SEC EDGAR · 10-Q

10-Q – 2025-08-07 – sofi-20250630.htm

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Omsättning

Note 2. Revenue | 14
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds | 109
Business Combination: Transactions contemplated in a merger agreement entered | IRS : Internal Revenue Service
• our ability to access sources of capital on favorable terms, if at all, including debt financing, deposits and other sources of capital to finance operations and growth; | • our ability to continue to grow our fee-based revenue, expand our Loan Platform Business and diversify our sources of income; | • the impact of and our ability to respond to general economic conditions and other macroeconomic and geopolitical factors, such as elevated and fluctuating interest rates, inflationary pressures, trade restrictions such as sanctions, tariffs, reciprocal and retaliatory tariffs, and other tariff-related measures, global trade relations, counterparty risk, changing customer demand and employment rates, capital markets volatility, instability in the financial services industry, a potential U.S. go
Loan origination, sales, securitizations and servicing | 70,855 61,531 123,660 125,505
Total noninterest income 337,107 186,034 610,140 428,311 | Total net revenue 854,944 598,618 1,626,703 1,243,613 | Provision for credit losses 10,035 11,640 15,713 18,822
152,146 132,167 308,352 263,087 | Sales and marketing | 264,744 184,762 502,920 352,128
Purchases of available-for-sale investments ( 853,559 ) ( 1,308,629 ) | Proceeds from sales of available-for-sale investments 204,777 — | Proceeds from maturities and paydowns of available-for-sale investments 237,720 471,007

EBITDA

Adjusted EBITDA, Adjusted EBITDA Margin and Incremental Adjusted EBITDA Margin | Adjusted EBITDA, adjusted EBITDA margin and incremental adjusted EBITDA margin are non-GAAP measures. Adjusted EBITDA is defined as net income, adjusted to exclude, as applicable: (i) corporate borrowing-based interest expense (our adjusted EBITDA measure is not adjusted for warehouse or securitization-based interest expense, nor deposit interest expense and finance lease liability interest expense, as these are direct operating expenses), (ii) income tax expense (benefit), (iii) depreciation an
Adjusted EBITDA, Adjusted EBITDA Margin and Incremental Adjusted EBITDA Margin | Adjusted EBITDA, adjusted EBITDA margin and incremental adjusted EBITDA margin are non-GAAP measures. Adjusted EBITDA is defined as net income, adjusted to exclude, as applicable: (i) corporate borrowing-based interest expense (our adjusted EBITDA measure is not adjusted for warehouse or securitization-based interest expense, nor deposit interest expense and finance lease liability interest expense, as these are direct operating expenses), (ii) income tax expense (benefit), (iii) depreciation an | Adjusted EBITDA margin is computed as adjusted EBITDA divided by adjusted net revenue. Incremental adjusted EBITDA margin is defined as the change in adjusted EBITDA, divided by change in adjusted net revenue. See ‘ Adjusted Net Revenue’ above for a reconciliation of this non-GAAP measure.
Adjusted EBITDA, adjusted EBITDA margin and incremental adjusted EBITDA margin are non-GAAP measures. Adjusted EBITDA is defined as net income, adjusted to exclude, as applicable: (i) corporate borrowing-based interest expense (our adjusted EBITDA measure is not adjusted for warehouse or securitization-based interest expense, nor deposit interest expense and finance lease liability interest expense, as these are direct operating expenses), (ii) income tax expense (benefit), (iii) depreciation an | Adjusted EBITDA margin is computed as adjusted EBITDA divided by adjusted net revenue. Incremental adjusted EBITDA margin is defined as the change in adjusted EBITDA, divided by change in adjusted net revenue. See ‘ Adjusted Net Revenue’ above for a reconciliation of this non-GAAP measure. | Management believes adjusted EBITDA, adjusted EBITDA margin and incremental adjusted EBITDA margin are useful measures for period-over-period comparisons of our business. These measures enable management and investors to assess our core operating performance or results of operations by removing the effects of certain non-cash items and charges, as well as the impact of changes in volume over periods as applicable. In addition, management uses these measures to help evaluate cash flows generated
Adjusted EBITDA margin is computed as adjusted EBITDA divided by adjusted net revenue. Incremental adjusted EBITDA margin is defined as the change in adjusted EBITDA, divided by change in adjusted net revenue. See ‘ Adjusted Net Revenue’ above for a reconciliation of this non-GAAP measure. | Management believes adjusted EBITDA, adjusted EBITDA margin and incremental adjusted EBITDA margin are useful measures for period-over-period comparisons of our business. These measures enable management and investors to assess our core operating performance or results of operations by removing the effects of certain non-cash items and charges, as well as the impact of changes in volume over periods as applicable. In addition, management uses these measures to help evaluate cash flows generated | 66
Net Income and Adjusted EBITDA
The following table reconciles adjusted EBITDA to net income, the most directly comparable GAAP measure, and presents the computations of adjusted EBITDA margin and incremental adjusted EBITDA margin:
Total adjustments 151,820 120,497 31,323 291,041 176,839 114,202 | Adjusted EBITDA (non-GAAP) | $ 249,083 $ 137,901 $ 111,182 $ 459,420 $ 282,286 $ 177,134
$ 858,230 $ 596,965 $ 261,265 $ 1,628,950 $ 1,177,613 $ 451,337 | Adjusted EBITDA margin (non-GAAP) 29 % 23 % 28 % 24 % | Incremental adjusted EBITDA margin (non-GAAP) 43 % 39 %

Periodens resultat

( 14,929 ) 2,064 ( 23,595 ) ( 4,119 ) | Net income | $ 97,263
971,899 — 11,764 — — 11,764 | Net income | — — — — 97,263 97,263
971,899 — 11,764 — — 11,764 | Net income | — — — — 168,379 168,379
— — ( 3,026 ) — — ( 3,026 ) ( 3,234,000 ) ( 320,374 ) | Net income | — — — — 17,404 17,404 — —
— — ( 3,026 ) — — ( 3,026 ) ( 3,234,000 ) ( 320,374 ) | Net income — — — — 105,447 105,447 — — | Other comprehensive loss, net of taxes
Net income | $ 168,379
$ 105,447 | Adjustments to reconcile net income to net cash (used in) provided by operating activities:
Series 1 Redeemable Preferred Stock has preferential cumulative dividend rights. To calculate net income attributable to common stockholders for each period presented, we adjust the numerator for basic and diluted EPS for the impact of the contractual amount of dividends payable to holders of Series 1 Redeemable Preferred Stock and the impact of redemption activity, if applicable. In May 2024, the Company redeemed all Series 1 Redeemable Preferred Stock outstanding. See Note 9. Equity for additi | Basic EPS is computed by dividing net income attributable to common stockholders by the weighted average number of shares of common stock outstanding during the period.

Resultat per aktie

Note 15. Earnings Per Share | 50
EPS : Earnings (loss) per share of common stock | Park in Inglewood, California
$ 98,028 $ 18,009 $ 180,337 $ 105,173 | Earnings per share (Note 15)
Earnings per share – basic $ 0.09 $ 0.01 $ 0.15 $ 0.08 | Earnings per share – diluted $ 0.08 $ 0.01 $ 0.14 $ 0.03
Earnings per share – basic $ 0.09 $ 0.01 $ 0.15 $ 0.08 | Earnings per share – diluted $ 0.08 $ 0.01 $ 0.14 $ 0.03 | Weighted average common stock outstanding – basic 1,107,006 1,058,592 1,102,525 1,020,605
Note 15. Earnings Per Share
Series 1 Redeemable Preferred Stock has preferential cumulative dividend rights. To calculate net income attributable to common stockholders for each period presented, we adjust the numerator for basic and diluted EPS for the impact of the contractual amount of dividends payable to holders of Series 1 Redeemable Preferred Stock and the impact of redemption activity, if applicable. In May 2024, the Company redeemed all Series 1 Redeemable Preferred Stock outstanding. See Note 9. Equity for additi | Basic EPS is computed by dividing net income attributable to common stockholders by the weighted average number of shares of common stock outstanding during the period.
Series 1 Redeemable Preferred Stock has preferential cumulative dividend rights. To calculate net income attributable to common stockholders for each period presented, we adjust the numerator for basic and diluted EPS for the impact of the contractual amount of dividends payable to holders of Series 1 Redeemable Preferred Stock and the impact of redemption activity, if applicable. In May 2024, the Company redeemed all Series 1 Redeemable Preferred Stock outstanding. See Note 9. Equity for additi | Basic EPS is computed by dividing net income attributable to common stockholders by the weighted average number of shares of common stock outstanding during the period. | Diluted EPS is computed by dividing net income attributable to common stockholders, as adjusted for activity related to convertible notes, net of tax, if dilutive and applicable, by the weighted average number of shares of common stock outstanding during the period plus the effect of dilutive potential common shares. These potential common shares relate to (i) contingently issuable shares including PSU awards which require future service as a condition of delivery of the underlying common stock

Kassaflöde

DCF : Discounted cash flow | ROU : Right-of-use
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 condensed 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 co | Recent Accounting Standards Issued, But Not Yet Adopted
(9) IRLCs and student loan commitments are classified as Level 3 because of our reliance on assumed loan funding probabilities. The assumed probabilities are based on our internal historical experience with home loans and student loans similar to those in the funding pipelines on the measurement date. | (10) The fair value of our securitization debt was classified as Level 2 and valued using a discounted cash flow model, with key inputs relating to the underlying contractual coupons, terms, discount rate and expectations for defaults and prepayments. As of June 30, 2025 and December 31, 2024, the unpaid principal related to debt measured at fair value was $ 63,101 and $ 85,160 , respectively. For the three and six months ended June 30, 2025, gains (losses) from changes in fair value were immate | Level 3 Recurring Fair Value Rollforward
Level 3 Significant Inputs | Fair value is defined as the price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. Level 3 fair value measurements include unobservable inputs for assets or liabilities for which there is little or no market data, which requires us to develop our own assumptions. These unobservable assumptions reflect estimates | Loans
Servicing Rights | Servicing rights for personal loans and student loans do not trade in an active market with readily observable prices. Similarly, home loan servicing rights infrequently trade in an active market. At the time of the underlying loan sale or the assumption of servicing rights, the fair value of servicing rights is determined using a discounted cash flow methodology based on observable and unobservable inputs. Management classifies servicing rights as Level 3 due to the use of significant unobserva | The following key unobservable inputs were used in the fair value measurement of our classes of servicing rights:
Residual Investments and Residual Interests Classified as Debt | Residual investments and residual interests classified as debt do not trade in active markets with readily observable prices, and there is limited observable market data for reference. The fair values of residual investments and residual interests classified as debt are determined using a discounted cash flow methodology. Management classifies residual investments and residual interests classified as debt as Level 3 due to the use of significant unobservable inputs in the fair value measurements | The following key unobservable inputs were used in the fair value measurements of our residual investments and residual interests classified as debt:
(1) The carrying amounts of our cash and cash equivalents and restricted cash and restricted cash equivalents approximate their fair values due to the short-term maturities and highly liquid nature of these accounts. | (2) The fair value of our credit cards was determined using a discounted cash flow model with key inputs relating to weighted average lives, expected lifetime loss rates and discount rate. The fair value of our commercial and consumer banking, loans held at lower of cost or market and secured loans was determined using a discounted cash flow model with key inputs relating to the underlying contractual coupons, terms, discount rate and expectations for defaults. | (3) Other investments include FRB stock and FHLB stock, which are presented within other assets in the condensed consolidated balance sheets.
(3) Other investments include FRB stock and FHLB stock, which are presented within other assets in the condensed consolidated balance sheets. | (4) The fair values of our deposits without contractually defined maturities (such as demand and savings deposits) and our noninterest-bearing deposits approximate their carrying values. The fair value of our time-based deposits was determined using a discounted cash flow model based on interest rates currently offered for deposits of similar remaining maturities. | (5) The carrying value of our debt is net of unamortized discounts and debt issuance costs. The fair value of our convertible notes was classified as Level 1, as it was based on an observable market quote. The estimated fair value of our 2026 convertible notes was $ 472.2 million and $ 453.5 million as of June 30, 2025 and December 31, 2024, respectively. The estimated fair value of our 2029 convertible notes was $ 1.8 billion and $ 1.5 billion as of June 30, 2025 and December 31, 2024, respecti

