10-K – 2026-02-17 – sofi-20251231.htm

Year Ended December 31, 2025 vs. 2024 2024 vs. 2023
($ in thousands) 2025 2024 2023 $ Change % Change $ Change % Change
In period originations, loan sale execution and fair value adjustments (1)
$ 603,719  $ 199,464  $ 689,956  $ 404,255  203  % $ (490,492) (71) %
Economic derivative hedges of loan fair values (165,542) 331,477  (11,258) (497,019) n/m 342,735  n/m
Loan origination fees
429,621  377,277  134,399  52,344  14  % 242,878  181  %
Loan write-off expense – whole loans (2)
(645,006) (627,696) (455,194) (17,310) 3  % (172,502) 38  %
Other (3)
20,152  (2,505) 51,103  22,657  n/m (53,608) n/m
Loan origination, sales, securitizations and servicing noninterest income
$ 242,944  $ 278,017  $ 409,006  $ (35,073) (13) % $ (130,989) (32) %
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(1) Includes fair value adjustments on loans originated during the period, fair value adjustments of loans and securitization bond and residual interest positions held at the balance sheet date, as well as gains (losses) on loans sold and consolidated securitization transactions during the period. Fair value adjustments are impacted by interest rates, weighted average coupon, credit spreads and loss estimates, prepayment speeds, duration and previous loan sale execution on similar loans.
(2) For the years ended December 31, 2025, 2024 and 2023, includes gross write-offs of $756.7 million, $730.1 million and $533.3 million, respectively. Total recoveries were $111.7 million, $102.4 million and $78.1 million, respectively, of which $81.3 million, $78.8 million and $53.7 million, respectively, were captured via loan sales to a third-party collection agency.
(3) Includes changes in fair value of servicing rights, gains (losses) on IRLCs and interest rate caps and the (expense) benefit associated with our estimated loan repurchase obligation. See Note 18. Commitments, Guarantees, Concentrations and Contingencies to the Notes to Consolidated Financial Statements for additional information.
2025 vs. 2024 . The decrease in loan origination, sales, securitizations and servicing income of $35.1 million, or 13%, was primarily driven by: (i) losses during the 2025 period compared to gains in the 2024 period on interest rate swap positions primarily related to student loans and personal loans ($479.4 million), and (ii) net higher loan write-offs in the 2025 period ($17.3 million), which were related to student and personal loans.

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These decreases were partially offset by: (i) higher fair value gains on student loans primarily impacted by a larger decrease in discount rate assumptions as well as increased loan origination volume ($292.4 million), (ii) higher fair value gains on home loans in the 2025 period primarily impacted by increased loan origination volume ($86.5 million), and (iii) higher origination fees ($52.3 million) primarily related to a product feature offered on personal loans, whereby a borrower may optionally elect to pay origination fees to qualify for a lower annual percentage rate, as well as home loans.
2024 vs. 2023. The decrease in loan origination, sales, securitizations and servicing income of $131.0 million, or 32%, was primarily driven by: (i) higher personal loan as well as student loan write-offs in the 2024 period, primarily driven by higher loan origination volume, longer loan holding periods and elevated charge off rates during 2024 ($170.7 million); (ii) a net decrease of $111.0 million related to the following: lower fair value gains on personal loans, which were primarily impacted by smaller decreases in discount rate assumptions during 2024 ($371.2 million); lower fair value gains on student loans, which were primarily impacted by higher discount rate assumptions ($77.7 million); and gains on student loan, personal loan and risk retention interest rate swap positions during 2024 compared to losses in 2023, primarily driven by larger increases in interest rates in the 2024 period ($337.9 million); and (iii) higher losses of $66.1 million on personal loan sales in the 2024 period, and were due to both price and volume factors, as well as delinquent loan sales in the 2024 period only.
These decreases were partially offset by higher origination fees primarily related to a new product feature offered on personal loans, whereby a borrower may optionally elect to pay origination fees to qualify for a lower annual percentage rate ($242.9 million).
Servicing
We own the master servicing on all of the servicing rights that we retain and, in each case, recognize the gross servicing rate applicable to each serviced loan. Sub-servicers are utilized for all serviced student loans and home loans, which represents a cost to SoFi, but these arrangements do not impact our calculation of the weighted average basis points earned for each loan type serviced. Further, there is no impact on servicing income due to forbearance and moratoriums on certain debt collection activities, and there are no waivers of late fees.
The table below presents information related to our loan servicing assets:

Year Ended December 31, 2025 vs. 2024 2024 vs. 2023
($ in thousands) 2025 2024 2023 $ Change % Change $ Change % Change
Servicing income recognized
Personal loans
$ 130,195  $ 90,918  $ 24,074  $ 39,277  43  % $ 66,844  278  %
Student loans 16,239  22,811  25,174  (6,572) (29) % (2,363) (9) %
Home loans 18,815  17,347  15,161  1,468  8  % 2,186  14  %
Servicing rights fair value change
Personal loans
$ 54,416  $ 153,952  $ 28,839  $ (99,536) (65) % $ 125,113  434  %
Student loans (20,113) (7,678) (4,929) (12,435) 162  % (2,749) 56  %
Home loans 1,747  15,385  6,705  (13,638) (89) % 8,680  129  %

Directly attributable expenses
2025 vs. 2024. Lending segment directly attributable expenses increased by $221.6 million, or 38%, for the year ended December 31, 2025 compared to 2024, primarily due to: (i) an increase in direct advertising primarily related to online, digital and direct mail advertising, (ii) an increase in allocated compensation and related benefits, which reflected increases in headcount in 2025 to support growth in the Lending segment, (iii) an increase in expense related to personal loan lead generation channels, and (iv) an increase in loan origination and servicing costs, which correspond with increased loan origination volume.
2024 vs. 2023. Lending segment directly attributable expenses increased by $75.4 million, or 15%, for the year ended December 31, 2024 compared to 2023, primarily due to: (i) an increase in direct advertising primarily related to online and digital advertising, (ii) an increase in personal and student loan lead generation channels, (iii) an increase in allocated compensation and related benefits, which reflected increases in average compensation in 2024, and (iv) a decrease in other expenses, primarily related to third-party loan fraud.

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Total Products
Total products in our Lending segment is a subset of our total products metric. See “ Key Business Metrics ” and Part I, Item 1. “ Our Reportable Segments ” for further discussion of this measure as it relates to our Lending segment.
In the table below, we present certain metrics and financial information related to our Lending segment:

December 31, 2025 vs. 2024 2024 vs. 2023
Metric
2025 2024 2023 Change % Change Change % Change
Total products (number, as of period end) 2,633,186  2,010,354  1,663,006  622,832  31  % 347,348  21  %
Origination volume ($ in thousands, during period)

Personal loans (1)
$ 27,495,534  $ 17,614,985  $ 13,801,065  $ 9,880,549  56  % $ 3,813,920  28  %
Student loans 5,537,934  3,780,752  2,630,040  1,757,182  46  % 1,150,712  44  %
Home loans 3,388,995  1,820,213  997,492  1,568,782  86  % 822,721  82  %
Total $ 36,422,463  $ 23,215,950  $ 17,428,597  $ 13,206,513  57  % $ 5,787,353  33  %
Loans with a balance (number, as of period end) (2)
1,744,115  1,257,965  1,009,433  486,150  39  % 248,532  25  %
Average loan balance ($, as of period end) (2)

Personal loans $ 25,810  $ 25,377  $ 24,223  $ 433  2  % $ 1,154  5  %
Student loans (3)
43,371  42,960  44,683  411  1  % (1,723) (4) %
Home loans 243,916  279,321  284,289  (35,405) (13) % (4,968) (2) %
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(1) Inclusive of origination volume related to our Loan Platform Business. For the years ended December 31, 2025 and 2024, we originated $11.0 billion and $2.1 billion, respectively, of personal loans on behalf of third parties. We did not originate any loans on behalf of third parties during 2023.
(2) Loans with a balance and average loan balance include Lending products on our balance sheet, as well as transferred loans and referred loans with which we have a continuing involvement through our servicing agreements.
(3) Includes in-school loans and student loan refinancing products. In-school loans carry a lower average balance than student loan refinancing products.
Origination Volume
We refer to the aggregate dollar amount of loans originated through our platform in a given period as origination volume. Origination volume is an indicator of the size and health of our Lending segment and an indicator (together with the relevant loan characteristics, such as interest rate and prepayment and default expectations) of revenues and profitability. We also originate and sell loans in support of our Loan Platform Business, through which we provide lending related services to third-party partners. We maintain the same lending relationship with borrowers across all loans that we originate, inclusive of those originated on behalf of a third-party partner and as such, reflect these products within our Lending segment total products. Changes in origination volume are driven by the addition of new members and existing members, the latter of which at times will either refinance into a new SoFi loan or secure an additional, concurrent loan, as well as macroeconomic factors impacting consumer spending and borrowing behavior.
Personal Loans. During the year ended December 31, 2025, total personal loan origination volume increased by 56% relative to 2024, inclusive of an $8.9 billion increase related to personal loans originated on behalf of third parties in support of our Loan Platform Business which we expanded starting in the second half of 2024. Demand from our Loan Platform Business has continued to increase as partners seek to leverage our customer acquisition and operational capabilities to originate loans at scale, as well as increased demand driven by expanded advertising and marketing efforts.
During the year ended December 31, 2024, personal loan origination volume increased by 28% relative to 2023, inclusive of a $2.1 billion increase related to personal loans originated on behalf of third parties during the second half of 2024 in support of our Loan Platform Business. Overall increases in origination volume were primarily due to increased demand driven by expanded marketing efforts and increased demand for debt consolidation products in a rising interest rate environment during 2023 that remained elevated into the third quarter of 2024.
Student Loans. During the year ended December 31, 2025, student loan origination volume increased by 46% relative to 2024, as demand for student loan refinancing products continued to increase after the resumption of principal and interest payments in 2024 on federally-held student loans as borrowers looked to refinance at a lower rate, as well as increased interest in loan term extensions given the elevated interest rate environment.

