SEC EDGAR · 10-Q
10-Q – 2026-05-07 – sofi-20260331.htm
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Omsättning
- Note 2. Revenue | 13
- Item 2. Unregistered Sales of Equity Securities and Use of Proceeds | 100
- CARES Act : Coronavirus Aid, Relief, and Economic Security Act | IRS : Internal Revenue Service
- • our ability to access sources of capital on favorable terms, if at all, including debt financing, deposits and other sources of capital to finance operations and growth; | • our ability to continue to grow our fee-based revenue, expand our Loan Platform Business and diversify our sources of income; | • the impact of and our ability to respond to general economic conditions and other macroeconomic and geopolitical factors, such as elevated and fluctuating interest rates, inflationary pressures, trade restrictions such as sanctions, tariffs, reciprocal and retaliatory tariffs, and other tariff-related measures, global trade relations, counterparty risk, changing customer demand and employment rates, capital markets volatility, instability in the financial services industry, uncertainty stemmin
- Noninterest income | Loan origination, sales, securitizations and servicing 142,209 52,805 | Technology products and solutions 49,351 86,437
- Crypto transaction revenue 121,593 — | Cost of crypto transaction revenue ( 120,741 ) —
- Crypto transaction revenue 121,593 — | Cost of crypto transaction revenue ( 120,741 ) — | Net crypto transaction revenue 852 —
- Cost of crypto transaction revenue ( 120,741 ) — | Net crypto transaction revenue 852 —
EBITDA
- Adjusted EBITDA, Adjusted EBITDA Margin and Incremental Adjusted EBITDA Margin | Adjusted EBITDA, adjusted EBITDA margin and incremental adjusted EBITDA margin are non-GAAP measures. Adjusted EBITDA is defined as net income, adjusted to exclude, as applicable: (i) corporate borrowing-based interest expense (our adjusted EBITDA measure is not adjusted for warehouse or securitization-based interest expense, nor deposit interest expense and finance lease liability interest expense, as these are direct operating expenses), (ii) income tax expense (benefit), (iii) depreciation an
- Adjusted EBITDA, Adjusted EBITDA Margin and Incremental Adjusted EBITDA Margin | Adjusted EBITDA, adjusted EBITDA margin and incremental adjusted EBITDA margin are non-GAAP measures. Adjusted EBITDA is defined as net income, adjusted to exclude, as applicable: (i) corporate borrowing-based interest expense (our adjusted EBITDA measure is not adjusted for warehouse or securitization-based interest expense, nor deposit interest expense and finance lease liability interest expense, as these are direct operating expenses), (ii) income tax expense (benefit), (iii) depreciation an | 62
- 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
- Net Income and Adjusted EBITDA
- The following table reconciles adjusted EBITDA to net income, the most directly comparable GAAP measure, and presents the computations of adjusted EBITDA margin and incremental adjusted EBITDA margin:
- Total adjustments 173,170 139,221 33,949 | Adjusted EBITDA (non-GAAP) | $ 339,901 $ 210,337 $ 129,564
- $ 1,087,232 $ 770,720 $ 316,512 | Adjusted EBITDA margin (non-GAAP) 31 % 27 % | Incremental adjusted EBITDA margin (non-GAAP) 41 %
- Adjusted EBITDA margin (non-GAAP) 31 % 27 % | Incremental adjusted EBITDA margin (non-GAAP) 41 % | ___________________
Periodens resultat
- Income tax expense ( 32,821 ) ( 8,666 ) | Net income $ 166,731 $ 71,116 | Other comprehensive income
- Net income — — — — 166,731 166,731 | Other comprehensive loss, net of taxes — — — ( 13,722 ) — ( 13,722 )
- Net income — — — — 71,116 71,116 | Other comprehensive income, net of taxes — — — 11,193 — 11,193
- Operating activities | Net income $ 166,731 $ 71,116 | Adjustments to reconcile net income to net cash used in operating activities:
- Net income $ 166,731 $ 71,116 | Adjustments to reconcile net income to net cash used in operating activities:
- Basic EPS is computed by dividing net income attributable to common stockholders by the weighted average number of shares of common stock outstanding during the period. | Diluted EPS is computed by dividing net income attributable to common stockholders, as adjusted for activity related to convertible notes, net of tax, if dilutive and applicable, by the weighted average number of shares of common stock outstanding during the period plus the effect of dilutive potential common shares. These potential common shares relate to (i) contingently issuable shares including PSU awards which require future service as a condition of delivery of the underlying common stock
- Basic EPS is computed by dividing net income attributable to common stockholders by the weighted average number of shares of common stock outstanding during the period. | Diluted EPS is computed by dividing net income attributable to common stockholders, as adjusted for activity related to convertible notes, net of tax, if dilutive and applicable, by the weighted average number of shares of common stock outstanding during the period plus the effect of dilutive potential common shares. These potential common shares relate to (i) contingently issuable shares including PSU awards which require future service as a condition of delivery of the underlying common stock | The calculations of basic and diluted earnings per share were as follows:
- Net income attributable to common stockholders – basic | $ 166,731 $ 71,116
Resultat per aktie
- Note 15. Earnings Per Share | 48
- EPS : Earnings (loss) per share of common stock | Park in Inglewood, California
- Comprehensive income $ 153,009 $ 82,309 | Earnings per share (Note 15)
- Earnings per share – basic $ 0.13 $ 0.06 | Earnings per share – diluted $ 0.12 $ 0.06
- Earnings per share – basic $ 0.13 $ 0.06 | Earnings per share – diluted $ 0.12 $ 0.06 | Weighted average common stock outstanding – basic 1,276,328 1,097,994
- Note 15. Earnings Per Share
- Basic EPS is computed by dividing net income attributable to common stockholders by the weighted average number of shares of common stock outstanding during the period. | Diluted EPS is computed by dividing net income attributable to common stockholders, as adjusted for activity related to convertible notes, net of tax, if dilutive and applicable, by the weighted average number of shares of common stock outstanding during the period plus the effect of dilutive potential common shares. These potential common shares relate to (i) contingently issuable shares including PSU awards which require future service as a condition of delivery of the underlying common stock
- Basic EPS is computed by dividing net income attributable to common stockholders by the weighted average number of shares of common stock outstanding during the period. | Diluted EPS is computed by dividing net income attributable to common stockholders, as adjusted for activity related to convertible notes, net of tax, if dilutive and applicable, by the weighted average number of shares of common stock outstanding during the period plus the effect of dilutive potential common shares. These potential common shares relate to (i) contingently issuable shares including PSU awards which require future service as a condition of delivery of the underlying common stock | The calculations of basic and diluted earnings per share were as follows:
Kassaflöde
- DCF : Discounted cash flow | ROU : Right-of-use
- (9) IRLCs, student loan commitments (which include in-school loan and student loan refinancing commitments) and personal 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, student loans and personal 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 March 31, 2026 and December 31, 2025, the unpaid principal related to debt measured at fair value was $ 53,081 and $ 56,255 , respectively. For the three months ended March 31, 2026, gains from changes in fair value were immaterial . For the | (11) During the fourth quarter of 2025, the Company launched SoFi Crypto which provides our members the ability to buy, sell and hold digital assets. To facilitate these member transactions, we maintain an incidental inventory of crypto assets for operational purposes. As of March 31, 2026 and December 31, 2025, the fair value of our crypto assets were immaterial. These assets are presented within other assets and categorized as Level 1 as of March 31, 2026 and December 31, 2025.
- Level 3 Significant Inputs | Fair value is defined as the price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. Level 3 fair value measurements include unobservable inputs for assets or liabilities for which there is little or no market data, which requires us to develop our own assumptions. These unobservable assumptions reflect estimates | Loans
- Servicing Rights | Servicing rights for personal loans and student loans do not trade in an active market with readily observable prices. Similarly, home loan servicing rights infrequently trade in an active market. At the time of the underlying loan sale or the assumption of servicing rights, the fair value of servicing rights is determined using a discounted cash flow methodology based on observable and unobservable inputs. Management classifies servicing rights as Level 3 due to the use of significant unobserva | 38
- Residual Investments and Residual Interests Classified as Debt | Residual investments and residual interests classified as debt do not trade in active markets with readily observable prices, and there is limited observable market data for reference. The fair values of residual investments and residual interests classified as debt are determined using a discounted cash flow methodology. Management classifies residual investments and residual interests classified as debt as Level 3 due to the use of significant unobservable inputs in the fair value measurements | The following key unobservable inputs were used in the fair value measurements of our residual investments and residual interests classified as debt:
- (1) The carrying amounts of our cash and cash equivalents and restricted cash and restricted cash equivalents approximate their fair values due to the short-term maturities and highly liquid nature of these accounts. | (2) The fair value of our credit cards was determined using a discounted cash flow model with key inputs relating to weighted average lives, expected lifetime loss rates and discount rate. The fair value of our commercial and consumer banking, loans held at lower of amortized cost or fair value and secured loans was determined using a discounted cash flow model with key inputs relating to the underlying contractual coupons, terms, discount rate and expectations for defaults. | (3) Other investments include FRB stock and FHLB stock, which are presented within other assets in the condensed consolidated balance sheets.
- (3) Other investments include FRB stock and FHLB stock, which are presented within other assets in the condensed consolidated balance sheets. | (4) The fair values of our deposits without contractually defined maturities (such as demand and savings deposits) and our noninterest-bearing deposits approximate their carrying values. The fair value of our time-based deposits was determined using a discounted cash flow model based on interest rates currently offered for deposits of similar remaining maturities. | (5) The carrying value of our debt is net of unamortized discounts and debt issuance costs. The fair value of our convertible notes was classified as Level 1, as it was based on an observable market quote. The estimated fair value of our 2026 convertible notes was $ 438.2 million and $ 554.1 million as of March 31, 2026 and December 31, 2025, respectively. The estimated fair value of our 2029 convertible notes was $ 1.6 billion and $ 2.4 billion as of March 31, 2026 and December 31, 2025, respec
- (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 $ 438.2 million and $ 554.1 million as of March 31, 2026 and December 31, 2025, respectively. The estimated fair value of our 2029 convertible notes was $ 1.6 billion and $ 2.4 billion as of March 31, 2026 and December 31, 2025, respec | Nonrecurring Fair Value Measurements
Fritt kassaflöde
- Underwriting Process | We have developed an extensive underwriting process across each lending product that is focused on willingness to pay (measured by credit attributes and risk scores), ability to pay (measured through free cash flow), and stability (measured by credit experience). A key element of our underwriting process is the ability to facilitate risk-based interest rates that we believe are appropriate for each loan using proprietary risk models. We believe the outcome of this process helps us determine a mo | Our personal loan and student loan underwriting models are typically based on credit reports, standard industry credit scores, custom credit assessment models, and debt capacity analysis, as indicated by borrower free cash flow. Home loans originated by SoFi that are agency-conforming loans are subject to credit, debt-to-income, and collateral eligibility established by the GSEs. Government loans, such as VA and Federal Housing Administration loans, are subject to the underwriting requirements e
- We have developed an extensive underwriting process across each lending product that is focused on willingness to pay (measured by credit attributes and risk scores), ability to pay (measured through free cash flow), and stability (measured by credit experience). A key element of our underwriting process is the ability to facilitate risk-based interest rates that we believe are appropriate for each loan using proprietary risk models. We believe the outcome of this process helps us determine a mo | Our personal loan and student loan underwriting models are typically based on credit reports, standard industry credit scores, custom credit assessment models, and debt capacity analysis, as indicated by borrower free cash flow. Home loans originated by SoFi that are agency-conforming loans are subject to credit, debt-to-income, and collateral eligibility established by the GSEs. Government loans, such as VA and Federal Housing Administration loans, are subject to the underwriting requirements e | We also leverage our data to provide existing members a streamlined application process through automation. Across our loan products, existing members generally experience a higher approval rate than new members, subject to the existing member being in good standing on their existing products.
