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10-Q – 2026-05-07 – sofi-20260331.htm
__________________ (1) Reflects changes in fair value inputs and assumptions on servicing rights, including conditional prepayment, default rates and discount rates. These assumptions are highly sensitive to market interest rate changes and are not indicative of our performance or results of operations. Moreover, these non-cash charges, which are recorded within noninterest income in the condensed consolidated statements of operations and comprehensive income, are unrealized during the period and, therefore, have no impact on our cash flows from operations. (2) Reflects changes in fair value inputs and assumptions on residual interests classified as debt, including conditional prepayment, default rates and discount rates. When third parties finance our consolidated securitization VIEs by purchasing residual interests, we receive proceeds at the time of the closing of the securitization and, thereafter, pass along contractual cash flows to the residual interest owner. These residual debt obligations are measured at fair value on a recurring basis, with fair value changes recorded within noninterest income in the condensed consolidated statements of operations and comprehensive income, but they have no impact on our initial financing proceeds, our future obligations to the residual interest owner (because future residual interest claims are limited to contractual securitization collateral cash flows), or the general operations of our business. (3) Other expenses primarily include loan marketing expenses, member promotional expenses, tools and subscriptions, travel and occupancy-related costs and third-party loan fraud (net of related insurance recoveries). (4) Adjusted net revenue is a non-GAAP financial measure. For information regarding our use and definition of this measure and for a reconciliation to the most directly comparable U.S. GAAP measure, total net revenue, see “ Non-GAAP Financial Measures ” herein. Net interest income Net interest income in our Lending segment increased by $139.6 million, or 39%, for the three months ended March 31, 2026 compared to the three months ended March 31, 2025. This was primarily attributable to increases in aggregate average personal, student and home loan unpaid principal balances of $4.4 billion (25%), $5.0 billion (58%) and $1.1 billion (495%), respectively, partially offset by lower weighted average interest rates on personal and student loans. The personal, student and home loan average balance increases were primarily attributable to higher origination volume. Noninterest income Noninterest income in our Lending segment increased by $89.4 million, or 170%, for the three months ended March 31, 2026, respectively, compared to the same period in 2025, which was primarily attributable to higher loan origination, sales, securitizations and servicing income. 79 SoFi Technologies, Inc. TAB LE OF CONTENTS Loan Origination, Sales, Securitizations and Servicing The following table presents the components of noninterest income—loan origination, sales, securitizations and servicing : Three Months Ended March 31, 2026 vs 2025 ($ in thousands) 2026 2025 $ Change % Change In period originations, loan sale execution and fair value adjustments (1) $ 37,575 $ 240,416 $ (202,841) (84) % Economic derivative hedges of loan fair values 161,843 (134,973) 296,816 n/m Loan origination fees 138,278 101,998 36,280 36 % Loan write-off expense – whole loans (2) (193,739) (160,670) (33,069) 21 % Other (3) (1,768) 6,019 (7,787) n/m Loan origination, sales, securitizations and servicing noninterest income $ 142,189 $ 52,790 $ 89,399 169 % ___________________ (1) Includes fair value adjustments on loans originated during the period, fair value adjustments of loans and securitization bond and residual interest positions held at the balance sheet date, as well as gains (losses) on loans sold and consolidated securitization transactions during the period. Fair value adjustments are impacted by interest rates, weighted average coupon, credit spreads and loss estimates, prepayment speeds, duration and previous loan sale execution on similar loans. (2) For the three months ended March 31, 2026 and 2025, includes gross write-offs of $226.7 million and $186.8 million, respectively. Total recoveries were $32.9 million and $26.1 million, respectively, of which $24.4 million and $19.4 million, respectively, were captured via loan sales to a third-party collection agency. (3) Includes changes in fair value of servicing rights, gains (losses) on IRLCs and interest rate caps and the (expense) benefit associated with our estimated loan repurchase obligation (see Note 