10-Q – 2025-11-06 – sofi-20250930.htm

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2024-12-31 0001818874 sofi:FundedLoanMember 2025-09-30 0001818874 us-gaap:UnfundedLoanCommitmentMember 2025-09-30 0001818874 srt:MaximumMember us-gaap:UnfundedLoanCommitmentMember 2025-09-30 0001818874 us-gaap:RestrictedStockUnitsRSUMember 2025-07-01 2025-09-30 0001818874 us-gaap:RestrictedStockUnitsRSUMember 2024-07-01 2024-09-30 0001818874 us-gaap:RestrictedStockUnitsRSUMember 2024-01-01 2024-09-30 0001818874 us-gaap:EmployeeStockOptionMember 2025-07-01 2025-09-30 0001818874 us-gaap:EmployeeStockOptionMember 2024-07-01 2024-09-30 0001818874 us-gaap:EmployeeStockOptionMember 2025-01-01 2025-09-30 0001818874 us-gaap:EmployeeStockOptionMember 2024-01-01 2024-09-30 0001818874 us-gaap:EmployeeStockMember 2025-07-01 2025-09-30 0001818874 us-gaap:EmployeeStockMember 2024-07-01 2024-09-30 0001818874 us-gaap:EmployeeStockMember 2024-01-01 2024-09-30 0001818874 us-gaap:RestrictedStockUnitsRSUMember 2025-07-01 2025-09-30 0001818874 us-gaap:RestrictedStockUnitsRSUMember 2024-07-01 2024-09-30 0001818874 us-gaap:RestrictedStockUnitsRSUMember 2025-01-01 2025-09-30 0001818874 us-gaap:RestrictedStockUnitsRSUMember 2024-01-01 2024-09-30 0001818874 us-gaap:EmployeeStockOptionMember 2025-07-01 2025-09-30 0001818874 us-gaap:EmployeeStockOptionMember 2024-07-01 2024-09-30 0001818874 us-gaap:EmployeeStockOptionMember 2025-01-01 2025-09-30 0001818874 us-gaap:EmployeeStockOptionMember 2024-01-01 2024-09-30 0001818874 us-gaap:PerformanceSharesMember 2025-07-01 2025-09-30 0001818874 us-gaap:PerformanceSharesMember 2024-07-01 2024-09-30 0001818874 us-gaap:PerformanceSharesMember 2025-01-01 2025-09-30 0001818874 us-gaap:PerformanceSharesMember 2024-01-01 2024-09-30 0001818874 us-gaap:EmployeeStockMember 2025-07-01 2025-09-30 0001818874 us-gaap:EmployeeStockMember 2024-07-01 2024-09-30 0001818874 us-gaap:EmployeeStockMember 2025-01-01 2025-09-30 0001818874 us-gaap:EmployeeStockMember 2024-01-01 2024-09-30 0001818874 sofi:ContingentCommonStockAcquisitionsMember 2025-07-01 2025-09-30 0001818874 sofi:ContingentCommonStockAcquisitionsMember 2024-07-01 2024-09-30 0001818874 sofi:ContingentCommonStockAcquisitionsMember 2025-01-01 2025-09-30 0001818874 sofi:ContingentCommonStockAcquisitionsMember 2024-01-01 2024-09-30 0001818874 us-gaap:OperatingSegmentsMember sofi:LendingSegmentMember 2025-07-01 2025-09-30 0001818874 us-gaap:OperatingSegmentsMember sofi:TechnologyPlatformSegmentMember 2025-07-01 2025-09-30 0001818874 us-gaap:OperatingSegmentsMember sofi:FinancialServicesSegmentMember 2025-07-01 2025-09-30 0001818874 us-gaap:OperatingSegmentsMember 2025-07-01 2025-09-30 0001818874 us-gaap:CorporateNonSegmentMember 2025-07-01 2025-09-30 0001818874 us-gaap:OperatingSegmentsMember sofi:LendingSegmentMember 2024-07-01 2024-09-30 0001818874 us-gaap:OperatingSegmentsMember sofi:TechnologyPlatformSegmentMember 2024-07-01 2024-09-30 0001818874 us-gaap:OperatingSegmentsMember sofi:FinancialServicesSegmentMember 2024-07-01 2024-09-30 0001818874 us-gaap:OperatingSegmentsMember 2024-07-01 2024-09-30 0001818874 us-gaap:CorporateNonSegmentMember 2024-07-01 2024-09-30 0001818874 us-gaap:OperatingSegmentsMember sofi:LendingSegmentMember 2025-01-01 2025-09-30 0001818874 us-gaap:OperatingSegmentsMember sofi:TechnologyPlatformSegmentMember 2025-01-01 2025-09-30 0001818874 us-gaap:OperatingSegmentsMember sofi:FinancialServicesSegmentMember 2025-01-01 2025-09-30 0001818874 us-gaap:OperatingSegmentsMember 2025-01-01 2025-09-30 0001818874 us-gaap:CorporateNonSegmentMember 2025-01-01 2025-09-30 0001818874 us-gaap:OperatingSegmentsMember sofi:LendingSegmentMember 2024-01-01 2024-09-30 0001818874 us-gaap:OperatingSegmentsMember sofi:TechnologyPlatformSegmentMember 2024-01-01 2024-09-30 0001818874 us-gaap:OperatingSegmentsMember sofi:FinancialServicesSegmentMember 2024-01-01 2024-09-30 0001818874 us-gaap:OperatingSegmentsMember 2024-01-01 2024-09-30 0001818874 us-gaap:CorporateNonSegmentMember 2024-01-01 2024-09-30 0001818874 sofi:LendingSegmentMember 2025-09-30 0001818874 sofi:TechnologyPlatformSegmentMember 2025-09-30 0001818874 sofi:FinancialServicesSegmentMember 2025-09-30 0001818874 sofi:KelliKeoughMember 2025-07-01 2025-09-30 0001818874 sofi:KelliKeoughMember 2025-09-30

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

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

For the quarterly period ended September 30, 2025

or

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

For the transition period from     to

Commission file number 001-39606

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

Delaware
98-1547291

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

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

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

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

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

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

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐ 
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).     Yes   ☐     No   ☒
The number of shares of the registrant’s common stock, par value $0.0001 per share, outstanding as of October 31, 2025 was 1,205,903,044 shares.

SOFI TECHNOLOGIES, INC.
TABLE OF CONTENTS

Page

Glossary of Terms and Acronyms
2

Forward-Looking Statements
3

PART I – FINANCIAL INFORMATION
Item 1. Financial Statements

Condensed Consolidated Balance Sheets
5

Condensed Consolidated Statements of Operations and Comprehensive Income
7

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

Condensed Consolidated Statements of Cash Flows
10

Notes to Condensed Consolidated Financial Statements
12

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

Note 2. Revenue
14

Note 3. Loans
16

Note 4. Allowance for Credit Losses
24

Note 5. Investment Securities
26

Note 6. Securitization and Variable Interest Entities
28

Note 7. Deposits
30

Note 8. Debt
31

Note 9. Equity
33

Note 10. Derivative Financial Instruments
35

Note 11. Fair Value Measurements
37

Note 12. Share-Based Compensation
45

Note 13. Income Taxes
48

Note 14. Commitments, Guarantees, Concentrations and Contingencies
48

Note 15. Earnings Per Share
50

Note 16. Business Segment Information
51

Note 17. Subsequent Events
55

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

Item 3. Quantitative and Qualitative Disclosures About Market Risk
103

Item 4. Controls and Procedures
106

PART II – OTHER INFORMATION
Item 1. Legal Proceedings
108

Item 1A. Risk Factors
108

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
110

Item 3. Defaults Upon Senior Securities
110

Item 4. Mine Safety Disclosures
110

Item 5. Other Information
110

Item 6. Exhibits
110

Signatures
111

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Glossary of Terms and Acronyms

