________________ (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. 173 SoFi Technologies, Inc. TABLE OF CONTENTS SoFi Technologies, Inc. Notes to Consolidated Financial Statements  (continued) (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 The following table summarizes the aggregate fair value of our loans for which we elected the fair value option. See Note 15. Fair Value Measurements for the assumptions used in our fair value model. Personal Loans Student Loans Home Loans Total December 31, 2025 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 Cumulative fair value adjustments 1,146,372 723,861 66,898 1,937,131 Total fair value of loans (1) $ 21,540,668 $ 13,657,578 $ 1,205,115 $ 36,403,361 December 31, 2024 Unpaid principal balance $ 16,589,623 $ 8,215,629 $ 149,862 $ 24,955,114 Accumulated interest 128,733 44,603 260 173,596 Cumulative fair value adjustments 814,040 337,136 2,374 1,153,550 Total fair value of loans (1) $ 17,532,396 $ 8,597,368 $ 152,496 $ 26,282,260 _____________________ (1) Each component of the fair value of loans is impacted by charge-offs during the period. 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. The following table summarizes the aggregate fair value of loans 90 days or more delinquent. As delinquent personal loans and student loans are charged off after 120 days of delinquency, amounts presented below represent the fair value of loans that are 90 to 120 days delinquent. Personal Loans Student Loans Home Loans Total December 31, 2025 Unpaid principal balance $ 104,486 $ 18,141 $ 920 $ 123,547 Accumulated interest 5,286 384 — 5,670 Cumulative fair value adjustments (1) ( 85,843 ) ( 13,512 ) ( 377 ) ( 99,732 ) Fair value of loans 90 days or more delinquent (2) $ 23,929 $ 5,013 $ 543 $ 29,485 December 31, 2024 Unpaid principal balance $ 91,477 $ 9,578 $ 339 $ 101,394 Accumulated interest 4,400 168 1 4,569 Cumulative fair value adjustments (1) ( 75,390 ) ( 6,760 ) ( 22 ) ( 82,172 ) Fair value of loans 90 days or more delinquent (2) $ 20,487 $ 2,986 $ 318 $ 23,791 __________________ (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. 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. See Note 1. 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. (2) The fair value incorporates the expected price to be paid by buyers of these delinquent loans after charge-off occurs, implying that potential recoveries are expected to be in excess of these levels based on consistent demonstrated recoverability after a loan becomes delinquent and gets charged off. Transfers of Financial Assets We regularly transfer financial assets and account for such transfers as either sales or secured borrowings depending on the facts and circumstances of the transfer. 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 174 SoFi Technologies, Inc. TABLE OF CONTENTS SoFi Technologies, Inc. Notes to Consolidated Financial Statements  (continued) (In Thousands, Unless Otherwise Stated and Except for Share and Per Share Data) 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 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. Additionally, we generally have no repurchase requirements related to transfers of personal loans, student loans and non-GSE home loans other than standard origination representations and warranties, for which we record a liability based on expected repurchase obligations. 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 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, 2024 2023 Personal loans Fair value of consideration received: Cash $ 1,170,235 $ 359,927 Securitization investments 61,901 18,985 Servicing assets recognized 43,755 15,975 Repurchase liabilities recognized ( 622 ) ( 113 ) Total consideration 1,275,269 394,774 Aggregate unpaid principal balance and accrued interest of loans sold 1,228,040 375,770 Gain from loan sales $ 47,229 $ 19,004 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, 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. For all periods, the impact on earnings from these deconsolidations was immaterial. The following table summarizes our current whole loan sales: Year Ended December 31, 2025 2024 2023 Personal loans Fair value of consideration received: Cash $ 1,588,982 $ 2,967,487 $ 567,904 Receivable — 5,288 — Servicing assets recognized 98,420 178,919 30,168 Repurchase liabilities recognized ( 2,432 ) ( 9,907 ) ( 2,069 ) Total consideration 1,684,970 3,141,787 596,003 Aggregate unpaid principal balance and accrued interest of loans sold 1,589,607 2,973,077 567,003 Realized gain $ 95,363 $ 168,710 $ 29,000 175 SoFi Technologies, Inc. TABLE OF CONTENTS SoFi Technologies, Inc. Notes to Consolidated Financial Statements  (continued) (In Thousands, Unless Otherwise Stated and Except for Share and Per Share Data) Year Ended December 31, 2025 2024 2023 Student loans Fair value of consideration received: Cash $ 405,538 $ 310,331 $ 98,624 Servicing assets recognized 11,221 8,249 2,792 Repurchase liabilities recognized ( 38 ) ( 46 ) ( 16 ) Total consideration 416,721 318,534 101,400 Aggregate unpaid principal balance and accrued interest of loans sold 393,579 303,578 99,916 Realized gain $ 23,142 $ 14,956 $ 1,484 Home loans Fair value of consideration received: Cash $ 2,417,586 $ 1,750,711 $ 1,022,600 Servicing assets recognized 18,310 14,675 10,184 Repurchase liabilities recognized ( 4,351 ) ( 2,958 ) ( 1,765 ) Total consideration 2,431,545 1,762,428 1,031,019 Aggregate unpaid principal balance and accrued interest of loans sold 2,379,280 1,738,036 1,029,623 Realized gain $ 52,265 $ 24,392 $ 1,396 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, 2025 2024 Personal loans Fair value of consideration received: Cash $ 28,794 $ 24,228 Servicing assets recognized 25,197 20,259 Repurchase liabilities recognized ( 378 ) ( 136 ) Total consideration 53,613 44,351 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 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 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. 176 SoFi Technologies, Inc. TABLE OF CONTENTS SoFi Technologies, Inc. Notes to Consolidated Financial Statements  (continued) (In Thousands, Unless Otherwise Stated and Except for Share and Per Share Data) Year Ended December 31, 2025 2024 Personal loans Fair value of consideration received: Cash $ 10,970,840 $ 2,149,271 Servicing assets recognized 79,251 15,149 Repurchase liabilities recognized ( 10,661 ) ( 856 ) Total consideration 11,039,430 2,163,564 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 $ 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). 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, 2025 Personal loans Fair value of consideration received: Cash (1) $ ( 568 ) Securitization investments retained (2) 128,835 Servicing assets recognized 925 Repurchase liabilities recognized ( 118 ) Total consideration 129,074 Aggregate carrying amount and accrued interest of loans sold (3) 124,978 Gain from loan sales (4) $ 4,096 _____________________ (1) Relates to payments for securitization-related expenses. (2) Represents asset-backed bonds and residual investments retained pursuant to risk retention rules. See Note 1. 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. 177 SoFi Technologies, Inc. TABLE OF CONTENTS 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: Personal Loans Student Loans Home Loans Total December 31, 2025 Loans in delinquency (30+ days past due) $ 235,479 $ 30,523 $ 49,819 $ 315,821 Total loans in delinquency 396,827 57,225 49,819 503,871 Total transferred loans serviced (1) 13,215,980 2,653,191 7,037,366 22,906,537 December 31, 2024 Loans in delinquency (30+ days past due) $ 109,169 $ 67,234 $ 35,910 $ 212,313 Total loans in delinquency 168,403 129,317 35,910 333,630 Total transferred loans serviced (1) 6,060,329 5,230,303 6,234,859 17,525,491 _____________________ (1) Total transferred loans serviced includes loans in delinquency, as well as loans in repayment, loans in-school/grace period/deferment (related to student loans), and loans in forbearance. The vast majority of total transferred loans serviced represent loans in repayment as of the dates indicated. 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: Year Ended December 31, 2025 2024 2023 Personal loans Servicing fees collected from transferred loans $ 96,116 $ 72,681 $ 20,577 Charge-offs, net of recoveries, of transferred loans 654,030 387,700 167,643 Student loans Servicing fees collected from transferred loans 18,334 23,537 27,401 Charge-offs, net of recoveries, of transferred loans 41,524 41,639 41,642 Home loans Servicing fees collected from transferred loans 18,487 17,166 14,530 Total Servicing fees collected from transferred loans $ 132,937 $ 113,384 $ 62,508 Charge-offs, net of recoveries, of transferred loans 695,554 429,339 209,285 178 SoFi Technologies, Inc. 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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, deferred origination costs and before the allowance for credit losses) by either current status or delinquency status: Delinquent Loans Current 30–59 Days 60–89 Days ≥ 90 Days (1) Total Delinquent Loans Total Loans (2) December 31, 2025 Secured loans $ 872,253 $ — $ — $ — $ — $ 872,253 Credit card 483,803 4,650 3,713 9,161 17,524 501,327 Commercial and consumer banking: Commercial real estate 159,854 — 373 — 373 160,227 Commercial and industrial 4,048 57 — 73 130 4,178 Residential real estate and other consumer (3) 11,536 — — — — 11,536 Total commercial and consumer banking 175,438 57 373 73 503 175,941 Total loans $ 1,531,494 $ 4,707 $ 4,086 $ 9,234 $ 18,027 $ 1,549,521 December 31, 2024 Secured loans $ 804,800 $ — $ — $ — $ — $ 804,800 Credit card 312,676 3,429 3,311 9,056 15,796 328,472 Commercial and consumer banking: Commercial real estate 138,172 — — — — 138,172 Commercial and industrial 4,831 — 188 77 265 5,096 Residential real estate and other consumer (3) 9,370 — — — — 9,370 Total commercial and consumer banking 152,373 — 188 77 265 152,638 Total loans $ 1,269,849 $ 3,429 $ 3,499 $ 9,133 $ 16,061 $ 1,285,910 _____________________ (1) Generally, all of the credit cards ≥ 90 days past due continued to accrue interest. 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 $ 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. 179 SoFi Technologies, Inc. TABLE OF CONTENTS SoFi Technologies, Inc. Notes to Consolidated Financial Statements  (continued) (In Thousands, Unless Otherwise Stated and Except for Share and Per Share Data) Credit Quality Indicators Credit Card The following table presents the amortized cost basis of our credit card portfolio (excluding accrued interest and before the allowance for credit losses) based on FICO scores, which are obtained at origination of the account and are refreshed monthly thereafter. The pools estimate the likelihood of borrowers with similar FICO scores to pay credit obligations based on aggregate credit performance data. December 31, FICO 2025 2024 ≥ 800 $ 47,275 $ 38,076 780 – 799 26,942 24,566 760 – 779 29,154 24,533 740 – 759 34,503 26,321 720 – 739 44,021 30,215 700 – 719 56,155 36,050 680 – 699 60,183 37,994 660 – 679 56,007 30,504 640 – 659 45,315 21,206 620 – 639 32,084 14,098 600 – 619 20,397 9,393 ≤ 599 49,291 35,516 Total credit card $ 501,327 $ 328,472 Commercial and Consumer Banking We analyze loans in our commercial and consumer banking portfolio by classification based on their associated credit risk, and perform an analysis on an ongoing basis as new information is obtained. Risk rating classifications are further described below. Loans with a lower expectation of credit losses are classified as Pass, while loans with a higher expectation of credit losses are classified as Substandard. • Pass — Loans that management believes will fully repay in accordance with the contractual loan terms. • Watch  — Loans that management believes will fully repay in accordance with the contractual loan terms, but for which certain credit attributes have changed from origination and warrant further monitoring. • Special mention — Loans with a potential weakness or weaknesses that deserves management’s close attention. If left uncorrected, the potential weaknesses may result in deterioration of the repayment prospects for the loan or our credit position at some future date. • Substandard  — Loans that are inadequately protected by the current net worth and paying capacity of the obligor or of the collateral pledged, if any. Loans so classified have a well-defined weakness or weaknesses that jeopardize the full repayment. They are characterized by the distinct possibility that we will sustain some loss if the deficiencies are not corrected. 180 SoFi Technologies, Inc. TABLE OF CONTENTS 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 the amortized cost basis of our commercial and consumer banking portfolio (excluding accrued interest and before the allowance for credit losses) by origination year and credit quality indicator: Term Loans by Origination Year December 31, 2025 2025 2024 2023 2022 2021 Prior Total Term Loans Revolving Loans Commercial real estate Pass $ 35,440 $ 33,002 $ 18,782 $ 23,797 $ 6,960 $ 20,815 $ 138,796 $ 161 Watch — — 2,215 9,227 — 1,174 12,616 — Special mention — 2,445 2,929 — — 708 6,082 — Substandard — — — — — 2,572 2,572 — Total commercial real estate $ 35,440 $ 35,447 $ 23,926 $ 33,024 $ 6,960 $ 25,269 $ 160,066 $ 161 Commercial and industrial Pass $ — $ 120 $ 41 $ — $ — $ 2,728 $ 2,889 $ 1,145 Substandard — — — — — 144 144 — Total commercial and industrial $ — $ 120 $ 41 $ — $ — $ 2,872 $ 3,033 $ 1,145 Residential real estate and other consumer Pass $ 264 $ — $ — $ — $ — $ 4,021 $ 4,285 $ 7,251 Total residential real estate and other consumer $ 264 $ — $ — $ — $ — $ 4,021 $ 4,285 $ 7,251 Total commercial and consumer banking $ 35,704 $ 35,567 $ 23,967 $ 33,024 $ 6,960 $ 32,162 $ 167,384 $ 8,557 Secured Loans 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 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. Note 5. Allowance for Credit Losses Our allowance for credit losses represents our current estimate of expected credit losses over the remaining contractual life of certain financial assets, including credit cards as well as commercial and consumer banking loans, which relate to our Financial Services segment, and accounts receivables primarily related to our Technology Platform segment. 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. 181 SoFi Technologies, Inc. TABLE OF CONTENTS 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 changes in our allowance for credit losses: Credit Card (1) Commercial and Consumer Banking (1) Accounts Receivable (1) Balance at January 1, 2023 $ 39,110 $ 1,678 $ 2,785 Provision for credit losses (2) 54,267 678 773 Net charge-offs (3) ( 40,992 ) ( 46 ) ( 1,721 ) Balance at December 31, 2023 $ 52,385 $ 2,310 $ 1,837 Provision for credit losses (2) 31,599 113 3,685 Net charge-offs (3) ( 39,634 ) ( 89 ) ( 3,078 ) Balance at December 31, 2024 $ 44,350 $ 2,334 $ 2,444 Provision for credit losses (2) 30,898 ( 579 ) 698 Net charge-offs (3) ( 26,043 ) ( 26 ) ( 144 ) Balance at December 31, 2025 $ 49,205 $ 1,729 $ 2,998 _____________________ (1) Credit cards and commercial and consumer banking loans measured at amortized cost, net of allowance for credit losses, are presented within loans held for investment, at amortized cost in the consolidated balance sheets. Accounts receivable balances, net of allowance for credit losses, are presented within other assets in the consolidated balance sheets. (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) . 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. Credit card: 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. Note 6. Investment Securities The following table presents our investments in AFS debt securities: Amortized Cost Accrued Interest Gross Unrealized Gains Gross Unrealized Losses (1) Fair Value December 31, 2025 U.S. Treasury securities $ 74,540 $ 1,115 $ 166 $ ( 465 ) $ 75,356 Agency mortgage-backed securities 2,335,501 5,095 15,362 ( 1,352 ) 2,354,606 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 Other (3) 951 8 — ( 126 ) 833 Total investments in AFS debt securities $ 2,434,627 $ 6,342 $ 15,528 $ ( 2,044 ) $ 2,454,453 December 31, 2024 U.S. Treasury securities $ 277,555 $ 2,622 $ 77 $ ( 6,602 ) $ 273,652 Agency mortgage-backed securities 1,525,913 3,048 3,522 ( 6,089 ) 1,526,394 Corporate bonds 3,272 39 — ( 94 ) 3,217 Other (3) 946 8 — ( 174 ) 780 Total investments in AFS debt securities $ 1,807,686 $ 5,717 $ 3,599 $ ( 12,959 ) $ 1,804,043 _____________________ 182 SoFi Technologies, Inc. TABLE OF CONTENTS SoFi Technologies, Inc. Notes to Consolidated Financial Statements  (continued) (In Thousands, Unless Otherwise Stated and Except for Share and Per Share Data) (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. See Note 7. Securitization and Variable Interest Entities for additional information. (3) Includes state municipal bond securities. 