Fritt kassaflöde

Underwriting Process | We have developed an extensive underwriting process across each lending product that is focused on willingness to pay (measured by credit attributes and risk scores), ability to pay (measured through free cash flow), and stability (measured by credit experience). A key element of our underwriting process is the ability to facilitate risk-based interest rates that we believe are appropriate for each loan using proprietary risk models. We believe the outcome of this process helps us determine a mo | Our personal loan and student loan underwriting models are typically based on credit reports, standard industry credit scores, custom credit assessment models, and debt capacity analysis, as indicated by borrower free cash flow. Home loans originated by SoFi that are agency-conforming loans are subject to credit, debt-to-income, and collateral eligibility established by the GSEs. Government loans, such as VA and Federal Housing Administration loans, are subject to the underwriting requirements e
We have developed an extensive underwriting process across each lending product that is focused on willingness to pay (measured by credit attributes and risk scores), ability to pay (measured through free cash flow), and stability (measured by credit experience). A key element of our underwriting process is the ability to facilitate risk-based interest rates that we believe are appropriate for each loan using proprietary risk models. We believe the outcome of this process helps us determine a mo | Our personal loan and student loan underwriting models are typically based on credit reports, standard industry credit scores, custom credit assessment models, and debt capacity analysis, as indicated by borrower free cash flow. Home loans originated by SoFi that are agency-conforming loans are subject to credit, debt-to-income, and collateral eligibility established by the GSEs. Government loans, such as VA and Federal Housing Administration loans, are subject to the underwriting requirements e | We also leverage our data to provide existing members a streamlined application process through automation. Across our loan products, existing members generally experience a higher approval rate than new members, subject to the existing member being in good standing on their existing products.

Likvida medel

Assets | Cash and cash equivalents $ 2,122,502 $ 2,538,293 | Restricted cash and restricted cash equivalents 592,101 171,067
Net cash provided by financing activities $ 4,614,172 $ 2,318,593 | Effect of exchange rates on cash and cash equivalents | ( 832 ) ( 315 )
Cash and cash equivalents | $ 2,122,502 $ 2,334,589
During the six months ended June 30, 2025, we opened one warehouse facility with a capacity of $ 450.0 million. We closed two warehouse facilities with an aggregate maximum available capacity of $ 250.0 million, and one warehouse facility matured. | Our warehouse and securitization debt is secured by a continuing lien and security interest in the loans financed by the proceeds. Within each of our debt facilities, we must comply with certain operating and financial covenants. These financial covenants include, but are not limited to, maintaining: (i) a certain minimum tangible net worth, (ii) minimum unrestricted cash and cash equivalents, (iii) a maximum leverage ratio of total debt to tangible net worth, and (iv) minimum risk-based capital | 32
Assets | Cash and cash equivalents (1) | $ 2,122,502 $ 2,122,502 $ — $ — $ 2,122,502
Cash and cash equivalents (1) | $ 2,538,293 $ 2,538,293 $ — $ — $ 2,538,293
___________________ | (1) The carrying amounts of our cash and cash equivalents and restricted cash and restricted cash equivalents approximate their fair values due to the short-term maturities and highly liquid nature of these accounts. | (2) The fair value of our credit cards was determined using a discounted cash flow model with key inputs relating to weighted average lives, expected lifetime loss rates and discount rate. The fair value of our commercial and consumer banking, loans held at lower of cost or market and secured loans was determined using a discounted cash flow model with key inputs relating to the underlying contractual coupons, terms, discount rate and expectations for defaults.
Concentrations | Financial instruments that potentially subject us to significant concentrations of credit risk consist principally of cash and cash equivalents, restricted cash and restricted cash equivalents, residual investments and loans. We hold cash and cash | 48

Nettoskuld

$ 105,447 | Adjustments to reconcile net income to net cash (used in) provided by operating activities:
98,576 ( 14,273 ) | Net cash (used in) provided by operating activities | $ ( 1,445,406 ) $ 253,877
Purchases of non-securitization investments ( 51,842 ) ( 13,841 ) | Net cash used in investing activities | $ ( 3,162,691 ) $ ( 3,456,101 )
Finance lease principal payments ( 370 ) ( 262 ) | Net cash provided by financing activities $ 4,614,172 $ 2,318,593 | Effect of exchange rates on cash and cash equivalents
($ in thousands) 2025 2024 | Net cash (used in) provided by operating activities $ (1,445,406) $ 253,877 | Net cash used in investing activities (3,162,691) (3,456,101)
Net cash (used in) provided by operating activities $ (1,445,406) $ 253,877 | Net cash used in investing activities (3,162,691) (3,456,101) | Net cash provided by financing activities 4,614,172 2,318,593
Net cash used in investing activities (3,162,691) (3,456,101) | Net cash provided by financing activities 4,614,172 2,318,593
Cash Flows from Operating Activities | For the six months ended June 30, 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, paydowns on our loans previously classified as held for sale, and favorable changes in other assets. We had principal loan originations of $13.8 billion and principal loan purchases of $5.2 million during the period. These cash uses were partially offset | For the six months ended June 30, 2024, net cash provided by operating activities stemmed from net income, a favorable change in our operating assets net of operating liabilities, including cash proceeds from loans held or previously classified as held for sale paydowns and sales activities outpacing loans held for sale originations. We originated loans of $8.2 billion during the period and also purchased loans of $19.1 million. These cash uses were partially offset by principal payments on loan

Antal aktier

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒ | The number of shares of the registrant’s common stock, par value $0.0001 per share, outstanding as of July 31, 2025 was 1,197,450,100 shares.
Series 1 Redeemable Preferred Stock has preferential cumulative dividend rights. To calculate net income attributable to common stockholders for each period presented, we adjust the numerator for basic and diluted EPS for the impact of the contractual amount of dividends payable to holders of Series 1 Redeemable Preferred Stock and the impact of redemption activity, if applicable. In May 2024, the Company redeemed all Series 1 Redeemable Preferred Stock outstanding. See Note 9. Equity for additi | Basic EPS is computed by dividing net income attributable to common stockholders by the weighted average number of shares of common stock outstanding during the period. | Diluted EPS is computed by dividing net income attributable to common stockholders, as adjusted for activity related to convertible notes, net of tax, if dilutive and applicable, by the weighted average number of shares of common stock outstanding during the period plus the effect of dilutive potential common shares. These potential common shares relate to (i) contingently issuable shares including PSU awards which require future service as a condition of delivery of the underlying common stock
Basic EPS is computed by dividing net income attributable to common stockholders by the weighted average number of shares of common stock outstanding during the period. | Diluted EPS is computed by dividing net income attributable to common stockholders, as adjusted for activity related to convertible notes, net of tax, if dilutive and applicable, by the weighted average number of shares of common stock outstanding during the period plus the effect of dilutive potential common shares. These potential common shares relate to (i) contingently issuable shares including PSU awards which require future service as a condition of delivery of the underlying common stock | 50
Adjusted net income, adjusted net income margin, incremental adjusted net income margin and adjusted diluted earnings per share are non-GAAP measures. Adjusted net income is defined as net income, adjusted to exclude, as applicable, goodwill impairment expense and certain income tax benefits that are not expected to recur and are not indicative of our core operating performance. | Adjusted diluted earnings per share (“adjusted EPS”) is a non-GAAP financial measure that adjusts GAAP diluted earnings per share. Adjusted EPS is computed by dividing net income attributable to common stockholders, adjusted to exclude, as applicable, goodwill impairment expense and certain income tax benefits that are not expected to recur and are not indicative of our core operating performance, by the diluted weighted average number of shares of common stock outstanding during the | 68

Antal anställda

2021 Stock Option and Incentive Plan | The 2021 Stock Option and Incentive Plan (the “2021 Plan”) allows for the issuance of stock options, stock appreciation rights, restricted stock, RSUs (including PSUs), dividend equivalents and other stock or cash based awards for issuance to its employees, non-employee directors and non-employee third parties. Shares associated with option exercises and RSU vesting are issued from the authorized pool. | Effective January 1, 2023, we approved a plan to allow our non-employee directors to elect, on an annual basis, to defer their cash retainers into equity awards, and/or to defer their RSU grants, which vest in accordance with the grant terms (collectively referred to as DSUs). DSUs are equity awards that entitle the holder to shares of our common stock when the awards vest. Directors may choose to receive their deferred stock distributions in a lump sum or in installments over different time per
2024 Employee Stock Purchase Plan | The 2024 Employee Stock Purchase Plan (the “2024 ESPP”) allows for the issuance of common stock pursuant to our ESPP. Our ESPP provides permitted eligible employees the right to purchase shares of the Company's common stock through payroll deductions of up to 15 % of their eligible compensation, subject to certain limitations. | Compensation and Benefits
Restricted Stock Units | RSUs, inclusive of DSUs, are equity awards granted to employees that entitle the holder to shares of our common stock when the awards vest. RSUs are measured based on the fair value of our common stock on the date of grant. | The following table summarizes RSU activity:
Employee Stock Purchase Plan | Compensation expense for the ESPP relates to the 15 % discount and is calculated as of the beginning of the offering period as the fair value of the employees’ purchase rights utilizing the Black-Scholes Model and compensation expense is recognized over the offering period. | The table below presents the fair value assumptions used for the period indicated:
Legal Proceedings | In the ordinary course of business, the Company may be subject to a variety of pending legal proceedings. While we are unable to predict the ultimate outcome of these actions, we believe that any ultimate liability arising from any of these actions will not have a material adverse effect on our consolidated financial position, results of operations or cash flows. However, many of these matters are in various stages of proceedings and further developments could cause management to revise its asse | Guarantees
• SoFi Travel : A service through which we partner with a provider to offer an easy travel search and booking experience that can be managed directly through the SoFi app or website, alongside expanded member benefits including member prices on certain bookings and additional cash back rewards on purchases made with SoFi Credit Card. | • SoFi At Work : A service through which we partner with other enterprises looking for a seamless way to provide financial benefits to their employees, such as student loan payments made on their employees’ behalf. | We believe that the content and features we provide within our mobile application can spur more financial education, which leads to more ways for our members to actively engage in getting their money right.
Adjusted EBITDA, Adjusted EBITDA Margin and Incremental Adjusted EBITDA Margin | Adjusted EBITDA, adjusted EBITDA margin and incremental adjusted EBITDA margin are non-GAAP measures. Adjusted EBITDA is defined as net income, adjusted to exclude, as applicable: (i) corporate borrowing-based interest expense (our adjusted EBITDA measure is not adjusted for warehouse or securitization-based interest expense, nor deposit interest expense and finance lease liability interest expense, as these are direct operating expenses), (ii) income tax expense (benefit), (iii) depreciation an | Adjusted EBITDA margin is computed as adjusted EBITDA divided by adjusted net revenue. Incremental adjusted EBITDA margin is defined as the change in adjusted EBITDA, divided by change in adjusted net revenue. See ‘ Adjusted Net Revenue’ above for a reconciliation of this non-GAAP measure.

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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
(Mark One)

☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended June 30, 2025

or

☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from     to

Commission file number 001-39606

SoFi Technologies, Inc.
(Exact name of registrant as specified in its charter)

Delaware
98-1547291

(State or other jurisdiction of incorporation or organization)
(I.R.S. Employer Identification No.)

234 1st Street
San Francisco , California
94105
(Address of principal executive offices) (Zip Code)

( 855 ) 456-7634
(Registrant’s telephone number, including area code)
Securities registered pursuant to Section 12(b) of the Act:

Title of each class Trading Symbol(s) Name of each exchange on which registered
Common stock, $0.0001 par value per share SOFI The Nasdaq Global Select Market

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.     Yes   ☒    No   ☐ 
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).      Yes   ☒   No  ☐
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer ☒ Accelerated filer
☐
Non-accelerated filer  
☐ Smaller reporting company
☐
Emerging growth company
☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐ 
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).     Yes   ☐     No   ☒
The number of shares of the registrant’s common stock, par value $0.0001 per share, outstanding as of July 31, 2025 was 1,197,450,100 shares.