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

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

ALCO : Asset Liability Committee
FTP : Fund transfer pricing

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

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

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

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

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

bps : Basis points
HFI : Held for investment

BSA : Bank Secrecy Act
HFS : Held for sale

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

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

February 2022
IRR : Interest rate risk

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

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

January 7, 2021
LIHTC : Low Income Housing Tax Credit

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

CCPA : California Consumer Privacy Act
MLA : Military Lending Act

CD : Community Development
MSB : Money services business

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

CFP : Certified financial planners
NACHA : National Automated Clearinghouse Association

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

CFPB : Consumer Financial Protection Bureau
NII : Net Interest Income

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

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

CODM : Chief Operating Decision Maker
PCD : Purchased credit deteriorated

CPA : Colorado Privacy Act
PD : Probability of Default

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

CPRA : California Privacy Rights Act
PSU : Performance stock units

CRA : Community Reinvestment Act
QIA : Qatar Investment Authority

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

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

DEP : Digital engagement practices
RSU : Restricted stock units

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

Protection Act of 2010 SCRA : Servicemembers’ Civil Relief Act

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

DTC : Depository Trust Company
SPAC : Special purpose acquisition company

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

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

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

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

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

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

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

ESPP : Employee Stock Purchase Plan
SPE : Special purpose entity

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

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

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

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

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

FDIA : Federal Deposit Insurance Act
TDR : Troubled debt restructuring

FDIC : Federal Deposit Insurance Corporation
TGL : TMRW Golf League

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

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

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

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

FinCEN : Financial Crimes Enforcement Network
VIE : Variable interest entity

FINRA : Financial Industry Regulatory Authority
Wyndham : Wyndham Capital Mortgage

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

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

4

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PART I – FINANCIAL INFORMATION

Item 1. Financial Statements

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

September 30,
2025 December 31,
2024
Assets
Cash and cash equivalents $ 3,246,351   $ 2,538,293  
Restricted cash and restricted cash equivalents 500,096   171,067  
Investment securities (includes available-for-sale securities of $ 2,393,242 and $ 1,804,043 at fair value with associated amortized cost of $ 2,375,811 and $ 1,807,686 , as of September 30, 2025 and December 31, 2024, respectively)
2,512,437   1,895,689  
Loans held for sale (includes $ 21.5 billion and $ 17.7 billion at fair value, as of September 30, 2025 and December 31, 2024, respectively)
21,587,350   17,684,892  
Loans held for investment, at fair value
11,827,987   8,597,368  
Loans held for investment, at amortized cost (less allowance for credit losses of $ 50,634 and $ 46,684 , as of September 30, 2025 and December 31, 2024, respectively)
1,483,950   1,246,458  
Servicing rights 383,526   342,128  
Property, equipment and software 386,629   287,869  
Goodwill 1,393,505   1,393,505  
Intangible assets 247,845   297,794  
Operating lease right-of-use assets 79,419   81,219  
Other assets (less allowance for credit losses of $ 3,120 and $ 2,444 , as of September 30, 2025 and December 31, 2024, respectively)
1,644,355   1,714,669  
Total assets
$ 45,293,450  

$ 36,250,951  
Liabilities and permanent equity
Liabilities:
Deposits:
Interest-bearing deposits $ 32,805,663   $ 25,861,400  
Noninterest-bearing deposits 140,736   116,804  
Total deposits 32,946,399   25,978,204  
Accounts payable, accruals and other liabilities
759,612   556,923  
Operating lease liabilities
93,004   97,389  
Debt
2,713,942   3,092,692  
Residual interests classified as debt
530   609  
Total liabilities 36,513,487   29,725,817  
Commitments, guarantees, concentrations and contingencies (Note 14)

Permanent equity:
Common stock, $ 0.00 par value: 3,100,000,000 and 3,100,000,000 shares authorized; 1,204,569,655 and 1,095,357,781 shares issued and outstanding, as of September 30, 2025 and December 31, 2024, respectively (1)
120   109  
Additional paid-in capital 9,768,122   7,838,988  
Accumulated other comprehensive income (loss)
9,548   ( 8,365 )
Accumulated deficit ( 997,827 ) ( 1,305,598 )
Total permanent equity 8,779,963   6,525,134  
Total liabilities and permanent equity $ 45,293,450   $ 36,250,951  

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

The accompanying notes are an integral part of these condensed consolidated financial statements.
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SoFi Technologies, Inc.
Condensed Consolidated Balance Sheets (Continued)
(Unaudited)
(In Thousands, Except for Share Data)
The following table presents the assets and liabilities of consolidated VIEs which are included in our condensed consolidated balance sheets. The assets in the below table may only be used to settle obligations of consolidated VIEs and are in excess of those obligations as of the dates presented. Additionally, the assets and liabilities in the table below exclude intercompany balances, which eliminate upon consolidation. See Note 6. Securitization and Variable Interest Entities for additional information.

September 30,
2025 December 31,
2024
Assets

Restricted cash and restricted cash equivalents $ 2,098   $ 20,719  
Loans held for sale, at fair value
—  

171,421  
Loans held for investment, at fair value 69,333   80,812  
Total assets
$ 71,431  

$ 272,952  
Liabilities

Accounts payable, accruals and other liabilities $ 91   $ 117  
Debt 56,905   80,878  
Residual interests classified as debt 530   609  
Total liabilities
$ 57,526  

$ 81,604  

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

Three Months Ended September 30, Nine Months Ended September 30,

2025 2024 2025 2024
Interest income

Loans and securitizations
$ 830,156   $ 671,976   $ 2,281,894   $ 1,913,265  
Other
61,405   51,398   165,884   150,615  
Total interest income 891,561   723,374   2,447,778   2,063,880  
Interest expense

Securitizations and warehouses
29,849   31,093   87,643   89,376  
Deposits 264,901   248,292   723,532   691,558  
Corporate borrowings 11,595   12,871   34,527   36,307  
Other
102   108   399   327  
Total interest expense 306,447   292,364   846,101   817,568  
Net interest income 585,114   431,010   1,601,677   1,246,312  
Noninterest income

Loan origination, sales, securitizations and servicing
65,431   80,012   189,091   205,517  
Technology products and solutions
89,707   90,896   266,940   262,434  
Loan platform fees
164,897  

55,641  

385,052  

78,373  
Other
56,451   39,562   145,543   148,098  
Total noninterest income 376,486   266,111   986,626   694,422  
Total net revenue 961,600   697,121   2,588,303   1,940,734  
Provision for credit losses 9,199   6,013   24,912   24,835  
Noninterest expense

Technology and product development
167,144   139,714   475,496   402,801  
Sales and marketing
286,878   214,904   789,798   567,032  
Cost of operations
161,423   123,714   447,380   333,478  
General and administrative
188,405   148,921   510,192   439,167  
Total noninterest expense 803,850   627,253   2,222,866   1,742,478  
Income before income taxes
148,551  

63,855  

340,525   173,421  
Income tax expense
( 9,159 ) ( 3,110 ) ( 32,754 ) ( 7,229 )
Net income
$ 139,392  

$ 60,745  

$ 307,771   $ 166,192  
Other comprehensive income

Unrealized gains on available-for-sale securities, net
6,183  

9,029  

18,973   9,070  
Foreign currency translation adjustments, net ( 228 ) 563   ( 1,060 ) 248  
Total other comprehensive income
5,955  

9,592  

17,913  

9,318  
Comprehensive income
$ 145,347   $ 70,337   $ 325,684   $ 175,510  
Earnings per share (Note 15)

Earnings per share – basic $ 0.12   $ 0.06   $ 0.27   $ 0.14  
Earnings per share – diluted $ 0.11   $ 0.05   $ 0.25   $ 0.08  
Weighted average common stock outstanding – basic 1,171,205   1,071,160   1,125,670   1,037,579  
Weighted average common stock outstanding – diluted 1,291,011   1,104,450   1,220,053   1,078,402  