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During the year ended December 31, 2024, student loan origination volume increased by 44% relative to 2023, as demand for student loan refinancing products increased after the resumption of principal and interest payments on federally-held student loans as borrowers looked to refinance at a lower rate or, given the high interest rate environment, to extend the loan term.
Home Loans. During the year ended December 31, 2025, home loan origination volume increased by 86% relative to 2024. Our home loan origination volume increased notably throughout 2024 and into 2025, aided by the increased capacity and technology and fulfillment capabilities subsequent to our acquisition of Wyndham. During 2024, we began offering fixed rate home equity loans and variable rate HELOCs. Origination volume during 2025 reflected increased demand for home equity loans, which have allowed members to take advantage of the equity that has built up in their homes.
During the year ended December 31, 2024, home loan origination volume decreased by 82% relative to 2023. Our home loan origination volume increased notably beginning in the second quarter of 2023 and throughout 2024, aided by the increased capacity and capabilities subsequent to our acquisition of Wyndham. In addition, interest rates declined in the third quarter of 2024, which tends to raise demand for home loans overall as well as shift demand towards refinance originations from purchase originations.
Loans with a Balance and Average Loan Balance
Loans with a balance refers to the number of loans that have a balance greater than zero dollars as of the reporting date. Loans with a balance allows management and investors to better understand the unit economics of acquiring a loan in relation to the lifetime value of that loan. Average loan balance is defined as the total unpaid principal balance of the loans divided by loans with a balance within the respective loan product category as of the reporting date. Average loan balance tends to fluctuate based on the pace of loan originations relative to loan repayments and the initial loan origination size.
In the table below, we present additional information related to our lending products:

Year Ended December 31,
($ in thousands)
2025 2024 2023
Overall weighted average origination FICO 749  750  749 
Personal Loans (1)

Weighted average origination FICO 744  746  745 
Weighted average interest rate earned (2)
13.00  % 13.34  % 13.28  %
Interest income recognized
$ 2,425,576  $ 2,077,990  $ 1,600,527 
Sales of loans
$ 12,831,325  $ 6,595,822  $ 938,403 
Student Loans
Weighted average origination FICO 769  766  770 
Weighted average interest rate earned (2)
5.89  % 5.73  % 5.13  %
Interest income recognized
$ 598,886  $ 406,546  $ 281,921 
Sales of loans
$ 376,545  $ 294,187  $ 96,678 
Home Loans
Weighted average origination FICO 751  755  755 
Weighted average interest rate earned (2)
7.78  % 7.94  % 5.76  %
Interest income recognized
$ 39,996  $ 6,117  $ 4,982 
Sales of loans
$ 2,376,087  $ 1,737,100  $ 1,029,214 

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(1) Inclusive of activity related to loans originated and subsequently sold as part of our Loan Platform Business. For the years ended December 31, 2025 and 2024, included $10.9 billion and $2.1 billion, respectively, related to loans originated on behalf of third parties. We did not originate any loans on behalf of third parties during 2023.
(2) Weighted average interest rate earned represents annualized interest income recognized divided by the average of the unpaid principal balances of loans outstanding during the period, which are impacted by loan holding periods as well as interest rates charged to borrowers. Weighted average interest rate earned was determined on a daily basis.

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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. See Note 4. Loans to the Notes to Consolidated Financial Statements for additional information.
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 
Sale execution (1)(2)
106.2  % 106.0  % 105.5  %
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 
Sale execution (1)
105.9  % 104.9  % 101.5  %
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 
Sale execution (1)
102.4  % 101.6  % 100.3  %

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(1) Sale execution represents the ratio of cash proceeds and servicing assets recognized to the aggregate unpaid principal balance and accrued interest of the loans sold. Amounts included in repurchase liabilities are excluded from the calculation, as they typically would not materially differ from the fair value markdown on the loans over the repurchase period had they been held on balance sheet and entered delinquency.
(2) Excludes net origination fees, which are recognized in earnings at the time of origination. Personal loans sold during the year ended December 31, 2025, had related origination fees of $42,733. Sales execution including these origination fees would be 108.8%. Personal loans sold during the year ended December 31, 2024, had related origination fees of $60.5 million. Sales execution including these origination fees would be 108.0%. Personal loans sold during the year ended December 31, 2023, had related origination fees of $4.7 million. Sales execution including these origination fees would be 106.3%.

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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)
Sale execution (3)
14.3  % 13.9  %
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(1) For the year ended December 31, 2025, includes $359.9 million of aggregate unpaid principal balance sold, related to late-stage delinquent loans for which we retained servicing and portions of recoveries. For the year ended December 31, 2024, includes $302.9 million of aggregate unpaid principal balance sold, related to late-stage delinquent loans for which we retained servicing and portions of recoveries.
(2) For the year ended December 31, 2025, $209.2 million of unpaid principal balance was recorded in prior periods as write down in noninterest income—loan origination, sales, securitizations and servicing in the consolidated statements of operations and comprehensive income (loss). For the year ended December 31, 2024, $197.4 million of unpaid principal balance was recorded in prior periods as a write down in noninterest income—loan origination, sales, securitizations and servicing in the consolidated statements of operations and comprehensive income (loss). These loans were sold prior to charge-off during the respective periods and otherwise would have been charged off as of December 31, 2025 and 2024, respectively, consistent with our policy. In our other charged off whole loan sales, we typically do not retain servicing or recoveries.
(3) Sale execution represents the ratio of cash proceeds and servicing assets recognized to the aggregate unpaid principal balance and accrued interest of the loans sold. Amounts included in repurchase liabilities are excluded from the calculation, as they typically would not materially differ from the fair value markdown on the loans over the repurchase period had they been held on balance sheet and entered delinquency.
In addition to the previously disclosed personal, student and home loan sale activity, during the year ended December 31, 2024 we also sold secured loans at par with an aggregate unpaid principal balance and accrued interest of $555.9 million.

Technology Platform Segment
Technology Platform Segment Results of Operations
The following table presents the measure of contribution profit for the Technology Platform segment.

Year Ended December 31, 2025 vs. 2024 2024 vs. 2023
($ in thousands) 2025 2024 2023 $ Change % Change $ Change % Change
Net interest income $ 1,505  $ 2,158  $ 1,514  $ (653) (30) % $ 644  43  %
Noninterest income 448,706  393,020  350,826  55,686  14  % 42,194  12  %
Total net revenue
450,211  395,178  352,340  55,033  14  % 42,838  12  %
Directly attributable expenses:

Compensation and benefits (187,895) (152,158) (151,041) (35,737) 23  % (1,117) 1  %
Product fulfillment (50,852) (58,247) (47,731) 7,395  (13) % (10,516) 22  %
Tools and subscriptions (37,291) (28,081) (26,384) (9,210) 33  % (1,697) 6  %
Professional services (14,234) (12,088) (13,230) (2,146) 18  % 1,142  (9) %
Other (1)
(15,526) (17,649) (19,168) 2,123  (12) % 1,519  (8) %
Directly attributable expenses (1)
(305,798) (268,223) (257,554) (37,575) 14  % (10,669) 4  %
Contribution profit $ 144,413  $ 126,955  $ 94,786  $ 17,458  14  % $ 32,169  34  %
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(1) Other expenses are primarily related to travel and occupancy-related costs, advertising and marketing and accounts receivable write-offs.
Net interest income
Net interest income in our Technology Platform segment of $1.5 million and $2.2 million for the years ended December 31, 2025 and 2024, respectively, relates to interest income earned on segment cash balances, which we began recording within the Technology Platform segment in the third quarter of 2023. Prior period amounts were determined to be immaterial, and presented within Corporate/Other.

