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10-Q – 2025-11-06 – sofi-20250930.htm
SoFi Technologies, Inc. TABLE OF CONTENTS SoFi Technologies, Inc. Notes to Condensed Consolidated Financial Statements (Continued) (Unaudited) (In Thousands, Unless Otherwise Stated and Except for Share and Per Share Data) Less than 12 Months 12 Months or Longer Total Fair Value Gross Unrealized Losses Fair Value Gross Unrealized Losses Fair Value Gross Unrealized Losses December 31, 2024 U.S. Treasury securities $ 217,683 $ ( 6,497 ) $ 5,256 $ ( 105 ) $ 222,939 $ ( 6,602 ) Agency mortgage-backed securities 614,081 ( 5,499 ) 7,319 ( 590 ) 621,400 ( 6,089 ) Corporate bonds — — 3,216 ( 94 ) 3,216 ( 94 ) Other — — 780 ( 174 ) 780 ( 174 ) Total investments in AFS debt securities $ 831,764 $ ( 11,996 ) $ 16,571 $ ( 963 ) $ 848,335 $ ( 12,959 ) The following table presents the amortized cost and fair value of our investments in AFS debt securities by contractual maturity: Due Within One Year Due After One Year Through Five Years Due After Five Years Through Ten Years Due After Ten Years Total September 30, 2025 Investments in AFS debt securities—Amortized cost: U.S. Treasury securities $ 6,196 $ 148,011 $ 74,130 $ — $ 228,337 Agency mortgage-backed securities 1 46,590 218 2,070,364 2,117,173 Corporate bonds — — 1,250 — 1,250 Asset-backed bonds — — 23,494 — 23,494 Residual investments — — 4,607 — 4,607 Other — — 950 — 950 Total investments in AFS debt securities $ 6,197 $ 194,601 $ 104,649 $ 2,070,364 $ 2,375,811 Weighted average yield for investments in AFS debt securities (1) 2.27 % 3.93 % 4.59 % 5.41 % 5.24 % Investments in AFS debt securities—Fair value (2) : U.S. Treasury securities $ 6,184 $ 148,940 $ 73,851 $ — $ 228,975 Agency mortgage-backed securities 1 46,823 206 2,082,151 2,129,181 Corporate bonds — — 1,247 — 1,247 Asset-backed bonds — — 23,546 — 23,546 Residual investments — — 4,475 — 4,475 Other — — 820 — 820 Total investments in AFS debt securities $ 6,185 $ 195,763 $ 104,145 $ 2,082,151 $ 2,388,244 _____________________ (1) The weighted average yield represents the effective yield for the investment securities owned at the end of the period and is computed based on the amortized cost of each security. (2) Presentation of fair values of our investments in AFS debt securities by contractual maturity excludes total accrued interest of $ 4,998 as of September 30, 2025. Gross realized gains and losses on our investments in AFS debt securities were $ 249 and $( 54 ), respectively, during the three months ended September 30, 2025, and $ 3,142 and $( 188 ), respectively, during the nine months ended September 30, 2025. Gross realized gains and losses on our investments in AFS debt securities were $ 4,205 and $( 643 ), respectively, during the three months ended September 30, 2024, and $ 4,207 and $( 682 ) during the nine months ended September 30, 2024. During the three and nine months ended September 30, 2025 and 2024, there were no transfers between classifications of our investments in AFS debt securities. See Note 9. Equity for unrealized gains and losses on our investments in AFS debt securities and amounts reclassified out of AOCI. 27 SoFi Technologies, Inc. TABLE OF CONTENTS SoFi Technologies, Inc. Notes to Condensed Consolidated Financial Statements (Continued) (Unaudited) (In Thousands, Unless Otherwise Stated and Except for Share and Per Share Data) Note 6. Securitization and Variable Interest Entities Consolidated VIEs We consolidate certain securitization trusts in which we have a variable interest and are deemed to be the primary beneficiary. Our consolidation policy is further discussed in Note 1. Organization, Summary of Significant Accounting Policies and New Accounting Standards in our Annual Report on Form 10-K. The VIEs are SPEs with portfolio loans securing debt obligations. The SPEs were created and designed to transfer credit and interest rate risk associated with consumer loans through the issuance of collateralized notes and trust certificates. We make standard representations and warranties to repurchase or replace qualified portfolio loans. Aside from these representations, the holders of the asset-backed debt obligations have no recourse to the Company if the cash flows from the underlying portfolio loans securing such debt obligations are not sufficient to pay all principal and interest on the asset-backed debt obligations. We hold a significant interest in these financing transactions through our ownership of a portion of the residual interest in certain VIEs. In addition, in some cases, we invest in the debt obligations issued by the VIE. Our investments in consolidated VIEs eliminate in consolidation. The residual interest is the first VIE interest to absorb losses should the loans securing the debt obligations not provide adequate cash flows to satisfy more senior claims and is the interest that we expect to absorb the expected gains and losses of the VIE. Our maximum exposure to credit risk in sponsoring SPEs is limited to our investment in the VIE. VIE creditors have no recourse against our general credit. There are no liquidity arrangements, guarantees or other commitments that may affect the fair value or risk of our variable interests in consolidated VIEs. As of September 30, 2025 and December 31, 2024, we had one and four consolidated VIEs, respectively, on our condensed consolidated balance sheets. During the nine months ended September 30, 2025, we exercised a securitization clean up call related to three consolidated VIEs. The assets of consolidated VIEs that were included in our condensed consolidated balance sheets may only be used to settle obligations of consolidated VIEs and were in excess of those obligations as of September 30, 2025 and December 31, 2024. Intercompany balances are eliminated upon consolidation. Nonconsolidated VIEs We have created and designed personal loan and student loan trusts to transfer associated credit and interest rate risk associated with the loans through the issuance of collateralized notes and residual certificates. We have a variable interest in the nonconsolidated loan trusts, through our ownership of collateralized notes in the form of asset-backed bonds and residual certificates in the loan trusts that absorb variability. We have also transferred secured loans and personal loans, including the associated risks, to other SPEs that are considered VIEs. In both the loan trusts and other VIEs, we have continuing, non-controlling involvement with the entity as the servicer. When our servicing rights meet the definition of a variable interest, in that role, we may have the power to perform the activities which most impact the economic performance of the VIE, but since either we hold an insignificant financial interest in the trusts or rights held by other variable interest holders convey power, we are not the primary beneficiary. In loan trusts, our collateralized notes and residual certificates represent the equity ownership interest in the loan trusts, wherein there is an obligation to absorb losses and the right to receive benefits from residual certificate ownership. The maximum exposure to loss as a result of our involvement with the nonconsolidated loan trust VIEs is limited to our investment. In other VIEs, our interest is represented by secured loans, servicing rights, or both, with our maximum exposure to loss is limited to the total amount of our secured loans and servicing rights. We did not provide financial support to any nonconsolidated VIEs beyond our initial equity investment. There are no liquidity arrangements, guarantees or other commitments by third parties that may affect the fair value or risk of our variable interests in nonconsolidated VIEs. As of September 30, 2025 and December 31, 2024, we had investments in 24 and 23 nonconsolidated VIEs, respectively. During the nine months ended September 30, 2025, we established three nonconsolidated trusts and called two nonconsolidated trusts. 28 SoFi Technologies, Inc. TABLE OF CONTENTS SoFi Technologies, Inc. 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 carrying value of Company assets associated with these nonconsolidated VIEs as of the dates presented. September 30, 2025 December 31, 2024 Securitization investments $ 147,358 $ 91,646 Secured loans 913,410 806,441 Servicing rights 82,434 100,839 Securitization Investments The following table presents additional detail of the aggregate outstanding value of asset-backed bonds and residual investments owned by the Company in nonconsolidated VIEs, which are presented within investment securities in the condensed consolidated balance sheets. These risk retention interests represent the carrying value of our holdings in nonconsolidated VIEs, and the maximum exposure to a loss as a result of our involvement as of the dates presented. September 30, 2025 December 31, 2024 Personal loans $ 117,944 $ 56,849 Student loans 29,414 34,797 Securitization investments (1) $ 147,358 $ 91,646 _____________________ (1) As of September 30, 2025, includes $ 23.5 million and $ 4.6 million of asset-backed bonds and residual investments, respectively, classified as available for sale. See Note 5. Investment Securities for additional information. See Note 11. Fair Value Measurements for the key inputs used in the fair value measurements of these asset-backed bonds and residual interests. Low Income Housing Tax Credit Investments The Company makes equity investments as a limited partner in various entities that sponsor affordable housing projects that qualify for the LIHTC program. The purpose of these investments is not only to support the Company’s community reinvestment initiatives, but also to provide an investment return, primarily through the realization of tax benefits. Each of these entities is managed by an unrelated third-party general partner or managing member that has the power to direct the activities which most significantly affect the performance of each entity. Therefore, the Company has determined that it is not the primary beneficiary of any of these LIHTC entities and accordingly, does not consolidate the VIEs. The Company's funding requirements are limited to its invested capital and any additional unfunded commitments for future equity contributions. The Company's maximum exposure to loss as a result of its involvement is limited to the carrying amounts of the investments, including the unfunded commitments, which are included in other assets and accounts payable, accruals and other liabilities , respectively, in the condensed consolidated balance sheets. Our investments were $ 37.7 million and $ 12.6 million as of September 30, 2025 and December 31, 2024, respectively. The unfunded commitments, included as part of our investments, were $ 32.0 million and $ 11.1 million as of September 30, 2025 and December 31, 2024, respectively, the majority of which are expected to be funded over the next 3 years. The Company accounts for its LIHTC investments under the proportional amortization method. Under this method, the Company amortizes the initial cost of the investment in proportion to the tax credits and other tax benefits received and recognizes the net investment performance as a component of income tax expense. The related tax credits and other benefits recognized, as well as the amortization of the related investments were immaterial for the three and nine months ended September 30, 2025. There were no tax credits and other benefits recognized, nor amortization of related investments for the three and nine months ended September 30, 2024. 29 SoFi Technologies, Inc. TABLE OF CONTENTS SoFi Technologies, Inc. Notes to Condensed Consolidated Financial Statements (Continued) (Unaudited) (In Thousands, Unless Otherwise Stated and Except for Share and Per Share Data) Note 7. Deposits We offer deposit accounts (referred to as “checking and savings” accounts within SoFi Money) to our members through SoFi Bank, which include interest-bearing deposits and noninterest-bearing deposits. The following table presents detail of our deposits: September 30, 2025 December 31, 2024 Savings deposits $ 28,587,788 $ 22,838,858 Demand deposits 2,614,287 2,205,377 Time deposits (1)(2) 1,603,588 817,165 Total interest-bearing deposits 32,805,663 25,861,400 Noninterest-bearing deposits 140,736 116,804 Total deposits $ 32,946,399 $ 25,978,204 _____________________ (1) As of September 30, 2025 and December 31, 2024, includes brokered deposits of $ 1,564,679 and $ 772,914 , respectively, consisting of time deposits. (2) As of September 30, 2025 and December 31, 2024, the amount of time deposits that exceeded the insured limit (referred to as “uninsured deposits”) totaled $ 25,708 and $ 20,305 , respectively. As of September 30, 2025, future maturities of our total time deposits were as follows: Remainder of 2025 $ 367,976 2026 1,235,262 2027 36 2028 169 2029 117 Thereafter 28 Total $ 1,603,588 30 SoFi Technologies, Inc. TABLE OF CONTENTS SoFi Technologies, Inc. Notes to Condensed Consolidated Financial Statements (Continued) (Unaudited) (In Thousands, Unless Otherwise Stated and Except for Share and Per Share Data) Note 8. Debt The following table summarizes the components of our debt: September 30, 2025 December 31, 2024 Borrowing Description Total Collateral (1) Stated Interest Rate (2) Termination/Maturity (3) Total Capacity Total Outstanding (4) Total Outstanding Debt Facilities Personal loan warehouse facilities $ 859,195 4.84 % – 5.58 % June 2026 – March 2028 $ 3,700,000 $ 706,062 $ 205,367 Student loan warehouse facilities 217,834 4.74 % – 5.78 % May 2026 – August 2028 3,480,000 187,673 1,044,682 Risk retention warehouse facilities (5) 15,923 5.74 % October 2027 100,000 3,780 6,834 Revolving credit facility (6) 5.73 % April 2028 645,000 486,000 486,000 Other Debt Convertible senior notes, due 2026 (7) — % October 2026 428,022 428,022 Convertible senior notes, due 2029 (8) 1.25 % March 2029 862,500 862,500 Other financing (9) 143,032 206,991 — — Securitizations Personal loan securitizations — — — — 14,377 Student loan securitizations 66,521 3.09 % – 3.73 % August 2048 56,905 66,501 Total, before unamortized debt issuance costs, premiums and discounts $ 2,730,942 $ 3,114,283 Less: unamortized debt issuance costs, premiums and discounts (10) ( 17,000 ) ( 21,591 ) Total debt $ 2,713,942 $ 3,092,692 _________________ (1) As of September 30, 2025, represents the total of the unpaid principal balances within each debt category, with the exception of the risk retention warehouse facilities, which include securitization-related investments carried at fair value. In addition, certain securitization interests that eliminate in consolidation are pledged to risk retention warehouse facilities. Collateral balances relative to debt balances may vary period to period due to the timing of the next scheduled payment to the warehouse facility. (2) For variable-rate debt, the ranges of stated interest rates are based on the interest rates in effect as of September 30, 2025. The interest on our variable-rate debt is typically designed as a reference rate plus a spread. Reference rates as of September 30, 2025 included overnight SOFR, one-month SOFR and commercial paper rates determined by the facility lenders. As debt arrangements are renewed, the reference rate and/or spread are subject to change. Unused commitment fees ranging from 0 to 50 bps on our various warehouse facilities are recognized within noninterest expense—general and administrative in our condensed consolidated statements of operations and comprehensive income. (3) For securitization debt, the maturity of the notes issued by the various trusts occurs upon either the maturity of the loan collateral or full payment of the loan collateral held in the trusts. Our maturity date represents the legal maturity of the last class of maturing notes. Securitization debt matures as loan collateral payments are made. (4) There were no debt discounts issued during the nine months ended September 30, 2025. (5) For risk retention warehouse facilities, we only state capacity amounts for facilities wherein we can pledge additional asset-backed bonds and residual investments as of the balance sheet date. (6) As of September 30, 2025, $ 11.4 million of the revolving credit facility total capacity was not available for general borrowing purposes because it was utilized to secure letters of credit. Refer to our letter of credit disclosures in Note 14. Commitments, Guarantees, Concentrations and Contingencies for more details. Additionally, the interest rate presented is the interest rate on standard withdrawals on our revolving credit facility, while same-day withdrawals incur interest based on the prime rate. (7) The original issue discount and debt issuance costs related to the convertible senior notes due 2026 are amortized into interest expense—corporate borrowings in the condensed consolidated statements of operations and comprehensive income using the effective interest method over the contractual term of the notes. For the three and nine months ended September 30, 2025, total interest expense on the convertible notes was $ 0.5 million and $ 1.4 million, respectively. For the three and nine months ended September 30, 2024, total interest expense on the convertible notes was $ 0.5 million and $ 2.2 million, respectively. For all periods, interest expense was related to amortization of debt discount and issuance costs. For the three and nine months ended September 30, 2025, the effective interest rate was 0.42 % and 0.43 %, respectively. For the three and nine months ended September 30, 2024, the effective interest rate was 0.43 % and 0.44 %, respectively. As of September 30, 2025 and December 31, 2024, unamortized debt discount and issuance costs were $ 1.9 million and $ 3.3 million, respectively, and the net carrying amount was $ 426.1 million and $ 424.7 million, respectively. (8) The original issue discount and debt issuance costs related to the convertible senior notes due 2029 are amortized into interest expense—corporate borrowings in the condensed consolidated statements of operations and comprehensive income using the effective interest method over the contractual term of the notes. For the three and nine months ended September 30, 2025, total interest expense on the convertible notes was $ 3.8 million and $ 11.3 million, respectively, which was composed of $ 2.7 million and $ 8.1 million, respectively, of contractual interest expense and $ 1.1 million and $ 3.2 million, respectively, of amortization of discounts and issuance costs; and the effective interest rate was 1.73 % and 1.75 %, respectively. For the three and nine months ended September 30, 2024, total interest expense on the convertible notes was $ 3.8 million and $ 8.5 million, respectively, which was composed of $ 2.7 million and $ 6.0 million, respectively, of contractual interest expense and $ 1.1 million and $ 2.5 million, respectively, of amortization of 31 SoFi Technologies, Inc. TABLE OF CONTENTS SoFi Technologies, Inc. Notes to Condensed Consolidated Financial Statements (Continued) (Unaudited) (In Thousands, Unless Otherwise Stated and Except for Share and Per Share Data) discounts and issuance costs; and the effective interest rate was 1.74 % and 1.32 %, respectively. As of September 30, 2025 and December 31, 2024, unamortized debt discount and issuance costs were $ 15.1 million and $ 18.3 million, respectively, and the net carrying amount was $ 847.4 million and $ 844.2 million, respectively. (9) As of September 30, 2025, includes $ 63.8 million of loans and $ 79.2 million of investment securities pledged as collateral to secure $ 157.0 million of available borrowing capacity with the FHLB, of which $ 46.7 million was not available as it was utilized to secure letters of credit. Refer to our letter of credit disclosures in Note 14. Commitments, Guarantees, Concentrations and Contingencies for more details. Also includes unsecured available borrowing capacity of $ 50.0 million with correspondent banks. (10) As of September 30, 2025 and December 31, 2024, unamortized debt issuance costs related to revolving debt of $ 1.1 million and $ 1.5 million, respectively, was reported in other assets in the condensed consolidated balance sheets. Convertible Senior Notes Convertible Senior Notes, Due 2026 In October 2021, we issued $ 1.2 billion aggregate principal amount of convertible notes, pursuant to an indenture, dated October 4, 2021, between the Company and U.S. Bank National Association, as trustee (“2026 convertible notes”). The 2026 convertible notes are unsecured, unsubordinated obligations. The 2026 convertible notes do not bear regular interest. The 2026 convertible notes will mature on October 15, 2026, unless earlier repurchased, redeemed or converted. In December 2023, the Company entered into separate, privately negotiated repurchase agreements with a limited number of holders of the 2026 convertible notes to repurchase $ 88.0 million aggregate principal amount of the 2026 convertible notes, which were settled through the issuance of 9,490,000 shares of common stock. In March 2024, the Company entered into separate, privately negotiated repurchase agreements with a