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, 2025 and 2024. Less than 12 Months 12 Months or Longer Total Fair Value Gross Unrealized Losses Fair Value Gross Unrealized Losses Fair Value Gross Unrealized Losses December 31, 2025 U.S. Treasury securities $ 49,962 $ ( 465 ) $ — $ — $ 49,962 $ ( 465 ) Agency mortgage-backed securities 202,845 ( 497 ) 19,661 ( 855 ) 222,506 ( 1,352 ) 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 ) Total investments in AFS debt securities $ 276,280 $ ( 1,061 ) $ 20,680 $ ( 983 ) $ 296,960 $ ( 2,044 ) December 31, 2024 U.S. Treasury securities $ 217,683 $ ( 6,497 ) $ 5,256 $ ( 105 ) $ 222,939 $ ( 6,602 ) Agency mortgage-backed securities 614,081 ( 5,499 ) 7,319 ( 590 ) 621,400 ( 6,089 ) Corporate bonds — — 3,216 ( 94 ) 3,216 ( 94 ) Other — — 780 ( 174 ) 780 ( 174 ) Total investments in AFS debt securities $ 831,764 $ ( 11,996 ) $ 16,571 $ ( 963 ) $ 848,335 $ ( 12,959 ) The following table presents the amortized cost and fair value of our investments in AFS debt securities by contractual maturity: Due Within One Year Due After One Year Through Five Years Due After Five Years Through Ten Years Due After Ten Years Total December 31, 2025 Investments in AFS debt securities—Amortized cost: U.S. Treasury securities $ 387 $ — $ 74,153 $ — $ 74,540 Agency mortgage-backed securities — 46,555 206 2,288,740 2,335,501 Corporate bonds — 184 — — 184 Asset-backed bonds — — 19,626 — 19,626 Residual investments — — 3,825 — 3,825 Other — — 951 — 951 Total investments in AFS debt securities $ 387 $ 46,739 $ 98,761 $ 2,288,740 $ 2,434,627 Weighted average yield for investments in AFS debt securities (1) 4.60 % 4.52 % 5.69 % 5.24 % 5.19 % 183 SoFi Technologies, Inc. TABLE OF CONTENTS 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) : U.S. Treasury securities $ 395 $ — $ 73,846 $ — $ 74,241 Agency mortgage-backed securities — 46,916 197 2,302,398 2,349,511 Corporate bonds — 182 — — 182 Asset-backed bonds — — 19,620 — 19,620 Residual investments — — 3,732 — 3,732 Other — — 825 — 825 Total investments in AFS debt securities $ 395 $ 47,098 $ 98,220 $ 2,302,398 $ 2,448,111 _____________________ (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 $ 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. See Note 13. Equity for unrealized gains and losses on our investments in AFS debt securities and amounts reclassified out of AOCI. Note 7. Securitization and Variable Interest Entities Consolidated VIEs We consolidate certain securitization trusts in which we have a variable interest and are deemed to be the primary beneficiary. Our consolidation policy is further discussed in Note 1. Organization, Summary of Significant Accounting Policies and New Accounting Standards . The VIEs are SPEs with portfolio loans securing debt obligations. The SPEs were created and designed to transfer credit and interest rate risk associated with consumer loans through the issuance of collateralized notes and trust certificates. We make standard representations and warranties to repurchase or replace qualified portfolio loans. Aside from these representations, the holders of the asset-backed debt obligations have no recourse to the Company if the cash flows from the underlying portfolio loans securing such debt obligations are not sufficient to pay all principal and interest on the asset-backed debt obligations. We hold a significant interest in these financing transactions through our ownership of a portion of the residual interest in certain VIEs. In addition, in some cases, we invest in the debt obligations issued by the VIE. Our investments in consolidated VIEs eliminate in consolidation. The residual interest is the first VIE interest to absorb losses should the loans securing the debt obligations not provide adequate cash flows to satisfy more senior claims and is the interest that we expect to absorb the expected gains and losses of the VIE. Our maximum exposure to credit risk in sponsoring SPEs is limited to our investment in the VIE. VIE creditors have no recourse against our general credit. 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, 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. 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, 2025, and 2024. Intercompany balances are eliminated upon consolidation. 184 SoFi Technologies, Inc. TABLE OF CONTENTS SoFi Technologies, Inc. Notes to Consolidated Financial Statements  (continued) (In Thousands, Unless Otherwise Stated and Except for Share and Per Share Data) Nonconsolidated VIEs We have created and designed personal loan and student loan trusts to transfer associated credit and interest rate risk associated with the loans through the issuance of collateralized notes and residual certificates. We have a variable interest in the nonconsolidated loan trusts through our ownership of collateralized notes in the form of asset-backed bonds and residual certificates in the loan trusts that absorb variability. We have also transferred secured loans and personal loans, including the associated risks, to other SPEs that are considered VIEs. In both the loan trusts and other VIEs, we have continuing, non-controlling involvement with the entity as the servicer. When our servicing rights meet the definition of a variable interest, in that role, we may have the power to perform the activities which most impact the economic performance of the VIE, but since either we hold an insignificant financial interest in the trusts or rights held by other variable interest holders convey power, we are not the primary beneficiary. In loan trusts, our collateralized notes and residual certificates represent the equity ownership interest in the loan trusts, wherein there is an obligation to absorb losses and the right to receive benefits from residual certificate ownership. The maximum exposure to loss as a result of our involvement with the nonconsolidated loan trust VIEs is limited to our investment. In other VIEs, our interest is represented by secured loans, servicing rights, or both, with our maximum exposure to loss is limited to the total amount of our secured loans and servicing rights. We did not provide financial support to any nonconsolidated VIEs beyond our initial equity investment. There are no liquidity arrangements, guarantees or other commitments by third parties that may affect the fair value or risk of our variable interests in nonconsolidated VIEs. 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, 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. December 31, 2025 2024 Securitization investments $ 144,627 $ 91,646 Secured loans 873,981 806,441 Servicing rights 72,077 100,839 Securitization Investments 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. December 31, 2025 2024 Personal loans $ 117,322 $ 56,849 Student loans 27,305 34,797 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. See Note 6. Investment Securities for additional information. See Note 15. 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 185 SoFi Technologies, Inc. TABLE OF CONTENTS 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. Note 8. Goodwill and Intangible Assets Goodwill A rollforward of our goodwill balance is presented below: Year Ended December 31, 2025 2024 Beginning balance $ 1,393,505 $ 1,393,505 Changes during the period — — Ending balance (1) $ 1,393,505 $ 1,393,505 _____________________ (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. 186 SoFi Technologies, Inc. TABLE OF CONTENTS SoFi Technologies, Inc. Notes to Consolidated Financial Statements  (continued) (In Thousands, Unless Otherwise Stated and Except for Share and Per Share Data) Intangible Assets The following is a summary of the carrying amount and estimated useful lives of our intangible assets by class: Weighted Average Useful Life (Years) Gross Balance Accumulated Amortization Net Book Value December 31, 2025 Developed technology 8.5 $ 461,438 $ ( 262,695 ) $ 198,743 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 deposits 7.3 1,000 ( 539 ) 461 Broker-dealer license and trading rights (2) n/a 250 ( 250 ) — Core banking infrastructure (2) n/a 17,100 ( 17,100 ) — Total $ 705,486 $ ( 473,567 ) $ 231,919 December 31, 2024 Developed technology 8.5 $ 461,438 $ ( 207,516 ) $ 253,922 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 deposits 7.3 1,000 ( 402 ) 598 Broker-dealer license and trading rights 5.7 250 ( 206 ) 44 Core banking infrastructure (2) n/a 17,100 ( 17,100 ) — Total $ 696,782 $ ( 398,988 ) $ 297,794 _____________________ (1) Includes capitalized costs related to software products to be sold, leased or marketed within our technology products and solutions arrangements. During the year ended December 31, 2025, the increase in capitalized software development costs relates to increased Technology Platform activity. 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) 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. There were no abandonments or impairments during any of the years presented. Estimated future amortization expense associated with intangible assets as of December 31, 2025 is as follows: 2026 $ 72,017 2027 58,512 2028 55,723 2029 23,047 2030 20,880 Thereafter 1,740 Total $ 231,919 187 SoFi Technologies, Inc. TABLE OF CONTENTS SoFi Technologies, Inc. Notes to Consolidated Financial Statements  (continued) (In Thousands, Unless Otherwise Stated and Except for Share and Per Share Data) Note 9. Property, Equipment, Software and Leases Property, Equipment and Software The table below presents our major classes of depreciable and amortizable assets by function: Gross Balance Accumulated Depreciation/Amortization Carrying Value December 31, 2025 Software (1) $ 588,849 $ ( 208,328 ) $ 380,521 Leasehold improvements 39,449 ( 27,968 ) 11,481 Computer hardware 40,104 ( 25,606 ) 14,498 Furniture and fixtures 16,090 ( 13,408 ) 2,682 Finance lease ROU assets (2) 15,978 ( 11,692 ) 4,286 Building and land 3,277 ( 297 ) 2,980 Total $ 703,747 $ ( 287,299 ) $ 416,448 December 31, 2024 Software (1) $ 400,334 $ ( 150,178 ) $ 250,156 Leasehold improvements 38,625 ( 23,684 ) 14,941 Computer hardware 30,641 ( 21,455 ) 9,186 Furniture and fixtures 15,997 ( 12,012 ) 3,985 Finance lease ROU assets (2) 15,978 ( 9,362 ) 6,616 Building and land 3,199 ( 214 ) 2,985 Total $ 504,774 $ ( 216,905 ) $ 287,869 _____________________ (1) Software primarily includes internally-developed software related to significant developments and enhancements for our products. During the years ended December 31, 2025, 2024 and 2023, we capitalized $ 51,118 , $ 39,907 and $ 31,126 , respectively, of share-based compensation related to internally-developed software, and recognized associated amortization expense of $ 30,973 , $ 24,673 and $ 16,074 , respectively. (2) Finance lease ROU assets include our rights to certain physical signage. See below for additional information on our leases. For the years ended December 31, 2025, 2024 and 2023, total depreciation and amortization expense associated with property, equipment and software, inclusive of the amortization of capitalized share-based compensation, was $ 159,572 , $ 128,004 and $ 96,497 , respectively. For the years ended December 31, 2025, 2024 and 2023, we recognized no property, equipment and software abandonment and no impairments, and had immaterial losses on disposals. Leases and Occupancy Leases We primarily lease our office premises under multi-year, non-cancelable operating leases. Our operating leases have terms expiring from 2026 to 2040, exclusive of renewal option periods. Our office leases contain renewal option periods ranging from one to ten years from the expiration dates. These options were not recognized as part of our ROU assets and operating lease liabilities, as we did not conclude at the commencement date of the leases that we were reasonably certain to exercise these options. However, in our normal course of business, we expect our office leases to be renewed, amended or replaced by other leases. Our finance leases have terms expiring from 2029 to 2040. Our operating and finance leases include leases associated with various naming and sponsorship rights agreements that commenced in September 2020 and December 2024. 188 SoFi Technologies, Inc. TABLE OF CONTENTS SoFi Technologies, Inc. Notes to Consolidated Financial Statements  (continued) (In Thousands, Unless Otherwise Stated and Except for Share and Per Share Data) Operating leases that commenced in September 2020 included our rights to use two multi-purpose stadium suites, for which we elected the practical expedient to not bifurcate the lease component from the non-lease components, and our rights to certain event space within the stadium and performance venue on a rent-free basis, for which we applied the short-term lease exemption practical expedient. Finance leases that commenced in September 2020 included our rights to certain physical signage within the stadium. The agreement associated with the shopping district commenced in 2023. We bifurcated lease components from non-lease components of certain of the arrangements, the latter of which represent sponsorship and advertising opportunities rather than the rights to physical assets that we control. Operating leases that commenced in December 2024 included our rights to one multi-purpose suite and use of certain event space within the facility, for which we elected the practical expedient to not bifurcate the lease component from the non-lease components. Finance leases that commenced in December 2024 included our rights to certain physical signage within the facility. We bifurcated lease components from non-lease components of certain of the arrangements, the latter of which represent sponsorship and advertising opportunities rather than the rights to physical assets that we control. We recognize the non-lease components within noninterest expense—sales and marketing in the consolidated statements of operations and comprehensive income (loss). The components of lease expense and supplemental cash flow and non-cash information related to our leases were as follows. Year Ended December 31, 2025 2024 2023 Operating lease cost $ 21,917 $ 21,445 $ 21,905 Finance lease cost – amortization of ROU assets 2,330 2,171 2,157 Finance lease cost – interest expense on lease liabilities 455 438 452 Short-term lease cost 1,219 1,391 1,718 Variable lease cost (1) 4,489 3,435 3,509 Sublease income ( 1,609 ) ( 1,381 ) ( 1,034 ) Total lease cost $ 28,801 $ 27,499 $ 28,707 Cash paid for amounts included in the measurement of lease liabilities Operating cash outflows from operating leases $ 26,517 $ 24,848 $ 26,997 Operating cash outflows from finance leases 455 438 452 Financing cash outflows from finance leases 766 530 509 Supplemental non-cash information Non-cash operating lease ROU assets obtained in exchange for lease liabilities (2) $ 29,942 $ 2,950 $ 8,553 Non-cash finance lease ROU assets obtained in exchange for lease liabilities — 878 — _____________________ (1) Variable lease cost includes non-lease components classified as lease costs, such as common area maintenance fees, property taxes and utilities, that vary in amount for reasons other than the passage of time. We elected the practical expedient to not bifurcate the lease component from the non-lease components. (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. 189 SoFi Technologies, Inc. TABLE OF CONTENTS SoFi Technologies, Inc. Notes to Consolidated Financial Statements  (continued) (In Thousands, Unless Otherwise Stated and Except for Share and Per Share Data) Supplemental balance sheet information related to our leases was as follows: December 31, 2025 2024 Operating Leases ROU assets $ 93,941 $ 81,219 Operating lease liabilities 106,190 97,389 Weighted average remaining lease term (in years) 5.8 6.1 Weighted average discount rate 5.7 % 5.8 % Finance Leases ROU assets (1) $ 4,286 $ 6,616 Finance lease liabilities (2) 12,753 13,520 Weighted average remaining lease term (in years) 13.7 14.6 Weighted average discount rate 3.5 % 3.5 % _____________________ (1) Finance lease ROU assets are presented within property, equipment and software in the consolidated balance sheets. (2) Finance lease liabilities are presented within accounts payable, accruals and other liabilities in the consolidated balance sheets. As of December 31, 2025, future maturities of lease liabilities and a reconciliation of the total undiscounted cash flows to the lease liabilities in the consolidated balance sheets were as follows: Operating Leases Finance Leases 2026 $ 26,577 $ 1,251 2027 25,556 1,256 2028 22,552 1,269 2029 19,370 1,281 2030 12,691 1,061 Thereafter 19,613 9,810 Total 126,359 15,928 Less: imputed interest ( 20,169 ) ( 3,175 ) Lease liabilities $ 106,190 $ 12,753 Occupancy Occupancy-related costs, which primarily relate to the operations of our leased office spaces, were $ 32,239 , $ 32,810 , and $ 31,946 for the years ended December 31, 2025, 2024 and 2023, respectively. Occupancy-related expenses are presented within the following categories of expenses within noninterest expense : (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). 190 SoFi Technologies, Inc. TABLE OF CONTENTS SoFi Technologies, Inc. Notes to Consolidated Financial Statements  (continued) (In Thousands, Unless Otherwise Stated and Except for Share and Per Share Data) Note 10. Other Assets and Other Liabilities The following table presents the components of other assets : December 31, 2025 2024 Accounts receivable, net (1) $ 893,480 $ 587,496 Prepaid expenses and capitalized contract costs (2) 477,745 276,931 Deferred tax assets, net (3) 249,336 267,220 Credit default swap (4) 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 Other 78,042 49,571 Other assets $ 2,177,044 $ 1,714,669 _____________________ (1) Includes accounts receivable, net of allowance for credit losses, associated with revenue from contracts with customers, deposit-related receivables and other receivables. See Note 5. Allowance for Credit Losses for information on the allowance for credit losses on accounts receivable. (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. See Note 3. Revenue 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) See Note 14. 