SOFI TECHNOLOGIES, INC.
TABLE OF CONTENTS

Page

Glossary of Terms and Acronyms
2

Forward-Looking Statements
3

PART I – FINANCIAL INFORMATION
Item 1. Financial Statements

Condensed Consolidated Balance Sheets
5

Condensed Consolidated Statements of Operations and Comprehensive Income
7

Condensed Consolidated Statements of Changes in Temporary Equity and Permanent Equity
8

Condensed Consolidated Statements of Cash Flows
10

Notes to Condensed Consolidated Financial Statements
12

Note 1. Organization, Summary of Significant Accounting Policies and New Accounting Standards
12

Note 2. Revenue
14

Note 3. Loans
16

Note 4. Allowance for Credit Losses
24

Note 5. Investment Securities
26

Note 6. Securitization and Variable Interest Entities
28

Note 7. Deposits
30

Note 8. Debt
31

Note 9. Equity
33

Note 10. Derivative Financial Instruments
35

Note 11. Fair Value Measurements
37

Note 12. Share-Based Compensation
45

Note 13. Income Taxes
48

Note 14. Commitments, Guarantees, Concentrations and Contingencies
48

Note 15. Earnings Per Share
50

Note 16. Business Segment Information
51

Note 17. Subsequent Events
55

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations
56

Item 3. Quantitative and Qualitative Disclosures About Market Risk
104

Item 4. Controls and Procedures
107

PART II – OTHER INFORMATION
Item 1. Legal Proceedings
108

Item 1A. Risk Factors
108

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
109

Item 3. Defaults Upon Senior Securities
109

Item 4. Mine Safety Disclosures
109

Item 5. Other Information
109

Item 6. Exhibits
110

Signatures
111

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Glossary of Terms and Acronyms

ACH : Automated clearing house
FRB : Federal Reserve Bank of San Francisco

AFS : Available-for-sale
FTC : Federal Trade Commission

ALCO : Asset Liability Committee
FTP : Fund transfer pricing

AWS : Amazon Web Services
GAAP : U.S. Generally Accepted Accounting Principles

AOCI : Accumulated other comprehensive income (loss)
GLBA : Gramm-Leach-Bliley Act

ASU : Accounting Standards Update
Golden Pacific : Golden Pacific Bancorp, Inc.

ATDS : Automatic telephone dialing systems
GSE : Government-Sponsored Enterprise

BHCA : Bank Holding Company Act of 1956, as amended
HELOC : Home Equity Line of Credit

bps : Basis points
HFI : Held for investment

BSA : Bank Secrecy Act
HFS : Held for sale

Bank Merger : Acquisition of Golden Pacific Bancorp, Inc. and its wholly owned
HMDA : Home Mortgage Disclosure Act

subsidiary, Golden Pacific Bank, National Association, a national bank, in
IRLC : Interest rate lock commitment

February 2022
IRR : Interest rate risk

Business Combination: Transactions contemplated in a merger agreement entered
IRS : Internal Revenue Service

into by Social Finance, Inc. with Social Capital Hedosophia Holdings Corp. V on
LIBOR : London Inter-Bank Offered Rate

January 7, 2021
LIHTC : Low Income Housing Tax Credit

CARES Act : Coronavirus Aid, Relief, and Economic Security Act
LOCOM : Lower of cost or market

CCPA : California Consumer Privacy Act
MLA : Military Lending Act

CD : Community Development
MSB : Money services business

CET1 : Common Equity Tier 1
MSRB : Municipal Securities Rulemaking Board

CFP : Certified financial planners
NACHA : National Automated Clearinghouse Association

CFPA : Consumer Financial Protection Act
Nasdaq : The Nasdaq Global Select Market

CFPB : Consumer Financial Protection Bureau
NII : Net Interest Income

CFTC : Commodity Futures Trading Commission
OCC : Office of the Comptroller of the Currency

CISO : Chief Information Security Officer
OFAC : Office of Foreign Assets Control

CODM : Chief Operating Decision Maker
PCD : Purchased credit deteriorated

CPA : Colorado Privacy Act
PD : Probability of Default

CPPA : California Privacy Protection Act
PFOF : Payment for order flow

CPRA : California Privacy Rights Act
PSU : Performance stock units

CRA : Community Reinvestment Act
QIA : Qatar Investment Authority

DACA : Deferred Access for Childhood Arrival
RESPA : Real Estate Settlement Procedures Act

DCF : Discounted cash flow
ROU : Right-of-use

DEP : Digital engagement practices
RSU : Restricted stock units

Dodd-Frank Act : Dodd-Frank Wall Street Reform and Consumer
SCH : Social Capital Hedosophia Holdings Corp. V

Protection Act of 2010 SCRA : Servicemembers’ Civil Relief Act

DSU : Deferred stock units
SEC : U.S. Securities and Exchange Commission

DTC : Depository Trust Company
SPAC : Special purpose acquisition company

EAD : Exposure at Default
Social Finance : Social Finance, LLC (formerly Social Finance, Inc.)

EBRC : Enterprise Broad Risk Committee
SoFi Bank : SoFi Bank, National Association

EC : European Commission
SoFi Capital Advisors : SoFi Capital Advisors, LLC

ECOA : Equal Credit Opportunity Act
SoFi Securities : SoFi Securities LLC

EFTA : Electronic Fund Transfer Act
SoFi Stadium : The LA Stadium and Entertainment District at Hollywood

EPS : Earnings (loss) per share of common stock
Park in Inglewood, California
ESG : Environmental, social and corporate governance
SoFi Wealth : SoFi Wealth LLC

ESIGN : Electronic Signatures in Global and National Commerce Act
SOFR : Secured Overnight Financing Rate

ESPP : Employee Stock Purchase Plan
SPE : Special purpose entity

ETF : Exchange-Traded Funds
SRO : Self-regulatory organizations

EVE : Economic value of equity
TBA : To-be-announced security

FCA : Financial Conduct Authority
TCJA : Tax Cuts and Jobs Act

FCRA : Fair Credit Reporting Act
TCPA : Federal Telephone Consumer Protection Act

FDCPA : Fair Debt Collection Practices Act
Technisys : Technisys S.A., a Luxembourg société anonyme

FDIA : Federal Deposit Insurance Act
TDR : Troubled debt restructuring

FDIC : Federal Deposit Insurance Corporation
TGL : TMRW Golf League

Federal Reserve : Board of Governors of the Federal Reserve System
TILA : Truth in Lending Act

FHA : Fair Housing Act
UDAAP : Unfair, deceptive or abusive acts or practices

FHFA : Federal Housing Finance Agency
UETA : Uniform Electronic Transactions Act

FHLB : Federal Home Loan Bank
VA : United Stated Department of Veterans Affairs

FinCEN : Financial Crimes Enforcement Network
VIE : Variable interest entity

FINRA : Financial Industry Regulatory Authority
Wyndham : Wyndham Capital Mortgage

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SoFi Technologies, Inc.
As used in this Quarterly Report on Form 10-Q, unless the context requires otherwise, references to “SoFi”, the “Company”, “we”, “us”, and “our”, and similar references refer to SoFi Technologies, Inc. and its wholly-owned subsidiaries.
Refer to Glossary of Terms and Acronyms for the definitions of certain terms, acronyms and abbreviations used in this document.
CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS
This Quarterly Report on Form 10-Q contains statements that are forward-looking and as such are not historical facts. This includes, without limitation, statements regarding the financial position, business strategy and the plans and objectives of management for our future operations; anticipated trends and prospects in the industries in which our business operates; new products, services and related strategies; anticipated actions by governmental authorities; and macroeconomic conditions. These statements constitute projections, forecasts and forward-looking statements, and are not guarantees of performance. Such statements can be identified by the fact that they do not relate strictly to historical or current facts. When used in this Quarterly Report on Form 10-Q, words such as “aim”, “allow”, “anticipate”, “believe”, “can”, “continue”, “could”, “estimate”, “expect”, “if”, “intend”, “likely”, “may”, “might”, “opportunity”, “plan”, “possible”, “possibility”, “potential”, “predict”, “project”, “should”, “strive”, “will”, “would” and similar expressions may identify forward-looking statements, but the absence of these words does not mean that a statement is not forward-looking.
Forward-looking statements are subject to risks, uncertainties, and other factors described in Part I, Item 1A. Risk Factors in our Annual Report on Form 10-K, and elsewhere in this Quarterly Report on Form 10-Q and our other filings with the SEC and include, among other things:
• our ability to maintain or enhance profitability in the future;
• the impact on our business of the current and evolving regulatory environment and complexities associated with compliance;
• the effect and impact of evolving laws, rules, regulations, executive actions and government enforcement policies, including any federal or state loan forgiveness programs, as well as changes in government resources and personnel;
• the impact of adverse developments affecting the U.S. or global banking industry, including bank failures and liquidity concerns, which could cause economic and market volatility, and regulatory responses thereto;
• our ability to manage our growth effectively and execute our strategy with respect to the development and expansion of our business, including through continuing to enhance our brand and attract additional members;
• our ability to continue to originate and sell loans to third parties, and the impact of the performance of loans held on our balance sheet;
• our ability to access sources of capital on favorable terms, if at all, including debt financing, deposits and other sources of capital to finance operations and growth;
• our ability to continue to grow our fee-based revenue, expand our Loan Platform Business and diversify our sources of income;
• the impact of and our ability to respond to general economic conditions and other macroeconomic and geopolitical factors, such as elevated and fluctuating interest rates, inflationary pressures, trade restrictions such as sanctions, tariffs, reciprocal and retaliatory tariffs, and other tariff-related measures, global trade relations, counterparty risk, changing customer demand and employment rates, capital markets volatility, instability in the financial services industry, a potential U.S. government shutdown, uncertainty stemming from government actions and policies and regulatory priorities, the possibility of a recession, and domestic or international conflicts or disputes;
• the success of our marketing efforts and our ability to expand our member base;
• our ability to grow market share in existing markets or any new markets we may enter;
• our ability to develop new products and services (including our potential cryptocurrency and blockchain innovations), features and functionality that are competitive and meet market needs;
• our ability to diversify our business and broaden our suite of financial services offerings;
• our ability to realize the benefits of our strategy, including what we refer to as our Financial Services Productivity Loop, and achieve scale in our Financial Services segment;
• our ability to successfully operate as a bank holding company, and to operate SoFi Bank;
• our ability to make accurate credit and pricing decisions or effectively forecast our loss rates;

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• our ability to establish and maintain an effective system of internal controls over financial reporting;
• our ability to realize the anticipated benefits of prior acquisitions and any additional acquisitions we undertake;
• our ability to successfully expand our operations into foreign jurisdictions, including compliance with a variety of foreign laws; and
• the outcome of any legal or governmental proceedings that may be instituted against us.
Forward-looking statements are based on information available as of the date of this Quarterly Report on Form 10-Q and reflect current expectations, forecasts and assumptions, and involve a number of judgments, risks and uncertainties. New risks and uncertainties emerge from time to time, and it is not possible for us to predict all risks and uncertainties that could have an impact on the forward-looking statements contained in this Quarterly Report on Form 10-Q. The results, events, and circumstances reflected in the forward-looking statements may not be achieved or occur, and actual results, events, or circumstances could differ materially from those described in the forward-looking statements. Accordingly, forward-looking statements should not be relied upon as representing our views as of any subsequent date, and we do not undertake any obligation to update forward-looking statements to reflect events or circumstances after the date they were made, whether as a result of new information, future events or otherwise, except as may be required under applicable securities laws.
TRADEMARKS
This document contains references to trademarks, service marks and trade names owned by us or belonging to other entities. Solely for convenience, trademarks, service marks and trade names referred to in this document may appear without the ® or ™ symbols, but such references are not intended to indicate, in any way, that we or the applicable licensor will not assert, to the fullest extent under applicable law, our or its rights to these trademarks, service marks and trade names. SoFi Technologies does not intend its use or display of other companies’ trademarks, service marks or trade names to imply a relationship with, or endorsement or sponsorship of it by, any other companies. All trademarks, service marks and trade names included in this document are the property of their respective owners.