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

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

Shares
Amount

Balance at June 30, 2025 1,113,442,968   $ 111   $ 7,994,095   $ 3,593   $ ( 1,137,219 ) $ 6,860,580  
Share-based compensation expense —  —  79,416   —  —  79,416  

Vesting of RSUs 7,897,490   1   ( 1 ) —  —  —  
Stock withheld related to taxes on vested RSUs ( 375,786 ) —  ( 9,958 ) —  —  ( 9,958 )
Exercise of common stock options 871,166   —  5,852   —  —  5,852  
Issuance of common stock
82,733,817   8   1,698,718   —  —  1,698,726  

Net income
—  —  —  —  139,392   139,392  
Other comprehensive income, net of taxes —  —  —  5,955   —  5,955  
Balance at September 30, 2025 1,204,569,655   $ 120   $ 9,768,122   $ 9,548   $ ( 997,827 ) $ 8,779,963  

Common Stock Additional Paid-In Capital Accumulated Other Comprehensive Income (Loss) Accumulated Deficit Permanent Equity
Shares Amount
Balance at January 1, 2025 1,095,357,781   $ 109   $ 7,838,988   $ ( 8,365 ) $ ( 1,305,598 ) $ 6,525,134  
Share-based compensation expense —  —  231,857   —  —  231,857  

Vesting of RSUs 25,674,338   3   ( 3 ) —  —  —  
Stock withheld related to taxes on vested RSUs ( 1,173,125 ) —  ( 19,849 ) —  —  ( 19,849 )
Exercise of common stock options 1,004,945   —  6,647   —  —  6,647  
Issuance of common stock
82,733,817   8   1,698,718   —  —  1,698,726  
Employee stock purchase plan
971,899   —  11,764   —  —  11,764  
Net income
—  —  —  —  307,771   307,771  
Other comprehensive income, net of taxes
—  —  —  17,913   —  17,913  
Balance at September 30, 2025 1,204,569,655   $ 120   $ 9,768,122   $ 9,548   $ ( 997,827 ) $ 8,779,963  

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

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

Shares
Amount
Shares Amount
Balance at June 30, 2024 1,065,112,270   $ 106   $ 7,601,687   $ ( 1,483 ) $ ( 1,698,816 ) $ 5,901,494   —   $ —  
Share-based compensation expense
—  —  74,532   —  —  74,532   —  — 

Vesting of RSUs
8,907,950   1   ( 1 ) —  —  —   —  — 
Stock withheld related to taxes on vested RSUs
( 624,127 ) —  ( 4,883 ) —  —  ( 4,883 ) —  — 
Exercise of common stock options
148,628   —  138   —  —  138   —  — 

Extinguishment of convertible notes by issuance of common stock 10,591,795   1   79,862   —  —  79,863   —  — 

Net income
—  —  —  —  60,745   60,745   —  — 
Other comprehensive income, net of taxes
—  —  —  9,592   —  9,592   —  — 
Balance at September 30, 2024 1,084,136,516   $ 108   $ 7,751,335   $ 8,109   $ ( 1,638,071 ) $ 6,121,481   —   $ —  

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

Shares Amount Shares Amount
Balance at January 1, 2024
975,861,793   $ 97   $ 7,039,987   $ ( 1,209 ) $ ( 1,804,263 ) $ 5,234,612   3,234,000   $ 320,374  
Share-based compensation expense —  —  209,082   —  —  209,082   —  — 
Vesting of RSUs 26,438,360   3   ( 3 ) —  —  —   —  — 
Stock withheld related to taxes on vested RSUs ( 1,773,092 ) —  ( 12,641 ) —  —  ( 12,641 ) —  — 
Exercise of common stock options 395,781   —  770   —  —  770   —  — 
Extinguishment of convertible notes by issuance of common stock 83,213,674   8   614,138   —  —  614,146   —  — 
Purchases of capped calls —  —  ( 90,649 ) —  —  ( 90,649 ) —  — 
Unwind of capped calls —  —  10,180   —  —  10,180   —  — 
Redeemable preferred stock dividends —  —  ( 16,503 ) —  —  ( 16,503 ) —  — 
Preferred stock redemption
—  —  ( 3,026 ) —  —  ( 3,026 ) ( 3,234,000 ) ( 320,374 )
Net income —  —  —  —  166,192   166,192   —  — 
Other comprehensive income, net of taxes
—  —  —  9,318   —  9,318   —  — 
Balance at September 30, 2024 1,084,136,516   $ 108   $ 7,751,335   $ 8,109   $ ( 1,638,071 ) $ 6,121,481   —   $ —  

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

Nine Months Ended September 30,

2025 2024
Operating activities

Net income
$ 307,771  

$ 166,192  
Adjustments to reconcile net income to net cash used in operating activities:

Share-based compensation expense 193,481   179,785  
Depreciation and amortization 171,271   149,953  
Deferred debt issuance and discount expense 8,367   10,821  
Gain on extinguishment of convertible debt
—   ( 62,517 )
Provision for credit losses 24,912   24,835  
Deferred income taxes 26,558   ( 2,934 )
Fair value changes in loans held for investment
( 270,698 ) ( 149,474 )
Fair value changes in securitization investments ( 1,582 ) ( 3,311 )
Other 9,396   1,727  
Changes in loans held for sale, net ( 3,982,094 ) ( 1,959,781 )
Changes in accrued interest on loans
( 20,838 )

( 6,164 )
Changes in loans previously classified as held for sale, net
673,997   983,783  
Changes in servicing assets
( 41,397 ) ( 115,658 )
Changes in other assets
( 21,215 ) ( 166,555 )
Changes in other liabilities
170,791   29,594  
Net cash used in operating activities
$ ( 2,751,280 ) $ ( 919,704 )
Investing activities

Purchases of property, equipment and software $ ( 176,047 ) $ ( 112,002 )
Capitalized software development costs ( 7,351 ) ( 7,384 )
Purchases of available-for-sale investments ( 1,124,421 ) ( 1,659,296 )
Proceeds from sales of available-for-sale investments 249,488   164,623  
Proceeds from maturities and paydowns of available-for-sale investments 339,013   616,451  
Purchases of loans held for investment
( 1,439,681 ) —  
Proceeds from sales of loans held for investment
392,607   434,483  
Other changes in loans held for investment, net
( 2,859,336 ) ( 3,029,395 )
Proceeds from securitization investments
49,406   69,455  
Proceeds from non-securitization investments
16,334   3,579  
Purchases of non-securitization investments ( 62,167 ) ( 20,620 )
Net cash used in investing activities
$ ( 4,622,155 ) $ ( 3,540,106 )

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

Nine Months Ended September 30,

2025 2024
Financing activities

Net change in deposits $ 7,101,294   $ 5,654,019  
Proceeds from issuance of common stock
1,700,345   —  
Payment of common stock issuance costs
( 1,620 ) —  
Net change in debt facilities ( 359,368 ) ( 1,906,888 )
Proceeds from other debt issuances —   845,250  
Repayment of other debt ( 25,058 ) ( 340,104 )
Payment of debt issuance costs ( 2,006 ) ( 5,895 )
Purchase of capped calls
—   ( 90,649 )
Unwind of capped calls
—   10,180  
Taxes paid related to net share settlement of share-based awards ( 19,849 ) ( 12,641 )
Proceeds from stock option exercises 6,647   770  
Proceeds from issuance of common stock under the ESPP
11,764   —  
Payment of redeemable preferred stock dividends
—   ( 16,503 )
Redemption of Series 1 preferred stock
—   ( 323,400 )
Finance lease principal payments ( 567 ) ( 396 )
Net cash provided by financing activities $ 8,411,582   $ 3,813,743  
Effect of exchange rates on cash and cash equivalents
( 1,060 ) 248  
Net increase (decrease) in cash, cash equivalents, restricted cash and restricted cash equivalents
$ 1,037,087   $ ( 645,819 )
Cash, cash equivalents, restricted cash and restricted cash equivalents at beginning of period
2,709,360   3,615,578  
Cash, cash equivalents, restricted cash and restricted cash equivalents at end of period
$ 3,746,447   $ 2,969,759  