Likvida medel
- Assets | Cash and cash equivalents $ 3,401,020 $ 4,929,452 | Restricted cash and restricted cash equivalents 360,231 427,321
- Net cash provided by financing activities $ 3,114,580 $ 1,425,763 | Effect of exchange rates on cash and cash equivalents ( 774 ) ( 269 ) | Net increase (decrease) in cash, cash equivalents, restricted cash and restricted cash equivalents $ ( 1,595,522 ) $ 6,776
- Reconciliation to amounts on condensed consolidated balance sheets (as of period end) | Cash and cash equivalents $ 3,401,020 $ 2,085,697 | Restricted cash and restricted cash equivalents 360,231 630,439
- During the three months ended March 31, 2026, we did not open or close any warehouse facilities, and no warehouse facilities matured. | Our warehouse and securitization debt is secured by a continuing lien and security interest in the loans financed by the proceeds. Within each of our debt facilities, we must comply with certain operating and financial covenants. These financial covenants include, but are not limited to, maintaining: (i) a certain minimum tangible net worth, (ii) minimum unrestricted cash and cash equivalents, (iii) a maximum leverage ratio of total debt to tangible net worth, and (iv) minimum risk-based capital | We act as a guarantor for our wholly-owned subsidiaries in several arrangements in the case of default. As of March 31, 2026, we have not identified any risks of nonpayment by our wholly-owned subsidiaries.
- Assets | Cash and cash equivalents (1) | $ 3,401,020 $ 3,401,020 $ — $ — $ 3,401,020
- Assets | Cash and cash equivalents (1) | $ 4,929,452 $ 4,929,452 $ — $ — $ 4,929,452
- ___________________ | (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 amortized cost or fair value and secured loans was determined using a discounted cash flow model with key inputs relating to the underlying contractual coupons, terms, discount rate and expectations for defaults.
- Concentrations | Financial instruments that potentially subject us to significant concentrations of credit risk consist principally of cash and cash equivalents, restricted cash and restricted cash equivalents, residual investments and loans. We hold cash and cash 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.
Nettoskuld
- Net income $ 166,731 $ 71,116 | Adjustments to reconcile net income to net cash used in operating activities:
- Changes in other liabilities ( 33,851 ) 101,019 | Net cash (used in) provided by operating activities | $ ( 2,314,994 ) $ 21,502
- Purchases of non-securitization investments ( 8,150 ) ( 19,662 ) | Net cash used in investing activities $ ( 2,394,334 ) $ ( 1,440,220 )
- Finance lease principal payments ( 202 ) ( 175 ) | Net cash provided by financing activities $ 3,114,580 $ 1,425,763 | Effect of exchange rates on cash and cash equivalents ( 774 ) ( 269 )
- ($ in thousands) 2026 2025 | Net cash (used in) provided by operating activities $ (2,314,994) $ 21,502 | Net cash used in investing activities (2,394,334) (1,440,220)
- Net cash (used in) provided by operating activities $ (2,314,994) $ 21,502 | Net cash used in investing activities (2,394,334) (1,440,220) | Net cash provided by financing activities 3,114,580 1,425,763
- Net cash used in investing activities (2,394,334) (1,440,220) | Net cash provided by financing activities 3,114,580 1,425,763
- Cash Flows from Operating Activities | For the three months ended March 31, 2026, net cash used in operating activities primarily stemmed from loans held for sale originations outpacing cash proceeds from loans held for sale paydowns and sales activities, partially offset by net income and paydowns on our loans previously classified as held for sale. We had principal loan originations of $9.6 billion during the period. These cash uses were partially offset by cash proceeds of principal loan payments of $3.3 billion and principal loan | For the three months ended March 31, 2025, net cash provided by operating activities stemmed from net income, paydowns on our loans previously classified as held for sale, and favorable changes in other assets, partially offset by loans held for sale originations outpacing cash proceeds from loans held for sale paydowns and sales activities.
Antal aktier
- Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒ | The number of shares of the registrant’s common stock, par value $0.0001 per share, outstanding as of April 30, 2026 was 1,282,741,200 shares.
- In January 2026, the Company completed the issuance and sale of 3,209,206 shares of common stock purchased pursuant to a 30-day option related to the December 2025 underwriting agreement. The Company received net proceeds of approximately $ 0.1 billion after deducting underwriting discounts and commissions paid. | Inclusive of the option, the total aggregate number of shares sold in December 2025 and January 2026 related to the offering was 57,754,660 shares, for total cash proceeds of approximately $ 1.6 billion, net of underwriting discounts and commissions paid. | 32
- Basic EPS is computed by dividing net income attributable to common stockholders by the weighted average number of shares of common stock outstanding during the period. | Diluted EPS is computed by dividing net income attributable to common stockholders, as adjusted for activity related to convertible notes, net of tax, if dilutive and applicable, by the weighted average number of shares of common stock outstanding during the period plus the effect of dilutive potential common shares. These potential common shares relate to (i) contingently issuable shares including PSU awards which require future service as a condition of delivery of the underlying common stock
- Basic EPS is computed by dividing net income attributable to common stockholders by the weighted average number of shares of common stock outstanding during the period. | Diluted EPS is computed by dividing net income attributable to common stockholders, as adjusted for activity related to convertible notes, net of tax, if dilutive and applicable, by the weighted average number of shares of common stock outstanding during the period plus the effect of dilutive potential common shares. These potential common shares relate to (i) contingently issuable shares including PSU awards which require future service as a condition of delivery of the underlying common stock | The calculations of basic and diluted earnings per share were as follows:
- 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 period, exc | 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.
- On December 8, 2025, the Company completed an underwritten public offering of 54,545,454 shares of common stock, at an offering price of $27.50 per share. The Company received net proceeds of $1.5 billion after deducting underwriting discounts and offering costs. In January 2026, the Company completed the issuance and sale of an additional 3,209,206 shares of common stock purchased pursuant to a 30-day option related to the December 2025 underwriting agreement. The Company received net proceeds | Inclusive of the option, the total aggregate number of shares sold in December 2025 and January 2026 related to the offering was 57,754,660 shares, for total cash proceeds of approximately $1.6 billion, net of underwriting discounts and commissions paid. | Uses of Funding
Antal anställda
- Self-Insurance | Beginning in 2026, the Company transitioned from a fully insured benefits model to a self-funded program for medical benefits offered to certain employees. Under this self-insurance program, the Company retains the financial risk for employee medical claims, up to certain stop-loss limits. Amounts accrued are based on historical claims experience and losses, projected loss development factors, actual payroll and other data, assisted by independent third-party actuaries. The accrued liability is | The adequacy of the liability is monitored based on evolving claim history. This liability is subject to change in the future based upon changes in the underlying assumptions including claims experience, frequency of incidents and severity of incidents.
- 2021 Stock Option and Incentive Plan | The Amended and Restated 2021 Stock Option and Incentive Plan (the “Amended and Restated 2021 Plan”) allows for the issuance of stock options, stock appreciation rights, restricted stock, RSUs (including PSUs), dividend equivalents and other stock or cash based awards for issuance to its employees, non-employee directors and non-employee third parties. Shares associated with option exercises and RSU vesting are issued from the authorized pool. | Effective January 1, 2023, we approved a plan to allow our non-employee directors to elect, on an annual basis, to defer their cash retainers into equity awards, and/or to defer their RSU grants, which vest in accordance with the grant terms (collectively referred to as DSUs). DSUs are equity awards that entitle the holder to shares of our common stock when the awards vest. Directors may choose to receive their deferred stock distributions in a lump sum or in installments over different time per
- 2024 Employee Stock Purchase Plan | The 2024 Employee Stock Purchase Plan (the “2024 ESPP”) allows for the issuance of common stock pursuant to our ESPP. Our ESPP provides permitted eligible employees the right to purchase shares of the Company's common stock through payroll deductions of up to 15 % of their eligible compensation, subject to certain limitations. | Compensation and Benefits
- Restricted Stock Units | RSUs, inclusive of DSUs, are equity awards granted to employees that entitle the holder to shares of our common stock when the awards vest. RSUs are measured based on the fair value of our common stock on the date of grant. | The following table summarizes RSU activity:
- Performance Stock Units | PSUs are equity awards granted to employees that, upon vesting, entitle the holder to shares of our common stock. The following table summarizes PSU activity: | Number of
- Employee Stock Purchase Plan | Our ESPP provides permitted eligible employees the right to purchase shares of the Company's common stock through payroll deductions of their eligible compensation, subject to certain limitations. Compensation expense for the ESPP relates to the 15 % discount and is calculated as of the beginning of the offering period as the fair value of the employees’ purchase rights utilizing the Black-Scholes Model and compensation expense is recognized over the offering period. | The table below presents the fair value assumptions used for the period indicated:
- Legal Proceedings | In the ordinary course of business, the Company may be subject to a variety of pending legal proceedings. While we are unable to predict the ultimate outcome of these actions, we believe that any ultimate liability arising from any of these actions will not have a material adverse effect on our consolidated financial position, results of operations or cash flows. However, many of these matters are in various stages of proceedings and further developments could cause management to revise its asse | SoFi and its subsidiaries, including SoFi Bank, also are or may be subject to potential liability under other contingent exposures, including self-insurance and other miscellaneous contingencies.
- • 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 and utilize SoFi products.