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Noninterest income
2025 vs. 2024. Noninterest income in our Technology Platform segment increased by $55.7 million, or 14%, for the year ended December 31, 2025 compared to 2024. The increase was primarily attributable to an increase in intercompany revenue of $48.7 million, primarily attributable to increased usage of technology platform services during the 2025 period by our Financial Services segment as we continue to leverage synergies to enhance our product offerings. During 2025, a large client fully transitioned off the platform.
2024 vs. 2023. Noninterest income in our Technology Platform segment increased by $42.2 million, or 12%, for the year ended December 31, 2024 compared to 2023. The increase was primarily attributable to growth in technology services fees of $26.3 million driven by increased processing and service arrangement activity among our integrated technology solutions clients as well as account growth. Noninterest income also included $36.8 million and $22.2 million of intercompany revenue for the years ended December 31, 2024 and 2023, respectively. The increase in intercompany revenue was primarily attributable to increased usage of technology platform services during the 2024 period by our Financial Services segment as we continue to leverage synergies to enhance our product offerings.
Directly attributable expenses
2025 vs. 2024. Technology Platform segment directly attributable expenses increased by $37.6 million, or 14%, for the year ended December 31, 2025 compared to 2024, primarily attributable to an increase in allocated compensation and related benefits, which reflected an increase in headcount and increases in average compensation in 2025.
2024 vs. 2023. Technology Platform segment directly attributable expenses increased by $10.7 million, or 4%, for the year ended December 31, 2024 compared to 2023, primarily attributable to an increase in product fulfillment costs, primarily related to payment processing network association fees associated with increased activity on the platform.
Total Accounts
In the table below, we present the total accounts metric related to our Technology Platform segment:

December 31, 2025 vs. 2024 2024 vs. 2023

2025 2024 2023 $ Change % Change $ Change % Change
Total accounts
128,461,873  167,713,818  145,425,391  (39,251,945) (23) % 22,288,427  15  %

See “Key Business Metrics” and Part I, Item 1. “ Our Reportable Segments ” for further discussion of this measure as it relates to our Technology Platform segment.

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Financial Services Segment
Financial Services Segment Results of Operations
The following table presents the measure of contribution profit (loss) for the Financial Services segment.

Year Ended December 31, 2025 vs. 2024 2024 vs. 2023
($ in thousands)
2025 2024 2023 $ Change % Change $ Change % Change
Net interest income $ 777,991  $ 573,422  $ 334,847  $ 204,569  36  % $ 238,575  71  %
Noninterest income 764,025  248,089  101,668  515,936  208  % 146,421  144  %
Total net revenue
1,542,016  821,511  436,515  720,505  88  % 384,996  88  %
Provision for credit losses
(30,329) (31,659) (54,945) 1,330  (4) % 23,286  (42) %
Directly attributable expenses:

Compensation and benefits (181,356) (137,097) (125,143) (44,259) 32  % (11,954) 10  %
Member incentives (77,488) (80,837) (54,616) 3,349  (4) % (26,221) 48  %
Product fulfillment (86,411) (73,194) (49,829) (13,217) 18  % (23,365) 47  %
Lead generation (161,896) (50,325) (36,447) (111,571) 222  % (13,878) 38  %
Direct advertising (33,323) (36,729) (44,347) 3,406  (9) % 7,618  (17) %
Intercompany technology platform expenses (46,890) (23,924) (12,961) (22,966) 96  % (10,963) 85  %
Professional services (30,245) (22,972) (12,719) (7,273) 32  % (10,253) 81  %
Other (1)
(101,169) (57,767) (45,770) (43,402) 75  % (11,997) 26  %
Directly attributable expenses
(718,778) (482,845) (381,832) (235,933) 49  % (101,013) 26  %
Contribution profit (loss)
$ 792,909  $ 307,007  $ (262) $ 485,902  158  % $ 307,269  n/m

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(1) Other expenses primarily include operational product losses, network servicing fees, travel and occupancy-related costs, tools and subscriptions and marketing expenses.
Net interest income
2025 vs. 2024. Net interest income in our Financial Services segment increased by $204.6 million, or 36%, for the year ended December 31, 2025 compared to 2024, which was primarily attributable to net interest income earned on our deposits which includes interest income based on our FTP framework (which is eliminated in consolidation) and interest expense to members. This net increase corresponds with the growth of our SoFi Money product and related deposits at SoFi Bank.
2024 vs. 2023. Net interest income in our Financial Services segment increased by $238.6 million, or 71%, for the year ended December 31, 2024 compared to 2023, which was primarily attributable to net interest income earned on our deposits which includes interest income based on our FTP framework (which is eliminated in consolidation) and interest expense to members. This net increase corresponds with the growth of our SoFi Money product and related deposits at SoFi Bank.

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Noninterest income
The table below presents revenue from contracts with customers disaggregated by type of service, as well as a reconciliation of total revenue from contracts with customers to total noninterest income for the Financial Services segment.

Year Ended December 31, 2025 vs. 2024 2024 vs. 2023

2025 2024 2023 $ Change % Change $ Change % Change
Referrals, loan platform business (1)
$ 79,985  $ 52,129  $ 33,602  $ 27,856  53  % $ 18,527  55  %
Referrals, other (2)
12,454  8,197  4,841  4,257  52  % 3,356  69  %
Interchange (2)
114,315  66,829  35,247  47,486  71  % 31,582  90  %
Brokerage (2)
39,666  21,494  21,127  18,172  85  % 367  2  %
Other (2)(3)
12,141  2,797  2,647  9,344  334  % 150  6  %
Total revenue from contracts with customers (4)
258,561  151,446  97,464  107,115  71  % 53,982  55  %
Loan platform business, other (1)
495,926  89,479  —  406,447  454  % 89,479  n/m
Other sources of revenue (5)
9,538  7,164  4,204  2,374  33  % 2,960  70  %
Total Financial Services noninterest income $ 764,025  $ 248,089  $ 101,668  $ 515,936  208  % $ 146,421  144  %
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(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) Includes revenues from wire fee income, enterprise services, SoFi Plus subscriptions, and equity capital markets services.
(4) See Note 3. Revenue to the Notes to Consolidated Financial Statements for additional information.
(5) Presented within noninterest income—other and noninterest income—loan origination, sales, securitizations and servicing in the consolidated statements of operations and comprehensive income (loss) .
2025 vs. 2024. Noninterest income in our Financial Services segment increased by $515.9 million, or 208%, for the year ended December 31, 2025 compared to 2024, primarily due to: (i) growth in our Loan Platform Business of $434.3 million, which includes increases in loan platform fees related to revenue from loans which we originate on behalf of third parties in order to subsequently sell as well as pre-qualified borrower referrals to third-party loan origination partners as we continue to drive volume to our partners; and (ii) an increase in interchange fees of $47.5 million, which coincided with increased credit card and debit card transactions.
2024 vs. 2023. Noninterest income in our Financial Services segment increased by $146.4 million, or 144%, for the year ended December 31, 2024 compared to 2023, primarily due to: (i) growth in our Loan Platform Business of $108.0 million, which includes increases in loan platform fees related to revenue from loans which we originate on behalf of third parties in order to subsequently sell as well as pre-qualified borrower referrals to third-party loan origination partners as we continue to drive volume to our partners; and (ii) an increase in interchange fees of $31.6 million, which coincided with increased credit card and debit card transactions.
Provision for credit losses
2025 vs. 2024. Provision for credit losses in our Financial Services segment decreased by $1.3 million, or 4%. The allowance increase of $4.3 million during 2025 primarily reflected growth in the credit card portfolio balances, partially offset by continued improvement in credit quality of the portfolio. Net charge-offs decreased primarily related to improvement in credit card delinquency rates (total credit card delinquency rate was 3.5% as of December 31, 2025, down approximately 130 bps from the comparative period) as a result of tighter underwriting standards and risk mitigation actions.
2024 vs. 2023. Provision for credit losses in our Financial Services segment decreased by $23.3 million, or 42%, primarily related to improvement in credit card delinquency rates (total credit card delinquency rate was 4.8%, down approximately 210 bps from the comparative period) as a result of tighter underwriting standards and risk mitigation actions, and improved credit quality of the portfolio, including higher borrower FICO scores.
Directly attributable expenses
2025 vs. 2024. Financial Services directly attributable expenses increased by $235.9 million, or 49%, for the year ended December 31, 2025 compared to 2024, primarily due to: (i) a net increase in direct advertising and lead generation costs

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as we continue to expand our Loan Platform Business and our SoFi Money product; (ii) an increase in allocated compensation and related benefits which reflected an increase in headcount and increases in average compensation in 2025 to support growth in the Financial Services segment; and (iii) an increase in intercompany expenses attributable to increased usage of technology platform services during the 2025 period.
2024 vs. 2023. Financial Services directly attributable expenses increased by $101.0 million, or 26%, for the year ended December 31, 2024 compared to 2023, primarily due to: (i) an increase in direct member incentives utilized to drive adoption and usage of our Financial Services products, the most significant of which was our SoFi Money product; (ii) an increase in product fulfillment costs, which included debit card fulfillment services, primarily related to our SoFi Money product; (iii) an increase in compensation and benefits expense, which reflected an increase in allocated compensation and related benefits to support growth in the Financial Services segment, in addition to increases in average compensation in 2024; and (iv) an increase in intercompany expenses attributable to increased usage of technology platform services during the 2024 period.
Total Products
In the table below, we present the total products metric related to our Financial Services segment:

December 31, 2025 vs. 2024 2024 vs. 2023
2025 2024 2023 $ Change % Change $ Change % Change
Total products
17,534,956  12,735,081  9,479,470  4,799,875  38  % 3,255,611  34  %

Total products in our Financial Services segment is a subset of our total products metric. See “Key Business Metrics” and Part I, Item 1. “ Our Reportable Segments ” for a further discussion of this measure as it relates to our Financial Services segment.