14. Commitments, Guarantees, Concentrations and Contingencies to the Notes to Condensed Consolidated Financial Statements for additional information). The increase in loan origination, sales, securitizations and servicing income of $89.4 million, or 169%, for the three months ended March 31, 2026 compared to the three months ended March 31, 2025 was primarily driven by (i) gains during the 2026 period compared losses in the 2025 period on interest rate swap positions primarily related to personal loans and student loans ($282.7 million), (ii) higher origination fees ($36.3 million) primarily driven by increased originations across loan products compared to the year ago quarter, and (iii) net fair value gains on home loans ($11.6 million) primarily impacted by increased home loan origination volume. These increases were partially offset by (i) net fair value losses on personal loans and lower fair value gains on student loans driven by weighted average mark decreases ($223.6 million), (ii) net higher loan write-offs ($33.1 million) driven by balance sheet growth and (iii) unfavorable changes in home loan and student loan commitments ($13.2 million). Servicing We own the master servicing on all of the servicing rights that we retain and, in each case, recognize the gross servicing rate applicable to each serviced loan. Sub-servicers are utilized for all serviced student loans and home loans, which represents a cost to SoFi, but these arrangements do not impact our calculation of the weighted average basis points earned for each loan type serviced. Further, there is no impact on servicing income due to forbearance and moratoriums on certain debt collection activities, and there are no waivers of late fees. The table below presents information related to our loan servicing assets: Three Months Ended March 31, 2026 vs 2025 ($ in thousands) 2026 2025 $ Change % Change Servicing income recognized Personal loans $ 36,781 $ 36,626 $ 155 — % Student loans 3,026 3,000 26 1 % Home loans 5,092 4,424 668 15 % Servicing rights fair value change Personal loans $ (13,190) $ 54,544 $ (67,734) n/m Student loans (3,075) (5,461) 2,386 (44) % Home loans 5,989 (1,431) 7,420 n/m 80 SoFi Technologies, Inc. TAB LE OF CONTENTS Directly attributable expenses Lending segment directly attributable expenses increased by $73.5 million, or 42%, for the three months ended March 31, 2026 compared to the three months ended March 31, 2025, primarily due to: (i) an increase in direct advertising primarily related to online, digital and direct mail advertising, (ii) an increase in expense related to personal loan lead generation channels, and (iii) an increase in allocated compensation and related benefits, which reflected increases in headcount and salary in 2026 to support growth in the Lending segment. Total Products Total products in our Lending segment is a subset of our total products metric. See “ Key Business Metrics ” and “ Business Overview ” for further discussion of this measure as it relates to our Lending segment. In the table below, we present certain metrics and financial information related to our Lending segment: Three Months Ended March 31, 2026 vs 2025 Metric 2026 2025 Change % Change Total products (number, as of period end) 2,831,352 2,129,833 701,519 33 % Origination volume ($ in thousands, during period) Personal loans (1) $ 8,340,249 $ 5,536,841 $ 2,803,408 51 % Student loans 2,613,708 1,191,463 1,422,245 119 % Home loans 1,224,674 517,758 706,916 137 % Total $ 12,178,631 $ 7,246,062 $ 4,932,569 68 % Loans with a balance (number, as of period end) (2) 1,897,303 1,345,279 552,024 41 % Average loan balance ($, as of period end) (2) Personal loans $ 25,673 $ 25,598 $ 75 — % Student loans (3) 44,663 43,103 1,560 4 % Home loans 238,235 268,674 (30,439) (11) % __________________ (1) Inclusive of origination volume related to our Loan Platform Business. For the three months ended March 31, 2026 and 2025, we originated $3.0 billion and $1.6 billion, respectively, of personal loans on behalf of third parties. (2) Loans with a balance and average loan balance include Lending products on our balance sheet, as well as transferred loans and referred loans with which we have a continuing involvement through our servicing agreements. (3) Includes in-school loans and student loan refinancing products. In-school loans carry a lower average balance than student loan refinancing products. Origination Volume We refer to the aggregate dollar amount of loans originated through our platform in a given period as origination volume. Origination volume is an indicator of the size and health of our Lending segment and an indicator (together with the relevant loan characteristics, such as interest rate and