limited number of holders of the 2026 convertible notes to repurchase $ 600.0 million aggregate principal amount of the 2026 convertible notes, which were settled through the issuance of 72,621,879 shares of common stock. In August 2024, the Company entered into separate, privately negotiated repurchase agreements with a limited number of holders of the 2026 convertible notes to repurchase $ 84.0 million aggregate principal amount of the 2026 convertible notes, which were settled through the issuance of 10,591,795 shares of common stock. Following these repurchases, $ 428.0 million aggregate principal amount of the 2026 convertible notes remain outstanding. As of September 30, 2025, the 2026 convertible notes are potentially convertible into 19,096,202 shares of common stock. Convertible Senior Notes, Due 2029 In March 2024, we issued $ 862.5 million aggregate principal amount of convertible notes, pursuant to an indenture, dated March 8, 2024, between the Company and U.S. Bank National Association, as trustee (“2029 convertible notes”). The 2029 convertible notes are unsecured, unsubordinated obligations. The 2029 convertible notes will pay interest at a rate of 1.25 %, payable semi-annually beginning in September 2024. The 2029 convertible notes will mature on March 15, 2029, unless earlier repurchased, redeemed or converted. Conversion During the three months ended September 30, 2025, a conditional conversion feature of the 2029 convertible notes was met. Specifically, the last reported sale price of the Company’s common stock was more than or equal to 130 % of the conversion price for at least 20 trading days in the period of 30 consecutive trading days. As a result of this condition being met, the 2029 convertible notes are convertible, in whole or in part, at the option of the holders from October 1, 2025 to December 31, 2025. Through November 6, 2025, no holder elected to convert their notes. Whether the 2029 convertible notes will be convertible following December 31, 2025 will depend on the continued satisfaction of this conversion condition or another conversion condition in the future. Material Changes to Debt Arrangements During the nine months ended September 30, 2025, we opened one warehouse facility with a capacity of $ 450.0 million. We closed two warehouse facilities with an aggregate maximum available capacity of $ 250.0 million, and one warehouse facility matured. Our warehouse and securitization debt is secured by a continuing lien and security interest in the loans financed by the proceeds. Within each of our debt facilities, we must comply with certain operating and financial covenants. These financial covenants include, but are not limited to, maintaining: (i) a certain minimum tangible net worth, (ii) minimum unrestricted cash 32 SoFi Technologies, Inc. TABLE OF CONTENTS SoFi Technologies, Inc. Notes to Condensed Consolidated Financial Statements (Continued) (Unaudited) (In Thousands, Unless Otherwise Stated and Except for Share and Per Share Data) and cash equivalents, (iii) a maximum leverage ratio of total debt to tangible net worth, and (iv) minimum risk-based capital and leverage ratios. Our debt covenants can lead to restricted cash classifications in our condensed consolidated balance sheets. Our subsidiaries are restricted in the amount that can be distributed to the parent company only to the extent that such distributions would cause the financial covenants to not be met. We were in compliance with all financial covenants. We act as a guarantor for our wholly-owned subsidiaries in several arrangements in the case of default. As of September 30, 2025, we have not identified any risks of nonpayment by our wholly-owned subsidiaries. Maturities of Borrowings Future maturities of our outstanding debt with scheduled payments, which included our revolving credit facility and convertible notes, were as follows: September 30, 2025 Remainder of 2025 $ — 2026 428,022 2027 — 2028 486,000 2029 862,500 Thereafter — Total $ 1,776,522 Note 9. Equity Temporary Equity Pursuant to SoFi Technologies’ Certificate of Incorporation dated May 28, 2021, the Company is authorized to issue 100,000,000 shares of preferred stock having a par value of $ 0.0001 per share (“SoFi Technologies Preferred Stock”) and 100,000,000 shares of redeemable preferred stock having a par value of $ 0.0000025 per share (“SoFi Technologies Redeemable Preferred Stock”). The Company’s Board of Directors has the authority to issue SoFi Technologies Preferred Stock and SoFi Technologies Redeemable Preferred Stock and to determine the rights, preferences, privileges and restrictions, including voting rights, of those shares. The authorized shares of SoFi Technologies Redeemable Preferred Stock is inclusive of 4,500,000 shares of Series 1 redeemable preferred stock (“Series 1 Redeemable Preferred Stock”), which reflect the conversion on a one -for-one basis of shares of Social Finance Series 1 preferred stock in conjunction with the Business Combination. Shares of SoFi Technologies Series 1 Redeemable Preferred Stock that are redeemed, purchased or otherwise acquired by the Company will be canceled and may not be reissued by the Company. The Series 1 Redeemable Preferred Stock remained classified as temporary equity through redemption in May 2024 because the Series 1 Redeemable Preferred Stock was not fully controlled by the issuer, SoFi Technologies. In May 2024, the Company redeemed all of the 3,234,000 shares of Series 1 Redeemable Preferred Stock outstanding, subsequent to which the Company had no Series 1 Redeemable Preferred Stock outstanding. During the three and nine months ended September 30, 2024, the Series 1 preferred stockholders were entitled to dividends of $ — and $ 16,503 , respectively. Payment for all accrued but unpaid dividends was made at the time of redemption. Permanent Equity On June 1, 2021, the Company’s common stock began trading on the Nasdaq Global Select Market under the ticker symbol “SOFI”. Pursuant to SoFi Technologies’ Certificate of Incorporation, the Company is authorized to issue 3,000,000,000 shares of common stock, with a par value of $ 0.0001 per share, and 100,000,000 shares of non-voting common stock, with a par value of $ 0.0001 per share. As of September 30, 2025, the Company had 1,204,569,655 shares of common stock and no shares of non-voting common stock issued and outstanding. On July 31, 2025, the Company completed an underwritten public offering of 82,733,817 shares of common stock, at an offering price of $ 20.85 per share. The Company received net proceeds of $ 1.7 billion after deducting underwriting 33 SoFi Technologies, Inc. TABLE OF CONTENTS SoFi Technologies, Inc. Notes to Condensed Consolidated Financial Statements (Continued) (Unaudited) (In Thousands, Unless Otherwise Stated and Except for Share and Per Share Data) discounts and offering costs. The Company used a portion of the proceeds to reduce its higher-cost debt and give the flexibility to pursue growth opportunities. The Company reserved the following common stock for future issuance: September 30, 2025 December 31, 2024 Outstanding stock options, restricted stock units and performance stock units 80,955,256 89,282,474 Possible future issuance under stock plans 125,840,477 81,764,571 Conversion of convertible notes (1) 19,096,202 19,096,202 Total common stock reserved for future issuance 225,891,935 190,143,247 ____________________ (1) Represents the number of common stock issuable upon conversion of all convertible note principal at the conversion rate in effect at the balance sheet date. As of September 30, 2025, the 2026 convertible notes are potentially convertible into 19,096,202 shares of common stock. The principal amount of the 2029 convertible notes is to be settled by paying or delivering cash. See Note 8. Debt for additional information. Dividends Common stockholders and non-voting common stockholders are entitled to dividends when and if declared by the Board of Directors and subject to government regulation over banks and bank holding companies. There were no dividends declared or paid to common stockholders during the nine months ended September 30, 2025 and 2024. Voting Rights Each holder of common stock has the right to one vote per share of common stock and is entitled to notice of any stockholder meeting. Non-voting common stock does not have any voting rights or other powers. Accumulated Other Comprehensive Income (Loss) AOCI primarily consists of accumulated net unrealized gains or losses associated with our investments in AFS debt securities and foreign currency translation adjustments. The following table presents the rollforward of AOCI, inclusive of the changes in the components of other comprehensive income (loss): AFS Debt Securities Foreign Currency Translation Adjustments Total Three Months Ended September 30, 2025 AOCI, beginning balance $ 3,431 $ 162 $ 3,593 Other comprehensive income (loss) before reclassifications (1) 6,421 ( 228 ) 6,193 Amounts reclassified from AOCI into earnings ( 238 ) — ( 238 ) Net current-period other comprehensive income (loss) (2) 6,183 ( 228 ) 5,955 AOCI, ending balance $ 9,614 $ ( 66 ) $ 9,548 Three Months Ended September 30, 2024 AOCI, beginning balance $ ( 2,160 ) $ 677 $ ( 1,483 ) Other comprehensive income before reclassifications (1) 8,864 563 9,427 Amounts reclassified from AOCI into earnings 165 — 165 Net current-period other comprehensive income (2) 9,029 563 9,592 AOCI, ending balance $ 6,869 $ 1,240 $ 8,109 34 SoFi Technologies, Inc. TABLE OF CONTENTS SoFi Technologies, Inc. Notes to Condensed Consolidated Financial Statements (Continued) (Unaudited) (In Thousands, Unless Otherwise Stated and Except for Share and Per Share Data) AFS Debt Securities Foreign Currency Translation Adjustments Total Nine Months Ended September 30, 2025 AOCI, beginning balance $ ( 9,359 ) $ 994 $ ( 8,365 ) Other comprehensive income (loss) before reclassifications (1) 20,319 ( 1,060 ) 19,259 Amounts reclassified from AOCI into earnings ( 1,346 ) — ( 1,346 ) Net current-period other comprehensive income (loss) (2) 18,973 ( 1,060 ) 17,913 AOCI, ending balance $ 9,614 $ ( 66 ) $ 9,548 Nine Months Ended September 30, 2024 AOCI, beginning balance $ ( 2,201 ) $ 992 $ ( 1,209 ) Other comprehensive income before reclassifications (1) 8,905 248 9,153 Amounts reclassified from AOCI into earnings 165 — 165 Net current-period other comprehensive income (2) 9,070 248 9,318 AOCI, ending balance $ 6,869 $ 1,240 $ 8,109 ____________________ (1) Gross realized gains and losses from sales of our investments in AFS debt securities that were reclassified from AOCI to earnings are recorded within noninterest income—other in the condensed consolidated statements of operations and comprehensive income. There were no reclassifications related to foreign currency translation adjustments during any of the periods presented. (2) There were no material tax impacts during any of the periods presented. Note 10. Derivative Financial Instruments The following table presents the gains (losses) recognized on our derivative instruments: Three Months Ended September 30, Nine Months Ended September 30, 2025 2024 2025 2024 Interest rate swaps (1) $ 12,507 $ ( 258,976 ) $ ( 189,801 ) $ 9,685 Interest rate caps (1) — — — ( 3,263 ) Home loan pipeline hedges (1) ( 6,311 ) ( 3,776 ) ( 9,168 ) ( 1,697 ) Derivative contracts to manage future loan sale execution risk 6,196 ( 262,752 ) ( 198,969 ) 4,725 Interest rate swaps (2) 66 ( 4,979 ) ( 1,268 ) 2,571 IRLCs (1) 1,261 1,353 10,088 1,073 Interest rate caps (1) — — — 3,276 Credit derivatives (3) — ( 6,956 ) — ( 6,956 ) Third party warrants (4) — 90 — 90 Total $ 7,523 $ ( 273,244 ) $ ( 190,149 ) $ 4,779 _____________________ (1) Recorded within noninterest income—loan origination, sales, securitizations and servicing in the condensed consolidated statements of operations and comprehensive income. (2) Represents gains (losses) on derivative contracts to manage securitization investment interest rate risk, which are recorded within noninterest income—loan origination, sales, securitizations and servicing in the condensed consolidated statements of operations and comprehensive income. 35 SoFi Technologies, Inc. TABLE OF CONTENTS SoFi Technologies, Inc. Notes to Condensed Consolidated Financial Statements (Continued) (Unaudited) (In Thousands, Unless Otherwise Stated and Except for Share and Per Share Data) Certain derivative instruments are subject to enforceable master netting arrangements. Accordingly, we present our net asset or liability position by counterparty in the condensed consolidated balance sheets. Additionally, since our cash collateral balances do not approximate the fair value of the derivative position, we do not offset our right to reclaim cash collateral or obligation to return cash collateral against recognized derivative assets or liabilities. The following table presents information about derivative instruments subject to enforceable master netting arrangements: September 30, 2025 December 31, 2024 Gross Derivative Assets Gross Derivative Liabilities Gross Derivative Assets Gross Derivative Liabilities Interest rate swaps $ 8,866 $ ( 1,425 ) $ 288,062 $ — Home loan pipeline hedges 1,394 ( 636 ) 928 ( 43 ) Total, gross 10,260 ( 2,061 ) 288,990 ( 43 ) Derivative netting ( 2,061 ) 2,061 ( 43 ) 43 Total, net (1) $ 8,199 $ — $ 288,947 $ — _____________________ (1) We did not have a cash collateral requirement related to these instruments as of September 30, 2025 and December 31, 2024. The following table presents the notional amount of derivative contracts outstanding: September 30, 2025 December 31, 2024 Derivative contracts to manage future loan sale execution risk: Interest rate swaps $ 17,582,689 $ 14,829,500 Home loan pipeline hedges 942,000 228,000 Interest rate swaps (1) 51,061 55,500 IRLCs (2) 609,563 216,707 Total $ 19,185,313 $ 15,329,707 _____________________ (1) Represents interest rate swaps utilized to manage interest rate risk associated with certain of our securitization investments. (2) Amounts correspond with home loan funding commitments subject to IRLC agreements. While the notional amounts of derivative instruments give an indication of the volume of our derivative activity, they do not necessarily represent amounts exchanged by parties and are not a direct measure of our financial exposure. See Note 11. Fair Value Measurements for additional information on our derivative assets and liabilities. 36 SoFi Technologies, Inc. TABLE OF CONTENTS SoFi Technologies, Inc. Notes to Condensed Consolidated Financial Statements (Continued) (Unaudited) (In Thousands, Unless Otherwise Stated and Except for Share and Per Share Data) Note 11. Fair Value Measurements Recurring Fair Value Measurements The following table summarizes, by level within the fair value hierarchy, the estimated fair values of our assets and liabilities measured at fair value on a recurring basis in the condensed consolidated balance sheets: September 30, 2025 December 31, 2024 Fair Value Fair Value Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total Assets U.S. Treasury securities $ 229,427 $ — $ — $ 229,427 $ 273,652 $ — $ — $ 273,652 Agency mortgage-backed securities (1) — 2,133,555 — 2,133,555 — 1,526,394 — 1,526,394 Corporate bonds (1) — 1,274 — 1,274 — 3,217 — 3,217 Other (1) — 823 — 823 — 780 — 780 Asset-backed bonds (2) — 115,394 — 115,394 — 66,252 — 66,252 Residual investments (2) — — 31,964 31,964 — — 25,394 25,394 Investment securities (3) 229,427 2,251,046 31,964 2,512,437 273,652 1,596,643 25,394 1,895,689 Loans at fair value (4) — 125,801 33,174,520 33,300,321 — 66,928 26,215,332 26,282,260 Servicing rights — — 383,526 383,526 — — 342,128 342,128 Third party warrants (5)(6) — — 540 540 — — 540 540 Derivative assets (5)(7)(8) — 10,260 — 10,260 — 288,990 — 288,990 IRLCs (5)(9) — — 11,315 11,315 — — 1,227 1,227 Student loan commitments (5)(9) — — 11,964 11,964 — — 6,042 6,042 Total assets $ 229,427 $ 2,387,107 $ 33,613,829 $ 36,230,363 $ 273,652 $ 1,952,561 $ 26,590,663 $ 28,816,876 Liabilities Debt (10) $ — $ 56,905 $ — $ 56,905 $ — $ 80,878 $ — $ 80,878 Residual interests classified as debt — — 530 530 — — 609 609 Derivative liabilities (5)(7)(8) — 2,061 — 2,061 — 43 — 43 Total liabilities $ — $ 58,966 $ 530 $ 59,496 $ — $ 80,921 $ 609 $ 81,530 _____________________ (1) Investments in debt securities that were classified as Level 2 rely upon observable inputs other than quoted prices, dealer quotes in markets that are not active and implied pricing derived from new issuances of similar securities. See Note 5. Investment Securities for additional information. (2) These assets represent the carrying value of our holdings in VIEs wherein we were not deemed the primary beneficiary. See Note 6. Securitization and Variable Interest Entities for additional information. We classify asset-backed bonds as Level 2 due to the use of quoted prices for similar assets in markets that are not active, as well as certain factors specific to us. The key inputs used to value the asset-backed bonds include the discount rate and conditional prepayment rate. The fair value of our asset-backed bonds was not materially impacted by default assumptions on the underlying securitization loans, as the subordinate residual interests are expected to absorb all estimated losses based on our default assumptions for the period. We classify the residual investments as Level 3 due to the reliance on significant unobservable valuation inputs. See Note 5. Investment Securities for additional information on the asset-backed bonds and residual investments included herein which are classified as available for sale. (3) These assets are presented within investment securities in the condensed consolidated balance sheets. (4) Home loans classified as Level 2 have observable pricing sources utilized by management. Personal loans, student loans and home loans classified as Level 3 do not trade in an active market with readily observable prices. Personal loans and home loans are presented within loans held for sale , and student loans are presented within loans held for investment, at fair value. (5) These assets and liabilities are presented within other assets and accounts payable, accruals and other liabilities , respectively, in the condensed consolidated balance sheets. (6) The key unobservable assumption used in the fair value measurement of the third party warrants was the price of the stock underlying the warrants. The fair value was measured as the difference between the stock price and the strike price of the warrants. As the strike price was insignificant, we concluded that the impact of time value on the fair value measure was immaterial. (7) For certain derivative instruments for which an enforceable master netting agreement exists, we elected to net derivative assets and derivative liabilities by counterparty. These instruments are presented on a gross basis herein. See Note 10. Derivative Financial Instruments for additional information. (8) Home loan pipeline hedges represent TBAs used as economic hedges of loan fair values and are classified as Level 2, as we rely on quoted market prices from similar loan pools that transact in the marketplace. Interest rate swaps are classified as Level 2, because these financial instruments do not trade in active markets with observable prices, but rely on observable inputs other than quoted prices. As of September 30, 2025 and December 31, 2024, interest rate swaps and interest rate caps were valued using the overnight SOFR curve and the implied volatilities suggested by the SOFR rate curve. These were determined to be observable inputs from active markets. 