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PART I – FINANCIAL INFORMATION

Item 1. Financial Statements

SoFi Technologies, Inc.
Condensed Consolidated Balance Sheets
(Unaudited)
(In Thousands, Except for Share Data)

June 30,
2025 December 31,
2024
Assets
Cash and cash equivalents $ 2,122,502   $ 2,538,293  
Restricted cash and restricted cash equivalents 592,101   171,067  
Investment securities (includes available-for-sale securities of $ 2,266,588 and $ 1,804,043 at fair value with associated amortized cost of $ 2,255,505 and $ 1,807,686 , as of June 30, 2025 and December 31, 2024, respectively)
2,374,810   1,895,689  
Loans held for sale (includes $ 20.0 billion and $ 17.7 billion at fair value, as of June 30, 2025 and December 31, 2024, respectively)
20,063,089   17,684,892  
Loans held for investment, at fair value
10,741,641   8,597,368  
Loans held for investment, at amortized cost (less allowance for credit losses of $ 47,838 and $ 46,684 , as of June 30, 2025 and December 31, 2024, respectively)
1,413,385   1,246,458  
Servicing rights 375,006   342,128  
Property, equipment and software 354,755   287,869  
Goodwill 1,393,505   1,393,505  
Intangible assets 263,522   297,794  
Operating lease right-of-use assets 77,213   81,219  
Other assets (less allowance for credit losses of $ 3,178 and $ 2,444 , as of June 30, 2025 and December 31, 2024, respectively)
1,340,642   1,714,669  
Total assets
$ 41,112,171  

$ 36,250,951  
Liabilities and permanent equity
Liabilities:
Deposits:
Interest-bearing deposits $ 29,411,104   $ 25,861,400  
Noninterest-bearing deposits 129,570   116,804  
Total deposits 29,540,674   25,978,204  
Accounts payable, accruals and other liabilities
676,293   556,923  
Operating lease liabilities
91,434   97,389  
Debt
3,942,636   3,092,692  
Residual interests classified as debt
554   609  
Total liabilities 34,251,591   29,725,817  
Commitments, guarantees, concentrations and contingencies (Note 14)

Permanent equity:
Common stock, $ 0.00 par value: 3,100,000,000 and 3,100,000,000 shares authorized; 1,113,442,968 and 1,095,357,781 shares issued and outstanding, as of June 30, 2025 and December 31, 2024, respectively (1)
111   109  
Additional paid-in capital 7,994,095   7,838,988  
Accumulated other comprehensive income (loss)
3,593   ( 8,365 )
Accumulated deficit ( 1,137,219 ) ( 1,305,598 )
Total permanent equity 6,860,580   6,525,134  
Total liabilities and permanent equity $ 41,112,171   $ 36,250,951  

______________
(1) Includes 100,000,000 non-voting common shares authorized and no non-voting common shares issued and outstanding as of June 30, 2025 and December 31, 2024. See Note 9. Equity for additional information.

The accompanying notes are an integral part of these condensed consolidated financial statements.
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SoFi Technologies, Inc.
Condensed Consolidated Balance Sheets (Continued)
(Unaudited)
(In Thousands, Except for Share Data)
The following table presents the assets and liabilities of consolidated VIEs which are included in our condensed 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 6. Securitization and Variable Interest Entities for additional information.

June 30,
2025 December 31,
2024
Assets

Restricted cash and restricted cash equivalents $ 7,157   $ 20,719  
Loans held for sale, at fair value
45,351  

171,421  
Loans held for investment, at fair value 73,273   80,812  
Total assets
$ 125,781  

$ 272,952  
Liabilities

Accounts payable, accruals and other liabilities $ 177   $ 117  
Debt 59,747   80,878  
Residual interests classified as debt 554   609  
Total liabilities
$ 60,478  

$ 81,604  

The accompanying notes are an integral part of these condensed consolidated financial statements.
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SoFi Technologies, Inc.
Condensed Consolidated Statements of Operations and Comprehensive Income
(Unaudited)
(In Thousands, Except for Per Share Data)

Three Months Ended June 30, Six Months Ended June 30,

2025 2024 2025 2024
Interest income

Loans and securitizations
$ 738,862   $ 621,061   $ 1,451,738   $ 1,241,289  
Other
53,543   53,534   104,479   99,217  
Total interest income 792,405   674,595   1,556,217   1,340,506  
Interest expense

Securitizations and warehouses
29,650   17,362   57,794   58,283  
Deposits 233,232   231,815   458,631   443,266  
Corporate borrowings 11,504   12,725   22,932   23,436  
Other
182   109   297   219  
Total interest expense 274,568   262,011   539,654   525,204  
Net interest income 517,837   412,584   1,016,563   815,302  
Noninterest income

Loan origination, sales, securitizations and servicing
70,855   61,531   123,660   125,505  
Technology products and solutions
90,796   85,866   177,233   171,538  
Loan platform fees
127,405  

12,018  

220,155  

22,732  
Other
48,051   26,619   89,092   108,536  
Total noninterest income 337,107   186,034   610,140   428,311  
Total net revenue 854,944   598,618   1,626,703   1,243,613  
Provision for credit losses 10,035   11,640   15,713   18,822  
Noninterest expense

Technology and product development
152,146   132,167   308,352   263,087  
Sales and marketing
264,744   184,762   502,920   352,128  
Cost of operations
150,437   109,703   285,957   209,764  
General and administrative
165,390   145,006   321,787   290,246  
Total noninterest expense 732,717   571,638   1,419,016   1,115,225  
Income before income taxes
112,192  

15,340  

191,974   109,566  
Income tax (expense) benefit
( 14,929 ) 2,064   ( 23,595 ) ( 4,119 )
Net income
$ 97,263  

$ 17,404  

$ 168,379   $ 105,447  
Other comprehensive income

Unrealized gains on available-for-sale securities, net
1,328  

741  

12,790   41  
Foreign currency translation adjustments, net ( 563 ) ( 136 ) ( 832 ) ( 315 )
Total other comprehensive income (loss)
765  

605  

11,958  

( 274 )
Comprehensive income
$ 98,028   $ 18,009   $ 180,337   $ 105,173  
Earnings per share (Note 15)

Earnings per share – basic $ 0.09   $ 0.01   $ 0.15   $ 0.08  
Earnings per share – diluted $ 0.08   $ 0.01   $ 0.14   $ 0.03  
Weighted average common stock outstanding – basic 1,107,006   1,058,592   1,102,525   1,020,605  
Weighted average common stock outstanding – diluted 1,182,877   1,065,171   1,184,197   1,042,403  

The accompanying notes are an integral part of these condensed consolidated financial statements.
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SoFi Technologies, Inc.
Condensed Consolidated Statements of Changes in Temporary Equity and Permanent Equity
(Unaudited)
(In Thousands, Except for Share Data)

Common Stock
Additional Paid-In Capital Accumulated Other Comprehensive Income
Accumulated Deficit Permanent Equity

Shares
Amount

Balance at March 31, 2025 1,104,104,203   $ 110   $ 7,910,058   $ 2,828   $ ( 1,234,482 ) $ 6,678,514  
Share-based compensation expense —  —  75,973   —  —  75,973  

Vesting of RSUs 8,654,892   1   ( 1 ) —  —  —  
Stock withheld related to taxes on vested RSUs ( 379,570 ) —  ( 4,299 ) —  —  ( 4,299 )
Exercise of common stock options 91,544   —  600   —  —  600  

Employee stock purchase plan
971,899   —  11,764   —  —  11,764  
Net income
—  —  —  —  97,263   97,263  
Other comprehensive income, net of taxes —  —  —  765   —  765  
Balance at June 30, 2025 1,113,442,968   $ 111   $ 7,994,095   $ 3,593   $ ( 1,137,219 ) $ 6,860,580  

Common Stock Additional Paid-In Capital Accumulated Other Comprehensive Income (Loss)
Accumulated Deficit Permanent Equity
Shares Amount
Balance at January 1, 2025 1,095,357,781   $ 109   $ 7,838,988   $ ( 8,365 ) $ ( 1,305,598 ) $ 6,525,134  
Share-based compensation expense —  —  152,441   —  —  152,441  

Vesting of RSUs 17,776,848   2   ( 2 ) —  —  —  
Stock withheld related to taxes on vested RSUs ( 797,339 ) —  ( 9,891 ) —  —  ( 9,891 )
Exercise of common stock options 133,779   —  795   —  —  795  

Employee stock purchase plan
971,899   —  11,764   —  —  11,764  
Net income
—  —  —  —  168,379   168,379  
Other comprehensive income, net of taxes
—  —  —  11,958   —  11,958  
Balance at June 30, 2025 1,113,442,968   $ 111   $ 7,994,095   $ 3,593   $ ( 1,137,219 ) $ 6,860,580  

The accompanying notes are an integral part of these condensed consolidated financial statements.
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SoFi Technologies, Inc.
Condensed Consolidated Statements of Changes in Temporary Equity and Permanent Equity (Continued)
(Unaudited)
(In Thousands, Except for Share Data)

Common Stock
Additional Paid-In Capital Accumulated Other Comprehensive Loss
Accumulated Deficit Permanent Equity Temporary Equity

Shares
Amount
Shares Amount
Balance at March 31, 2024 1,056,491,365   $ 105   $ 7,543,808   $ ( 2,088 ) $ ( 1,716,220 ) $ 5,825,605   3,234,000   $ 320,374  
Share-based compensation expense
—  —  71,162   —  —  71,162   —  — 

Vesting of RSUs
9,169,435   1   ( 1 ) —  —  —   —  — 
Stock withheld related to taxes on vested RSUs
( 624,128 ) —  ( 3,998 ) —  —  ( 3,998 ) —  — 
Exercise of common stock options
75,598   —  166   —  —  166   —  — 

Redeemable preferred stock dividends
—  —  ( 6,424 ) —  —  ( 6,424 ) —  — 
Preferred stock redemption
—  —  ( 3,026 ) —  —  ( 3,026 ) ( 3,234,000 ) ( 320,374 )
Net income
—  —  —  —  17,404   17,404   —  — 
Other comprehensive income, net of taxes
—  —  —  605   —  605   —  — 
Balance at June 30, 2024 1,065,112,270   $ 106   $ 7,601,687   $ ( 1,483 ) $ ( 1,698,816 ) $ 5,901,494   —   $ —  

Common Stock Additional Paid-In Capital Accumulated Other Comprehensive Loss
Accumulated Deficit Permanent Equity Temporary Equity

Shares Amount Shares Amount
Balance at January 1, 2024
975,861,793   $ 97   $ 7,039,987   $ ( 1,209 ) $ ( 1,804,263 ) $ 5,234,612   3,234,000   $ 320,374  
Share-based compensation expense —  —  134,550   —  —  134,550   —  — 
Vesting of RSUs 17,530,410   2   ( 2 ) —  —  —   —  — 
Stock withheld related to taxes on vested RSUs ( 1,148,965 ) —  ( 7,758 ) —  —  ( 7,758 ) —  — 
Exercise of common stock options 247,153   —  632   —  —  632   —  — 
Extinguishment of convertible notes by issuance of common stock 72,621,879   7   534,276   —  —  534,283   —  — 
Purchases 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 —  —  —  —  105,447   105,447   —  — 
Other comprehensive loss, net of taxes
—  —  —  ( 274 ) —  ( 274 ) —  — 
Balance at June 30, 2024 1,065,112,270   $ 106   $ 7,601,687   $ ( 1,483 ) $ ( 1,698,816 ) $ 5,901,494   —   $ —  

The accompanying notes are an integral part of these condensed consolidated financial statements.
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SoFi Technologies, Inc.
Condensed Consolidated Statements of Cash Flows
(Unaudited)
(In Thousands)