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 : December 31, 2025 2024 Accrued expenses (1) $ 364,164 $ 265,316 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) 12,753 13,520 Deferred revenue (6) 8,535 7,474 Derivative financial instruments (7) 4,547 — Other 39,586 26,459 Accounts payable, accruals and other liabilities $ 743,716 $ 556,923 _____________________ (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. 191 SoFi Technologies, Inc. TABLE OF CONTENTS SoFi Technologies, Inc. Notes to Consolidated Financial Statements  (continued) (In Thousands, Unless Otherwise Stated and Except for Share and Per Share Data) (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. (6) See Note 3. Revenue for additional information on deferred revenue. (7) See Note 14. Derivative Financial Instruments and Note 15. Fair Value Measurements for additional information on derivative financial instruments. Note 11. Deposits 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. Below is a disaggregated presentation of our deposits: December 31, 2025 2024 Savings deposits $ 32,461,228 $ 22,838,858 Demand deposits (1) 3,685,409 2,205,377 Time deposits (1)(2) 1,240,713 817,165 Total interest-bearing deposits 37,387,350 25,861,400 Noninterest-bearing deposits 118,045 116,804 Total deposits $ 37,505,395 $ 25,978,204 _____________________ (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: 2026 $ 1,240,353 2027 46 2028 170 2029 117 2030 27 Thereafter — Total $ 1,240,713 192 SoFi Technologies, Inc. TABLE OF CONTENTS SoFi Technologies, Inc. Notes to Consolidated Financial Statements  (continued) (In Thousands, Unless Otherwise Stated and Except for Share and Per Share Data) Note 12. Debt The following table summarizes the components of our debt: December 31, 2025 December 31, 2024 Borrowing Description Total Collateral (1) Stated Interest Rate (2) Weighted Average Effective Interest Rate (3) Termination/Maturity (4) Total Capacity Total Outstanding (5) Total Outstanding Debt Facilities Personal loan warehouse facilities $ — 4.46 % – 5.07 % 4.77 % June 2026 – October 2028 $ 3,700,000 $ — $ 205,367 Student loan warehouse facilities — 4.37 % – 4.90 % 4.92 % May 2026 – November 2028 3,480,000 — 1,044,682 Risk retention warehouse facilities (6) — — 6.20 % — — — 6,834 Revolving credit facility (7) 5.29 % 5.38 % April 2028 645,000 486,000 486,000 Other Debt Convertible senior notes, due 2026 (8) — % 0.43 % October 2026 428,022 428,022 Convertible senior notes, due 2029 (9) 1.25 % 1.75 % March 2029 862,500 862,500 Other financing (10) 282,663 335,535 — — Securitizations Personal loan securitizations — — 2.04 % — — 14,377 Student loan securitizations 63,173 3.09 % – 3.73 % 3.40 % August 2048 54,107 66,501 Total, before unamortized debt issuance costs, premiums and discounts $ 1,830,629 $ 3,114,283 Less: unamortized debt issuance costs, premiums and discounts (11) ( 15,467 ) ( 21,591 ) Total debt $ 1,815,162 $ 3,092,692 _____________________ (1) As of December 31, 2025, represents the total of the unpaid principal balances within each debt category, with the exception of the risk retention warehouse facilities, which include securitization-related investments carried at fair value. In addition, certain securitization interests that eliminate in consolidation are pledged to risk retention warehouse facilities. Collateral balances relative to debt balances may vary period to period due to the timing of the next scheduled payment to the warehouse facility. (2) For variable-rate debt, the ranges of stated interest rates are based on the interest rates in effect as of December 31, 2025. The interest on our variable-rate debt is typically designed as a reference rate plus a spread. Reference rates as of December 31, 2025 included overnight SOFR, one-month SOFR and commercial paper rates determined by the facility lenders. As debt arrangements are renewed, the reference rate and/or spread are subject to change. Unused commitment fees ranging from 0 to 50 bps on our various warehouse facilities are recognized within noninterest expense—general and administrative in our consolidated statements of operations and comprehensive income (loss). (3) Weighted average effective interest rates are calculated based on the interest rates in effect as of December 31, 2025 and include the amortization of debt issuance costs. (4) For securitization debt, the maturity of the notes issued by the various trusts occurs upon either the maturity of the loan collateral or full payment of the loan collateral held in the trusts. Our maturity date represents the legal maturity of the last class of maturing notes. Securitization debt matures as loan collateral payments are made. (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. (7) As of December 31, 2025, $ 11.4 million of the revolving credit facility total capacity was not available for general borrowing purposes because it was utilized to secure letters of credit. Refer to our letter of credit disclosures in Note 18. Commitments, Guarantees, Concentrations and Contingencies for more details. Additionally, the interest rate presented is the interest rate on standard withdrawals on our revolving credit facility, while same-day withdrawals incur interest based on the prime rate. (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, 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 193 SoFi Technologies, Inc. TABLE OF CONTENTS SoFi Technologies, Inc. Notes to Consolidated Financial Statements  (continued) (In Thousands, Unless Otherwise Stated and Except for Share and Per Share Data) 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 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. Refer to our letter of credit disclosures in Note 18. Commitments, Guarantees, Concentrations and Contingencies for more details. Also includes unsecured available borrowing capacity of $ 50.0 million with correspondent banks. (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. Convertible Senior Notes Convertible Senior Notes, Due 2026 In October 2021, we issued $ 1.2 billion aggregate principal amount of convertible notes, pursuant to an indenture, dated October 4, 2021, between the Company and U.S. Bank National Association, as trustee (“2026 convertible notes”). The 2026 convertible notes are unsecured, unsubordinated obligations. The 2026 convertible notes do not bear regular interest. The 2026 convertible notes will mature on October 15, 2026, unless earlier repurchased, redeemed or converted. The net proceeds from the offering were $ 1.176 billion, after deducting the 2 % initial purchasers’ discount of $ 24 million, and before the cost of the Capped Call Transactions, as described below, and offering expenses payable by the Company. The debt issuance costs of $ 1.7 million included third-party legal and accounting fees. The original issue discount and debt issuance costs 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 convertible notes. In December 2023, the Company entered into separate, privately negotiated repurchase agreements with a limited number of holders of the 2026 convertible notes to repurchase $ 88.0 million aggregate principal amount of the 2026 convertible notes, which were settled through the issuance of 9,490,000 shares of common stock. In March 2024, the Company entered into separate, privately negotiated repurchase agreements with a limited number of holders of the 2026 convertible notes to repurchase $ 600.0 million aggregate principal amount of the 2026 convertible notes, which were settled through the issuance of 72,621,879 shares of common stock. In August 2024, the Company entered into separate, privately negotiated repurchase agreements with a limited number of holders of the 2026 convertible notes to repurchase $ 84.0 million aggregate principal amount of the 2026 convertible notes, which were settled through the issuance of 10,591,795 shares of common stock. Following these repurchases, $ 428.0 million aggregate principal amount of the 2026 convertible notes remain outstanding. These transactions were determined to be an extinguishment of debt. The difference between the consideration used to repurchase the convertible notes and the carrying value of the convertible notes, less retirement of discount and issuance costs, resulted in a gain on extinguishment of $ 62.5 million and $ 14.6 million recorded within noninterest income—other in the consolidated statements of operations and comprehensive income (loss) for the years ended December 31, 2024 and 2023, respectively. We used a portion of the net proceeds from the October 2021 offering to fund the cost of entering into the 2026 capped call transactions. In connection with the March 2024 repurchase agreements, the Company entered into unwind agreements to terminate a portion of the 2026 capped call transactions. Refer to Note 13. Equity for additional detail. As of December 31, 2025, the 2026 convertible notes are potentially convertible into 19,096,202 shares of common stock. 194 SoFi Technologies, Inc. TABLE OF CONTENTS SoFi Technologies, Inc. Notes to Consolidated Financial Statements  (continued) (In Thousands, Unless Otherwise Stated and Except for Share and Per Share Data) Conversion The convertible notes are convertible by the noteholders prior to the close of business on the business day immediately preceding April 15, 2026 if certain conditions related to the notes trading price or Company’s share price are met, there are certain corporate events or distributions of the Company’s stock, or the Company calls the notes for redemption, each as set forth in the indenture. On and after April 15, 2026 until the close of business on the second scheduled trading day immediately preceding the maturity date, the convertible notes are freely convertible by the noteholders. The conversion rate is 44.6150 shares of our common stock per $1,000 principal amount of convertible notes, which represents an initial conversion price of approximately $ 22.41 per share of our common stock. Settlement 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). If we elect to deliver cash or a combination of cash and shares of our common stock, then the consideration due upon conversion will be determined over an observation period consisting of 30 “VWAP Trading Days” (as defined in the indenture). The conversion rate and conversion price will be subject to customary adjustments upon the occurrence of certain events. In addition, if certain corporate events that constitute a “Make-Whole Fundamental Change” (as defined in the indenture) occur, then the conversion rate will, in certain circumstances, be increased for a specified period of time. Redemption The 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 reported sale price per share of our common stock prior to conversion. In addition, calling any note for redemption will also constitute a Make-Whole Fundamental Change with respect to that note, in which case the conversion rate applicable to the conversion of that note will be increased in certain circumstances if it is converted after it is called for redemption. Convertible Senior Notes, Due 2029 In March 2024, we issued $ 862.5 million aggregate principal amount of convertible notes, pursuant to an indenture, dated March 8, 2024, between the Company and U.S. Bank National Association, as trustee (“2029 convertible notes”). The 2029 convertible notes are unsecured, unsubordinated obligations. The 2029 convertible notes will pay interest at a rate of 1.25 %, payable semi-annually beginning in September 2024. The 2029 convertible notes will mature on March 15, 2029, unless earlier repurchased, redeemed or converted. The net proceeds from the offering were $ 845.3 million, after deducting the 2 % initial purchasers’ discount of $ 17.3 million, and before the cost of the 2029 capped call transactions, as described below, and offering expenses payable by the Company. The debt issuance costs of $ 4.6 million included third-party legal and accounting fees. The original issue discount and debt issuance costs 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 2029 convertible notes. We used a portion of the net proceeds from the March 2024 offering to fund the cost of entering into 2029 capped call transactions, as described in Note 13. Equity . The remainder of the net proceeds from the offering, together with cash on hand, were used (i) to pay expenses relating to this offering, (ii) to redeem Series 1 Preferred Stock and (iii) for general corporate purposes. Conversion The 2029 convertible notes are convertible by the noteholders prior to the close of business on the business day immediately preceding September 15, 2028 if certain conditions related to the notes trading price or Company’s share price are met, upon the occurrence of certain corporate events or distributions of the Company’s stock, or the Company calls the notes for redemption, each as set forth in the indenture. On and after September 15, 2028 until the close of business on the second scheduled trading day immediately preceding the maturity date, the 2029 convertible notes are freely convertible by the 195 SoFi Technologies, Inc. TABLE OF CONTENTS SoFi Technologies, Inc. Notes to Consolidated Financial Statements  (continued) (In Thousands, Unless Otherwise Stated and Except for Share and Per Share Data) noteholders. The conversion rate is 105.8089 shares of our common stock per $1,000 principal amount of 2029 convertible notes, which represents an initial conversion price of approximately $ 9.45 per share of our common stock. During the three months ended December 31, 2025, a conditional conversion feature of the 2029 convertible notes was met. Specifically, the last reported sale price of the Company’s common stock was more than or equal to 130 % of the conversion price for at least 20 trading days in the period of 30 consecutive trading days. As a result of this condition being met, the 2029 convertible notes are convertible, in whole or in part, at the option of the holders from January 1, 2026 to March 31, 2026. Through February 17, 2026, no holder has elected to convert their notes. Whether the 2029 convertible notes will be convertible following March 31, 2026 will depend on the continued satisfaction of this conversion condition or another conversion condition in the future. Settlement We will settle conversions 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. Consideration due upon conversion will be determined over an observation period consisting of 30 “VWAP Trading Days” (as defined in the indenture). The conversion rate and conversion price will be subject to customary adjustments upon the occurrence of certain events. In addition, if certain corporate events that constitute a “Make-Whole Fundamental Change” (as defined in the indenture) occur, then the conversion rate will, in certain circumstances, be increased for a specified period of time. Redemption 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 30 th 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. In addition, calling any note for redemption will also constitute a Make-Whole Fundamental Change with respect to that 2029 convertible note, in which case the conversion rate applicable to the conversion of that 2029 convertible note will be increased in certain circumstances if it is converted after it is called for redemption. See Note 1. Organization, Summary of Significant Accounting Policies and New Accounting Standards for our accounting policy as it relates to the convertible notes. Material Changes to Debt Arrangements On April 28, 2023, we entered into an Amended and Restated Revolving Credit Agreement (“Amended and Restated Credit Agreement”), which amended and restated the Revolving Credit Agreement (“Original Credit Agreement”), dated as of September 27, 2018, among Social Finance, Inc., the lenders party thereto, the issuing banks party thereto and Goldman Sachs Bank USA, as administrative agent. The Amended and Restated Credit Agreement amended and restated the Original Credit Agreement to, among other things, (i) increase the initial aggregate commitment to $ 645 million, (ii) extend the maturity date of the revolving credit facility to the date that is five years after the closing date, (iii) change the borrower entity under the revolving credit facility to SoFi Technologies, Inc., (iv) replace LIBOR as the term benchmark rate applicable to revolving loans denominated in U.S. dollars with a benchmark rate equal to Term SOFR plus a credit spread adjustment of 0.10 %, and (v) effect certain other changes. 