37 SoFi Technologies, Inc. TABLE OF CONTENTS SoFi Technologies, Inc. Notes to Condensed Consolidated Financial Statements (Continued) (Unaudited) (In Thousands, Unless Otherwise Stated and Except for Share and Per Share Data) (9) IRLCs and student loan commitments are classified as Level 3 because of our reliance on assumed loan funding probabilities. The assumed probabilities are based on our internal historical experience with home loans and student loans similar to those in the funding pipelines on the measurement date. (10) The fair value of our securitization debt was classified as Level 2 and valued using a discounted cash flow model, with key inputs relating to the underlying contractual coupons, terms, discount rate and expectations for defaults and prepayments. As of September 30, 2025 and December 31, 2024, the unpaid principal related to debt measured at fair value was $ 59,446 and $ 85,160 , respectively. For the three and nine months ended September 30, 2025, gains from changes in fair value were immaterial . For the three and nine months ended September 30, 2024, losses from changes in fair value were $ 2,899 and $ 5,363 , respectively. The estimated amounts of gains (losses) included in earnings attributable to changes in instrument-specific credit risk, which were derived principally from observable changes in credit spread as observed in the bond market and default assumptions, were immaterial for the three and nine months ended September 30, 2025 and 2024. Level 3 Recurring Fair Value Rollforward The following tables present the changes in our assets and liabilities measured at fair value on a recurring basis using significant unobservable inputs (Level 3). We did not have any transfers into or out of Level 3 during the periods presented. Fair Value at Fair Value at June 30, 2025 Impact on Earnings Purchases Sales Issuances Settlements Other Changes September 30, 2025 Assets Personal loans $ 19,603,937 $ ( 89,669 ) $ 12,418 $ ( 265,004 ) $ 4,118,992 $ ( 2,664,165 ) $ ( 892 ) $ 20,715,617 Student loans 10,741,641 20,061 540,798 ( 376,545 ) 1,491,724 ( 590,472 ) 780 11,827,987 Home loans 259,361 25,439 — — 352,253 ( 6,137 ) — 630,916 Loans at fair value (1) 30,604,939 ( 44,169 ) 553,216 ( 641,549 ) 5,962,969 ( 3,260,774 ) ( 112 ) 33,174,520 Servicing rights (2) 375,006 ( 7,465 ) 2,350 ( 5,220 ) 59,039 ( 40,184 ) — 383,526 Residual investments (3) 31,230 163 2,411 — — ( 1,840 ) — 31,964 IRLCs (4) 10,054 11,315 — — — ( 10,054 ) — 11,315 Student loan commitments (4) 1,138 11,964 — — — ( 1,138 ) — 11,964 Third party warrants (5) 540 — — — — — — 540 Liabilities Residual interests classified as debt (3) ( 554 ) ( 15 ) — — — 39 — ( 530 ) Net impact on earnings $ ( 28,207 ) Fair Value at Fair Value at January 1, 2025 Impact on Earnings Purchases Sales Issuances Settlements Other Changes September 30, 2025 Assets Personal loans $ 17,532,396 $ ( 173,524 ) $ 17,348 $ ( 1,750,423 ) $ 12,615,833 $ ( 7,524,095 ) $ ( 1,918 ) $ 20,715,617 Student loans 8,597,368 245,991 1,439,768 ( 376,545 ) 3,676,513 ( 1,757,484 ) 2,376 11,827,987 Home loans 85,568 38,869 — ( 266,469 ) 785,478 ( 12,530 ) — 630,916 Loans at fair value (1) 26,215,332 111,336 1,457,116 ( 2,393,437 ) 17,077,824 ( 9,294,109 ) 458 33,174,520 Servicing rights (2) 342,128 ( 23,316 ) 9,560 ( 13,001 ) 188,293 ( 120,138 ) — 383,526 Residual investments (3) 25,394 1,498 10,493 ( 313 ) — ( 5,108 ) — 31,964 IRLCs (4) 1,227 29,443 — — — ( 19,355 ) — 11,315 Student loan commitments (4) 6,042 13,573 — — — ( 7,651 ) — 11,964 Third party warrants (5) 540 — — — — — — 540 Liabilities Residual interests classified as debt (3) ( 609 ) ( 62 ) — — — 141 — ( 530 ) Net impact on earnings $ 132,472 38 SoFi Technologies, Inc. TABLE OF CONTENTS SoFi Technologies, Inc. Notes to Condensed Consolidated Financial Statements (Continued) (Unaudited) (In Thousands, Unless Otherwise Stated and Except for Share and Per Share Data) Fair Value at Fair Value at June 30, 2024 Impact on Earnings Purchases Sales Issuances Settlements Other Changes September 30, 2024 Assets Personal loans $ 15,797,428 $ 115,244 $ 2,618 $ ( 456,006 ) $ 3,883,597 $ ( 2,102,086 ) $ 2,029 $ 17,242,824 Student loans 7,194,762 145,605 1,952 — 943,584 ( 409,896 ) 660 7,876,667 Home loans — — — — 2,689 — 78 2,767 Loans at fair value (1) 22,992,190 260,849 4,570 ( 456,006 ) 4,829,870 ( 2,511,982 ) 2,767 25,122,258 Servicing rights (2) 291,329 4,362 1,567 ( 50 ) 39,664 ( 40,745 ) — 296,127 Residual investments (3) 32,515 426 — — — ( 5,699 ) — 27,242 IRLCs (4) 1,875 3,228 — — — ( 1,875 ) — 3,228 Student loan commitments (4) 569 9,534 — — — ( 569 ) — 9,534 Third party warrants (5) 630 ( 90 ) — — — — — 540 Liabilities Residual interests classified as debt (3) ( 724 ) ( 9 ) — — — 75 — ( 658 ) Net impact on earnings $ 278,300 Fair Value at Fair Value at January 1, 2024 Impact on Earnings Purchases Sales Issuances Settlements Other Changes September 30, 2024 Assets Personal loans $ 15,330,573 $ ( 296,451 ) $ 19,894 $ ( 2,918,228 ) $ 11,354,593 $ ( 6,247,827 ) $ 270 $ 17,242,824 Student loans 6,725,484 119,896 2,053 ( 294,187 ) 2,431,782 ( 1,114,797 ) 6,436 7,876,667 Home loans — — — — 2,689 — 78 2,767 Loans at fair value (1) 22,056,057 ( 176,555 ) 21,947 ( 3,212,415 ) 13,789,064 ( 7,362,624 ) 6,784 25,122,258 Servicing rights (2) 180,469 11,242 3,774 ( 103 ) 193,963 ( 93,218 ) — 296,127 Residual investments (3) 35,920 1,371 2,553 — — ( 12,602 ) — 27,242 IRLCs (4) 2,155 7,539 — — — ( 6,466 ) — 3,228 Student loan commitments (4) 5,465 10,417 — — — ( 6,348 ) — 9,534 Third party warrants (5) 630 ( 90 ) — — — — — 540 Liabilities Residual interests classified as debt (3) ( 7,396 ) ( 83 ) — — — 6,821 — ( 658 ) Net impact on earnings $ ( 146,159 ) _____________________ (1) For loans at fair value, purchases reflect unpaid principal balance and relate to previously transferred loans. Purchase activity included elective repurchases of $ 483.3 million and $ 1,288.2 million during the three and nine months ended September 30, 2025, respectively, and securitization clean-up calls of $ 57.5 million and $ 151.6 million during the three and nine months ended September 30, 2025, respectively. Purchase activity included elective repurchases of $ 2.0 million and $ 18.5 million during the three and nine months ended September 30, 2024, respectively. There were no securitization clean-up calls during the September 30, 2024 periods. The remaining purchases during the periods presented related to standard representations and warranties pursuant to our various loan sale agreements. Issuances represent the principal balance of loans originated during the period. Settlements represent principal payments made on loans during the period. Other changes represent fair value adjustments that impact the balance sheet primarily associated with whole loan strategic repurchases, clean up calls and consolidated securitizations. Impacts on earnings for loans at fair value are recorded within interest income—loans and securitizations , within noninterest income—loan origination, sales, securitizations and servicing , and within noninterest expense—general and administrative in the condensed consolidated statements of operations and comprehensive income. (2) For servicing rights, impacts on earnings are recorded within noninterest income—loan origination, sales, securitizations and servicing in the condensed consolidated statements of operations and comprehensive income. (3) For residual investments, sales include the derecognition of investments associated with securitization clean up calls. The estimated amounts of gains and losses for residual investments included in earnings attributable to changes in instrument-specific credit risk were immaterial during the periods presented. For residual investments and residual interests classified as debt, impacts on earnings are recorded within noninterest income—loan origination, sales, securitizations and servicing in the condensed consolidated statements of operations and comprehensive income, a portion of which is subsequently reclassified to interest expense—securitizations and warehouses for residual interests classified as debt and to interest income—loans and securitizations for residual investments, but does not impact the liability or asset balance, respectively. (4) For IRLCs and student loan commitments, settlements reflect funded and unfunded adjustments representing the unpaid principal balance of funded and unfunded loans during the quarter multiplied by the IRLC or student loan commitment price in effect at the beginning of the quarter. For year-to-date periods, amounts represent the summation of the per-quarter effects. For IRLCs and student loan commitments, impacts on earnings are recorded within noninterest income—loan origination, sales, securitizations and servicing in the condensed consolidated statements of operations and comprehensive income. 39 SoFi Technologies, Inc. TABLE OF CONTENTS SoFi Technologies, Inc. Notes to Condensed Consolidated Financial Statements (Continued) (Unaudited) (In Thousands, Unless Otherwise Stated and Except for Share and Per Share Data) (5) For third party warrants, impacts on earnings are recorded within noninterest income—other in the condensed consolidated statements of operations and comprehensive income. Loans at Fair Value Gains and losses recognized in earnings include changes in accumulated interest and fair value adjustments on loans originated during the period and on loans held at the balance sheet date, as well as loan charge-offs. Changes in fair value are primarily impacted by valuation assumption changes as well as sales price execution. The estimated amount of gains (losses) included in earnings attributable to changes in instrument-specific credit risk were $( 623 ) and $ 113,130 during the three and nine months ended September 30, 2025, respectively, and $ 27,271 and $ 85,485 during the three and nine months ended September 30, 2024, respectively. The gains (losses) attributable to instrument-specific credit risk were estimated by incorporating our current default and loss severity assumptions for the loans. These assumptions are based on historical performance, market trends and performance expectations over the term of the underlying instrument. Level 3 Significant Inputs Fair value is defined as the price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. Level 3 fair value measurements include unobservable inputs for assets or liabilities for which there is little or no market data, which requires us to develop our own assumptions. These unobservable assumptions reflect estimates of inputs that market participants would use in pricing the asset or liability. Valuation techniques include the use of option pricing models, discounted cash flow models, or similar techniques, which incorporate management’s own estimates of assumptions that market participants would use in pricing the asset or liability. Loans The following key unobservable assumptions were used in the fair value measurement of our loans: September 30, 2025 December 31, 2024 Range Weighted Average Range Weighted Average Personal loans Conditional prepayment rate 22.4 % – 29.9 % 26.90 % 20.9 % – 32.2 % 26.01 % Annual default rate 3.7 % – 35.7 % 4.33 % 4.4 % – 51.2 % 4.55 % Discount rate 4.5 % – 6.8 % 4.55 % 5.3 % – 7.4 % 5.29 % Student loans Conditional prepayment rate 9.6 % – 12.9 % 11.27 % 8.6 % – 11.9 % 10.95 % Annual default rate 0.3 % – 6.7 % 0.67 % 0.4 % – 7.1 % 0.73 % Discount rate 3.7 % – 8.2 % 3.90 % 4.2 % – 8.2 % 4.40 % Home loans Conditional prepayment rate 6.9 % – 23.4 % 15.71 % 6.7 % – 23.6 % 14.77 % Annual default rate 0.1 % – 8.0 % 0.77 % 0.1 % – 3.5 % 0.56 % Discount rate 5.5 % – 6.1 % 5.76 % 5.0 % – 9.2 % 7.47 % The key assumptions are defined as follows: • Conditional prepayment rate — The monthly annualized proportion of the principal of a pool of loans that is assumed to be paid off prematurely in each period. An increase in the conditional prepayment rate, in isolation, would result in a decrease in a fair value measurement. The weighted average assumption was weighted based on relative fair value. • Annual default rate — The annualized rate of borrowers who do not make loan payments on time. An increase in the annual default rate, in isolation, would result in a decrease in a fair value measurement. The weighted average assumption was weighted based on relative fair value. • Discount rate — The weighted average rate at which the expected cash flows are discounted to arrive at the net present value of the loans. The discount rate is primarily determined based on an underlying benchmark rate curve and spread(s), the latter of which is determined based on factors including, but not limited to, weighted average coupon 40 SoFi Technologies, Inc. TABLE OF CONTENTS SoFi Technologies, Inc. Notes to Condensed Consolidated Financial Statements (Continued) (Unaudited) (In Thousands, Unless Otherwise Stated and Except for Share and Per Share Data) rate, prepayment rate, default rate and resulting expected duration of the assets. An increase in the discount rate, in isolation, would result in a decrease in a fair value measurement. The weighted average assumption was weighted based on relative fair value. See Note 3. Loans for additional loan fair value disclosures. Servicing Rights Servicing rights for personal loans and student loans do not trade in an active market with readily observable prices. Similarly, home loan servicing rights infrequently trade in an active market. At the time of the underlying loan sale or the assumption of servicing rights, the fair value of servicing rights is determined using a discounted cash flow methodology based on observable and unobservable inputs. Management classifies servicing rights as Level 3 due to the use of significant unobservable inputs in the fair value measurement. The following key unobservable inputs were used in the fair value measurement of our classes of servicing rights: September 30, 2025 December 31, 2024 Range Weighted Average Range Weighted Average Personal loans Market servicing costs 0.1 % – 1.3 % 0.2 % 0.1 % – 1.6 % 0.2 % Conditional prepayment rate 16.1 % – 40.6 % 25.0 % 7.5 % – 36.7 % 25.4 % Annual default rate 3.5 % – 45.0 % 5.1 % 3.0 % – 18.0 % 4.5 % Discount rate 8.5 % – 19.1 % 9.9 % 8.5 % – 18.5 % 9.4 % Student loans Market servicing costs 0.1 % – 0.3 % 0.2 % 0.1 % – 0.3 % 0.1 % Conditional prepayment rate 9.2 % – 21.5 % 12.5 % 7.6 % – 18.1 % 11.9 % Annual default rate 0.3 % – 3.7 % 0.9 % 0.3 % – 3.7 % 0.8 % Discount rate 8.5 % – 8.5 % 8.5 % 8.5 % – 8.5 % 8.5 % Home loans Market servicing costs 0.1 % – 0.2 % 0.1 % 0.1 % – 0.2 % 0.1 % Conditional prepayment rate 4.6 % – 21.9 % 8.1 % 5.0 % – 25.0 % 6.9 % Annual default rate 0.0 % – 0.1 % 0.1 % 0.0 % – 0.1 % 0.1 % Discount rate 9.3 % – 10.0 % 9.3 % 9.3 % – 10.0 % 9.3 % The key assumptions are defined as follows: • Market servicing costs — The fee a willing market participant, which we validate through actual third-party bids for our servicing, would require for the servicing of personal loans, student loans and home loans with similar characteristics as those in our serviced portfolio. An increase in the market servicing cost, in isolation, would result in a decrease in a fair value measurement. The weighted average assumption was weighted based on relative fair value. • Conditional prepayment rate — The monthly annualized proportion of the principal of a pool of loans that is assumed to be paid off prematurely in each period. An increase in the conditional prepayment rate, in isolation, would result in a decrease in a fair value measurement. The weighted average assumption was weighted based on relative fair value. • Annual default rate — The annualized rate of default within the total serviced loan balance. An increase in the annual default rate, in isolation, would result in a decrease in a fair value measurement. The weighted average assumption was weighted based on relative fair value. • Discount rate — The weighted average rate at which the expected cash flows are discounted to arrive at the net present value of the servicing rights. An increase in the discount rate, in isolation, would result in a decrease in a fair value measurement. The weighted average assumption was weighted based on relative fair value. 41 SoFi Technologies, Inc. TABLE OF CONTENTS SoFi Technologies, Inc. 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 estimated decrease to the fair value of our servicing rights if the key assumptions had each of the below adverse changes: September 30, 2025 December 31, 2024 Market servicing costs 2.5 basis points increase $ ( 7,884 ) $ ( 6,485 ) 5.0 basis points increase ( 15,800 ) ( 13,014 ) Conditional prepayment rate 10% increase $ ( 11,786 ) $ ( 8,344 ) 20% increase ( 22,924 ) ( 16,255 ) Annual default rate 10% increase $ ( 995 ) $ ( 662 ) 20% increase ( 1,980 ) ( 1,319 ) Discount rate 100 basis points increase $ ( 6,860 ) $ ( 6,370 ) 200 basis points increase ( 13,338 ) ( 12,344 ) The sensitivity calculations above are hypothetical and should not be considered to be predictive of future performance. The effect on fair value of a variation in assumptions generally cannot be determined because the relationship of the change in assumptions to the fair value may not be linear. Additionally, the effect of an adverse variation in a particular assumption on the fair value of our servicing rights is calculated while holding the other assumptions constant. In reality, changes in one factor may lead to changes in other factors, which could impact the above hypothetical effects. Residual Investments and Residual Interests Classified as Debt Residual investments and residual interests classified as debt do not trade in active markets with readily observable prices, and there is limited observable market data for reference. The fair values of residual investments and residual interests classified as debt are determined using a discounted cash flow methodology. Management classifies residual investments and residual interests classified as debt as Level 3 due to the use of significant unobservable inputs in the fair value measurements. The following key unobservable inputs were used in the fair value measurements of our residual investments and residual interests classified as debt: September 30, 2025 December 31, 2024 Range Weighted Average Range Weighted Average Residual investments Conditional prepayment rate 12.0 % – 40.5 % 21.0 % 11.0 % – 32.7 % 16.0 % Annual default rate 0.7 % – 8.5 % 3.2 % 0.5 % – 7.8 % 1.8 % Discount rate 5.3 % – 30.0 % 11.7 % 5.5 % – 30.0 % 8.6 % Residual interests classified as debt Conditional prepayment rate 12.2 % – 12.2 % 12.2 % 11.9 % – 11.9 % 11.9 % Annual default rate 1.0 % – 1.0 % 1.0 % 1.0 % – 1.0 % 1.0 % Discount rate 9.5 % – 9.5 % 9.5 % 10.3 % – 10.3 % 10.3 % The key assumptions are defined as follows: • Conditional prepayment rate — The monthly annualized proportion of the principal of a pool of loans that is assumed to be paid off prematurely in each period for the pool of loans in the securitization. An increase in the conditional prepayment rate, in isolation, would result in a decrease in a fair value measurement. The weighted average assumption was weighted based on relative fair value. 42 SoFi Technologies, Inc. TABLE OF CONTENTS SoFi Technologies, Inc. Notes to Condensed Consolidated Financial Statements (Continued) (Unaudited) (In Thousands, Unless Otherwise Stated and Except for Share and Per Share Data) • Annual default rate — The annualized rate of borrowers who fail to remain current on their loans for the pool of loans in the securitization. An increase in the annual default rate, in isolation, would result in a decrease in a fair value measurement. The weighted average assumption was weighted based on relative fair value. • Discount rate — The weighted average rate at which the expected cash flows are discounted to arrive at the net present value of the residual investments and residual interests classified as debt. An increase in the discount rate, in isolation, would result in a decrease in a fair value measurement. The weighted average assumption was weighted based on relative fair value. Loan Commitments We classify student loan commitments as Level 3 because the assets do not trade in an active market with readily observable prices and, as such, our valuations utilize significant unobservable inputs. Additionally, we classify IRLCs as Level 3, as our IRLCs are inherently uncertain and unobservable given that a home loan origination is contingent on a variety of factors. The following key unobservable inputs were used in the fair value measurements of our IRLCs and student loan commitments: September 30, 2025 December 31, 2024 Range Weighted Average Range Weighted Average IRLCs Loan funding probability (1) 60.8 % – 78.1 % 69.5 % 58.1 % – 79.7 % 71.8 % Student loan commitments Loan funding probability (1) 95.0 % – 95.0 % 95.0 % 95.0 % – 95.0 % 95.0 % ___________________ (1) The aggregate amount of student loans we committed to fund was $ 228,452 and $ 149,402 as of September 30, 2025 and December 31, 2024, respectively. See Note 10. Derivative Financial Instruments for the aggregate notional amount associated with IRLCs. The key assumption is defined as follows: • Loan funding probability — Our expectation of the percentage of IRLCs or student loan commitments which will become funded loans. A significant difference between the actual funded rate and the assumed funded rate at the measurement date could result in a significantly higher or lower fair value measurement of our IRLCs and student loan commitments. An increase in the loan funding probabilities, in isolation, would result in an increase in a fair value measurement. The weighted average assumptions were weighted based on relative fair values. 