Six Months Ended June 30,

2025 2024
Operating activities

Net income
$ 168,379  

$ 105,447  
Adjustments to reconcile net income to net cash (used in) provided by operating activities:

Share-based compensation expense 127,012   116,139  
Depreciation and amortization 112,026   98,162  
Deferred debt issuance and discount expense 5,367   8,207  
Gain on extinguishment of convertible debt
—   ( 59,194 )
Provision for credit losses 15,713   18,822  
Deferred income taxes 19,169   ( 3,110 )
Fair value changes in loans held for investment
( 218,830 ) ( 58,908 )
Fair value changes in securitization investments ( 1,137 ) ( 2,194 )
Other 1,775   ( 1,551 )
Changes in loans held for sale, net ( 2,443,713 ) ( 535,792 )
Changes in accrued interest on loans
( 17,377 )

7,245  
Changes in loans previously classified as held for sale, net
514,427   782,944  
Changes in servicing assets
( 32,878 ) ( 110,860 )
Changes in other assets
206,085   ( 97,207 )
Changes in other liabilities
98,576   ( 14,273 )
Net cash (used in) provided by operating activities
$ ( 1,445,406 ) $ 253,877  
Investing activities

Purchases of property, equipment and software $ ( 116,069 ) $ ( 68,696 )
Capitalized software development costs ( 4,171 ) ( 4,889 )
Purchases of available-for-sale investments ( 853,559 ) ( 1,308,629 )
Proceeds from sales of available-for-sale investments 204,777   —  
Proceeds from maturities and paydowns of available-for-sale investments 237,720   471,007  

Changes in loans held for investment, net
( 2,617,949 ) ( 2,556,261 )
Proceeds from securitization investments
28,817   22,693  
Proceeds from non-securitization investments
9,585   2,515  
Purchases of non-securitization investments ( 51,842 ) ( 13,841 )
Net cash used in investing activities
$ ( 3,162,691 ) $ ( 3,456,101 )

The accompanying notes are an integral part of these condensed consolidated financial statements.
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Condensed Consolidated Statements of Cash Flows (Continued)
(Unaudited)
(In Thousands)

Six Months Ended June 30,

2025 2024
Financing activities

Net change in deposits $ 3,766,414   $ 4,297,336  
Net change in debt facilities 868,016   ( 2,093,205 )
Proceeds from other debt issuances —   845,250  
Repayment of other debt ( 22,162 ) ( 297,183 )
Payment of debt issuance costs ( 394 ) ( 5,845 )
Purchase of capped calls
—   ( 90,649 )
Unwind of capped calls
—   10,180  
Taxes paid related to net share settlement of share-based awards ( 9,891 ) ( 7,758 )
Proceeds from stock option exercises 795   632  
Proceeds from issuance of common stock under the ESPP
11,764   —  
Payment of redeemable preferred stock dividends
—   ( 16,503 )
Redemption of Series 1 preferred stock
—   ( 323,400 )
Finance lease principal payments ( 370 ) ( 262 )
Net cash provided by financing activities $ 4,614,172   $ 2,318,593  
Effect of exchange rates on cash and cash equivalents
( 832 ) ( 315 )
Net increase (decrease) in cash, cash equivalents, restricted cash and restricted cash equivalents
$ 5,243   $ ( 883,946 )
Cash, cash equivalents, restricted cash and restricted cash equivalents at beginning of period
2,709,360   3,615,578  
Cash, cash equivalents, restricted cash and restricted cash equivalents at end of period
$ 2,714,603   $ 2,731,632  

Reconciliation to amounts on condensed consolidated balance sheets (as of period end)

Cash and cash equivalents
$ 2,122,502   $ 2,334,589  
Restricted cash and restricted cash equivalents
592,101   397,043  
Total cash, cash equivalents, restricted cash and restricted cash equivalents
$ 2,714,603   $ 2,731,632  

Supplemental non-cash investing and financing activities
Deposits credited but not yet received in cash $ 266,370   $ 78,964  
Share-based compensation capitalized related to internally-developed software
25,429   18,411  
Extinguishment of convertible notes by issuance of common stock —   593,910  

The accompanying notes are an integral part of these condensed consolidated financial statements.
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Notes to Condensed Consolidated Financial Statements
(Unaudited)
(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 reportable segments, see Note 16. Business Segment 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 condensed 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 condensed consolidated financial statements were prepared in conformity with GAAP and in accordance with the rules and regulations of the SEC. We condensed or omitted certain notes and other financial information from the interim financial statements presented herein.
These condensed consolidated financial statements should be read in conjunction with the consolidated statements included in our annual filing on Form 10-K filed with the SEC on February 24, 2025 (“Form 10-K”). In the opinion of management, the condensed consolidated financial statements reflect all adjustments, which are of a normal recurring nature, necessary for a fair presentation of the Company’s financial condition and results of operations and cash flows for the interim periods presented. The results for the three and six months ended June 30, 2025 are not necessarily indicative of the results to be expected for the full year ending December 31, 2025.
In our unaudited condensed consolidated financial statements, we made the following presentation changes in 2025:
• In our unaudited condensed consolidated statements of operations and comprehensive income 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 condensed 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
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Notes to Condensed Consolidated Financial Statements (Continued)
(Unaudited)
(In Thousands, Unless Otherwise Stated and Except for Share and Per Share Data)

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, (iii) goodwill, and (iv) valuation allowance on deferred tax assets.
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 condensed 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 condensed consolidated statements of operations and comprehensive income. We account for the remaining securitization investments as AFS debt securities. See Note 6. Securitization and Variable Interest Entities for a breakout of those securitization investments for 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. See Note 11. Fair Value Measurements for the key inputs used in the fair value measurements of our residual investments and asset-backed bonds.
Recent Accounting Standards Issued, But Not Yet Adopted
Improvements to Income Tax Disclosures
In December 2023, the FASB issued ASU 2023-09 , Income Taxes (Topic 740) — Improvements to Income Tax Disclosures. The ASU improves income tax disclosures primarily related to enhancements of the rate reconciliation and income taxes paid information. The standard is effective for annual periods beginning after December 15, 2024, with early adoption permitted. The standard should be applied on a prospective basis with the option to apply the standard retrospectively. We are currently evaluating the impact of this standard on our disclosures.
Disaggregation of Income Statement Expenses
In November 2024, the FASB issued ASU 2024-03 , Income Statement — Reporting Comprehensive Income — Expense Disaggregation Disclosures (Subtopic 220-40) — Disaggregation of Income Statement Expenses. The ASU requires the disclosure of additional information about specific costs and expense categories in the notes to financial statements. The standard is effective for annual periods beginning after December 15, 2026, and interim periods beginning after December 15, 2027, with early adoption permitted. The standard should be applied on a prospective basis with the option to apply the standard retrospectively. We are currently evaluating the impact of this standard on our disclosures.
Induced Conversions of Convertible Debt Instruments
In November 2024, the FASB issued ASU 2024-04, Debt—Debt with Conversion and Other Options (Subtopic 470-20)—Induced Conversions of Convertible Debt Instruments. The ASU clarifies the requirements for determining whether certain settlements of convertible debt instruments should be accounted for as an induced conversion. The standard is effective for annual periods beginning after December 15, 2025, and interim periods within those annual periods, with early adoption permitted for all entities that have adopted the amendments in ASU 2020-06. The standard may be applied on a prospective basis with the option to apply the standard retrospectively. We are currently evaluating the impact of this standard on our condensed consolidated financial statements.
Obligations to Safeguard Crypto-Assets
In January 2025, the SEC released Staff Accounting Bulletin No. 122 (“SAB 122”), which rescinds the interpretive guidance provided in SAB 121 for reporting entities that have an obligation to safeguard customers' crypto assets. Under SAB 121, entities were required to recognize both a liability and a corresponding asset for their safeguarding obligations. With the new guidance, an entity that has a safeguarding obligation should assess whether it has any loss contingencies under ASC 450, Contingencies. SAB 122 must be applied retrospectively for annual periods beginning after December 15, 2024, with early adoption permitted in any interim or annual financial statement period filed with the SEC on or after January 30, 2025. Upon
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Notes to Condensed Consolidated Financial Statements (Continued)
(Unaudited)
(In Thousands, Unless Otherwise Stated and Except for Share and Per Share Data)

adoption, we will no longer recognize a liability and a corresponding asset for our safeguarding obligations. We do not expect this guidance to have a material impact on our condensed consolidated financial statements.
For additional information about our historical digital assets activity, refer to “ Safeguarding Asset and Liability ” in Note 1. Organization, Summary of Significant Accounting Policies and New Accounting Standards in our Annual Report on Form 10-K.

Note 2. Revenue

In each of our revenue arrangements, revenue is recognized when control of the promised goods or services is transferred to the customer in an amount that reflects our expected consideration in exchange for those goods or services. Our arrangements are discussed in our Annual Report on Form 10-K, with notable updates provided herein.
Disaggregated Revenue
The table below presents revenue from contracts with customers disaggregated by type of service, which best depicts how the revenue and cash flows are affected by economic factors, and by the reportable segment to which each revenue stream relates, as well as a reconciliation of total revenue from contracts with customers to total noninterest income .

Three Months Ended June 30, Six Months Ended June 30,

2025 2024 2025 2024
Revenue from contracts with customers

Financial Services

Referrals, loan platform business (1)
$ 22,548  

$ 11,880  

$ 42,248  

$ 22,582  
Referrals, other (2)
2,588  

1,738  

5,118  

3,772  
Interchange (2)
26,502  

14,457  

49,314  

26,459  
Brokerage (2)
7,542   5,960   14,527   9,994  
Other (2)(3)
2,166  

654  

3,897  

1,581  
Total financial services
61,346  

34,689  

115,104  

64,388  
Technology Platform

Technology services
89,574  

85,469  

175,562  

170,119  
Other (3)
970  

624  

1,606  

1,884  
Total technology platform (4)
90,544  

86,093  

177,168  

172,003  
Total revenue from contracts with customers
151,890  

120,782  

292,272  

236,391  
Other sources of revenue

Loan origination, sales, securitizations and servicing
70,855  

61,531  

123,660  

125,505  
Loan platform business, other (1)
104,857  

138  

177,907  

150  
Other (5)
9,505   3,583   16,301   66,265  
Total other sources of revenue
185,217  

65,252  

317,868  

191,920  
Total noninterest income $ 337,107   $ 186,034   $ 610,140   $ 428,311  
_____________________
(1) Presented within noninterest income—loan platform fees in the condensed consolidated statements of operations and comprehensive income.
(2) Presented within noninterest income—other in the condensed consolidated statements of operations and comprehensive income.
(3) Financial Services includes revenues from enterprise services and equity capital markets services. Technology Platform includes revenues from software licenses and associated services, and payment network fees for serving as a transaction card program manager for enterprise customers that are the program marketers for separate card programs.
(4) Revenue from contracts with customers is presented within noninterest income—technology products and solutions and noninterest income—other in the condensed consolidated statements of operations and comprehensive income. Related to these technology platform services, we had deferred revenue of $ 7,430 and $ 7,474 as of June 30, 2025 and December 31, 2024, respectively, which are presented within accounts payable, accruals and other liabilities in the condensed consolidated balance sheets. We recognized revenue of $ 2,536 and $ 1,086 during the three months ended June 30, 2025 and 2024, respectively, and $ 4,904 and $ 2,386 during the six months ended June 30, 2025 and 2024, respectively, associated with deferred revenue within noninterest income—technology products and solutions in the condensed consolidated statements of operations and comprehensive income.
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Notes to Condensed Consolidated Financial Statements (Continued)
(Unaudited)
(In Thousands, Unless Otherwise Stated and Except for Share and Per Share Data)