Corporate/Other Segment
Non-segment operations are classified as Corporate/Other, which includes net revenues associated with corporate functions, non-recurring gains and losses from non-securitization investment activities, interest income and realized gains and losses associated with investments in AFS debt securities, and gains or losses on extinguishment of convertible debt, all of which are not directly related to a reportable segment. Net interest expense within Corporate/Other also reflects the financial impact of our capital management activities within the treasury function, which reflects the residual impact from FTP charges and FTP credits allocated to our reportable segments under our FTP framework. The following table presents the measure of total net revenue (loss) for Corporate/Other:

Year Ended December 31, 2025 vs. 2024 2024 vs. 2023
($ in thousands)
2025 2024 2023 $ Change % Change $ Change % Change
Net interest expense $ (166,572) $ (66,325) $ (35,394) $ (100,247) 151  % $ (30,931) 87  %
Noninterest income (loss) (61,250) 39,273  (1,293) (100,523) n/m 40,566  n/m
Total net revenue (loss)
$ (227,822) $ (27,052) $ (36,687) $ (200,770) 742  % $ 9,635  (26) %

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Reconciliation of Directly Attributable Expenses
The following table reconciles directly attributable expenses allocated to our reportable segments to total noninterest expense in the consolidated statements of operations and comprehensive income (loss):

Year Ended December 31,
($ in thousands) 2025 2024 2023
Reportable segments directly attributable expenses
$ (1,834,682) $ (1,339,575) $ (1,152,459)
Intercompany expenses 85,484  36,765  22,199 
Expenses 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 expenses (2)
(446,445) (368,575) (268,610)
Total noninterest expense $ (3,057,178) $ (2,409,802) $ (2,369,002)

__________________
(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.

Consolidated Balance Sheet Analysis

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

2025 vs 2024

($ in thousands) December 31, 2025 December 31, 2024 $ Change % Change
Assets
Total cash, cash equivalents, restricted cash and restricted cash equivalents $ 5,356,773  $ 2,709,360  $ 2,647,413  98  %
Investment securities 2,575,607  1,895,689  679,918  36  %
Total loans 38,037,063  27,528,718  10,508,345  38  %
All other assets (1)
4,691,035  4,117,184  573,851  14  %
Total assets
$ 50,660,478 

$ 36,250,951 

$ 14,409,527 

40  %
___________________
(1) All other assets includes servicing rights, property, equipment and software, goodwill, intangible assets, operating lease right-of-use assets and other assets. See the consolidated balance sheets within this report.
Total assets as of December 31, 2025 were $50.7 billion, up $14.4 billion, or 40%, from December 31, 2024. The increase was primarily attributable to an increase in total loans of $10.5 billion, comprised of held for sale ($5.2 billion) driven by an increase in personal and home loan originations and an increase in our loans held for investment ($5.3 billion) which was primarily related to student loan purchases and originations. See “ Cash Flow and Liquidity Analysis” for further discussion of changes in total cash, cash equivalents, restricted cash and restricted cash equivalents during the year ended December 31, 2025.

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2025 vs 2024
($ in thousands) December 31, 2025 December 31, 2024 $ Change % Change
Liabilities and permanent equity
Liabilities:
Total deposits $ 37,505,395  $ 25,978,204  $ 11,527,191  44  %
Debt 1,815,162  3,092,692  (1,277,530) (41) %
All other liabilities (1)
850,426  654,921  195,505  30  %
Total liabilities 40,170,983  29,725,817  10,445,166  35  %
Total permanent equity 10,489,495  6,525,134  3,964,361  61  %
Total liabilities and permanent equity $ 50,660,478  $ 36,250,951  $ 14,409,527  40  %
___________________
(1) Other liabilities includes accounts payable, accruals and other liabilities, operating lease liabilities and residual interests classified as debt. See the consolidated balance sheets within this report.
Liabilities and Permanent Equity
Total liabilities as of December 31, 2025 were $40.2 billion, up $10.4 billion, or 35%, from December 31, 2024. The increase was primarily attributable to an increase in total deposits ($11.5 billion) driven by our differentiated checking and savings account offerings and competitive APY, partially offset by a decrease in total debt ($1.3 billion) as our common stock offerings in July and December 2025 allowed us to fully pay down outstanding warehouse lines .
Total permanent equity as of December 31, 2025 was $10.5 billion, up $4.0 billion, or 61%, from December 31, 2024. The increase was primarily attributable to our common stock offerings in July and December 2025 and a decrease in accumulated deficit driven by net income during the year ended December 31, 2025.
Cash Flow and Liquidity Analysis
The following table provides a summary of cash flow data:

Year Ended December 31,
($ in thousands) 2025 2024 2023
Net cash used in operating activities $ (3,742,458) $ (1,119,807) $ (7,227,139)
Net cash used in investing activities (6,719,107) (4,820,990) (1,889,864)
Net cash provided by financing activities 13,109,333  5,034,577  10,885,602 

Cash Flows from Operating Activities
For the year ended December 31, 2025, net cash used in operating activities primarily stemmed from loans held for sale originations outpacing cash proceeds from loans held for sale paydowns and sales activities, partially offset by net income and paydowns on our loans previously classified as held for sale. We had principal loan originations of $30.9 billion and principal loan purchases of $119.5 million during the period. These cash uses were partially offset by principal loan payments of $11.2 billion and principal loan sales of $15.1 billion.
For the year ended December 31, 2024, net cash used in operating activities stemmed from net income of $498.7 million, an unfavorable change in our operating assets net of operating liabilities of $1.6 billion, and a negative adjustment for non-cash items of $5.6 million. The change in operating assets net of operating liabilities was primarily a result of our loan origination and sales activities. We originated loans of $19.4 billion during the year and also purchased loans of $170 million. These cash uses were partially offset by principal payments on loans of $9.5 billion and principal proceeds from loan sales of $8.5 billion.
For the year ended December 31, 2023, net cash used in operating activities of $7.2 billion stemmed from a net loss of $300.7 million and an unfavorable change in our operating assets net of operating liabilities of $7.6 billion, partially offset by a positive adjustment for non-cash items of $706.8 million. The change in operating assets net of operating liabilities was primarily a result of our loan origination and sales activities. We originated loans of $17.4 billion during the year and also purchased loans of $198.7 million. These cash uses were partially offset by principal payments on loans of $7.2 billion and proceeds from loan sales of $2.1 billion.

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Cash Flows from Investing Activities
For the year ended December 31, 2025, net cash used in investing activities was primarily driven by growth in our loans and AFS investment portfolio, including $6.1 billion of loan originations, $2.1 billion of loan purchases and $1.7 billion of AFS investment purchases, as well as net outflows related to credit cards of $230.1 million. These outflows were partially offset by $2.2 billion of proceeds from loan repayments and recoveries, proceeds from loan sales of $392.6 million as well as $522.0 million of AFS investment sales and $549.6 million of AFS investment payments and maturities.
For the year ended December 31, 2024, net cash used in investing activities was primarily attributable to loan activities. Changes in loans held for investment was primarily a result of loan originations during the period of $7.5 billion, partially offset by principal payments on loans of $3.3 billion and proceeds from loan sales of $677.6 million. Other cash uses included net purchases of $1.2 billion related to our investments in AFS debt securities, $154.3 million for purchases of property, equipment and software, which primarily included internally-developed software and purchased software, and $37.8 million related to purchases of non-securitization investments, primarily FRB stock and FHLB stock. These uses were partially offset by proceeds of $79.8 million from our securitization investments.
For the year ended December 31, 2023, net cash used in investing activities of $1.9 billion was primarily attributable to $1.4 billion related to loan activities, primarily driven by student loans, secured loans and credit cards, net purchases of $381.0 million related to our investments in AFS debt securities, $111.4 million for purchases of property, equipment and software, which primarily included internally-developed software and purchased software, $72.3 million related to business combinations, net of cash acquired, which includes our acquisition of Wyndham and settlements of vested employee performance awards associated with the Technisys Merger, and $66.6 million related to purchases of non-securitization investments, primarily FRB stock and FHLB stock. These uses were partially offset by proceeds of $108.3 million from our securitization investments.
Cash Flows from Financing Activities
For the year ended December 31, 2025, net cash provided by financing activities was primarily attributable to net cash sources from our SoFi Bank deposits and proceeds from the common stock offerings that we completed in the third and fourth quarters of 2025. This was partially offset by our net change in debt facilities related to our warehouses and debt repayments.
For the year ended December 31, 2024, net cash provided by financing activities was primarily attributable to net cash sources from our SoFi Bank deposits and proceeds from the issuance of our 2029 convertible notes. This was partially offset by our net change in debt facilities related to our warehouses and debt repayments. Our payments of debt issuance costs were in the normal course of business and reflective of our recurring debt warehouse facility activity, which involves securing new warehouse facilities and extending existing warehouse facilities. In addition, we had an outflow of $323.4 million related to the redemption of our Series 1 preferred stock in May 2024.
For the year ended December 31, 2023, net cash provided by financing activities was primarily attributable to net cash sources from our SoFi Bank deposits. This was partially offset by debt repayments which exceeded our proceeds from debt financing activity, which were primarily related to our warehouse facilities. Our payments of debt issuance costs were in the normal course of business and reflective of our recurring debt warehouse facility activity, which involves securing new warehouse facilities and extending existing warehouse facilities.