prepayment and default expectations) of revenues and profitability. We also originate and sell loans in support of our Loan Platform Business, through which we provide lending related services to third-party partners. We maintain the same lending relationship with borrowers across all loans that we originate, inclusive of those originated on behalf of a third-party partner and as such, reflect these products within our Lending segment total products. Changes in origination volume are driven by the addition of new members and existing members, the latter of which at times will either refinance into a new SoFi loan or secure an additional, concurrent loan, as well as macroeconomic factors impacting consumer spending and borrowing behavior. Personal Loans. During the three months ended March 31, 2026, total personal loan origination volume increased by 51% relative to the corresponding 2025 period, inclusive of a $3.0 billion increase related to personal loans originated on behalf of third parties in support of our Loan Platform Business. Demand from our Loan Platform Business has remained robust as partners continue to leverage our customer acquisition and operational capabilities to originate loans at scale, as well as increased demand driven by expanded advertising and marketing efforts. Student Loans. During the three months ended March 31, 2026, student loan origination volume increased by 119% relative to the corresponding 2025 period, as demand for student loan refinancing products continued to increase as borrowers looked to refinance at a lower rate, as well as increased interest in loan term extensions given the elevated interest rate environment. Home Loans. During the three months ended March 31, 2026, home loan origination volume increased by 137% relative to the corresponding 2025 period. Our home loan origination volume increased notably throughout 2024 and into 2025, 81 SoFi Technologies, Inc. TAB LE OF CONTENTS aided by the increased capacity and technology and fulfillment capabilities subsequent to our acquisition of Wyndham. Origination volume during 2025 and into 2026 reflected increased demand for home equity loans, which have allowed members to take advantage of the equity that has built up in their homes. Loans with a Balance and Average Loan Balance Loans with a balance refers to the number of loans that have a balance greater than zero dollars as of the reporting date. Loans with a balance allows management and investors to better understand the unit economics of acquiring a loan in relation to the lifetime value of that loan. Average loan balance is defined as the total unpaid principal balance of the loans divided by loans with a balance within the respective loan product category as of the reporting date. Average loan balance tends to fluctuate based on the pace of loan originations relative to loan repayments and the initial loan origination size. In the table below, we present additional information related to our lending products: Three Months Ended March 31, ($ in thousands) 2026 2025 Overall weighted average origination FICO 751 748 Personal Loans (1) Weighted average origination FICO 745 743 Weighted average interest rate earned (2) 12.77 % 13.12 % Interest income recognized $ 685,659 $ 562,214 Sales of loans $ 3,030,618 $ 2,748,920 Student Loans Weighted average origination FICO 767 769 Weighted average interest rate earned (2) 5.90 % 5.94 % Interest income recognized $ 198,245 $ 125,911 Sales of loans $ — $ — Home Loans Weighted average origination FICO 757 748 Weighted average interest rate earned (2) 7.87 % 7.59 % Interest income recognized $ 25,448 $ 4,119 Sales of loans $ 763,927 $ 322,271 __________________ (1) Inclusive of activity related to loans originated and subsequently sold as part of our Loan Platform Business. For the three months ended March 31, 2026 and 2025, included $2.9 billion and $1.6 billion, respectively, related to loans originated on behalf of third parties. (2) Weighted average interest rate earned represents annualized interest income recognized divided by the average of the unpaid principal balances of loans outstanding during the period, which are impacted by loan holding periods as well as interest rates charged to borrowers. Weighted average interest rate earned was determined on a daily basis. 