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SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2026 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission file number 001-39606 SoFi Technologies, Inc. (Exact name of registrant as specified in its charter) Delaware 98-1547291 (State or other jurisdiction of incorporation or organization) (I.R.S. Employer Identification No.) 234 1st Street San Francisco , California 94105 (Address of principal executive offices) (Zip Code) ( 855 ) 456-7634 (Registrant’s telephone number, including area code) Securities registered pursuant to Section 12(b) of the Act: Title of each class Trading Symbol(s) Name of each exchange on which registered Common stock, $0.0001 par value per share SOFI The Nasdaq Global Select Market Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐ Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐ Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act. Large accelerated filer ☒ Accelerated filer ☐ Non-accelerated filer ☐ Smaller reporting company ☐ Emerging growth company ☐ If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐ Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒ The number of shares of the registrant’s common stock, par value $0.0001 per share, outstanding as of April 30, 2026 was 1,282,741,200 shares. SOFI TECHNOLOGIES, INC. TABLE OF CONTENTS Page Glossary of Terms and Acronyms 2 Forward-Looking Statements 3 PART I – FINANCIAL INFORMATION Item 1. Financial Statements Condensed Consolidated Balance Sheets 5 Condensed Consolidated Statements of Operations and Comprehensive Income 7 Condensed Consolidated Statements of Changes in Equity 8 Condensed Consolidated Statements of Cash Flows 9 Notes to Condensed Consolidated Financial Statements 11 Note 1. Organization, Summary of Significant Accounting Policies and New Accounting Standards 11 Note 2. Revenue 13 Note 3. Loans 15 Note 4. Allowance for Credit Losses 23 Note 5. Investment Securities 25 Note 6. Securitization and Variable Interest Entities 27 Note 7. Deposits 29 Note 8. Debt 30 Note 9. Equity 32 Note 10. Derivative Financial Instruments 34 Note 11. Fair Value Measurements 35 Note 12. Share-Based Compensation 43 Note 13. Income Taxes 45 Note 14. Commitments, Guarantees, Concentrations and Contingencies 46 Note 15. Earnings Per Share 48 Note 16. Business Segment Information 49 Note 17. Subsequent Events 51 Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations 52 Item 3. Quantitative and Qualitative Disclosures About Market Risk 94 Item 4. Controls and Procedures 98 PART II – OTHER INFORMATION Item 1. Legal Proceedings 99 Item 1A. Risk Factors 99 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 100 Item 3. Defaults Upon Senior Securities 100 Item 4. Mine Safety Disclosures 100 Item 5. Other Information 100 Item 6. Exhibits 100 Signatures 101 1 SoFi Technologies, Inc. TABLE OF CONTENTS Glossary of Terms and Acronyms ACH : Automated clearing house FINRA : Financial Industry Regulatory Authority AFS : Available-for-sale FRB : Federal Reserve Bank of San Francisco ALCO : Asset Liability Committee FTC : Federal Trade Commission AWS : Amazon Web Services FTP : Fund transfer pricing AOCI : Accumulated other comprehensive income (loss) GAAP : U.S. Generally Accepted Accounting Principles ASU : Accounting Standards Update GLBA : Gramm-Leach-Bliley Act BHCA : Bank Holding Company Act of 1956, as amended Golden Pacific : Golden Pacific Bancorp, Inc. bps : Basis points GSE : Government-Sponsored Enterprise BSA : Bank Secrecy Act HELOC : Home Equity Line of Credit Business Combination: Transactions contemplated in a merger agreement entered HMDA : Home Mortgage Disclosure Act into by Social Finance, Inc. with Social Capital Hedosophia Holdings Corp. V on IRLC : Interest rate lock commitment January 7, 2021 IRR : Interest rate risk CARES Act : Coronavirus Aid, Relief, and Economic Security Act IRS : Internal Revenue Service CCPA : California Consumer Privacy Act LIBOR : London Inter-Bank Offered Rate CD : Community Development MLA : Military Lending Act CET1 : Common Equity Tier 1 MSB : Money services business CFP : Certified financial planners MSRB : Municipal Securities Rulemaking Board CFPA : Consumer Financial Protection Act NACHA : National Automated Clearinghouse Association CFPB : Consumer Financial Protection Bureau Nasdaq : The Nasdaq Global Select Market CFTC : Commodity Futures Trading Commission NII : Net Interest Income CISO : Chief Information Security Officer OCC : Office of the Comptroller of the Currency CODM : Chief Operating Decision Maker OFAC : Office of Foreign Assets Control CPPA : California Privacy Protection Act PD : Probability of Default CPRA : California Privacy Rights Act PFOF : Payment for order flow CRA : Community Reinvestment Act PSU : Performance stock units DACA : Deferred Access for Childhood Arrival RESPA : Real Estate Settlement Procedures Act DCF : Discounted cash flow ROU : Right-of-use Dodd-Frank Act : Dodd-Frank Wall Street Reform and Consumer RSU : Restricted stock units Protection Act of 2010 SCH : Social Capital Hedosophia Holdings Corp. V DSU : Deferred stock units SCRA : Servicemembers’ Civil Relief Act DTC : Depository Trust Company SEC : U.S. Securities and Exchange Commission EAD : Exposure at Default Social Finance : Social Finance, LLC (formerly Social Finance, Inc.) EBRC : Enterprise Broad Risk Committee SoFi Bank : SoFi Bank, National Association EC : European Commission SoFi Capital Advisors : SoFi Capital Advisors, LLC ECOA : Equal Credit Opportunity Act SoFi Securities : SoFi Securities LLC EFTA : Electronic Fund Transfer Act SoFi Stadium : The LA Stadium and Entertainment District at Hollywood EPS : Earnings (loss) per share of common stock Park in Inglewood, California ESG : Environmental, social and corporate governance SoFi Wealth : SoFi Wealth LLC ESIGN : Electronic Signatures in Global and National Commerce Act SOFR : Secured Overnight Financing Rate ESPP : Employee Stock Purchase Plan SPE : Special purpose entity ETF : Exchange-Traded Funds SRO : Self-regulatory organizations EVE : Economic value of equity TBA : To-be-announced security FCRA : Fair Credit Reporting Act TCPA : Federal Telephone Consumer Protection Act FDCPA : Fair Debt Collection Practices Act Technisys : Technisys S.A., a Luxembourg société anonyme FDIA : Federal Deposit Insurance Act TILA : Truth in Lending Act FDIC : Federal Deposit Insurance Corporation UDAAP : Unfair, deceptive or abusive acts or practices Federal Reserve : Board of Governors of the Federal Reserve System UETA : Uniform Electronic Transactions Act FHA : Fair Housing Act VA : United Stated Department of Veterans Affairs FHFA : Federal Housing Finance Agency VIE : Variable interest entity FHLB : Federal Home Loan Bank Wyndham : Wyndham Capital Mortgage FinCEN : Financial Crimes Enforcement Network 2 SoFi Technologies, Inc. TABLE OF CONTENTS SoFi Technologies, Inc. As used in this Quarterly Report on Form 10-Q, unless the context requires otherwise, references to “SoFi”, the “Company”, “we”, “us”, and “our”, and similar references refer to SoFi Technologies, Inc. and its wholly-owned subsidiaries. Refer to Glossary of Terms and Acronyms for the definitions of certain terms, acronyms and abbreviations used in this document. CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS This Quarterly Report on Form 10-Q contains statements that are forward-looking and as such are not historical facts. This includes, without limitation, statements regarding the financial position, business strategy and the plans and objectives of management for our future operations; anticipated trends and prospects in the industries in which our business operates; new products, services and related strategies; anticipated actions by governmental authorities; and macroeconomic conditions. These statements constitute projections, forecasts and forward-looking statements, and are not guarantees of performance. Such statements can be identified by the fact that they do not relate strictly to historical or current facts. When used in this Quarterly Report on Form 10-Q, words such as “aim”, “allow”, “anticipate”, “believe”, “can”, “continue”, “could”, “estimate”, “expect”, “if”, “intend”, “likely”, “may”, “might”, “opportunity”, “plan”, “possible”, “possibility”, “potential”, “predict”, “project”, “should”, “strive”, “will”, “would” and similar expressions may identify forward-looking statements, but the absence of these words does not mean that a statement is not forward-looking. Forward-looking statements are subject to risks, uncertainties, and other factors described in Part I, Item 1A. Risk Factors in our Annual Report on Form 10-K, and elsewhere in this Quarterly Report on Form 10-Q and our other filings with the SEC and include, among other things: • our ability to maintain or enhance profitability in the future; • the impact on our business of the current and evolving regulatory environment and complexities associated with compliance; • the effect and impact of evolving laws, rules, regulations, executive actions and government enforcement policies, including any federal or state loan forgiveness programs, as well as changes in government resources and personnel; • the impact of adverse developments affecting the U.S. or global banking industry, including bank failures and liquidity concerns, which could cause economic and market volatility, and regulatory responses thereto; • our ability to manage our growth effectively and execute our strategy with respect to the development and expansion of our business, including through continuing to enhance our brand and attract additional members; • our ability to continue to originate and sell loans to third parties, and the impact of the performance of loans held on our balance sheet; • our ability to access sources of capital on favorable terms, if at all, including debt financing, deposits and other sources of capital to finance operations and growth; • our ability to continue to grow our fee-based revenue, expand our Loan Platform Business and diversify our sources of income; • the impact of and our ability to respond to general economic conditions and other macroeconomic and geopolitical factors, such as elevated and fluctuating interest rates, inflationary pressures, trade restrictions such as sanctions, tariffs, reciprocal and retaliatory tariffs, and other tariff-related measures, global trade relations, counterparty risk, changing customer demand and employment rates, capital markets volatility, instability in the financial services industry, uncertainty stemming from government actions and policies and regulatory priorities, the possibility of a recession, and domestic or international conflicts or disputes; • the success of our marketing efforts and our ability to expand our member base; • our ability to grow market share in existing markets or any new markets we may enter; • our ability to develop new products and services, features and functionality that are competitive and meet market needs, and to successfully execute our strategy with respect to new products and features, such as our recent launch of SoFi Crypto; • our ability to diversify our business and broaden our suite of financial services offerings; • our ability to realize the benefits of our strategy, including what we refer to as our Financial Services Productivity Loop, and achieve scale in our Financial Services segment; • our ability to successfully operate as a bank holding company, and to operate SoFi Bank; 3 SoFi Technologies, Inc. TABLE OF CONTENTS • our ability to make accurate credit and pricing decisions or effectively forecast our loss rates; • our ability to establish and maintain an effective system of internal controls over financial reporting; • our ability to realize the anticipated benefits of prior acquisitions and any additional acquisitions we undertake; • our ability to successfully expand our operations into foreign jurisdictions, including compliance with a variety of foreign laws; and • the outcome of any legal or governmental proceedings that may be instituted against us. Forward-looking statements are based on information available as of the date of this Quarterly Report on Form 10-Q and reflect current expectations, forecasts and assumptions, and involve a number of judgments, risks and uncertainties. New risks and uncertainties emerge from time to time, and it is not possible for us to predict all risks and uncertainties that could have an impact on the forward-looking statements contained in this Quarterly Report on Form 10-Q. The results, events, and circumstances reflected in the forward-looking statements may not be achieved or occur, and actual results, events, or circumstances could differ materially from those described in the forward-looking statements. Accordingly, forward-looking statements should not be relied upon as representing our views as of any subsequent date, and we do not undertake any obligation to update forward-looking statements to reflect events or circumstances after the date they were made, whether as a result of new information, future events or otherwise, except as may be required under applicable securities laws. TRADEMARKS This document contains references to trademarks, service marks and trade names owned by us or belonging to other entities. Solely for convenience, trademarks, service marks and trade names referred to in this document may appear without the ® or ™ symbols, but such references are not intended to indicate, in any way, that we or the applicable licensor will not assert, to the fullest extent under applicable law, our or its rights to these trademarks, service marks and trade names. SoFi Technologies does not intend its use or display of other companies’ trademarks, service marks or trade names to imply a relationship with, or endorsement or sponsorship of it by, any other companies. All trademarks, service marks and trade names included in this document are the property of their respective owners. 