Liquidity and Capital Resources

Liquidity
We strive to maintain access to diverse funding sources and ample liquidity to fund our operating requirements, to pursue strategic growth initiatives and to meet our legal and regulatory requirements. Our principal sources of liquidity are our cash and cash equivalents, including cash from operations, and investments in other highly liquid assets.
We maintain Treasury risk policies which outline specific requirements relating to the oversight of SoFi Technologies, Inc. (and its subsidiaries) capital planning, financial planning and forecasting, liquidity risk management, contingency funding planning, interest rate risk management, cash management and financial operations, among other activities. Oversight of these activities is the responsibility of our ALCO. The ALCO is a management committee comprised of a cross-functional leadership team that is responsible for managing our use of capital, liquidity, sources and uses of funding, and sensitivities to various market risks, by identifying key risks and exposures, monitoring them appropriately, establishing tolerances and limits,

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mitigating risks where appropriate, and facilitating timely responses to changes in the macroeconomic environment and liquidity events to work to ensure the Company has the ability to meet its obligations.
The following table summarizes our total liquidity reserves:

December 31, 2025
Amount Available Amount Borrowed / Utilized Remaining Available Capacity
Cash and cash equivalents $ 4,929,452  n/a $ 4,929,452 
Investments in AFS debt securities (1)
2,211,358  n/a 2,211,358 
Warehouse facilities (2)
7,180,000  —  7,180,000 
Revolving credit facility (3)
645,000  497,400  147,600 
FHLB advances (4)
285,535  46,700  238,835 
Other lines of credit (5)
50,000  —  50,000 
Total liquidity $ 15,301,345  $ 544,100  $ 14,757,245 
___________________
(1) Excludes investments in AFS debt securities which are pledged as collateral to the FHLB, and AFS securitization investments.
(2) Includes personal loan, student loan and risk retention warehouse facilities. For risk retention facilities, we only include capacity amounts wherein we can pledge additional asset-backed bonds and residual investments as of the date indicated. See Note 12. Debt to the Notes to Consolidated Financial Statements for additional information.
(3) As of December 31, 2025, the amount utilized under the revolving credit facility includes $11.4 million utilized to secure letters of credit. See Note 12. Debt to the Notes to Consolidated Financial Statements for additional information.
(4) As of December 31, 2025, we had $219.6 million of investments in AFS debt securities and $63.0 million of loans pledged as collateral to the FHLB to secure undrawn borrowing capacity of $285.5 million, of which $46.7 million was utilized to secure letters of credit.
(5) Borrowing capacity with a correspondent bank, which is an unsecured committed Federal funds line.
We believe our existing liquidity will be sufficient to meet our existing working capital and capital expenditure needs, as well as our planned growth for at least the next 12 months.
Sources of Funding
Our primary funding sources include SoFi Bank deposits, warehouse funding, common equity capital, convertible debt, corporate revolving credit facility, securitizations, and other financings.
We offer deposit accounts (checking and savings accounts) to our members through SoFi Bank. We also source brokered and non-brokered wholesale deposits, which include certificates of deposit. As of December 31, 2025 and 2024, time deposit balances due in less than one year totaled $1.2 billion and $814.7 million, respectively. As of December 31, 2025 and 2024, the amount of uninsured deposits totaled $1.0 billion and $544.3 million, respectively. As of December 31, 2025, approximately 97% of our total deposits were insured.
The following table presents uninsured time deposits as of December 31, 2025 by remaining time to maturity:

($ in thousands) December 31, 2025
3 months or less $ 15,979 
Over 3 months through 6 months 1,161 
Over 6 months through 12 months 9,177 
Over 12 months — 
Total uninsured time deposits $ 26,317 

On July 31, 2025, the Company completed an underwritten public offering of 82,733,817 shares of common stock, at an offering price of $20.85 per share. The Company received net proceeds of $1.7 billion after deducting underwriting discounts and offering costs. On December 8, 2025, the Company completed an underwritten public offering of 54,545,454 shares of common stock, at an offering price of $27.50 per share. The Company received net proceeds of $1.5 billion after deducting underwriting discounts and offering costs. The Company used a portion of total proceeds to reduce its higher-cost debt and give it the flexibility to pursue growth opportunities.

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Uses of Funding
Our primary uses of funds include loan originations, investments in our business, such as technology and product investments, as well as sales and marketing initiatives. In addition, our Financial Services segment has historically generated losses, and achieved contribution profit for the first time during the third quarter of 2023. Our capital expenditures have historically been less significant relative to our operating and financing cash flows, and we expect this trend to continue for the foreseeable future.
As of December 31, 2025, we had debt obligations and common stock outstanding.
Borrowings
Our borrowings primarily included our revolving credit facility and convertible notes. During the fourth quarter of 2025, the Company used a portion of the proceeds from its common stock issuances to pay down its warehouse facilities; the warehouse facilities remain open to maintain future borrowing capacity.
Refer to Note 12. Debt to the Notes to Consolidated Financial Statements for additional information on our borrowing arrangements and the capped call transactions entered into in connection with the issuance of our convertible notes.
Covenants
We have various affirmative and negative financial covenants, as well as non-financial covenants, related to our warehouse debt and revolving credit facility. Additionally, we have compliance requirements associated with our convertible notes, and certain provisions of the arrangement could change in the event of a “Make-Whole Fundamental Change”, as defined in the indenture governing such convertible notes.
The availability of funds under our warehouse facilities and revolving credit facility is subject to, among other conditions, our continued compliance with the 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. A breach of these covenants can result in an event of default under these facilities and allows the lenders to pursue certain remedies. See Note 12. Debt to the Notes to Consolidated Financial Statements for additional information. Our subsidiaries are restricted in the amount that can be distributed to SoFi only to the extent that such distributions would cause the financial covenants to not be met.
We were in compliance with all covenants as of December 31, 2025.
Capital Management
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.
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.
As of December 31, 2025, our regulatory capital ratios exceeded the thresholds required to be regarded as a well-capitalized institution, and meet all capital adequacy requirements to which we are subject. There have been no events or conditions since December 31, 2025 that management believes would change the categorization. See Note 21. Regulatory Capital to the Notes to Consolidated Financial Statements for the risk- and leverage-based capital ratios and amounts for SoFi Bank and SoFi Technologies.

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Cash Requirements from Known Contractual Obligations and Other Commitments
The following table summarizes our cash requirements from known contractual obligations and other commitments as of December 31, 2025:

Payments Due by Period
($ in thousands) Total Less than 1 Year 1 – 3 Years 3 – 5 Years More than 5 Years
Revolving credit facility (1)
$ 547,646  $ —  $ 547,646  $ —  $ — 
Convertible notes (2)
1,328,256  428,022  —  900,234  — 
Operating lease obligations 126,359  26,577  48,108  32,061  19,613 
Sponsorship, advertising, and cloud computing agreements (3)
848,293  126,387  255,665  140,917  325,324 
Total contractual obligations (4)
$ 2,850,554  $ 580,986  $ 851,419  $ 1,073,212  $ 344,937 

