10-Q – 2025-08-07 – sofi-20250630.htm

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(1) Represents the average coupon rate on loans held on balance sheet, weighted by unpaid principal balance outstanding at the balance sheet date.
As of the second quarter of 2025 relative to the first quarter of 2025, we observed the following trends:
• The weighted average discount rates on personal loans and student loans decreased by 20 bps and 25 bps, respectively. For personal loans, our discount rate assumptions decreased in the second quarter due to benchmark interest rates declining by 25 bps, partially offset by spreads widening by 5 bps. For student loans, our discount rate assumptions decreased in the second quarter due to benchmark interest rates declining by 27 bps, partially offset by credit spreads widening by 2 bps. Credit spread changes are indicated by asset-backed security and secondary markets.
• The weighted average coupon rates on personal loans decreased by 13 bps, which reflects the impacts of loan sales and rate reduction passed on to borrowers related to drops during the second quarter.
• The conditional prepayment rate on personal loans decreased 8 bps and student loans increased 35 bps, reflecting the impact of expected changes in prepayments.
• Annualized net charge-off rates on personal loans in the second quarter of 2025 were 2.83%, which remained lower than the assumed weighted average default rates in our fair value model of 4.28%. Personal loan charge-offs during each of the second quarter of 2025 and first quarter of 2025 were impacted by delinquent loan sales of $90.0 million of aggregate unpaid principal balance. Annualized net charge-off rates on student loans in the second quarter of 2025 of 0.94% were higher than the assumed weighted average default rates in our fair value model of 0.67%. The increase in the student loan net charge-off rate was primarily a result of a transition in subservicer for our student loans, which resulted in operational related charge-offs in the second quarter. In addition, we strategically repurchased certain seasoned loans at the end of the first quarter of 2025 that had a higher charge-off rate, in line with our expectations. Our fair value assumption for annual default rate incorporates fair value markdowns on loans beginning when they are 10 days or more delinquent, with additional markdowns at 30 days, 60 days and 90 days past due.
The combination of these and other factors resulted in overall higher fair value gains recognized on our personal and student loans portfolios, during the second quarter of 2025 as compared to the first quarter of 2025.
Student Loan Relief
We expect we may continue to see an increase in student loan refinancing volume as borrowers may look to refinance at a lower rate as interest rates decline, or may look to extend the loan term given the high interest rate environment compared to recent historical periods. However, we expect that the timing and impact to our student loan refinancing product will largely depend on other factors, including expectations regarding the impact of the recent change in the U.S. presidential administration, the interest rate environment and how competitive our student loan refinancing products are compared to our competitors and macroeconomic factors.
For example, in the past, the government has provided relief measures for federal student loan borrowers, including, among others, a federal student loan payment moratorium and debt forgiveness measures that were put forward by the Biden administration. While student loan repayments resumed in October 2023, beginning in May 2025, defaulted borrowers risked garnished wages, seized tax refunds, and reduced Social Security benefits on defaulted student loans. In July 2025, the One Big Beautiful Bill Act (“OBBB”) was signed into law. The Act includes certain provisions related to student lending. The OBBB eliminates Grad PLUS loans and imposes lower borrowing limits and restrictions on Parent PLUS loans, starting in July 2026. We expect these changes will lead to incremental opportunities for SoFi’s in-school lending and student loan finance business/products - leading to potential further engagement with our members. Although we cannot predict any further measures related
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to student loans, if any, that the Trump administration may pursue, any changes in law, regulations or governmental policies could impact demand for our student loan refinancing products and our business in ways that are difficult to predict.

Consolidated Results of Operations

The following table sets forth selected consolidated statements of income data:

Three Months Ended
June 30, 2025 vs 2024
Six Months Ended
June 30, 2025 vs 2024

($ in thousands)
2025 2024 $ Change % Change 2025 2024 $ Change % Change
Net interest income $ 517,837  $ 412,584  $ 105,253  26  % $ 1,016,563  $ 815,302  $ 201,261  25  %
Total noninterest income 337,107  186,034  151,073  81  % 610,140  428,311  181,829  42  %
Total net revenue 854,944  598,618  256,326  43  % 1,626,703  1,243,613  383,090  31  %
Provision for credit losses
10,035  11,640  (1,605) (14) %

15,713 

18,822 

(3,109)

(17) %
Total noninterest expense 732,717  571,638  161,079  28  % 1,419,016  1,115,225  303,791  27  %
Income before income taxes 112,192  15,340  96,852  631  % 191,974  109,566  82,408  75  %
Income tax (expense) benefit (14,929) 2,064  (16,993) n/m (23,595) (4,119) (19,476) 473  %
Net income $ 97,263  $ 17,404  $ 79,859  459  % $ 168,379  $ 105,447  $ 62,932  60  %

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Net Interest Income
The table below presents average balance and interest information for each major category of interest-earning assets and interest-bearing liabilities, along with net interest income and net interest margin. The table also presents period-over period changes in net interest income and the extent to which the variances are attributable to changes in the volume of our interest-earning assets and interest-bearing liabilities or changes in the interest rates related to these assets and liabilities.
Average Balances and Net Interest Earnings Analysis

Three Months Ended June 30, 2025 Three Months Ended June 30, 2024 Change due to (1)

($ in thousands) Average Balances (2)
Interest Income/Expense Average Yield/Rate Average Balances (2)
Interest Income/Expense Average Yield/Rate Volume Rate Total
Assets
Interest-earning assets:
Interest-bearing deposits with banks $ 2,811,423  $ 25,086  3.58  % $ 2,809,405  $ 34,995  5.01  % $ 18  $ (9,927) $ (9,909)
Investment securities 2,277,616  29,878  5.26  1,485,455  20,665  5.60  10,457  (1,244) 9,213 
Loans 30,331,237  737,441  9.75  24,189,904  618,935  10.29  151,482  (32,976) 118,506 
Total interest-earning assets 35,420,276  792,405  8.97  28,484,764  674,595  9.53  161,957  (44,147) 117,810 
Total noninterest-earning assets 3,944,524  3,091,473 
Total assets $ 39,364,800  $ 31,576,237 
Liabilities, Temporary Equity and Permanent Equity
Interest-bearing liabilities:
Demand deposits $ 2,063,657  $ 2,696  0.52  % $ 2,227,602  $ 12,619  2.28  % $ (213) $ (9,710) $ (9,923)
Savings deposits 25,264,749  226,394  3.59  17,515,485  191,033  4.39  70,482  (35,121) 35,361 
Time deposits 487,916  4,142  3.40  2,248,868  28,163  5.04  (14,900) (9,121) (24,021)
Total interest-bearing deposits 27,816,322  233,232  3.36  21,991,955  231,815  4.24  55,369  (53,952) 1,417 
Warehouse facilities 2,137,160  27,874  5.23  827,113  13,098  6.37  17,128  (2,352) 14,776 
Securitization debt 62,432  554  3.56  219,327  1,828  3.35  (1,384) 110  (1,274)
Other debt (3)

1,757,224 

12,908 

2.95 

1,824,742 

15,270 

3.37 

(487)

(1,875)

(2,362)
Total debt 3,956,816  41,336  4.19  2,871,182  30,196  4.23  15,257  (4,117) 11,140 
Residual interests classified as debt 561  —  —  3,169  —  —  —  —  — 
Total interest-bearing liabilities 31,773,699  274,568  3.47  24,866,306  262,011  4.24  70,626  (58,069) 12,557 
Total noninterest-bearing liabilities 919,349  707,439 
Total liabilities 32,693,048  25,573,745 
Total temporary equity —  160,187 
Total permanent equity 6,671,752  5,842,305 
Total liabilities, temporary equity and permanent equity $ 39,364,800  $ 31,576,237 

Net interest income (4)

$ 517,837 

$ 412,584 

$ 91,331 

$ 13,922 

$ 105,253 
Net interest margin (5)
5.86  % 5.83  %

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Six Months Ended June 30, 2025 Six Months Ended June 30, 2024 Change due to (1)

($ in thousands) Average Balances (2)
Interest Income/Expense Average Yield/Rate Average Balances (2)
Interest Income/Expense Average Yield/Rate Volume Rate Total
Assets
Interest-earning assets:
Interest-bearing deposits with banks $ 2,751,678  $ 51,073  3.74  % $ 2,955,354  $ 72,263  4.92  % $ (3,817) $ (17,373) $ (21,190)
Investment securities 2,153,794  56,222  5.26  1,123,775  30,867  5.52  26,798  (1,443) 25,355 
Loans 29,608,981  1,448,922  9.87  23,870,538  1,237,376  10.42  276,335  (64,789) 211,546 
Total interest-earning assets 34,514,453  1,556,217  9.09  27,949,667  1,340,506  9.64  299,316  (83,605) 215,711 
Total noninterest-earning assets 3,902,786  3,046,070 
Total assets $ 38,417,239  $ 30,995,737 
Liabilities, Temporary Equity and Permanent Equity
Interest-bearing liabilities:
Demand deposits $ 1,964,252  $ 5,067  0.52  % $ 2,160,572  $ 25,439  2.37  % $ (508) $ (19,864) $ (20,372)
Savings deposits 24,484,120  443,065  3.65  16,130,130  352,056  4.39  149,571  (58,562) 91,009 
Time deposits 557,151  10,499  3.80  2,611,862  65,771  5.06  (38,844) (16,428) (55,272)
Total interest-bearing deposits 27,005,523  458,631  3.42  20,902,564  443,266  4.26  110,219  (94,854) 15,365 
Warehouse facilities 2,063,312  54,264  5.30  1,484,357  47,958  6.50  14,914  (8,608) 6,306 
Securitization debt 68,034  1,135  3.36  276,576  5,486  3.99  (3,491) (860) (4,351)
Other debt (3)
1,756,459  25,624  2.94  1,789,076  28,494  3.20  (494) (2,376) (2,870)
Total debt 3,887,805  81,023  4.20  3,550,009  81,938  4.64  10,929  (11,844) (915)
Residual interests classified as debt 568  —  —  4,080  —  —  —  —  — 
Total interest-bearing liabilities 30,893,896  539,654  3.52  24,456,653  525,204  4.32  121,148  (106,698) 14,450 
Total noninterest-bearing liabilities 885,613  712,981 
Total liabilities 31,779,509  25,169,634 
Total temporary equity —  228,838 
Total permanent equity 6,637,730  5,597,265 
Total liabilities, temporary equity and permanent equity $ 38,417,239  $ 30,995,737 

Net interest income (4)
$ 1,016,563  $ 815,302  $ 178,168  $ 23,093  $ 201,261 
Net interest margin (5)
5.94  % 5.87  %
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(1) We calculate the changes in interest income and interest expense separately for each item. Volume and rate changes have been allocated on a consistent basis using the respective percentage changes in average balances and average rates.
(2) Average balances were calculated on daily carrying balances.
(3) Interest expense on other debt primarily includes debt issuance and discount expense, as well as interest expense on the revolving credit facility and convertible senior notes.
(4) Net interest income is calculated as the excess of total interest income on interest-earning assets over total interest expense on interest-bearing liabilities.
(5) Net interest margin is calculated as net interest income divided by total average interest-earning assets.
Three Months. For the three months ended June 30, 2025 compared to the three months ended June 30, 2024, net interest income increased by $105.3 million, or 26%, and net interest margin increased by 3 bps. Average interest-earning assets increased by 24%, and average yields decreased by 56 bps, while average interest-bearing liabilities increased by 28% and the average cost of interest-bearing liabilities decreased by 77 bps.
The $105.3 million increase in net interest income was primarily driven by (i) higher interest income on loans of $118.5 million, which was primarily a function of an increase in origination volume, as well as longer loan holding periods and (ii) higher interest income from investment securities of $9.2 million primarily attributable to an increase in average balances.
These items were partially offset by (i) higher interest expense on warehouse facilities of $14.8 million attributable to higher average balances, (ii) lower interest income on interest-bearing deposits with banks of $9.9 million primarily attributable to lower rates, and (iii) higher interest expense of $1.4 million resulting from the net impact of higher interest-bearing deposit balances partially offset by lower rates.
Six Months. For the six months ended June 30, 2025 compared to the six months ended June 30, 2024, net interest income increased by $201.3 million, or 25%, and net interest margin increased by 7 bps. Average interest-earning assets increased by 23% and average yields decreased by 55 bps, while average interest-bearing liabilities increased by 26% and the average cost of interest-bearing liabilities decreased by 80 bps.
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The $201.3 million increase in net interest income was primarily driven by (i) higher interest income on loans of $211.5 million, which was primarily a function of higher average balances and origination volume, as well as longer loan holding periods and (ii) higher interest income from investment securities of $25.4 million primarily attributable to higher average balances.
These items were partially offset by (i) lower interest income on interest-bearing deposits with banks of $21.2 million primarily attributable to lower rates, (ii) higher interest expense on deposits of $15.4 million primarily attributable to higher average balances, and (iii) higher interest expense on warehouse facilities of $6.3 million primarily attributable to higher average balances.