4 SoFi Technologies, Inc. TABLE OF CONTENTS PART I – FINANCIAL INFORMATION Item 1. Financial Statements SoFi Technologies, Inc. Condensed Consolidated Balance Sheets (Unaudited) (In Thousands, Except for Share Data) March 31, 2026 December 31, 2025 Assets Cash and cash equivalents $ 3,401,020 $ 4,929,452 Restricted cash and restricted cash equivalents 360,231 427,321 Investment securities (includes available-for-sale securities of $ 3,048,360 and $ 2,454,453 at fair value with associated amortized cost of $ 3,043,774 and $ 2,434,627 , as of March 31, 2026 and December 31, 2025, respectively) 3,231,227 2,575,607 Loans held for sale (includes $ 25.3 billion and $ 22.7 billion at fair value, as of March 31, 2026 and December 31, 2025, respectively) 25,454,796 22,862,749 Loans held for investment, at fair value 15,336,820 13,657,578 Loans held for investment, at amortized cost (less allowance for credit losses of $ 51,934 and $ 50,934 , as of March 31, 2026 and December 31, 2025, respectively) 1,381,174 1,516,736 Servicing rights 367,902 378,178 Property, equipment and software 448,488 416,448 Goodwill 1,393,505 1,393,505 Intangible assets 215,087 231,919 Operating lease right-of-use assets 88,856 93,941 Other assets (less allowance for credit losses of $ 2,682 and $ 2,998 , as of March 31, 2026 and December 31, 2025, respectively) 2,019,152 2,177,044 Total assets $ 53,698,258 $ 50,660,478 Liabilities and equity Liabilities: Deposits: Interest-bearing deposits $ 40,119,699 $ 37,387,350 Noninterest-bearing deposits 122,998 118,045 Total deposits 40,242,697 37,505,395 Accounts payable, accruals and other liabilities 729,265 743,716 Operating lease liabilities 100,707 106,190 Debt 1,813,481 1,815,162 Residual interests classified as debt 517 520 Total liabilities 42,886,667 40,170,983 Commitments, guarantees, concentrations and contingencies (Note 14) Equity: Common stock, $ 0.00 par value: 3,100,000,000 and 3,100,000,000 shares authorized; 1,281,409,498 and 1,270,568,878 shares issued and outstanding, as of March 31, 2026 and December 31, 2025, respectively (1) 127 126 Additional paid-in capital 11,471,754 11,302,668 Accumulated other comprehensive income (loss) ( 2,743 ) 10,979 Accumulated deficit ( 657,547 ) ( 824,278 ) Total equity 10,811,591 10,489,495 Total liabilities and equity $ 53,698,258 $ 50,660,478 ______________ (1) Includes 100,000,000 non-voting common shares authorized and no non-voting common shares issued and outstanding as of March 31, 2026 and December 31, 2025. See Note 9. Equity for additional information. The accompanying notes are an integral part of these condensed consolidated financial statements. 5 SoFi Technologies, Inc. TABLE OF CONTENTS SoFi Technologies, Inc. Condensed Consolidated Balance Sheets (Continued) (Unaudited) (In Thousands, Except for Share Data) The following table presents the assets and liabilities of consolidated VIEs which are included in our condensed consolidated balance sheets. The assets in the below table may only be used to settle obligations of consolidated VIEs and are in excess of those obligations as of the dates presented. Additionally, the assets and liabilities in the table below exclude intercompany balances, which eliminate upon consolidation. See Note 6. Securitization and Variable Interest Entities for additional information. March 31, 2026 December 31, 2025 Assets Restricted cash and restricted cash equivalents $ 2,051 $ 2,099 Loans held for investment, at fair value 62,091 65,796 Total assets $ 64,142 $ 67,895 Liabilities Accounts payable, accruals and other liabilities $ 8 $ 95 Debt 50,891 54,107 Residual interests classified as debt 517 520 Total liabilities $ 51,416 $ 54,722 The accompanying notes are an integral part of these condensed consolidated financial statements. 6 SoFi Technologies, Inc. TABLE OF CONTENTS SoFi Technologies, Inc. Condensed Consolidated Statements of Operations and Comprehensive Income (Unaudited) (In Thousands, Except for Per Share Data) Three Months Ended March 31, 2026 2025 Interest income Loans and securitizations $ 932,184 $ 712,876 Other 68,812 50,936 Total interest income 1,000,996 763,812 Interest expense Securitizations and warehouses 10,051 28,144 Deposits 287,229 225,399 Corporate borrowings 10,651 11,428 Other 77 115 Total interest expense 308,008 265,086 Net interest income 692,988 498,726 Noninterest income Loan origination, sales, securitizations and servicing 142,209 52,805 Technology products and solutions 49,351 86,437 Loan platform fees 138,255 92,750 Crypto transaction revenue 121,593 — Cost of crypto transaction revenue ( 120,741 ) — Net crypto transaction revenue 852 — Other 76,713 41,041 Total noninterest income 407,380 273,033 Total net revenue 1,100,368 771,759 Provision for credit losses 8,895 5,678 Noninterest expense Technology and product development 187,675 156,206 Sales and marketing 335,539 238,176 Cost of operations 171,123 135,520 General and administrative 197,584 156,397 Total noninterest expense 891,921 686,299 Income before income taxes 199,552 79,782 Income tax expense ( 32,821 ) ( 8,666 ) Net income $ 166,731 $ 71,116 Other comprehensive income Unrealized gains (losses) on available-for-sale securities, net ( 12,948 ) 11,462 Foreign currency translation adjustments, net ( 774 ) ( 269 ) Total other comprehensive income (loss) ( 13,722 ) 11,193 Comprehensive income $ 153,009 $ 82,309 Earnings per share (Note 15) Earnings per share – basic $ 0.13 $ 0.06 Earnings per share – diluted $ 0.12 $ 0.06 Weighted average common stock outstanding – basic 1,276,328 1,097,994 Weighted average common stock outstanding – diluted 1,378,011 1,185,466 The accompanying notes are an integral part of these condensed consolidated financial statements. 7 SoFi Technologies, Inc. TABLE OF CONTENTS SoFi Technologies, Inc. Condensed Consolidated Statements of Changes in Equity (Unaudited) (In Thousands, Except for Share Data) Common Stock Additional Paid-In Capital Accumulated Other Comprehensive Income (Loss) Accumulated Deficit Total Shares Amount Balance at January 1, 2026 1,270,568,878 $ 126 $ 11,302,668 $ 10,979 $ ( 824,278 ) $ 10,489,495 Share-based compensation expense — — 85,345 — — 85,345 Vesting of RSUs 7,627,684 1 ( 1 ) — — — Stock withheld related to taxes on vested RSUs ( 331,917 ) — ( 5,895 ) — — ( 5,895 ) Exercise of common stock options 335,647 — 2,366 — — 2,366 Issuance of common stock 3,209,206 — 87,271 — — 87,271 Net income — — — — 166,731 166,731 Other comprehensive loss, net of taxes — — — ( 13,722 ) — ( 13,722 ) Balance at March 31, 2026 1,281,409,498 $ 127 $ 11,471,754 $ ( 2,743 ) $ ( 657,547 ) $ 10,811,591 Common Stock Additional Paid-In Capital Accumulated Other Comprehensive Income (Loss) Accumulated Deficit Total Shares Amount Balance at January 1, 2025 1,095,357,781 $ 109 $ 7,838,988 $ ( 8,365 ) $ ( 1,305,598 ) $ 6,525,134 Share-based compensation expense — — 76,468 — — 76,468 Vesting of RSUs 9,121,956 1 ( 1 ) — — — Stock withheld related to taxes on vested RSUs ( 417,769 ) — ( 5,592 ) — — ( 5,592 ) Exercise of common stock options 42,235 — 195 — — 195 Net income — — — — 71,116 71,116 Other comprehensive income, net of taxes — — — 11,193 — 11,193 Balance at March 31, 2025 1,104,104,203 $ 110 $ 7,910,058 $ 2,828 $ ( 1,234,482 ) $ 6,678,514 The accompanying notes are an integral part of these condensed consolidated financial statements. 8 SoFi Technologies, Inc. TABLE OF CONTENTS SoFi Technologies, Inc. Condensed Consolidated Statements of Cash Flows (Unaudited) (In Thousands) Three Months Ended March 31, 2026 2025 Operating activities Net income $ 166,731 $ 71,116 Adjustments to reconcile net income to net cash used in operating activities: Share-based compensation expense 72,012 63,756 Depreciation and amortization 67,578 55,283 Deferred debt issuance and discount expense 2,898 2,443 Provision for credit losses 8,895 5,678 Deferred income taxes 28,897 8,794 Fair value changes in loans held for investment ( 39,715 ) ( 98,987 ) Fair value changes in securitization investments ( 220 ) ( 884 ) Other ( 3,402 ) 3,878 Changes in loans held for sale, net ( 2,661,367 ) ( 586,098 ) Changes in accrued interest on loans ( 24,317 ) ( 3,108 ) Changes in loans previously classified as held for sale, net 227,274 233,198 Changes in servicing assets 10,275 ( 47,652 ) Changes in other assets ( 136,682 ) 213,066 Changes in other liabilities ( 33,851 ) 101,019 Net cash (used in) provided by operating activities $ ( 2,314,994 ) $ 21,502 Investing activities Purchases of property, equipment and software $ ( 67,551 ) $ ( 52,604 ) Capitalized software development costs ( 1,226 ) ( 1,644 ) Purchases of available-for-sale investments ( 1,379,614 ) ( 338,795 ) Proceeds from sales of available-for-sale investments 605,815 — Proceeds from maturities and paydowns of available-for-sale investments 167,321 120,123 Purchases of loans held for investment ( 86,908 ) ( 200,069 ) Other changes in loans held for investment, net ( 1,649,112 ) ( 961,388 ) Proceeds from securitization investments 24,135 11,525 Proceeds from non-securitization investments 956 2,294 Purchases of non-securitization investments ( 8,150 ) ( 19,662 ) Net cash used in investing activities $ ( 2,394,334 ) $ ( 1,440,220 ) The accompanying notes are an integral part of these condensed consolidated financial statements. 9 SoFi Technologies, Inc. TABLE OF CONTENTS SoFi Technologies, Inc. Condensed Consolidated Statements of Cash Flows (Continued) (Unaudited) (In Thousands) Three Months Ended March 31, 2026 2025 Financing activities Net change in deposits $ 3,034,493 $ 1,480,574 Proceeds from issuance of common stock 87,387 — Payment of common stock issuance costs ( 115 ) — Net change in debt facilities — ( 30,952 ) Repayment of other debt ( 3,204 ) ( 17,987 ) Payment of debt issuance costs ( 250 ) ( 300 ) Taxes paid related to net share settlement of share-based awards ( 5,895 ) ( 5,592 ) Proceeds from stock option exercises 2,366 195 Finance lease principal payments ( 202 ) ( 175 ) Net cash provided by financing activities $ 3,114,580 $ 1,425,763 Effect of exchange rates on cash and cash equivalents ( 774 ) ( 269 ) Net increase (decrease) in cash, cash equivalents, restricted cash and restricted cash equivalents $ ( 1,595,522 ) $ 6,776 Cash, cash equivalents, restricted cash and restricted cash equivalents at beginning of period 5,356,773 2,709,360 Cash, cash equivalents, restricted cash and restricted cash equivalents at end of period $ 3,761,251 $ 2,716,136 Reconciliation to amounts on condensed consolidated balance sheets (as of period end) Cash and cash equivalents $ 3,401,020 $ 2,085,697 Restricted cash and restricted cash equivalents 360,231 630,439 Total cash, cash equivalents, restricted cash and restricted cash equivalents $ 3,761,251 $ 2,716,136 Supplemental non-cash investing and financing activities Deposits credited but not yet received in cash $ 451,808 $ 268,064 Share-based compensation capitalized related to internally-developed software 13,333 12,712 The accompanying notes are an integral part of these condensed consolidated financial statements. 