10-Q – 2026-05-07 – sofi-20260331.htm

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2025-12-31 0001818874 srt:MinimumMember us-gaap:MeasurementInputDiscountRateMember 2026-03-31 0001818874 srt:MaximumMember us-gaap:MeasurementInputDiscountRateMember 2026-03-31 0001818874 srt:WeightedAverageMember us-gaap:MeasurementInputDiscountRateMember 2026-03-31 0001818874 srt:MinimumMember us-gaap:MeasurementInputDiscountRateMember 2025-12-31 0001818874 srt:MaximumMember us-gaap:MeasurementInputDiscountRateMember 2025-12-31 0001818874 srt:WeightedAverageMember us-gaap:MeasurementInputDiscountRateMember 2025-12-31 0001818874 srt:MinimumMember sofi:MeasurementInputLoanFundingProbabilityMember 2026-03-31 0001818874 srt:MaximumMember sofi:MeasurementInputLoanFundingProbabilityMember 2026-03-31 0001818874 srt:WeightedAverageMember sofi:MeasurementInputLoanFundingProbabilityMember 2026-03-31 0001818874 srt:MinimumMember sofi:MeasurementInputLoanFundingProbabilityMember 2025-12-31 0001818874 srt:MaximumMember sofi:MeasurementInputLoanFundingProbabilityMember 2025-12-31 0001818874 srt:WeightedAverageMember sofi:MeasurementInputLoanFundingProbabilityMember 2025-12-31 0001818874 sofi:StudentLoanPortfolioSegmentMember 2026-03-31 0001818874 sofi:StudentLoanPortfolioSegmentMember 2025-12-31 0001818874 sofi:PersonalLoanPortfolioSegmentMember 2026-03-31 0001818874 sofi:PersonalLoanPortfolioSegmentMember 2025-12-31 0001818874 us-gaap:CarryingReportedAmountFairValueDisclosureMember 2026-03-31 0001818874 us-gaap:FairValueInputsLevel1Member 2026-03-31 0001818874 us-gaap:FairValueInputsLevel2Member 2026-03-31 0001818874 us-gaap:FairValueInputsLevel3Member 2026-03-31 0001818874 us-gaap:CarryingReportedAmountFairValueDisclosureMember 2025-12-31 0001818874 us-gaap:FairValueInputsLevel1Member 2025-12-31 0001818874 us-gaap:FairValueInputsLevel2Member 2025-12-31 0001818874 us-gaap:FairValueInputsLevel3Member 2025-12-31 0001818874 us-gaap:CarryingReportedAmountFairValueDisclosureMember sofi:ConvertibleSeniorNotesDue2026Member us-gaap:ConvertibleDebtMember 2026-03-31 0001818874 us-gaap:CarryingReportedAmountFairValueDisclosureMember sofi:ConvertibleSeniorNotesDue2026Member us-gaap:ConvertibleDebtMember 2025-12-31 0001818874 us-gaap:CarryingReportedAmountFairValueDisclosureMember sofi:ConvertibleSeniorNotesDue2029Member us-gaap:ConvertibleDebtMember 2026-03-31 0001818874 us-gaap:CarryingReportedAmountFairValueDisclosureMember sofi:ConvertibleSeniorNotesDue2029Member us-gaap:ConvertibleDebtMember 2025-12-31 0001818874 us-gaap:OtherAggregatedInvestmentsMember us-gaap:EstimateOfFairValueFairValueDisclosureMember us-gaap:FairValueMeasurementsNonrecurringMember 2026-03-31 0001818874 us-gaap:OtherAggregatedInvestmentsMember us-gaap:EstimateOfFairValueFairValueDisclosureMember us-gaap:FairValueMeasurementsNonrecurringMember 2025-12-31 0001818874 us-gaap:OtherAggregatedInvestmentsMember us-gaap:EstimateOfFairValueFairValueDisclosureMember us-gaap:FairValueMeasurementsNonrecurringMember us-gaap:FairValueInputsLevel3Member 2026-03-31 0001818874 us-gaap:EstimateOfFairValueFairValueDisclosureMember us-gaap:FairValueMeasurementsNonrecurringMember us-gaap:FairValueInputsLevel3Member 2025-12-31 0001818874 us-gaap:EmployeeStockMember 2026-01-01 2026-03-31 0001818874 us-gaap:ResearchAndDevelopmentExpenseMember 2026-01-01 2026-03-31 0001818874 us-gaap:ResearchAndDevelopmentExpenseMember 2025-01-01 2025-03-31 0001818874 us-gaap:SellingAndMarketingExpenseMember 2026-01-01 2026-03-31 0001818874 