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, 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. Within each of our debt facilities, we must comply with certain operating and financial covenants. These financial covenants include, but are not limited to, maintaining: (i) a certain minimum tangible net worth, (ii) minimum unrestricted cash and cash equivalents, (iii) a maximum leverage ratio of total debt to tangible net worth, and (iv) minimum risk-based capital and leverage ratios. Our debt covenants can lead to restricted cash classifications in our consolidated balance sheets. Our 196 SoFi Technologies, Inc. TABLE OF CONTENTS SoFi Technologies, Inc. Notes to Consolidated Financial Statements  (continued) (In Thousands, Unless Otherwise Stated and Except for Share and Per Share Data) subsidiaries are restricted in the amount that can be distributed to the parent company only to the extent that such distributions would cause the financial covenants to not be met. We were in compliance with all financial covenants. We act as a guarantor for our wholly-owned subsidiaries in several arrangements in the case of default. As of December 31, 2025, we have not identified any risks of nonpayment by our wholly-owned subsidiaries. Maturities of Borrowings Future maturities of our outstanding debt with scheduled payments, which included our revolving credit facility and convertible notes, were as follows: December 31, 2025 2026 $ 428,022 2027 — 2028 486,000 2029 862,500 2030 — Thereafter — Total $ 1,776,522 Note 13. Equity Temporary Equity Pursuant to SoFi Technologies’ Certificate of Incorporation dated May 28, 2021, the Company is authorized to issue 100,000,000 shares of preferred stock having a par value of $ 0.0001 per share (“SoFi Technologies Preferred Stock”) and 100,000,000 shares of redeemable preferred stock having a par value of $ 0.0000025 per share (“SoFi Technologies Redeemable Preferred Stock”). The Company’s Board of Directors has the authority to issue SoFi Technologies Preferred Stock and SoFi Technologies Redeemable Preferred Stock and to determine the rights, preferences, privileges and restrictions, including voting rights, of those shares. The authorized shares of SoFi Technologies Redeemable Preferred Stock is inclusive of 4,500,000 shares of Series 1 redeemable preferred stock (“Series 1 Redeemable Preferred Stock”), which reflect the conversion on a one -for-one basis of shares of Social Finance Series 1 preferred stock in conjunction with the Business Combination. Shares of SoFi Technologies Series 1 Redeemable Preferred Stock that are redeemed, purchased or otherwise acquired by the Company will be canceled and may not be reissued by the Company. 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, 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 . 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 On June 1, 2021, the Company’s common stock began trading on the Nasdaq Global Select Market under the ticker symbol “SOFI”. Pursuant to SoFi Technologies’ Certificate of Incorporation, the Company is authorized to issue 3,000,000,000 shares of common stock, with a par value of $ 0.0001 per share, and 100,000,000 shares of non-voting common stock, with a 197 SoFi Technologies, Inc. TABLE OF CONTENTS SoFi Technologies, Inc. Notes to Consolidated Financial Statements  (continued) (In Thousands, Unless Otherwise Stated and Except for Share and Per Share Data) par value of $ 0.0001 per share. 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. See Note 23. Subsequent Events for additional information. The Company reserved the following common stock for future issuance: December 31, 2025 2024 Outstanding stock options, restricted stock units and performance stock units 69,314,034 89,282,474 Possible future issuance under stock plans 124,357,791 81,764,571 Conversion of convertible notes (1) 19,096,202 19,096,202 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 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. See Note 12. Debt for additional information. Dividends 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. Regulatory Capital . There were no dividends declared or paid to common stockholders during the years ended December 31, 2025, 2024 and 2023. Voting Rights Each holder of common stock has the right to one vote per share of common stock and is entitled to notice of any stockholder meeting. Non-voting common stock does not have any voting rights or other powers. Capped Call Transactions Capped Call Transactions, Due 2026 During 2021, we entered into privately negotiated capped call transactions (“2026 capped call transactions”) for a total cost of $ 113.8 million. In connection with the March 2024 repurchase agreements of a portion of 2026 convertible notes, the Company entered into unwind agreements to terminate a portion of the 2026 capped call transactions up to the notional amount corresponding to the amount of 2026 convertible notes exchanged of $ 600.0 million. The 2026 capped call transactions initially cover, subject to customary anti-dilution adjustments, the number of shares of our common stock that initially underlie the 2026 convertible notes. The 2026 capped call transactions are expected generally to reduce the potential dilutive effect on the common stock upon any conversion of 2026 convertible notes and/or offset any potential cash payments we are required to make in excess of the principal amount of converted 2026 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 2026 capped call transactions. The 2026 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 $ 22.41 per share, and are subject to a cap of $ 32.02 per share, subject to certain adjustments under the terms of the 2026 capped call transactions. 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 198 SoFi Technologies, Inc. TABLE OF CONTENTS SoFi Technologies, Inc. Notes to Consolidated Financial Statements  (continued) (In Thousands, Unless Otherwise Stated and Except for Share and Per Share Data) 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. 2029 capped call transactions are subject to automatic exercise if they are in-the-money as of certain expiration dates during 2029. Settlement is subject to acceleration pursuant to the occurrence of certain corporate events, as well as postponement no later than June 6, 2029. See Note 1. Organization, Summary of Significant Accounting Policies and New Accounting Standards for our accounting policy as it relates to our capped call transactions. Accumulated Other Comprehensive Income (Loss) AOCI primarily consists of accumulated net unrealized gains or losses associated with our investments in AFS debt securities and foreign currency translation adjustments. The following table presents the rollforward of AOCI, inclusive of the changes in the components of other comprehensive income (loss): AFS Debt Securities Foreign Currency Translation Adjustments Total Balance at January 1, 2023 $ ( 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 (1)(2) 6,410 677 7,087 Balance at December 31, 2023 $ ( 2,201 ) $ 992 $ ( 1,209 ) 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 (loss) (1)(2) ( 7,158 ) 2 ( 7,156 ) Balance at December 31, 2024 $ ( 9,359 ) $ 994 $ ( 8,365 ) Other comprehensive income (loss) before reclassifications 24,610 ( 355 ) 24,255 Amounts reclassified from AOCI into earnings ( 4,911 ) — ( 4,911 ) Net current-period other comprehensive income (loss) (1)(2) 19,699 ( 355 ) 19,344 Balance at December 31, 2025 $ 10,340 $ 639 $ 10,979 _____________________ (1) Gross realized gains and losses from sales of our investments in AFS debt securities that were reclassified from AOCI to earnings are recorded within noninterest income—other in the consolidated statements of operations and comprehensive income (loss). There were no reclassifications related to foreign currency translation adjustments during the years ended December 31, 2025, 2024 and 2023. (2) There were no material tax impacts during any of the years presented. 199 SoFi Technologies, Inc. TABLE OF CONTENTS SoFi Technologies, Inc. Notes to Consolidated Financial Statements  (continued) (In Thousands, Unless Otherwise Stated and Except for Share and Per Share Data) Note 14. Derivative Financial Instruments The following table presents the gains (losses) recognized on our derivative instruments: Year Ended December 31, 2025 2024 2023 Interest rate swaps (1) $ ( 148,192 ) $ 324,980 $ ( 8,782 ) Interest rate caps (1) — ( 3,263 ) ( 5,910 ) Home loan pipeline hedges (1) ( 16,186 ) 4,715 2,558 Derivative contracts to manage future loan sale execution risk ( 164,378 ) 326,432 ( 12,134 ) Interest rate swaps (1)(2) ( 1,164 ) 5,045 876 IRLCs (1) 8,744 ( 928 ) 1,576 Interest rate caps (1) — 3,276 5,975 Credit derivatives (1)(3) — ( 18,078 ) — Purchase price earn-out (1)(4) — — 9 Third party warrants (5) — 90 78 Total $ ( 156,798 ) $ 315,837 $ ( 3,620 ) _____________________ (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. (5) Includes amounts recorded within noninterest income—other, noninterest expense—cost of operations and noninterest expense—general and administrative in the consolidated statements of operations and comprehensive income (loss), the latter of which represents the amortization of a deferred liability recognized at the initial fair value of the third party warrants acquired, as we are also a customer of the third party. The following table presents information about derivative instruments subject to enforceable master netting arrangements: December 31, 2025 December 31, 2024 Gross Derivative Assets Gross Derivative Liabilities Gross Derivative Assets Gross Derivative Liabilities Interest rate swaps $ 61,583 $ ( 133 ) $ 288,062 $ — Home loan pipeline hedges — ( 4,547 ) 928 ( 43 ) Total, gross $ 61,583 $ ( 4,680 ) $ 288,990 $ ( 43 ) Derivative netting ( 133 ) 133 ( 43 ) 43 Total, net (1) $ 61,450 $ ( 4,547 ) $ 288,947 $ — _____________________ (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. 200 SoFi Technologies, Inc. TABLE OF CONTENTS 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 the notional amount of derivative contracts outstanding: December 31, 2025 2024 Derivative contracts to manage future loan sale execution risk: Interest rate swaps $ 19,113,953 $ 14,829,500 Home loan pipeline hedges 1,244,000 228,000 Interest rate swaps (1) 21,047 55,500 IRLCs (2) 532,172 216,707 Total $ 20,911,172 $ 15,329,707 _____________________ (1) Represents interest rate swaps utilized to manage interest rate risk associated with certain of our securitization investments. (2) Amounts correspond with home loan funding commitments subject to IRLC agreements. While the notional amounts of derivative instruments give an indication of the volume of our derivative activity, they do not necessarily represent amounts exchanged by parties and are not a direct measure of our financial exposure. See Note 1. Organization, Summary of Significant Accounting Policies and New Accounting Standards and Note 15. Fair Value Measurements for additional information on our derivative assets and liabilities. Note 15. Fair Value Measurements Recurring Fair Value Measurements The following table summarizes, by level within the fair value hierarchy, the estimated fair values of our assets and liabilities measured at fair value on a recurring basis in the consolidated balance sheets: December 31, 2025 December 31, 2024 Fair Value Fair Value Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total Assets U.S. 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 Other (1) — 833 — 833 — 780 — 780 Asset-backed bonds (2) — 113,272 — 113,272 — 66,252 — 66,252 Residual investments (2) — — 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) — 204,133 36,199,228 36,403,361 — 66,928 26,215,332 26,282,260 Servicing rights — — 378,178 378,178 — — 342,128 342,128 Third party warrants (5)(6) — — 540 540 — — 540 540 Derivative assets (5)(7)(8) — 61,583 — 61,583 — 288,990 — 288,990 IRLCs (5)(9) — — 9,971 9,971 — — 1,227 1,227 Student loan commitments (5)(9) — — 28,779 28,779 — — 6,042 6,042 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 Liabilities Debt (10) $ — $ 54,107 $ — $ 54,107 $ — $ 80,878 $ — $ 80,878 Residual interests classified as debt — — 520 520 — — 609 609 Derivative liabilities (5)(7)(8) — 4,680 — 4,680 — 43 — 43 Total liabilities $ — $ 58,787 $ 520 $ 59,307 $ — $ 80,921 $ 609 $ 81,530 _____________________ (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. See Note 6. Investment Securities for additional information. 201 SoFi Technologies, Inc. TABLE OF CONTENTS 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. See Note 7. Securitization and Variable Interest Entities for additional information. We classify asset-backed bonds as Level 2 due to the use of quoted prices for similar assets in markets that are not active, as well as certain factors specific to us. The key inputs used to value the asset-backed bonds include the discount rate and conditional prepayment rate. The fair value of our asset-backed bonds was not materially impacted by default assumptions on the underlying securitization loans, as the subordinate residual interests are expected to absorb all estimated losses based on our default assumptions for the period. We classify the residual investments as Level 3 due to the reliance on significant unobservable valuation inputs. See Note 6. 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, 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. (6) The key unobservable assumption used in the fair value measurement of the third party warrants was the price of the stock underlying the warrants. The fair value was measured as the difference between the stock price and the strike price of the warrants. As the strike price was insignificant, we concluded that the impact of time value on the fair value measure was immaterial. (7) For certain derivative instruments for which an enforceable master netting agreement exists, we elected to net derivative assets and derivative liabilities by counterparty. These instruments are presented on a gross basis herein. See Note 1. Organization, Summary of Significant Accounting Policies and New Accounting Standards and Note 14. Derivative Financial Instruments for additional information. (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 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. (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 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, 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). We did not have any transfers into or out of Level 3 during the periods presented. Fair Value at Fair Value at January 1, 2025 Impact on Earnings Purchases Sales Issuances Settlements Other Changes December 31, 2025 Assets Personal loans $ 17,532,396 $ ( 320,341 ) $ 117,982 $ ( 1,940,165 ) $ 16,461,114 $ ( 10,316,825 ) $ 6,507 $ 21,540,668 Student loans 8,597,368 315,280 2,079,655 ( 376,545 ) 5,537,934 ( 2,506,005 ) 9,891 13,657,578 Home loans 85,568 66,859 — ( 266,469 ) 1,143,666 ( 28,642 ) — 1,000,982 Loans at fair value (1) 26,215,332 61,798 2,197,637 ( 2,583,179 ) 23,142,714 ( 12,851,472 ) 16,398 36,199,228 Servicing rights (2) 342,128 ( 23,628 ) 11,933 ( 20,330 ) 233,324 ( 165,249 ) — 378,178 Residual investments (3) 25,394 1,677 13,019 ( 624 ) — ( 8,111 ) — 31,355 IRLCs (4) 1,227 39,414 — — — ( 30,670 ) — 9,971 Student loan commitments (4) 6,042 42,352 — — — ( 19,615 ) — 28,779 Third party warrants (5) 540 — — — — — — 540 Liabilities Residual interests classified as debt (3) ( 609 ) ( 70 ) — — — 159 — ( 520 ) Net impact on earnings $ 121,543 202 SoFi Technologies, Inc. TABLE OF CONTENTS SoFi Technologies, Inc. Notes to Consolidated Financial Statements  (continued) (In Thousands, Unless Otherwise Stated and Except for Share and Per Share Data) Fair Value at Fair Value at January 1, 2024 Impact on Earnings Purchases Sales Issuances Settlements Other Changes December 31, 2024 Assets Personal loans $ 15,330,573 $ ( 554,796 ) $ 168,114 $ ( 4,483,253 ) $ 15,499,773 $ ( 8,415,255 ) $ ( 12,760 ) $ 17,532,396 Student loans 6,725,484 48,209 2,053 ( 294,187 ) 3,780,752 ( 1,672,333 ) 7,390 8,597,368 Home loans — 2,090 — — 83,610 ( 210 ) 78 85,568 Loans at fair value (1) 22,056,057 ( 504,497 ) 170,167 ( 4,777,440 ) 19,364,135 ( 10,087,798 ) ( 5,292 ) 26,215,332 Servicing rights (2) 180,469 6,280 6,316 ( 867 ) 281,006 ( 131,076 ) — 342,128 Residual investments (3) 35,920 1,390 2,668 — — ( 14,584 ) — 25,394 IRLCs (4) 2,155 8,766 — — — ( 9,694 ) — 1,227 Student loan commitments (4) 5,465 16,459 — — — ( 15,882 ) — 6,042 Third party warrants (5) 630 ( 90 ) — — — — — 540 Liabilities Residual interests classified as debt (3) ( 7,396 ) ( 108 ) — — — 6,895 — ( 609 ) Net impact on earnings $ ( 471,800 ) _____________________ (1) For loans at fair value, purchases reflect unpaid principal balance and relate to previously transferred loans. 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. The remaining purchases during the periods presented related to standard representations and warranties pursuant to our various loan sale agreements. Issuances represent the principal balance of loans originated during the period. Settlements represent principal payments made on loans during the period. Other changes represent fair value adjustments that impact the balance sheet primarily associated with whole loan strategic repurchases, clean up calls and consolidated securitizations. 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, 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. 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, 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). Loans at Fair Value Gains and losses recognized in earnings include changes in accumulated interest and fair value adjustments on loans originated during the period and on loans held at the balance sheet date, as well as loan charge-offs. Changes in fair value are primarily impacted by valuation assumption changes as well as sales price execution. The estimated amount of gains (losses) included in earnings attributable to changes in instrument-specific credit risk was $ 106.1 million, $ 73.3 million and $( 26.6 ) million during the years ended December 31, 2025, 2024 and 2023, respectively. 