Noninterest Income
The following table presents the components of our total noninterest income:

Three Months Ended
June 30, 2025 vs 2024
Six Months Ended
June 30, 2025 vs 2024

($ in thousands)
2025 2024 $ Change % Change 2025 2024 $ Change % Change
Loan origination, sales, securitizations and servicing

$ 70,855 

$ 61,531 

$ 9,324 

15  %

$ 123,660 

$ 125,505 

$ (1,845)

(1) %
Technology products and solutions 90,796  85,866  4,930  6  % 177,233  171,538  5,695  3  %
Loan platform fees 127,405  12,018  115,387  960  % 220,155  22,732  197,423  868  %
Other 48,051  26,619  21,432  81  % 89,092  108,536  (19,444) (18) %
Total noninterest income $ 337,107  $ 186,034  $ 151,073  81  % $ 610,140  $ 428,311  $ 181,829  42  %

Total noninterest income increased by $151.1 million, or 81%, and $181.8 million, or 42%, for the three and six months ended June 30, 2025, respectively, compared to the three and six months ended June 30, 2024.
Loan Origination, Sales, Securitizations and Servicing
Three Months . Loan origination, sales, securitizations and servicing improved by $9.3 million, or 15%, for the three months ended June 30, 2025 compared to the three months ended June 30, 2024. The increase was driven primarily by higher fair value gains on personal and student loans, lower personal loan write-offs, and higher origination fees. The increase was partially offset by losses during the 2025 period compared to gains in the 2024 period on interest rate swap positions primarily related to personal loans and student loans, higher student loan write-offs, and changes in fair value of personal loan servicing rights.
Six Months . Loan origination, sales, securitizations and servicing decreased by $1.8 million, or 1%, for the six months ended June 30, 2025 compared to the six months ended June 30, 2024. The decrease was driven primarily by losses during the 2025 period compared to gains in the 2024 period on interest rate swap positions primarily related to personal loans and student loans. These decreases were partially offset by higher fair value gains on student and personal loans and higher origination fees.
Technology Products and Solutions
Three Months. Technology products and solutions increased by $4.9 million, or 6%,for the three months ended June 30, 2025 compared to the three months ended June 30, 2024. The increase was driven by increased processing and service arrangement activity among our integrated technology solutions clients as well as new client account growth.
Six Months. Technology products and solutions increased by $5.7 million, or 3%,for the six months ended June 30, 2025 compared to the six months ended June 30, 2024. The increase was driven by increased processing and service arrangement activity among our integrated technology solutions clients.
Loan Platform Fees and Related Servicing
Three Months. Loan platform fees and related servicing increased by $113.6 million, or 668%, for the three months ended June 30, 2025 compared to the three months ended June 30, 2024. The increase was driven by increases in loan platform fees related to revenue from loans which we originate on behalf of third parties in order to subsequently sell as well as pre-qualified borrower referrals to third-party loan origination partners.
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Six Months. Loan platform fees and related servicing increased by $197.3 million, or 670%, for the six months ended June 30, 2025 compared to the six months ended June 30, 2024. The increase was driven by increases in loan platform fees related to revenue from loans which we originate on behalf of third parties in order to subsequently sell as well as pre-qualified borrower referrals to third-party loan origination partners.
The following table presents the components of noninterest income associated with our Loan Platform Business:
Three Months Ended
June 30, 2025 vs 2024
Six Months Ended
June 30, 2025 vs 2024

($ in thousands) 2025 2024 $ Change % Change 2025 2024 $ Change % Change
Loan platform fees (1)
$ 127,405  $ 12,018  $ 115,387  960  % $ 220,155  $ 22,732  $ 197,423  868  %
Servicing (2)
3,180  4,976  (1,796) (36) % 6,526  6,689  (163) (2) %
Loan platform fees and servicing, total noninterest income $ 130,585  $ 16,994  $ 113,591  668  % $ 226,681  $ 29,421  $ 197,260  670  %
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(1) Recorded within noninterest income—loan platform fees in the condensed consolidated statements of operations and comprehensive income, and the Financial Services reportable segment.
(2) Recorded within noninterest income—loan origination, sales, securitizations and servicing in the condensed consolidated statements of operations and comprehensive income, and the Lending reportable segment. Amounts reflect revenue from our servicing agreements on loans which we did not originate, excluding the impacts of changes in fair value inputs and assumptions on related servicing rights as they were immaterial for all periods presented.
Other
Three Months. Other noninterest income increased by $21.4 million, or 81%, for the three months ended June 30, 2025 compared to the three months ended June 30, 2024. The increase was driven by higher interchange income.
Six Months. Other noninterest income decreased by $19.4 million, or 18%, for the six months ended June 30, 2025 compared to the six months ended June 30, 2024. The decrease was driven by a gain on extinguishment of debt during the 2024 period partially offset by higher interchange income.

Provision for Credit Losses

Three Months Ended
June 30, 2025 vs 2024
Six Months Ended
June 30, 2025 vs 2024

($ in thousands)
2025 2024 $ Change % Change 2025 2024 $ Change % Change
Credit card
$ 9,901  $ 11,348  $ (1,447) (13) % $ 15,720  $ 18,601  $ (2,881) (15) %
Commercial and consumer banking
134  292  (158) (54) % (7) 221  (228) n/m
Total
$ 10,035  $ 11,640  $ (1,605) (14) % $ 15,713  $ 18,822  $ (3,109) (17) %

Three Months. The provision for credit losses was $10.0 million for the three months ended June 30, 2025, reflecting net charge-offs of $6.6 million and an allowance increase of $3.5 million. Net charge-offs of $6.6 million decreased $4.5 million compared to the three months ended June 30, 2024, driven by lower credit card charge-offs primarily due to an improved delinquency rate (total credit card delinquency rate was 3.4%, down approximately 220 bps from the comparative period) as a result of tighter underwriting standards and risk mitigation actions. The allowance increase of $3.5 million primarily reflected growth in the credit card portfolio balances, partially offset by continued improvement in credit quality of the portfolio.
The prior year provision for the three months ended June 30, 2024 was $11.6 million, reflecting net charge-offs of $11.0 million and an allowance increase of $0.6 million.
Six Months. The provision for credit losses was $15.7 million for the six months ended June 30, 2025, reflecting net charge-offs of $14.6 million and an allowance increase of $1.2 million. Net charge-offs of $14.6 million decreased $7.1 million compared to the six months ended June 30, 2024, driven by lower credit card charge-offs primarily due to an improved delinquency rate as a result of tighter underwriting standards and risk mitigation actions. The allowance increase of $1.2 million primarily reflected growth in the credit card portfolio balances, partially offset by continued improvement in credit quality of the portfolio.
The prior year provision for the six months ended June 30, 2024 was $18.8 million, reflecting net charge-offs of $21.6 million and an allowance release of $2.8 million.
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Refer to “ Analysis of Charge-offs ” for a further discussion of the factors driving changes in net charge-offs and the allowance.
Analysis of Allowance for Credit Losses
Allowance for Credit Losses Ratios
The following table presents the ratio of allowance for credit losses to total loans outstanding that are measured at amortized cost:

($ in thousands) June 30, 2025 June 30, 2024
Allowance for credit losses to total loans outstanding
Allowance for credit losses
$ 47,838  $ 51,908 
Total loans held for investment, at amortized cost outstanding (1)
1,449,056  2,217,458 
Ratio (2)
3.30  % 2.34  %

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(1) Total loans outstanding excludes accrued interest.
(2) The increase in the ratio was primarily attributable to a decrease of $857.6 million in secured loans, partially offset by improved credit quality in credit card.
We omitted the credit ratios associated with nonaccrual loans, as the balance of nonaccrual loans was immaterial.
Allocation of Allowance for Credit Losses
The following table presents the allocation of the allowance for credit losses and the percentage of loans outstanding by category to total loans outstanding that are measured at amortized cost:

June 30, 2025 June 30, 2024
($ in thousands) Allowance for credit losses Percent of loans to total loans (1)
Allowance for credit losses Percent of loans to total loans (1)

Credit card
$ 45,515  28  % $ 49,406  14  %
Commercial and consumer banking 2,323  11  % 2,502  7  %
Secured loans (2)
—  61  % —  79  %
Total $ 47,838  100  % $ 51,908  100  %
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(1) Loans outstanding balances used in the calculation exclude accrued interest.
(2) Secured loans are term loan arrangements secured by underlying loans (collateral) owned by the debtor. The underlying loans were previously originated by us and were subject to our underwriting process and risk models, prior to being sold to the debtor and in most instances these loans continue to be serviced by us. We evaluate the credit quality of our secured loan portfolio relative to the fair value of the underlying collateral, reassessing it quarterly based on relevant information, including funded loan rates and historical loss experience. 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.

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Analysis of Charge-offs
The following tables present information regarding average loans outstanding, net charge-offs and the annualized ratio of net charge-offs to average loans outstanding:

Three Months Ended June 30, 2025 Three Months Ended June 30, 2024
($ in thousands) Average Loans (1)
Net Charge-offs (2)(3)(4)
Ratio (4)(5)
Average Loans (1)
Net Charge-offs (2)(3)(4)
Ratio (4)(5)

Personal loans $ 18,414,581  $ 129,970  2.83  % $ 15,919,442  $ 151,834  3.84  %
Student loans 10,107,155  23,747  0.94  % 6,944,152  11,004  0.64  %
Home loans 540,994  —  —  % 68,461  —  —  %
Secured loans

770,154 

—  —  %

839,159 

—  —  %
Credit card 342,051  6,565  7.70  % 275,943  11,034  16.08  %
Commercial and consumer banking 156,302  1  —  % 142,747  11  0.03  %
Total loans $ 30,331,237  $ 160,283  2.12  % $ 24,189,904  $ 173,883  2.89  %

Six Months Ended June 30, 2025 Six Months Ended June 30, 2024
($ in thousands) Average Loans (1)
Net Charge-offs (2)(3)(4)
Ratio (4)(5)
Average Loans (1)
Net Charge-offs (2)(3)(4)
Ratio (4)(5)

Personal loans
$ 18,345,733  $ 280,044  3.08  % $ 15,799,621  $ 286,221  3.64  %
Student loans
9,579,563  34,344  0.72  % 6,961,939  21,421  0.62  %
Home loans
447,541  —  —  % 59,021  —  —  %
Secured loans 762,819  —  —  % 645,173  —  —  %
Credit card 318,436  14,555  9.22  % 272,638  21,580  15.92  %
Commercial and consumer banking 154,889  4  0.01  % 132,146  29  0.04  %
Total loans $ 29,608,981  $ 328,947  2.24  % $ 23,870,538  $ 329,251  2.77  %
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(1) Average balances were calculated on daily carrying balances.
(2) Net charge-offs include both credit- and certain non-credit-related charge-offs . Non-credit related charge-offs, which primarily relate to alleged or potential fraud, occur occasionally in our business and are impacted by factors different from our credit related charge-offs. Non-credit related charge-offs were immaterial for all periods presented.
(3) Net charge-offs related to personal, student and home loans are generally recorded in noninterest income—loan origination, sales, securitizations and servicing as part of the respective loans total change in fair value. Net charge-offs related to credit card and commercial and consumer banking are considered as part of the allowance for credit losses and provision for credit losses.
(4) Excludes the impact of delinquent personal loan sales during the quarter. These loans were sold prior to charge-off during each respective quarter and otherwise would have been charged off as of the quarter-end consistent with our policy. See Note 3. Loans to the Notes to Condensed Consolidated Financial Statements for additional information.
(5) Net charge-off ratio is calculated as net charge-offs divided by average loans.
For the three months ended June 30, 2025, the total net charge-off ratio was 2.12%, a decrease of 77 bps compared with the three months ended June 30, 2024. The decrease in the total net charge-off ratio was primarily due to a lower credit card net charge-off ratio reflective of improvement in delinquency rates (total credit card delinquency rate was 3.4%, down approximately 220 bps from the comparative period) as a result of tighter underwriting standards and risk mitigation actions, partially offset by a higher student loan net charge-off ratio. The total net charge-off ratio decrease was partially offset by an increase in the student loan net charge-off ratio primarily as a result of a transition in subservicer for our student loans, which resulted in operational related charge-offs in the current quarter. In addition, the Company strategically repurchased certain seasoned loans at the end of the first quarter that had a higher charge-off rate, in line with our expectations. While the student loan charge-off ratio increased during the period, the delinquency rate was in-line with the prior year period, reflecting overall stable credit quality of the portfolio. Total net charge-offs of $160.3 million decreased $13.6 million from the comparable period primarily due to lower personal loans charge-offs of $21.9 million partially offset by an increase in student loans charge-offs of $12.7 million.
For the six months ended June 30, 2025, the total net charge-off ratio was 2.24%, a decrease of 53 bps compared with the six months ended June 30, 2024, and total net charge-offs were $328.9 million, a decrease of $0.3 million over the comparable period. The decrease in the total net charge-off ratio was primarily due to a lower credit card net charge-off ratio reflective of improvement in delinquency rates (total credit card delinquency rate was 3.4%, down approximately 220 bps from the comparative period) as a result of tighter underwriting standards and risk mitigation actions, as well as a lower personal loans net charge-off ratio reflective of improvement in delinquency rates (total personal loan delinquency rate was 42 bps, down approximately 21 bps from the comparative period).
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The decrease in total net charge-offs was relatively flat as lower personal loan and credit card net charge-offs of $6.2 million and $7.0 million, respectively, was offset by higher student loan net charge-offs of $12.9 million primarily reflecting an increase in average loans of 38%.

Noninterest Expense
The following table presents the components of our total noninterest expense:

Three Months Ended
June 30, 2025 vs 2024
Six Months Ended
June 30, 2025 vs 2024

($ in thousands)
2025 2024 $ Change % Change 2025 2024 $ Change % Change
Technology and product development $ 152,146  $ 132,167  $ 19,979  15  % $ 308,352  $ 263,087  $ 45,265  17  %
Sales and marketing 264,744  184,762  79,982  43  % 502,920  352,128  150,792  43  %
Cost of operations 150,437  109,703  40,734  37  % 285,957  209,764  76,193  36  %
General and administrative 165,390  145,006  20,384  14  % 321,787  290,246  31,541  11  %
Total noninterest expense
$ 732,717  $ 571,638  $ 161,079  28  % $ 1,419,016  $ 1,115,225  $ 303,791  27  %

Total noninterest expense increased by $161.1 million, or 28%, and $303.8 million, or 27%, for the three and six months ended June 30, 2025, respectively, compared to the three and six months ended June 30, 2024, as described below.
Technology and product development
Three Months. Technology and product development expenses increased by $20.0 million, or 15%, for the three months ended June 30, 2025 compared to the three months ended June 30, 2024. The increase was primarily driven by higher employee compensation and benefits, and amortization of internally-developed software.
Six Months. Technology and product development expenses increased by $45.3 million, or 17%, for the six months ended June 30, 2025 compared to the six months ended June 30, 2024. The increase was primarily driven by higher employee compensation and benefits, and amortization of internally-developed software.
Sales and marketing
Three Months. Sales and marketing expenses increased by $80.0 million, or 43%, for the three months ended June 30, 2025 compared to the three months ended June 30, 2024. The increase was driven by increases in advertising and marketing expenditures and lead generation costs primarily related to our Financial Services and Lending segments as we continue to drive expansion of our products and offerings.
Six Months. Sales and marketing expenses increased by $150.8 million, or 43%, for the six months ended June 30, 2025 compared to the six months ended June 30, 2024. The increase was driven by increases in advertising and marketing expenditures and lead generation costs primarily related to our Financial Services and Lending segments as we continue to drive expansion of our products and offerings.
Cost of operations
Three Months. Cost of operations expenses increased by $40.7 million, or 37%, for the three months ended June 30, 2025 compared to the three months ended June 30, 2024. The increase was driven by: (i) loan origination and servicing expenses, (ii) higher employee compensation and benefits attributable to increases in headcount and salary to support our growth and (iii) tools and subscriptions costs, reflective of continued investments in technology.
Six Months . Cost of operations expenses increased by $76.2 million, or 36%, for the six months ended June 30, 2025 compared to the six months ended June 30, 2024. The increase was driven by: (i) higher employee compensation and benefits attributable to increases in headcount and salary to support our growth, (ii) loan origination and servicing expenses, (iii) product fulfillment costs which included debit card fulfillment services, primarily related to our SoFi Money product, as well as payment processing network association fees associated with increased activity on our technology platform and (iv) professional services expense.
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General and administrative
Three Months. General and administrative expenses increased by $20.4 million, or 14%, for the three months ended June 30, 2025 compared to the three months ended June 30, 2024. This increase was driven by higher employee compensation and benefits attributable to increases in headcount and salary to support our growth.
Six Months. General and administrative expenses increased by $31.5 million, or 11%, for the six months ended June 30, 2025 compared to the six months ended June 30, 2024. This increase was driven by higher employee compensation and benefits attributable to increases in headcount and salary to support our growth, partially offset by lower professional services expense.