43 SoFi Technologies, Inc. TABLE OF CONTENTS SoFi Technologies, Inc. Notes to Condensed Consolidated Financial Statements (Continued) (Unaudited) (In Thousands, Unless Otherwise Stated and Except for Share and Per Share Data) Financial Instruments Not Measured at Fair Value The following table summarizes the carrying values and estimated fair values, by level within the fair value hierarchy, of our assets and liabilities that are not measured at fair value on a recurring basis in the condensed consolidated balance sheets: Fair Value Carrying Value Level 1 Level 2 Level 3 Total September 30, 2025 Assets Cash and cash equivalents (1) $ 3,246,351 $ 3,246,351 $ — $ — $ 3,246,351 Restricted cash and restricted cash equivalents (1) 500,096 500,096 — — 500,096 Loans (2) 1,598,966 — — 1,628,016 1,628,016 Other investments (3) 124,653 — 124,653 — 124,653 Total assets $ 5,470,066 $ 3,746,447 $ 124,653 $ 1,628,016 $ 5,499,116 Liabilities Deposits (4) $ 32,946,399 $ — $ 32,948,087 $ — $ 32,948,087 Debt (5) 2,657,037 2,974,280 1,383,515 — 4,357,795 Total liabilities $ 35,603,436 $ 2,974,280 $ 34,331,602 $ — $ 37,305,882 December 31, 2024 Assets Cash and cash equivalents (1) $ 2,538,293 $ 2,538,293 $ — $ — $ 2,538,293 Restricted cash and restricted cash equivalents (1) 171,067 171,067 — — 171,067 Loans (2) 1,246,458 — — 1,274,080 1,274,080 Other investments (3) 109,417 — 109,417 — 109,417 Total assets $ 4,065,235 $ 2,709,360 $ 109,417 $ 1,274,080 $ 4,092,857 Liabilities Deposits (4) $ 25,978,204 $ — $ 25,979,896 $ — $ 25,979,896 Debt (5) 3,011,814 1,994,381 1,742,884 — 3,737,265 Total liabilities $ 28,990,018 $ 1,994,381 $ 27,722,780 $ — $ 29,717,161 ___________________ (1) The carrying amounts of our cash and cash equivalents and restricted cash and restricted cash equivalents approximate their fair values due to the short-term maturities and highly liquid nature of these accounts. (2) The fair value of our credit cards was determined using a discounted cash flow model with key inputs relating to weighted average lives, expected lifetime loss rates and discount rate. The fair value of our commercial and consumer banking, loans held at lower of cost or market and secured loans was determined using a discounted cash flow model with key inputs relating to the underlying contractual coupons, terms, discount rate and expectations for defaults. (3) Other investments include FRB stock and FHLB stock, which are presented within other assets in the condensed consolidated balance sheets. (4) The fair values of our deposits without contractually defined maturities (such as demand and savings deposits) and our noninterest-bearing deposits approximate their carrying values. The fair value of our time-based deposits was determined using a discounted cash flow model based on interest rates currently offered for deposits of similar remaining maturities. (5) The carrying value of our debt is net of unamortized discounts and debt issuance costs. The fair value of our convertible notes was classified as Level 1, as it was based on an observable market quote. The estimated fair value of our 2026 convertible notes was $ 556.9 million and $ 453.5 million as of September 30, 2025 and December 31, 2024, respectively. The estimated fair value of our 2029 convertible notes was $ 2.4 billion and $ 1.5 billion as of September 30, 2025 and December 31, 2024, respectively. The fair values of our warehouse facility debt and revolving credit facility debt were classified as Level 2 based on market factors and credit factors specific to these financial instruments. The fair value of our securitization debt was classified as Level 2 and valued using a discounted cash flow model, with key inputs relating to the underlying contractual coupons, terms, discount rate and expectations for defaults and prepayments. Nonrecurring Fair Value Measurements Investments in equity securities of $ 49,896 and $ 29,500 as of September 30, 2025 and December 31, 2024, respectively, which are presented within other assets in the condensed consolidated balance sheets, include investments for 44 SoFi Technologies, Inc. TABLE OF CONTENTS SoFi Technologies, Inc. Notes to Condensed Consolidated Financial Statements (Continued) (Unaudited) (In Thousands, Unless Otherwise Stated and Except for Share and Per Share Data) which fair values are not readily determinable, which we elect to measure using the measurement alternative method of accounting. The fair value measurements are classified within Level 3 of the fair value hierarchy due to the use of unobservable inputs in the fair value measurements. The balances were primarily composed of investments of $ 47,500 and $ 27,500 as of September 30, 2025 and December 31, 2024, respectively, valued under the measurement alternative method. Note 12. Share-Based Compensation 2021 Stock Option and Incentive Plan The 2021 Stock Option and Incentive Plan (the “2021 Plan”) allows for the issuance of stock options, stock appreciation rights, restricted stock, RSUs (including PSUs), dividend equivalents and other stock or cash based awards for issuance to its employees, non-employee directors and non-employee third parties. Shares associated with option exercises and RSU vesting are issued from the authorized pool. Effective January 1, 2023, we approved a plan to allow our non-employee directors to elect, on an annual basis, to defer their cash retainers into equity awards, and/or to defer their RSU grants, which vest in accordance with the grant terms (collectively referred to as DSUs). DSUs are equity awards that entitle the holder to shares of our common stock when the awards vest. Directors may choose to receive their deferred stock distributions in a lump sum or in installments over different time periods. DSUs are measured based on the fair value of our common stock on the date of grant. DSU activity is presented with RSUs in the disclosures below. 2024 Employee Stock Purchase Plan The 2024 Employee Stock Purchase Plan (the “2024 ESPP”) allows for the issuance of common stock pursuant to our ESPP. Our ESPP provides permitted eligible employees the right to purchase shares of the Company's common stock through payroll deductions of up to 15 % of their eligible compensation, subject to certain limitations. Compensation and Benefits Share-based compensation expense related to stock options, RSUs, PSUs and the ESPP is presented within the following line items in the condensed consolidated statements of operations and comprehensive income: Three Months Ended September 30, Nine Months Ended September 30, 2025 2024 2025 2024 Technology and product development $ 24,553 $ 21,157 $ 70,437 $ 62,181 Sales and marketing 5,052 5,746 15,700 16,080 Cost of operations 3,544 3,681 10,312 9,980 General and administrative 33,320 33,062 97,032 91,544 Total $ 66,469 $ 63,646 $ 193,481 $ 179,785 Total compensation and benefits, inclusive of share-based compensation expense, was $ 293,738 and $ 832,143 for the three and nine months ended September 30, 2025, respectively, and $ 240,169 and $ 670,188 for the three and nine months ended September 30, 2024, respectively. Compensation and benefits expenses are presented within the following categories of expenses within noninterest expense: (i) technology and product development , (ii) sales and marketing , (iii) cost of operations , and (iv) general and administrative in the condensed consolidated statements of operations and comprehensive income. 45 SoFi Technologies, Inc. TABLE OF CONTENTS SoFi Technologies, Inc. Notes to Condensed Consolidated Financial Statements (Continued) (Unaudited) (In Thousands, Unless Otherwise Stated and Except for Share and Per Share Data) Stock Options The following is a summary of stock option activity: Number of Stock Options Weighted Average Exercise Price Weighted Average Remaining Contractual Term (in years) Outstanding as of January 1, 2025 14,810,602 $ 7.85 3.1 Exercised ( 1,004,945 ) 6.61 Expired ( 10,490 ) 5.63 Outstanding as of September 30, 2025 13,795,167 $ 7.94 2.4 Exercisable as of September 30, 2025 13,795,167 $ 7.94 2.4 As of September 30, 2025, there was no unrecognized compensation cost related to unvested stock options. Restricted Stock Units RSUs, inclusive of DSUs, are equity awards granted to employees that entitle the holder to shares of our common stock when the awards vest. RSUs are measured based on the fair value of our common stock on the date of grant. The following table summarizes RSU activity: Number of RSUs Weighted Average Grant Date Fair Value Outstanding as of January 1, 2025 60,423,369 $ 7.77 Granted 22,653,488 14.76 Vested (1) ( 25,674,338 ) 8.30 Forfeited ( 4,678,281 ) 8.74 Outstanding as of September 30, 2025 52,724,238 $ 10.42 ________________________ (1) The total fair value, based on grant date fair value, of RSUs that vested during the nine months ended September 30, 2025 was $ 213.2 million. As of September 30, 2025, there was $ 509.1 million of unrecognized compensation cost related to unvested RSUs, inclusive of DSUs, which will be recognized over a weighted average period of approximately 2.3 years. Performance Stock Units The following table summarizes PSU activity: Number of PSUs Weighted Average Grant Date Fair Value Outstanding as of January 1, 2025 14,048,503 $ 10.81 Granted 1,820,753 13.42 Forfeited ( 1,433,405 ) 7.88 Outstanding as of September 30, 2025 14,435,851 $ 11.43 Compensation cost associated with PSUs is recognized using the accelerated attribution method for each of the three vesting tranches over the respective derived service period. We determined the grant-date fair value of PSUs utilizing a Monte Carlo simulation model. During 2025, we granted PSUs that will vest, if at all, at the conclusion of a three-year measurement period commencing January 1, 2025, subject to the achievement of specified performance goals, such as such as absolute growth in tangible book value, total risk weighted capital ratio, and relative total shareholder return. We determined the grant-date fair value of PSUs utilizing a Monte Carlo simulation model. 46 SoFi Technologies, Inc. TABLE OF CONTENTS SoFi Technologies, Inc. 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 the inputs used for estimating the fair value of PSUs granted: Nine Months Ended September 30, Input 2025 2024 Risk-free interest rate 3.9 % 4.5 % Expected volatility 64.3 % 73.0 % Fair value of common stock $ 11.26 $ 8.02 Dividend yield — % — % Our use of a Monte Carlo simulation model requires the use of subjective assumptions: • Risk-free interest rate — Based on the U.S. Treasury rate at the time of grant commensurate with the remaining term of the PSUs. • Expected volatility — Based on the implied volatility of our common stock from a set of comparable publicly-traded companies. • Fair value of common stock — Based on the closing stock price on the date of grant. • Dividend yield — We assumed no dividend yield because we have historically not paid out dividends to common stockholders. As of September 30, 2025, there was $ 32.4 million of unrecognized compensation cost related to unvested PSUs, which will be recognized over a weighted average period of approximately 2.1 years. Employee Stock Purchase Plan Compensation expense for the ESPP relates to the 15 % discount and is calculated as of the beginning of the offering period as the fair value of the employees’ purchase rights utilizing the Black-Scholes Model and compensation expense is recognized over the offering period. The table below presents the fair value assumptions used for the period indicated: Input Nine Months Ended September 30, 2025 Risk-free interest rate 4.3 % Expected term (in years) 0.5 Expected volatility 61.9 % Fair value of common stock $ 14.70 Dividend yield — % Our use of a Black-Scholes Model requires the use of subjective assumptions: • Risk-free interest rate — Based on the U.S. Treasury rate at the time of grant commensurate with the offering period. • Expected term — Based on the 6-month offering period and corresponding purchase period. • Expected volatility — Based on the historical volatility at the offering date, over a historical period equal to the expected term. • Fair value of common stock — Based on the closing stock price on the date of grant (first day of offering period). • Dividend yield — We assumed no dividend yield because we have historically not paid out dividends to common stockholders. As of September 30, 2025, there was $ 2.3 million of unrecognized compensation cost related to the ESPP, to be recognized over the remainder of the six-month offering period ending in December 2025. 47 SoFi Technologies, Inc. TABLE OF CONTENTS SoFi Technologies, Inc. Notes to Condensed Consolidated Financial Statements (Continued) (Unaudited) (In Thousands, Unless Otherwise Stated and Except for Share and Per Share Data) Note 13. Income Taxes For interim periods, we follow the general recognition approach whereby tax expense is recognized using an estimated annual effective tax rate, which is applied to the year-to-date operating results. Additionally, we recognize tax expense or benefit for any discrete items occurring within the interim period that were excluded from the estimated annual effective tax rate. Our effective tax rate may be subject to fluctuations during the year due to impacts from the following items: (i) changes in forecasted pre-tax and taxable income or loss, (ii) changes in statutory law or regulations in jurisdictions where we operate, (iii) audits or settlements with taxing authorities, (iv) the tax impact of expanded product offerings or business acquisitions, and (v) changes in valuation allowance assumptions. For the three and nine months ended September 30, 2025, we recorded income tax expense of $ 9,159 and $ 32,754 , respectively. For the three and nine months ended September 30, 2024, we recorded income tax (expense) of $ 3,110 and $ 7,229 , respectively. The income tax expense recognized in 2025 is primarily attributable to the Company’s profitability, partially offset by discrete tax benefits for stock compensation recorded in each quarter. For the three and nine months ended September 30, 2025, the Company’s effective tax rate was lower than the U.S. federal statutory rate primarily due to excess tax benefits from stock compensation. There were no material changes to our unrecognized tax benefits d uring the nine months ended September 30, 2025, and we do not expect any other significant increases or decreases to unrecognized tax benefits within the next twelve months. 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. During the nine months ended September 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. Note 14. Commitments, Guarantees, Concentrations and Contingencies Leases and Occupancy Our leases consist of operating and finance leases, the latter of which expire in 2040. Leases We primarily lease our office premises under multi-year, non-cancelable operating leases. Our operating leases have terms expiring from 2026 to 2040, exclusive of renewal option periods. Our office leases contain renewal option periods ranging from one to ten years from the expiration dates. These options were not recognized as part of our ROU assets and operating lease liabilities, as we did not conclude at the commencement date of the leases that we were reasonably certain to exercise these options. However, in our normal course of business, we expect our office leases to be renewed, amended or replaced by other leases. We also have operating and finance leases associated with various naming and sponsorship rights agreements. Associated with these leases, we obtained non-cash operating lease ROU assets in exchange for operating lease liabilities of $ 4,022 during the nine months ended September 30, 2025. Occupancy Occupancy-related costs, which primarily relate to the operations of our leased office spaces, were $ 8,353 and $ 24,518 during the three and nine months ended September 30, 2025, respectively, and $ 8,407 and $ 24,096 , during the three and nine months ended September 30, 2024, respectively. Occupancy-related expenses are presented within the following categories of expenses within noninterest expense : (i) technology and product development , (ii) sales and marketing , (iii) cost of operations , and (iv) general and administrative in the condensed consolidated statements of operations and comprehensive income. 48 SoFi Technologies, Inc. TABLE OF CONTENTS SoFi Technologies, Inc. Notes to Condensed Consolidated Financial Statements (Continued) (Unaudited) (In Thousands, Unless Otherwise Stated and Except for Share and Per Share Data) Concentrations Financial instruments that potentially subject us to significant concentrations of credit risk consist principally of cash and cash equivalents, restricted cash and restricted cash equivalents, residual investments and loans. We hold cash and cash equivalents and restricted cash and restricted cash equivalents in accounts at regulated domestic financial institutions in amounts that may exceed FDIC insured amounts. We believe these institutions are of high credit quality. We are dependent on third-party funding sources and deposit balances to originate loans. Additionally, we sell loans to various third parties. We have historically sold loans to a limited pool of third-party buyers. No individual third-party buyer accounted for 10% or more of consolidated total net revenues for the periods presented. Within our Technology Platform segment, we have a relatively smaller number of clients compared to our lending and financial services businesses. As such, the loss of one or a few of our top clients could be significant to that portion of our business. No individual client accounted for 10% or more of consolidated total net revenues for the periods presented. The Company is exposed to default risk on borrower loans originated and financed by us. There is no single borrower or group of borrowers that comprise a significant concentration of the Company’s loan portfolio. Likewise, the Company is not overly concentrated within a group of channel partners or other customers, with the exception of our distribution of personal loan residual interests in our sponsored personal loan securitizations, which we market to third parties, and the aforementioned whole loan buyers. Given we have a limited number of prospective buyers for our personal loan securitization residual interests, this might result in our utilization of a significant amount of deposits or our own capital to fund future residual interests in personal loan securitizations, or impact the execution of future securitizations if we are limited in our own ability to invest in the residual interest portion of future securitizations, or find willing buyers for securitization residual interests. Contingencies Legal Proceedings In the ordinary course of business, the Company may be subject to a variety of pending legal proceedings. While we are unable to predict the ultimate outcome of these actions, we believe that any ultimate liability arising from any of these actions will not have a material adverse effect on our consolidated financial position, results of operations or cash flows. However, many of these matters are in various stages of proceedings and further developments could cause management to revise its assessment of these matters. Our assessments are based on our knowledge and historical experience, as well as the specific facts and circumstances asserted, but the ultimate outcome of any matter could require payment substantially in excess of the amount that we have accrued and/or disclosed. Regardless of the final outcome, defending lawsuits, claims, government and self-regulatory organization investigations, and proceedings in which we are involved is costly and can impose a significant burden on management and employees, and there can be no assurances that we will receive favorable final outcomes. Guarantees We have three types of repurchase obligations that we account for as financial guarantees, which are disclosed in our Annual Report on Form 10-K. In the event of a repurchase, we are typically required to pay the purchase price of the loans transferred. As of September 30, 2025 and December 31, 2024, we accrued liabilities within accounts payable, accruals and other liabilities in the condensed consolidated balance sheets of $ 19.0 million and $ 11.9 million, respectively, related to our estimated repurchase obligation. The corresponding charges for changes in the estimated obligation are recorded within noninterest income—loan origination, sales, securitizations and servicing in the condensed consolidated statements of operations and comprehensive income or within noninterest income—loan platform fees in the condensed consolidated statements of operations and comprehensive income in connection with transfers of loans held for sale and carried at the lower of amortized cost or fair value as part of our Loan Platform Business. As of September 30, 2025 and December 31, 2024, the amounts associated with loans sold that were subject to the terms and conditions of our repurchase obligations totaled $ 17.8 billion and $ 12.5 billion, respectively. As of September 30, 2025 and December 31, 2024, we had a total of $ 4.7 million and $ 5.6 million, respectively, in letters of credit outstanding with financial institutions, which were issued for the purpose of securing certain of our operating lease obligations. A portion of the letters of credit was collateralized by $ 1.3 million of our cash as of September 30, 2025 and 49 SoFi Technologies, Inc. TABLE OF CONTENTS SoFi Technologies, Inc. Notes to Condensed Consolidated Financial Statements (Continued) (Unaudited) (In Thousands, Unless Otherwise Stated and Except for Share and Per Share Data) December 31, 2024, which is included within restricted cash and restricted cash equivalents in the condensed consolidated balance sheets. As of September 30, 2025 and December 31, 2024, we had a total of $ 46.7 million and $ 25.2 million, respectively, in letters of credit outstanding with the FHLB, which serve as collateral for public deposits and were collateralized by loans. Commitments As part of our community reinvestment initiatives, we have a commitment to fund a line of credit to be used to finance housing and stimulate economic development in low- to moderate-income communities. As of September 30, 2025, we funded $ 6.4 million of loans, which are presented within loans held for investment, at amortized cost in the condensed consolidated balance sheets, and had $ 23.6 million of the total $ 30.0 million commitment outstanding. Mortgage Banking Regulatory Mandates We are subject to certain state-imposed minimum net worth requirements for the states in which we are engaged in the business of a residential mortgage lender. Noncompliance with these requirements on an annual basis could result in potential fines or penalties imposed by the applicable state. Future events or changes in mandates may affect our ability to meet mortgage banking regulatory requirements. As of September 30, 2025 and December 31, 2024, we were in compliance with all minimum net worth requirements; therefore, we have not accrued any liabilities related to fines or penalties. Note 15. Earnings Per Share Series 1 Redeemable Preferred Stock has preferential cumulative dividend rights. To calculate net income attributable to common stockholders for each period presented, we adjust the numerator for basic and diluted EPS for the impact of the contractual amount of dividends payable to holders of Series 1 Redeemable Preferred Stock and the impact of redemption activity, if applicable. In May 2024, the Company redeemed all Series 1 Redeemable Preferred Stock outstanding. See Note 9. Equity for additional information. Basic EPS is computed by dividing net income attributable to common stockholders by the weighted average number of shares of common stock outstanding during the period. Diluted EPS is computed by dividing net income attributable to common stockholders, as adjusted for activity related to convertible notes, net of tax, if dilutive and applicable, by the weighted average number of shares of common stock outstanding during the period plus the effect of dilutive potential common shares. These potential common shares relate to (i) contingently issuable shares including PSU awards which require future service as a condition of delivery of the underlying common stock as determined using contingently issuable share guidance, (ii) outstanding RSUs, options, warrants and shares issuable under the ESPP as determined using the treasury stock method, and (iii) shares issuable upon conversion of convertible notes as determined using the if-converted method. The adjustment for convertible notes reflects the conversion price at the end of the reporting period. We excluded the effect of all potentially dilutive common stock elements from the denominator in the computation of diluted EPS in the periods where their inclusion would have been anti-dilutive. 