(5) Includes gain on extinguishment of convertible debt of $ 59,194 during the six months ended June 30, 2024.
Contract Balances
As of June 30, 2025 and December 31, 2024, accounts receivable, net associated with revenue from contracts with customers was $ 70,104 and $ 61,569 , respectively, reported within other assets in the condensed consolidated balance sheets.
Costs of Obtaining Contracts with Customers
We capitalize incremental costs of obtaining a contract with a customer, which are certain commissions paid to third-parties in connection with the acquisition of member accounts. Capitalized costs are amortized over the life of the account. The expense is reported in noninterest expense—sales and marketing on the condensed consolidated statements of operations and comprehensive income.
During the three months ended June 30, 2025 and 2024, we recognized associated amortization expense of $ 12,352 and $ 4,538 , respectively. During the six months ended June 30, 2025 and 2024, we recognized associated amortization expense of $ 22,803 and $ 7,553 , respectively.
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Notes to Condensed Consolidated Financial Statements (Continued)
(Unaudited)
(In Thousands, Unless Otherwise Stated and Except for Share and Per Share Data)

Note 3. Loans

As of June 30, 2025, our loan portfolio consisted of (i) loans held for sale, including personal loans, which are measured at fair value under the fair value option or at lower of cost or market, and home loans, which are measured at fair value under the fair value option, (ii) loans held for investment, including student loans, which are measured at fair value under the fair value option, and (iii) loans held for investment, including secured loans, credit cards, and commercial and consumer banking loans, which are measured at amortized cost. Below is a disaggregated presentation of our loans, inclusive of fair market value adjustments and accrued interest income and net of the allowance for credit losses, as applicable:

June 30,
2025 December 31,
2024
Loans held for sale
At fair value

Personal loans (1)
$ 19,603,937   $ 17,532,396  
Home loans
377,392   152,496  
Total loans held for sale, at fair value 19,981,329   17,684,892  
At lower of cost or market

Personal loans (2)
81,760   —  
Total loans held for sale, at lower of cost or market
81,760   —  
Total loans held for sale
20,063,089   17,684,892  
Loans held for investment

Student loans (3)
10,741,641  

8,597,368  
Total loans held for investment, at fair value 10,741,641   8,597,368  
Secured loans
888,421   806,441  
Credit card
364,997   289,159  
Commercial and consumer banking:
Commercial real estate 145,574   136,474  
Commercial and industrial 4,321   4,986  
Residential real estate and other consumer 10,072   9,398  
Total commercial and consumer banking 159,967   150,858  
Total loans held for investment, at amortized cost (4)
1,413,385  

1,246,458  
Total loans held for investment
12,155,026   9,843,826  
Total loans
$ 32,218,115  

$ 27,528,718  

_____________________
(1) Includes $ 45,351 and $ 171,421 of personal loans in consolidated VIEs as of June 30, 2025 and December 31, 2024, respectively.
(2) Includes loans originated as part of the loan platform business on behalf of third party partners.
(3) Includes $ 1,835,639 and $ 2,034,559 of student loans covered by financial guarantee, and $ 73,273 and $ 80,812 of student loans in consolidated VIEs as of June 30, 2025 and December 31, 2024, respectively.
(4) See Note 4. Allowance for Credit Losses herein, and Note 1. Organization, Summary of Significant Accounting Policies and New Accounting Standards under the heading “Allowance for Credit Losses” in our Annual Report on Form 10-K for additional information on our loans at amortized cost as it pertains to the allowance for credit losses.

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Notes to Condensed Consolidated Financial Statements (Continued)
(Unaudited)
(In Thousands, Unless Otherwise Stated and Except for Share and Per Share Data)

Loans Measured at Fair Value
The following table summarizes the aggregate fair value of our loans for which we elected the fair value option. See Note 11. Fair Value Measurements for the assumptions used in our fair value model.

Personal Loans
Student Loans
Home Loans
Total

June 30, 2025
Unpaid principal balance
$ 18,416,674   $ 10,099,685   $ 359,360   $ 28,875,719  
Accumulated interest
132,100   57,581   895   190,576  
Cumulative fair value adjustments
1,055,163   584,375   17,137   1,656,675  
Total fair value of loans (1)
$ 19,603,937   $ 10,741,641   $ 377,392   $ 30,722,970  
December 31, 2024
Unpaid principal balance
$ 16,589,623   $ 8,215,629   $ 149,862   $ 24,955,114  
Accumulated interest
128,733   44,603   260   173,596  
Cumulative fair value adjustments
814,040   337,136   2,374   1,153,550  
Total fair value of loans (1)
$ 17,532,396   $ 8,597,368   $ 152,496   $ 26,282,260  

__________________
(1) Each component of the fair value of loans is impacted by charge-offs during the period. Our fair value assumption for annual default rate incorporates fair value markdowns on loans beginning when they are 10 days or more delinquent, with additional markdowns at 30, 60 and 90 days past due.
The following table summarizes the aggregate fair value of loans 90 days or more delinquent. As delinquent personal loans and student loans are charged off after 120 days of delinquency, amounts presented below represent the fair value of loans that are 90 to 120 days delinquent.

Personal Loans
Student Loans
Home Loans
Total

June 30, 2025
Unpaid principal balance
$ 77,941   $ 12,828   $ 93   $ 90,862  
Accumulated interest
3,858   249   —   4,107  
Cumulative fair value adjustments (1)
( 63,942 ) ( 9,082 ) ( 8 ) ( 73,032 )
Fair value of loans 90 days or more delinquent (2)
$ 17,857   $ 3,995   $ 85   $ 21,937  
December 31, 2024
Unpaid principal balance $ 91,477   $ 9,578   $ 339   $ 101,394  
Accumulated interest 4,400   168   1   4,569  
Cumulative fair value adjustments (1)
( 75,390 ) ( 6,760 ) ( 22 ) ( 82,172 )
Fair value of loans 90 days or more delinquent (2)
$ 20,487   $ 2,986   $ 318   $ 23,791  
__________________
(1) Our fair value assumption for annual default rate incorporates fair value markdowns on loans beginning when they are 10 days or more delinquent, with additional markdowns at 30, 60 and 90 days past due. We record the initial fair value measurement and subsequent measurement changes in fair value in the period in which the changes occur within noninterest income—loan origination, sales, securitizations and servicing in the condensed consolidated statements of operations and comprehensive income. As such, the $ 73.0 million fair value adjustment as of June 30, 2025 has been recorded in noninterest income—loan origination, sales, securitizations and servicing in the respective periods in which 10, 30, 60, and 90 days of delinquency occurred. See our Annual Report on Form 10-K for further discussion of the policies for determining the fair value of our loan portfolios.
(2) The fair value incorporates the expected price to be paid by buyers of these delinquent loans after charge-off occurs, implying that potential recoveries are expected to be in excess of these levels based on consistent demonstrated recoverability after a loan becomes delinquent and gets charged off.
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Notes to Condensed Consolidated Financial Statements (Continued)
(Unaudited)
(In Thousands, Unless Otherwise Stated and Except for Share and Per Share Data)

Transfers of Financial Assets
We regularly transfer financial assets and account for such transfers as either sales or secured borrowings depending on the facts and circumstances of the transfer. When a transfer of financial assets qualifies as a sale, in many instances we have continuing involvement as the servicer of those financial assets. As we expect the benefits of servicing to be more than just adequate, we recognize a servicing asset. Further, in the case of securitization-related transfers that qualify as sales, we have additional continuing involvement as an investor, albeit at insignificant levels relative to the expected gains and losses of the securitization. In instances where a transfer is accounted for as a secured borrowing, we perform servicing (but we do not recognize a servicing asset) and typically maintain a significant investment relative to the expected gains and losses of the securitization. In whole loan sales, we do not have a residual financial interest in the loans, nor do we have any other power over the loans that would constrain us from recognizing a sale. Additionally, we generally have no repurchase requirements related to transfers of personal loans, student loans and non-GSE home loans other than standard origination representations and warranties, for which we record a liability based on expected repurchase obligations. For GSE home loans, we have customary GSE repurchase requirements, which do not constrain sale treatment but result in a liability for the expected repurchase requirement.
The following table summarizes our loan securitization transfers, other than those related to our Loan Platform Business, that qualified for sale accounting treatment. There were no such loan securitization transfers qualifying for sale accounting treatment during the three months and six months ended June 30, 2025, as well as during the three months ended June 30, 2024.

Six Months Ended June 30,
2024
Personal loans
Fair value of consideration received:
Cash $ 674,036  
Securitization investments 35,616  

Servicing assets recognized 27,523  
Repurchase liabilities recognized ( 280 )
Total consideration 736,895  
Aggregate unpaid principal balance and accrued interest of loans sold 701,601  
Gain from loan sales $ 35,294  

Deconsolidation of debt reflects the impacts of previously consolidated VIEs that became deconsolidated during the period because we no longer hold a significant financial interest in the underlying securitization entity, which can fluctuate from period to period. Gains and losses on deconsolidations are presented within noninterest income—loan origination, sales, securitizations, and servicing in the condensed consolidated statements of operations and comprehensive income.
During the six months ended June 30, 2025 we had deconsolidation of debt on personal loans of $ 13.2 million, and during the three and six months ended June 30, 2024 we had deconsolidation of debt on student loans of $ 55.9  million and $ 98.0  million, respectively. We did not have any deconsolidation of debt on personal loans for the three months ended June 30, 2025. For all periods, the impact on earnings from these deconsolidations was immaterial .
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Notes to Condensed Consolidated Financial Statements (Continued)
(Unaudited)
(In Thousands, Unless Otherwise Stated and Except for Share and Per Share Data)

The following table summarizes our current whole loan sales:

Three Months Ended June 30, Six Months Ended June 30,

2025 2024 2025 2024
Personal loans

Fair value of consideration received:

Cash $ 200,326   $ 1,136,812   $ 1,313,348   $ 1,636,563  
Receivable
—   —   —   3,036  
Servicing assets recognized 11,817   70,472   80,442   104,021  
Repurchase liabilities recognized ( 520 ) ( 4,181 ) ( 1,800 ) ( 5,981 )
Total consideration
211,623   1,203,103   1,391,990   1,737,639  
Aggregate unpaid principal balance and accrued interest of loans sold
200,526  

1,136,427  

1,313,698  

1,639,464  
Realized gain $ 11,097   $ 66,676   $ 78,292   $ 98,175  

Student loans

Fair value of consideration received:

Cash $ —   $ —   $ —   $ 310,331  
Servicing assets recognized —   —   —   8,249  
Repurchase liabilities recognized —   —   —   ( 46 )
Total consideration —   —   —   318,534  
Aggregate unpaid principal balance and accrued interest of loans sold
—  

—  

—  

303,578  
Realized gain $ —   $ —   $ —   $ 14,956  
Home loans

Fair value of consideration received:

Cash $ 792,211   $ 385,030   $ 1,118,851   $ 729,708  
Servicing assets recognized 4,222   3,390   7,016   6,222  
Repurchase liabilities recognized ( 1,534 ) ( 634 ) ( 2,143 ) ( 1,139 )
Total consideration
794,899  

387,786  

1,123,724  

734,791  
Aggregate unpaid principal balance and accrued interest of loans sold
779,332  

381,299  

1,101,864  

725,557  
Realized gain $ 15,567   $ 6,487   $ 21,860   $ 9,234  

The following table summarizes our delinquent whole loan sales:

Three Months Ended June 30, Six Months Ended June 30,

2025 2024 2025 2024
Personal loans

Fair value of consideration received:

Cash $ 7,200   $ 5,549   $ 14,400   $ 10,549  
Servicing assets recognized
6,304   4,884   12,610   8,284  
Repurchase liabilities recognized ( 90 ) ( 28 ) ( 171 ) ( 53 )
Total consideration
13,414   10,405   26,839   18,780  
Aggregate unpaid principal balance and accrued interest of loans sold (1)(2)
94,699   73,450  

189,532   139,861  
Realized loss $ ( 81,285 ) $ ( 63,045 ) $ ( 162,693 ) $ ( 121,081 )

__________________
(1) During the three and six months ended June 30, 2025, includes $ 90.0  million and $ 180.0  million of aggregate unpaid principal balance sold, related to late-stage delinquent loans for which we retained servicing and portions of recoveries, respectively. During the three and six months ended June 30, 2024,
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Notes to Condensed Consolidated Financial Statements (Continued)
(Unaudited)
(In Thousands, Unless Otherwise Stated and Except for Share and Per Share Data)

includes $ 69.4  million and $ 131.9  million of aggregate unpaid principal balance sold, related to late-stage delinquent loans for which we retained servicing and portions of recoveries, respectively.
(2) For the three and six months ended June 30, 2025 $ 63.4  million and $ 126.7  million, respectively, of unpaid principal balance was recorded in prior periods as a reduction in fair value in noninterest income—loan origination, sales, securitizations and servicing in the condensed consolidated statements of operations and comprehensive income. For the three and six months ended June 30, 2024 $ 47.1  million and $ 90.3  million, respectively, of unpaid principal balance was recorded in prior periods as a reduction in fair value in noninterest income—loan origination, sales, securitizations and servicing in the condensed consolidated statements of operations and comprehensive income. These loans were sold prior to charge-off during the respective periods and otherwise would have been charged off as of June 30, 2025 and 2024, respectively, consistent with our policy. In our other charged off whole loan sales, we typically do not retain servicing or recoveries.
The following table summarizes loans originated and subsequently sold as part of our Loan Platform Business, which are loans that we originate on behalf of a third party for which we receive a fee. Sales related to our Loan Platform Business during the three and six months ended June 30, 2024 were immaterial.