Income Taxes
For the three and six months ended June 30, 2025 and , we recorded income tax expense of $14.9 million and $23.6 million, respectively. For the three and six months ended June 30, 2024, we recorded income tax (expense) benefit of $2.1 million and $(4.1) million, respectively. The income tax expense recognized in 2025 is primarily attributable to the Company’s profitability and discrete tax benefits for stock compensation recorded in each quarter.
Valuation allowances are established when necessary to reduce deferred tax assets to the amounts that are more likely than not expected to be realized. In making such a determination of whether a valuation allowance is necessary, the Company considers all available positive and negative evidence supporting the allowance. In the fourth quarter of 2024 we released a significant portion of our valuation allowance. During the six months ended June 30, 2025, we continue to maintain a valuation allowance in certain state and foreign jurisdictions where sufficient positive evidence does not exist to support the realizability of deferred tax assets. Management will continue to assess the need for a valuation allowance in future periods.
On July 4, 2025, the OBBB was enacted into law, which included certain modifications to U.S. tax law. The Company is currently evaluating the provisions of OBBB but does not expect it to have a material impact on our consolidated financial statements.
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Summary Results by Segment

Contribution profit is the primary measure of segment-level profit and loss that, along with our key business metrics, is used by management to evaluate our business, measure our performance, identify trends and make strategic decisions. Contribution profit is defined as total net revenue for each reportable segment less expenses directly attributable to the reportable segment, provision for credit losses and, in the case of our Lending segment, adjusted for fair value adjustments attributable to assumption changes associated with our servicing rights and residual interests classified as debt. See the sections entitled “Consolidated Results of Operations”, “Summary Results by Segment” and “Non-GAAP Financial Measures” for discussion and analysis of these key financial measures.

Three Months Ended
June 30, 2025 vs 2024 Six Months Ended
June 30, 2025 vs 2024
2025 2024 Change % Change 2025 2024 Change % Change
Lending

Total net revenue $ 443,512  $ 340,705  $ 102,807  30  % $ 856,885  $ 671,181  $ 185,704  28  %
Directly attributable expenses
(202,088) (141,114) (60,974) 43  % (375,487) (258,718) (116,769) 45  %
Contribution profit
244,710  197,938  46,772  24  % 483,645  405,657  77,988  19  %
Technology Platform

Total net revenue

$ 109,833  $ 95,438  $ 14,395  15  % $ 213,260  $ 189,804  $ 23,456  12  %
Directly attributable expenses (76,638) (64,287) (12,351) 19  % (149,152) (127,911) (21,241) 17  %
Contribution profit
33,195  31,151  2,044  7  % 64,108  61,893  2,215  4  %
Financial Services

Total net revenue $ 362,533  $ 176,132  $ 186,401  106  % $ 665,652  $ 326,683  $ 338,969  104  %
Provision for credit losses (10,031) (11,634) 1,603  (14) % (15,670) (18,799) 3,129  (17) %
Directly attributable expenses (164,270) (109,278) (54,992) 50  % (313,418) (215,490) (97,928) 45  %
Contribution profit
188,232  55,220  133,012  241  % 336,564  92,394  244,170  264  %
Reportable segments total

Total net revenue $ 915,878  $ 612,275  $ 303,603  50  % $ 1,735,797  $ 1,187,668  $ 548,129  46  %
Provision for credit losses
(10,031) (11,634) 1,603  (14) % (15,670) (18,799) 3,129  (17) %
Directly attributable expenses (442,996) (314,679) (128,317) 41  % (838,057) (602,119) (235,938) 39  %
Contribution profit
466,137  284,309  181,828  64  % 884,317  559,944  324,373  58  %

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Lending Segment
Lending Segment Results of Operations
The following table presents the measure of contribution profit for the Lending segment:

Three Months Ended
June 30, 2025 vs 2024
Six Months Ended
June 30, 2025 vs 2024

($ in thousands)
2025 2024 $ Change % Change 2025 2024 $ Change % Change
Net interest income $ 372,675  $ 279,212  $ 93,463  33  % $ 733,296  $ 545,748  $ 187,548  34  %
Noninterest income 70,837  61,493  9,344  15  % 123,589  125,433  (1,844) (1) %
Total net revenue
443,512  340,705  102,807  30  % 856,885  671,181  185,704  28  %
Servicing rights – change in valuation inputs or assumptions (1)
3,274  (1,654) 4,928  n/m 2,200  (6,880) 9,080  n/m
Residual interests classified as debt – change in valuation inputs or assumptions (2)
12  1  11  n/m 47  74  (27) (36) %
Directly attributable expenses:

Direct advertising (79,313) (55,826) (23,487) 42  % (147,082) (100,595) (46,487) 46  %
Lead generation (49,558) (32,194) (17,364) 54  % (89,803) (57,009) (32,794) 58  %
Compensation and benefits (42,749) (30,625) (12,124) 40  % (78,638) (58,879) (19,759) 34  %
Loan origination and servicing costs (19,634) (12,181) (7,453) 61  % (38,355) (22,611) (15,744) 70  %
Professional services (3,505) (2,777) (728) 26  % (5,740) (5,155) (585) 11  %
Intercompany technology platform expenses (477) (436) (41) 9  % (966) (880) (86) 10  %
Other (3)
(6,852) (7,075) 223  (3) % (14,903) (13,589) (1,314) 10  %
Directly attributable expenses (202,088) (141,114) (60,974) 43  % (375,487) (258,718) (116,769) 45  %
Contribution profit
$ 244,710  $ 197,938  $ 46,772  24  % $ 483,645  $ 405,657  $ 77,988  19  %

Adjusted net revenue – Lending (4)
$ 446,798  $ 339,052  $ 107,746  32  % $ 859,132  $ 664,375  $ 194,757  29  %

__________________
(1) Reflects changes in fair value inputs and assumptions on servicing rights, including conditional prepayment, default rates and discount rates. These assumptions are highly sensitive to market interest rate changes and are not indicative of our performance or results of operations. Moreover, these non-cash charges, which are recorded within noninterest income in the condensed consolidated statements of operations and comprehensive income, are unrealized during the period and, therefore, have no impact on our cash flows from operations.
(2) Reflects changes in fair value inputs and assumptions on residual interests classified as debt, including conditional prepayment, default rates and discount rates. When third parties finance our consolidated securitization VIEs by purchasing residual interests, we receive proceeds at the time of the closing of the securitization and, thereafter, pass along contractual cash flows to the residual interest owner. These residual debt obligations are measured at fair value on a recurring basis, with fair value changes recorded within noninterest income in the condensed consolidated statements of operations and comprehensive income, but they have no impact on our initial financing proceeds, our future obligations to the residual interest owner (because future residual interest claims are limited to contractual securitization collateral cash flows), or the general operations of our business.
(3) Other expenses primarily include loan marketing expenses, member promotional expenses, tools and subscriptions, travel and occupancy-related costs and third-party loan fraud (net of related insurance recoveries).
(4) Adjusted net revenue is a non-GAAP financial measure. For information regarding our use and definition of this measure and for a reconciliation to the most directly comparable U.S. GAAP measure, total net revenue, see “ Non-GAAP Financial Measures ” herein.
Net interest income
Three Months. Net interest income in our Lending segment increased by $93.5 million, or 33%, for the three months ended June 30, 2025 compared to the three months ended June 30, 2024. This was primarily attributable to increases in aggregate average personal and student loan unpaid principal balances of $2.3 billion (15%) and $2.8 billion (42%), respectively, combined with higher weighted average interest rates on student loans. The personal and student loan average balance increases were primarily attributable to higher origination volume and longer loan holding periods.

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Six Months. Net interest income in our Lending segment increased by $187.5 million, or 34%, for the six months ended June 30, 2025 compared to the six months ended June 30, 2024. This was primarily attributable to increases in aggregate average personal and student loan unpaid principal balances of $2.4 billion (16%) and $2.4 billion (36%), respectively, combined with higher weighted average interest rates on student loans. The personal and student loan average balance increases were primarily attributable to higher origination volume and longer loan holding periods.
Noninterest income
Noninterest income in our Lending segment increased by $9.3 million, or 15%, and decreased by $1.8 million, or 1%, for the three and six months ended June 30, 2025, respectively, compared to the same periods in 2024. For the three and six month periods, the change was primarily attributable to loan origination, sales, securitizations and servicing income.
Loan Origination, Sales, Securitizations and Servicing
The following table presents the components of noninterest income—loan origination, sales, securitizations and servicing :

Three Months Ended
June 30, 2025 vs 2024
Six Months Ended
June 30, 2025 vs 2024

($ in thousands) 2025 2024 $ Change % Change 2025 2024 $ Change % Change
In period originations, loan sale execution and fair value adjustments (1)
$ 188,094  $ 56,098  $ 131,996  235  % $ 428,510  $ (15,942) $ 444,452  n/m
Economic derivative hedges of loan fair values (71,526) 69,106  (140,632) n/m (206,499) 275,027  (481,526) n/m
Loan origination fees 120,758  98,043  22,715  23  % 222,756  171,785  50,971  30  %
Loan write-off expense – whole loans (2)
(153,925) (162,833) 8,908  (5) % (314,595) (307,577) (7,018) 2  %
Other (3)
(12,575) 1,096  (13,671) n/m (6,556) 2,157  (8,713) n/m
Loan origination, sales, securitizations and servicing noninterest income
$ 70,826  $ 61,510  $ 9,316  15  % $ 123,616  $ 125,450  $ (1,834) (1) %
___________________
(1) Includes fair value adjustments on loans originated during the period, fair value adjustments of loans and securitization bond and residual interest positions held at the balance sheet date, as well as gains (losses) on loans sold and consolidated securitization transactions during the period. Fair value adjustments are impacted by interest rates, weighted average coupon, credit spreads and loss estimates, prepayment speeds, duration and previous loan sale execution on similar loans.
(2) For the three months ended June 30, 2025 and 2024, includes gross write-offs of $179.1 million and $187.5 million, respectively. Total recoveries were $25.1 million and $24.7 million, respectively, of which $17.2 million and $18.8 million, respectively, were captured via loan sales to a third-party collection agency. For the six months ended June 30, 2025 and 2024, includes gross write-offs of $365.8 million and $363.0 million, respectively. Total recoveries were $51.3 million and $55.5 million, respectively, of which $36.7 million and $43.8 million, respectively, were captured via loan sales to a third-party collection agency.
(3) Includes changes in fair value of servicing rights, gains (losses) on IRLCs and interest rate caps and the (expense) benefit associated with our estimated loan repurchase obligation (see Note 14. Commitments, Guarantees, Concentrations and Contingencies to the Notes to Condensed Consolidated Financial Statements for additional information).
Three Months . The increase in loan origination, sales, securitizations and servicing income of $9.3 million, or 15%, was primarily driven by: (i) higher fair value gains on student loans primarily impacted by lower discount rate assumptions ($108.0 million), as well as higher fair value gains on personal loans in the 2025 period compared to losses during the 2024 period primarily impacted by larger decreases in discount rate assumptions during 2025 ($16.2 million), (ii) higher origination fees ($22.7 million) primarily related to a product feature offered on personal loans, whereby a borrower may optionally elect to pay origination fees to qualify for a lower annual percentage rate, and (iii) net lower loan write-offs in the 2025 period ($8.9 million), which were related to lower personal loan write-offs in the 2025 period, and partially offset by higher student loan write-offs in the 2025 period, primarily driven by higher loan origination volume and longer loan holding periods.
These improvements were partially offset by (i) losses during the 2025 period compared to gains in the 2024 period on interest rate swap positions primarily related to personal loans and student loans, driven by larger increases in interest rates in the 2024 period ($139.7 million), and (ii) changes in fair value of personal loan servicing rights.
Six Months . The decrease in loan origination, sales, securitizations and servicing of $1.8 million, or 1%, for the six months ended June 30, 2025 compared to the six months ended June 30, 2024 was primarily driven by losses during the 2025 period compared to gains in the 2024 period on interest rate swap positions primarily related to personal loans and student loans
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($479.9 million). The decrease was partially offset by higher fair value gains on student loans ($223.4 million) and personal loans ($208.0 million), and higher origination fees ($51.0 million).
Servicing
We own the master servicing on all of the servicing rights that we retain and, in each case, recognize the gross servicing rate applicable to each serviced loan. Sub-servicers are utilized for all serviced student loans and home loans, which represents a cost to SoFi, but these arrangements do not impact our calculation of the weighted average basis points earned for each loan type serviced. Further, there is no impact on servicing income due to forbearance and moratoriums on certain debt collection activities, and there are no waivers of late fees.
The table below presents information related to our loan servicing assets:

Three Months Ended
June 30, 2025 vs 2024
Six Months Ended
June 30, 2025 vs 2024

($ in thousands) 2025 2024 $ Change % Change 2025 2024 $ Change % Change
Servicing income recognized
Personal loans
$ 26,276  $ 20,726  $ 5,550  27  % $ 62,902  $ 32,545  $ 30,357  93  %
Student loans 5,139  6,075  (936) (15) % 8,139  11,600  (3,461) (30) %
Home loans 4,489  4,248  241  6  % 8,913  8,328  585  7  %
Servicing rights fair value change
Personal loans
$ (6,028) $ 47,498  $ (53,526) n/m $ 48,516  $ 101,600  $ (53,084) (52) %
Student loans (9,751) (4,889) (4,862) 99  % (15,212) (876) (14,336) n/m
Home loans 1,005  7,968  (6,963) (87) % (426) 10,136  (10,562) n/m

Directly attributable expenses
Three Months. Lending segment directly attributable expenses increased by $61.0 million, or 43%, for the three months ended June 30, 2025 compared to the three months ended June 30, 2024, primarily due to: (i) an increase in direct advertising primarily related to online and digital advertising, (ii) an increase in expense related to personal loan lead generation channels, (iii) an increase in allocated compensation and related benefits, which reflected an increase in headcount in 2025 to support growth in the Lending segment, and (iv) an increase in loan origination and servicing costs which corresponds with increased loan origination volume.
Six Months. Lending segment directly attributable expenses increased by $116.8 million, or 45%, for the six months ended June 30, 2025 compared to the six months ended June 30, 2024, primarily due to: (i) an increase in direct advertising primarily related to online and digital advertising, (ii) an increase in expense related to personal loan lead generation channels, (iii) an increase in allocated compensation and related benefits, which reflected an increase in headcount in 2025 to support growth in the Lending segment, and (iv) an increase in loan origination and servicing costs which corresponds with increased loan origination volume.
Total Products
Total products in our Lending segment is a subset of our total products metric. See “ Key Business Metrics ” and “ Business Overview ” for further discussion of this measure as it relates to our Lending segment.
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In the table below, we present certain metrics and financial information related to our Lending segment:

Three Months Ended
June 30, 2025 vs 2024
Six Months Ended
June 30, 2025 vs 2024

Metric
2025 2024 Change % Change 2025 2024 Change % Change
Total products (number, as of period end) 2,280,368  1,786,580  493,788  28  % 2,280,368  1,786,580  493,788  28  %
Origination volume ($ in thousands, during period)
Personal loans (1)
$ 6,968,746  $ 4,192,114  $ 2,776,632  66  % $ 12,505,587  $ 7,470,996  $ 5,034,591  67  %
Student loans 993,326  736,518  256,808  35  % 2,184,789  1,488,198  696,591  47  %
Home loans 798,881  416,936  381,945  92  % 1,316,639  753,084  563,555  75  %
Total

$ 8,760,953  $ 5,345,568  $ 3,415,385  64  % $ 16,007,015 

$ 9,712,278 

$ 6,294,737 

65  %
Loans with a balance (number, as of period end) (2)
1,463,597  1,087,758  375,839  35  % 1,463,597  1,087,758  375,839  35  %
Average loan balance ($, as of period end) (2)

Personal loans $ 25,832  $ 24,649  $ 1,183  5  % $ 25,832  $ 24,649  $ 1,183  5  %
Student loans (3)
43,209  44,165  (956) (2) % 43,209  44,165  (956) (2) %
Home loans 270,540  283,726  (13,186) (5) % 270,540  283,726  (13,186) (5) %

__________________
(1) Inclusive of origination volume related to our Loan Platform Business. For the three and six months ended June 30, 2025, we originated $2.4 billion and $4.0 billion, respectively, of personal loans on behalf of third parties. We did not originate any loans on behalf of third parties during the three and six months ended June 30, 2024.
(2) Loans with a balance and average loan balance include Lending products on our balance sheet, as well as transferred loans and referred loans with which we have a continuing involvement through our servicing agreements.
(3) Includes in-school loans and student loan refinancing products. In-school loans carry a lower average balance than student loan refinancing products.
Origination Volume
We refer to the aggregate dollar amount of loans originated through our platform in a given period as origination volume. Origination volume is an indicator of the size and health of our Lending segment and an indicator (together with the relevant loan characteristics, such as interest rate and prepayment and default expectations) of revenues and profitability. We also originate and sell loans in support of our Loan Platform Business, through which we provide lending related services to third-party partners. We maintain the same lending relationship with borrowers across all loans that we originate, inclusive of those originated on behalf of a third-party partner and as such, reflect these products within our Lending segment total products. Changes in origination volume are driven by the addition of new members and existing members, the latter of which at times will either refinance into a new SoFi loan or secure an additional, concurrent loan, as well as macroeconomic factors impacting consumer spending and borrowing behavior.
Personal Loans. During the three and six months ended June 30, 2025, total personal loan origination volume increased by 66% and 67%, respectively, relative to the corresponding 2024 periods, inclusive of a $2.4 billion and $4.0 billion increase, respectively, related to personal loans originated on behalf of third parties in support of our Loan Platform Business which we expanded starting in the second half of 2024. Overall increases in origination volume were primarily due to increased demand for debt consolidation products in an elevated interest rate environment, as well as increased demand driven by expanded advertising and marketing efforts.
Student Loans. During the three and six months ended June 30, 2025, student loan origination volume increased by 35% and 47%, respectively, relative to the corresponding 2024 periods, as demand for student loan refinancing products increased after the resumption of principal and interest payments in 2024 on federally-held student loans as borrowers looked to refinance at a lower rate, as well as increased interest in loan term extensions given the elevated interest rate environment.
Home Loans. During the three and six months ended June 30, 2025, home loan origination volume increased by 92% and 75%, respectively, relative to the corresponding 2024 periods. Our home loan origination volume increased notably throughout 2024 and into 2025, aided by the increased capacity and technology and fulfillment capabilities subsequent to our acquisition of Wyndham. Origination volume in the first half of 2025 also reflected demand for home equity loans in the elevated interest rate environment. We began offering fixed rate home equity loans and variable rate HELOCs during 2024.
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Loans with a Balance and Average Loan Balance
Loans with a balance refers to the number of loans that have a balance greater than zero dollars as of the reporting date. Loans with a balance allows management and investors to better understand the unit economics of acquiring a loan in relation to the lifetime value of that loan. Average loan balance is defined as the total unpaid principal balance of the loans divided by loans with a balance within the respective loan product category as of the reporting date. Average loan balance tends to fluctuate based on the pace of loan originations relative to loan repayments and the initial loan origination size.
In the table below, we present additional information related to our lending products:

Three Months Ended June 30, Six Months Ended June 30,
($ in thousands)
2025 2024 2025 2024
Overall weighted average origination FICO
749  750  747  750 
Personal Loans (1)

Weighted average origination FICO 743  747  743  747 
Weighted average interest rate earned (2)
13.09  % 13.26  % 13.17  % 13.45  %
Interest income recognized
$ 570,351  $ 500,352  $ 1,132,565  $ 1,004,831 
Sales of loans $ 2,661,123  $ 1,199,368  $ 5,410,043  $ 2,462,222 
Student Loans
Weighted average origination FICO 768  764  769  766 
Weighted average interest rate earned (2)
5.93  % 5.62  % 5.97  % 5.64  %
Interest income recognized
$ 141,369  $ 93,825  $ 267,280  $ 187,825 
Sales of loans $ —  $ —  $ —  $ 294,187 
Home Loans
Weighted average origination FICO 749  754  749  754 
Weighted average interest rate earned (2)
7.62  % 8.66  % 7.65  % 8.45  %
Interest income recognized
$ 7,538  $ 1,453  $ 11,657  $ 2,462 
Sales of loans $ 777,297  $ 381,202  $ 1,099,568  $ 725,439 

__________________
(1) Inclusive of activity related to loans originated and subsequently sold as part of our Loan Platform Business. For the three and six months ended June 30, 2025, included $2.4 billion and $3.9 billion , respectively, related to loans originated on behalf of third parties. We did not originate any loans on behalf of third parties during the three and six months ended June 30, 2024.
(2) Weighted average interest rate earned represents annualized interest income recognized divided by the average of the unpaid principal balances of loans outstanding during the period, which are impacted by loan holding periods as well as interest rates charged to borrowers. Weighted average interest rate earned was determined on a daily basis.
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Transfers of Financial Assets
We regularly transfer financial assets and account for such transfers as either sales or secured borrowings depending on the facts and circumstances of the transfer. See Note 3. Loans to the Notes to Condensed Consolidated Financial Statements for additional information.
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 
Sale execution (1)(2)
105.8  % 106.2  % 106.1  % 106.4  %
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 
Sale execution (1)
—  % —  % —  % 104.9  %
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 
Sale execution (1)
102.2  % 101.9  % 102.2  % 101.4  %

_____________________
(1) Sale execution represents the ratio of cash proceeds and servicing assets recognized to the aggregate unpaid principal balance and accrued interest of the loans sold. Amounts included in repurchase liabilities are excluded from the calculation, as they typically would not materially differ from the fair value markdown on the loans over the repurchase period had they been held on balance sheet and entered delinquency.
(2) Excludes net origination fees, which are recognized in earnings at the time of origination. Personal loans sold during the three and six months ended June 30, 2025 had related origination fees of $5,167 and $35,505, respectively. Sales execution, for the respective periods, including these origination fees would be 108.4% and 108.8%, respectively. Personal loans sold during the three and six months ended June 30, 2024, had related origination fees of $9,206 and $20,258, respectively. Sales execution, for the respective periods, including these origination fees would be 107.0% and 107.6%, respectively.
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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)
Sale execution (3)
14.3  % 14.2  % 14.3  % 13.5  %

_____________________
(1) During the three and six months ended June 30, 2025, includes $90.0 million and $180.0 million, respectively, of aggregate unpaid principal balance sold, related to late-stage delinquent loans for which we retained servicing and portions of recoveries. During the three and six months ended June 30, 2024, includes $69.4 million and $131.9 million, respectively, of aggregate unpaid principal balance sold, related to late-stage delinquent loans for which we retained servicing and portions of recoveries.
(2) For the 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 write down 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 write down 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.
(3) Sale execution represents the ratio of cash proceeds and servicing assets recognized to the aggregate unpaid principal balance and accrued interest of the loans sold. Amounts included in repurchase liabilities are excluded from the calculation, as they typically would not materially differ from the fair value markdown on the loans over the repurchase period had they been held on balance sheet and entered delinquency.

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

Three Months Ended
June 30, 2025 vs 2024
Six Months Ended
June 30, 2025 vs 2024

($ in thousands)
2025 2024 $ Change % Change 2025 2024 $ Change % Change
Net interest income $ 266  $ 555  $ (289) (52) % $ 679  $ 1,056  $ (377) (36) %
Noninterest income 109,567  94,883  14,684  15  % 212,581  188,748  23,833  13  %
Total net revenue
109,833  95,438  14,395  15  % 213,260  189,804  23,456  12  %
Directly attributable expenses:

Compensation and benefits (44,168) (35,389) (8,779) 25  % (88,654) (71,687) (16,967) 24  %
Product fulfillment (15,250) (14,929) (321) 2  % (29,212) (28,576) (636) 2  %
Tools and subscriptions (10,688) (6,247) (4,441) 71  % (17,578) (12,982) (4,596) 35  %
Professional services (3,906) (3,226) (680) 21  % (6,576) (5,922) (654) 11  %
Other (1)
(2,626) (4,496) 1,870  (42) % (7,132) (8,744) 1,612  (18) %
Directly attributable expenses (76,638) (64,287) (12,351) 19  % (149,152) (127,911) (21,241) 17  %
Contribution profit
$ 33,195  $ 31,151  $ 2,044  7  % $ 64,108  $ 61,893  $ 2,215  4  %
___________________
(1) Other expenses are primarily related to travel and occupancy-related costs, advertising and marketing and accounts receivable write-offs.
Net interest income
Net interest income in our Technology Platform segment of $0.3 million and $0.7 million for the three and six months ended June 30, 2025, respectively, and $0.6 million and $1.1 million for the three and six months ended June 30, 2024, respectively, relates to interest income earned on segment cash balances.
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Noninterest income
Three Months. Noninterest income in our Technology Platform segment increased by $14.7 million, or 15%, for the three months ended June 30, 2025 compared to the three months ended June 30, 2024. The increase was primarily attributable to growth in technology services fees of $4.1 million, driven by increased processing and service arrangement activity among our integrated technology solutions clients as well as new client account growth. Noninterest income also included $18.2 million of intercompany revenue for the three months ended June 30, 2025, compared to $8.3 million for the three months ended June 30, 2024. The increase in intercompany revenue was primarily attributable to increased usage of technology platform services during the 2025 periods by our Financial Services segment as we continue to leverage synergies to enhance our product offerings.
Six Months. Noninterest income in our Technology Platform segment increased by $23.8 million, or 13%, for the six months ended June 30, 2025 compared to the six months ended June 30, 2024. The increase was primarily attributable to growth in technology services fees of $5.4 million, driven by increased processing and service arrangement activity among our integrated technology solutions clients as well as new client account growth. Noninterest income also included $34.4 million of intercompany revenue for the six months ended June 30, 2025, compared to $15.3 million for the six months ended June 30, 2024. The increase in intercompany revenue was primarily attributable to increased usage of technology platform services during the 2025 periods by our Financial Services segment as we continue to leverage synergies to enhance our product offerings.
Directly attributable expenses
Three Months. Technology Platform segment directly attributable expenses increased by $12.4 million, or 19%, for the three months ended June 30, 2025 compared to the three months ended June 30, 2024, primarily attributable to an increase in allocated compensation and related benefits, which reflected increases in average compensation in 2025.
Six Months. Technology Platform segment directly attributable expenses increased by $21.2 million, or 17%, for the six months ended June 30, 2025 compared to the six months ended June 30, 2024, primarily attributable to an increase in allocated compensation and related benefits, which reflected increases in average compensation in 2025.
Total Accounts
In the table below, we present the total accounts metric related to Galileo within our Technology Platform segment:

2025 vs 2024

June 30, 2025 June 30, 2024 Change % Change
Total accounts
160,046,369  158,485,125  1,561,244  1  %

See “ Key Business Metrics ” and “ Business Overview ” for further discussion of this measure as it relates to our Technology Platform segment.
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Financial Services Segment
Financial Services Segment Results of Operations
The following table presents the measure of contribution profit for the Financial Services segment:

Three Months Ended
June 30, 2025 vs 2024
Six Months Ended
June 30, 2025 vs 2024

($ in thousands)
2025 2024 $ Change % Change 2025 2024 $ Change % Change

Net interest income $ 193,322  $ 139,229  $ 54,093  39  % $ 366,521  $ 258,942  $ 107,579  42  %
Noninterest income 169,211  36,903  132,308  359  % 299,131  67,741  231,390  342  %
Total net revenue
362,533  176,132  186,401  106  % 665,652  326,683  338,969  104  %
Provision for credit losses
(10,031) (11,634) 1,603  (14) % (15,670) (18,799) 3,129  (17) %
Directly attributable expenses:

Compensation and benefits (38,143) (32,309) (5,834) 18  % (80,622) (64,814) (15,808) 24  %
Direct advertising (8,423) (6,190) (2,233) 36  % (14,099) (15,187) 1,088  (7) %
Lead generation (33,180) (7,452) (25,728) 345  % (64,848) (13,871) (50,977) 368  %
Product fulfillment (19,036) (17,221) (1,815) 11  % (37,737) (33,797) (3,940) 12  %
Member incentives (18,003) (22,285) 4,282  (19) % (34,086) (41,669) 7,583  (18) %
Professional services (6,475) (4,489) (1,986) 44  % (13,732) (9,266) (4,466) 48  %
Intercompany technology platform expenses (13,320) (5,533) (7,787) 141  % (24,341) (10,484) (13,857) 132  %
Other (1)
(27,690) (13,799) (13,891) 101  % (43,953) (26,402) (17,551) 66  %
Directly attributable expenses (164,270) (109,278) (54,992) 50  % (313,418) (215,490) (97,928) 45  %
Contribution profit
$ 188,232  $ 55,220  $ 133,012  241  % $ 336,564  $ 92,394  $ 244,170  264  %

___________________
(1) Other expenses primarily include operational product losses, network servicing fees, travel and occupancy-related costs, tools and subscriptions, and marketing expenses.
Net interest income
Net interest income in our Financial Services segment increased by $54.1 million, or 39%, and $107.6 million, or 42%, for the three and six months ended June 30, 2025,respectively compared to the same periods in 2024, which was primarily attributable to net interest income earned on our deposits which includes interest income based on our FTP framework (which is eliminated in consolidation) and interest expense to members. This net increase corresponds with the growth of our SoFi Money product and related deposits at SoFi Bank.
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Noninterest income
The table below presents revenue from contracts with customers disaggregated by type of service, as well as a reconciliation of total revenue from contracts with customers to total noninterest income for the Financial Services segment.

Three Months Ended
June 30, 2025 vs 2024
Six Months Ended
June 30, 2025 vs 2024

2025 2024 $ Change % Change 2025 2024 $ Change % Change

Referrals, loan platform business (1)
$ 22,548  $ 11,880  $ 10,668  90  % $ 42,248  $ 22,582  $ 19,666  87  %
Referrals, other (2)
2,588  1,738  850  49  % 5,118  3,772  1,346  36  %
Interchange (2)
26,502  14,457  12,045  83  % 49,314  26,459  22,855  86  %
Brokerage (2)
7,542  5,960  1,582  27  % 14,527  9,994  4,533  45  %
Other (2)(3)
2,166  654  1,512  231  % 3,897  1,581  2,316  146  %
Total revenue from contracts with customers (4)
61,346  34,689  26,657  77  %

115,104  64,388  50,716  79  %
Loan platform business, other (1)
104,857  138  104,719  n/m 177,907  150  177,757  n/m
Other sources of revenue (5)
3,008  2,076  932  45  % 6,120  3,203  2,917  91  %
Total Financial Services noninterest income $ 169,211  $ 36,903  $ 132,308  359  % $ 299,131  $ 67,741  $ 231,390  342  %
_____________________
(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) Includes revenues from enterprise services and equity capital markets services.
(4) See Note 2. Revenue to the Notes to Condensed Consolidated Financial Statements for additional information.
(5) Presented within noninterest income—other and noninterest income—loan origination, sales, securitizations and servicing in the condensed consolidated statements of operations and comprehensive income.
Three Months. Noninterest income in our Financial Services segment increased by $132.3 million, or 359%, for the three months ended June 30, 2025 compared to the three months ended June 30, 2024, primarily due to: (i) growth in our Loan Platform Business of $115.4 million, which includes increases in loan platform fees related to revenue from loans which we originate on behalf of third parties in order to subsequently sell as well as pre-qualified borrower referrals to third-party loan origination partners as we continue to drive volume to our partners; and (ii) an increase in interchange fees of $12.0 million, which coincided with increased credit card and debit card transactions.
Six Months. Noninterest income in our Financial Services segment increased by $231.4 million, or 342%, for the six months ended June 30, 2025 compared to the six months ended June 30, 2024, primarily due to: (i) growth in our Loan Platform Business of $197.4 million, which includes increases in loan platform fees related to revenue from loans which we originate on behalf of third parties in order to subsequently sell as well as pre-qualified borrower referrals to third-party loan origination partners as we continue to drive volume to our partners; and (ii) an increase in interchange fees of $22.9 million, which coincided with increased credit card and debit card transactions.
Provision for credit losses
Provision for credit losses in our Financial Services segment decreased by $1.6 million, or 14%, and $3.1 million, or 17%, for the three and six months ended June 30, 2025, respectively, compared to the same periods in 2024, primarily related to improvement in credit card delinquency rates (total credit card delinquency rate was 3.4% as of June 30, 2025, down approximately 220 bps from the comparative period) as a result of tighter underwriting standards and risk mitigation actions. The allowance increase of $3.5 million and $1.2 million, during the three and six month period ended June 30, 2025, respectively, primarily reflected growth in the credit card portfolio balances, partially offset by continued improvement in credit quality of the portfolio.
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Directly attributable expenses
Three Months. Financial Services directly attributable expenses increased by $55.0 million, or 50%, for the three months ended June 30, 2025 compared to the three months ended June 30, 2024, primarily due to: (i) a net increase in direct advertising and lead generation costs as we continue to expand our Loan Platform Business; (ii) an increase in allocated compensation and related benefits which reflected an increase in headcount in 2025 to support growth in the Financial Services segment ; and (iii) an increase in intercompany expenses attributable to increased usage of technology platform services during the 2025 period.
Six Months. Financial Services directly attributable expenses increased by $97.9 million, or 45%, for the six months ended June 30, 2025 compared to the six months ended June 30, 2024, primarily due to: (i) a net increase in direct advertising and lead generation costs as we continue to expand our Loan Platform Business; (ii) an increase in allocated compensation and related benefits which reflected an increase in headcount in 2025 to support growth in the Financial Services segment ; and (iii) an increase in intercompany expenses attributable to increased usage of technology platform services during the 2025 period.
Total Products
In the table below, we present the total products metric related to our Financial Services segment:

2025 vs 2024

June 30, 2025 June 30, 2024 Change % Change
Total products 14,861,673  10,989,850  3,871,823  35  %

Total products in our Financial Services segment is a subset of our total products metric. See “ Key Business Metrics ” and “ Business Overview ” for a further discussion of this measure as it relates to our Financial Services segment.

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

Three Months Ended
June 30, 2025 vs 2024
Six Months Ended
June 30, 2025 vs 2024

($ in thousands)
2025 2024 $ Change % Change 2025 2024 $ Change % Change
Net interest income (expense) $ (48,426) $ (6,412) $ (42,014) 655  % $ (83,933) $ 9,556  $ (93,489) n/m
Noninterest income (loss) (12,508) (7,245) (5,263) 73  % (25,161) 46,389  (71,550) n/m
Total net revenue (loss)
$ (60,934) $ (13,657) $ (47,277) 346  % $ (109,094) $ 55,945  $ (165,039) n/m

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

Three Months Ended June 30, Six Months Ended June 30,
($ in thousands) 2025 2024 2025 2024
Reportable segments directly attributable expenses $ (442,996) $ (314,679) $ (838,057) $ (602,119)
Intercompany expenses 18,182  8,295 

34,377 

15,296 
Expenses not allocated to segments:
Share-based compensation expense (63,256) (61,057) (127,012) (116,139)
Employee-related costs (1)
(86,586) (67,786) (174,783) (130,170)
Depreciation and amortization expense (56,743) (49,623) (112,026) (98,162)
Other corporate and unallocated expenses (2)
(101,318) (86,788) (201,515) (183,931)
Total noninterest expense $ (732,717) $ (571,638) $ (1,419,016) $ (1,115,225)
___________________
(1) Includes expenses related to compensation, benefits, restructuring charges, recruiting, certain occupancy-related costs and various travel costs of executive management, certain technology groups and general and administrative functions that are not directly attributable to the reportable segments.
(2) Represents corporate overhead costs that are not allocated to reportable segments, which primarily includes corporate marketing and advertising costs, tools and subscription costs, professional services costs, amortization of premiums on a credit default swap, corporate and FDIC insurance costs, foreign currency translation adjustments and transaction-related expenses.
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Consolidated Balance Sheet Analysis

Assets
The following is a discussion of the significant changes in our assets, liabilities and permanent equity between June 30, 2025 and December 31, 2024.

2025 vs 2024

June 30, 2025 December 31, 2024 $ Change % Change
Assets
Total cash, cash equivalents, restricted cash and restricted cash equivalents
$ 2,714,603  $ 2,709,360  $ 5,243  —  %
Investment securities 2,374,810  1,895,689  479,121  25  %
Total loans 32,218,115  27,528,718  4,689,397  17  %
All other assets (1)
3,804,643  4,117,184  (312,541) (8) %
Total assets
$ 41,112,171 

$ 36,250,951 

$ 4,861,220 

13  %
___________________
(1) All other assets includes servicing rights, property, equipment and software, goodwill, intangible assets, operating lease right-of-use assets and other assets. See the condensed consolidated balance sheets within this report.
Total assets as of June 30, 2025 were $41.1 billion, up $4.9 billion, or 13%, from December 31, 2024. The increase was primarily attributable to an increase in loans held for sale ($2.4 billion) driven by an increase in personal and home loan originations, and an increase in our loans held for investment ($2.3 billion) which was primarily related to student loan purchases and originations, partially offset by loan sale activity as we continue to experience high demand for our loan products.

2025 vs 2024
June 30, 2025 December 31, 2024 $ Change % Change
Liabilities and permanent equity
Liabilities:
Total deposits $ 29,540,674  $ 25,978,204  $ 3,562,470  14  %
Debt 3,942,636  3,092,692  849,944  27  %
All other liabilities (1)
768,281  654,921  113,360  17  %
Total liabilities 34,251,591  29,725,817  4,525,774  15  %
Total permanent equity 6,860,580  6,525,134  335,446  5  %
Total liabilities and permanent equity $ 41,112,171  $ 36,250,951  $ 4,861,220  13  %
___________________
(1) Other liabilities includes accounts payable, accruals and other liabilities, operating lease liabilities and residual interests classified as debt. See the condensed consolidated balance sheets within this report.
Liabilities and Permanent Equity
Total liabilities as of June 30, 2025 were $34.3 billion, up $4.5 billion, or 15%, from December 31, 2024. The increase was primarily attributable to an increase in total deposits ($3.6 billion) driven by our differentiated checking and savings account offerings and competitive APY and an increase in total debt ($849.9 million) as we drew from our personal and student loan warehouse facilities as part of our normal balance sheet management.
Total permanent equity as of June 30, 2025 was $6.9 billion, up $335.4 million, or 5%, from December 31, 2024. The increase was primarily attributable to: (i) an increase in additional paid-in capital related to share-based compensation and (ii) a decrease in accumulated deficit driven by net income during the six months ended June 30, 2025.
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Cash Flow and Liquidity Analysis
The following table provides a summary of cash flow data:

Six Months Ended June 30,
($ 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 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 by principal loan payments of $5.4 billion and principal loan sales of $6.4 billion.
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 loans of $4.7 billion and proceeds from loan sales of $3.4 billion.
Cash Flows from Investing Activities
For the six months ended June 30, 2025, net cash used in investing activities was primarily driven by growth in our loans and investment portfolios, including $2.5 billion of loan originations, $896.8 million of loan purchases and $905.4 million of investment purchases, as well as net outflows related to credit cards of $100.2 million. These outflows were partially offset by $891.2 million of proceeds from loan repayments and recoveries as well as $204.8 million of investment sales and $247.3 million of investment payments and maturities.
For the six months ended June 30, 2024, net cash used in investing activities was primarily driven by originations and purchases of loans held for investment outpacing repayments of loans held for investment as well as investment securities purchases. These uses were partially offset by cash proceeds from sales, maturities, and paydowns of investment securities and from sales of loans held for investment. We originated loans of $3.0 billion during the period, partially offset by principal payments on loans of $300.8 million and proceeds from loan sales of $122.7 million, as well as net outflows related to credit cards of $25.1 million.
Cash Flows from Financing Activities
For the six months ended June 30, 2025, net cash provided by financing activities was primarily attributable to net cash sources from our SoFi Bank deposits and increase in our personal and student loan warehouse facilities as part of our normal balance sheet management.
For the six months ended June 30, 2024, net cash provided by financing activities was primarily attributable to net cash sources from our SoFi Bank deposits and proceeds from the issuance of our 2029 convertible notes. This was partially offset by our net change in debt facilities related to our warehouses and debt repayments.