50 SoFi Technologies, Inc. TABLE OF CONTENTS SoFi Technologies, Inc. Notes to Condensed Consolidated Financial Statements (Continued) (Unaudited) (In Thousands, Unless Otherwise Stated and Except for Share and Per Share Data) The calculations of basic and diluted earnings per share were as follows: Three Months Ended September 30, Nine Months Ended September 30, ($ and shares in thousands, except per share amounts) (1) 2025 2024 2025 2024 Numerator: Net income $ 139,392 $ 60,745 $ 307,771 $ 166,192 Less: Redeemable preferred stock dividends — — — ( 16,503 ) Less: Redeemable preferred stock redemptions, net (2) — — — ( 3,026 ) Net income attributable to common stockholders – basic $ 139,392 $ 60,745 $ 307,771 $ 146,663 Plus: Dilutive effect of convertible notes, net (3) 346 ( 2,686 ) 1,036 ( 57,735 ) Net income attributable to common stockholders – diluted (3) $ 139,738 $ 58,059 $ 308,807 $ 88,928 Denominator: Weighted average common stock outstanding – basic (4) 1,171,205 1,071,160 1,125,670 1,037,579 Convertible notes (5) 74,009 21,417 56,490 30,667 Unvested RSUs 36,340 10,446 30,494 8,496 Common stock options 9,457 1,428 7,372 1,659 ESPP — — 26 — Weighted average common stock outstanding – diluted 1,291,011 1,104,450 1,220,053 1,078,402 Earnings per share – basic $ 0.12 $ 0.06 $ 0.27 $ 0.14 Earnings per share – diluted $ 0.11 $ 0.05 $ 0.25 $ 0.08 ________________________ (1) Certain amounts may not recalculate exactly using the rounded amounts provided. Earnings per share is calculated based on unrounded numbers. (2) In May 2024, we redeemed all outstanding Series 1 Redeemable Preferred Stock. The premium of $ 3,026 for the excess of the amount paid upon redemption over the carrying value of redeemable preferred stock at the time of exercise is considered to be akin to a dividend, and as such is deducted from net income (loss) to determine the net income (loss) attributable to common stockholders. See Note 9. Equity for additional information. (3) Reflects interest expense incurred, net of tax, associated with convertible note activity during the period as evaluated under the if-converted method. For the three and nine months ended September 30, 2024, diluted earnings per share of $ 0.05 and $ 0.08 , respectively, and diluted net income attributable to common stockholders of $ 58,059 and $ 88,928 , respectively, also exclude gain on extinguishment of debt, net of tax. (4) On July 31, 2025, the Company sold 82.7 million shares of its common stock at an offering price of $ 20.85 per share. See Note 9. Equity for additional information. (5) For the three and nine months ended September 30, 2025, includes incremental dilutive shares from 2026 convertible notes and 2029 convertible notes. For the nine months ended September 30, 2024, includes incremental dilutive shares from 2026 convertible notes. The following table presents the securities that were not included in the computation of diluted EPS as the effect would have been anti-dilutive. Three Months Ended September 30, Nine Months Ended September 30, (Shares in thousands) 2025 2024 2025 2024 Unvested RSUs (1) — 16,377 2,408 19,568 Common stock options (1) — 9,493 — 8,878 Unvested PSUs 14,436 14,083 14,436 14,083 ESPP 765 — 689 — Contingent common stock (2) 46 46 46 46 ________________________ (1) Amounts reflect weighted average instruments outstanding. (2) Represents contingently returnable common stock in connection with the Technisys Merger, which consists of shares that continue to be held in escrow pending resolution of outstanding indemnification claims by SoFi. These shares were issued in 2022 and partially released in 2023. Note 16. Business Segment Information We have three reportable segments: Lending, Technology Platform and Financial Services. Each of our reportable segments is a strategic business unit that serves specific needs of our members based on the products and services provided. 51 SoFi Technologies, Inc. TABLE OF CONTENTS SoFi Technologies, Inc. Notes to Condensed Consolidated Financial Statements (Continued) (Unaudited) (In Thousands, Unless Otherwise Stated and Except for Share and Per Share Data) Assets are not allocated to reportable segments, as our CODM does not evaluate reportable segments using discrete asset information. Refer to our Annual Report on Form 10-K for discussion of our segment organization. Segment Results The following tables present financial information, including the measure of contribution profit, for each reportable segment. Directly attributable expenses are the significant expenses of each of our respective segments relative to those regularly provided to our CODM. Expenses not allocated to reportable segments represent items that are not considered by our CODM in evaluating segment performance or allocating resources. Three Months Ended September 30, 2025 Lending Technology Platform Financial Services Reportable Segments Total (1) Corporate/Other (1) Total Net revenue Net interest income (expense) $ 427,973 $ 432 $ 203,660 $ 632,065 $ ( 46,951 ) $ 585,114 Noninterest income (expense) (2) 65,409 114,146 215,963 395,518 ( 19,032 ) 376,486 Total net revenue (loss) $ 493,382 $ 114,578 $ 419,623 $ 1,027,583 $ ( 65,983 ) $ 961,600 Provision for credit losses — — ( 9,199 ) ( 9,199 ) Servicing rights – change in valuation inputs or assumptions (3) ( 11,989 ) — — ( 11,989 ) Residual interests classified as debt – change in valuation inputs or assumptions (4) 15 — — 15 Directly attributable expenses (5) : Compensation and benefits ( 43,007 ) ( 48,520 ) ( 45,912 ) Direct advertising ( 91,604 ) — ( 9,286 ) Lead generation ( 49,974 ) — ( 39,244 ) Loan origination and servicing costs ( 23,070 ) — — Product fulfillment — ( 15,909 ) ( 25,011 ) Tools and subscriptions — ( 9,207 ) — Member incentives — — ( 20,417 ) Professional services ( 3,624 ) ( 4,171 ) ( 7,440 ) Intercompany technology platform expenses ( 578 ) — ( 10,524 ) Other ( 7,951 ) ( 4,400 ) ( 27,033 ) Directly attributable expenses ( 219,808 ) ( 82,207 ) ( 184,867 ) ( 486,882 ) Contribution profit $ 261,600 $ 32,371 $ 225,557 $ 519,528 52 SoFi Technologies, Inc. TABLE OF CONTENTS SoFi Technologies, Inc. Notes to Condensed Consolidated Financial Statements (Continued) (Unaudited) (In Thousands, Unless Otherwise Stated and Except for Share and Per Share Data) Three Months Ended September 30, 2024 Lending Technology Platform Financial Services Reportable Segments Total (1) Corporate/Other (1) Total Net revenue Net interest income (expense) $ 316,268 $ 629 $ 154,143 $ 471,040 $ ( 40,030 ) $ 431,010 Noninterest income (2) 79,977 101,910 84,165 266,052 59 266,111 Total net revenue (loss) $ 396,245 $ 102,539 $ 238,308 $ 737,092 $ ( 39,971 ) $ 697,121 Provision for credit losses — — ( 6,008 ) ( 6,008 ) Servicing rights – change in valuation inputs or assumptions (3) ( 4,362 ) — — ( 4,362 ) Residual interests classified as debt – change in valuation inputs or assumptions (4) 9 — — 9 Directly attributable expenses (5) : Compensation and benefits ( 34,162 ) ( 38,127 ) ( 32,596 ) Direct advertising ( 51,587 ) — ( 15,049 ) Lead generation ( 40,376 ) — ( 20,164 ) Loan origination and servicing costs ( 14,464 ) — — Product fulfillment — ( 15,501 ) ( 19,258 ) Tools and subscriptions — ( 7,757 ) — Member incentives — — ( 19,986 ) Professional services ( 3,776 ) ( 3,663 ) ( 6,494 ) Intercompany technology platform expenses ( 1,342 ) — ( 5,140 ) Other ( 7,257 ) ( 4,536 ) ( 13,855 ) Directly attributable expenses ( 152,964 ) ( 69,584 ) ( 132,542 ) ( 355,090 ) Contribution profit $ 238,928 $ 32,955 $ 99,758 $ 371,641 Nine Months Ended September 30, 2025 Lending Technology Platform Financial Services Reportable Segments Total (1) Corporate/Other (1) Total Net revenue Net interest income (expense) $ 1,161,269 $ 1,111 $ 570,181 $ 1,732,561 $ ( 130,884 ) $ 1,601,677 Noninterest income (expense) (2) 188,998 326,727 515,094 1,030,819 ( 44,193 ) 986,626 Total net revenue (loss) $ 1,350,267 $ 327,838 $ 1,085,275 $ 2,763,380 $ ( 175,077 ) $ 2,588,303 Provision for credit losses — — ( 24,869 ) ( 24,869 ) Servicing rights – change in valuation inputs or assumptions (3) ( 9,789 ) — — ( 9,789 ) Residual interests classified as debt – change in valuation inputs or assumptions (4) 62 — — 62 Directly attributable expenses (5) : Compensation and benefits ( 121,645 ) ( 137,174 ) ( 126,534 ) Direct advertising ( 238,686 ) — ( 23,385 ) Lead generation ( 139,777 ) — ( 104,092 ) Loan origination and servicing costs ( 61,425 ) — — Product fulfillment — ( 45,121 ) ( 62,748 ) Tools and subscriptions — ( 26,785 ) — Member incentives — — ( 54,503 ) Professional services ( 9,364 ) ( 10,747 ) ( 21,172 ) Intercompany technology platform expenses ( 1,544 ) — ( 34,865 ) Other ( 22,854 ) ( 11,532 ) ( 70,986 ) Directly attributable expenses ( 595,295 ) ( 231,359 ) ( 498,285 ) ( 1,324,939 ) Contribution profit $ 745,245 $ 96,479 $ 562,121 $ 1,403,845 53 SoFi Technologies, Inc. TABLE OF CONTENTS SoFi Technologies, Inc. Notes to Condensed Consolidated Financial Statements (Continued) (Unaudited) (In Thousands, Unless Otherwise Stated and Except for Share and Per Share Data) Nine Months Ended September 30, 2024 Lending Technology Platform Financial Services Reportable Segments Total (1) Corporate/Other (1) Total Net revenue Net interest income (expense) $ 862,016 $ 1,685 $ 413,085 $ 1,276,786 $ ( 30,474 ) $ 1,246,312 Noninterest income (2) 205,410 290,658 151,906 647,974 46,448 694,422 Total net revenue $ 1,067,426 $ 292,343 $ 564,991 $ 1,924,760 $ 15,974 $ 1,940,734 Provision for credit losses — — ( 24,807 ) ( 24,807 ) Servicing rights – change in valuation inputs or assumptions (3) ( 11,242 ) — — ( 11,242 ) Residual interests classified as debt – change in valuation inputs or assumptions (4) 83 — — 83 Directly attributable expenses (5) : Compensation and benefits ( 93,041 ) ( 109,814 ) ( 97,410 ) Direct advertising ( 152,182 ) — ( 30,236 ) Lead generation ( 97,385 ) — ( 34,035 ) Loan origination and servicing costs ( 37,075 ) — — Product fulfillment — ( 44,077 ) ( 53,055 ) Tools and subscriptions — ( 20,739 ) — Member incentives — — ( 61,655 ) Professional services ( 8,931 ) ( 9,585 ) ( 15,760 ) Intercompany technology platform expenses ( 2,222 ) — ( 15,624 ) Other ( 20,846 ) ( 13,280 ) ( 40,257 ) Directly attributable expenses ( 411,682 ) ( 197,495 ) ( 348,032 ) ( 957,209 ) Contribution profit $ 644,585 $ 94,848 $ 192,152 $ 931,585 ____________________ (1) Within the Technology Platform segment, intercompany fees were $ 23,974 and $ 58,351 for the three and nine months ended September 30, 2025 and $ 9,931 and $ 25,227 for the three and nine months ended September 30, 2024. The equal and offsetting intercompany expenses are reflected within all three segments’ directly attributable expenses, as well as within expenses not allocated to segments. The intercompany revenues and expenses are eliminated in consolidation. The revenues are eliminated within Corporate/Other and the expenses are adjusted in our reconciliation of directly attributable expenses below. (2) Refer to Note 2. Revenue for a reconciliation of revenue from contracts with customers to total noninterest income. (3) Reflects changes in fair value inputs and assumptions on servicing rights, including conditional prepayment, default rates and discount rates. These assumptions are highly sensitive to market interest rate changes and are not indicative of our performance or results of operations. Moreover, these non-cash charges, which are recorded within noninterest income in the condensed consolidated statements of operations and comprehensive income, are unrealized during the period and, therefore, have no impact on our cash flows from operations. (4) Reflects changes in fair value inputs and assumptions on residual interests classified as debt, including conditional prepayment, default rates and discount rates. When third parties finance our consolidated securitization VIEs by purchasing residual interests, we receive proceeds at the time of the closing of the securitization and, thereafter, pass along contractual cash flows to the residual interest owner. These residual debt obligations are measured at fair value on a recurring basis, with fair value changes recorded within noninterest income in the 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. (5) The significant expense categories and amounts presented align with the segment-level information that is regularly provided to the CODM. Other expenses for our Lending segment primarily include loan marketing expenses, member promotional expenses, tools and subscriptions, travel and occupancy-related costs and third-party loan fraud (net of related insurance recoveries). Other expenses for our Technology Platform are primarily related to travel and occupancy-related costs, advertising and marketing and accounts receivable write-offs. Other expenses for our Financial Services segment primarily include operational product losses, network servicing fees, travel and occupancy-related costs, tools and subscriptions, and marketing expenses. 54 SoFi Technologies, Inc. TABLE OF CONTENTS SoFi Technologies, Inc. Notes to Condensed Consolidated Financial Statements (Continued) (Unaudited) (In Thousands, Unless Otherwise Stated and Except for Share and Per Share Data) The following table reconciles reportable segments total contribution profit to consolidated income before income taxes. Expenses not allocated to reportable segments represent items that are not considered by our CODM in evaluating segment performance or allocating resources. Three Months Ended September 30, Nine Months Ended September 30, 2025 2024 2025 2024 Reportable segments total contribution profit $ 519,528 $ 371,641 $ 1,403,845 $ 931,585 Corporate/Other total net revenue (loss) ( 65,983 ) ( 39,971 ) ( 175,077 ) 15,974 Intercompany expenses 23,974 9,931 58,351 25,227 Servicing rights – change in valuation inputs or assumptions 11,989 4,362 9,789 11,242 Residual interests classified as debt – change in valuation inputs or assumptions ( 15 ) ( 9 ) ( 62 ) ( 83 ) Not allocated to segments: Share-based compensation expense ( 66,469 ) ( 63,646 ) ( 193,481 ) ( 179,785 ) Employee-related costs (1) ( 94,926 ) ( 77,176 ) ( 269,709 ) ( 207,346 ) Depreciation and amortization expense ( 59,245 ) ( 51,791 ) ( 171,271 ) ( 149,953 ) Other corporate and unallocated (2) ( 120,302 ) ( 89,486 ) ( 321,860 ) ( 273,440 ) Income before income taxes $ 148,551 $ 63,855 $ 340,525 $ 173,421 __________________ (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. Goodwill Goodwill as of both September 30, 2025 and December 31, 2024 was $ 1,393,505 . As of September 30, 2025, goodwill attributable to the Lending, Technology Platform and Financial Services reportable segments was $ 17,688 , $ 1,338,658 and $ 37,159 , respectively. Management does not believe that the goodwill in any of the reporting units is impaired as of September 30, 2025. Note 17. Subsequent Events Management of the Company performed an evaluation of subsequent events that occurred after the balance sheet date through the date of this Quarterly Report on Form 10-Q, and determined that there were no subsequent events to report. 55 SoFi Technologies, Inc. TABLE OF CONTENTS Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations The following discussion and analysis provides information that management believes is relevant to an assessment and understanding of our consolidated results of operations and financial condition. You should read this discussion and analysis in conjunction with the condensed consolidated financial statements and notes thereto included elsewhere in this Quarterly Report on Form 10-Q, as well as SoFi Technologies’ audited consolidated financial statements and notes thereto included in our Annual Report on Form 10-K filed with the SEC on February 24, 2025 and subsequent filings with the SEC. Certain amounts may not foot or tie to other disclosures due to rounding. Certain information in this discussion and analysis or set forth elsewhere in this Quarterly Report on Form 10-Q contains forward-looking statements that involve numerous risks and uncertainties, including, but not limited to, those described under the sections entitled “Cautionary Statement Regarding Forward-Looking Statements” and Part I, Item 1A. Risk Factors in our Annual Report on Form 10-K. We assume no obligation to update any of these forward-looking statements. Actual results may differ materially from those contained in any forward-looking statements. Page Business Overview 57 Business Highlights 62 Non-GAAP Financial Measures 64 Key Business Metrics 70 Key Factors Affecting Operating Results 73 Consolidated Results of Operations 75 Net Interest Income 75 Noninterest Income 77 Provision for Credit Losses 78 Noninterest Expense 81 Income Taxes 82 Summary Results by Segment 83 Lending Segment 84 Technology Platform Segment 90 Financial Services Segment 92 Corporate/Other Segment 94 Consolidated Balance Sheet Analysis 96 Liquidity and Capital Resources 97 Critical Accounting Estimates 102 Recent Accounting Standards Issued, But Not Yet Adopted 103 56 SoFi Technologies, Inc. TABLE OF CONTENTS Business Overview We are a mission driven company designed to help our members achieve financial independence in order to realize their ambitions. To us, financial independence does not mean being wealthy, but rather represents the ability of our members to have the financial means to achieve their personal objectives at each stage of life, such as owning a home, having a family, or having a career of their choice — more simply stated, to have enough money to do what they want. We were founded in 2011 and have developed a suite of financial products that offers the speed, selection, content and convenience that only an integrated digital platform can provide. In order for us to achieve our mission, we have to help people get their money right, which means providing them with the ability to borrow better, save better, spend better, invest better and protect better. Everything we do today is geared toward helping our members “Get Your Money Right” and we strive to innovate and build ways for our members to achieve this goal. In order to help achieve our mission, we are a member-centric, one-stop shop for financial services that, through our Lending and Financial Services products, allows members to borrow, save, spend, invest and protect their money. We refer to our customers as “members” and “clients” as defined under “ Key Business Metrics ”. We offer personal loans, student loans, home loans and related servicing and offer a variety of financial services products, such as SoFi Money, SoFi Credit Card, SoFi Invest and SoFi Relay, that provide more daily interactions with our members, as well as products and capabilities, such as SoFi At Work, that are designed to appeal to enterprises. Lending related services that we offer through our Loan Platform Business help a broader range of borrowers to find lending solutions, through our relationships with members as well as third-party enterprise partners. We have also made strategic acquisitions to further expand our technology platform capabilities for enterprises, which we believe deepen our participation in the entire technology ecosystem powering digital financial services. We have built a personalized area within our digital native application, which we refer to as the member home experience. The member home experience is personalized and delivers content to a member about what they must do that day in their financial life, what they should consider doing that day in their financial life, and what they could do that day in their financial life. Through the member home experience, there are significant opportunities to build frequent engagement and, to date, the member home experience has been an important driver of new product adoption. The member home experience is an important part of our strategy and our ability to use data as a competitive advantage. To complement these products and services, we believe in establishing partnerships with other enterprises to leverage our existing capabilities to reach a broader market and in building vertically-integrated technology platforms designed to manage and deliver our suite of products and technology solutions to our members and clients in a low-cost and differentiated manner. Our three reportable segments and their primary product and service offerings as of September 30, 2025 were as follows: _________________ (1) Loan Platform Business includes activity related to (i) certain loans which we originate on behalf of third-party partners, (ii) referred loans which are originated by a third-party partner to which we provide pre-qualified borrower referrals, (iii) certain loans associated with our Lantern financial services marketplace platform, and (iv) servicing rights assumed from third parties. Refer to “ Financial Services Segment ” and “ Lending Segment ” for more information. 