__________________
(1) Includes principal balance and variable interest on our revolving credit facility. The estimated interest payments assume that our borrowings under the revolving credit facility (i) remain unchanged, (ii) are held to maturity, and (iii) incur interest at the rate for standard withdrawals in effect as of December 31, 2025 through its maturity. See Note 12. Debt to the Notes to Consolidated Financial Statements for additional information on our revolving credit facility.
(2) The convertible notes will mature October 2026 and March 2029, unless earlier repurchased, redeemed or converted. Includes principal balance for the 2026 convertible notes and 2029 convertible notes, and future interest expense on our 2029 convertible notes. The estimated interest payments assume that our borrowings under the 2029 convertible notes (i) remain unchanged, (ii) are held to maturity, and (iii) incur interest at the rate in effect as of December 31, 2025 through maturity. See “ Borrowings ” for additional information on the provisions of our convertible notes.
(3) See Note 18. Commitments, Guarantees, Concentrations and Contingencies to the Notes to Consolidated Financial Statements for additional information on these financial commitments.
(4) Contractual obligations exclude residual interests classified as debt that result from transfers of assets that are accounted for as secured financings. Similarly, contractual obligations exclude securitization debt, as the maturity of the notes issued by the various trusts occurs upon either the maturity of the loan collateral or full payment of the loan collateral held in the trusts, the timing of which cannot be reasonably estimated. Additionally, our own liquidity resources are not required to make any contractual payments on these borrowings, except in limited instances associated with our guarantee arrangements. Our maturity date represents the legal maturity of the last class of maturing notes. See Note 18. Commitments, Guarantees, Concentrations and Contingencies to the Notes to Consolidated Financial Statements for further discussion of our guarantees. Finally, contractual obligations exclude the impact of uncertain tax positions, as we are not able to reasonably estimate the timing of such future cash flows. See Note 17. Income Taxes to the Notes to Consolidated Financial Statements for additional information on income taxes and unrecognized tax benefits.
Guarantees
We may require liquidity resources associated with our guarantee arrangements. As a component of our loan sale agreements, we make certain representations to third parties that purchased our previously held loans. We have a three-year obligation to GSEs on loans that we sell to GSEs, to repurchase any originated loans that do not meet certain GSE guidelines, and we are required to pay the full initial purchase price back to the GSEs. In addition, we make standard representations and warranties related to personal, student and home loan transfers, as well as limited credit-related repurchase guarantees on certain such transfers. If realized, any of the repurchases would require the use of cash. See Note 18. Commitments, Guarantees, Concentrations and Contingencies to the Notes to Consolidated Financial Statements for further information on these and other guarantee obligations. We believe we have adequate liquidity to meet these expected obligations.
Factors Affecting Liquidity
The activities of our lending business are a key factor affecting our liquidity, in particular our origination volume, the holding period of our loans, loan sale execution and the timing of loan repayments. Our ability to have adequate liquidity to fund our balance sheet is impacted by our ability to access new deposits, and retain and grow existing deposits, along with our ability to access whole loan buyers, sell our loans on favorable terms, maintain adequate warehouse capacity at favorable terms, and to strategically manage our continuing financial interest in securitization-related transfers. Our ability to attract and maintain deposits can be impacted by, among other things, general economic conditions, competition from other financial services firms, idiosyncratic events and the interest rates we offer, which can impact our liquidity from deposits. In 2023, we began to provide our members with access to expanded FDIC insurance coverage through a network of participating banks in our Insured Deposit Program. We continued to have strong deposit contribution through 2025.
There is no guarantee that we will be able to execute on our strategy as it relates to the timing and pricing of capital markets transaction.
Further, future uncertainties around the demand for our personal loans, home loans and around the student loan refinance market in general, including as a result of worsening macroeconomic conditions or market disruptions, should be

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considered when assessing our future liquidity and solvency prospects. In the future, our loan origination volume and our resulting loan balances, and any positive cash flows thereof, could also be lower based on strategic decisions to tighten our credit standards.
In addition to our ability to pledge unencumbered loans against available warehouse capacity, we have relationships with whole loan buyers who have historically demonstrated strong demand for our loans. Capital markets can also generate additional liquidity; however, we are required to maintain a minimum investment due to securitization risk retention rules.
We also had available borrowing capacity at the FHLBs and the discount window at the Federal Reserve Banks as a result of collateral pledged by us to such banks.
Our long-term liquidity strategy includes continuing to grow our deposit base, maintaining adequate warehouse capacity, maintaining access to debt capital markets and other sources of financing, as well as effectively managing the capital raised through debt and equity transactions. Although our goal is to increase our cash flow from operations, there can be no assurance that our future operating plans will lead to improved operating cash flows.
The FDIA and FDIC regulations generally limit the ability of an insured depository institution to accept, renew or roll over any brokered deposit unless the institution’s capital category is “well capitalized” or, with the FDIC’s approval, “adequately capitalized.” See Part I, Item 1. “Government Supervision and Regulation—Brokered Deposits” for additional information. As of December 31, 2025, our regulatory capital ratios exceeded the thresholds required to be regarded as a well-capitalized institution, and meet all capital adequacy requirements to which we are subject.
Other Arrangements
We enter into arrangements in which we originate loans, establish an SPE and transfer loans to the SPE, which has historically served as an important source of liquidity. We also retain the servicing rights of the underlying loans and hold additional interests in the SPE. When an SPE is determined not to be a VIE or when an SPE is determined to be a VIE but we are not the primary beneficiary, the SPE is not consolidated. In addition, a significant change to the pertinent rights of other parties or our pertinent rights, or a significant change to the ranges of possible financial performance outcomes used in our assessment of the variability of cash flows due to us, could impact the determination of whether or not a VIE is consolidated. VIE consolidation and deconsolidation may lead to increased volatility in our financial results and impact period-over-period comparability. See Note 1. Organization, Summary of Significant Accounting Policies and New Accounting Standards to the Notes to Consolidated Financial Statements for our VIE consolidation policy.
Historically, we have established personal loan trusts and student loan trusts that were created and designed to transfer credit and interest rate risk associated with the underlying loans through the issuance of collateralized notes and residual certificates. We hold a variable interest in the trusts through our ownership of collateralized notes in the form of asset-backed bonds and residual certificates. The residual certificates absorb variability and represent the equity ownership interest in the equity portion of the personal loan and student loan trusts.
We are also the servicer for all trusts in which we hold a financial interest. As servicer, 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. Further, we do not provide financial support beyond our initial equity investment, and our maximum exposure to loss as a result of our involvement with nonconsolidated VIEs is limited to that initial investment. For a more detailed discussion of nonconsolidated VIEs, including related activity during the year, see Note 7. Securitization and Variable Interest Entities to the Notes to Consolidated Financial Statements.

Critical Accounting Estimates

Our consolidated financial statements have been prepared in accordance with GAAP. In preparing our consolidated financial statements, we make judgments, estimates and assumptions that affect reported amounts of assets and liabilities, as well as revenues and expenses. We base our assumptions, judgments and estimates on historical experience and various other factors that we believe to be reasonable under the circumstances. The results involve judgments about the carrying values of assets and liabilities not readily apparent from other sources. Actual results could differ materially from these estimates under different assumptions or conditions. We regularly evaluate our estimates, assumptions and judgments, particularly those that include the most difficult, subjective or complex judgments which are often about matters that are inherently uncertain. The most significant judgments, estimates and assumptions relate to the critical accounting estimates, which are discussed in detail below. We evaluate our critical accounting policies and estimates on an ongoing basis and update them as necessary based on

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changes in market conditions or factors specific to us. See Note 1. Organization, Summary of Significant Accounting Policies and New Accounting Standards to the Notes to Consolidated Financial Statements for a summary of our significant accounting policies.
Fair Value
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 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. Our involvement with VIEs and origination of personal loans, student loans and home loans results in Level 2 and Level 3 assumptions having a material impact on our consolidated financial statements, as further discussed below. We utilize third-party valuation specialists to perform a valuation of these Level 2 and Level 3 financial instruments on a monthly basis with quarterly oversight by a Valuation Committee established by the Company that comprises leaders across finance, capital markets and accounting.
Loans
We generally elect the fair value option to measure our personal loans, student loans and home loans, as we believe that fair value best reflects the expected economic performance of the loans. Home loans classified as Level 2 have observable pricing sources utilized by management. Personal loans, student loans and home loans which do not trade in an active market with readily observable prices are classified as Level 3 because the valuations utilize significant unobservable inputs.
We determine the fair value of our loans using a DCF calculation, which is a form of the income approach, while also considering market data as it becomes available. In applying the DCF methodology, we estimate the future cash flows of each loan portfolio using key loan metrics, such as term, vintage, coupon rate, coupon type and current balance, among others. The significant assumptions used in the valuation model include conditional prepayment rate, annual default rate and discount rate. The conditional prepayment rate represents the monthly annualized proportion of the principal of a pool of loans that is assumed to be paid off prematurely in each period. The annual default rate represents the annualized rate of borrowers who do not make loan payments on time. The conditional prepayment and annual default rate assumptions are determined using company-specific historical loan performance curves. The discount rate represents 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 determined based on company-specific factors and market observations, including underlying benchmark rates, our weighted average coupon rate and expected duration of the assets, the last of which is also impacted by expected prepayment rates. We also consider the volume and terms of recent whole loan sales and securitization market pricing factors, as applicable, as indicators of loan fair values.
See “ Quantitative and Qualitative Disclosures About Market Risk ” for discussion of the sensitivity of our financial instruments measured at fair value to changes in various market risks.
Goodwill
Goodwill represents the fair value of an acquired business in excess of the fair value of the identified net assets acquired. As of December 31, 2025, we had goodwill of $1.4 billion, of which $1.3 billion was assigned to the Technology Platform reporting unit.