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 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. Level 3 fair value measurements include unobservable inputs for assets or liabilities for which there is little 203 SoFi Technologies, Inc. TABLE OF CONTENTS SoFi Technologies, Inc. Notes to Consolidated Financial Statements  (continued) (In Thousands, Unless Otherwise Stated and Except for Share and Per Share Data) 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. Valuation techniques include the use of option pricing models, discounted cash flow models, or similar techniques, which incorporate management’s own estimates of assumptions that market participants would use in pricing the asset or liability. Loans The following key unobservable assumptions were used in the fair value measurement of our loans: December 31, 2025 December 31, 2024 Range Weighted Average Range Weighted Average Personal loans Conditional prepayment rate 18.3 % – 30.7 % 26.9 % 20.9 % – 32.2 % 26.0 % Annual default rate 3.7 % – 37.9 % 4.5 % 4.4 % – 51.2 % 4.5 % Discount rate 4.4 % – 6.6 % 4.5 % 5.3 % – 7.4 % 5.3 % Student loans Conditional prepayment rate 9.6 % – 12.9 % 11.2 % 8.6 % – 11.9 % 11.0 % Annual default rate 0.4 % – 6.4 % 0.7 % 0.4 % – 7.1 % 0.7 % Discount rate 3.7 % – 8.2 % 3.9 % 4.2 % – 8.2 % 4.4 % Home loans Conditional prepayment rate 6.2 % – 20.7 % 13.6 % 6.7 % – 23.6 % 14.8 % Annual default rate 0.1 % – 7.4 % 0.6 % 0.1 % – 3.5 % 0.6 % Discount rate 4.9 % – 8.5 % 5.9 % 5.0 % – 9.2 % 7.5 % The key assumptions are defined as follows: • Conditional prepayment rate  — The monthly annualized proportion of the principal of a pool of loans that is assumed to be paid off prematurely in each period. An increase in the conditional prepayment rate, in isolation, would result in a decrease in a fair value measurement. The weighted average assumption was weighted based on relative fair value. • Annual default rate  — The annualized rate of borrowers who do not make loan payments on time. An increase in the annual default rate, in isolation, would result in a decrease in a fair value measurement. The weighted average assumption was weighted based on relative fair value. • Discount rate  — The weighted average rate at which the expected cash flows are discounted to arrive at the net present value of the loans. The discount rate is primarily determined based on an underlying benchmark rate, curve and spread(s), the latter of which is determined based on factors including, but not limited to, weighted average coupon rate, prepayment rate, default rate and resulting expected duration of the assets. An increase in the discount rate, in isolation, would result in a decrease in a fair value measurement. The weighted average assumption was weighted based on relative fair value. See Note 4. Loans for additional loan fair value disclosures. Servicing Rights Servicing rights for personal loans and student loans do not trade in an active market with readily observable prices. Similarly, home loan servicing rights infrequently trade in an active market. At the time of the underlying loan sale or the assumption of servicing rights, the fair value of servicing rights is determined using a discounted cash flow methodology based on observable and unobservable inputs. Management classifies servicing rights as Level 3 due to the use of significant unobservable inputs in the fair value measurement. 204 SoFi Technologies, Inc. TABLE OF CONTENTS 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: December 31, 2025 December 31, 2024 Range Weighted Average Range Weighted Average Personal loans Market servicing costs 0.1 % – 1.1 % 0.3 % 0.1 % –  1.6 % 0.2 % Conditional prepayment rate 15.0 % – 39.4 % 24.3 % 7.5 % –  36.7 % 25.4 % Annual default rate 1.0 % – 18.0 % 5.0 % 3.0 % –  18.0 % 4.5 % Discount rate 8.5 % –  19.0 % 10.1 % 8.5 % –  18.5 % 9.4 % Student loans Market servicing costs 0.1 % – 0.3 % 0.2 % 0.1 % –  0.3 % 0.1 % Conditional prepayment rate 6.4 % – 15.1 % 12.5 % 7.6 % –  18.1 % 11.9 % Annual default rate 0.3 % – 3.7 % 0.9 % 0.3 % –  3.7 % 0.8 % Discount rate 8.5 % – 8.5 % 8.5 % 8.5 % –  8.5 % 8.5 % Home loans Market servicing costs 0.1 % –  0.2 % 0.1 % 0.1 % – 0.2 % 0.1 % Conditional prepayment rate 4.7 % – 21.5 % 8.7 % 5.0 % –  25.0 % 6.9 % Annual default rate 0.0 % – 0.1 % 0.0 % 0.0 % –  0.1 % 0.1 % Discount rate 9.3 % – 10.0 % 9.3 % 9.3 % –  10.0 % 9.3 % The key assumptions are defined as follows: • Market servicing costs  — The fee a willing market participant, which we validate through actual third-party bids for our servicing, would require for the servicing of personal loans, student loans and home loans with similar characteristics as those in our serviced portfolio. An increase in the market servicing cost, in isolation, would result in a decrease in a fair value measurement. The weighted average assumption was weighted based on relative fair value. • Conditional prepayment rate  — The monthly annualized proportion of the principal of a pool of loans that is assumed to be paid off prematurely in each period. An increase in the conditional prepayment rate, in isolation, would result in a decrease in a fair value measurement. The weighted average assumption was weighted based on relative fair value. • Annual default rate  — The annualized rate of default within the total serviced loan balance. An increase in the annual default rate, in isolation, would result in a decrease in a fair value measurement. The weighted average assumption was weighted based on relative fair value. • Discount rate  — The weighted average rate at which the expected cash flows are discounted to arrive at the net present value of the servicing rights. An increase in the discount rate, in isolation, would result in a decrease in a fair value measurement. The weighted average assumption was weighted based on relative fair value. 205 SoFi Technologies, Inc. TABLE OF CONTENTS 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 the estimated decrease to the fair value of our servicing rights if the key assumptions had each of the below adverse changes: December 31, 2025 2024 Market servicing costs 2.5 basis points increase $ ( 8,825 ) $ ( 6,485 ) 5.0 basis points increase ( 17,675 ) ( 13,014 ) Conditional prepayment rate 10% increase $ ( 11,650 ) $ ( 8,344 ) 20% increase ( 22,653 ) ( 16,255 ) Annual default rate 10% increase $ ( 1,015 ) $ ( 662 ) 20% increase ( 2,020 ) ( 1,319 ) Discount rate 100 basis points increase $ ( 6,646 ) $ ( 6,370 ) 200 basis points increase ( 12,925 ) ( 12,344 ) The sensitivity calculations above are hypothetical and should not be considered to be predictive of future performance. The effect on fair value of a variation in assumptions generally cannot be determined because the relationship of the change in assumptions to the fair value may not be linear. Additionally, the effect of an adverse variation in a particular assumption on the fair value of our servicing rights is calculated while holding the other assumptions constant. In reality, changes in one factor may lead to changes in other factors, which could impact the above hypothetical effects. Residual Investments and Residual Interests Classified as Debt Residual investments and residual interests classified as debt do not trade in active markets with readily observable prices, and there is limited observable market data for reference. The fair values of residual investments and residual interests classified as debt are determined using a discounted cash flow methodology. Management classifies residual investments and residual interests classified as debt as Level 3 due to the use of significant unobservable inputs in the fair value measurements. The following key unobservable inputs were used in the fair value measurements of our residual investments and residual interests classified as debt: December 31, 2025 December 31, 2024 Range Weighted Average Range Weighted Average Residual investments Conditional prepayment rate 11.9 % – 36.5 % 21.2 % 11.0 % – 32.7 % 16.0 % Annual default rate 0.7 % – 8.6 % 3.5 % 0.5 % –  7.8 % 1.8 % Discount rate 5.1 % – 30.0 % 11.9 % 5.5 % –  30.0 % 8.6 % Residual interests classified as debt Conditional prepayment rate 12.0 % – 12.0 % 12.0 % 11.9 % –  11.9 % 11.9 % Annual default rate 1.1 % – 1.1 % 1.1 % 1.0 % –  1.0 % 1.0 % Discount rate 9.5 % – 9.5 % 9.5 % 10.3 % –  10.3 % 10.3 % The key assumptions are defined as follows: • Conditional prepayment rate  — The monthly annualized proportion of the principal of a pool of loans that is assumed to be paid off prematurely in each period for the pool of loans in the securitization. An increase in the conditional prepayment rate, in isolation, would result in a decrease in a fair value measurement. The weighted average assumption was weighted based on relative fair value. 206 SoFi Technologies, Inc. TABLE OF CONTENTS SoFi Technologies, Inc. Notes to Consolidated Financial Statements  (continued) (In Thousands, Unless Otherwise Stated and Except for Share and Per Share Data) • Annual default rate  — The annualized rate of borrowers who fail to remain current on their loans for the pool of loans in the securitization. An increase in the annual default rate, in isolation, would result in a decrease in a fair value measurement. The weighted average assumption was weighted based on relative fair value. • Discount rate  — The weighted average rate at which the expected cash flows are discounted to arrive at the net present value of the residual investments and residual interests classified as debt. An increase in the discount rate, in isolation, would result in a decrease in a fair value measurement. The weighted average assumption was weighted based on relative fair value. Loan Commitments 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 variety of factors. The following key unobservable inputs were used in the fair value measurements of our IRLCs and student loan commitments: December 31, 2025 December 31, 2024 Range Weighted Average Range Weighted Average IRLCs Loan funding probability (1) 58.6 % – 75.6 % 69.7 % 58.1 % – 79.7 % 71.8 % Student loan commitments Loan funding probability (1) 89.0 % – 99.0 % 94.5 % 95.0 % - 95.0 % 95.0 % _____________________ (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. See Note 14. Derivative Financial Instruments for the aggregate notional amount associated with IRLCs. The key assumption is defined as follows: • Loan funding probability  — Our expectation of the percentage of IRLCs or student loan commitments which will become funded loans. A significant difference between the actual funded rate and the assumed funded rate at the measurement date could result in a significantly higher or lower fair value measurement of our IRLCs and student loan commitments. An increase in the loan funding probabilities, in isolation, would result in an increase in a fair value measurement. The weighted average assumptions were weighted based on relative fair values. 207 SoFi Technologies, Inc. TABLE OF CONTENTS SoFi Technologies, Inc. Notes to Consolidated Financial Statements  (continued) (In Thousands, Unless Otherwise Stated and Except for Share and Per Share Data) Financial Instruments Not Measured at Fair Value The following table summarizes the carrying values and estimated fair values, by level within the fair value hierarchy, of our assets and liabilities that are not measured at fair value on a recurring basis in the consolidated balance sheets: Fair Value Carrying Value Level 1 Level 2 Level 3 Total December 31, 2025 Assets Cash and cash equivalents (1) $ 4,929,452 $ 4,929,452 $ — $ — $ 4,929,452 Restricted cash and restricted cash equivalents (1) 427,321 427,321 — — 427,321 Loans (2) 1,633,702 — — 1,670,391 1,670,391 Other investments (3) 146,204 — 146,204 — 146,204 Total assets $ 7,136,679 $ 5,356,773 $ 146,204 $ 1,670,391 $ 7,173,368 Liabilities Deposits (4) $ 37,505,395 $ — $ 37,506,689 $ — $ 37,506,689 Debt (5) 1,761,055 2,997,347 486,000 — 3,483,347 Total liabilities $ 39,266,450 $ 2,997,347 $ 37,992,689 $ — $ 40,990,036 December 31, 2024 Assets Cash and cash equivalents (1) $ 2,538,293 $ 2,538,293 $ — $ — $ 2,538,293 Restricted cash and restricted cash equivalents (1) 171,067 171,067 — — 171,067 Loans (2) 1,246,458 — — 1,274,080 1,274,080 Other investments (3) 109,417 — 109,417 — 109,417 Total assets $ 4,065,235 $ 2,709,360 $ 109,417 $ 1,274,080 $ 4,092,857 Liabilities Deposits (4) $ 25,978,204 $ — $ 25,979,896 $ — $ 25,979,896 Debt (5) 3,011,814 1,994,381 1,742,884 — 3,737,265 Total liabilities $ 28,990,018 $ 1,994,381 $ 27,722,780 $ — $ 29,717,161 _____________________ (1) The carrying amounts of our cash and cash equivalents and restricted cash and restricted cash equivalents approximate their fair values due to the short-term maturities and highly liquid nature of these accounts. (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, 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) The fair values of our deposits without contractually defined maturities (such as demand and savings deposits) and our noninterest-bearing deposits approximate their carrying values. The fair value of our time-based deposits was determined using a discounted cash flow model based on interest rates currently offered for deposits of similar remaining maturities. (5) The carrying value of our debt is net of unamortized discounts and debt issuance costs. The fair value of our convertible notes was classified as Level 1, as it was based on an observable market quote. 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 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. 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. Nonrecurring Fair Value Measurements Investments in equity securities of $ 51,083 and $ 29,500 as of December 31, 2025 and 2024, respectively, which are presented within other assets in the consolidated balance sheets, include investments for which fair values are not readily determinable, which we elect to measure using the measurement alternative method of accounting. 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 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. 208 SoFi Technologies, Inc. TABLE OF CONTENTS SoFi Technologies, Inc. Notes to Consolidated Financial Statements  (continued) (In Thousands, Unless Otherwise Stated and Except for Share and Per Share Data) Note 16. Share-Based Compensation 2011 Stock Option Plan Prior to the Business Combination, the Company’s Amended and Restated 2011 Stock Option Plan (the “2011 Plan”) allowed the Company to grant shares of common stock to employees, non-employee directors and non-employee third parties. As of December 31, 2025, outstanding awards to non-employee third parties under the 2011 Plan were not material. The Company also had shares authorized under a stock plan assumed in a 2020 business combination, which were assumed by the 2011 Plan. Upon the closing of the Business Combination, the remaining unallocated share reserve under the 2011 Plan was cancelled and no new awards may be granted under such plan. Awards outstanding under the 2011 Plan were assumed by SoFi Technologies upon the closing of the Business Combination and continue to be governed by the terms of the 2011 Plan. 2021 Stock Option and Incentive Plan In connection with the closing of the Business Combination, the Company adopted the 2021 Stock Option and Incentive Plan (the “2021 Plan”), which authorized for issuance 63,575,425 shares of common stock in connection with the Business Combination. Under the 2021 Plan, effective January 1, 2022, our Board of Directors authorized the issuance of an additional 8,937,242 shares. In the third quarter of 2022, the Company’s stockholders approved the amendment and restatement of the 2021 Stock Option and Incentive Plan (the “Amended and Restated 2021 Plan”), including a modification to the evergreen provision and an increase in the number of shares of common stock available for issuance under the plan. As of December 31, 2025, the Amended and Restated 2021 Plan includes an aggregate of 255,238,933 shares of common stock authorized for issuance of awards. The Amended and Restated 2021 Plan allows for the number of authorized shares to increase on the first day of each fiscal year beginning on January 1, 2023 and ending on and including January 1, 2030 equal to the lesser of (a) five percent of the aggregate number of shares of common stock outstanding on the final day of the immediately preceding calendar year, and (b) such smaller number of shares of common stock as determined by the Board of Directors. The Amended and Restated 2021 Plan allows for the issuance of stock options, stock appreciation rights, restricted stock, RSUs (including PSUs), dividend equivalents and other stock or cash based awards for issuance to its employees, non-employee directors and non-employee third parties. Shares associated with option exercises and RSU vesting are issued from the authorized pool. Effective January 1, 2023, we approved a plan to allow our non-employee directors to elect, on an annual basis, to defer their cash retainers into equity awards, and/or to defer their RSU grants, which vest in accordance with the grant terms (collectively referred to as DSUs). DSUs are equity awards that entitle the holder to shares of our common stock when the awards vest. Directors may choose to receive their deferred stock distributions in a lump sum or in installments over different time periods. DSUs are measured based on the fair value of our common stock on the date of grant. DSU activity is presented with RSUs in the disclosures below. 2024 Employee Stock Purchase Plan In 2024, the Company adopted the 2024 Employee Stock Purchase Plan (the “2024 ESPP”), which authorized for issuance an aggregate of 16,589,650 shares of common stock. The 2024 ESPP provides that the number of shares reserved and available for issuance will automatically increase each January 1, beginning on January 1, 2025, by the lesser of 16,589,650 shares of Common Stock, 1 % of the outstanding number of shares of Common Stock on the immediately preceding December 31, or such lesser amount as determined by the 2024 ESPP administrator. 