10 SoFi Technologies, Inc. TABLE OF CONTENTS SoFi Technologies, Inc. Notes to Condensed Consolidated Financial Statements (Unaudited) (In Thousands, Unless Otherwise Stated and Except for Share and Per Share Data) Note 1. Organization, Summary of Significant Accounting Policies and New Accounting Standards Organization SoFi is a financial services platform that was founded in 2011 to offer an innovative approach to the private student loan market by providing student loan refinancing options. The Company conducts its business through three reportable segments: Lending, Technology Platform and Financial Services. Since its founding, SoFi has expanded its lending and financial services strategy to offer personal loans, home loans and credit cards. The Company has also developed additional financial products, such as money management and investment product offerings, and has also leveraged its financial services platform to empower other businesses. The Company has continued to expand its product offerings through strategic acquisitions. During 2020, the Company expanded its investment product offerings into Hong Kong through the acquisition of 8 Limited, and also began to operate as a platform as a service for a variety of financial service providers, providing the infrastructure to facilitate core client-facing and back-end capabilities, such as account setup, account funding, direct deposit, authorizations and processing, payments functionality and check account balance features through the acquisition of Galileo Financial Technologies. During 2022, the Company became a bank holding company and began operating as SoFi Bank, National Association, through its acquisition of Golden Pacific Bancorp, Inc., and expanded its platform to include a cloud-native digital and core banking platform with customers in Latin America through its acquisition of Technisys, allowing the Company to expand its technology platform services to a broader international market. During 2023, the Company acquired Wyndham Capital Mortgage, a fintech mortgage lender. For additional information on our reportable segments, see Note 16. Business Segment Information . The Company has elected to be treated as a financial holding company pursuant to Section 4(l) of the BHCA. As a financial holding company, the Company is authorized to engage in a broader set of financial activities than a bank holding company that has not elected to be treated as a financial holding company. Financial holding companies may also engage in activities that are determined by the Federal Reserve to be complementary to financial activities. Summary of Significant Accounting Policies Basis of Presentation The condensed consolidated financial statements include the accounts of the Company, its wholly-owned and majority-owned subsidiaries and certain consolidated VIEs. All intercompany accounts were eliminated in consolidation. The condensed consolidated financial statements were prepared in conformity with GAAP and in accordance with the rules and regulations of the SEC. We condensed or omitted certain notes and other financial information from the interim financial statements presented herein. These condensed consolidated financial statements should be read in conjunction with the consolidated statements included in our annual filing on Form 10-K filed with the SEC on February 17, 2026 (“Form 10-K”). In the opinion of management, the condensed consolidated financial statements reflect all adjustments, which are of a normal recurring nature, necessary for a fair presentation of the Company’s financial condition and results of operations and cash flows for the interim periods presented. The results for the three months ended March 31, 2026 are not necessarily indicative of the results to be expected for the full year ending December 31, 2026. In our condensed consolidated financial statements, we made the following presentation changes in 2026: • In our condensed consolidated statements of operations and comprehensive income (loss) beginning in the first quarter of 2026, we disaggregated the financial statement line items for noninterest income—crypto transaction revenue , noninterest income—cost of crypto transaction revenue , and noninterest income—net crypto transaction revenue . Previously, this activity was immaterial and reported within noninterest income—other , as we launched SoFi Crypto late in the fourth quarter of 2025. Use of Judgments, Assumptions and Estimates The preparation of our condensed consolidated financial statements and related disclosures in conformity with GAAP requires management to make assumptions and estimates that affect the reported amounts of assets, liabilities, revenue and expenses as well as the disclosures of contingent assets and liabilities. These estimates and assumptions are inherently 11 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) subjective in nature; and, therefore, actual results may differ from our estimates and assumptions, and the differences could be material. Management bases its estimates on historical experience and on various other factors it believes to be reasonable under the circumstances. These assumptions and estimates include, but are not limited to, the following: (i) fair value measurements, (ii) business combinations, and (iii) goodwill. Self-Insurance Beginning in 2026, the Company transitioned from a fully insured benefits model to a self-funded program for medical benefits offered to certain employees. Under this self-insurance program, the Company retains the financial risk for employee medical claims, up to certain stop-loss limits. Amounts accrued are based on historical claims experience and losses, projected loss development factors, actual payroll and other data, assisted by independent third-party actuaries. The accrued liability is recorded in accounts payable, accruals and other liabilities in the condensed consolidated balance sheets. The adequacy of the liability is monitored based on evolving claim history. This liability is subject to change in the future based upon changes in the underlying assumptions including claims experience, frequency of incidents and severity of incidents. Crypto Transaction Revenue and Cost of Crypto Transaction Revenue Crypto transaction revenue and cost of crypto transaction revenue relates to the income the Company earns from facilitating member purchases and sales of digital assets on SoFi’s platform. The Company satisfies its performance obligation when control of the digital asset is transferred to or from the member’s account. In fulfilling member orders, the Company purchases digital assets from, or sells digital assets to, third-party liquidity providers before transferring the asset to or from the member. The Company records these transactions on a gross basis because it acts as the principal in the transaction. The Company concluded it is the principal because it controls the digital asset before/after transfer to/from the member, is primarily responsible for fulfillment of the transaction, and has discretion in establishing the price charged to members As a result, Crypto transaction revenue represents the gross consideration received in connection with member purchases and sales of digital assets executed through the Company’s platform, including transaction fees charged to members, net of rewards. Relatedly, Cost of crypto transaction revenu e represents the amount paid to acquire digital assets sold to members, or the amount remitted in connection with member sales, and generally fluctuates with the gross transaction value, excluding the Company’s transaction fee. Recently Adopted Accounting Standards Induced Conversions of Convertible Debt Instruments In November 2024, the FASB issued ASU 2024-04, Debt—Debt with Conversion and Other Options (Subtopic 470-20)—Induced Conversions of Convertible Debt Instruments . The ASU clarifies the requirements for determining whether certain settlements of convertible debt instruments should be accounted for as an induced conversion. The standard is effective for annual periods beginning after December 15, 2025, and interim periods within those annual periods, with early adoption permitted for all entities that have adopted the amendments in ASU 2020-06. We adopted this standard during the first quarter of 2026 on a prospective basis. The adoption did not have a material impact on the Company’s condensed consolidated financial statements presented. Measurement of Credit Losses for Accounts Receivable and Contract Assets In July 2025, the FASB issued ASU 2025-05 , Financial Instruments—Credit Losses (Topic 326)—Measurement of Credit Losses for Accounts Receivable and Contract Assets. The ASU provides an optional practical expedient related to the estimation of expected credit losses for current accounts receivable and current contract assets. The standard is effective for annual periods beginning after December 15, 2025, and interim periods within those annual periods, with early adoption permitted. We adopted this standard during the first quarter of 2026 on a prospective basis. The adoption did not have a material impact on the Company’s condensed consolidated financial statements presented. 12 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) Recent Accounting Standards Issued, But Not Yet Adopted Disaggregation of Income Statement Expenses In November 2024, the FASB issued ASU 2024-03 , Income Statement — Reporting Comprehensive Income — Expense Disaggregation Disclosures (Subtopic 220-40) — Disaggregation of Income Statement Expenses. The ASU requires the disclosure of additional information about specific costs and expense categories in the notes to financial statements. The standard is effective for annual periods beginning after December 15, 2026, and interim periods beginning after December 15, 2027, with early adoption permitted. The standard should be applied on a prospective basis with the option to apply the standard retrospectively. We are currently evaluating the impact of this standard on our disclosures. Targeted Improvements to the Accounting for Internal-Use Software In September 2025, the FASB issued ASU 2025-06 , Intangibles—Goodwill and Other—Internal-Use Software (Subtopic 350-40)—Targeted Improvements to the Accounting for Internal-Use Software. The ASU amendments modernize guidance to consider different methods of software development, updating the requirements for capitalization of software costs. The standard is effective for annual periods beginning after December 15, 2027, and interim periods within those annual periods, with early adoption permitted. The standard can be applied on a prospective, modified transition or retrospective basis. We are currently evaluating the impact of this standard on our condensed consolidated financial statements. Note 2. Revenue In each of our revenue arrangements, revenue is recognized when control of the promised goods or services is transferred to the customer in an amount that reflects our expected consideration in exchange for those goods or services. Our arrangements are discussed in our Annual Report on Form 10-K, with notable updates provided herein. Net crypto transaction revenue In the fourth quarter of 2025, the Company launched SoFi Crypto, which gives members the ability to buy, sell and hold digital assets. Net crypto transaction revenue primarily consists of transaction fees earned from facilitating member buy and sell orders on our platform. See Note 1. Organization, Summary of Significant Accounting Policies and New Accounting Standards for additional information. 13 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) Disaggregated Revenue The table below presents revenue from contracts with customers disaggregated by type of service, which best depicts how the revenue and cash flows are affected by economic factors, and by the reportable segment to which each revenue stream relates, as well as a reconciliation of total revenue from contracts with customers to total noninterest income . Three Months Ended March 31, 2026 2025 Revenue from contracts with customers Financial Services Referrals, loan platform business (1) $ 19,277 $ 19,700 Referrals, other (2) 3,756 2,530 Interchange (2) 35,201 22,812 Brokerage (2) 15,104 6,985 Net crypto transaction revenue (3) 852 — Other (2)(4) 5,972 1,731 Total financial services 80,162 53,758 Technology Platform Technology services 48,784 85,988 Other (4) 558 636 Total technology platform (5) 49,342 86,624 Total net revenue from contracts with customers 129,504 140,382 Other sources of revenue Loan origination, sales, securitizations and servicing 142,209 52,805 Loan platform business, other (1) 118,978 73,050 Other 16,689 6,796 Total other sources of revenue 277,876 132,651 Total noninterest income $ 407,380 $ 273,033 _____________________ (1) Presented within noninterest income—loan platform fees in the condensed consolidated statements of operations and comprehensive income. (2) Presented within noninterest income—other in the condensed consolidated statements of operations and comprehensive income. (3) Total crypto transaction revenue is comprised of $ 121.6 million of Crypto transaction revenue and $ 120.7 million in Cost of crypto transaction revenue . (4) Financial Services includes revenues from wire fee income, enterprise services, SoFi Plus subscriptions and equity capital markets services. Technology Platform includes revenues from software licenses and associated services, and payment network fees for serving as a transaction card program manager for enterprise customers that are the program marketers for separate card programs. (5) Revenue from contracts with customers is presented within noninterest income—technology products and solutions and noninterest income—other in the condensed consolidated statements of operations and comprehensive income. Related to these technology platform services, we had deferred revenue of $ 7,599 and $ 8,535 as of March 31, 2026 and December 31, 2025, respectively, which are presented within accounts payable, accruals and other liabilities in the condensed consolidated balance sheets. We recognized revenue of $ 2,032 and $ 2,368 during the three months ended March 31, 2026 and 2025, respectively, associated with deferred revenue within noninterest income—technology products and solutions in the condensed consolidated statements of operations and comprehensive income. Contract Balances As of March 31, 2026 and December 31, 2025, accounts receivable, net associated with revenue from contracts with