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

Cash and cash equivalents
$ 3,246,351   $ 2,354,965  
Restricted cash and restricted cash equivalents
500,096   614,794  
Total cash, cash equivalents, restricted cash and restricted cash equivalents
$ 3,746,447   $ 2,969,759  

Supplemental non-cash investing and financing activities
Deposits credited but not yet received in cash $ 337,215   $ 133,104  
Share-based compensation capitalized related to internally-developed software
38,376   29,297  
Extinguishment of convertible notes by issuance of common stock —   677,147  
Available-for-sale securities sold but unpaid
—   21,266  

The accompanying notes are an integral part of these condensed consolidated financial statements.
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SoFi Technologies, Inc.
Notes to Condensed Consolidated Financial Statements
(Unaudited)
(In Thousands, Unless Otherwise Stated and Except for Share and Per Share Data)

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

Organization
SoFi is a financial services platform that was founded in 2011 to offer an innovative approach to the private student loan market by providing student loan refinancing options. The Company conducts its business through three reportable segments: Lending, Technology Platform and Financial Services. Since its founding, SoFi has expanded its lending and financial services strategy to offer personal loans, home loans and credit cards. The Company has also developed additional financial products, such as money management and investment product offerings, and has also leveraged its financial services platform to empower other businesses. The Company has continued to expand its product offerings through strategic acquisitions. During 2020, the Company expanded its investment product offerings into Hong Kong through the acquisition of 8 Limited, and also began to operate as a platform as a service for a variety of financial service providers, providing the infrastructure to facilitate core client-facing and back-end capabilities, such as account setup, account funding, direct deposit, authorizations and processing, payments functionality and check account balance features through the acquisition of Galileo Financial Technologies. During 2022, the Company became a bank holding company and began operating as SoFi Bank, National Association, through its acquisition of Golden Pacific Bancorp, Inc., and expanded its platform to include a cloud-native digital and core banking platform with customers in Latin America through its acquisition of Technisys, allowing the Company to expand its technology platform services to a broader international market. During 2023, the Company acquired Wyndham Capital Mortgage, a fintech mortgage lender. For additional information on our reportable segments, see Note 16. Business Segment Information .
The Company has elected to be treated as a financial holding company pursuant to Section 4(l) of the BHCA. As a financial holding company, the Company is authorized to engage in a broader set of financial activities than a bank holding company that has not elected to be treated as a financial holding company. Financial holding companies may also engage in activities that are determined by the Federal Reserve to be complementary to financial activities.
Summary of Significant Accounting Policies
Basis of Presentation
The condensed consolidated financial statements include the accounts of the Company, its wholly-owned and majority-owned subsidiaries and certain consolidated VIEs. All intercompany accounts were eliminated in consolidation. The condensed consolidated financial statements were prepared in conformity with GAAP and in accordance with the rules and regulations of the SEC. We condensed or omitted certain notes and other financial information from the interim financial statements presented herein.
These condensed consolidated financial statements should be read in conjunction with the consolidated statements included in our annual filing on Form 10-K filed with the SEC on February 24, 2025 (“Form 10-K”). In the opinion of management, the condensed consolidated financial statements reflect all adjustments, which are of a normal recurring nature, necessary for a fair presentation of the Company’s financial condition and results of operations and cash flows for the interim periods presented. The results for the three and nine months ended September 30, 2025 are not necessarily indicative of the results to be expected for the full year ending December 31, 2025.
In our unaudited condensed consolidated financial statements, we made the following presentation changes in 2025:
• In our unaudited condensed consolidated statements of operations and comprehensive income beginning in the second quarter of 2025, we combined the financial statement line items for noninterest income—loan origination, sales and securitizations and noninterest income—servicing , and presented within noninterest income—loan origination, sales, securitizations and servicing.
In all instances, the respective prior period amounts were recast to conform to the current period presentation.
Use of Judgments, Assumptions and Estimates
The preparation of our condensed consolidated financial statements and related disclosures in conformity with GAAP requires management to make assumptions and estimates that affect the reported amounts of assets, liabilities, revenue and
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Notes to Condensed Consolidated Financial Statements (Continued)
(Unaudited)
(In Thousands, Unless Otherwise Stated and Except for Share and Per Share Data)

expenses as well as the disclosures of contingent assets and liabilities. These estimates and assumptions are inherently subjective in nature; and, therefore, actual results may differ from our estimates and assumptions, and the differences could be material. Management bases its estimates on historical experience and on various other factors it believes to be reasonable under the circumstances. These assumptions and estimates include, but are not limited to, the following: (i) fair value measurements, (ii) business combinations, (iii) goodwill, and (iv) valuation allowance on deferred tax assets.
Securitization Investments
In Company-sponsored securitization transactions that meet the applicable criteria to be accounted for as a sale, we retain certain residual investments and asset-backed bonds (collectively, “securitization investments”) that we report within investment securities in the condensed consolidated balance sheets. We elected the fair value option for a portion of these investments with gains and losses reported within noninterest income—loan origination, sales, securitizations and servicing in the condensed consolidated statements of operations and comprehensive income. We account for the remaining securitization investments as AFS debt securities. See Note 6. Securitization and Variable Interest Entities for a breakout of those securitization investments for which we have elected to account for as AFS debt securities. We determine the fair value of our securitization investments using a discounted cash flow methodology, while also considering market data as it becomes available. See Note 11. Fair Value Measurements for the key inputs used in the fair value measurements of our residual investments and asset-backed bonds.
Recent Accounting Standards Issued, But Not Yet Adopted
Improvements to Income Tax Disclosures
In December 2023, the FASB issued ASU 2023-09 , Income Taxes (Topic 740) — Improvements to Income Tax Disclosures. The ASU improves income tax disclosures primarily related to enhancements of the rate reconciliation and income taxes paid information. The standard is effective for annual periods beginning after December 15, 2024, with early adoption permitted. The standard should be applied on a prospective basis with the option to apply the standard retrospectively. The updated guidance is not expected to have a material impact to our condensed consolidated financial statements.
Disaggregation of Income Statement Expenses
In November 2024, the FASB issued ASU 2024-03 , Income Statement — Reporting Comprehensive Income — Expense Disaggregation Disclosures (Subtopic 220-40) — Disaggregation of Income Statement Expenses. The ASU requires the disclosure of additional information about specific costs and expense categories in the notes to financial statements. The standard is effective for annual periods beginning after December 15, 2026, and interim periods beginning after December 15, 2027, with early adoption permitted. The standard should be applied on a prospective basis with the option to apply the standard retrospectively. We are currently evaluating the impact of this standard on our disclosures.
Induced Conversions of Convertible Debt Instruments
In November 2024, the FASB issued ASU 2024-04, Debt—Debt with Conversion and Other Options (Subtopic 470-20)—Induced Conversions of Convertible Debt Instruments. The ASU clarifies the requirements for determining whether certain settlements of convertible debt instruments should be accounted for as an induced conversion. The standard is effective for annual periods beginning after December 15, 2025, and interim periods within those annual periods, with early adoption permitted for all entities that have adopted the amendments in ASU 2020-06. The standard may be applied on a prospective basis with the option to apply the standard retrospectively. We are currently evaluating the impact of this standard on our condensed consolidated financial statements.
Obligations to Safeguard Crypto-Assets
In January 2025, the SEC released Staff Accounting Bulletin No. 122 (“SAB 122”), which rescinds the interpretive guidance provided in SAB 121 for reporting entities that have an obligation to safeguard customers' crypto assets. Under SAB 121, entities were required to recognize both a liability and a corresponding asset for their safeguarding obligations. With the new guidance, an entity that has a safeguarding obligation should assess whether it has any loss contingencies under ASC 450, Contingencies. SAB 122 must be applied retrospectively for annual periods beginning after December 15, 2024, with early adoption permitted in any interim or annual financial statement period filed with the SEC on or after January 30, 2025. Upon
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Notes to Condensed Consolidated Financial Statements (Continued)
(Unaudited)
(In Thousands, Unless Otherwise Stated and Except for Share and Per Share Data)