57 SoFi Technologies, Inc. TABLE OF CONTENTS Members We have created an innovative financial services platform designed to offer best-in-class products to meet the broad objectives of our members and the lifecycle of their financial needs. Our platform offers our members (as defined under “ Key Business Metrics ”) a suite of financial products and services, enabling them to borrow, save, spend, invest and protect their finances across one integrated platform, as well as personal financial management tools and benefits to complement our products. Our aim is to create a best-in-class, integrated financial services platform that will generate a virtuous cycle whereby positive member experiences will lead to new product adoption by existing members and enhanced profitability for each additional product by lowering overall member acquisition costs and increasing the lifetime value of our members. We refer to this virtuous cycle as our “Financial Services Productivity Loop”. We believe that developing a comprehensive, long-term relationship with our members and gaining their trust is central to our success as a financial services platform. We have a digital-first financial services platform that we believe can support all of our members’ financial services needs throughout their lifetime. We believe this will lead to a competitive advantage over financial institutions that provide a disjointed and non-seamless product experience, a lack of digital customer acquisition, subpar mobile web products instead of digital native apps and incomplete product offerings to meet a customer’s holistic financial needs. Enterprises In addition to benefiting our members, our products and capabilities are also designed to appeal to enterprises and have become interconnected with the SoFi platform, such as financial services institutions that subscribe to our enterprise services, third-party partners in our Loan Platform Business, and clients who utilize our technology platform services. While our enterprises are not considered members, they are important contributors to the growth of the SoFi platform, and also have their own constituents who might benefit from our products in the future. SoFi Bank SoFi Technologies is a bank holding company, and SoFi Bank is a nationally chartered association. Golden Pacific’s community bank business continues to operate as a division of SoFi Bank. As a bank holding company, we offer checking and savings accounts and credit cards through SoFi Bank. We are originating all new loans within SoFi Bank, and we intend to continue to explore other products for SoFi Bank over time. The key current and expected financial benefits to us of operating a national bank include: (i) lowering our cost to fund loans, as we can utilize deposits held at SoFi Bank to fund loans, which generally have a lower borrowing cost of funds than warehouse and securitization financing, (ii) increasing our flexibility to hold loans on our balance sheet for longer periods, thereby enabling us to earn interest on these loans for a longer period, (iii) supporting origination volume growth by providing an alternative financing option, while also maintaining our warehouse capacity, and (iv) through deposits, providing us with a channel to obtain meaningful member data that can allow us to better serve our members’ financial needs. See Part II, Item 1A. “ Risk Factors ” for a discussion of certain potential risks related to being a bank holding company. International Operations While we primarily operate in the United States, we also operate internationally in Latin America and Canada largely through our Technology Platform segment, as well as in Hong Kong through SoFi Holdings (Hong Kong) Limited (an investment business). Our Reportable Segments We conduct our business through three reportable segments: Lending, Technology Platform and Financial Services. Below is a discussion of our segments and their primary products and non-product offerings. Lending Segment We offer personal loans, student loans, home loans and related servicing to help our members with a variety of financial needs. We believe that our market opportunity within each of these lending channels is significant. Our lending process primarily leverages an in-application, digital borrowing experience, which we believe serves as a competitive advantage as digital lending becomes increasingly ubiquitous. Furthermore, our platform supports the full transaction lifecycle, including credit application, underwriting, approval, funding and servicing. Through data derived at loan origination and throughout the servicing process, SoFi has life-of-loan performance data on each loan in our ecosystem that we originate and on which we retain servicing, which provides a meaningful data asset. Net interest income, which we define as the difference between the 58 SoFi Technologies, Inc. TABLE OF CONTENTS earned interest income and interest expense to finance loans, is a key component of the profitability of our Lending segment, along with fee-based revenue, which includes loan origination fees. Personal Loans. We originate personal loans to help our members with a variety of financial needs, such as debt consolidation, home improvement projects, family planning, travel and weddings, to name a few. We offer fixed rate loans with flexible repayment terms. We generally offer loan sizes of $5,000 to $100,000, subject to legal and/or licensing requirements, with terms generally ranging from 2 to 7 years. We regularly update the annual percentage rates offered on our personal loans. Student Loans. We operate in the student loan refinance space, with a focus on prime and super-prime school loans, as well as the “in-school” lending space, which allows members to borrow funds while they attend school. We offer flexible loan sizes, repayment options and competitive rates. Within student loan refinancing, we generally offer loan sizes of $5,000 or higher, subject to legal and/or licensing requirements, with terms generally ranging from 5 to 20 years. Within in-school loans, we generally offer loan sizes of $1,000 or higher, subject to legal and/or licensing requirements, with terms generally ranging from 5 to 15 years. We regularly update the annual percentage rates offered on our fixed and variable-rate student loans. Home Loans. We offer agency, non-agency and certain government loans (e.g., VA and FHA loans) for members purchasing a home or refinancing an existing mortgage. During 2024, we began offering fixed rate home equity loans and HELOCs. For our home loan products, we offer competitive rates, flexible down payment options for as little as 3% (or 0% for VA loans), a close on time guarantee, and educational tools and calculators. For one-unit properties, we generally offer loan sizes of $75,000 to $806,500 in conforming normal cost areas (with exceptions for smaller loan sizes considered on a case-by-case basis), up to $1,209,750 in conforming high cost areas (GSE-eligible loans above the normal conforming limit, which is determined by county). For multi-unit properties, we offer loan sizes up to $2,326,875. In addition, we offer loan sizes up to $3,000,000 for jumbo loans (loans in the jumbo loan program), up to $1,500,000 for VA loans, and up to $524,225 for Federal Housing Administration loans in most areas. Our fixed rate home loans generally have terms of 10, 15, 20, 25 or 30 years. We offer adjustable rate mortgage products for conforming and jumbo loans, with a fixed rate for 5, 7 or 10 years followed by rate adjustments every six months for the remainder of the 30-year term, and for VA and FHA loans, with a fixed rate for 5 years followed by rate adjustments every year for the remainder of the 30-year term. We regularly update the annual percentage rates offered on our home loans. Lending Model We originate loans through our lending business, and have the option of pursuing a gain-on-sale origination model, whereby we seek to recognize a gain from these loans and sell them into either our whole loan or securitization channels, or holding loans on our balance sheet when advantageous. This enables us to maximize our return and balance our risk by earning interest on these loans for a longer period and to be selective in our sales arrangements. We sell our whole loans primarily to large financial institutions. In securitization transactions that do not qualify for sale accounting, the related assets remain on our balance sheet and cash proceeds received are reported as liabilities, with related interest expense recognized over the life of the related borrowing. In securitization transactions that qualify for sale accounting, we typically have insignificant continuing involvement as an investor. In the case of both whole loan sales and securitizations, and with the exception of certain of our home loans, we also continue to retain servicing rights to our originated loans following transfer. 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. This enables borrowers to gain access to all the benefits of becoming a SoFi member, and enhances our opportunities to sell additional products from across our platform to these members. See “ Financial Services Segment ” for more information. We directly service all of the personal loans that we originate through our lending business, as well as provide servicing in support of our Loan Platform Business on loans originated on behalf of third-party partners and servicing rights assumed from third parties. We act as master servicer for, and rely on sub-servicers to directly service, all of our student loans and GSE conforming home loans. We view servicing as an integral component of the Lending segment, as we believe our servicing function is an important asset because of the connection to the member it affords us throughout the life of the loan thereby enhancing the effectiveness of our Financial Services Productivity Loop by increasing member touchpoints and driving new product adoption by existing members. We rely upon deposits, warehouse financing and our own capital to enable us to continue to expand our origination capabilities. Our ability to utilize deposits held at SoFi Bank to fund our loans has lowered our overall cost of asset-backed financing relative to alternative sources of funding. We expect to benefit from the continued mix towards deposit funding through operating SoFi Bank. 59 SoFi Technologies, Inc. TABLE OF CONTENTS Underwriting Process We have developed an extensive underwriting process across each lending product that is focused on willingness to pay (measured by credit attributes and risk scores), ability to pay (measured through free cash flow), and stability (measured by credit experience). A key element of our underwriting process is the ability to facilitate risk-based interest rates that we believe are appropriate for each loan using proprietary risk models. We believe the outcome of this process helps us determine a more data-driven, risk-adjusted interest rate that we can offer our members. Further, our data and monitoring tools enable us to implement risk mitigation strategies quickly and efficiently, including underwriting standard adjustments to adapt our operations to changing environments and expectations. Our personal loan and student loan underwriting models are typically based on credit reports, standard industry credit scores, custom credit assessment models, and debt capacity analysis, as indicated by borrower free cash flow. Home loans originated by SoFi that are agency-conforming loans are subject to credit, debt-to-income, and collateral eligibility established by the GSEs. Government loans, such as VA and Federal Housing Administration loans, are subject to the underwriting requirements established by the appropriate government agency. In addition to these requirements, agency-conforming and government loans may be subject to credit eligibility criteria established by SoFi as well as individual investor requirements. Other non-agency loans originated by us, such as jumbo loans, home equity loans and HELOCs, are subject to credit eligibility established by SoFi and/or investor credit criteria, which typically includes established credit history requirements, credit score requirements, income verification, as well as maximum limits on debt-to-income and caps on loan-to-value. We also leverage our data to provide existing members a streamlined application process through automation. Across our loan products, existing members generally experience a higher approval rate than new members, subject to the existing member being in good standing on their existing products. Technology Platform Segment We provide technology platform services through a diversified suite of offerings which include an event and authorization platform accessed via application programming interfaces, a cloud-native digital and core banking platform and services related to both platforms. Our customers and partners include financial institutions, government entities and non-financial institutions primarily in North America and Latin America. We earn technology product and solutions fee-based revenue through the use of the platforms, either as a stand ready obligation, or from overall license and maintenance fee service arrangements related to those respective platforms. We also offer additional add-on technology solutions to support our clients and drive engagement, such as a conversational AI engine for customers of banks and financial institutions, and a real-time payment risk platform which employs AI and machine learning technology to enhance payment fraud mitigation strategies for financial customers. We continue to leverage investments made to integrate our services and offerings to position the Technology Platform segment for diversified durable growth. Financial Services Segment We offer a suite of financial services solutions, the most significant of which are discussed below. Our financial services products (as defined under “ Key Business Metrics ”) by nature provide more daily interactions with our members and are differentiated from our lending products, which inherently provide less consistent touchpoints with our members. We also offer financial services solutions which are designed to appeal to enterprises, including our At Work product and lending related services offered through our Loan Platform Business. Certain products, such as our complementary SoFi Relay product, do not provide direct sources of revenue but foster additional touch points with our members. We believe that our suite of financial services offerings provide many ways for our members to actively engage in getting their money right as well as attractive enterprise solutions. This enables us to deliver positive experiences through various channels, building trust and durable relationships which can ultimately demonstrate the effectiveness of our Financial Services Productivity Loop virtuous cycle. SoFi Money : Checking and savings accounts provide a digital banking experience which allows members to spend, save and earn interest and rewards in flexible ways. We believe SoFi Checking and Savings accounts held at SoFi Bank are attractive to our members and prospective members due to our differentiated offerings, including competitive interest rates, access to expanded FDIC insurance coverage of up to $3 million through our Insured Deposit Program and the convenience and benefits of being part of a cohesive, simplified financial ecosystem within our mobile platform. SoFi Invest : A mobile-first investment platform offering members access to trading and advisory solutions, such as active investing and robo-advisory. Our interactive investing experience fosters engagement by allowing members to view and monitor other investors’ activity on the platform. Our active investing service enables members to buy and sell stocks and ETFs, as well as alternative investment funds, mutual funds and money market funds, to engage in options trading, to 60 SoFi Technologies, Inc. TABLE OF CONTENTS participate in IPOs, to buy and sell fractional shares, to engage in margin investing and to access a retirement investment account. Our robo-advisory service offers a variety of managed portfolios comprising ETFs and mutual funds that are built and managed by our investment committee with support from an asset management partner. Additionally, we provide introductory brokerage services to our members and have invested heavily to create an appealing mobile investing experience. Loan Platform Business : We provide lending related services to a broader set of members through our platform of enterprise partners. Revenue from the Loan Platform Business is fee-based. This includes (i) activity through which third-party partners leverage our end-to-end origination and servicing platform to acquire loans within their credit specifications on a fee per loan basis, (ii) referred loans originated by a third-party partner to which we provide pre-qualified borrower referrals, and (iii) activity related to certain loans associated with our Lantern financial services marketplace platform. In addition, we offer loan servicing support through our lending business. See “ Lending Segment ” for more information. Additional financial services solutions offered within our platform include: • SoFi Credit Card : Designed to help eligible members spend better. We offer three different credit card products, all of which feature no annual fee, no foreign transaction fees and cash back rewards on trips booked through SoFi Travel. The SoFi Essential credit card offers a reliable credit line for those focused on building or improving their credit scores. Our SoFi Unlimited and Everyday Cash Rewards cash back credit cards also feature flexible options to redeem cash back rewards through statement credit or other SoFi products, with a 10% boost on cash back rewards earned for SoFi Plus members. • SoFi Relay: A personal finance management product that allows members to track all of their financial accounts in one place and gain meaningful insights into their financial health and habits to help them improve their financial standing, such as credit score monitoring and spending behaviors. SoFi Relay also provides us with unified intelligence about our members that offers information about what SoFi products and features may help our members best achieve their financial goals, allowing us to further personalize the SoFi experience for our members. • Lantern : A financial services marketplace platform developed to help small businesses and individuals who do not qualify for SoFi products, through a simplified search and application experience that connects these users to alternative financial solutions from a curated network of other providers. • SoFi Protect : A service through which we partner with providers who offer insurance products to help our members protect their assets, including providers across auto, life, homeowners, renters, and cyber insurance products and estate planning. • SoFi Travel : A service through which we partner with a provider to offer an easy travel search and booking experience that can be managed directly through the SoFi app or website, alongside expanded member benefits including member prices on certain bookings and additional cash back rewards on purchases made with SoFi Credit Card. • SoFi At Work : A service through which we partner with other enterprises looking for a seamless way to provide financial benefits to their employees, such as student loan payments made on their employees’ behalf. We believe that the content and features we provide within our mobile application can spur more financial education, which leads to more ways for our members to actively engage in getting their money right. We earn revenues, both net interest income and fee-based, in connection with our Financial Services segment primarily in the ways listed below. See Note 16. Business Segment Information and Note 2. Revenue to the Notes to Condensed Consolidated Financial Statements for additional information on the FTP framework and Financial Services revenue from contracts with customers. Certain products, such as our complementary product SoFi Relay, do not provide direct sources of revenue. Revenue is driven primarily by variability in product utilization by members, as well as volume of transactions related to arrangements that we enter into with enterprise partners as outlined below. • Net interest income : Net interest income is a key component of the profitability of our Financial Services segment as it relates primarily to our SoFi Money and credit card products. Net interest income on SoFi Money is based on interest income determined using our FTP framework, net of interest expense based on the interest rate offered to our members on their deposits. Net interest income on credit card is based on the contractual interest included in credit card agreements, net of interest expense as determined using the FTP framework. • Loan Platform Business, other fees : Through our Loan Platform Business, we originate loans on behalf of third-party partners, for which we receive a specified fee upon sale. The fee includes components for a fixed price per loan and recognition of servicing assets. These fees accounted for 63% of our total Financial Services noninterest income for the nine months ended September 30, 2025. 