us-gaap:SellingAndMarketingExpenseMember 2025-01-01 2025-03-31 0001818874 us-gaap:CostOfSalesMember 2026-01-01 2026-03-31 0001818874 us-gaap:CostOfSalesMember 2025-01-01 2025-03-31 0001818874 us-gaap:GeneralAndAdministrativeExpenseMember 2026-01-01 2026-03-31 0001818874 us-gaap:GeneralAndAdministrativeExpenseMember 2025-01-01 2025-03-31 0001818874 2025-01-01 2025-12-31 0001818874 us-gaap:RestrictedStockUnitsRSUMember 2025-12-31 0001818874 us-gaap:RestrictedStockUnitsRSUMember 2026-01-01 2026-03-31 0001818874 us-gaap:RestrictedStockUnitsRSUMember 2026-03-31 0001818874 us-gaap:PerformanceSharesMember 2025-12-31 0001818874 us-gaap:PerformanceSharesMember 2026-01-01 2026-03-31 0001818874 us-gaap:PerformanceSharesMember 2026-03-31 0001818874 us-gaap:PerformanceSharesMember 2025-01-01 2025-03-31 0001818874 us-gaap:PerformanceSharesMember 2025-03-31 0001818874 us-gaap:EmployeeStockMember 2025-01-01 2025-03-31 0001818874 us-gaap:EmployeeStockMember 2026-03-31 0001818874 srt:MinimumMember 2026-03-31 0001818874 srt:MaximumMember 2026-03-31 0001818874 us-gaap:AssetPledgedAsCollateralMember 2025-12-31 0001818874 sofi:FundedLoanMember 2026-03-31 0001818874 us-gaap:UnfundedLoanCommitmentMember 2026-03-31 0001818874 srt:MaximumMember us-gaap:UnfundedLoanCommitmentMember 2026-03-31 0001818874 us-gaap:RestrictedStockUnitsRSUMember 2025-01-01 2025-03-31 0001818874 us-gaap:EmployeeStockOptionMember 2026-01-01 2026-03-31 0001818874 us-gaap:EmployeeStockOptionMember 2025-01-01 2025-03-31 0001818874 sofi:UnderwrittenPublicOfferingOptionsMember 2026-01-01 2026-03-31 0001818874 sofi:UnderwrittenPublicOfferingOptionsMember 2025-01-01 2025-03-31 0001818874 us-gaap:RestrictedStockUnitsRSUMember 2026-01-01 2026-03-31 0001818874 us-gaap:RestrictedStockUnitsRSUMember 2025-01-01 2025-03-31 0001818874 us-gaap:PerformanceSharesMember 2026-01-01 2026-03-31 0001818874 us-gaap:PerformanceSharesMember 2025-01-01 2025-03-31 0001818874 us-gaap:EmployeeStockMember 2026-01-01 2026-03-31 0001818874 us-gaap:EmployeeStockMember 2025-01-01 2025-03-31 0001818874 sofi:ContingentCommonStockAcquisitionsMember 2026-01-01 2026-03-31 0001818874 sofi:ContingentCommonStockAcquisitionsMember 2025-01-01 2025-03-31 0001818874 us-gaap:OperatingSegmentsMember sofi:LendingSegmentMember 2026-01-01 2026-03-31 0001818874 us-gaap:OperatingSegmentsMember sofi:TechnologyPlatformSegmentMember 2026-01-01 2026-03-31 0001818874 us-gaap:OperatingSegmentsMember sofi:FinancialServicesSegmentMember 2026-01-01 2026-03-31 0001818874 us-gaap:OperatingSegmentsMember 2026-01-01 2026-03-31 0001818874 us-gaap:CorporateNonSegmentMember 2026-01-01 2026-03-31 0001818874 us-gaap:OperatingSegmentsMember sofi:LendingSegmentMember 2025-01-01 2025-03-31 0001818874 us-gaap:OperatingSegmentsMember sofi:TechnologyPlatformSegmentMember 2025-01-01 2025-03-31 0001818874 us-gaap:OperatingSegmentsMember sofi:FinancialServicesSegmentMember 2025-01-01 2025-03-31 0001818874 us-gaap:OperatingSegmentsMember 2025-01-01 2025-03-31 0001818874 us-gaap:CorporateNonSegmentMember 2025-01-01 2025-03-31 0001818874 sofi:CorporateAndReconcilingItemsMember 2026-01-01 2026-03-31 0001818874 sofi:CorporateAndReconcilingItemsMember 2025-01-01 2025-03-31 0001818874 sofi:LendingSegmentMember 2026-03-31 0001818874 sofi:LendingSegmentMember 2025-12-31 0001818874 sofi:TechnologyPlatformSegmentMember 2026-03-31 0001818874 sofi:TechnologyPlatformSegmentMember 2025-12-31 0001818874 sofi:FinancialServicesSegmentMember 2026-03-31 0001818874 sofi:FinancialServicesSegmentMember 2025-12-31