adoption, we will no longer recognize a liability and a corresponding asset for our safeguarding obligations. We do not expect this guidance to have a material impact on our condensed consolidated financial statements.
For additional information about our historical digital assets activity, refer to “ Safeguarding Asset and Liability ” in Note 1. Organization, Summary of Significant Accounting Policies and New Accounting Standards in our Annual Report on Form 10-K.
Measurement of Credit Losses for Accounts Receivable and Contract Assets
In July 2025, the FASB issued ASU 2025-05 , Financial Instruments—Credit Losses (Topic 326)—Measurement of Credit Losses for Accounts Receivable and Contract Assets. The ASU provides an optional practical expedient related to the estimation of expected credit losses for current accounts receivable and current contract assets. The standard is effective for annual periods beginning after December 15, 2025, and interim periods within those annual periods, with early adoption permitted. The standard should be applied on a prospective basis. We are currently evaluating the impact of this standard on our condensed consolidated financial statements.
Targeted Improvements to the Accounting for Internal-Use Software
In September 2025, the FASB issued ASU 2025-06 , Intangibles—Goodwill and Other—Internal-Use Software (Subtopic 350-40)—Targeted Improvements to the Accounting for Internal-Use Software. The ASU amendments modernize guidance to consider different methods of software development, updating the requirements for capitalization of software costs. The standard is effective for annual periods beginning after December 15, 2027, and interim periods within those annual periods, with early adoption permitted. The standard can be applied on a prospective, modified transition or retrospective basis. We are currently evaluating the impact of this standard on our condensed consolidated financial statements.

Note 2. Revenue

In each of our revenue arrangements, revenue is recognized when control of the promised goods or services is transferred to the customer in an amount that reflects our expected consideration in exchange for those goods or services. Our arrangements are discussed in our Annual Report on Form 10-K, with notable updates provided herein.
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SoFi Technologies, Inc.
Notes to Condensed Consolidated Financial Statements (Continued)
(Unaudited)
(In Thousands, Unless Otherwise Stated and Except for Share and Per Share Data)

Disaggregated Revenue
The table below presents revenue from contracts with customers disaggregated by type of service, which best depicts how the revenue and cash flows are affected by economic factors, and by the reportable segment to which each revenue stream relates, as well as a reconciliation of total revenue from contracts with customers to total noninterest income .

Three Months Ended September 30, Nine Months Ended September 30,

2025 2024 2025 2024
Revenue from contracts with customers

Financial Services

Referrals, loan platform business (1)
$ 18,007   $ 13,283   $ 60,255   $ 35,865  
Referrals, other (2)
3,695   1,960   8,813   5,732  
Interchange (2)
29,089   18,771   78,403   45,230  
Brokerage (2)
12,257   5,651   26,784   15,645  
Other (2)(3)
4,107   565   8,004   2,146  
Total financial services
67,155   40,230   182,259   104,618  
Technology Platform

Technology services
88,023   89,432   263,585   259,551  
Other (3)
1,613   1,563   3,219   3,447  
Total technology platform (4)
89,636   90,995   266,804   262,998  
Total revenue from contracts with customers
156,791   131,225   449,063   367,616  
Other sources of revenue

Loan origination, sales, securitizations and servicing
65,431   80,012   189,091   205,517  
Loan platform business, other (1)
146,890   42,358   324,797   42,508  
Other (5)
7,374   12,516   23,675   78,781  
Total other sources of revenue
219,695   134,886   537,563   326,806  
Total noninterest income $ 376,486   $ 266,111   $ 986,626   $ 694,422  
_____________________
(1) Presented within noninterest income—loan platform fees in the condensed consolidated statements of operations and comprehensive income.
(2) Presented within noninterest income—other in the condensed consolidated statements of operations and comprehensive income.
(3) Financial Services includes revenues from enterprise services and equity capital markets services. Technology Platform includes revenues from software licenses and associated services, and payment network fees for serving as a transaction card program manager for enterprise customers that are the program marketers for separate card programs.
(4) Revenue from contracts with customers is presented within noninterest income—technology products and solutions and noninterest income—other in the condensed consolidated statements of operations and comprehensive income. Related to these technology platform services, we had deferred revenue of $ 8,597 and $ 7,474 as of September 30, 2025 and December 31, 2024, respectively, which are presented within accounts payable, accruals and other liabilities in the condensed consolidated balance sheets. We recognized revenue of $ 2,319 and $ 1,924 during the three months ended September 30, 2025 and 2024, respectively, and $ 7,223 and $ 4,310 during the nine months ended September 30, 2025 and 2024, respectively, associated with deferred revenue within noninterest income—technology products and solutions in the condensed consolidated statements of operations and comprehensive income.
(5) Includes gain on extinguishment of convertible debt of $ 3,323 and $ 62,517 during the three and nine months ended September 30, 2024, respectively.
Contract Balances
As of September 30, 2025 and December 31, 2024, accounts receivable, net associated with revenue from contracts with customers was $ 75,430 and $ 61,569 , respectively, reported within other assets in the condensed consolidated balance sheets.
Costs of Obtaining Contracts with Customers
We capitalize incremental costs of obtaining a contract with a customer, which are certain commissions paid to third-parties in connection with the acquisition of member accounts. Capitalized costs are amortized over the life of the account. The expense is reported in noninterest expense—sales and marketing on the condensed consolidated statements of operations and comprehensive income.
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SoFi Technologies, Inc.
Notes to Condensed Consolidated Financial Statements (Continued)
(Unaudited)
(In Thousands, Unless Otherwise Stated and Except for Share and Per Share Data)

During the three months ended September 30, 2025 and 2024, we recognized associated amortization expense of $ 14,847 and $ 6,564 , respectively. During the nine months ended September 30, 2025 and 2024, we recognized associated amortization expense of $ 37,650 and $ 14,117 , respectively.

Note 3. Loans

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

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

Personal loans (1)
$ 20,715,617   $ 17,532,396  
Home loans
756,717   152,496  
Total loans held for sale, at fair value 21,472,334   17,684,892  
At lower of cost or market

Personal loans (2)
115,016   —  
Total loans held for sale, at lower of cost or market
115,016   —  
Total loans held for sale
21,587,350   17,684,892  
Loans held for investment

Student loans (3)
11,827,987  

8,597,368  
Total loans held for investment, at fair value 11,827,987   8,597,368  
Secured loans
913,410   806,441  
Credit card
407,309   289,159  
Commercial and consumer banking:
Commercial real estate 148,816   136,474  
Commercial and industrial 4,156   4,986  
Residential real estate and other consumer 10,259   9,398  
Total commercial and consumer banking 163,231   150,858  
Total loans held for investment, at amortized cost (4)
1,483,950  

1,246,458  
Total loans held for investment
13,311,937   9,843,826  
Total loans
$ 34,899,287  

$ 27,528,718  

_____________________
(1) There were no personal loans in consolidated VIEs as of September 30, 2025. Includes $ 171,421 of personal loans in consolidated VIEs as of December 31, 2024.
(2) Includes loans originated as part of the loan platform business on behalf of third party partners.
(3) Includes $ 4,733,794 and $ 2,034,559 of student loans covered by financial guarantees, and $ 69,333 and $ 80,812 of student loans in consolidated VIEs as of September 30, 2025 and December 31, 2024, respectively.
(4) See Note 4. Allowance for Credit Losses herein, and Note 1. Organization, Summary of Significant Accounting Policies and New Accounting Standards under the heading “Allowance for Credit Losses” in our Annual Report on Form 10-K for additional information on our loans at amortized cost as it pertains to the allowance for credit losses.