61 SoFi Technologies, Inc. TABLE OF CONTENTS • Referral fees : Through strategic partnerships, we earn a specified referral fee in connection with referral activity we facilitate through our platform, inclusive of referral fees generated through our Loan Platform Business for providing pre-qualified borrower referrals (referred loans) to a third-party partner who separately contracts with a loan originator. Referral fees are paid to us by third-party partners that offer services to end users who do not use one of our product offerings, but who were referred to the partners through our platform. Our referral fee is calculated as either a fixed price per successful referral, a percentage of the funded loan, or a percentage of the transaction volume between the enterprise partners and referred consumers. Total referral fees, inclusive of referral fees generated through our Loan Platform Business, accounted for 13% of our total Financial Services noninterest income for the nine months ended September 30, 2025. • Interchange fees : We earn interchange fees from our SoFi-branded debit cards and credit cards. These fees are remitted by merchants and represent a percentage of the underlying transaction value processed through a payment network. We engage a card association and enter into contracts that establish the shared economics of SoFi-branded transaction cards. Interchange fees accounted for 15% of our total Financial Services noninterest income for the nine months ended September 30, 2025. • Brokerage fees : We earn brokerage fees primarily from our share lending and payment for order flow arrangements related to our SoFi Invest product, in which we benefit through a negotiated multi-year revenue sharing arrangement, since our members' brokerage activity drives the share lending and payment for order flow volume. Brokerage fees accounted for 5% of our total Financial Services noninterest income for the nine months ended September 30, 2025. Business Highlights SoFi is a financial services company that leverages technology to serve people and enterprises. We reported a number of key financial achievements in the three and nine months ended September 30, 2025, including total net revenue of $961.6 million and $2.6 billion, respectively, representing an increase of 38% and 33% , respectively, over total net revenue in the same periods of 2024. For the third quarter of 2025, total fee-based revenue reached a record of $408.7 million, compared to $272.1 million in the same period of 2024, a year-over-year increase of 50%. This was driven by strong performance from our Loan Platform Business, as well as origination fee revenue, referral fee revenue, interchange fee revenue and brokerage fee revenue. Diluted EPS for the three and nine months ended September 30, 2025 was $0.11 and $0.25, respectively, compared to diluted EPS of $0.05 and $0.08, respectively, in the same periods of 2024. Diluted EPS for the 2024 periods do not include benefits from the gain on convertible debt exchanges in the first and third quarters of 2024. The following tables set forth selected financial data: Three Months Ended September 30, 2025 vs 2024 Nine Months Ended September 30, 2025 vs 2024 ($ in thousands, except per share amounts) 2025 2024 $ Change % Change 2025 2024 $ Change % Change Net interest income $ 585,114 $ 431,010 $ 154,104 36 % $ 1,601,677 $ 1,246,312 $ 355,365 29 % Total noninterest income 376,486 266,111 110,375 41 % 986,626 694,422 292,204 42 % Total net revenue 961,600 697,121 264,479 38 % 2,588,303 1,940,734 647,569 33 % Provision for credit losses 9,199 6,013 3,186 53 % 24,912 24,835 77 — % Total noninterest expense 803,850 627,253 176,597 28 % 2,222,866 1,742,478 480,388 28 % Net income $ 139,392 $ 60,745 $ 78,647 129 % $ 307,771 $ 166,192 $ 141,579 85 % Earnings per share – diluted $ 0.11 $ 0.05 $ 0.06 120 % $ 0.25 $ 0.08 $ 0.17 213 % Net interest margin 5.84 % 5.57 % 5.90 % 5.76 % ($ in thousands) September 30, 2025 December 31, 2024 $ Change % Change Loans held for sale $ 21,587,350 $ 17,684,892 $ 3,902,458 22 % Loans held for investment, at fair value 11,827,987 8,597,368 3,230,619 38 % Loans held for investment, at amortized cost 1,483,950 1,246,458 237,492 19 % Total deposits 32,946,399 25,978,204 6,968,195 27 % Total risk-based capital ratio, SoFi Technologies 20.2 % 16.2 % Total risk-based capital ratio, SoFi Bank 17.8 % 17.5 % Continued growth in both total members and products, along with improving operating efficiency, reflects the benefits of our broad product suite and Financial Services Productivity Loop strategy. Total members reached over 12.6 million as of 62 SoFi Technologies, Inc. TABLE OF CONTENTS September 30, 2025, a 35% increase from the prior year period, while total products reached nearly 18.6 million as of September 30, 2025, a 36% year-over-year increase. Three Months Ended September 30, 2025 vs 2024 Nine Months Ended September 30, 2025 vs 2024 ($ in thousands) 2025 2024 $ Change % Change 2025 2024 $ Change % Change Lending Total net revenue $ 493,382 $ 396,245 97,137 25 % $ 1,350,267 $ 1,067,426 282,841 26 % Contribution profit 261,600 238,928 22,672 9 % 745,245 644,585 100,660 16 % Technology Platform Total net revenue 114,578 102,539 12,039 12 % 327,838 292,343 35,495 12 % Contribution profit 32,371 32,955 (584) (2) % 96,479 94,848 1,631 2 % Financial Services Total net revenue 419,623 238,308 181,315 76 % 1,085,275 564,991 520,284 92 % Contribution profit 225,557 99,758 125,799 126 % 562,121 192,152 369,969 193 % Lending segment contribution profit of $261.6 million and $745.2 million for the three and nine months ended September 30, 2025, respectively, at a segment contribution margin of 53% and 55%, respectively, increased 9% and 16% over the respective 2024 periods, which had a segment contribution margin of 60% and 60%, respectively. Lending segment performance was driven by net interest income primarily driven by growth in average loan balances. Origination volume for our Lending products increased 57% and 62% for the three and nine months ended September 30, 2025, respectively, as a result of continued strong member demand for personal loans, student loans and home loans as well as strong demand from capital markets partners. Overall, we sold, or transferred through our Loan Platform Business, more than $4.6 billion and $11.1 billion in total of personal loans, student loans and home loans during the three and nine months ended September 30, 2025, respectively. We believe that the growth opportunity for the Loan Platform Business continues to be strong. Technology Platform segment contribution profit of $32.4 million and $96.5 million for the three and nine months ended September 30, 2025, respectively, decreased 2% and increased 2% over the respective 2024 periods, and total net revenue of $114.6 million and $327.8 million for the three and nine months ended September 30, 2025, respectively, increased 12% over the respective 2024 periods. Technology Platform total enabled client accounts was 158 million down from 160 million in the prior year period. SoFi continues to diversify its Technology Platform client base. During the quarter, SoFi announced partnerships with several more U.S. consumer brands as we continue to work with a broader range of companies to help bring innovative programs that drive greater loyalty and engagement with their customers. Within our Financial Services segment, contribution profit of $225.6 million and $562.1 million for the three and nine months ended September 30, 2025, respectively, significantly improved compared to a contribution profit of $99.8 million and $192.2 million in the respective 2024 periods. Total net revenue of $419.6 million and $1.1 billion for the three and nine months ended September 30, 2025, respectively, increased 76% and 92% over the respective 2024 periods. In the third quarter of 2025, we generated $164.9 million in loan platform fees, driven by $3.4 billion of personal loans originated on behalf of third parties, as well as referrals. Additionally, our Loan Platform Business generated $3.0 million in servicing cash flow which is recorded in our Lending segment. In total, our Loan Platform Business added $167.9 million to our consolidated adjusted net revenue across these two segments. We also continued to see healthy growth in interchange fee revenue in the third quarter of 2025, up 55% year-over-year, driven by increased spend across Money and Credit Card. We plan to continue to pursue opportunities to increase fee-based revenue. We achieved continued strong growth in member deposits and strong deposit contribution from direct deposit members, ending the period with $32.9 billion of total deposits as of September 30, 2025, allowing us to maintain diversified sources of funding. Total deposit funds grew nearly $3.4 billion during the quarter. We continue to provide our members with access to expanded FDIC insurance coverage through a network of participating banks in our Insured Deposit Program, further enhancing the benefits of our offering to our members. The strength of our results underscores our belief that our suite of differentiated products and services provides the foundation for a diversified business that can endure through market cycles as well as in the face of exogenous factors. For instance, our access to multiple channels of funding, including deposit and loan warehouse funding, provides an increased optionality in sourcing liquidity through different environments and periods of capital markets volatility, as well as increases our flexibility to capture additional net interest margin and optimize returns. This typically provides more stable earnings in any macroeconomic environment, but is particularly important during times of macroeconomic volatility. 63 SoFi Technologies, Inc. TABLE OF CONTENTS During the first quarter of 2025, we added a fee-based subscription option to get access to SoFi Plus, our premium financial membership that brings together the best of all we have to offer, with exclusive access to preferred pricing on products, extra rewards, complimentary financial planning, live events and more. Members can still access SoFi Plus by setting up direct deposit to a SoFi Money checking and savings account. We continue to strive to innovate and develop new products and services, and have announced the first two crypto and blockchain innovations across our products and services. First is self-serve global remittance services which allows SoFi Money members to seamlessly and securely transfer money internationally, to help our members support family abroad, make purchases outside the U.S., or manage their money across borders. Members are currently able to send money to Mexico, with planned rollouts into additional international markets in the future. The second is our return to crypto investing, which when launched, is expected to provide members the ability to buy, sell, and hold a selection of crypto currencies. Non-GAAP Financial Measures This Quarterly Report on Form 10-Q presents information about certain non-GAAP financial measures provided as supplements to the results provided in accordance with GAAP. Our management and Board of Directors use these non-GAAP measures, to evaluate our operating performance, formulate business plans, help better assess our overall liquidity position, and make strategic decisions, including those relating to operating expenses and the allocation of internal resources. Accordingly, we believe that these non-GAAP measures provide useful information to investors and others in understanding and evaluating our operating results in the same manner as our management and Board of Directors. These non-GAAP measures have limitations as analytical tools, and should not be considered in isolation from, or as a substitute for, the analysis of other GAAP financial measures. Other companies may not use these non-GAAP measures or may use similar measures that are defined in a different manner. Therefore, our non-GAAP measures may not be directly comparable to similarly titled measures of other companies. Adjusted Net Revenue Adjusted net revenue is a non-GAAP measure. Adjusted net revenue is defined as total net revenue, adjusted to exclude the fair value changes in servicing rights and residual interests classified as debt due to valuation inputs and assumptions changes, which relate only to our Lending segment, as well as gains and losses on extinguishment of debt. We adjust total net revenue to exclude these items, as they are non-cash charges that are not realized during the period or not indicative of our core operating performance, and therefore positive or negative changes do not impact the cash available to fund our operations. Management believes this measure is useful because it enables management and investors to assess our underlying operating performance and cash available to fund our operations. In addition, management uses this measure to better decide on the proper expenses to authorize for each of our operating segments, to ultimately help achieve target contribution profit margins. Total Net Revenue and Adjusted Net Revenue In Thousands 64 SoFi Technologies, Inc. TABLE OF CONTENTS The following table reconciles adjusted net revenue to total net revenue, the most directly comparable GAAP measure: Three Months Ended September 30, Nine Months Ended September 30, ($ in thousands) 2025 2024 2025 2024 Total net revenue (GAAP) $ 961,600 $ 697,121 $ 2,588,303 $ 1,940,734 Servicing rights – change in valuation inputs or assumptions (1) (11,989) (4,362) (9,789) (11,242) Residual interests classified as debt – change in valuation inputs or assumptions (2) 15 9 62 83 Gain on extinguishment of debt (3) — (3,323) — (62,517) Adjusted net revenue (non-GAAP) $ 949,626 $ 689,445 $ 2,578,576 $ 1,867,058 ___________________ (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 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, 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) Reflects gain on extinguishment of debt. Gains and losses are recognized during the period of extinguishment for the difference between the net carrying amount of debt extinguished and the fair value of equity securities issued. The following table reconciles adjusted net revenue to total net revenue, the most directly comparable GAAP measure, for the quarterly periods presented: Quarter Ended ($ in thousands) September 30, 2025 June 30, 2025 March 31, 2025 December 31, 2024 September 30, 2024 Total net revenue (GAAP) $ 961,600 $ 854,944 $ 771,759 $ 734,125 $ 697,121 Servicing rights – change in valuation inputs or assumptions (1) (11,989) 3,274 (1,074) 4,962 (4,362) Residual interests classified as debt – change in valuation inputs or assumptions (2) 15 12 35 25 9 Gain on extinguishment of debt (3) — — — — (3,323) Adjusted net revenue (non-GAAP) $ 949,626 $ 858,230 $ 770,720 $ 739,112 $ 689,445 ___________________ (1) See footnote (1) to the table above. (2) See footnote (2) to the table above. (3) See footnote (3) to the table above. The following table reconciles adjusted net revenue for the Lending segment to total net revenue for the Lending segment, the most directly comparable GAAP measure: Three Months Ended September 30, Nine Months Ended September 30, ($ in thousands) 2025 2024 2025 2024 Total net revenue – Lending (GAAP) $ 493,382 $ 396,245 $ 1,350,267 $ 1,067,426 Servicing rights – change in valuation inputs or assumptions (1) (11,989) (4,362) (9,789) (11,242) Residual interests classified as debt – change in valuation inputs or assumptions (2) 15 9 62 83 Adjusted net revenue – Lending (non-GAAP) $ 481,408 $ 391,892 $ 1,340,540 $ 1,056,267 ___________________ (1) See footnote (1) to the table above. (2) See footnote (2) to the table above. Adjusted Contribution Margin and Incremental Adjusted Contribution Margin — Lending Adjusted contribution margin and incremental adjusted contribution margin are non-GAAP measures and relate only to our Lending segment. Adjusted contribution margin is defined as segment contribution profit for the Lending segment, divided by adjusted net revenue for the Lending segment, a non-GAAP measure. Incremental adjusted contribution margin is defined as the change in segment contribution profit for our Lending segment, divided by change in adjusted net revenue for the Lending segment. See ‘ Adjusted Net Revenue’ above for a reconciliation of Lending segment adjusted net revenue. 65 SoFi Technologies, Inc. TABLE OF CONTENTS Management believes adjusted contribution margin metrics are useful because they enable management and investors to assess the underlying operating performance of our Lending segment, by removing the impact of changes in volume over periods to present a comparable view of segment contribution profit, which is a measure of the direct profitability of each of our reportable segments, as a percentage of segment adjusted net revenue for the Lending segment during each period. The following table presents a reconciliation of adjusted contribution margin and incremental adjusted contribution margin for our reportable Lending segment: Three Months Ended September 30, 2025 vs 2024 Nine Months Ended September 30, 2025 vs 2024 ($ in thousands) 2025 2024 $ Change 2025 2024 $ Change Lending Contribution profit – Lending (GAAP) $ 261,600 $ 238,928 $ 22,672 $ 745,245 $ 644,585 $ 100,660 Net revenue – Lending (GAAP) 493,382 396,245 97,137 1,350,267 1,067,426 282,841 Contribution margin – Lending (GAAP) (1) 53 % 60 % 55 % 60 % Incremental contribution margin – Lending (GAAP) (1) 23 % 36 % Adjusted net revenue – Lending (non-GAAP) (2) $ 481,408 $ 391,892 $ 89,516 $ 1,340,540 $ 1,056,267 $ 284,273 Adjusted contribution margin – Lending (non-GAAP) 54 % 61 % 56 % 61 % Incremental adjusted contribution margin – Lending (non-GAAP) 25 % 35 % ___________________ (1) Contribution margin is defined for each of our reportable segments as contribution profit (loss), divided by net revenue. Incremental contribution margin for each of our reportable segments is defined as the change in segment contribution profit (loss), divided by change in net revenue. (2) Refer to ‘ Adjusted Net Revenue ’ above for reconciliation of this non-GAAP measure. Adjusted EBITDA, Adjusted EBITDA Margin and Incremental Adjusted EBITDA Margin Adjusted EBITDA, adjusted EBITDA margin and incremental adjusted EBITDA margin are non-GAAP measures. Adjusted EBITDA is defined as net income, adjusted to exclude, as applicable: (i) corporate borrowing-based interest expense (our adjusted EBITDA measure is not adjusted for warehouse or securitization-based interest expense, nor deposit interest expense and finance lease liability interest expense, as these are direct operating expenses), (ii) income tax expense (benefit), (iii) depreciation and amortization, (iv) share-based expense (inclusive of equity-based payments to non-employees), (v) restructuring charges, (vi) impairment expense (inclusive of goodwill impairments and property, equipment and software abandonments), (vii) transaction-related expenses, (viii) foreign currency impacts related to operations in highly inflationary countries, (ix) fair value changes in each of servicing rights and residual interests classified as debt due to valuation assumptions, (x) gain on extinguishment of debt, and (xi) other charges, as appropriate, that are not expected to recur and are not indicative of our core operating performance. Adjusted EBITDA margin is computed as adjusted EBITDA divided by adjusted net revenue. Incremental adjusted EBITDA margin is defined as the change in adjusted EBITDA, divided by change in adjusted net revenue. See ‘ Adjusted Net Revenue’ above for a reconciliation of this non-GAAP measure. Management believes adjusted EBITDA, adjusted EBITDA margin and incremental adjusted EBITDA margin are useful measures for period-over-period comparisons of our business. These measures enable management and investors to assess our core operating performance or results of operations by removing the effects of certain non-cash items and charges, as well as the impact of changes in volume over periods as applicable. In addition, management uses these measures to help evaluate cash flows generated from operations and the extent of additional capital, if any, required to invest in strategic initiatives. 