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Goodwill is tested for impairment at the reporting unit level at least annually, with a recurring testing date of October 1, or whenever indicators of impairment exist. We may assess goodwill for impairment initially based on qualitative considerations, referred to as “step zero”, to determine whether conditions exist that indicate that it is more likely than not that the fair value of a reporting unit is less than its carrying amount. 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, referred to as “step one”, 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. Quantitative goodwill impairment assessments require a significant amount of management judgment, and a meaningful change in the forecasted future revenues and cash flows, the discount rate, and the determination of market multiples used in testing goodwill for impairment could result in a material impact on the Company’s results of operations and financial position.
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.
During the third quarter of 2025, due to the continued shift in strategy to focus on potential new partners with scaled customer bases and the change in customer mix within the Technology Platform segment, management performed an interim quantitative assessment on the Galileo and Technisys reporting units as of September 1, 2025, prior to aggregating the two reporting units, to determine if there was any goodwill impairment.
As of September 1, 2025, management calculated the fair value amount of the Galileo and Technisys reporting units using an evenly weighted combination of a DCF calculation, which is a form of the income approach, and a market multiples calculation, which is a form of the market approach. The discount rates used for the Galileo and Technisys reporting units in our interim quantitative assessment were 12.9% and 19.3%, respectively. The higher discount rate for Technisys, relative to Galileo, was primarily driven by macroeconomic factors in Latin America, specifically the highly inflationary economic environment in Argentina. Additionally, management applied a terminal year long-term growth rate of 4.0% to both reporting units. As a result of this interim quantitative assessment, the fair value of the Galileo and Technisys reporting units were determined to be above their respective carrying values which resulted in no impairment at September 1, 2025. If the discount rate applied to the estimated cash flows was increased or decreased by 50 basis points, the fair value of the Galileo and Technisys reporting units would decrease or increase by approximately 4% and 3%, respectively. Similarly, if the long-term growth rate was increased or decreased by 50 basis points, the fair value of the Galileo and Technisys reporting units would increase or decrease by approximately 2% and 1%, respectively. Or, if the Company’s market capitalization was to decline due to unforeseen factors, it could impact the fair value of the respective units.
Subsequent to our September 1, 2025 interim goodwill assessment, the Company aggregated its Galileo and Technisys reporting units into a single reporting unit, Technology Platform. This update is reflective of the operational and strategic integration of these former two reporting units and is consistent with how segment management manages the business. As a result, the amount of goodwill previously assigned to Galileo and Technisys of $816.0 million and $522.6 million, respectively, was combined in the Technology Platform reporting unit ($1.3 billion).
As of its annual impairment testing date of October 1, 2025, the Company performed a qualitative “step zero” analysis for all of our reporting units. The Company evaluated events and circumstances since the last goodwill assessment date to determine if it was more likely than not that the fair value of the reporting units were less than their respective carrying amounts. The factors evaluated included an assessment of macroeconomic conditions, industry and market conditions, key financial metrics, overall financial performance of the reporting unit, or any other specific events or changes. As a result of this assessment, we concluded that it was not more-likely-than-not that the fair value of any of our reporting units was below its respective carrying value as of October 1, 2025.
For all of our reporting units, management continued to monitor events and circumstances after the October 1 annual testing date and through December 31, 2025, concluding that it was not more-likely-than-not that the fair value of any of our reporting units was below its respective carrying value as of December 31, 2025.
Management cannot predict the occurrence of certain events or changes in circumstances that might adversely affect the value of goodwill. We continue to monitor the aforementioned conditions, the general macroeconomic environment, including the interest rate environment, inflationary pressures, and the potential for a prolonged economic downturn or recession, as well as other factors, including those listed in " Cautionary Statement Regarding Forward-Looking Statements " and " Risk Factors " in Part I, Item 1A of this Annual Report. Further persistence of the aforementioned conditions and these other factors could result in impairment charges in future periods.

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See Note 8. Goodwill and Intangible Assets to the Notes to Consolidated Financial Statements for additional disclosures related to goodwill.

Recent Accounting Standards Issued, But Not Yet Adopted
See Note 1. Organization, Summary of Significant Accounting Policies and New Accounting Standards to the Notes to Consolidated Financial Statements.

Item 7A. Quantitative and Qualitative Disclosures About Market Risk
In the normal course of business, we are subject to a variety of market-related risks that can affect our operations and profitability. We broadly define these areas of risk as interest rate risk, credit risk, counterparty risk and operational risk. Historically, substantially all of our revenue and operating expenses were denominated in United States dollars. We may in the future be subject to increasing foreign currency exchange rate risk with our acquisition of a foreign company. Foreign currency exchange rate risk is the risk that our financial position or results of operations could be positively or negatively impacted by fluctuations in exchange rates. Exchange rate risk was not a material risk for us during the years presented.
During the fourth quarter of 2025, we launched 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. As of December 31, 2025, the fair value of our crypto assets held for operational purposes was immaterial to our overall consolidated financial condition.
The crypto asset market is characterized by significant price volatility and is sensitive to factors such as regulatory changes, technical developments and shifts in overall market sentiment. Historically, certain crypto assets have experienced high levels of price fluctuation, as measured by the annualized standard deviation of daily price returns. We manage our exposure to these price fluctuations through exposure monitoring and internal inventory limits. Given that our holdings are incidental, short-term in nature and immaterial, a hypothetical significant increase or decrease in the market price of crypto assets as of December 31, 2025, would not have a material impact on our consolidated results of operations.

Interest Rate Risk

We are exposed to the risk of loss to future earnings, values or future cash flows that may result from changes in market discount rates or overall market conditions, such as instability in the banking and financial services sectors. We are subject to interest rate risk associated with our loans, securitization investments (comprised of residual investments and asset-backed bonds), servicing rights and investments in AFS debt securities, which are measured at fair value on a recurring basis using a discounted cash flow methodology in which the discount rate represents an estimate of the required rate of return by market participants. Our loans with variable interest rates are exposed to interest rate volatility, which impacts the amount of recognized interest income. Our securitization residual investments are carried at fair value, which is subject to changes in market value by virtue of the impact of interest rates on the market yield of the residual investments. The value and earnings of our asset-backed bonds, which are associated with our personal loans and student loans, have a converse relationship to the movement of interest rates. That is, as interest rates rise, bond values and earnings fall and vice versa. Additionally, we are subject to interest rate risk on our variable-rate warehouse facilities and our revolving credit facility. Market interest rates may also drive the interest we offer to members on their deposits. Future funding activities may increase our exposure to interest rate risk, as the interest rates payable on such funding may be tied to SOFR or another representative alternative reference rate. We are also exposed to market risk through our investments in equity securities, which we elect to measure using the measurement alternative method of accounting and therefore may have positive or negative adjustments that impact our results of operations resulting from observable price changes based on current market conditions.
Interest rate risk also occurs in periods where changes in short-term interest rates result in loans being originated with terms that provide a smaller interest rate spread above the financing terms of our warehouse facilities or above the interest rate we offer on deposits, which can negatively impact our realized net interest income. We manage and mitigate these risks using interest rate derivative hedges, our investment portfolio, and broader asset liability management activities. Our Corporate Treasury group, under the supervision of our ALCO and Board Risk Management committees, centrally manages our interest rate risk. Our ALCO includes leadership from Treasury, Finance, Independent Risk Management, and Business Units. ALCO is responsible for identifying key risks and exposures, establishing tolerances and limits, monitoring them appropriately, and managing these risks. Risk management activities are conducted under the oversight of respective Board Risk Management committees.

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Our primary metrics for the measurement and monitoring of interest rate risk (IRR) on a company-wide basis include Net Interest Income (NII) and fair value sensitivity. Additionally, we utilize Economic Value of Equity (EVE) as a longer term metric of interest rate risk. These interest rate risk metrics are calculated for a wide range of interest rate scenarios, and risk appetite limits have been established. The interest rate risk exposures and historical trends against risk limit scenarios are reported to our ALCO and EBRC.
The NII risk metric measures the change in net interest income under an interest rate shock relative to the forecasted baseline scenario over a 12 month horizon. Our baseline forecast takes into consideration the current balance sheet, projections of future business activity, and the market expectations of benchmark interest rates. The NII metric is driven by key modeling assumptions for both assets and liabilities. For assets, key assumptions include prepayment speeds, new lending origination volumes, and new lending origination pricing. For liabilities, key assumptions include forecasted deposit balances and deposit pricing betas.
Fair value sensitivities measure the interest rate sensitivity of balance sheet assets recorded at fair value which primarily consists of loans and securitization investments. Servicing rights and AFS securities in the investment portfolio are also measured as fair value sensitivities. The fair value sensitivity reflects the change in asset price due to an interest rate shock to the underlying benchmark discount rate. Key assumptions for the fair value sensitivity include conditional prepayment rates, annual default rates, and discount rates. Please refer to the Level 3 Significant Inputs in Note 15. Fair Value Measurements to the Notes to Consolidated Financial Statements for more details on these assumptions.
The following tables summarize the potential effect on (i) net interest income; and (ii) the change in fair value of interest rate sensitive financial assets recorded on our consolidated balance sheet, based upon a sensitivity analysis performed by management assuming a hypothetical, immediate and parallel increase and decrease in market interest rates of 100 and 200 basis points. While a relevant measure of our interest rate exposure, this sensitivity analysis does not represent a forecast of our net interest income.