82 SoFi Technologies, Inc. TAB LE OF CONTENTS Transfers of Financial Assets We regularly transfer financial assets and account for such transfers as either sales or secured borrowings depending on the facts and circumstances of the transfer. See Note 3. Loans to the Notes to Condensed Consolidated Financial Statements for additional information. The following table summarizes our current whole loan sales: Three Months Ended March 31, ($ in thousands) 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 Sale execution (1)(2) — % 106.2 % 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 Sale execution (1) 102.1 % 102.1 % _____________________ (1) Sale execution represents the ratio of cash proceeds and servicing assets recognized to the aggregate unpaid principal balance and accrued interest of the loans sold. Amounts included in repurchase liabilities are excluded from the calculation, as they typically would not materially differ from the fair value markdown on the loans over the repurchase period had they been held on balance sheet and entered delinquency. (2) Excludes net origination fees, which are recognized in earnings at the time of origination. Personal loans sold during the three months ended March 31, 2025 had related origination fees of $30,338. Sales execution, for three months ended March 31, 2025, including these origination fees would be 108.9%. The following table summarizes our delinquent whole loan sales: Three Months Ended March 31, ($ in thousands) 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) Sale execution (3) 14.3 % 14.2 % _____________________ (1) During the three months ended March 31, 2026 and 2025, includes $88.9 million and $90.0 million, respectively, of aggregate unpaid principal balance sold, related to late-stage delinquent loans for which we retained servicing and portions of recoveries. (2) For the three months ended March 31, 2026 and 2025, $57.9 million and $63.3 million, respectively, of unpaid principal balance was recorded in prior periods as a write down in noninterest income—loan origination, sales, securitizations and servicing in the condensed consolidated statements of operations and comprehensive income. These loans were sold prior to charge-off during the respective periods and otherwise would have been charged off as of March 31, 2026 and 2025, respectively, consistent with our policy. In our other charged off whole loan sales, we typically do not retain servicing or recoveries. 83 SoFi Technologies, Inc. TAB LE OF CONTENTS (3) Sale execution represents the ratio of cash proceeds and servicing assets recognized to the aggregate unpaid principal balance and accrued interest of the loans sold. Amounts included in repurchase liabilities are excluded from the calculation, as they typically would not materially differ from the fair value markdown on the loans over the repurchase period had they been held on balance sheet and entered delinquency. Technology Platform Segment Technology Platform Segment Results of Operations The following table presents the measure of contribution profit for the Technology Platform segment. Three Months Ended March 31, 2026 vs 2025 ($ in thousands) 2026 2025 $ Change % Change Net interest income $ 355 $ 413 $ (58) (14) % Noninterest income 74,731 103,014 (28,283) (27) % Total net revenue 75,086 103,427 (28,341) (27) % Directly attributable expenses: Compensation and benefits (46,090) (44,486) (1,604) 4 % Product fulfillment (2,527) (13,962) 11,435 (82) % Tools and subscriptions (6,991) (6,890) (101) 1 % Professional services (4,311) (2,670) (1,641) 61 % Other (1) (3,168) (4,506) 1,338 (30) % Directly attributable expenses (63,087) (72,514) 9,427 (13) % Contribution profit $ 11,999 $ 30,913 $ (18,914) (61) % ___________________ (1) Other expenses are primarily related to travel and occupancy-related costs, advertising and marketing and accounts receivable write-offs. Net interest income Net interest income in our Technology Platform segment of $0.4 million and $0.4 million for the three months ended March 31, 2026 and 2025, respectively, relates to interest income earned on segment cash balances. Noninterest income Three Months. Noninterest income in our Technology Platform segment decreased by $28.3 million, or 27%, for the three months ended March 31, 2026 compared to the three months ended March 31, 2025. The decrease was primarily attributable to a decline in technology services fees of $37.2 million. These results reflected the exit of a large client who fully transitioned off our platform in 2025. This was partially offset by an increase in intercompany revenue of $8.5 million, primarily attributable to increased usage of technology platform services during the 2026 periods by our Financial Services segment as we continue to leverage synergies to enhance our product offerings. Directly attributable expenses Three Months. Technology Platform segment directly attributable expenses decreased by $9.4 million, or 13%, for the three months ended March 31, 2026 compared to the three months ended March 31, 2025, primarily attributable to a decrease in product fulfillment costs, primarily related to payment processing network association fees associated with decreased activity on the platform. Total Accounts In the table below, we present the total accounts metric related to our Technology Platform segment: 2026 vs 2025 March 31, 2026 March 31, 2025 Change % Change Total accounts 132,874,105 158,432,347 (25,558,242) (16) % See “ Key Business Metrics ” and “ Business Overview ” for further discussion of this measure as it relates to our Technology Platform segment. 