66 SoFi Technologies, Inc. TABLE OF CONTENTS Net Income and Adjusted EBITDA In Thousands The following table reconciles adjusted EBITDA to net income, the most directly comparable GAAP measure, and presents the computations of adjusted EBITDA margin and incremental adjusted EBITDA margin: Three Months Ended September 30, 2025 vs 2024 Nine Months Ended September 30, 2025 vs 2024 ($ in thousands) 2025 2024 $ Change 2025 2024 $ Change Net income (GAAP) $ 139,392 $ 60,745 $ 78,647 $ 307,771 $ 166,192 $ 141,579 Non-GAAP adjustments: Interest expense – corporate borrowings (1) 11,595 12,871 (1,276) 34,527 36,307 (1,780) Income tax expense (2) 9,159 3,110 6,049 32,754 7,229 25,525 Depreciation and amortization 59,245 51,791 7,454 171,271 149,953 21,318 Share-based expense 66,469 63,646 2,823 193,481 179,785 13,696 Restructuring charges (3) 41 1,275 (1,234) 928 1,275 (347) Foreign currency impact of highly inflationary subsidiaries (4) 2,954 475 2,479 5,296 843 4,453 Transaction-related expense (5) — — — — 615 (615) Servicing rights – change in valuation inputs or assumptions (6) (11,989) (4,362) (7,627) (9,789) (11,242) 1,453 Residual interests classified as debt – change in valuation inputs or assumptions (7) 15 9 6 62 83 (21) Gain on extinguishment of debt (8) — (3,323) 3,323 — (62,517) 62,517 Total adjustments 137,489 125,492 11,997 428,530 302,331 126,199 Adjusted EBITDA (non-GAAP) $ 276,881 $ 186,237 $ 90,644 $ 736,301 $ 468,523 $ 267,778 Total net revenue (GAAP) $ 961,600 $ 697,121 $ 264,479 $ 2,588,303 $ 1,940,734 $ 647,569 Net income margin (GAAP) 14 % 9 % 12 % 9 % Incremental net income margin (GAAP) 30 % 22 % Adjusted net revenue (non-GAAP) (9) $ 949,626 $ 689,445 $ 260,181 $ 2,578,576 $ 1,867,058 $ 711,518 Adjusted EBITDA margin (non-GAAP) 29 % 27 % 29 % 25 % Incremental adjusted EBITDA margin (non-GAAP) 35 % 38 % ___________________ (1) Our adjusted EBITDA measure adjusts for corporate borrowing-based interest expense, as these expenses are a function of our capital structure. Corporate borrowing-based interest expense includes interest on our revolving credit facility, as well as interest expense and the amortization of debt discount and debt issuance costs on our convertible notes. 67 SoFi Technologies, Inc. TABLE OF CONTENTS (2) The income tax expense recognized in 2025 is primarily attributable to the Company’s profitability, partially offset by discrete tax benefits for stock compensation recorded in each quarter. See Note 13. Income Taxes to the Notes to Condensed Consolidated Financial Statements for additional information. (3) Restructuring charges relate to legal entity restructuring. (4) Foreign currency charges reflect the impacts of highly inflationary accounting for our operations in Argentina, which are related to our Technology Platform segment and commenced in the first quarter of 2022 with the Technisys Merger. (5) Transaction-related expense in the 2024 periods included financial advisory and professional services costs associated with our acquisition of Wyndham. (6) Reflects changes in fair value inputs and assumptions, including market servicing costs, conditional prepayment, default rates and discount rates. This non-cash change is unrealized during the period and, therefore, has no impact on our cash flows from operations. As such, these positive and negative changes in fair value attributable to assumption changes are adjusted out of net income to provide management and financial users with better visibility into the earnings available to finance our operations. (7) Reflects changes in fair value inputs and assumptions, including conditional prepayment, default rates and discount rates. When third parties finance our consolidated VIEs through purchasing residual interests, we receive proceeds at the time of the securitization close and, thereafter, pass along contractual cash flows to the residual interest owner. These obligations are measured at fair value on a recurring basis, which has 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. As such, these positive and negative non-cash changes in fair value attributable to assumption changes are adjusted out of net income to provide management and financial users with better visibility into the earnings available to finance our operations. (8) Reflects gain on extinguishment of debt. Gains and losses are recognized during the period of extinguishment for the difference between the net carrying amount of debt extinguished and the fair value of equity securities issued. (9) Refer to ‘ Adjusted Net Revenue ’ above for reconciliation of this non-GAAP measure. The following table reconciles adjusted EBITDA to net income, the most directly comparable GAAP measure, for the quarterly periods presented: Quarter Ended ($ in thousands) September 30, 2025 June 30, 2025 March 31, 2025 December 31, 2024 September 30, 2024 Net income (GAAP) $ 139,392 $ 97,263 $ 71,116 $ 332,473 $ 60,745 Non-GAAP adjustments: Interest expense – corporate borrowings 11,595 11,504 11,428 12,039 12,871 Income tax expense (benefit) 9,159 14,929 8,666 (272,549) 3,110 Depreciation and amortization 59,245 56,743 55,283 53,545 51,791 Share-based expense 66,469 63,256 63,756 66,367 63,646 Restructuring charges 41 36 851 255 1,275 Foreign currency impact of highly inflationary subsidiaries 2,954 2,066 276 840 475 Servicing rights – change in valuation inputs or assumptions (11,989) 3,274 (1,074) 4,962 (4,362) Residual interests classified as debt – change in valuation inputs or assumptions 15 12 35 25 9 Gain on extinguishment of debt — — — — (3,323) Total adjustments 137,489 151,820 139,221 (134,516) 125,492 Adjusted EBITDA (non-GAAP) $ 276,881 $ 249,083 $ 210,337 $ 197,957 $ 186,237 Total net revenue (GAAP) $ 961,600 $ 854,944 $ 771,759 $ 734,125 $ 697,121 Net income margin (GAAP) 14 % 11 % 9 % 45 % 9 % Adjusted net revenue (non-GAAP) $ 949,626 $ 858,230 $ 770,720 $ 739,112 $ 689,445 Adjusted EBITDA margin (non-GAAP) 29 % 29 % 27 % 27 % 27 % Adjusted Net Income, Adjusted Net Income Margin, Incremental Adjusted Net Income Margin and Adjusted EPS Adjusted net income, adjusted net income margin, incremental adjusted net income margin and adjusted diluted earnings per share are non-GAAP measures. Adjusted net income is defined as net income, adjusted to exclude, as applicable, goodwill impairment expense and certain income tax benefits that are not expected to recur and are not indicative of our core operating performance. Adjusted diluted earnings per share (“adjusted EPS”) is a non-GAAP financial measure that adjusts GAAP diluted earnings per share. Adjusted EPS is computed by dividing net income attributable to common stockholders, adjusted to exclude, as applicable, goodwill impairment expense and certain income tax benefits that are not expected to recur and are not indicative of our core operating performance, by the diluted weighted average number of shares of common stock outstanding during the 68 SoFi Technologies, Inc. TABLE OF CONTENTS period, excluding the dilutive impact of the 2026 and 2029 convertible notes under the if-converted method for which the 2026 and 2029 capped call transactions, respectively, would deliver cash or shares to offset dilution. Adjusted net income margin is computed as adjusted net income divided by adjusted net revenue. Incremental adjusted net income margin is defined as the change in adjusted net income, divided by change in adjusted net revenue. See ‘ Adjusted Net Revenue’ above for a reconciliation of this non-GAAP measure. Management believes adjusted net income, adjusted net income margin, incremental adjusted net income margin and adjusted EPS are useful because they enable management and investors to assess our core operating performance or results of operations, by removing the effects of certain non-cash items and charges to present a comparable view for period over period comparisons of our business. The following table: (i) reconciles adjusted net income to net income, the most directly comparable GAAP measure, (ii) reconciles adjusted EPS to diluted earnings per share, the most directly comparable GAAP measure, and (iii) presents the computations of adjusted net income margin and incremental adjusted net income margin. Three Months Ended September 30, 2025 vs 2024 Nine Months Ended September 30, 2025 vs 2024 ($ and shares in thousands, except per share amounts) (1) 2025 2024 $ Change 2025 2024 $ Change Net income (GAAP) $ 139,392 $ 60,745 $ 78,647 $ 307,771 $ 166,192 $ 141,579 Adjusted net income (non-GAAP) $ 139,392 $ 60,745 $ 78,647 $ 307,771 $ 166,192 $ 141,579 Numerator: Net income attributable to common stockholders – diluted (GAAP) (2) $ 139,738 $ 58,059 $ 308,807 $ 88,928 Adjusted net income attributable to common stockholders – diluted (non-GAAP) $ 139,738 $ 58,059 $ 308,807 $ 88,928 Denominator: Weighted average common stock outstanding – diluted (GAAP) 1,291,011 1,104,450 1,220,053 1,078,402 Non-GAAP adjustments: Dilutive impact of convertible notes (3) (20,630) — (25,614) — Adjusted weighted average common stock outstanding – diluted (non-GAAP) 1,270,381 1,104,450 1,194,439 1,078,402 Earnings per share – diluted (GAAP) (2) $ 0.11 $ 0.05 $ 0.25 $ 0.08 Impact of adjustments per share — — 0.01 — Adjusted earnings per share – diluted (non-GAAP) (2) $ 0.11 $ 0.05 $ 0.26 $ 0.08 Net income margin (GAAP) 14 % 9 % 12 % 9 % Adjusted net revenue (non-GAAP) (4) $ 949,626 $ 689,445 $ 2,578,576 $ 1,867,058 Adjusted net income margin (non-GAAP) 15 % 9 % 12 % 9 % Incremental adjusted net income margin (non-GAAP) 30 % 20 % ____________________ (1) Certain amounts may not recalculate exactly using the rounded amounts provided. Earnings per share is calculated based on unrounded numbers. (2) Diluted earnings per share and diluted net income attributable to common stockholders exclude gain on extinguishment of debt, net of tax, as well as interest expense incurred, net of tax, associated with convertible note activity during the period as evaluated under the if-converted method. (3) This non-GAAP adjustment excludes the dilutive impact of the 2026 and 2029 convertible notes, to the extent that the 2026 and 2029 capped call transactions, respectively, would deliver cash or shares to offset dilution. (4) Refer to ' Adjusted Net Revenue ' above for reconciliation of this non-GAAP measure. 69 SoFi Technologies, Inc. TABLE OF CONTENTS Key Business Metrics The table below presents the key business metrics that management uses to evaluate our business, measure our performance, identify trends and make strategic decisions: September 30, 2025 September 30, 2024 Variance % Change Members 12,642,375 9,372,615 3,269,760 35 % Total Products 18,553,053 13,650,730 4,902,323 36 % Total Products — Lending segment 2,462,588 1,890,761 571,827 30 % Total Products — Financial Services segment 16,090,465 11,759,969 4,330,496 37 % Total Accounts — Technology Platform segment 157,859,670 160,179,299 (2,319,629) (1) % See “Summary Results by Segment” for additional metrics we review at the segment level. Members We refer to our customers as “members”. We define a member as someone who has a lending relationship with us through origination and/or ongoing servicing, opened a financial services account, linked an external account to our platform, or signed up for our credit score monitoring service. Our members have access to our CFPs, our member events, our content, educational material, news, and our tools and calculators, which are provided at no cost to the member. Additionally, our mobile application and website have a member home experience that is personalized and delivers content to a member about what they must do that day in their financial life, what they should consider doing that day in their financial life, and what they can do that day in their financial life. Beginning in the first quarter of 2024, we aligned our methodology for calculating member and product metrics with our member and product definitions to include co-borrowers, co-signers, and joint- and co-account holders, as applicable. Quarterly amounts for prior periods were determined to be immaterial and were not recast. Once someone becomes a member, they are always considered a member unless they are removed in accordance with our terms of service, in which case, we adjust our total number of members. This could occur for a variety of reasons—including fraud or pursuant to certain legal processes—and, as our terms of service evolve together with our business practices, product offerings and applicable regulations, our grounds for removing members from our total member count could change. The determination that a member should be removed in accordance with our terms of service is subject to an evaluation process, following the completion, and based on the results, of which, relevant members and their associated products are removed from our total member count in the period in which such evaluation process concludes. However, depending on the length of the evaluation process, that removal may not take place in the same period in which the member was added to our member count or the same period in which the circumstances leading to their removal occurred. For this reason, our total member count may not yet reflect adjustments that may be made once ongoing evaluation processes, if any, conclude. We view members as an indication not only of the size and a measurement of growth of our business, but also as a measure of the significant value of the data we have collected over time. The data we collect from our members helps us to, among other things: (i) assess loan life performance data on each loan in our ecosystem, which can inform risk-based interest rates that we can offer our members, (ii) understand our members’ spending behavior to identify and suggest other products we offer that may align with the members’ financial needs, and (iii) enhance our opportunities to sell additional products to our members, as our members represent a vital source of marketing opportunities. When we provide additional products to members, it helps improve our unit economics per member, as we save on marketing costs that we would otherwise incur to attract new members. It also increases the lifetime value of an individual member. This in turn enhances our Financial Services Productivity Loop. Member growth is generally an indicator of future revenue, but is not directly correlated with revenues, since not all members who sign up for one of our products fully utilize or continue to use our products, and not all of our products (such as our complimentary product, SoFi Relay) provide direct sources of revenue. Since our inception through September 30, 2025, we have served approximately 12.6 million members who have used approximately 18.6 million products on the SoFi platform. 70 SoFi Technologies, Inc. TABLE OF CONTENTS Members In Thousands Total Products Total products refers to the aggregate number of lending and financial services products that our members have selected on our platform since our inception through the reporting date, whether or not the members are still registered for such products. Total products is a primary indicator of the size and reach of our Lending and Financial Services segments. Management relies on total products metrics to understand the effectiveness of our member acquisition efforts and to gauge the propensity for members to use more than one product. In our Lending segment, total products refers to the number of personal loans, student loans and home loans that have been originated through our platform through the reporting date, inclusive of loans which we originate as part of our Loan Platform Business, whether or not such loans have been paid off. If a member has multiple loan products of the same loan product type, such as two personal loans, that is counted as a single product. However, if a member has multiple loan products across loan product types, such as one personal loan and one home loan, that is counted as two products. The account of a co-borrower or co-signer is not considered a separate lending product. In our Financial Services segment, total products refers to the number of SoFi Money accounts (inclusive of checking and savings accounts held at SoFi Bank and cash management accounts), SoFi Invest accounts, SoFi Credit Card accounts (including accounts with a zero dollar balance at the reporting date), referred loans (which are originated by a third-party partner to which we provide pre-qualified borrower referrals), SoFi At Work accounts and SoFi Relay accounts (with either credit score monitoring enabled or external linked accounts) that have been opened through our platform through the reporting date. Checking and savings accounts are considered one account within our total products metric. Our SoFi Invest service is composed of two products: active investing accounts and robo-advisory accounts. Our members can select any one or combination of the types of SoFi Invest products. If a member has multiple SoFi Invest products of the same account type, such as two active investing accounts, that is counted as a single product. However, if a member has multiple SoFi Invest products across account types, such as one active investing account and one robo-advisory account, those separate account types are considered separate products. The account of a joint- or co-account holder is considered a separate financial services product. In the event a member is removed in accordance with our terms of service, as discussed under “Members” above, the member’s associated products are also removed. Product growth is generally an indicator of future revenue, but is not directly correlated with revenues, since not all members who sign up for one of our products immediately or fully utilize or continue to use our products, and not all of our products (such as our complimentary product, SoFi Relay) provide direct sources of revenue. Further, product growth may not directly correlate with expense growth as a result of the effects of the Financial Services Productivity Loop. See “ Consolidated Results of Operations ” and “ Summary Results by Segment ” for discussion and analysis of operating results. 71 SoFi Technologies, Inc. TABLE OF CONTENTS Products In Thousands Total lending products were composed of the following: Lending Products September 30, 2025 September 30, 2024 Variance % Change Personal loans (1) 1,791,918 1,305,246 486,672 37 % Student loans 622,840 551,838 71,002 13 % Home loans 47,830 33,677 14,153 42 % Total lending products 2,462,588 1,890,761 571,827 30 % ___________________ (1) Includes loans which we originate as part of our Loan Platform Business. Total financial services products were composed of the following: Financial Services Products September 30, 2025 September 30, 2024 Variance % Change Money (1) 6,336,705 4,720,305 1,616,400 34 % Invest 3,045,078 2,394,367 650,711 27 % Credit Card 392,008 264,937 127,071 48 % Referred loans (2) 135,535 73,090 62,445 85 % Relay 6,033,791 4,199,602 1,834,189 44 % At Work 147,348 107,668 39,680 37 % Total financial services products 16,090,465 11,759,969 4,330,496 37 % ___________________ (1) Includes checking and savings accounts held at SoFi Bank, and cash management accounts. (2) Limited to loans wherein we provide third party fulfillment services as part of our Loan Platform Business.