Three Months Ended June 30, Six Months Ended June 30,

2025 2025
Personal loans

Fair value of consideration received:

Cash $ 2,370,668   $ 3,917,253  
Servicing assets recognized 17,707   28,633  
Repurchase liabilities recognized ( 2,156 ) ( 3,217 )
Total consideration
2,386,219   3,942,669  
Aggregate carrying amount and accrued interest of loans sold (1)
2,285,070  

3,773,422  
Loan fees, net (2)
83,442   140,614  
Servicing assets recognized
17,707   28,633  
Loan platform fees recognized (3)
$ 101,149   $ 169,247  

_____________________
(1) Includes unpaid principal balance of $ 2.3 billion and $ 3.8 billion for the three and six months ended June 30, 2025, respectively.
(2) Represents loan platform fees earned less the repurchase liabilities recognized at the time of sale.
(3) Recorded in noninterest income—loan platform fees in the condensed consolidated statements of operations and comprehensive income.
The following table summarizes the results of the transfer related to the portion of personal loans that we contributed as part of a securitization that qualified for sale accounting treatment, which related to incremental loans originated and subsequently sold as part of our Loan Platform Business. There were no loan securitization transfers related to our Loan Platform Business qualifying for sale accounting treatment during the three and six months ended June 30, 2024.

Three Months Ended June 30, Six Months Ended June 30,

2025 2025
Personal loans

Fair value of consideration received:

Cash (1)
$ ( 173 ) $ ( 626 )
Securitization investments retained (2)
38,340   77,474  
Servicing assets recognized 273   553  
Repurchase liabilities recognized ( 38 ) ( 65 )
Total consideration
38,402   77,336  
Aggregate carrying amount and accrued interest of loans sold (3)
37,275   74,872  
Gain from loan sales (4)
$ 1,127   $ 2,464  
_____________________
(1) Relates to payments for securitization-related expenses.
(2) Represents asset-backed bonds and residual investments retained pursuant to risk retention rules. See Note 1. Organization, Summary of Significant Accounting Policies and New Accounting Standards and Note 11. Fair Value Measurements for our accounting policy and key inputs used in the fair value measurements related to these asset-backed bonds and residual investments.
(3) Includes unpaid principal balance of $ 37.7 million and $ 75.9 million for the three and six months ended June 30, 2025, respectively.
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Notes to Condensed Consolidated Financial Statements (Continued)
(Unaudited)
(In Thousands, Unless Otherwise Stated and Except for Share and Per Share Data)

(4) Recorded in noninterest income—loan platform fees in the condensed consolidated statements of operations and comprehensive income.
For certain transferred loans that qualified for sale accounting and are therefore derecognized, we have continuing involvement through our servicing agreements. For such loans, our exposure to loss is generally limited to the extent we would be required to repurchase such a loan due to a breach of representations and warranties associated with the loan transfer or servicing contract.
The following table presents information about the unpaid principal balances of loans originated by us and subsequently transferred, but with which we have continuing involvement:

Personal Loans
Student Loans
Home Loans
Total

June 30, 2025
Loans in delinquency (30+ days past due)
$ 156,286   $ 48,546   $ 38,203   $ 243,035  
Total loans in delinquency 243,437   88,087   38,203   369,727  
Total transferred loans serviced (1)
9,165,685   3,813,984   6,517,215   19,496,884  
December 31, 2024

Loans in delinquency (30+ days past due)
$ 109,169   $ 67,234   $ 35,910   $ 212,313  
Total loans in delinquency
168,403   129,317   35,910   333,630  
Total transferred loans serviced (1)
6,060,329   5,230,303   6,234,859   17,525,491  
_____________________
(1) Total transferred loans serviced includes loans in delinquency, as well as loans in repayment, loans in-school/grace period/deferment (related to student loans), and loans in forbearance. The vast majority of total transferred loans serviced represent loans in repayment as of the dates indicated.
The following table presents additional information about the servicing cash flows received and net charge-offs related to loans originated by us and subsequently transferred, but with which we have a continuing involvement:

Three Months Ended June 30, Six Months Ended June 30,

2025 2024 2025 2024
Personal loans

Servicing fees collected from transferred loans
$ 16,741   $ 16,670   $ 36,909   $ 26,115  
Charge-offs, net of recoveries, of transferred loans
149,936   87,840   278,857   173,173  
Student loans

Servicing fees collected from transferred loans
4,523   5,975   9,668   12,121  
Charge-offs, net of recoveries, of transferred loans
12,518   11,123   23,791   21,976  
Home loans

Servicing fees collected from transferred loans
4,226   4,232   8,606   8,271  
Total

Servicing fees collected from transferred loans
$ 25,490   $ 26,877   $ 55,183   $ 46,507  
Charge-offs, net of recoveries, of transferred loans
162,454   98,963   302,648   195,149  

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Notes to Condensed Consolidated Financial Statements (Continued)
(Unaudited)
(In Thousands, Unless Otherwise Stated and Except for Share and Per Share Data)

Loans Measured at Amortized Cost
Loan Portfolio Composition and Aging
The following table presents the amortized cost basis of our credit card and commercial and consumer banking portfolios (excluding accrued interest and before the allowance for credit losses) by either current status or delinquency status:

Delinquent Loans
Current 30–59 Days 60–89 Days ≥ 90 Days (1)
Total Delinquent Loans Total Loans (2)

June 30, 2025
Secured loans
$ 887,047   $ —   $ —   $ —   $ —   $ 887,047  
Credit card 386,825   3,480   2,907   7,057   13,444   400,269  
Commercial and consumer banking:
Commercial real estate 147,197   —   —   —   —   147,197  
Commercial and industrial 4,198   —   118   89   207   4,405  
Residential real estate and other consumer (3)
10,138   —   —   —   —   10,138  
Total commercial and consumer banking 161,533   —   118   89   207   161,740  
Total loans
$ 1,435,405   $ 3,480   $ 3,025   $ 7,146   $ 13,651   $ 1,449,056  
December 31, 2024
Secured loans
$ 804,800   $ —   $ —   $ —   $ —   $ 804,800  
Credit card 312,676   3,429   3,311   9,056   15,796   328,472  
Commercial and consumer banking:
Commercial real estate 138,172   —   —   —   —   138,172  
Commercial and industrial 4,831   —   188   77   265   5,096  
Residential real estate and other consumer (3)
9,370   —   —   —   —   9,370  
Total commercial and consumer banking 152,373   —   188   77   265   152,638  
Total loans $ 1,269,849   $ 3,429   $ 3,499   $ 9,133   $ 16,061   $ 1,285,910  
______________
(1) Generally, all of the credit cards ≥ 90 days past due continued to accrue interest. As of the dates indicated, credit card and commercial and consumer banking loans on nonaccrual status were immaterial .
(2) For credit card, the balance is presented before allowance for credit losses of $ 45,515 and $ 44,350 as of June 30, 2025 and December 31, 2024, respectively, and accrued interest of $ 4,203 and $ 4,125 , respectively. For secured loans, the balance is presented before accrued interest of $ 1,374 and $ 1,641 as of June 30, 2025 and December 31, 2024, respectively. For commercial and consumer banking, the balance is presented before allowance for credit losses of $ 2,323 and $ 2,334 as of June 30, 2025 and December 31, 2024, respectively, and accrued interest of $ 550 and $ 554 , respectively.
(3) Includes residential real estate loans originated by Golden Pacific for which we did not elect the fair value option.
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Notes to Condensed Consolidated Financial Statements (Continued)
(Unaudited)
(In Thousands, Unless Otherwise Stated and Except for Share and Per Share Data)

Credit Quality Indicators
Credit Card
The following table presents the amortized cost basis of our credit card portfolio (excluding accrued interest and before the allowance for credit losses) based on FICO scores, which are obtained at origination of the account and are refreshed monthly thereafter. The pools estimate the likelihood of borrowers with similar FICO scores to pay credit obligations based on aggregate credit performance data.

FICO June 30, 2025 December 31, 2024
≥ 800 $ 43,324   $ 38,076  
780 – 799 24,739   24,566  
760 – 779 27,085   24,533  
740 – 759 30,242   26,321  
720 – 739 41,116   30,215  
700 – 719 51,677   36,050  
680 – 699 52,820   37,994  
660 – 679 39,963   30,504  
640 – 659 26,258   21,206  
620 – 639 15,656   14,098  
600 – 619 10,773   9,393  
≤ 599 36,616   35,516  
Total credit card $ 400,269   $ 328,472  

Commercial and Consumer Banking
We analyze loans in our commercial and consumer banking portfolio by classification based on their associated credit risk, and perform an analysis on an ongoing basis as new information is obtained. Risk rating classifications are further described below. Loans with a lower expectation of credit losses are classified as Pass, while loans with a higher expectation of credit losses are classified as Substandard.
• Pass — Loans that management believes will fully repay in accordance with the contractual loan terms.
• Watch   —   Loans that management believes will fully repay in accordance with the contractual loan terms, but for which certain credit attributes have changed from origination and warrant further monitoring.
• Special mention —   Loans with a potential weakness or weaknesses that deserves management’s close attention. If left uncorrected, the potential weaknesses may result in deterioration of the repayment prospects for the loan or our credit position at some future date.
• Substandard   —   Loans that are inadequately protected by the current net worth and paying capacity of the obligor or of the collateral pledged, if any. Loans so classified have a well-defined weakness or weaknesses that jeopardize the full repayment. They are characterized by the distinct possibility that we will sustain some loss if the deficiencies are not corrected.
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Notes to Condensed Consolidated Financial Statements (Continued)
(Unaudited)
(In Thousands, Unless Otherwise Stated and Except for Share and Per Share Data)

The following table presents the amortized cost basis of our commercial and consumer banking portfolio (excluding accrued interest and before the allowance for credit losses) by origination year and credit quality indicator:

Term Loans by Origination Year
June 30, 2025 2025 2024 2023 2022 2021 Prior Total Term Loans Revolving Loans
Commercial real estate

Pass $ 16,212   $ 34,007   $ 18,935   $ 28,809   $ 7,043   $ 24,592   $ 129,598   $ 167  
Watch —   —   5,176   2,383   —   2,179   9,738   —  
Special mention —   1,676   —   2,699   —   713   5,088   —  
Substandard —   —   —   —   —   2,606   2,606   —  
Total commercial real estate 16,212   35,683   24,111   33,891   7,043   30,090   147,030   167  
Commercial and industrial
Pass —   133   18   —   —   2,948   3,099   1,051  
Watch —   —   31   —   —   —   31   —  

Substandard —   —   —   —   —   224   224   —  
Total commercial and industrial —   133   49   —   —   3,172   3,354   1,051  
Residential real estate and other consumer
Pass —   —   —   —   —   3,904   3,904   4,330  
Watch —   —   —   —   —   —   —   1,904  
Total residential real estate and other consumer —   —   —   —   —   3,904   3,904   6,234  
Total commercial and consumer banking
$ 16,212   $ 35,816   $ 24,160   $ 33,891   $ 7,043   $ 37,166   $ 154,288   $ 7,452  

Secured Loans
The amortized cost basis (excluding accrued interest) of our secured loans was $ 887.0  million and $ 804.8  million as of June 30, 2025 and December 31, 2024, respectively. Secured loans are term loan arrangements secured by underlying loans owned by the debtor, which were previously originated, sold and in most cases continue to be serviced by the Company. The borrowers of our secured loans are generally financial institutions, and the underlying collateral are personal loans originated by the Company. The duration of these secured loans align with the underlying collateral, the majority of which have a term of 7 years or less. Our secured loans were originated in 2023, 2024 and 2025, are all current and there have been no charge-offs since origination.
We evaluate the credit quality of our secured loan portfolio relative to the fair value of the underlying collateral, reassessing it quarterly based on relevant information, including funded loan rates and historical loss experience. An allowance for credit losses is required when there is an expected credit loss after considering the fair value of the collateral as well as any anticipated future changes in the underlying collateral. As of June 30, 2025, based on this evaluation we did not recognize an allowance for credit losses on our secured loans.