Liquidity and Capital Resources

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

June 30, 2025
Amount Available Amount Borrowed / Utilized Remaining Available Capacity
Cash and cash equivalents $ 2,122,502  n/a $ 2,122,502 
Investments in AFS debt securities (1)
2,147,960  n/a 2,147,960 
Warehouse facilities (2)
7,280,000  2,124,899  5,155,101 
Revolving credit facility (3)
645,000  498,300  146,700 
FHLB advances (4)
160,788  25,200  135,588 
Other lines of credit (5)
50,000  —  50,000 
Total liquidity $ 12,406,250  $ 2,648,399  $ 9,757,851 
___________________
(1) Excludes investments in AFS debt securities which are pledged as collateral to the FHLB, and AFS securitization investments.
(2) Includes personal loan, student loan and risk retention warehouse facilities. For risk retention facilities, we only include capacity amounts wherein we can pledge additional asset-backed bonds and residual investments as of the date indicated. As of June 30, 2025, warehouse facility maturity dates ranged from May 2026 through March 2028. See Note 8. Debt to the Notes to Condensed Consolidated Financial Statements for additional information.
(3) As of June 30, 2025, the amount utilized under the revolving credit facility includes $12.3 million utilized to secure letters of credit. See Note 8. Debt to the Notes to Condensed Consolidated Financial Statements for additional information.
(4) As of June 30, 2025, we had $85.0 million of investments in AFS debt securities and $60.1 million of loans pledged as collateral to the FHLB to secure undrawn borrowing capacity of $160.8 million, of which $25.2 million was utilized to secure letters of credit.
(5) Borrowing capacity with a correspondent bank, which is an unsecured committed Federal funds line.
We believe our existing liquidity will be sufficient to meet our existing working capital and capital expenditure needs as well as our planned growth for at least the next 12 months.
Sources of Funding
Our primary funding sources include SoFi Bank deposits, warehouse funding, common equity capital, convertible debt, corporate revolving credit facility, securitizations, and other financings.
We offer deposit accounts (checking and savings accounts) to our members through SoFi Bank. We also source brokered and non-brokered wholesale deposits, which include certificates of deposit. As of June 30, 2025 and December 31, 2024, time deposit balances due in less than one year totaled $594.2 million and $814.7 million, respectively. As of June 30, 2025 and December 31, 2024, the amount of uninsured deposits totaled $611.3 million and $544.3 million, respectively. As of June 30, 2025, approximately 98% of our total deposits were insured.
Uses of Funding
Our primary uses of funds include loan originations, investments in our business, such as technology and product investments, as well as sales and marketing initiatives. In addition, our Financial Services segment has historically generated losses, and achieved contribution profit for the first time during the third quarter of 2023. Our capital expenditures have historically been less significant relative to our operating and financing cash flows, and we expect this trend to continue for the foreseeable future.
As of June 30, 2025, we had debt obligations and common stock outstanding.
Borrowings
Our borrowings primarily included our loan and risk retention warehouse facilities, asset-backed securitization debt, revolving credit facility and convertible notes. The amount of financing actually advanced on each individual loan under our loan warehouse facilities, as determined by agreed-upon advance rates, may be less than the stated advance rate depending, in part, on changes in underlying loan characteristics of the loans securing the financings. Each of our loan warehouse facilities allows the lender providing the funds to evaluate the market value of the loans that are serving as collateral for the borrowings
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or advances being made. The amount owed and outstanding on our loan warehouse facilities fluctuates significantly based on our origination volume, sales volume, the amount of time we strategically hold loans on our balance sheet, and the amount of loans being funded with our cash or member deposits.
Refer to Note 8. Debt to the Notes to Condensed Consolidated Financial Statements in this Form 10-Q and to Note 12. Debt to the Notes to Consolidated Financial Statements in our Annual Report on Form 10-K for additional information on our borrowing arrangements and the capped call transactions entered into in connection with the issuance of our convertible notes.
Covenants
We have various affirmative and negative financial covenants, as well as non-financial covenants, related to our warehouse debt and revolving credit facility. Additionally, we have compliance requirements associated with our convertible notes, and certain provisions of the arrangement could change in the event of a “Make-Whole Fundamental Change”, as defined in the indenture governing such convertible notes.
The availability of funds under our warehouse facilities and revolving credit facility is subject to, among other conditions, our continued compliance with the covenants. These financial covenants include, but are not limited to, maintaining: (i) a certain minimum tangible net worth, (ii) minimum unrestricted cash and cash equivalents, (iii) a maximum leverage ratio of total debt to tangible net worth, and (iv) minimum risk-based capital and leverage ratios. A breach of these covenants can result in an event of default under these facilities and allows the lenders to pursue certain remedies. See Note 8. Debt to the Notes to Condensed Consolidated Financial Statements for additional information. Our subsidiaries are restricted in the amount that can be distributed to SoFi only to the extent that such distributions would cause the financial covenants to not be met.
We were in compliance with all covenants as of June 30, 2025.
Capital Management
SoFi Technologies, a bank holding company, and SoFi Bank, a nationally chartered association, are required to comply with regulatory capital rules issued by the Federal Reserve and other U.S. banking regulators, including the OCC and FDIC. From time to time, we may contribute capital to SoFi Bank. We are required to manage our capital position to maintain sufficient capital to satisfy these regulatory rules and support our business activities, including the requirement to maintain minimum regulatory capital ratios in accordance with the Basel Committee on Banking Supervision standardized approach for U.S. banking organizations (U.S. Basel III). If the Federal Reserve finds that we are not “well-capitalized” or “well-managed”, we would be required to take remedial action, which may contain additional limitations or conditions relating to our activities.
The Federal Reserve and the OCC have authority to prohibit bank holding companies and banks, respectively, from paying dividends if, in their opinion, the payment of dividends would constitute an unsafe or unsound practice. Under the National Bank Act, SoFi Bank generally may, without prior approval of the OCC, declare a dividend so long as the total amount of all dividends (common and preferred), including the proposed dividend, in the current year do not exceed net income for the current year to date plus retained net income for the prior two years. However, taking into account a wide range of factors, the OCC may object and therefore prevent SoFi Bank from paying dividends to the Company. As such, as of June 30, 2025, the Bank would not have any funds free of restrictions that are available for dividend payments. Restrictions on the ability of SoFi Bank to pay dividends to the parent company could also impact the Company’s ability to pay dividends to common stockholders.
Additionally, under the Federal Reserve’s capital rules, our bank holding company’s ability to pay dividends is restricted if we do not maintain capital above the capital conservation buffer, as discussed below. Further, a policy statement of the Federal Reserve provides that, among other things, a bank holding company generally should not pay dividends on regulatory capital instruments if its net income for the past year is not sufficient to cover both the cash dividends and a rate of earnings retention that is consistent with the company’s capital needs, asset quality, and overall financial condition. Based on this Federal Reserve policy, as of June 30, 2025, the Company generally would not have any funds free of restrictions available for dividend payments on regulatory capital instruments.
These requirements establish required minimum ratios for CET1 risk-based capital, Tier 1 risk-based capital, total risk-based capital and a Tier 1 leverage ratio; set risk-weighting for assets and certain other items for purposes of the risk-based capital ratios; and define what qualifies as capital for purposes of meeting the capital requirements. Additionally, regulatory capital rules include a capital conservation buffer of 2.5% that is added on top of each of the minimum risk-based capital ratios in order to avoid restrictions on capital distributions and discretionary bonuses. In addition, the Federal Reserve and the OCC have authority to require banking organizations subject to their supervision to hold additional amounts of capital in excess of the minimum risk-based capital ratios.
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In connection with the closing of the Bank Merger in 2022, the OCC imposed a number of conditions on SoFi Bank, including that it adhere to an operating agreement. Per its original terms, the operating agreement with the OCC expired in February 2025 and SoFi Bank is no longer subject to its commitments.
The risk- and leverage-based capital ratios and amounts are presented below:

June 30, 2025 December 31, 2024
($ in thousands) Amount Ratio Amount Ratio Required Minimum (1)
Well-Capitalized Minimum (2)

SoFi Bank
CET1 risk-based capital $ 4,685,998  15.1  % $ 4,352,537  17.3  % 7.0  % 6.5  %
Tier 1 risk-based capital 4,685,998  15.1  % 4,352,537  17.3  % 8.5  % 8.0  %
Total risk-based capital 4,733,560  15.3  % 4,398,944  17.5  % 10.5  % 10.0  %
Tier 1 leverage 4,685,998  13.7  % 4,352,537  14.4  % 4.0  % 5.0  %
Risk-weighted assets 30,954,306  25,207,621 
Quarterly adjusted average assets 34,311,563  30,159,786 
SoFi Technologies (3)

CET1 risk-based capital $ 4,804,043  14.3  % $ 4,457,212  16.0  % 7.0  % n/a
Tier 1 risk-based capital 4,804,043  14.3  % 4,457,212  16.0  % 8.5  % n/a
Total risk-based capital 4,851,605  14.4  % 4,503,618  16.2  % 10.5  % n/a
Tier 1 leverage 4,804,043  12.9  % 4,457,212  13.4  % 4.0  % n/a
Risk-weighted assets 33,579,874  27,859,577 
Quarterly adjusted average assets 37,311,694  33,234,724 
____________________
(1) Required minimums presented for risk-based capital ratios include the required capital conservation buffer.
(2) The well-capitalized minimum measure is applicable at the bank level only.
(3) Amounts and ratios for June 30, 2025 are estimated.
As of June 30, 2025 and December 31, 2024, our regulatory capital ratios exceeded the thresholds required to be regarded as a well-capitalized institution, and meet all capital adequacy requirements to which we are subject. There have been no events or conditions since June 30, 2025 that management believes would change the categorization.
Commitments
In addition to our warehouse facility borrowings, revolving credit facility borrowings and convertible notes, our material commitments requiring, or potentially requiring, the use of cash in future periods primarily include commitments related to sponsorship, advertising, and cloud computing agreements under which we are required to make payments over the life of the agreements. Additional material commitments include operating lease obligations primarily associated with office premises and finance lease obligations which expire in 2040.
Guarantees
We may require liquidity resources associated with our guarantee arrangements. As a component of our loan sale agreements, we make certain representations to third parties that purchased our previously held loans. We have a three-year obligation to GSEs on loans that we sell to GSEs, to repurchase any originated loans that do not meet certain GSE guidelines, and we are required to pay the full initial purchase price back to the GSEs. In addition, we make standard representations and warranties related to personal, student and home loan transfers, as well as limited credit-related repurchase guarantees on certain such transfers. If realized, any of the repurchases would require the use of cash. See Note 14. Commitments, Guarantees, Concentrations and Contingencies to the Notes to Condensed Consolidated Financial Statements for further information on these and other guarantee obligations. We believe we have adequate liquidity to meet these expected obligations.
Factors Affecting Liquidity
The activities of our lending business are a key factor affecting our liquidity, in particular our origination volume, the holding period of our loans, loan sale execution and the timing of loan repayments. Our ability to have adequate liquidity to fund our balance sheet is impacted by our ability to access new deposits, and retain and grow existing deposits, along with our ability to access whole loan buyers, sell our loans on favorable terms, maintain adequate warehouse capacity at favorable terms,
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and to strategically manage our continuing financial interest in securitization-related transfers. Our ability to attract and maintain deposits can be impacted by, among other things, general economic conditions, competition from other financial services firms, idiosyncratic events and the interest rates we offer, which can impact our liquidity from deposits. In 2023, we began to provide our members with access to expanded FDIC insurance coverage through a network of participating banks in our Insured Deposit Program. We continued to have strong deposit contribution through the second quarter of 2025.
There is no guarantee that we will be able to execute on our strategy as it relates to the timing and pricing of securitization-related transfers. Therefore, we may hold securitization interests for longer than planned or be forced to liquidate at suboptimal prices. Securitization transfers are also negatively impacted during recessionary periods, wherein purchasers may be more risk averse.
Further, future uncertainties around the demand for our personal loans, home loans and around the student loan refinance market in general, including as a result of worsening macroeconomic conditions or market disruptions, should be considered when assessing our future liquidity and solvency prospects. In the future, our loan origination volume and our resulting loan balances, and any positive cash flows thereof, could also be lower based on strategic decisions to tighten our credit standards.
In addition to our ability to pledge unencumbered loans against available warehouse capacity, we have relationships with whole loan buyers who have historically demonstrated strong demand for our loans. Securitization markets can also generate additional liquidity; however, financing through the securitization market could result in worse execution as compared to whole loans sales depending on market conditions and, in certain cases, we are required to maintain a minimum investment due to securitization risk retention rules.
Additionally, our securitization transactions require us to maintain a continuing financial interest in the form of securitization investments when we deconsolidate the SPE or in consolidation of the SPE when we have a significant financial interest. In either instance, the continuing financial interest requires us to maintain capital in the SPE that would otherwise be available to us if we had sold loans through a different channel. As it relates to our securitization debt, the maturity of the notes issued by the various trusts occurs upon either the maturity of the loan collateral or full payment of the loan collateral held in the trusts, the timing of which cannot be reasonably estimated. Our own liquidity resources are not required to make any contractual payments on our securitization borrowings.
Our cash flows from operations have also historically been impacted by material net losses. While we achieved net income profitability for the first time during the fourth quarter of 2023, changing business, macroeconomic or other conditions could potentially lead us, in the future, to raise additional capital in the form of equity or debt, which may not be at favorable terms when compared to previous financing transactions.
Our long-term liquidity strategy includes continuing to grow our deposit base, maintaining adequate warehouse capacity, maintaining corporate debt and other sources of financing, as well as effectively managing the capital raised through debt and equity transactions. Although our goal is to increase our cash flow from operations, there can be no assurance that our future operating plans will lead to improved operating cash flows.
The FDIA and FDIC regulations generally limit the ability of an insured depository institution to accept, renew or roll over any brokered deposit unless the institution’s capital category is “well capitalized” or, with the FDIC’s approval, “adequately capitalized.” As of June 30, 2025, our regulatory capital ratios exceeded the thresholds required to be regarded as a well-capitalized institution, and meet all capital adequacy requirements to which we are subject.
Other Arrangements
We enter into arrangements in which we originate loans, establish an SPE and transfer loans to the SPE, which has historically served as an important source of liquidity. We also retain the servicing rights of the underlying loans and hold additional interests in the SPE. When an SPE is determined not to be a VIE or when an SPE is determined to be a VIE but we are not the primary beneficiary, the SPE is not consolidated. In addition, a significant change to the pertinent rights of other parties or our pertinent rights, or a significant change to the ranges of possible financial performance outcomes used in our assessment of the variability of cash flows due to us, could impact the determination of whether or not a VIE is consolidated. VIE consolidation and deconsolidation may lead to increased volatility in our financial results and impact period-over-period comparability. See Note 1. Organization, Summary of Significant Accounting Policies and New Accounting Standards to the Notes to Consolidated Financial Statements within our Annual Report on Form 10-K for the year ended December 31, 2024 for our VIE consolidation policy.
Historically, we have established personal loan trusts and student loan trusts that were created and designed to transfer credit and interest rate risk associated with the underlying loans through the issuance of collateralized notes and residual
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certificates. We hold a variable interest in the trusts through our ownership of collateralized notes in the form of asset-backed bonds and residual certificates. The residual certificates absorb variability and represent the equity ownership interest in the equity portion of the personal loan and student loan trusts.
We are also the servicer for all trusts in which we hold a financial interest. As servicer, we may have the power to perform the activities which most impact the economic performance of the VIE, but since either we hold an insignificant financial interest in the trusts or rights held by other variable interest holders convey power, we are not the primary beneficiary. Further, we do not provide financial support beyond our initial equity investment, and our maximum exposure to loss as a result of our involvement with nonconsolidated VIEs is limited to that initial investment. For a more detailed discussion of nonconsolidated VIEs, including related activity during the period, see Note 6. Securitization and Variable Interest Entities to the Notes to Condensed Consolidated Financial Statements.