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

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

For the quarterly period ended 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

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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

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

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SoFi Technologies, Inc.                                                        
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• 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

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PART I – FINANCIAL INFORMATION

Item 1. Financial Statements

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

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

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

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SoFi Technologies, Inc.
Condensed Consolidated Statements of Operations and Comprehensive Income
(Unaudited)
(In Thousands, Except for Per Share Data)

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

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

Organization
SoFi is a financial services platform that was founded in 2011 to offer an innovative approach to the private student loan market by providing student loan refinancing options. The Company conducts its business through three reportable segments: Lending, Technology Platform and Financial Services. Since its founding, SoFi has expanded its lending and financial services strategy to offer personal loans, home loans and credit cards. The Company has also developed additional financial products, such as money management and investment product offerings, and has also leveraged its financial services platform to empower other businesses. The Company has continued to expand its product offerings through strategic acquisitions. During 2020, the Company expanded its investment product offerings into Hong Kong through the acquisition of 8 Limited, and also began to operate as a platform as a service for a variety of financial service providers, providing the infrastructure to facilitate core client-facing and back-end capabilities, such as account setup, account funding, direct deposit, authorizations and processing, payments functionality and check account balance features through the acquisition of Galileo Financial Technologies. During 2022, the Company became a bank holding company and began operating as SoFi Bank, National Association, through its acquisition of Golden Pacific Bancorp, Inc., and expanded its platform to include a cloud-native digital and core banking platform with customers in Latin America through its acquisition of Technisys, allowing the Company to expand its technology platform services to a broader international market. During 2023, the Company acquired Wyndham Capital Mortgage, a fintech mortgage lender. For additional information on our reportable segments, see Note 16. Business Segment Information .
The Company has elected to be treated as a financial holding company pursuant to Section 4(l) of the BHCA. As a financial holding company, the Company is authorized to engage in a broader set of financial activities than a bank holding company that has not elected to be treated as a financial holding company. Financial holding companies may also engage in activities that are determined by the Federal Reserve to be complementary to financial activities.
Summary of Significant Accounting Policies
Basis of Presentation
The condensed consolidated financial statements include the accounts of the Company, its wholly-owned and majority-owned subsidiaries and certain consolidated VIEs. All intercompany accounts were eliminated in consolidation. The condensed consolidated financial statements were prepared in conformity with GAAP and in accordance with the rules and regulations of the SEC. We condensed or omitted certain notes and other financial information from the interim financial statements presented herein.
These condensed consolidated financial statements should be read in conjunction with the consolidated statements included in our annual filing on Form 10-K filed with the SEC on February 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
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SoFi Technologies, Inc.
Notes to Condensed Consolidated Financial Statements (Continued)
(Unaudited)
(In Thousands, Unless Otherwise Stated and Except for Share and Per Share Data)

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

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

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

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

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.

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

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

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

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

The following table summarizes our current whole loan sales:

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

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

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  

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

Loans Measured at Amortized Cost
Loan Portfolio Composition and Aging
The following table presents the amortized cost basis of our credit card and commercial and consumer banking portfolios (excluding accrued interest, 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.
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Notes to Condensed Consolidated Financial Statements (Continued)
(Unaudited)
(In Thousands, Unless Otherwise Stated and Except for Share and Per Share Data)

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

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

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

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

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

Note 5. Investment Securities

The following table presents our investments in AFS debt securities:

Amortized Cost Accrued Interest Gross Unrealized Gains Gross Unrealized Losses (1)
Fair Value
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 )

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

Less than 12 Months 12 Months or Longer Total
Fair Value Gross Unrealized Losses Fair Value Gross Unrealized Losses Fair Value Gross Unrealized Losses
December 31, 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.
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Notes to Condensed Consolidated Financial Statements (Continued)
(Unaudited)
(In Thousands, Unless Otherwise Stated and Except for Share and Per Share Data)

Note 6. Securitization and Variable Interest Entities

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

The following table presents the 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.
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Notes to Condensed Consolidated Financial Statements (Continued)
(Unaudited)
(In Thousands, Unless Otherwise Stated and Except for Share and Per Share Data)

Note 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  

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

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

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