Net Interest Income (Expense)

December 31, 2025 December 31, 2024
Basis point change scenario
+200
$ (202,098) $ (140,315)
+100
(92,576) (62,415)
-100 147,284  53,730 
-200 261,612  99,763 

Change in Fair Value

December 31, 2025 December 31, 2024
Basis point change scenario
+200
$ (1,563,414) $ (1,102,784)
+100
(766,103) (562,526)
-100 945,703  591,349 
-200 1,875,902  1,209,383 

Our consolidated balance sheet is liability sensitive, given that liabilities are expected to reprice faster than assets resulting in higher net interest income in decreasing interest rate scenarios. The period over period change in sensitivity reflected in the tables above are attributed to changes in balance sheet composition and asset-liability management activities.
In addition to our net interest income and fair value sensitivity analysis above, we also utilize EVE as a longer term measure of interest rate risk. EVE is a point-in-time analysis of the sensitivity of the current balance sheet and off-balance sheet assets and liabilities that incorporates all cash flows over their estimated remaining lives. Due to this longer forecast, EVE only uses the current balance sheet and does not include assumptions related to future activities. Key modeling assumptions in the EVE metric include asset prepayment speeds, deposit pricing beta, and deposit decay rates.
The scenarios, methodologies and assumptions used in the IRR framework are periodically evaluated and enhanced in response to changes in the market environment, changes in our balance sheet composition, enhancements in our modeling and other factors. The identification and testing of key assumptions are influenced by market conditions and management views of key risks. IRR measurement across interest rate scenarios is driven by key modeling assumptions that influence the calculated exposures. Calibration of key assumptions is based upon a combination of factors including historical experience and

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management judgment. Key modeling assumptions are subject to periodic review and validation. In addition, sensitivity testing is performed on key assumptions by increasing and decreasing the modeling inputs relative to the base value and then comparing the resulting impact to the IRR exposure. Sensitivity testing is periodically reported to ALCO.

Credit Risk

We are subject to credit risk, which is the risk of default that results from a borrower’s inability or unwillingness to make contractually required loan payments or declines in home loan collateral values. Generally, all loans sold into the secondary market are sold without recourse. For such loans, our credit risk is generally limited to repurchase obligations due to fraud or origination defects. For loans that were repurchased or not sold in the secondary market, we are subject to credit risk to the extent a borrower defaults and we are not able to fully recover the principal balance. We believe that this risk is mitigated through the implementation of robust underwriting standards, fraud detection tools and technology designed to comply with applicable laws and our standards. In addition, we believe that this risk is mitigated through the quality of our loan portfolio.
The following table summarizes the potential effect on earnings over the next 12 months and the potential effect on the fair values of our loans for which we elected the fair value option and residual investments recorded on our consolidated balance sheet as of December 31, 2025 based on a sensitivity analysis performed by management assuming an immediate hypothetical change in credit loss rates by a rate of 10%. The fair value and earnings sensitivities are applied only to financial assets that existed at the balance sheet date, which included loans, investments in AFS debt securities (which had an immaterial impact from credit risk) and residual investments as of December 31, 2025. Asset-backed bonds are excluded because they are not expected to absorb the losses of the VIE based on the extent of overcollateralization and expected credit losses of the VIE. Alternatively, residual investments are subject to credit exposure, and by design this is the portion of the SPE that is expected to absorb the losses of the VIE.
The carrying value and earnings sensitivities are applied only to financial assets that existed at the balance sheet date, which included loans at amortized cost, for which we have recorded an allowance as of December 31, 2025.

Impact if Credit Loss Rates:
($ in thousands)
Increase 10 Percent Decrease 10 Percent

Fair value $ (149,933) $ 149,933 
Carrying value (5,094) 5,094 
Income (loss) before income taxes (155,027) 155,027 

Counterparty Risk

We are subject to risk that arises from our debt warehouse facilities, economic hedging activities, third-party custodians, and capped call options on our common stock, as well as third-party counterparties that support transaction execution, settlement, custody or liquidity for SoFi Crypto. These activities generally involve an exchange of obligations with unaffiliated lenders or other individuals or entities, referred to in such transactions as “counterparties”. If a counterparty was to default, we could potentially be exposed to reputational damage and financial loss if such counterparty was unable to meet its obligations to us. We manage this risk by selecting only counterparties that we believe to be financially strong, spreading the risk among multiple such counterparties, placing contractual limits on the amount of dependence on any single counterparty, and entering into netting agreements with the counterparties, as appropriate.
In accordance with Treasury Market Practices Group’s recommendation, we execute Securities Industry and Financial Markets Association trading agreements with all material trading partners. Each such agreement provides for an exchange of margin money should either party’s exposure exceed a predetermined contractual limit. Such margin requirements limit our overall counterparty exposure. The master netting agreements contain a legal right to offset amounts due to and from the same counterparty. Derivative assets represent derivative contracts in a gain position net of loss positions with the same counterparty and, therefore, also represent our maximum counterparty credit risk. We incurred no losses due to nonperformance by any of our counterparties during the year ended December 31, 2025. As of December 31, 2025, gross derivative asset and liability positions subject to master netting arrangements were $61.6 million and $4.7 million, respectively.
In the case of our loan warehouse facilities, we are subject to risk if the counterparty chooses not to renew a borrowing agreement and we are unable to obtain financing to originate loans. With our loan warehouse facilities, we seek to mitigate this risk by ensuring that we have sufficient borrowing capacity with a variety of well-established counterparties to meet our

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funding needs. As of December 31, 2025, we had total borrowing capacity under loan warehouse facilities of $7.2 billion, of which none was utilized. Refer to Note 12. Debt to the Notes to Consolidated Financial Statements for additional information regarding our loan warehouse facilities.
In the case of our call options on our common stock, if the capped call counterparties, which are financial institutions and initial purchasers of our convertible notes, are unable to meet their obligations under the contract, we may not be able to mitigate the dilutive effect on our common stock upon conversions of our convertible notes or offset any potential cash payments we may be required to make in excess of the principal amount of converted convertible notes. Refer to Note 13. Equity to the Notes to Consolidated Financial Statements for additional information on our capped call transactions.

Operational Risk

Operational risk is the risk of loss arising from inadequate or failed internal processes, controls, people (e.g., human error or misconduct) or systems (e.g., technology problems), business continuity or external events (e.g., natural disasters), compliance, reputational, regulatory, cybersecurity or legal matters and includes those risks as they relate directly to us, fraud losses attributed to applications and any associated fines and monetary penalties as a result, transaction processing, or employees, as well as to third parties with whom we contract or otherwise do business, including third-party service providers support digital asset trading, custody, settlement, or blockchain-based infrastructure. We rely on third-party computer systems and third-party providers to support and carry out certain functions on our platform, which are themselves susceptible to operational risk or which may rely on subcontractors to provide services to us that face similar risks. Any interruption in services or deterioration in the quality of the service or performance of such third-party systems or providers could be disruptive to our business and adversely affect our results of operations and the perception of the reliability of our networks and services and the quality of our brand. In addition, we may be subjected to member complaints, fines, subpoenas, civil investigative demands, litigation, disputes, regulatory investigations and other similar actions. We strive to manage operational risk, including operational risk associated with our reliance on third-party systems, through contractual provisions, our system design, and a robust third-party risk management process, which includes establishing policies and procedures to accomplish timely and efficient processing, obtaining periodic internal control attestations from management, conducting internal process Risk Control Self-Assessments and audit reviews to evaluate the effectiveness of internal controls. With respect to cybersecurity risk, which can also translate to financial and reputational risk, our technology and cybersecurity teams rely on a layered system of preventive and detective technologies, controls, and policies to detect, mitigate, and contain cybersecurity threats. In addition, our cybersecurity team, and the third-party consultants they engage, regularly assess our cybersecurity risks and mitigation efforts. Our operational risk, and the amount we invest in risk management, may increase as we introduce new products and product features, and as new threat actors and evolving threat vectors, such as account takeover tactics, increase and become more sophisticated. In order to be effective, among other things, our enterprise risk management capabilities must adapt and align to support any new product or loan features, capability, strategic development, or external change.

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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

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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:

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• 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.

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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.

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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.

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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.

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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.

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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.

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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.

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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.
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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
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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.
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(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
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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).
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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.
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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
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collateral as well as any anticipated future changes in the underlying collateral. As of and for the year ended December 31, 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
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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
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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,
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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
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