209 SoFi Technologies, Inc. TABLE OF CONTENTS SoFi Technologies, Inc. Notes to Consolidated Financial Statements  (continued) (In Thousands, Unless Otherwise Stated and Except for Share and Per Share Data) 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, 2025 2024 2023 Technology and product development $ 96,716 $ 86,170 $ 91,400 Sales and marketing 20,769 21,743 26,783 Cost of operations 14,064 13,462 10,662 General and administrative 130,509 124,777 142,371 Total $ 262,058 $ 246,152 $ 271,216 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. Compensation and benefits expenses are presented within the following categories of expenses within noninterest expense : (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). Stock Options The terms of the stock option grants, including the exercise price per share and vesting periods, are determined by our Board of Directors . At the discretion and determination of our Board of Directors , the 2021 Amended and Restated Plan allows for stock options to be granted that may be exercised before the stock options have vested. The 2011 Plan, which continues to govern awards outstanding under that plan that were assumed by SoFi Technologies upon the closing of the Business Combination, had a similar provision. Stock options were typically granted at exercise prices equal to the fair value of our common stock at the date of grant. Our stock options typically vest at a rate of 25 % after one year from the vesting commencement date and then monthly over an additional three-year period. While the vesting schedule noted is typical, stock options have been issued under other vesting schedules. Our stock options typically expire ten years from the grant date or within 90 days of employee termination. The following is a summary of stock option activity: Number of Stock Options Weighted Average Exercise Price Weighted Average Remaining Contractual Term (in years) Outstanding as of January 1, 2025 14,810,602 $ 7.85 3.1 Exercised ( 1,051,198 ) 6.60 Expired ( 10,490 ) 5.63 Outstanding as of December 31, 2025 13,748,914 $ 7.95 2.2 Exercisable as of December 31, 2025 13,748,914 $ 7.95 2.2 The aggregate intrinsic value of stock options exercised during the years ended December 31, 2025, 2024 and 2023 was $ 16.1 million, $ 16.9 million and $ 5.6 million, respectively. As of December 31, 2025, the aggregate intrinsic value of stock options outstanding and stock options exercisable was $ 250.7 million and $ 250.7 million, respectively. As of December 31, 2025, there was no unrecognized compensation cost related to unvested stock options. Restricted Stock Units 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 since 2024, new hire RSU grants typically vest between 12.5 % to 16.7 % on 210 SoFi Technologies, Inc. TABLE OF CONTENTS SoFi Technologies, Inc. Notes to Consolidated Financial Statements  (continued) (In Thousands, Unless Otherwise Stated and Except for Share and Per Share Data) the first vesting date, which occurs approximately six months after the date of grant, and ratably each quarter of the ensuing 10 - to 14 -quarter period. For employees hired during 2023, new hire RSU grants typically vest between 12.5 % to 25 % on the first vesting date, which occurs approximately six months after the date of grant, and ratably each quarter of the ensuing 6 - to 14 -quarter period. For employees hired during 2022, new hire RSU grants typically vest 12.5 % on the first vesting date, which occurs approximately six months after the date of grant, and ratably each quarter of the ensuing 14 -quarter period. For employees hired before January 1, 2022, new hire RSU grants typically vest 25 % on the first vesting date, which occurs approximately one year after the date of grant, and ratably each quarter of the ensuing 12 -quarter period. RSUs have been issued under other vesting schedules, including grants to existing employees. RSUs are measured based on the fair value of our common stock on the date of grant. The following table summarizes RSU activity: Number of RSUs Weighted Average Grant Date Fair Value Outstanding as of January 1, 2025 60,423,369 $ 7.77 Granted 24,784,993 15.91 Vested (1) ( 33,544,210 ) 8.47 Forfeited ( 6,442,873 ) 8.73 Outstanding as of December 31, 2025 45,221,279 $ 11.57 _____________________ (1) The total fair value, based on grant date fair value, of RSUs that vested during the years ended December 31, 2025, 2024 and 2023 was $ 284.0 million, $ 290.0 million, and $ 282.6 million, respectively. The weighted average grant date fair value of RSUs issued during the years ended December 31, 2024 and 2023 was $ 7.94 and $ 6.51 , respectively. As of December 31, 2025, there was $ 478.4 million of unrecognized compensation cost related to unvested RSUs, inclusive of DSUs, which will be recognized over a weighted average period of approximately 2.2 years. Performance Stock Units PSUs are equity awards granted to employees that, upon vesting, entitle the holder to shares of our common stock. During 2021 and 2023, we granted PSUs that will vest, if at all, on a graded basis during the four-year period commencing on May 28, 2022, subject to the achievement of specified performance goals, such as the volume-weighted average closing price of our stock over a 90 -trading day period (“Target Hurdles”) and, now that we are a bank holding company, maintaining certain minimum standards applicable to bank holding companies. 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 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: Number of PSUs Weighted Average Grant Date Fair Value Outstanding as of January 1, 2025 14,048,503 $ 10.81 Granted 1,820,753 13.42 Vested ( 3,991,995 ) 15.17 Forfeited ( 1,533,420 ) 7.99 Outstanding as of December 31, 2025 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. 211 SoFi Technologies, Inc. TABLE OF CONTENTS SoFi Technologies, Inc. Notes to Consolidated Financial Statements  (continued) (In Thousands, Unless Otherwise Stated and Except for Share and Per Share Data) We determined the grant-date fair value of PSUs utilizing a Monte Carlo simulation model. The following table summarizes the inputs used for estimating the fair value of PSUs granted: Input Year Ended December 31, 2025 Year Ended December 31, 2024 Year Ended December 31, 2023 Risk-free interest rate 3.9 % 4.5 % 1.6 % Expected volatility 64.3 % 73.0 % 37.7 % Fair value of common stock $ 11.26 $ 8.02 $ 12.06 Dividend yield — % — % — % Our use of a Monte Carlo simulation model requires the use of subjective assumptions: • Risk-free interest rate — Based on the U.S. Treasury rate at the time of grant commensurate with the remaining term of the PSUs. • Expected volatility — Based on the implied volatility of our common stock from a set of comparable publicly-traded companies. • Fair value of common stock — Based on the closing stock price on the date of grant. • Dividend yield — We assumed no dividend yield because we have historically not paid out dividends to common stockholders. The weighted average grant date fair value of PSUs issued during the years ended December 31, 2024 and 2023 was $ 9.17 and $ 3.36 , respectively. As of December 31, 2025, there was $ 27.8 million of unrecognized compensation cost related to unvested PSUs, which will be recognized over a weighted average period of approximately 1.9 years. Employee Stock Purchase Plan 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 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. Employees are allowed to terminate their participation in the ESPP at any time during the purchase period prior to the purchase of shares. Compensation expense for the ESPP relates to the 15 % discount and is calculated as of the beginning of the offering period as the fair value of the employees’ purchase rights utilizing the Black-Scholes Model and compensation expense is recognized over the offering period. The first offering period was initiated in December 2024. The table below presents the fair value assumptions used for the period indicated: Input Year Ended December 31, 2025 Year Ended December 31, 2024 Risk-free interest rate 4.0 % 4.3 % Expected term (in years) 0.5 0.5 Expected volatility 60.5 % 49.6 % Fair value of common stock $ 20.51 $ 15.57 Dividend yield — % — % Our use of a Black-Scholes Model requires the use of subjective assumptions: • Risk-free interest rate — Based on the U.S. Treasury rate at the time of grant commensurate with the offering period. • Expected term — Based on the 6-month offering period and corresponding purchase period. 212 SoFi Technologies, Inc. TABLE OF CONTENTS SoFi Technologies, Inc. Notes to Consolidated Financial Statements  (continued) (In Thousands, Unless Otherwise Stated and Except for Share and Per Share Data) • Expected volatility — Based on the historical volatility at the offering date, over a historical period equal to the expected term. • Fair value of common stock — Based on the closing stock price on the date of grant (first day of offering period). • Dividend yield — We assumed no dividend yield because we have historically not paid out dividends to common stockholders. 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. Note 17. Income Taxes Income (loss) before income taxes consisted of the following: Year Ended December 31, 2025 2024 2023 Domestic $ 581,509 $ 292,326 $ ( 131,899 ) Foreign (1) ( 55,652 ) ( 58,981 ) ( 169,259 ) Income (loss) before income taxes $ 525,857 $ 233,345 $ ( 301,158 ) _________________ (1) Foreign loss before income taxes for the year ended December 31, 2023 reflects the impact of goodwill impairment losses related to the Technisys reporting unit. Income tax expense (benefit) consisted of the following: Year Ended December 31, 2025 2024 2023 Current tax expense: U.S. federal $ 5,520 $ 6,894 $ 5,842 U.S. state and local 21,502 12,552 8,640 Foreign 1,327 2,151 930 Total current tax expense 28,349 21,597 15,412 Deferred tax expense (benefit): U.S. federal 22,267 ( 127,239 ) — U.S. state and local ( 2,222 ) ( 98,556 ) ( 115 ) Foreign ( 3,857 ) ( 61,122 ) ( 15,713 ) Total deferred tax expense (benefit) 16,188 ( 286,917 ) ( 15,828 ) Income tax expense (benefit) $ 44,537 $ ( 265,320 ) $ ( 416 ) 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. The timing of this valuation allowance release was primarily due to our cumulative income combined with projections of continued profitability. Management defines cumulative income as the most recent three years of pre-tax income when adjusted for certain non-recurring, non-taxable, or non-deductible transactions. 213 SoFi Technologies, Inc. TABLE OF CONTENTS SoFi Technologies, Inc. Notes to Consolidated Financial Statements  (continued) (In Thousands, Unless Otherwise Stated and Except for Share and Per Share Data) 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 Amount Percent U.S. federal statutory tax rate $ 110,430 21.0 % State and local income taxes, net of federal income tax effect (1) 17,118 3.3 % Foreign tax effects: Statutory tax rate difference between other jurisdictions and U.S. 713 0.1 % Other factors 2,003 0.4 % Effect of cross-border tax laws 642 0.1 % Tax credits (2) ( 34,889 ) ( 6.6 ) % Nontaxable or nondeductible items: Share-based compensation ( 66,989 ) ( 12.7 ) % Non-deductible compensation expense (3) 11,515 2.2 % Other 5,938 1.1 % 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, 2024 2023 Expected income tax expense (benefit) at federal statutory rate $ 49,002 $ ( 63,243 ) Non-deductible compensation expense (1) 10,786 15,579 Share-based compensation 6,071 554 Tax credits (2) ( 20,363 ) ( 22,249 ) State and local income taxes, net of federal benefit ( 66,027 ) 6,725 Valuation allowance for deferred tax assets ( 239,787 ) 14,461 Goodwill impairment — 51,907 Other ( 5,002 ) ( 4,150 ) Income tax benefit $ ( 265,320 ) $ ( 416 ) Effective tax rate ( 113.70 ) % 0.14 % _________________ (1) Reflects the impact of applying Section 162(m), which prohibits deduction of certain excess employee compensation to certain “covered employees”. (2) Primarily relates to research and development tax credits. 214 SoFi Technologies, Inc. TABLE OF CONTENTS 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, 2025 Federal income taxes paid $ 1,000 State and local income taxes paid: Florida 4,887 Maryland 2,024 Georgia 1,973 Illinois 1,557 All other 11,864 Total state and local income taxes paid 22,305 Foreign income taxes paid: Argentina 1,612 All other 3,995 Total foreign income taxes paid 5,607 Total income taxes paid, net $ 28,912 The table below presents a reconciliation of unrecognized tax benefits: Year Ended December 31, 2025 2024 2023 Unrecognized tax benefits at beginning of year $ 36,235 $ 29,687 $ 23,730 Gross increases – tax positions in prior period 493 2,957 493 Gross decreases – tax positions in prior period ( 87 ) ( 1,257 ) ( 27 ) Gross increases – tax positions in current period 6,979 5,086 5,491 Lapse of statute of limitations — ( 238 ) — 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. Interest and penalties recorded during the years ended December 31, 2025, 2024 and 2023 were immaterial . 215 SoFi Technologies, Inc. TABLE OF CONTENTS SoFi Technologies, Inc. Notes to Consolidated Financial Statements  (continued) (In Thousands, Unless Otherwise Stated and Except for Share and Per Share Data) The table below presents the significant components of the Company’s net deferred taxes: December 31, 2025 2024 Deferred tax assets: Net operating loss carryforwards $ 123,100 $ 192,819 Tax credits 113,746 91,913 Capitalized research and software expenditures 68,692 60,496 Operating lease liabilities 20,101 18,032 Share-based compensation 15,590 14,242 Accruals and other 84,088 63,480 Gross deferred tax assets 425,317 440,982 Valuation allowance ( 38,656 ) ( 30,653 ) Total deferred tax assets $ 386,661 $ 410,329 Deferred tax liabilities: Servicing rights $ ( 95,166 ) $ ( 87,946 ) Intangible assets ( 38,589 ) ( 51,878 ) Operating lease ROU assets ( 18,262 ) ( 15,509 ) Other ( 6,734 ) ( 7,940 ) Total deferred tax liabilities ( 158,751 ) ( 163,273 ) Deferred tax assets (liabilities), net $ 227,910 $ 247,056 The table below details the activity of the deferred tax asset valuation allowance: Balance at Beginning of Period Additions Deductions Balance at End of Period Charged to Costs and Expenses Charged to Other Accounts Year Ended December 31, 2023 Deferred tax asset valuation allowance $ 318,410 $ 27,201 $ — $ — $ 345,611 Year Ended December 31, 2024 Deferred tax asset valuation allowance 345,611 4,800 — ( 319,758 ) 30,653 Year Ended December 31, 2025 Deferred tax asset valuation allowance 30,653 8,003 — — 38,656 In connection with recording deferred taxes, management assesses the likelihood that deferred tax assets are more likely than not to be realized. We evaluate our deferred tax assets quarterly to determine whether adjustments to our valuation allowance are appropriate in light of changes in facts and circumstances. Management reviews all evidence, both positive and negative, to determine whether it is more likely than not that our deferred tax assets are realizable. Examples of positive or negative evidence include cumulative income, projections of future profitability, future reversal of deferred tax liabilities, history of U.S. federal and material state tax attributes expiring unused, as well as tax planning strategies. Management defines cumulative income as the most recent three years of pre-tax income when adjusted for certain non-recurring, non-taxable, or non-deductible transactions. Generally, the weight we give to any particular factor is dependent upon the degree to which it can be objectively verified. As a result, we give greater weight to the recent cumulative income 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. 216 SoFi Technologies, Inc. TABLE OF CONTENTS SoFi Technologies, Inc. Notes to Consolidated Financial Statements  (continued) (In Thousands, Unless Otherwise Stated and Except for Share and Per Share Data) 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 $ 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. Additionally, as of December 31, 2025, the Company had federal and state research and development credit carryforwards of $ 111.4 million and $ 36.9 million, respectively. The federal research credit carryforwards will expire beginning in 2038 and the state research credits will expire beginning in 2036. The Company files a federal income tax return in the United States and also files in various state and foreign jurisdictions. The following are the major tax jurisdictions in which the Company operates and the earliest tax year subject to examination: Jurisdiction Tax year United States 2011 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. However, due to loss carryforwards, tax holidays do not result in any material cash tax benefits for any period presented. We qualify for a tax holiday in Argentina by fulfilling certain requirements of the “Regime for the Promotion of the Knowledge Economy (Law 27,506)”. The regime is in effect from January 1, 2020, through December 31, 2029. An annual application process is required for approval and to continue to qualify for the holiday. The regime reduces the statutory federal income tax rate from 35% to 28%. 