Critical Accounting Estimates

Our consolidated financial statements have been prepared in accordance with GAAP. In preparing our consolidated financial statements, we make judgments, estimates and assumptions that affect reported amounts of assets and liabilities, as well as revenues and expenses. We base our assumptions, judgments and estimates on historical experience and various other factors that we believe to be reasonable under the circumstances. The results involve judgments about the carrying values of assets and liabilities not readily apparent from other sources. Actual results could differ materially from these estimates under different assumptions or conditions. We regularly evaluate our estimates, assumptions and judgments, particularly those that include the most difficult, subjective or complex judgments which are often about matters that are inherently uncertain. We evaluate our critical accounting policies and estimates on an ongoing basis and update them as necessary based on changes in market conditions or factors specific to us. There have been no material changes in our significant accounting policies or critical accounting estimates during 2025. For a complete discussion of our significant accounting policies and critical accounting estimates, refer to our Annual Report on Form 10-K for the year ended December 31, 2024 within Note 1. Organization, Summary of Significant Accounting Policies and New Accounting Standards to the Notes to Consolidated Financial Statements and “ Management’s Discussion and Analysis of Financial Condition and Results of Operations—Critical Accounting Policies and Estimates ”.
Goodwill
Goodwill represents the fair value of an acquired business in excess of the fair value of the identified net assets acquired. As of June 30, 2025, we had goodwill of $1.4 billion.
Goodwill is tested for impairment at the reporting unit level at least annually, with a recurring testing date of October 1, or whenever indicators of impairment exist. We may assess goodwill for impairment initially based on qualitative considerations, referred to as “step zero”, to determine whether conditions exist that indicate that it is more likely than not that the fair value of a reporting unit is less than its carrying amount. If management concludes, based on its assessment of relevant events, facts and circumstances that it is more likely than not that a reporting unit’s carrying value is greater than its fair value, then a quantitative analysis, referred to as step one, will be performed to determine if there is any impairment. We may alternatively elect to initially perform a quantitative assessment and bypass the qualitative assessment. Quantitative goodwill impairment assessments require a significant amount of management judgment, and a meaningful change in the forecasted future revenues and cash flows, the discount rate, and the determination of market multiples used in testing goodwill for impairment could result in a material impact on the Company’s results of operations and financial position.
During the three months ended June 30, 2025, we performed a qualitative assessment for our reporting units to which goodwill is allocated to determine if, for any reporting unit, it is more likely than not that the fair value of the reporting unit is less than its carrying amount. In addition to the factors noted in our Annual Report on Form 10-K for the year ended December 31, 2024 for performing such an assessment, management also considers actual results for the current period and updated internal forecasts as compared to prior internal forecasts and other assumptions used in the quantitative annual assessment.
Based on this assessment, while management does not believe that the goodwill in any of the reporting units is impaired as of June 30, 2025, management has determined that it is more likely than not that the fair values of the Galileo and Technisys reporting units within the Technology Platform segment, with goodwill of $816.0 million and $522.6 million, respectively, are not substantially in excess of their carrying amounts. In the Technology Platform segment, the continued shift in strategy to focus on potential new partners with scaled customer bases and the change in customer mix may result in lower anticipated growth rates.
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Management cannot predict the occurrence of certain events or changes in circumstances that might adversely affect the value of goodwill. We continue to monitor the aforementioned conditions, general macroeconomic deterioration, including the interest rate environment, inflationary pressures, and the potential for a prolonged economic downturn or recession, as well as other factors, including those listed in " Cautionary Statement Regarding Forward-Looking Statements " and " Risk Factors " in Part II, Item 1A of this Quarterly Report. Further persistence of the aforementioned conditions and these other factors could result in additional impairment charges in future periods.

Recent Accounting Standards Issued, But Not Yet Adopted
See Note 1. Organization, Summary of Significant Accounting Policies and New Accounting Standards to the Notes to Condensed Consolidated Financial Statements herein and Note 1. Organization, Summary of Significant Accounting Policies and New Accounting Standards to the Notes to Consolidated Financial Statements in our Annual Report on Form 10-K for the year ended December 31, 2024.

Item 3. Quantitative and Qualitative Disclosures About Market Risk
In the normal course of business, we are subject to a variety of market-related risks that can affect our operations and profitability. We broadly define these areas of risk as interest rate risk, credit risk, counterparty risk and operational risk. Historically, substantially all of our revenue and operating expenses were denominated in United States dollars. We may in the future be subject to increasing foreign currency exchange rate risk with our acquisition of a foreign company. Foreign currency exchange rate risk is the risk that our financial position or results of operations could be positively or negatively impacted by fluctuations in exchange rates. Exchange rate risk was not a material risk for the Company during the periods presented. For additional information on our market risks, see Part II, Item 7A “ Quantitative and Qualitative Disclosures About Market Risk ” in our Annual Report on Form 10-K for the year ended December 31, 2024.
Interest Rate Risk
We are exposed to the risk of loss to future earnings, values or future cash flows that may result from changes in market discount rates or overall market conditions, such as instability in the banking and financial services sectors. We are subject to interest rate risk associated with our loans, securitization investments (comprised of residual investments and asset-backed bonds), servicing rights and investments in AFS debt securities, which are measured at fair value on a recurring basis using a discounted cash flow methodology in which the discount rate represents an estimate of the required rate of return by market participants. Our loans with variable interest rates are exposed to interest rate volatility, which impacts the amount of recognized interest income. Our securitization residual investments are carried at fair value, which is subject to changes in market value by virtue of the impact of interest rates on the market yield of the residual investments. The value and earnings of our asset-backed bonds, which are associated with our personal loans and student loans, have a converse relationship to the movement of interest rates. That is, as interest rates rise, bond values and earnings fall and vice versa. Additionally, we are subject to interest rate risk on our variable-rate warehouse facilities and our revolving credit facility. Market interest rates may also drive the interest we offer to members on their deposits. Future funding activities may increase our exposure to interest rate risk, as the interest rates payable on such funding may be tied to SOFR or another representative alternative reference rate. We are also exposed to market risk through our investments in equity securities, which we elect to measure using the measurement alternative method of accounting and therefore may have positive or negative adjustments that impact our results of operations resulting from observable price changes based on current market conditions.
Interest rate risk also occurs in periods where changes in short-term interest rates result in loans being originated with terms that provide a smaller interest rate spread above the financing terms of our warehouse facilities or above the interest rate we offer on deposits, which can negatively impact our realized net interest income. We manage and mitigate these risks using interest rate derivative hedges, our investment portfolio, and broader asset liability management activities. Our Corporate Treasury group, under the supervision of our ALCO and Board Risk Management committees, centrally manages our interest rate risk. Our ALCO includes leadership from Treasury, Finance, Independent Risk Management, and Business Units. ALCO is responsible for identifying key risks and exposures, establishing tolerances and limits, monitoring them appropriately, and managing these risks. Risk management activities are conducted under the oversight of respective Board Risk Management committees.
Our primary metrics for the measurement and monitoring of interest rate risk (IRR) on a company-wide basis include Net Interest Income (NII) and fair value sensitivity. Additionally, we utilize Economic Value of Equity (EVE) as a longer term metric of interest rate risk. These interest rate risk metrics are calculated for a wide range of interest rate scenarios, and risk appetite limits have been established. The interest rate risk exposures and historical trends against risk limit scenarios are reported to our ALCO and EBRC.
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The NII risk metric measures the change in net interest income under an interest rate shock relative to the forecasted baseline scenario over a 12 month horizon. Our baseline forecast takes into consideration the current balance sheet, projections of future business activity, and the market expectations of benchmark interest rates. The NII metric is driven by key modeling assumptions for both assets and liabilities. For assets, key assumptions include prepayment speeds, new lending origination volumes, and new lending origination pricing. For liabilities, key assumptions include forecasted deposit balances and deposit pricing betas.
Fair value sensitivities measure the interest rate sensitivity of balance sheet assets recorded at fair value which primarily consists of loans and securitization investments. Servicing rights and AFS securities in the investment portfolio are also measured as fair value sensitivities. The fair value sensitivity reflects the change in asset price due to an interest rate shock to the underlying benchmark discount rate. Key assumptions for the fair value sensitivity include conditional prepayment rates, annual default rates, and discount rates. Please refer to the Level 3 Significant Inputs in Note 11. Fair Value Measurements to the Notes to Condensed Consolidated Financial Statements for more details on these assumptions.
The following tables summarize the potential effect on (i) net interest income; and (ii) the change in fair value of interest rate sensitive financial assets recorded on our consolidated balance sheet, based upon a sensitivity analysis performed by management assuming a hypothetical, immediate and parallel increase and decrease in market interest rates of 100 and 200 basis points. While a relevant measure of our interest rate exposure, this sensitivity analysis does not represent a forecast of our net interest income.

Net Interest Income (Expense)

June 30, 2025 December 31, 2024
Basis point change scenario
+200
$ (225,721) $ (140,315)
+100
(102,641) (62,415)
-100 149,021  53,730 
-200 261,970  99,763 

Change in Fair Value

June 30, 2025 December 31, 2024
Basis point change scenario
+200
$ (1,322,556) $ (1,102,784)
+100
(674,783) (562,526)
-100 706,499  591,349 
-200 1,447,507  1,209,383 

Our consolidated balance sheet is liability sensitive, given that liabilities are expected to reprice faster than assets resulting in higher net interest income in decreasing interest rate scenarios. The period over period change in sensitivity reflected in the tables above are attributed to changes in balance sheet composition and asset-liability management activities.
In addition to our net interest income and fair value sensitivity analysis above, we also utilize EVE as a longer term measure of interest rate risk. EVE is a point-in-time analysis of the sensitivity of the current balance sheet and off-balance sheet assets and liabilities that incorporates all cash flows over their estimated remaining lives. Due to this longer forecast, EVE only uses the current balance sheet and does not include assumptions related to future activities. Key modeling assumptions in the EVE metric include asset prepayment speeds, deposit pricing beta, and deposit decay rates.
The scenarios, methodologies and assumptions used in the IRR framework are periodically evaluated and enhanced in response to changes in the market environment, changes in our balance sheet composition, enhancements in our modeling and other factors. The identification and testing of key assumptions are influenced by market conditions and management views of key risks. IRR measurement across interest rate scenarios is driven by key modeling assumptions that influence the calculated exposures. Calibration of key assumptions is based upon a combination of factors including historical experience and management judgment. Key modeling assumptions are subject to periodic review and validation. In addition, sensitivity testing is performed on key assumptions by increasing and decreasing the modeling inputs relative to the base value and then comparing the resulting impact to the IRR exposure. Sensitivity testing is periodically reported to ALCO.
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Credit Risk
We are subject to credit risk, which is the risk of default that results from a borrower’s inability or unwillingness to make contractually required loan payments or declines in home loan collateral values. Generally, all loans sold into the secondary market are sold without recourse. For such loans, our credit risk is generally limited to repurchase obligations due to fraud or origination defects. For loans that were repurchased or not sold in the secondary market, we are subject to credit risk to the extent a borrower defaults and we are not able to fully recover the principal balance. We believe that this risk is mitigated through the implementation of stringent underwriting standards, strong fraud detection tools and technology designed to comply with applicable laws and our standards. In addition, we believe that this risk is mitigated through the quality of our loan portfolio.
The following table summarizes the potential effect on earnings over the next 12 months and the potential effect on the fair values of our loans for which we elected the fair value option and residual investments recorded on our consolidated balance sheet as of June 30, 2025 based on a sensitivity analysis performed by management assuming an immediate hypothetical change in credit loss rates by a rate of 10%. The fair value and earnings sensitivities are applied only to financial assets that existed at the balance sheet date, which included loans, investments in AFS debt securities (which had an immaterial impact from credit risk) and residual investments as of June 30, 2025. Asset-backed bonds are excluded because they are not expected to absorb the losses of the VIE based on the extent of overcollateralization and expected credit losses of the VIE. Alternatively, residual investments are subject to credit exposure, and by design this is the portion of the SPE that is expected to absorb the losses of the VIE.
The carrying value and earnings sensitivities are applied only to financial assets that existed at the balance sheet date, which included loans at amortized cost, for which we have recorded an allowance as of June 30, 2025.