customers was $ 62,182 and $ 56,154 , respectively, reported within other assets in the condensed consolidated balance sheets. Costs of Obtaining Contracts with Customers We capitalize incremental costs of obtaining a contract with a customer, which are certain commissions paid to third-parties in connection with the acquisition of member accounts. Capitalized costs are amortized over the life of the account. We elected the practical expedient to expense the incremental costs of obtaining a contract when the amortization period is one year 14 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) or less. The expense is reported in noninterest expense—sales and marketing on the condensed consolidated statements of operations and comprehensive income. During the three months ended March 31, 2026 and 2025, we recognized associated amortization expense of $ 11,959 and $ 10,451 , respectively. Note 3. Loans As of March 31, 2026, our loan portfolio consisted of (i) loans held for sale, including personal loans, which are measured at fair value under the fair value option or at lower of amortized cost or fair value, and home loans, which are measured at fair value under the fair value option, (ii) loans held for investment, including student loans, which are measured at fair value under the fair value option, and (iii) loans held for investment, including secured loans, credit cards, and commercial and consumer banking loans, which are measured at amortized cost. Below is a disaggregated presentation of our loans, inclusive of fair market value adjustments and accrued interest income and net of the allowance for credit losses, as applicable: March 31, 2026 December 31, 2025 Loans held for sale At fair value Personal loans $ 23,682,421 $ 21,540,668 Home loans 1,648,008 1,205,115 Total loans held for sale, at fair value 25,330,429 22,745,783 At lower of amortized cost or fair value Personal loans (1) 124,367 116,966 Total loans held for sale, at lower of amortized cost or fair value 124,367 116,966 Total loans held for sale 25,454,796 22,862,749 Loans held for investment Student loans (2) 15,336,820 13,657,578 Total loans held for investment, at fair value 15,336,820 13,657,578 Secured loans 741,266 873,981 Credit card 465,471 467,854 Commercial and consumer banking: Commercial real estate 157,926 159,265 Commercial and industrial 3,988 4,161 Residential real estate and other consumer 12,523 11,475 Total commercial and consumer banking 174,437 174,901 Total loans held for investment, at amortized cost (3) 1,381,174 1,516,736 Total loans held for investment 16,717,994 15,174,314 Total loans $ 42,172,790 $ 38,037,063 _____________________ (1) Includes loans originated as part of the loan platform business on behalf of third party partners. (2) Includes $ 4,025,290 and $ 4,410,038 of student loans covered by financial guarantees, and $ 62,091 and $ 65,796 of student loans in consolidated VIEs as of March 31, 2026 and December 31, 2025, respectively. (3) See Note 4. Allowance for Credit Losses herein, and Note 1. Organization, Summary of Significant Accounting Policies and New Accounting Standards under the heading “Allowance for Credit Losses” in our Annual Report on Form 10-K for additional information on our loans at amortized cost as it pertains to the allowance for credit losses. 15 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) Loans Measured at Fair Value The following table summarizes the aggregate fair value of our loans for which we elected the fair value option. See Note 11. Fair Value Measurements for the assumptions used in our fair value model. Personal Loans Student Loans Home Loans Total March 31, 2026 Unpaid principal balance $ 22,317,947 $ 14,510,630 $ 1,562,339 $ 38,390,916 Accumulated interest 161,450 69,285 6,945 237,680 Cumulative fair value adjustments 1,203,024 756,905 78,724 2,038,653 Total fair value of loans (1) $ 23,682,421 $ 15,336,820 $ 1,648,008 $ 40,667,249 December 31, 2025 Unpaid principal balance $ 20,243,217 $ 12,875,440 $ 1,133,329 $ 34,251,986 Accumulated interest 151,079 58,277 4,888 214,244 Cumulative fair value adjustments 1,146,372 723,861 66,898 1,937,131 Total fair value of loans (1) $ 21,540,668 $ 13,657,578 $ 1,205,115 $ 36,403,361 __________________ (1) Each component of the fair value of loans is impacted by charge-offs during the period. Our fair value assumption for annual default rate incorporates fair value markdowns on loans beginning when they are 10 days or more delinquent, with additional markdowns at 30, 60 and 90 days past due. The following table summarizes the aggregate fair value of loans 90 days or more delinquent. As delinquent personal loans and student loans are charged off after 120 days of delinquency, amounts presented below represent the fair value of loans that are 90 to 120 days delinquent. Personal Loans Student Loans Home Loans Total March 31, 2026 Unpaid principal balance $ 105,579 $ 14,659 $ 962 $ 121,200 Accumulated interest 5,145 343 45 5,533 Cumulative fair value adjustments (1) ( 86,679 ) ( 10,976 ) ( 152 ) ( 97,807 ) Fair value of loans 90 days or more delinquent (2) $ 24,045 $ 4,026 $ 855 $ 28,926 December 31, 2025 Unpaid principal balance $ 104,486 $ 18,141 $ 920 $ 123,547 Accumulated interest 5,286 384 — 5,670 Cumulative fair value adjustments (1) ( 85,843 ) ( 13,512 ) ( 377 ) ( 99,732 ) Fair value of loans 90 days or more delinquent (2) $ 23,929 $ 5,013 $ 543 $ 29,485 __________________ (1) Our fair value assumption for annual default rate incorporates fair value markdowns on loans beginning when they are 10 days or more delinquent, with additional markdowns at 30, 60 and 90 days past due. We record the initial fair value measurement and subsequent measurement changes in fair value in the period in which the changes occur within noninterest income—loan origination, sales, securitizations and servicing in the condensed consolidated statements of operations and comprehensive income. As such, the $ 97.8 million fair value adjustment as of March 31, 2026 has been recorded in noninterest income—loan origination, sales, securitizations and servicing in the respective periods in which 10, 30, 60, and 90 days of delinquency occurred. See our Annual Report on Form 10-K for further discussion of the policies for determining the fair value of our loan portfolios. (2) The fair value incorporates the expected price to be paid by buyers of these delinquent loans after charge-off occurs, implying that potential recoveries are expected to be in excess of these levels based on consistent demonstrated recoverability after a loan becomes delinquent and gets charged off. 16 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) Transfers of Financial Assets We regularly transfer financial assets and account for such transfers as either sales or secured borrowings depending on the facts and circumstances of the transfer. When a transfer of financial assets qualifies as a sale, in many instances we have continuing involvement as the servicer of those financial assets. As we expect the benefits of servicing to be more than just adequate, we recognize a servicing asset. Further, in the case of securitization-related transfers that qualify as sales, we have additional continuing involvement as an investor, albeit at insignificant levels relative to the expected gains and losses of the securitization. In instances where a transfer is accounted for as a secured borrowing, we perform servicing (but we do not recognize a servicing asset) and typically maintain a significant investment relative to the expected gains and losses of the securitization. In whole loan sales, we do not have a residual financial interest in the loans, nor do we have any other power over the loans that would constrain us from recognizing a sale. Additionally, we generally have no repurchase requirements related to transfers of personal loans, student loans and non-GSE home loans other than standard origination representations and warranties, for which we record a liability based on expected repurchase obligations. For GSE home loans, we have customary GSE repurchase requirements, which do not constrain sale treatment but result in a liability for the expected repurchase requirement. There were no loan securitization transfers, other than those related to our Loan Platform Business, that qualified for sale accounting treatment during the three months ended March 31, 2026 and 2025. Deconsolidation of debt reflects the impacts of previously consolidated VIEs that became deconsolidated during the period because we no longer hold a significant financial interest in the underlying securitization entity, which can fluctuate from period to period. Gains and losses on deconsolidations are presented within noninterest income—loan origination, sales, securitizations, and servicing in the condensed consolidated statements of operations and comprehensive income. During the three months ended March 31, 2026 we did not have any deconsolidation of debt on personal loans. During the three months ended March 31, 2025 we had deconsolidation of debt on student loans of $ 13.2 million which the impact on earnings from this deconsolidation was immaterial . 17 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 our current whole loan sales: Three Months Ended March 31, 2026 2025 Personal loans Fair value of consideration received: Cash $ — $ 1,113,022 Servicing assets recognized — 68,625 Repurchase liabilities recognized — ( 1,280 ) Total consideration — 1,180,367 Aggregate unpaid principal balance and accrued interest of loans sold — 1,113,172 Realized gain $ — $ 67,195 Home loans Fair value of consideration received: Cash $ 773,099 $ 326,640 Servicing assets recognized 7,377 2,794 Repurchase liabilities recognized ( 1,066 ) ( 609 ) Total consideration 779,410 328,825 Aggregate unpaid principal balance and accrued interest of loans sold 764,515 322,532 Realized gain $ 14,895 $ 6,293 The following table summarizes our delinquent whole loan sales: Three Months Ended March 31, 2026 2025 Personal loans Fair value of consideration received: Cash $ 7,114 $ 7,200 Servicing assets recognized 6,254 6,306 Repurchase liabilities recognized ( 116 ) ( 81 ) Total consideration 13,252 13,425 Aggregate unpaid principal balance and accrued interest of loans sold (1)(2) 93,530 94,833 Realized loss $ ( 80,278 ) $ ( 81,408 ) __________________ (1) During the three months ended March 31, 2026, includes $ 88.9 million of aggregate unpaid principal balance sold, related to late-stage delinquent loans for which we retained servicing and portions of recoveries. During the three months ended March 31, 2025, includes $ 90.0 million of aggregate unpaid principal balance sold related to late-stage delinquent loans for which we retained servicing and portions of recoveries. (2) For the three months ended March 31, 2026 $ 57.9 million of unpaid principal balance was recorded in prior periods as a reduction in fair value in noninterest income—loan origination, sales, securitizations and servicing in the condensed consolidated statements of operations and comprehensive income. For the three months ended March 31, 2025 $ 63.3 million of unpaid principal balance was recorded in prior periods as a reduction in fair value in noninterest income—loan origination, sales, securitizations and servicing in the condensed consolidated statements of operations and comprehensive income. These loans were sold prior to charge-off during the respective periods and otherwise would have been charged off as of March 31, 2026 and 2025, respectively, consistent with our policy. In our other charged off whole loan sales, we typically do not retain servicing or recoveries. 18 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 loans originated and subsequently sold as part of our Loan Platform Business, which are loans that we originate on behalf of a third party for which we receive a fee. Three Months Ended March 31, 2026 2025 Personal loans Fair value of consideration received: Cash $ 2,907,117 $ 1,546,585 Servicing assets recognized 20,235 10,926 Repurchase liabilities recognized ( 3,383 ) ( 1,061 ) Total consideration 2,923,969 1,556,450 Aggregate carrying amount and accrued interest of loans sold (1) 2,810,414 1,488,352 Loan fees, net (2) 93,320 57,172 Servicing assets recognized 20,235 10,926 Loan platform fees recognized (3) $ 113,555 $ 68,098 _____________________ (1) Includes unpaid principal balance of $ 2.9 billion for the three months ended March 31, 2026 and $ 1.5 billion for the three months ended March 31, 2025. (2) Represents loan platform fees earned less the repurchase liabilities recognized at the time of sale. (3) Recorded in noninterest income—loan platform fees in the condensed consolidated statements of operations and comprehensive income. The following table summarizes the results of the transfer related to the portion of personal loans that we contributed as part of a securitization that qualified for sale accounting treatment, which related to incremental loans originated and subsequently sold as part of our Loan Platform Business. Three Months Ended March 31, 2026 2025 Personal loans Fair value of consideration received: Cash (1) $ ( 475 ) $ ( 453 ) Securitization investments retained (2) 81,711 39,134 Servicing assets recognized 582 280 Repurchase liabilities recognized ( 97 ) ( 27 ) Total consideration 81,721 38,934 Aggregate carrying amount and accrued interest of loans sold (3) 79,552 37,597 Gain from loan sales (4) $ 2,169 $ 1,337 _____________________ (1) Relates to payments for securitization-related expenses. (2) Represents asset-backed bonds and residual investments retained pursuant to risk retention rules. See Note 1. Organization, Summary of Significant Accounting Policies and New Accounting Standards and Note 11. Fair Value Measurements for our accounting policy and key inputs used in the fair value measurements related to these asset-backed bonds and residual investments. (3) Includes unpaid principal balance of $ 80.9 million for the three months ended March 31, 2026 and $ 38.3 million for the three months ended March 31, 2025. (4) Recorded in noninterest income—loan platform fees in the condensed consolidated statements of operations and comprehensive income. 