217 SoFi Technologies, Inc. TABLE OF CONTENTS SoFi Technologies, Inc. Notes to Consolidated Financial Statements  (continued) (In Thousands, Unless Otherwise Stated and Except for Share and Per Share Data) Note 18. Commitments, Guarantees, Concentrations and Contingencies Commitments 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. Amounts payable in future periods are as follows: December 31, 2025 2026 $ 126,387 2027 131,452 2028 124,213 2029 106,589 2030 34,328 Thereafter 325,324 Total $ 848,293 We also have commitments to fund home loans and student loans that are only cancellable at the option of the borrower. The commitments are measured at fair value on a recurring basis. See Note 15. Fair Value Measurements for additional information. As part of our community reinvestment initiatives, we have a commitment to fund a line of credit to be used to finance housing and stimulate economic development in low- to moderate-income communities. As of December 31, 2025, we funded $ 7.5 million of loans, which are presented within loans held for investment, at amortized cost in the consolidated balance sheets, and had $ 22.5 million of the total $ 30.0 million commitment outstanding. For information on our leases, see Note 9. Property, Equipment, Software and Leases . Concentrations Financial instruments that potentially subject us to significant concentrations of credit risk consist principally of cash and cash equivalents, restricted cash and restricted cash equivalents, residual investments and loans. We hold cash and cash equivalents and restricted cash and restricted cash equivalents in accounts at regulated domestic financial institutions in amounts that may exceed FDIC insured amounts. We believe these institutions are of high credit quality. We are dependent on third-party funding sources and deposit balances to originate loans. Additionally, we sell loans to various third parties. We have historically sold loans to a limited pool of third-party buyers. No individual third-party buyer accounted for 10% or more of consolidated total net revenues for the periods presented. Within our Technology Platform segment, we have a relatively smaller number of clients compared to our lending and financial services businesses. As such, the loss of one or a few of our top clients could be significant to that portion of our business. No individual client accounted for 10% or more of consolidated total net revenues for the periods presented. The Company is exposed to default risk on borrower loans originated and financed by us. There is no single borrower or group of borrowers that comprise a significant concentration of the Company’s loan portfolio. Likewise, the Company is not overly concentrated within a group of channel partners or other customers, with the exception of our distribution of personal loan residual interests in our sponsored personal loan securitizations, which we market to third parties, and the aforementioned whole loan buyers. 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. 218 SoFi Technologies, Inc. TABLE OF CONTENTS SoFi Technologies, Inc. Notes to Consolidated Financial Statements  (continued) (In Thousands, Unless Otherwise Stated and Except for Share and Per Share Data) Contingencies Legal Proceedings In the ordinary course of business, the Company may be subject to a variety of pending legal proceedings. While we are unable to predict the ultimate outcome of these actions, we believe that any ultimate liability arising from any of these actions will not have a material adverse effect on our consolidated financial position, results of operations or cash flows. However, many of these matters are in various stages of proceedings and further developments could cause management to revise its assessment of these matters. Our assessments are based on our knowledge and historical experience, as well as the specific facts and circumstances asserted, but the ultimate outcome of any matter could require payment substantially in excess of the amount that we have accrued and/or disclosed. Regardless of the final outcome, defending lawsuits, claims, government and self-regulatory organization investigations, and proceedings in which we are involved is costly and can impose a significant burden on management and employees, and there can be no assurances that we will receive favorable final outcomes. Guarantees We have three types of repurchase obligations that we account for as financial guarantees. First, we issue financial guarantees to GSEs on loans that we sell to GSEs, which manifest as repurchase requirements if it is later discovered that loans sold to a GSE do not meet their guidelines. 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. 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. Second, we make standard representations and warranties related to other loan transfers, breaches of which would require us to repurchase the transferred loans. Finally, we have limited repurchase obligations for certain loan transfers associated with credit-related events, such as early prepayment or events of default within 90 days after origination. In the event of a repurchase, we are typically required to pay the purchase price of the loans transferred. 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, 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 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. Mortgage Banking Regulatory Mandates We are subject to certain state-imposed minimum net worth requirements for the states in which we are engaged in the business of a residential mortgage lender. Noncompliance with these requirements on an annual basis could result in potential fines or penalties imposed by the applicable state. Future events or changes in mandates may affect our ability to meet mortgage banking regulatory requirements. As of December 31, 2025 and 2024, we were in compliance with all minimum net worth requirements; therefore, we have not accrued any liabilities related to fines or penalties. 219 SoFi Technologies, Inc. TABLE OF CONTENTS SoFi Technologies, Inc. Notes to Consolidated Financial Statements  (continued) (In Thousands, Unless Otherwise Stated and Except for Share and Per Share Data) Retirement Plans We have a 401(k) plan that covers all U.S. employees meeting certain eligibility requirements. The 401(k) plan is designed to provide tax-deferred retirement benefits in accordance with the provisions of Section 401(k) of the Internal Revenue Code. Eligible employees may defer up to 100 % of eligible compensation up to the annual maximum as determined by the IRS. Our contributions to the plan are discretionary. 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. Note 19. Earnings (Loss) Per Share Series 1 Redeemable Preferred Stock has preferential cumulative dividend rights. To calculate net income (loss) attributable to common stockholders for each period presented, we adjust the numerator for basic and diluted EPS for the impact of the contractual amount of dividends payable to holders of Series 1 Redeemable Preferred Stock and the impact of redemption activity, if applicable. In May 2024, the Company redeemed all Series 1 Redeemable Preferred Stock outstanding. See Note 13. Equity for additional information. Basic EPS is computed by dividing net income (loss) attributable to common stockholders by the weighted average number of shares of common stock outstanding during the period. 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 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. 220 SoFi Technologies, Inc. TABLE OF CONTENTS SoFi Technologies, Inc. Notes to Consolidated Financial Statements  (continued) (In Thousands, Unless Otherwise Stated and Except for Share and Per Share Data) The calculations of basic and diluted earnings (loss) per share were as follows: Year Ended December 31, ($ and shares in thousands, except per share amounts) (1) 2025 2024 2023 Numerator: Net income (loss) $ 481,320 $ 498,665 $ ( 300,742 ) Less: Redeemable preferred stock dividends — ( 16,503 ) ( 40,425 ) Less: Redeemable preferred stock redemptions, net (2) — ( 3,026 ) — Net income (loss) attributable to common stockholders – basic $ 481,320 $ 479,136 $ ( 341,167 ) Plus: Dilutive effect of convertible notes, net (3) 1,380 ( 44,360 ) — Net income (loss) attributable to common stockholders – diluted (3) $ 482,700 $ 434,776 $ ( 341,167 ) Denominator: 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 7,991 2,793 — Unvested PSUs 258 — — ESPP 29 — — Weighted average common stock outstanding – diluted 1,251,767 1,101,390 945,024 Earnings (loss) per share – basic $ 0.42 $ 0.46 $ ( 0.36 ) Earnings (loss) per share – diluted (3) $ 0.39 $ 0.39 $ ( 0.36 ) ____________________ (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. The premium of $ 3,026 for the excess of the amount paid upon redemption over the carrying value of redeemable preferred stock at the time of exercise is considered to be akin to a dividend, and as such is deducted from net income (loss) to determine the net income (loss) attributable to common stockholders. See Note 13. Equity for additional information. (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. See Note 13. 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, 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, (Shares in thousands) 2025 2024 2023 Unvested RSUs (1) 1,928 14,985 64,879 Common stock options (1) — 6,658 17,897 Unvested PSUs (1) 14,090 14,049 16,240 ESPP 589 59 — Contingent common stock (2) 46 46 46 Underwritten public offering options (3) 623 — — Convertible notes — — 49,611 Common stock warrants (4) — — 12,171 ____________________ (1) Amounts reflect weighted average instruments outstanding. 221 SoFi Technologies, Inc. TABLE OF CONTENTS SoFi Technologies, Inc. Notes to Consolidated Financial Statements  (continued) (In Thousands, Unless Otherwise Stated and Except for Share and Per Share Data) (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. See Note 2. 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. See Note 13. 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. Note 20. Business Segment and Geographic Information Segment Organization and Reporting Framework We have three reportable segments: Lending, Technology Platform and Financial Services. Each of our reportable segments is a strategic business unit that serves specific needs of our members based on the products and services provided. The segments are based on the manner in which management views the financial performance of the business. The reportable segments also reflect our organizational structure. Each segment has a segment manager who reports directly to the CODM. Our CODM is the company’s chief executive officer. The CODM has ultimate authority and responsibility over resource allocation decisions and performance assessment. The operations of acquired businesses have been integrated into, or managed as part of, our existing reportable segments. Activities that are not part of a reportable segment, such as management of our corporate investment portfolio and asset/liability management by our centralized treasury function (as further discussed below), are included in our Corporate/Other segment. Contribution profit (loss) is the measure of segment profit and loss reviewed by the CODM. Contribution profit (loss) is used by the CODM to evaluate segment performance and make decisions about funding our operations and allocating resources, primarily through periodic segment performance reviews. Contribution profit (loss) is defined as total net revenue for each reportable segment less: • fair value changes in servicing rights and residual interests classified as debt that are attributable to assumption changes, which impact the contribution profit within the Lending segment. These fair value changes are non-cash in nature and are not realized in the period; therefore, they do not impact the amounts available to fund our operations; and • expenses directly attributable to the corresponding reportable segment. Directly attributable expenses are the significant expenses of each of our respective segments, and primarily include compensation and benefits, direct advertising and lead generation, and vary based on the amount of activity within each segment. Directly attributable expenses also include loan origination and servicing expenses, professional services, product fulfillment, and occupancy-related costs. Expenses are attributed to the reportable segments using either direct costs of the segment or labor costs that can be attributed based upon the allocation of employee time for individual products. • the provision for credit losses which primarily relates to the financial services segment. We apply an FTP framework to attribute net interest income to our business segments based on their usage and/or provision of funding, implemented beginning in the first quarter of 2022. The primary objective of the FTP framework is to transfer interest rate risk from the business segments by providing matched duration of funding of assets and liabilities to allocate interest income and interest expense to each segment. Therefore, the financial impact, management and reporting of interest rate risk is centralized in Corporate/Other, where it is monitored and managed. Under the FTP framework, treasury provides a funds credit for sources of funds, such as deposits, and a funds charge for the use of funds, such as loans and credit cards. The process for determining FTP credits and charges is based on a number of factors and assumptions, including prevailing market interest rates, the expected duration of interest-earning and interest-bearing assets and liabilities, contingent risks and behaviors, and our broader funding profile. As the durations of assets and liabilities are typically not perfectly matched, the residual impact of the FTP framework is reflected within Corporate/Other. We regularly assess the assumptions, methodologies and reporting classifications used for segment reporting, which may result in further refinements or changes to the framework in future periods. 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. 222 SoFi Technologies, Inc. TABLE OF CONTENTS SoFi Technologies, Inc. Notes to Consolidated Financial Statements  (continued) (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. 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. Segment Information Lending. The Lending segment includes our personal loan, student loan and home loan products and the related servicing activities. We also provide servicing in support of our Loan Platform Business on loans originated on behalf of third-party partners and servicing rights assumed from third parties. Revenues in the Lending segment are driven by changes in the fair value of our whole loans and securitization interests (inclusive of our economic hedging activities), gains or losses recognized on transfers that meet the true sale requirements, and our servicing-related activities, which mainly consist of servicing fees and the changes in our servicing assets over time. In our Lending segment, we also earn the difference between interest income earned on our loans and interest expense as determined using the FTP framework. Technology Platform . The Technology Platform segment includes: (i) technology products and solutions revenue, which is primarily related to our integrated technology platform as a service through Galileo, which provides 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, (ii) beginning in March 2022, revenue earned by Technisys, which expanded our segment to include a cloud-native digital and core banking platform offering and which results in the sale of software licenses and associated services, including implementation and maintenance, and (iii) beginning in the third quarter of 2023, interest income earned on segment cash balances, for which prior period amounts were determined to be immaterial. Our CODM considers contribution profit in evaluating the performance of our Technology Platform segment and making resource allocation decisions. See Note 2. Business Combinations for additional information on the Technisys Merger. Financial Services. 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 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. We earn revenue on loans originated on behalf of third-party partners through our Loan Platform Business, for which we receive a specified fee upon sale which includes a fixed price per loan sold. We also earn referral fees in connection with referral activity 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 who separately contracts with a loan originator. Certain products, such as our complementary product SoFi Relay, do not provide direct sources of revenue. Under the FTP framework, the Financial Services segment earns interest income that is reflective of an FTP credit for deposits provided to the overall business, as well as incurs interest expense that is reflective of an FTP charge related to the use of funding for SoFi Credit Card. Corporate/Other. Corporate/Other includes net revenues associated with corporate functions that are not directly related to a reportable segment. 