Impact if Credit Loss Rates:

($ in thousands)
Increase 10 Percent
Decrease 10 Percent

Fair value $ (125,466) $ 125,466 
Carrying value (4,784) 4,784 
Income (loss) before income taxes (130,250) 130,250 

Counterparty Risk
We are subject to risk that arises from our debt warehouse facilities, economic hedging activities, third-party custodians, and capped call options on our common stock. These activities generally involve an exchange of obligations with unaffiliated lenders or other individuals or entities, referred to in such transactions as “counterparties”. If a counterparty was to default, we could potentially be exposed to reputational damage and financial loss if such counterparty was unable to meet its obligations to us. We manage this risk by selecting only counterparties that we believe to be financially strong, spreading the risk among multiple such counterparties, placing contractual limits on the amount of dependence on any single counterparty, and entering into netting agreements with the counterparties, as appropriate.
In accordance with Treasury Market Practices Group’s recommendation, we execute Securities Industry and Financial Markets Association trading agreements with all material trading partners. Each such agreement provides for an exchange of margin money should either party’s exposure exceed a predetermined contractual limit. Such margin requirements limit our overall counterparty exposure. The master netting agreements contain a legal right to offset amounts due to and from the same counterparty. Derivative assets represent derivative contracts in a gain position net of loss positions with the same counterparty and, therefore, also represent our maximum counterparty credit risk. We incurred no losses due to nonperformance by any of our counterparties during the six months ended June 30, 2025. As of June 30, 2025, gross derivative liability positions subject to master netting arrangements were $58,934. We had no gross derivative asset positions subject to master netting arrangements as of June 30, 2025.
In the case of our loan warehouse facilities, we are subject to risk if the counterparty chooses not to renew a borrowing agreement and we are unable to obtain financing to originate loans. With our loan warehouse facilities, we seek to mitigate this risk by ensuring that we have sufficient borrowing capacity with a variety of well-established counterparties to meet our funding needs. As of June 30, 2025, we had total borrowing capacity under loan warehouse facilities of $7.3 billion, of which $2.1 billion was utilized. Refer to Note 8. Debt to the Notes to Condensed Consolidated Financial Statements for additional information regarding our loan warehouse facilities.
In the case of our call options on our common stock, if the capped call counterparties, which are financial institutions and initial purchasers of our convertible notes, are unable to meet their obligations under the contract, we may not be able to
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mitigate the dilutive effect on our common stock upon conversions of our convertible notes or offset any potential cash payments we may be required to make in excess of the principal amount of converted convertible notes. Refer to Note 9. Equity to the Notes to Condensed Consolidated Financial Statements for additional information on our capped call transactions.
Operational Risk
Operational risk is the risk of loss arising from inadequate or failed internal processes, controls, people (e.g., human error or misconduct) or systems (e.g., technology problems), business continuity or external events (e.g., natural disasters), compliance, reputational, regulatory, cybersecurity or legal matters and includes those risks as they relate directly to us, fraud losses attributed to applications and any associated fines and monetary penalties as a result, transaction processing, or employees, as well as to third parties with whom we contract or otherwise do business. We rely on third-party computer systems and third-party providers to support and carry out certain functions on our platform, which are themselves susceptible to operational risk or which may rely on subcontractors to provide services to us that face similar risks. Any interruption in services or deterioration in the quality of the service or performance of such third-party systems or providers could be disruptive to our business and adversely affect our results of operations and the perception of the reliability of our networks and services and the quality of our brand. In addition, we may be subjected to member complaints, fines, subpoenas, civil investigative demands, litigation, disputes, regulatory investigations and other similar actions. We strive to manage operational risk, including operational risk associated with our reliance on third-party systems, through contractual provisions, our system design, and a robust third-party risk management process, which includes establishing policies and procedures to accomplish timely and efficient processing, obtaining periodic internal control attestations from management, conducting internal process Risk Control Self-Assessments and audit reviews to evaluate the effectiveness of internal controls. With respect to cybersecurity risk, which can also translate to financial and reputational risk, our technology and cybersecurity teams rely on a layered system of preventive and detective technologies, controls, and policies to detect, mitigate, and contain cybersecurity threats. In addition, our cybersecurity team, and the third-party consultants they engage, regularly assess our cybersecurity risks and mitigation efforts. Our operational risk, and the amount we invest in risk management, may increase as we introduce new products and product features, and as new threat actors and evolving threat vectors, such as account takeover tactics, increase and become more sophisticated. In order to be effective, among other things, our enterprise risk management capabilities must adapt and align to support any new product or loan features, capability, strategic development, or external change.

Item 4. Controls and Procedures
Evaluation of Disclosure Controls and Procedures
Our management, with the participation of our Chief Executive Officer and Chief Financial Officer, has evaluated the effectiveness of our disclosure controls and procedures (as defined in Rules 13a-15(e) and 15d-15(e) under the Securities Exchange Act of 1934, as amended (the “Exchange Act”) as of the end of the period covered by this Quarterly Report on Form 10-Q. Based on that evaluation, our Chief Executive Officer and Chief Financial Officer concluded that such disclosure controls and procedures were effective as of the end of the period covered by this Quarterly Report on Form 10-Q and designed to ensure that information required to be disclosed in our reports filed or submitted under the Exchange Act is recorded, processed, summarized and reported within the requisite time periods specified in the applicable rules and forms, and that it is accumulated and communicated to our management, including our Chief Executive Officer and Chief Financial Officer, as appropriate, to allow timely decisions regarding required disclosure. Management recognizes that any controls and procedures, no matter how well designed and operated, can provide only reasonable assurance of achieving their objectives and management necessarily applies its judgment in evaluating the cost-benefit relationship of possible controls and procedures.
Changes in Internal Control over Financial Reporting
There have not been any changes in our internal control over financial reporting (as defined in Rules 13a-15(f) and 15d-15(f) under the Exchange Act) during the quarter ended June 30, 2025 that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

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PART II – OTHER INFORMATION

Item 1. Legal Proceedings
The information required by Item 103 of Regulation S-K is included in Note 14. Commitments, Guarantees, Concentrations and Contingencies to the Notes to Condensed Consolidated Financial Statements in Part I, Item 1. of this Quarterly Report on Form 10-Q.

Item 1A. Risk Factors
In evaluating our company and our business, y ou should carefully consider the risks and uncertainties described in Part I, Item 1A. Risk Factors in our Annual Report on Form 10-K, together with the other information in this Quarterly Report on Form 10-Q, including our condensed consolidated financial statements and the related notes and the section titled “Management’s Discussion and Analysis of Financial Condition and Results of Operations” and in other documents we file with the SEC. There are no material changes from the risk factors set forth in our 2024 Annual Report on Form 10-K except as set forth below. Additional risks and uncertainties not presently known to us or that we currently deem immaterial may also impair our business, reputation, financial condition, results of operations, revenue or our future prospects, or market price of our common stock.
We are working to incorporate cryptocurrency and blockchain technology into our product offerings, which may subject us to laws and regulations relating to cryptocurrencies and blockchain technology in various jurisdictions where we conduct our business, and to other risks. Such laws and regulations can be complex, are subject to change, and complying with them across various jurisdictions imposes operational, time, and cost constraints on our business. Our actual or perceived failure to comply with such obligations or to address other risks related to these technologies could harm our business and/or result in reputational harm, loss of customers, material financial penalties and legal liabilities.
We may in the future offer cryptocurrency products and other products that utilize blockchain technology which could subject us to additional regulations, licensing requirements, or other obligations. Compliance with any such regulations, requirements, or obligations may be complex and costly. Cryptocurrencies are not considered legal tender, are not backed by most governments, and have experienced technological flaws and various law enforcement and regulatory interventions. In addition, in the U.S. and certain other jurisdictions, certain cryptocurrencies may be deemed to be securities and subject to the securities laws of the relevant jurisdictions. The rapidly evolving regulatory landscape with respect to cryptocurrencies may subject us to registrations, inquiries, or investigations from regulators and governmental authorities; require us to make product changes; restrict or discontinue product offerings; and implement additional and potentially costly controls. If we fail to comply with regulations, requirements, prohibitions or other obligations applicable to us, we could face regulatory or other enforcement actions and potential fines or reputational harm, be forced to cease offering cryptocurrency products, and other consequences, including significant financial losses.
Cryptocurrencies have in the past and may in the future experience periods of extreme price volatility. These uncertainties, as well as future accounting and tax developments, or other requirements relating to cryptocurrencies could expose us to litigation, regulatory action and possible liability, and have an adverse effect on our business.
As we enter into and expand our cryptocurrency product and service offerings, the risks associated with failing to safeguard and manage cryptocurrencies we hold or our custodians hold or service providers transfer on behalf of our customers may increase. In addition, a number of errors could occur in the process of depositing or withdrawing cryptocurrencies such as typos, mistakes or failure to include information required by the blockchain network, or any other internal failures or deficiencies in our own systems or those of any custodian or other third party provider we may use, could, in each case, materially and adversely affect our operations. In addition, cryptocurrencies and blockchain technologies have been, and might in the future be, subject to security breaches, hacking or other malicious activities. Failures in internal controls or key management practices, whether by us or a service provider, could lead to irreversible asset loss or unauthorized transfers. Defaults by counterparties or systemic stress in crypto-asset markets may also pose significant liquidity, settlement, or valuation risks. Any such failure or event could result in reputational harm, significant financial losses, lead customers to discontinue or reduce their use of our services, and result in significant penalties and fines and additional restrictions.
In addition, we may rely on third parties for certain aspects of cryptocurrency offerings and reliance on third parties involves risks. For example, inappropriate access to, theft, destruction or other loss of cryptocurrency assets held by any custodian we may use, insufficient insurance coverage by us or any such custodian to reimburse us for all such losses, such custodian’s failure to maintain effective controls over the custody and settlement services provided to us, such custodian’s inability to purchase or liquidate cryptocurrency holdings, and defaults on financial or performance obligations by counterparty financial institutions, could materially and adversely affect our financial performance and significantly harm our business.
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In addition, we plan to integrate blockchain technology from a third party provider into certain of our products. Any number of technical changes, software upgrades, cybersecurity incidents or other changes to the underlying blockchain networks might occur from time to time, causing incompatibility, technical issues, disruptions or security weaknesses to our products. If we or our third party provider are unable to identify, troubleshoot and resolve any such issues successfully, we might no longer be able to support such products, our customers’ assets might be frozen or lost, the security of our products might be compromised and our platforms and technical infrastructure might be affected, all of which could cause revenue to decline and expose us to potential liability for customer losses.

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
None.

Item 3. Defaults Upon Senior Securities
None.

Item 4. Mine Safety Disclosures
Not applicable.

Item 5. Other Information
Trading Arrangements
On June 2, 2025 , Jeremy Rishel , Chief Technology Officer , adopted a trading arrangement during an open trading window for the sale of the Company’s common stock that is intended to satisfy the affirmative defense conditions of Securities Exchange Act Rule 10b5-1(c) (a “Rule 10b5-1 Trading Plan”). Mr. Rishel’s Rule 10b5-1 Trading Plan, which has a term ending on June 30, 2026 , provides for the sale of up to 815,253 shares of common stock pursuant to one or more market or limit orders.
On June 10, 2025 , Arun Pinto , Chief Risk Officer , adopted a Rule 10b5-1 Trading Plan during an open trading window for the sale of the Company’s common stock. Mr. Pinto’s Rule 10b5-1 Trading Plan, which has a term ending on May 29, 2026 , provides for the sale of up to 60,057 shares of common stock pursuant to one or more market or limit orders.
During the three months ended June 30, 2025, no other Company director or officer (as defined in Rule 16a-1(f) of the Exchange Act) adopted , terminated or modified a Rule 10b5-1 trading arrangement or non-Rule 10b5-1 trading arrangement (as such terms are defined in Item 408 of Regulation S-K).
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Item 6. Exhibits

Exhibit No. Description Form File Number Date of Filing Exhibit Number Reference

10.1 †

Offer Letter, dated as of November 2, 2023, by and between Social Finance, Inc. and Arun Pinto
10-Q
001-39606
May 6, 2025
10.1
10.2 †

Offer Letter, dated as of July 8, 2024, by and between SoFi Technologies, Inc. and Eric Schuppenhauer
10-Q
001-39606
May 6, 2025 10.2
10.3 †

Offer Letter, dated as of February 29, 2024, by and between Social Finance, LLC and Stephen Simcock
10-Q
001-39606
May 6, 2025 10.3
10.4 †

Form of Performance Stock Unit Award Agreement Under the Amended and Restated 2021 Stock Option and Incentive Plan for SoFi Technologies, Inc. - Executive Staff
8-K
001-39606
March 27, 2025
99.1
10.5 †

Form of Performance Stock Unit Award Agreement Under the Amended and Restated 2021 Stock Option and Incentive Plan for SoFi Technologies, Inc. - CEO and CFO
8-K
001-39606
March 27, 2025
99.2
31.1 *
Certification of Chief Executive Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002

31.2 *
Certification of Chief Financial Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002

32.1 +*
Certification of Chief Executive Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002

32.2 +*
Certification of Chief Financial Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002

101.INS Inline XBRL Instance Document - the instance document does not appear in the interactive data file because its XBRL tags are embedded within the Inline XBRL document

101.SCH*
Inline XBRL Taxonomy Extension Schema Document

101.CAL*
Inline XBRL Taxonomy Extension Calculation Linkbase Document

101.LAB*
Inline XBRL Taxonomy Extension Label Linkbase Document

101.PRE*
Inline XBRL Taxonomy Extension Presentation Linkbase Document

101.DEF*
Inline XBRL Taxonomy Extension Definition Linkbase Document

104
Cover Page Interactive Data File (formatted as inline XBRL and contained in Exhibit 101)

___________________
*     Filed herewith.
+     Indicates a document being furnished with this Form 10-Q. Information furnished herewith shall not be deemed to be “filed” for the purposes of Section 18 of the Securities Exchange Act of 1934 or otherwise subject to the liabilities of that Section. Such exhibit shall not be deemed incorporated by reference into any filing under the Securities Act of 1933 or the Securities Exchange Act of 1934.
†     Indicates a management contract or compensatory plan.
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SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

SoFi Technologies, Inc.
(Registrant)

Date: August 7, 2025 By: /s/ Christopher Lapointe
Christopher Lapointe
Chief Financial Officer

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