19 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) For certain transferred loans that qualified for sale accounting and are therefore derecognized, we have continuing involvement through our servicing agreements. For such loans, our exposure to loss is generally limited to the extent we would be required to repurchase such a loan due to a breach of representations and warranties associated with the loan transfer or servicing contract. The following table presents information about the unpaid principal balances of loans originated by us and subsequently transferred, but with which we have continuing involvement: Personal Loans Student Loans Home Loans Total March 31, 2026 Loans in delinquency (30+ days past due) $ 243,933 $ 24,981 $ 53,035 $ 321,949 Total loans in delinquency 436,272 44,935 53,035 534,242 Total transferred loans serviced (1) 14,216,887 2,405,276 7,355,752 23,977,915 December 31, 2025 Loans in delinquency (30+ days past due) $ 235,479 $ 30,523 $ 49,819 $ 315,821 Total loans in delinquency 396,827 57,225 49,819 503,871 Total transferred loans serviced (1) 13,215,980 2,653,191 7,037,366 22,906,537 _____________________ (1) Total transferred loans serviced includes loans in delinquency, as well as loans in repayment, loans in-school/grace period/deferment (related to student loans), and loans in forbearance. The vast majority of total transferred loans serviced represent loans in repayment as of the dates indicated. The following table presents additional information about the servicing cash flows received and net charge-offs related to loans originated by us and subsequently transferred, but with which we have a continuing involvement: Three Months Ended March 31, 2026 2025 Personal loans Servicing fees collected from transferred loans $ 35,702 $ 20,168 Charge-offs, net of recoveries, of transferred loans 229,724 128,921 Student loans Servicing fees collected from transferred loans 3,147 5,145 Charge-offs, net of recoveries, of transferred loans 10,809 11,273 Home loans Servicing fees collected from transferred loans 5,006 4,380 Total Servicing fees collected from transferred loans $ 43,855 $ 29,693 Charge-offs, net of recoveries, of transferred loans 240,533 140,194 20 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) Loans Measured at Amortized Cost Loan Portfolio Composition and Aging The following table presents the amortized cost basis of our credit card and commercial and consumer banking portfolios (excluding accrued interest, deferred origination costs and before the allowance for credit losses) by either current status or delinquency status: Delinquent Loans Current 30–59 Days 60–89 Days ≥ 90 Days (1) Total Delinquent Loans Total Loans (2) March 31, 2026 Secured loans $ 740,033 $ — $ — $ — $ — $ 740,033 Credit card 480,743 5,079 4,504 10,780 20,363 501,106 Commercial and consumer banking: Commercial real estate 158,280 564 203 — 767 159,047 Commercial and industrial 3,957 32 — 71 103 4,060 Residential real estate and other consumer (3) 12,519 — — — — 12,519 Total commercial and consumer banking 174,756 596 203 71 870 175,626 Total loans $ 1,395,532 $ 5,675 $ 4,707 $ 10,851 $ 21,233 $ 1,416,765 December 31, 2025 Secured loans $ 872,253 $ — $ — $ — $ — $ 872,253 Credit card 483,803 4,650 3,713 9,161 17,524 501,327 Commercial and consumer banking: Commercial real estate 159,854 — 373 — 373 160,227 Commercial and industrial 4,048 57 — 73 130 4,178 Residential real estate and other consumer (3) 11,536 — — — — 11,536 Total commercial and consumer banking 175,438 57 373 73 503 175,941 Total loans $ 1,531,494 $ 4,707 $ 4,086 $ 9,234 $ 18,027 $ 1,549,521 ______________ (1) Generally, all of the credit cards ≥ 90 days past due continued to accrue interest. As of the dates indicated, credit card, commercial and consumer banking loans on nonaccrual status were immaterial . (2) For credit card, the balance is presented before allowance for credit losses of $ 50,064 and $ 49,205 as of March 31, 2026 and December 31, 2025, respectively, and accrued interest of $ 8,472 and $ 7,045 and deferred origination costs of $ 5,957 and $ 8,687 as of March 31, 2026 and December 31, 2025, respectively. For secured loans, the balance is presented before accrued interest of $ 1,233 and $ 1,728 as of March 31, 2026 and December 31, 2025, respectively. For commercial and consumer banking, the balance is presented before allowance for credit losses of $ 1,870 and $ 1,729 as of March 31, 2026 and December 31, 2025, respectively, and accrued interest of $ 681 and $ 689 , respectively. (3) Includes residential real estate loans originated by Golden Pacific for which we did not elect the fair value option. 21 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) Credit Quality Indicators Credit Card The following table presents the amortized cost basis of our credit card portfolio (excluding accrued interest and before the allowance for credit losses) based on FICO scores, which are obtained at origination of the account and are refreshed monthly thereafter. The pools estimate the likelihood of borrowers with similar FICO scores to pay credit obligations based on aggregate credit performance data. FICO March 31, 2026 December 31, 2025 ≥ 800 $ 45,696 $ 47,275 780 – 799 25,967 26,942 760 – 779 28,024 29,154 740 – 759 31,292 34,503 720 – 739 41,920 44,021 700 – 719 52,076 56,155 680 – 699 57,892 60,183 660 – 679 56,575 56,007 640 – 659 48,897 45,315 620 – 639 35,559 32,084 600 – 619 21,985 20,397 ≤ 599 55,223 49,291 Total credit card $ 501,106 $ 501,327 Commercial and Consumer Banking We analyze loans in our commercial and consumer banking portfolio by classification based on their associated credit risk, and perform an analysis on an ongoing basis as new information is obtained. Risk rating classifications are further described below. Loans with a lower expectation of credit losses are classified as Pass, while loans with a higher expectation of credit losses are classified as Substandard. • Pass — Loans that management believes will fully repay in accordance with the contractual loan terms. • Watch — Loans that management believes will fully repay in accordance with the contractual loan terms, but for which certain credit attributes have changed from origination and warrant further monitoring. • Special mention — Loans with a potential weakness or weaknesses that deserves management’s close attention. If left uncorrected, the potential weaknesses may result in deterioration of the repayment prospects for the loan or our credit position at some future date. • Substandard — Loans that are inadequately protected by the current net worth and paying capacity of the obligor or of the collateral pledged, if any. Loans so classified have a well-defined weakness or weaknesses that jeopardize the full repayment. They are characterized by the distinct possibility that we will sustain some loss if the deficiencies are not corrected. 22 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 amortized cost basis of our commercial and consumer banking portfolio (excluding accrued interest and before the allowance for credit losses) by origination year and credit quality indicator: Term Loans by Origination Year March 31, 2026 2026 2025 2024 2023 2022 Prior Total Term Loans Revolving Loans Commercial real estate Pass $ 1,125 $ 35,317 $ 32,120 $ 18,702 $ 23,635 $ 26,791 $ 137,690 $ 158 Watch — — 766 — 6,576 1,166 8,508 — Special mention — — 2,436 2,917 — 341 5,694 — Substandard — — — 2,209 2,606 2,182 6,997 — Total commercial real estate 1,125 35,317 35,322 23,828 32,817 30,480 158,889 158 Commercial and industrial Pass — — 113 36 — 2,650 2,799 1,145 Watch — — — — — — — — Special mention — — — — — — — — Substandard — — — — — 116 116 — Total commercial and industrial — — 113 36 — 2,766 2,915 1,145 Residential real estate and other consumer Pass — 263 — — — 4,521 4,784 7,735 Watch — — — — — — — — Special mention — — — — — — — — Substandard — — — — — — — — Total residential real estate and other consumer — 263 — — — 4,521 4,784 7,735 Total commercial and consumer banking $ 1,125 $ 35,580 $ 35,435 $ 23,864 $ 32,817 $ 37,767 $ 166,588 $ 9,038 Secured Loans The amortized cost basis (excluding accrued interest) of our secured loans were $ 740.0 million and $ 872.3 million as of March 31, 2026 and December 31, 2025, respectively. Secured loans are term loan arrangements secured by underlying loans owned by the debtor, which were previously originated, sold and in most cases continue to be serviced by the Company. The borrowers of our secured loans are generally financial institutions, and the underlying collateral are personal loans originated by the Company. The duration of these secured loans align with the underlying collateral, the majority of which have a term of 7 years or less. Our secured loans were originated in 2023, 2024, and 2025, are all current and there have been no charge-offs since origination. We evaluate the credit quality of our secured loan portfolio relative to the fair value of the underlying collateral, reassessing it quarterly based on relevant information, including funded loan rates and historical loss experience. An allowance for credit losses is required when there is an expected credit loss after considering the fair value of the collateral as well as any anticipated future changes in the underlying collateral. As of March 31, 2026 and December 31, 2025, based on this evaluation we did not recognize an allowance for credit losses on our secured loans. Note 4. Allowance for Credit Losses Our allowance for credit losses represents our current estimate of expected credit losses over the remaining contractual life of certain financial assets, including credit cards as well as commercial and consumer banking loans, which relate to our Financial Services segment, and accounts receivables primarily related to our Technology Platform segment. Given our methods of collecting funds on servicing receivables, our historical experience of infrequent write offs, and that we have not observed meaningful changes in our counterparties’ abilities to pay, we determined that the future exposure to credit losses on 23 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) servicing related receivables was immaterial. See our Annual Report on Form 10-K for further discussion of the methodology and policies for determining our allowance for credit losses for each of our loan portfolios. The following table presents changes in our allowance for credit losses: Credit Card (1) Commercial and Consumer Banking (1) Accounts Receivable (1) Three Months Ended March 31, 2026 Balance at December 31, 2025 $ 49,205 $ 1,729 $ 2,998 Provision for credit losses (2) 8,506 389 ( 58 ) Net charge-offs (3) ( 7,647 ) ( 248 ) ( 258 ) Balance at March 31, 2026 $ 50,064 $ 1,870 $ 2,682 Three Months Ended March 31, 2025 Balance at December 31, 2024 $ 44,350 $ 2,334 $ 2,444 Provision for credit losses (2) 5,819 ( 141 ) 378 Net charge-offs (3) ( 7,990 ) ( 3 ) ( 33 ) Balance at March 31, 2025 $ 42,179 $ 2,190 $ 2,789 _____________________ (1) Credit cards and commercial and consumer banking loans measured at amortized cost, net of allowance for credit losses, are presented within loans held for investment, at amortized cost in the condensed consolidated balance sheets. Accounts receivable balances, net of allowance for credit losses, are presented within other assets in the condensed consolidated balance sheets. (2) The provision for credit losses on credit cards and commercial and consumer banking loans is presented within provision for credit losses in the condensed consolidated statements of operations and comprehensive income . The provision for credit losses on accounts receivable is presented within noninterest expense—general and administrative in the condensed consolidated statements of operations and comprehensive income. (3) During the three months ended March 31, 2026 and 2025, recoveries of amounts previously reserved related to credit cards were $ 1,303 and $ 764 , respectively. There were immaterial recoveries of amounts previously reserved related to commercial and consumer banking loans during the three months ended March 31, 2026 and 2025. During the three months ended March 31, 2026 and 2025, recoveries of amounts previously reserved related to accounts receivable were $ 2,026 and $ 302 , respectively. Credit card : Accrued interest receivables written off by reversing interest income were $ 1.9 million and $ 1.8 million during the three months ended March 31, 2026 and 2025, respectively. 