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

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

Personal Loans
Student Loans
Home Loans
Total

September 30, 2025
Unpaid principal balance
$ 19,456,198   $ 11,143,322   $ 713,727   $ 31,313,247  
Accumulated interest
141,384   49,228   2,730   193,342  
Cumulative fair value adjustments
1,118,035   635,437   40,260   1,793,732  
Total fair value of loans (1)
$ 20,715,617   $ 11,827,987   $ 756,717   $ 33,300,321  
December 31, 2024
Unpaid principal balance
$ 16,589,623   $ 8,215,629   $ 149,862   $ 24,955,114  
Accumulated interest
128,733   44,603   260   173,596  
Cumulative fair value adjustments
814,040   337,136   2,374   1,153,550  
Total fair value of loans (1)
$ 17,532,396   $ 8,597,368   $ 152,496   $ 26,282,260  

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

Personal Loans
Student Loans
Home Loans
Total

September 30, 2025
Unpaid principal balance
$ 82,711   $ 15,178   $ 302   $ 98,191  
Accumulated interest
4,127   250   10   4,387  
Cumulative fair value adjustments (1)
( 68,005 ) ( 10,460 ) ( 38 ) ( 78,503 )
Fair value of loans 90 days or more delinquent (2)
$ 18,833   $ 4,968   $ 274   $ 24,075  
December 31, 2024
Unpaid principal balance $ 91,477   $ 9,578   $ 339   $ 101,394  
Accumulated interest 4,400   168   1   4,569  
Cumulative fair value adjustments (1)
( 75,390 ) ( 6,760 ) ( 22 ) ( 82,172 )
Fair value of loans 90 days or more delinquent (2)
$ 20,487   $ 2,986   $ 318   $ 23,791  
__________________
(1) Our fair value assumption for annual default rate incorporates fair value markdowns on loans beginning when they are 10 days or more delinquent, with additional markdowns at 30, 60 and 90 days past due. We record the initial fair value measurement and subsequent measurement changes in fair value in the period in which the changes occur within noninterest income—loan origination, sales, securitizations and servicing in the condensed consolidated statements of operations and comprehensive income. As such, the $ 78.5 million fair value adjustment as of September 30, 2025 has been recorded in noninterest income—loan origination, sales, securitizations and servicing in the respective periods in which 10, 30, 60, and 90 days of delinquency occurred. See our Annual Report on Form 10-K for further discussion of the policies for determining the fair value of our loan portfolios.
(2) The fair value incorporates the expected price to be paid by buyers of these delinquent loans after charge-off occurs, implying that potential recoveries are expected to be in excess of these levels based on consistent demonstrated recoverability after a loan becomes delinquent and gets charged off.
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Notes to Condensed Consolidated Financial Statements (Continued)
(Unaudited)
(In Thousands, Unless Otherwise Stated and Except for Share and Per Share Data)

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

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

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

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

The following table summarizes our current whole loan sales:

Three Months Ended September 30, Nine Months Ended September 30,

2025 2024 2025 2024
Personal loans

Fair value of consideration received:

Cash $ 175,586   $ 374,818   $ 1,488,934   $ 2,011,381  
Receivable
—   2,252   —   5,288  
Servicing assets recognized 11,340   22,290   91,782   126,311  
Repurchase liabilities recognized ( 402 ) ( 1,275 ) ( 2,202 ) ( 7,256 )
Total consideration
186,524   398,085   1,578,514   2,135,724  
Aggregate unpaid principal balance and accrued interest of loans sold
175,761  

377,257  

1,489,459  

2,016,721  
Realized gain $ 10,763   $ 20,828   $ 89,055   $ 119,003  

Student loans

Fair value of consideration received:

Cash $ 405,538   $ —   $ 405,538   $ 310,331  
Servicing assets recognized 11,221   —   11,221   8,249  
Repurchase liabilities recognized ( 38 ) —   ( 38 ) ( 46 )
Total consideration 416,721   —   416,721   318,534  
Aggregate unpaid principal balance and accrued interest of loans sold
393,579  

—  

393,579  

303,578  
Realized gain $ 23,142   $ —   $ 23,142   $ 14,956  
Home loans

Fair value of consideration received:

Cash $ 596,969   $ 513,487   $ 1,715,820   $ 1,243,195  
Servicing assets recognized 4,968   4,430   11,984   10,652  
Repurchase liabilities recognized ( 992 ) ( 890 ) ( 3,135 ) ( 2,029 )
Total consideration
600,945  

517,027  

1,724,669  

1,251,818  
Aggregate unpaid principal balance and accrued interest of loans sold
585,131  

504,694  

1,686,995  

1,230,251  
Realized gain $ 15,814   $ 12,333   $ 37,674   $ 21,567  

The following table summarizes our delinquent whole loan sales:

Three Months Ended September 30, Nine Months Ended September 30,

2025 2024 2025 2024
Personal loans

Fair value of consideration received:

Cash $ 7,199   $ 6,481   $ 21,599   $ 17,030  
Servicing assets recognized
6,298   5,676   18,908   13,960  
Repurchase liabilities recognized ( 99 ) ( 24 ) ( 270 ) ( 77 )
Total consideration
13,398   12,133   40,237   30,913  
Aggregate unpaid principal balance and accrued interest of loans sold (1)(2)
94,636   85,363  

284,168   225,224  
Realized loss $ ( 81,238 ) $ ( 73,230 ) $ ( 243,931 ) $ ( 194,311 )
__________________
(1) During the three and nine months ended September 30, 2025, includes $ 90.0  million and $ 270.0  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 nine months ended
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Notes to Condensed Consolidated Financial Statements (Continued)
(Unaudited)
(In Thousands, Unless Otherwise Stated and Except for Share and Per Share Data)

September 30, 2024, includes $ 81.0  million and $ 212.9  million of aggregate unpaid principal balance sold, respectively, related to late-stage delinquent loans for which we retained servicing and portions of recoveries.
(2) For the three and nine months ended September 30, 2025 $ 62.4  million and $ 189.1  million, respectively, of unpaid principal balance was recorded in prior periods as a reduction in fair value in noninterest income—loan origination, sales, securitizations and servicing in the condensed consolidated statements of operations and comprehensive income. For the three and nine months ended September 30, 2024 $ 50.3  million and $ 140.6  million, respectively, of unpaid principal balance was recorded in prior periods as a reduction in fair value in noninterest income—loan origination, sales, securitizations and servicing in the condensed consolidated statements of operations and comprehensive income. These loans were sold prior to charge-off during the respective periods and otherwise would have been charged off as of September 30, 2025 and 2024, respectively, consistent with our policy. In our other charged off whole loan sales, we typically do not retain servicing or recoveries.
The following table summarizes loans originated and subsequently sold as part of our Loan Platform Business, which are loans that we originate on behalf of a third party for which we receive a fee.