Note 4. Allowance for Credit Losses

Our allowance for credit losses represents our current estimate of expected credit losses over the remaining contractual life of certain financial assets, including credit cards as well as commercial and consumer banking loans, which relate to our Financial Services segment, and accounts receivables primarily related to our Technology Platform segment. Given our methods of collecting funds on servicing receivables, our historical experience of infrequent write offs, and that we have not observed meaningful changes in our counterparties’ abilities to pay, we determined that the future exposure to credit losses on servicing related receivables was immaterial. See our Annual Report on Form 10-K for further discussion of the methodology and policies for determining our allowance for credit losses for each of our loan portfolios.
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Notes to Condensed Consolidated Financial Statements (Continued)
(Unaudited)
(In Thousands, Unless Otherwise Stated and Except for Share and Per Share Data)

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

Credit Card (1)
Commercial and Consumer Banking (1)
Accounts Receivable (1)

Three Months Ended June 30, 2025
Balance at March 31, 2025
$ 42,179  

$ 2,190  

$ 2,789  
Provision for credit losses (2)
9,901  

134  

389  
Net charge-offs (3)
( 6,565 )

( 1 )

—  
Balance at June 30, 2025
$ 45,515  

$ 2,323  

$ 3,178  
Three Months Ended June 30, 2024
Balance at March 31, 2024
$ 49,092   $ 2,221   $ 2,109  
Provision for credit losses (2)
11,348   292   382  
Net charge-offs (3)
( 11,034 ) ( 11 ) ( 982 )
Balance at June 30, 2024
$ 49,406   $ 2,502   $ 1,509  
Six Months Ended June 30, 2025
Balance at December 31, 2024
$ 44,350  

$ 2,334  

$ 2,444  
Provision for credit losses (2)
15,720  

( 7 )

767  
Net charge-offs (3)
( 14,555 )

( 4 )

( 33 )
Balance at June 30, 2025
$ 45,515  

$ 2,323  

$ 3,178  
Six Months Ended June 30, 2024
Balance at December 31, 2023
$ 52,385  

$ 2,310  

$ 1,837  
Provision for credit losses (2)
18,601  

221  

2,793  
Net charge-offs (3)
( 21,580 )

( 29 )

( 3,121 )
Balance at June 30, 2024
$ 49,406  

$ 2,502  

$ 1,509  

_____________________
(1) Credit cards and commercial and consumer banking loans measured at amortized cost, net of allowance for credit losses, are presented within loans held for investment, at amortized cost in the condensed consolidated balance sheets. Accounts receivable balances, net of allowance for credit losses, are presented within other assets in the condensed consolidated balance sheets.
(2) The provision for credit losses on credit cards and commercial and consumer banking loans is presented within noninterest expense—provision for credit losses in the condensed consolidated statements of operations and comprehensive income . The provision for credit losses on accounts receivable is presented within noninterest expense—general and administrative in the condensed consolidated statements of operations and comprehensive income.
(3) During the three and six months ended June 30, 2025, recoveries of amounts previously reserved related to credit cards were $ 805 and $ 1,569 , respectively. During the three and six months ended June 30, 2024, recoveries of amounts previously reserved related to credit cards were $ 1,136 and $ 2,219 , respectively. There were immaterial recoveries of amounts previously reserved related to commercial and consumer banking loans during the three and six months ended June 30, 2025 and 2024. During the three and six months ended June 30, 2025, recoveries of amounts previously reserved related to accounts receivable were $ 300 and $ 602 , respectively. During the three and six months ended June 30, 2024, recoveries of amounts previously reserved related to accounts receivable were $ 541 and $ 1,038 , respectively.

Credit card : During the three and six months ended June 30, 2025, accrued interest receivables written off by reversing interest income were $ 1.5 million and $ 3.4 million, respectively. During the three and six months ended June 30, 2024, accrued interest receivables written off by reversing interest income were $ 2.4 million and $ 5.0 million, respectively.
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Notes to Condensed Consolidated Financial Statements (Continued)
(Unaudited)
(In Thousands, Unless Otherwise Stated and Except for Share and Per Share Data)

Note 5. Investment Securities

The following table presents our investments in AFS debt securities:

Amortized Cost Accrued Interest Gross Unrealized Gains Gross Unrealized Losses (1)
Fair Value
June 30, 2025
U.S. Treasury securities $ 228,216   $ 2,451   $ 592   $ ( 927 ) $ 230,332  
Agency mortgage-backed securities 1,990,751   4,119   8,194   ( 3,502 ) 1,999,562  
Corporate bonds 2,257   29   —   ( 61 ) 2,225  
Asset-backed bonds (2)
28,894   121   —   ( 11 ) 29,004  
Residual investments (2)
4,438   42   169   —   4,649  
Other (3)
949   8   —   ( 141 ) 816  
Total investments in AFS debt securities $ 2,255,505   $ 6,770   $ 8,955   $ ( 4,642 ) $ 2,266,588  
December 31, 2024
U.S. Treasury securities $ 277,555   $ 2,622   $ 77   $ ( 6,602 ) $ 273,652  
Agency mortgage-backed securities 1,525,913   3,048   3,522   ( 6,089 ) 1,526,394  
Corporate bonds 3,272   39   —   ( 94 ) 3,217  
Other (3)
946   8   —   ( 174 ) 780  
Total investments in AFS debt securities $ 1,807,686   $ 5,717   $ 3,599   $ ( 12,959 ) $ 1,804,043  

_____________________
(1) As of June 30, 2025 and December 31, 2024, we concluded that there was no credit loss attributable to securities in unrealized loss positions, as (i) 98 % and approximately 100 % of the amortized cost basis of our investments as of June 30, 2025 and December 31, 2024, respectively, was composed of U.S. Treasury securities and agency mortgage-backed securities, which are of high credit quality and have no risk of credit-related impairment due to the nature of the counterparties and history of no credit losses, and (ii) we have not identified factors indicating credit-related impairment for the remaining investments and expect that the contractual principal and interest payments will be received. Additionally, we do not intend to sell the securities in loss positions nor is it more likely than not that we will be required to sell the securities prior to recovery of the amortized cost basis.
(2) These assets represent the carrying value of our holdings in VIEs wherein we were not deemed the primary beneficiary, classified as AFS debt securities. See Note 6. Securitization and Variable Interest Entities for additional information.
(3) Includes state municipal bond securities.
The following table presents information about our investments in AFS debt securities with gross unrealized losses and the length of time that individual securities have been in a continuous unrealized loss position as of June 30, 2025 and December 31, 2024.

Less than 12 Months 12 Months or Longer Total
Fair Value Gross Unrealized Losses Fair Value Gross Unrealized Losses Fair Value Gross Unrealized Losses
June 30, 2025
U.S. Treasury securities $ 74,320   $ ( 882 ) $ 5,186   $ ( 45 ) $ 79,506   $ ( 927 )
Agency mortgage-backed securities 622,928   ( 2,598 ) 26,159   ( 904 ) 649,087   ( 3,502 )
Corporate bonds 988   ( 30 ) 1,236   ( 31 ) 2,224   ( 61 )
Asset-backed bonds
29,003   ( 11 ) —   —   29,003   ( 11 )

Other —   —   816   ( 141 ) 816   ( 141 )
Total investments in AFS debt securities $ 727,239   $ ( 3,521 ) $ 33,397   $ ( 1,121 ) $ 760,636   $ ( 4,642 )

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Notes to Condensed Consolidated Financial Statements (Continued)
(Unaudited)
(In Thousands, Unless Otherwise Stated and Except for Share and Per Share Data)

Less than 12 Months 12 Months or Longer Total
Fair Value Gross Unrealized Losses Fair Value Gross Unrealized Losses Fair Value Gross Unrealized Losses
December 31, 2024
U.S. Treasury securities $ 217,683   $ ( 6,497 ) $ 5,256   $ ( 105 ) $ 222,939   $ ( 6,602 )
Agency mortgage-backed securities 614,081   ( 5,499 ) 7,319   ( 590 ) 621,400   ( 6,089 )
Corporate bonds —   —   3,216   ( 94 ) 3,216   ( 94 )
Other —   —   780   ( 174 ) 780   ( 174 )
Total investments in AFS debt securities $ 831,764   $ ( 11,996 ) $ 16,571   $ ( 963 ) $ 848,335   $ ( 12,959 )

The following table presents the amortized cost and fair value of our investments in AFS debt securities by contractual maturity:
Due Within One Year Due After One Year Through Five Years Due After Five Years Through Ten Years Due After Ten Years Total
June 30, 2025

Investments in AFS debt securities—Amortized cost:
U.S. Treasury securities $ 6,209 $ 147,898 $ 74,109 $ — $ 228,216  
Agency mortgage-backed securities 2 30,083 10,524 1,950,142 1,990,751  
Corporate bonds — — 2,257 — 2,257  
Asset-backed bonds
— — 28,894 — 28,894  
Residual investments
— — 4,438 — 4,438  
Other — — 949 — 949  
Total investments in AFS debt securities $ 6,211 $ 177,981 $ 121,171 $ 1,950,142 $ 2,255,505  
Weighted average yield for investments in AFS debt securities (1)
2.26   % 3.95   % 3.98   % 5.36   % 5.24 %

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

U.S. Treasury securities $ 6,165 $ 148,488 $ 73,228 $ — $ 227,881
Agency mortgage-backed securities 2 30,579 10,579 1,954,283 1,995,443
Corporate bonds — — 2,196 — 2,196
Asset-backed bonds
— — 28,883 — 28,883
Residual investments
— — 4,607 — 4,607
Other — — 808 — 808
Total investments in AFS debt securities $ 6,167 $ 179,067 $ 120,301 $ 1,954,283 $ 2,259,818

_____________________
(1) The weighted average yield represents the effective yield for the investment securities owned at the end of the period and is computed based on the amortized cost of each security.
(2) Presentation of fair values of our investments in AFS debt securities by contractual maturity excludes total accrued interest of $ 6,770 as of June 30, 2025.
Gross realized gains and losses on our investments in AFS debt securities were $ 2,893 and $( 134 ), respectively, during each of the three and six months ended June 30, 2025. Gross realized gains and losses on our investments in AFS debt securities were immaterial during the three and six months ended June 30, 2024. During the three and six months ended June 30, 2025 and 2024, there were no transfers between classifications of our investments in AFS debt securities. See Note 9. Equity for unrealized gains and losses on our investments in AFS debt securities and amounts reclassified out of AOCI.
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Notes to Condensed Consolidated Financial Statements (Continued)
(Unaudited)
(In Thousands, Unless Otherwise Stated and Except for Share and Per Share Data)

Note 6. Securitization and Variable Interest Entities