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, 223 SoFi Technologies, Inc. TABLE OF CONTENTS SoFi Technologies, Inc. Notes to Consolidated Financial Statements  (continued) (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. Directly attributable expenses are the significant expenses of each of our respective segments relative to those regularly provided to our CODM. Expenses not allocated to reportable segments represent items that are not considered by our CODM in evaluating segment performance or allocating resources. Year Ended December 31, 2025 Lending Technology Platform Financial Services Reportable Segments Total (1) Corporate/Other (1) Total Net revenue Net interest income (expense) $ 1,606,032 $ 1,505 $ 777,991 $ 2,385,528 $ ( 166,572 ) $ 2,218,956 Noninterest income (expense) (2) 242,917 448,706 764,025 1,455,648 ( 61,250 ) 1,394,398 Total net revenue (loss) $ 1,848,949 $ 450,211 $ 1,542,016 $ 3,841,176 $ ( 227,822 ) $ 3,613,354 Provision for credit losses — — ( 30,329 ) ( 30,329 ) Servicing rights – change in valuation inputs or assumptions (3) ( 22,013 ) — — ( 22,013 ) Residual interests classified as debt – change in valuation inputs or assumptions (4) 70 — — 70 Directly attributable expenses (5) : Compensation and benefits ( 166,239 ) ( 187,895 ) ( 181,356 ) Direct advertising ( 327,747 ) — ( 33,323 ) Lead generation ( 184,542 ) — ( 161,896 ) Loan origination and servicing costs ( 84,215 ) — — Product fulfillment — ( 50,852 ) ( 86,411 ) Tools and subscriptions — ( 37,291 ) — Member incentives — — ( 77,488 ) Professional services ( 13,041 ) ( 14,234 ) ( 30,245 ) Intercompany technology platform expenses ( 2,078 ) — ( 46,890 ) Other ( 32,244 ) ( 15,526 ) ( 101,169 ) Directly attributable expenses ( 810,106 ) ( 305,798 ) ( 718,778 ) ( 1,834,682 ) Contribution profit $ 1,016,900 $ 144,413 $ 792,909 $ 1,954,222 224 SoFi Technologies, Inc. TABLE OF CONTENTS SoFi Technologies, Inc. Notes to Consolidated Financial Statements  (continued) (In Thousands, Unless Otherwise Stated and Except for Share and Per Share Data) Year Ended December 31, 2024 Lending Technology Platform Financial Services Reportable Segments Total (1) Corporate/Other (1) Total Net revenue Net interest income (expense) $ 1,207,226 $ 2,158 $ 573,422 $ 1,782,806 $ ( 66,325 ) $ 1,716,481 Noninterest income (2) 277,996 393,020 248,089 919,105 39,273 958,378 Total net revenue (loss) $ 1,485,222 $ 395,178 $ 821,511 $ 2,701,911 $ ( 27,052 ) $ 2,674,859 Provision for credit losses — — ( 31,659 ) ( 31,659 ) Servicing rights – change in valuation inputs or assumptions (3) ( 6,280 ) — — ( 6,280 ) Residual interests classified as debt – change in valuation inputs or assumptions (4) 108 — — 108 Directly attributable expenses (5) : Compensation and benefits ( 126,394 ) ( 152,158 ) ( 137,097 ) Direct advertising ( 218,566 ) — ( 36,729 ) Lead generation ( 149,481 ) — ( 50,325 ) Loan origination and servicing costs ( 51,415 ) — — Product fulfillment — ( 58,247 ) ( 73,194 ) Tools and subscriptions — ( 28,081 ) — Member incentives — — ( 80,837 ) Professional services ( 11,957 ) ( 12,088 ) ( 22,972 ) Intercompany technology platform expenses ( 2,706 ) — ( 23,924 ) Other ( 27,988 ) ( 17,649 ) ( 57,767 ) Directly attributable expenses ( 588,507 ) ( 268,223 ) ( 482,845 ) ( 1,339,575 ) Contribution profit $ 890,543 $ 126,955 $ 307,007 $ 1,324,505 Year Ended December 31, 2023 Lending Technology Platform Financial Services Reportable Segments Total (1) Corporate/Other (1) Total Net revenue Net interest income (expense) $ 960,773 $ 1,514 $ 334,847 $ 1,297,134 $ ( 35,394 ) $ 1,261,740 Noninterest income (expense) (2) 409,848 350,826 101,668 862,342 ( 1,293 ) 861,049 Total net revenue (loss) $ 1,370,621 $ 352,340 $ 436,515 $ 2,159,476 $ ( 36,687 ) $ 2,122,789 Provision for credit losses — — ( 54,945 ) ( 54,945 ) Servicing rights – change in valuation inputs or assumptions (3) ( 34,700 ) — — ( 34,700 ) Residual interests classified as debt – change in valuation inputs or assumptions (4) 425 — — 425 Directly attributable expenses (5) : Compensation and benefits ( 119,266 ) ( 151,041 ) ( 125,143 ) Direct advertising ( 183,885 ) — ( 44,347 ) Lead generation ( 115,388 ) — ( 36,447 ) Loan origination and servicing costs ( 46,241 ) — — Product fulfillment — ( 47,731 ) ( 49,829 ) Tools and subscriptions — ( 26,384 ) — Member incentives — — ( 54,616 ) Professional services ( 9,592 ) ( 13,230 ) ( 12,719 ) Intercompany technology platform expenses ( 948 ) — ( 12,961 ) Other ( 37,753 ) ( 19,168 ) ( 45,770 ) Directly attributable expenses ( 513,073 ) ( 257,554 ) ( 381,832 ) ( 1,152,459 ) Contribution profit (loss) $ 823,273 $ 94,786 $ ( 262 ) $ 917,797 _____________________ 225 SoFi Technologies, Inc. TABLE OF CONTENTS SoFi Technologies, Inc. Notes to Consolidated Financial Statements  (continued) (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. The equal and offsetting intercompany expenses are reflected within all three segments’ directly attributable expenses, as well as within expenses not allocated to segments. The intercompany revenues and expenses are eliminated in consolidation. The revenues are eliminated within Corporate/Other and the expenses are adjusted in our reconciliation of directly attributable expenses below. (2) Refer to Note 3. Revenue for a reconciliation of revenue from contracts with customers to total noninterest income (expense). (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. 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 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. Other expenses for our Lending segment primarily include loan marketing expenses, member promotional expenses, tools and subscriptions, travel and occupancy-related costs and third-party loan fraud (net of related insurance recoveries). 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, 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. Expenses not allocated to reportable segments represent items that are not considered by our CODM in evaluating segment performance or allocating resources. Year Ended December 31, 2025 2024 2023 Reportable segments total contribution profit $ 1,954,222 $ 1,324,505 $ 917,797 Corporate/Other total net revenue (loss) ( 227,822 ) ( 27,052 ) ( 36,687 ) Intercompany expenses 85,484 36,765 22,199 Servicing rights – change in valuation inputs or assumptions 22,013 6,280 34,700 Residual interests classified as debt – change in valuation inputs or assumptions ( 70 ) ( 108 ) ( 425 ) Not allocated to segments: Share-based compensation expense ( 262,058 ) ( 246,152 ) ( 271,216 ) Employee-related costs (1) ( 365,326 ) ( 288,767 ) ( 250,326 ) Depreciation and amortization expense ( 234,151 ) ( 203,498 ) ( 201,416 ) Goodwill impairment expense — — ( 247,174 ) Other corporate and unallocated (2) ( 446,435 ) ( 368,628 ) ( 268,610 ) Income (loss) before income taxes $ 525,857 $ 233,345 $ ( 301,158 ) _____________________ (1) Includes expenses related to compensation, benefits, restructuring charges, recruiting, certain occupancy-related costs and various travel costs of executive management, certain technology groups and general and administrative functions that are not directly attributable to the reportable segments. (2) Represents corporate overhead costs that are not allocated to reportable segments, which primarily includes corporate marketing and advertising costs, tools and subscription costs, professional services costs, amortization of premiums on a credit default swap, corporate and FDIC insurance costs, foreign currency translation adjustments and transaction-related expenses. Geographic Information 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 domicile of the legal entity. No individual foreign country had material total net revenue during any of the years presented. Our 226 SoFi Technologies, Inc. TABLE OF CONTENTS SoFi Technologies, Inc. Notes to Consolidated Financial Statements  (continued) (In Thousands, Unless Otherwise Stated and Except for Share and Per Share Data) 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. Year Ended December 31, 2025 2024 2023 United States $ 3,364,662 $ 2,576,456 $ 2,028,112 All foreign countries 248,692 98,403 94,677 Total net revenue $ 3,613,354 $ 2,674,859 $ 2,122,789 December 31, 2025 2024 United States $ 49,378,384 $ 35,299,444 All foreign countries 1,282,094 951,507 Total assets $ 50,660,478 $ 36,250,951 Note 21. Regulatory Capital SoFi Technologies, a bank holding company, and SoFi Bank, a nationally chartered association, are required to comply with regulatory capital rules issued by the Federal Reserve and other U.S. banking regulators, including the OCC and FDIC. From time to time, we may contribute capital to SoFi Bank. We are required to manage our capital position to maintain sufficient capital to satisfy these regulatory rules and support our business activities, including the requirement to maintain minimum regulatory capital ratios in accordance with the Basel Committee on Banking Supervision standardized approach for U.S. banking organizations (U.S. Basel III). If the Federal Reserve finds that we are not “well-capitalized” or “well-managed”, we would be required to take remedial action, which may contain additional limitations or conditions relating to our activities. The Federal Reserve and the OCC have authority to prohibit bank holding companies and banks, respectively, from paying dividends if, in their opinion, the payment of dividends would constitute an unsafe or unsound practice. Under the National Bank Act, SoFi Bank generally may, without prior approval of the OCC, declare a dividend so long as the total amount of all dividends (common and preferred), including the proposed dividend, in the current year do not exceed net income for the current year to date plus retained net income for the prior two years. However, taking into account a wide range of factors, the OCC may object and therefore prevent SoFi Bank from paying dividends to the Company. As such, as of December 31, 2025, the Bank would not have any funds free of restrictions that are available for dividend payments. Restrictions on the ability of SoFi Bank to pay dividends to the parent company could also impact the Company’s ability to pay dividends to common stockholders. Additionally, under the Federal Reserve’s capital rules, our bank holding company’s ability to pay dividends is restricted if we do not maintain capital above the capital conservation buffer, as discussed below. Further, a policy statement of the Federal Reserve provides that, among other things, a bank holding company generally should not pay dividends on regulatory capital instruments if its net income for the past year is not sufficient to cover both the cash dividends and a rate of earnings retention that is consistent with the company’s capital needs, asset quality, and overall financial condition. Based on this Federal Reserve policy, as of December 31, 2025, the Company generally would not have any funds free of restrictions available for dividend payments on regulatory capital instruments. These requirements establish required minimum ratios for CET1 risk-based capital, Tier 1 risk-based capital, total risk-based capital and a Tier 1 leverage ratio; set risk-weighting for assets and certain other items for purposes of the risk-based capital ratios; and define what qualifies as capital for purposes of meeting the capital requirements. Additionally, regulatory capital rules include a capital conservation buffer of 2.5% that is added on top of each of the minimum risk-based capital ratios in order to avoid restrictions on capital distributions and discretionary bonuses. In addition, the Federal Reserve and the OCC have authority to require banking organizations subject to their supervision to hold additional amounts of capital in excess of the minimum risk-based capital ratios. 227 SoFi Technologies, Inc. TABLE OF CONTENTS SoFi Technologies, Inc. Notes to Consolidated Financial Statements  (continued) (In Thousands, Unless Otherwise Stated and Except for Share and Per Share Data) The risk- and leverage-based capital ratios and amounts are presented below: December 31, 2025 December 31, 2024 ($ in thousands) Amount Ratio Amount Ratio Required Minimum (1) Well-Capitalized Minimum (2) SoFi Technologies (3) CET1 risk-based capital $ 8,473,542 22.8 % $ 4,457,212 16.0 % 7.0 % n/a Tier 1 risk-based capital 8,473,542 22.8 % 4,457,212 16.0 % 8.5 % n/a Total risk-based capital 8,524,272 22.9 % 4,503,618 16.2 % 10.5 % n/a Tier 1 leverage 8,473,542 18.8 % 4,457,212 13.4 % 4.0 % n/a Risk-weighted assets 37,234,048 27,859,577 Quarterly adjusted average assets 45,007,951 33,234,724 SoFi Bank 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 ___________________ (1) Required minimums presented for risk-based capital ratios include the required capital conservation buffer. (2) The well-capitalized minimum measure is applicable at the bank level only. (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. 228 SoFi Technologies, Inc. TABLE OF CONTENTS SoFi Technologies, Inc. Notes to Consolidated Financial Statements  (continued) (In Thousands, Unless Otherwise Stated and Except for Share and Per Share Data) Note 22. Parent Company Condensed Financial Information The following parent company condensed financial statements are prepared in accordance with Regulation S-X of the SEC, which require such disclosures when the restricted net assets of consolidated subsidiaries exceed 25% of consolidated net assets. SoFi Technologies, Inc. Condensed Balance Sheets (Parent Company Only) December 31, 2025 2024 Assets Cash and cash equivalents $ 2,183,117 $ 30,760 Intercompany receivables 1,744,392 616,686 Investments in subsidiaries 7,050,468 6,520,671 Goodwill 590,539 590,539 Intangible assets 115,141 146,454 Other assets 605,305 401,015 Total assets $ 12,288,962 $ 8,306,125 Liabilities, temporary equity and permanent equity Liabilities: Accounts payable, accruals and other liabilities $ 38,412 $ 26,061 Debt 1,761,055 1,754,930 Total liabilities 1,799,467 1,780,991 Permanent equity: Common stock, $ 0.00 par value: 3,100,000,000 and 3,100,000,000 shares authorized; 1,270,568,878 and 1,095,357,781 shares issued and outstanding as of December 31, 2025 and 2024, respectively (1) 126 109 Additional paid-in capital 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 10,489,495 6,525,134 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. 229 SoFi Technologies, Inc. TABLE OF CONTENTS 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 Operations and Comprehensive Income (Loss) (Parent Company Only) Year Ended December 31, 2025 2024 2023 Interest income $ 55,646 $ 10,058 $ — Interest expense 46,477 48,788 28,258 Net interest expense 9,169 ( 38,730 ) ( 28,258 ) Noninterest income 55 62,279 14,832 Total net revenue (loss) 9,224 23,549 ( 13,426 ) Noninterest expense 51,725 50,487 169,971 Loss before income taxes ( 42,501 ) ( 26,938 ) ( 183,397 ) Income tax benefit 197,397 399,862 10,696 Income (loss) before equity in loss of subsidiaries 154,896 372,924 ( 172,701 ) Equity in loss of subsidiaries 326,424 125,741 ( 128,041 ) Net income (loss) $ 481,320 $ 498,665 $ ( 300,742 ) Other comprehensive income (loss) Unrealized gains (losses) on available-for-sale debt securities, net 19,699 ( 7,158 ) 6,410 Foreign currency translation adjustments, net ( 355 ) 2 677 Total other comprehensive income (loss) 19,344 ( 7,156 ) 7,087 Comprehensive income (loss) $ 500,664 $ 491,509 $ ( 293,655 ) 230 SoFi Technologies, Inc. TABLE OF CONTENTS 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 (Parent Company Only) Year Ended December 31, 2025 2024 2023 Operating activities Net cash used in operating activities $ ( 41,827 ) $ ( 53,292 ) $ ( 42,618 ) Investing activities Changes in investments in subsidiaries $ ( 988,156 ) $ ( 336,819 ) $ 79,185 Net cash provided by (used in) investing activities $ ( 988,156 ) $ ( 336,819 ) $ 79,185 Financing activities Proceeds from issuance of common stock $ 3,185,618 $ — $ — Payment of common stock issuance costs ( 3,278 ) — — Proceeds from other debt issuances — 845,250 — Taxes paid related to net share settlement of share-based awards ( 64,986 ) ( 22,601 ) ( 15,300 ) Payment of redeemable preferred stock dividends — ( 16,503 ) ( 20,213 ) Redemption of Series 1 preferred stock — ( 323,400 ) — Purchase of capped calls — ( 90,649 ) — Unwind of capped calls — 10,180 — Other financing activities 64,986 18,393 ( 1,054 ) Net cash provided by (used in) financing activities $ 3,182,340 $ 420,670 $ ( 36,567 ) Effect of exchange rates on cash and cash equivalents — — — Net increase in cash, cash equivalents, restricted cash and restricted cash equivalents $ 2,152,357 $ 30,559 $ — Cash, cash equivalents, restricted cash and restricted cash equivalents at beginning of period 30,760 201 201 Cash, cash equivalents, restricted cash and restricted cash equivalents at end of period $ 2,183,117 $ 30,760 $ 201 Notes to Parent Company Condensed Financial Information Note 1. Debt Convertible Senior Notes, Due 2026 In October 2021, SoFi Technologies, Inc. issued $ 1.2 billion aggregate principal amount of convertible notes due 2026 (“2026 convertible notes”). In December 2023, SoFi Technologies, Inc. repurchased $ 88.0 million aggregate principal amount of the 2026 convertible notes, which were settled through the issuance of 9,490,000 shares of common stock. In March 2024, SoFi Technologies, Inc. repurchased $ 600.0 million aggregate principal amount of the 2026 convertible notes, which were settled through the issuance of 72,621,879 shares of common stock. In August 2024, SoFi Technologies, Inc. repurchased $ 84.0 million aggregate principal amount of the 2026 convertible notes, which were settled through the issuance of 10,591,795 shares of common stock. Following these repurchases, $ 428.0 million aggregate principal amount of the 2026 convertible notes remain outstanding. Convertible Senior Notes, Due 2029 In March 2024, SoFi Technologies, Inc. issued $ 862.5 million aggregate principal amount of convertible notes due 2029 (“2029 convertible notes”). Other In April 2023, SoFi Technologies, Inc. entered into the Amended and Restated Credit Agreement, which amended and restated the Original Credit Agreement entered into by Social Finance, Inc. in September 2018 to, among other things, change the borrower entity under the revolving credit facility to SoFi Technologies, Inc. See Note 12. Debt for additional information on these debt arrangements. 231 SoFi Technologies, Inc. TABLE OF CONTENTS SoFi Technologies, Inc. Notes to Consolidated Financial Statements  (continued) (In Thousands, Unless Otherwise Stated and Except for Share and Per Share Data) Note 23. Subsequent Events See Note 13. 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. 232 SoFi Technologies, Inc. TABLE OF CONTENTS Item 9. Changes in and Disagreements With Accountants on Accounting and Financial Disclosure None.