Three Months Ended September 30, Nine Months Ended September 30,

2025 2024 2025 2024
Personal loans

Fair value of consideration received:

Cash $ 3,361,315   $ 1,021,906   $ 7,278,568   $ 1,024,408  
Servicing assets recognized 25,024   7,268   53,657   7,295  
Repurchase liabilities recognized ( 3,466 ) ( 405 ) ( 6,683 ) ( 407 )
Total consideration
3,382,873   1,028,769   7,325,542   1,031,296  
Aggregate carrying amount and accrued interest of loans sold (1)
3,236,745   986,411  

7,010,167   988,788  
Loan fees, net (2)
121,104   35,090   261,718   35,213  
Servicing assets recognized
25,024   7,268   53,657   7,295  
Loan platform fees recognized (3)
$ 146,128   $ 42,358   $ 315,375   $ 42,508  

_____________________
(1) Includes unpaid principal balance of $ 3.3 billion and $ 7.1 billion for the three and nine months ended September 30, 2025, respectively and $ 1.0 billion for the three and nine months ended September 30, 2024.
(2) Represents loan platform fees earned less the repurchase liabilities recognized at the time of sale.
(3) Recorded in noninterest income—loan platform fees in the condensed consolidated statements of operations and comprehensive income.
The following table summarizes the results of the transfer related to the portion of personal loans that we contributed as part of a securitization that qualified for sale accounting treatment, which related to incremental loans originated and subsequently sold as part of our Loan Platform Business. There were no loan securitization transfers related to our Loan Platform Business qualifying for sale accounting treatment during the three and nine months ended September 30, 2024.

Three Months Ended September 30, Nine Months Ended September 30,

2025 2025
Personal loans

Fair value of consideration received:

Cash (1)
$ 152   $ ( 474 )
Securitization investments retained (2)
25,706   103,180  
Servicing assets recognized 188   741  
Repurchase liabilities recognized ( 25 ) ( 90 )
Total consideration
26,021   103,357  
Aggregate carrying amount and accrued interest of loans sold (3)
25,195   100,067  
Gain from loan sales (4)
$ 826   $ 3,290  
_____________________
(1) Relates to payments for securitization-related expenses.
(2) Represents asset-backed bonds and residual investments retained pursuant to risk retention rules. See Note 1. Organization, Summary of Significant Accounting Policies and New Accounting Standards and Note 11. Fair Value Measurements for our accounting policy and key inputs used in the fair value measurements related to these asset-backed bonds and residual investments.
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Notes to Condensed Consolidated Financial Statements (Continued)
(Unaudited)
(In Thousands, Unless Otherwise Stated and Except for Share and Per Share Data)

(3) Includes unpaid principal balance of $ 25.6 million and $ 101.5 million for the three and nine months ended September 30, 2025, respectively.
(4) Recorded in noninterest income—loan platform fees in the condensed consolidated statements of operations and comprehensive income.
For certain transferred loans that qualified for sale accounting and are therefore derecognized, we have continuing involvement through our servicing agreements. For such loans, our exposure to loss is generally limited to the extent we would be required to repurchase such a loan due to a breach of representations and warranties associated with the loan transfer or servicing contract.
The following table presents information about the unpaid principal balances of loans originated by us and subsequently transferred, but with which we have continuing involvement:

Personal Loans
Student Loans
Home Loans
Total

September 30, 2025
Loans in delinquency (30+ days past due)
$ 195,043   $ 39,319   $ 48,608   $ 282,970  
Total loans in delinquency 315,757   71,691   48,608   436,056  
Total transferred loans serviced (1)
11,238,254   3,453,952   6,756,456   21,448,662  
December 31, 2024

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

Three Months Ended September 30, Nine Months Ended September 30,

2025 2024 2025 2024
Personal loans

Servicing fees collected from transferred loans
$ 23,630   $ 25,384   $ 60,539   $ 51,499  
Charge-offs, net of recoveries, of transferred loans
173,532   93,159   452,389   266,332  
Student loans

Servicing fees collected from transferred loans
4,662   5,862   14,330   17,983  
Charge-offs, net of recoveries, of transferred loans
9,658   7,394   33,449   29,370  
Home loans

Servicing fees collected from transferred loans
4,975   4,411   13,581   12,682  
Total

Servicing fees collected from transferred loans
$ 33,267   $ 35,657   $ 88,450   $ 82,164  
Charge-offs, net of recoveries, of transferred loans
183,190   100,553   485,838   295,702  

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

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

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

September 30, 2025
Secured loans
$ 911,900   $ —   $ —   $ —   $ —   $ 911,900  
Credit card 428,843   3,843   3,153   7,557   14,553   443,396  
Commercial and consumer banking:
Commercial real estate 149,450   631   —   —   631   150,081  
Commercial and industrial 4,066   84   —   73   157   4,223  
Residential real estate and other consumer (3)
10,320   —   —   —   —   10,320  
Total commercial and consumer banking 163,836   715   —   73   788   164,624  
Total loans
$ 1,504,579   $ 4,558   $ 3,153   $ 7,630   $ 15,341   $ 1,519,920  
December 31, 2024
Secured loans
$ 804,800   $ —   $ —   $ —   $ —   $ 804,800  
Credit card 312,676   3,429   3,311   9,056   15,796   328,472  
Commercial and consumer banking:
Commercial real estate 138,172   —   —   —   —   138,172  
Commercial and industrial 4,831   —   188   77   265   5,096  
Residential real estate and other consumer (3)
9,370   —   —   —   —   9,370  
Total commercial and consumer banking 152,373   —   188   77   265   152,638  
Total loans $ 1,269,849   $ 3,429   $ 3,499   $ 9,133   $ 16,061   $ 1,285,910  
______________
(1) Generally, all of the credit cards ≥ 90 days past due continued to accrue interest. As of the dates indicated, credit card and commercial and consumer banking loans on nonaccrual status were immaterial .
(2) For credit card, the balance is presented before allowance for credit losses of $ 48,653 and $ 44,350 as of September 30, 2025 and December 31, 2024, respectively, and accrued interest of $ 4,256 and $ 4,125 , respectively. For secured loans, the balance is presented before accrued interest of $ 1,510 and $ 1,641 as of September 30, 2025 and December 31, 2024, respectively. For commercial and consumer banking, the balance is presented before allowance for credit losses of $ 1,981 and $ 2,334 as of September 30, 2025 and December 31, 2024, respectively, and accrued interest of $ 588 and $ 554 , respectively.
(3) Includes residential real estate loans originated by Golden Pacific for which we did not elect the fair value option.
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Notes to Condensed Consolidated Financial Statements (Continued)
(Unaudited)
(In Thousands, Unless Otherwise Stated and Except for Share and Per Share Data)

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

FICO September 30, 2025 December 31, 2024
≥ 800 $ 43,523   $ 38,076  
780 – 799 25,058   24,566  
760 – 779 28,156   24,533  
740 – 759 32,025   26,321  
720 – 739 44,132   30,215  
700 – 719 54,560   36,050  
680 – 699 57,625   37,994  
660 – 679 47,458   30,504  
640 – 659 33,471   21,206  
620 – 639 21,701   14,098  
600 – 619 14,194   9,393  
≤ 599 41,493   35,516  
Total credit card $ 443,396   $ 328,472  

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

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

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

Pass $ 20,532   $ 33,898   $ 18,861   $ 28,170   $ 7,002   $ 24,101   $ 132,564   $ 164  
Watch —   —   5,158   3,973   —   2,168   11,299   —  
Special mention —   1,671   —   1,083   —   711   3,465   —  
Substandard —   —   —   —   —   2,589   2,589   —  
Total commercial real estate 20,532   35,569   24,019   33,226   7,002   29,569   149,917   164  
Commercial and industrial
Pass —   129   45   —   —   2,806   2,980   1,070  

Substandard —   —   —   —   —   173   173   —  
Total commercial and industrial —   129   45   —   —   2,979   3,153   1,070  
Residential real estate and other consumer
Pass —   —   —   —   —   3,857   3,857   4,374  
Watch 40   —   —   —   —   —   40   2,049  
Total residential real estate and other consumer 40   —   —   —   —   3,857   3,897   6,423  
Total commercial and consumer banking
$ 20,572   $ 35,698   $ 24,064   $ 33,226   $ 7,002   $ 36,405   $ 156,967   $ 7,657  