24 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 5. Investment Securities The following table presents our investments in AFS debt securities: Amortized Cost Accrued Interest Gross Unrealized Gains Gross Unrealized Losses (1) Fair Value March 31, 2026 U.S. Treasury securities $ 221,857 $ 1,026 $ 205 $ ( 1,500 ) $ 221,588 Agency mortgage-backed securities 2,801,325 7,205 8,014 ( 10,132 ) 2,806,412 Corporate bonds 184 3 — ( 3 ) 184 Asset-backed bonds (2) 15,919 68 — ( 62 ) 15,925 Residual investments (2) 3,537 32 — ( 143 ) 3,426 Other (3) 952 4 — ( 131 ) 825 Total investments in AFS debt securities $ 3,043,774 $ 8,338 $ 8,219 $ ( 11,971 ) $ 3,048,360 December 31, 2025 U.S. Treasury securities $ 74,540 $ 1,115 $ 166 $ ( 465 ) $ 75,356 Agency mortgage-backed securities 2,335,501 5,095 15,362 ( 1,352 ) 2,354,606 Corporate bonds 184 3 — ( 2 ) 185 Asset-backed bonds (2) 19,626 83 — ( 6 ) 19,703 Residual investments (2) 3,825 38 — ( 93 ) 3,770 Other (3) 951 8 — ( 126 ) 833 Total investments in AFS debt securities $ 2,434,627 $ 6,342 $ 15,528 $ ( 2,044 ) $ 2,454,453 _____________________ (1) As of March 31, 2026 and December 31, 2025, we concluded that there was no credit loss attributable to securities in unrealized loss positions, as (i) 99 % and 99 % of the amortized cost basis of our investments as of March 31, 2026 and December 31, 2025, respectively, was composed of U.S. Treasury securities and agency mortgage-backed securities, which are of high credit quality and have no risk of credit-related impairment due to the nature of the counterparties and history of no credit losses, and (ii) we have not identified factors indicating credit-related impairment for the remaining investments and expect that the contractual principal and interest payments will be received. Additionally, we do not intend to sell the securities in loss positions nor is it more likely than not that we will be required to sell the securities prior to recovery of the amortized cost basis. (2) These assets represent the carrying value of our holdings in VIEs wherein we were not deemed the primary beneficiary, classified as AFS debt securities. See Note 6. Securitization and Variable Interest Entities for additional information. (3) Includes state municipal bond securities. The following table presents information about our investments in AFS debt securities with gross unrealized losses and the length of time that individual securities have been in a continuous unrealized loss position as of March 31, 2026 and December 31, 2025. Less than 12 Months 12 Months or Longer Total Fair Value Gross Unrealized Losses Fair Value Gross Unrealized Losses Fair Value Gross Unrealized Losses March 31, 2026 U.S. Treasury securities $ 172,113 $ ( 1,500 ) $ — $ — $ 172,113 $ ( 1,500 ) Agency mortgage-backed securities 1,502,676 ( 9,309 ) 11,971 ( 823 ) 1,514,647 ( 10,132 ) Corporate bonds — — 184 ( 3 ) 184 ( 3 ) Asset-backed bonds 15,925 ( 62 ) — — 15,925 ( 62 ) Residual investments 3,426 ( 143 ) — — 3,426 ( 143 ) Other — — 825 ( 131 ) 825 ( 131 ) Total investments in AFS debt securities $ 1,694,140 $ ( 11,014 ) $ 12,980 $ ( 957 ) $ 1,707,120 $ ( 11,971 ) 25 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, 2025 U.S. Treasury securities $ 49,962 $ ( 465 ) $ — $ — $ 49,962 $ ( 465 ) Agency mortgage-backed securities 202,845 ( 497 ) 19,661 ( 855 ) 222,506 ( 1,352 ) Corporate bonds — — 185 ( 2 ) 185 ( 2 ) Asset-backed bonds 19,703 ( 6 ) — — 19,703 ( 6 ) Residual investments 3,770 ( 93 ) — — 3,770 ( 93 ) Other — — 834 ( 126 ) 834 ( 126 ) Total investments in AFS debt securities $ 276,280 $ ( 1,061 ) $ 20,680 $ ( 983 ) $ 296,960 $ ( 2,044 ) 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 March 31, 2026 Investments in AFS debt securities—Amortized cost: U.S. Treasury securities $ — $ 49,337 $ 172,520 $ — $ 221,857 Agency mortgage-backed securities — 46,516 20,058 2,734,751 2,801,325 Corporate bonds — 184 — — 184 Asset-backed bonds — — 15,919 — 15,919 Residual investments — — 3,537 — 3,537 Other — — 952 — 952 Total investments in AFS debt securities $ — $ 96,037 $ 212,986 $ 2,734,751 $ 3,043,774 Weighted average yield for investments in AFS debt securities (1) — % 4.07 % 3.98 % 4.53 % 4.49 % Investments in AFS debt securities—Fair value (2) : U.S. Treasury securities $ — $ 49,032 $ 171,530 $ — $ 220,562 Agency mortgage-backed securities — 46,636 19,831 2,732,740 2,799,207 Corporate bonds — 181 — — 181 Asset-backed bonds — — 15,857 — 15,857 Residual investments — — 3,394 — 3,394 Other — — 821 — 821 Total investments in AFS debt securities $ — $ 95,849 $ 211,433 $ 2,732,740 $ 3,040,022 _____________________ (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 $ 8,338 as of March 31, 2026. Gross realized gains and losses on our investments in AFS debt securities were $ 8,433 and $( 558 ), respectively, during the three months ended March 31, 2026. Gross realized gains and losses on our investments in AFS debt securities were immaterial during the three months ended March 31, 2025. During the three months ended March 31, 2026 and 2025, 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. 26 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 March 31, 2026 and December 31, 2025, we had one consolidated VIE, respectively, on our condensed consolidated balance sheets. During the three months ended March 31, 2026, we did not exercise any securitization clean up call related to 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 March 31, 2026 and December 31, 2025. 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 March 31, 2026 and December 31, 2025, we had investments in 23 and 22 nonconsolidated VIEs, respectively. During the three months ended March 31, 2026, we established two nonconsolidated trusts and called one nonconsolidated trust. 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) The following table presents the carrying value of Company assets associated with these nonconsolidated VIEs as of the dates presented. March 31, 2026 December 31, 2025 Securitization investments $ 202,218 $ 144,627 Secured loans 741,266 873,981 Servicing rights 60,771 72,077 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. March 31, 2026 December 31, 2025 Personal loans $ 176,145 $ 117,322 Student loans 26,073 27,305 Securitization investments (1) $ 202,218 $ 144,627 _____________________ (1) As of March 31, 2026, includes $ 15.9 million and $ 3.4 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 In addition to the nonconsolidated VIEs noted above, the Company also 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 $ 76.9 million and $ 53.5 million as of March 31, 2026 and December 31, 2025, respectively. The unfunded commitments, included as part of our investments, were $ 63.9 million and $ 47.2 million as of March 31, 2026 and December 31, 2025, 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 months ended March 31, 2026 and March 31, 2025, respectively. 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) Note 7. Deposits We offer deposit accounts to our members through SoFi Bank, which include interest-bearing deposits and noninterest-bearing deposits. Below is a disaggregated presentation of our deposits: March 31, 2026 December 31, 2025 Savings deposits $ 35,342,000 $ 32,461,228 Demand deposits 3,691,384 3,685,409 Time deposits (1) 1,086,315 1,240,713 Total interest-bearing deposits (2) 40,119,699 37,387,350 Noninterest-bearing deposits 122,998 118,045 Total deposits $ 40,242,697 $ 37,505,395 _____________________ (1) As of March 31, 2026 and December 31, 2025, the amount of time deposits that exceeded the insured limit (referred to as “uninsured deposits”) totaled $ 29,702 and $ 26,317 , respectively. (2) As of March 31, 2026 and December 31, 2025, includes brokered deposits of $ 1,243,663 and $ 1,402,355 , respectively. Brokered deposits consist of time deposits and demand deposits. As of March 31, 2026, future maturities of our total time deposits were as follows: Remainder of 2026 $ 1,076,775 2027 3,713 2028 5,433 2029 367 2030 27 Thereafter — Total $ 1,086,315 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 8. Debt The following table summarizes the components of our debt: March 31, 2026 December 31, 2025 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 $ — 4.28 % – 4.91 % June 2026 – October 2028 $ 3,700,000 $ — $ — Student loan warehouse facilities — 4.18 % – 4.83 % May 2026 – November 2028 3,480,000 — — Revolving credit facility (5) 5.26 % April 2028 645,000 486,000 486,000 Other Debt Convertible senior notes, due 2026 (6) — % October 2026 428,022 428,022 Convertible senior notes, due 2029 (7) 1.25 % March 2029 862,500 862,500 Other financing (8) 261,983 314,927 — — Securitizations Student loan securitizations 59,786 3.09 % – 3.73 % August 2048 50,891 54,107 Total, before unamortized debt issuance costs, premiums and discounts $ 1,827,413 $ 1,830,629 Less: unamortized debt issuance costs, premiums and discounts (9) ( 13,932 ) ( 15,467 ) Total debt $ 1,813,481 $ 1,815,162 _________________ (1) As of March 31, 2026, 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 March 31, 2026. The interest on our variable-rate debt is typically designed as a reference rate plus a spread. Reference rates as of March 31, 2026 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 three months ended March 31, 2026. (5) As of March 31, 2026, $ 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. (6) 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 months ended March 31, 2026 and March 31, 2025, total interest expense on the convertible notes was $ 0.5 million and $ 0.5 million, respectively. For all periods, interest expense was related to amortization of debt discount and issuance costs. For the three months ended March 31, 2026 and March 31, 2025, the effective interest rate was 0.43 % and 0.43 %, respectively. As of March 31, 2026 and December 31, 2025, unamortized debt discount and issuance costs were $ 1.0 million and $ 1.5 million, respectively, and the net carrying amount was $ 427.0 million and $ 426.6 million, respectively. (7) 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 months ended March 31, 2026, total interest expense on the convertible notes was $ 3.8 million, which was composed of $ 2.7 million of contractual interest expense and $ 1.1 million of amortization of discounts and issuance costs; and the effective interest rate was 1.77 %. For the three months ended March 31, 2025, total interest expense on the convertible notes was $ 3.8 million, which was composed of $ 2.7 million of contractual interest expense and $ 1.1 million of amortization of discounts and issuance costs; and the effective interest rate was 1.77 %. As of March 31, 2026 and December 31, 2025, unamortized debt discount and issuance costs were $ 12.9 million and $ 14.0 million, respectively, and the net carrying amount was $ 849.6 million and $ 848.5 million, respectively. (8) As of March 31, 2026, includes $ 59.5 million of loans and $ 202.5 million of investment securities pledged as collateral to secure $ 264.9 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. 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) (9) As of March 31, 2026 and December 31, 2025, unamortized debt issuance costs related to revolving debt of $ 0.9 million and $ 1.0 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. Conversion The convertible notes were convertible by the noteholders prior to the close of business on the business day immediately preceding April 15, 2026 if certain conditions related to the notes trading price or Company’s share price are met, there are certain corporate events or distributions of the Company’s stock, or the Company calls the notes for redemption, each as set forth in the indenture. On and after April 15, 2026 until the close of business on the second scheduled trading day immediately preceding the maturity date, the convertible notes are freely convertible by the noteholders. The conversion rate is 44.6150 shares of our common stock per $1,000 principal amount of convertible notes, which represents an initial conversion price of approximately $ 22.41 per share of our common stock. As of March 31, 2026, the 2026 convertible notes are potentially convertible into 19,096,202 shares of common stock. We expect to settle conversions by a combination of cash and shares of our common stock, based on the applicable conversion rate(s). 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 March 31, 2026, 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 April 1, 2026 to June 30, 2026. Through May 7, 2026, no holder elected to convert their notes. Whether the 2029 convertible notes will be convertible following June 30, 2026 will depend on the continued satisfaction of this conversion condition or another conversion condition in the future. 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)