Secured Loans
The amortized cost basis (excluding accrued interest) of our secured loans was $ 911.9  million and $ 804.8  million as of September 30, 2025 and December 31, 2024, respectively. Secured loans are term loan arrangements secured by underlying loans owned by the debtor, which were previously originated, sold and in most cases continue to be serviced by the Company. The borrowers of our secured loans are generally financial institutions, and the underlying collateral are personal loans originated by the Company. The duration of these secured loans align with the underlying collateral, the majority of which have a term of 7 years or less. Our secured loans were originated in 2023, 2024 and 2025, are all current and there have been no charge-offs since origination.
We evaluate the credit quality of our secured loan portfolio relative to the fair value of the underlying collateral, reassessing it quarterly based on relevant information, including funded loan rates and historical loss experience. An allowance for credit losses is required when there is an expected credit loss after considering the fair value of the collateral as well as any anticipated future changes in the underlying collateral. As of September 30, 2025, based on this evaluation we did not recognize an allowance for credit losses on our secured loans.

Note 4. Allowance for Credit Losses

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

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

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

Three Months Ended September 30, 2025
Balance at June 30, 2025
$ 45,515  

$ 2,323  

$ 3,178  
Provision for credit losses (2)
9,536  

( 337 )

53  
Net charge-offs (3)
( 6,398 )

( 5 )

( 111 )
Balance at September 30, 2025
$ 48,653  

$ 1,981  

$ 3,120  
Three Months Ended September 30, 2024
Balance at June 30, 2024
$ 49,406   $ 2,502   $ 1,509  
Provision for credit losses (2)
6,126   ( 113 ) 1,057  
Net (charge-offs) recoveries (3)
( 9,481 ) ( 21 ) 85  
Balance at September 30, 2024
$ 46,051   $ 2,368   $ 2,651  
Nine Months Ended September 30, 2025
Balance at December 31, 2024
$ 44,350  

$ 2,334  

$ 2,444  
Provision for credit losses (2)
25,256  

( 344 )

820  
Net charge-offs (3)
( 20,953 )

( 9 )

( 144 )
Balance at September 30, 2025
$ 48,653  

$ 1,981  

$ 3,120  
Nine Months Ended September 30, 2024
Balance at December 31, 2023
$ 52,385  

$ 2,310  

$ 1,837  
Provision for credit losses (2)
24,727  

108  

3,850  
Net charge-offs (3)
( 31,061 )

( 50 )

( 3,036 )
Balance at September 30, 2024
$ 46,051  

$ 2,368  

$ 2,651  

_____________________
(1) Credit cards and commercial and consumer banking loans measured at amortized cost, net of allowance for credit losses, are presented within loans held for investment, at amortized cost in the condensed consolidated balance sheets. Accounts receivable balances, net of allowance for credit losses, are presented within other assets in the condensed consolidated balance sheets.
(2) The provision for credit losses on credit cards and commercial and consumer banking loans is presented within noninterest expense—provision for credit losses in the condensed consolidated statements of operations and comprehensive income . The provision for credit losses on accounts receivable is presented within noninterest expense—general and administrative in the condensed consolidated statements of operations and comprehensive income.
(3) During the three and nine months ended September 30, 2025, recoveries of amounts previously reserved related to credit cards were $ 1,079 and $ 2,648 , respectively. During the three and nine months ended September 30, 2024, recoveries of amounts previously reserved related to credit cards were $ 1,252 and $ 3,471 , respectively. There were immaterial recoveries of amounts previously reserved related to commercial and consumer banking loans during the three and nine months ended September 30, 2025 and 2024. During the three and nine months ended September 30, 2025, recoveries of amounts previously reserved related to accounts receivable were $ 126 and $ 482 , respectively. During the three and nine months ended September 30, 2024, recoveries of amounts previously reserved related to accounts receivable were $ 45 and $ 1,083 , respectively.

Credit card : During the three and nine months ended September 30, 2025, accrued interest receivables written off by reversing interest income were $ 1.5 million and $ 4.9 million, respectively. During the three and nine months ended September 30, 2024, accrued interest receivables written off by reversing interest income were $ 2.2 million and $ 7.1 million, respectively.
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Notes to Condensed Consolidated Financial Statements (Continued)
(Unaudited)
(In Thousands, Unless Otherwise Stated and Except for Share and Per Share Data)

Note 5. Investment Securities

The following table presents our investments in AFS debt securities:

Amortized Cost Accrued Interest Gross Unrealized Gains Gross Unrealized Losses (1)
Fair Value
September 30, 2025
U.S. Treasury securities $ 228,337   $ 452   $ 1,103   $ ( 465 ) $ 229,427  
Agency mortgage-backed securities 2,117,173   4,374   13,476   ( 1,468 ) 2,133,555  
Corporate bonds 1,250   27   —   ( 3 ) 1,274  
Asset-backed bonds (2)
23,494   99   52   —   23,645  
Residual investments (2)
4,607   43   —   ( 132 ) 4,518  
Other (3)
950   3   —   ( 130 ) 823  
Total investments in AFS debt securities $ 2,375,811   $ 4,998   $ 14,631   $ ( 2,198 ) $ 2,393,242  
December 31, 2024
U.S. Treasury securities $ 277,555   $ 2,622   $ 77   $ ( 6,602 ) $ 273,652  
Agency mortgage-backed securities 1,525,913   3,048   3,522   ( 6,089 ) 1,526,394  
Corporate bonds 3,272   39   —   ( 94 ) 3,217  
Other (3)
946   8   —   ( 174 ) 780  
Total investments in AFS debt securities $ 1,807,686   $ 5,717   $ 3,599   $ ( 12,959 ) $ 1,804,043  

_____________________
(1) As of September 30, 2025 and December 31, 2024, we concluded that there was no credit loss attributable to securities in unrealized loss positions, as (i) 99 % and approximately 100 % of the amortized cost basis of our investments as of September 30, 2025 and December 31, 2024, respectively, was composed of U.S. Treasury securities and agency mortgage-backed securities, which are of high credit quality and have no risk of credit-related impairment due to the nature of the counterparties and history of no credit losses, and (ii) we have not identified factors indicating credit-related impairment for the remaining investments and expect that the contractual principal and interest payments will be received. Additionally, we do not intend to sell the securities in loss positions nor is it more likely than not that we will be required to sell the securities prior to recovery of the amortized cost basis.
(2) These assets represent the carrying value of our holdings in VIEs wherein we were not deemed the primary beneficiary, classified as AFS debt securities. See Note 6. Securitization and Variable Interest Entities for additional information.
(3) Includes state municipal bond securities.
The following table presents information about our investments in AFS debt securities with gross unrealized losses and the length of time that individual securities have been in a continuous unrealized loss position as of September 30, 2025 and December 31, 2024.

Less than 12 Months 12 Months or Longer Total
Fair Value Gross Unrealized Losses Fair Value Gross Unrealized Losses Fair Value Gross Unrealized Losses
September 30, 2025
U.S. Treasury securities $ 49,482   $ ( 452 ) $ 5,243   $ ( 13 ) $ 54,725   $ ( 465 )
Agency mortgage-backed securities 203,610   ( 438 ) 90,603   ( 1,030 ) 294,213   ( 1,468 )
Corporate bonds —   —   252   ( 3 ) 252   ( 3 )

Residual investments
4,518   ( 132 ) —   —   4,518   ( 132 )
Other —   —   823   ( 130 ) 823   ( 130 )
Total investments in AFS debt securities $ 257,610   $ ( 1,022 ) $ 96,921   $ ( 1,176 ) $ 354,531   $ ( 2,198 )

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