84 SoFi Technologies, Inc. TAB LE OF CONTENTS Financial Services Segment Financial Services Segment Results of Operations The following table presents the measure of contribution profit for the Financial Services segment: Three Months Ended March 31, 2026 vs 2025 ($ in thousands) 2026 2025 $ Change % Change Net interest income $ 227,740 $ 173,199 $ 54,541 31 % Noninterest income 200,803 129,920 70,883 55 % Total net revenue 428,543 303,119 125,424 41 % Provision for credit losses (8,890) (5,639) (3,251) 58 % Directly attributable expenses: Compensation and benefits (57,425) (42,479) (14,946) 35 % Direct advertising (11,994) (5,676) (6,318) 111 % Lead generation (51,624) (31,668) (19,956) 63 % Product fulfillment (26,597) (18,701) (7,896) 42 % Member incentives (24,634) (16,083) (8,551) 53 % Professional services (9,649) (7,257) (2,392) 33 % Intercompany technology platform expenses (12,727) (11,021) (1,706) 15 % Other (1) (29,419) (16,263) (13,156) 81 % Directly attributable expenses (224,069) (149,148) (74,921) 50 % Contribution profit $ 195,584 $ 148,332 $ 47,252 32 % ___________________ (1) Other expenses primarily include operational product losses, network servicing fees, travel and occupancy-related costs, tools and subscriptions, and marketing expenses. Net interest income Net interest income in our Financial Services segment increased by $54.5 million, or 31%, for the three months ended March 31, 2026 compared to the same period in 2025, which was primarily attributable to net interest income earned on our deposits which includes interest income based on our FTP framework (which is eliminated in consolidation) and interest expense to members. This net increase corresponds with the growth of our SoFi Money product and related deposits at SoFi Bank. Noninterest income The table below presents revenue from contracts with customers disaggregated by type of service, as well as a reconciliation of total revenue from contracts with customers to total noninterest income for the Financial Services segment. Three Months Ended March 31, 2026 vs 2025 ($ in thousands) 2026 2025 $ Change % Change Referrals, loan platform business (1) $ 19,277 $ 19,700 $ (423) (2) % Referrals, other (2) 3,756 2,530 1,226 48 % Interchange (2) 35,201 22,812 12,389 54 % Brokerage (2) 15,104 6,985 8,119 116 % Net crypto transaction revenue 852 — 852 n/m Other (2)(3) 5,972 1,731 4,241 245 % Total net revenue from contracts with customers (4) 80,162 53,758 26,404 49 % Loan platform business, other (1) 118,978 73,050 45,928 63 % Other sources of revenue (5) 1,663 3,112 (1,449) (47) % Total Financial Services noninterest income $ 200,803 $ 129,920 $ 70,883 55 % _____________________ (1) Presented within noninterest income—loan platform fees in the condensed consolidated statements of operations and comprehensive income. (2) Presented within noninterest income—other in the condensed consolidated statements of operations and comprehensive income. (3) Includes revenues from wire fee income, enterprise services, SoFi Plus subscriptions and equity capital markets services. (4) See Note 2. Revenue to the Notes to Condensed Consolidated Financial Statements for additional information. 85 SoFi Technologies, Inc. TAB LE OF CONTENTS (5) Presented within noninterest income—other and noninterest income—loan origination, sales, securitizations and servicing in the condensed consolidated statements of operations and comprehensive income. Three Months. Noninterest income in our Financial Services segment increased by $70.9 million, or 55%, for the three months ended March 31, 2026 compared to the three months ended March 31, 2025, primarily due to: (i) growth in our Loan Platform Business of $45.5 million, which includes increases in loan platform fees related to revenue from loans which we originate on behalf of third parties in order to subsequently sell as well as pre-qualified borrower referrals to third-party loan origination partners as we continue to drive volume to our partners; and (ii) an increase in interchange fees of $12.4 million, which coincided with increased credit card and debit card transactions. Provision for credit losses Provision for credit losses in our Financial Services segment increased by $3.3 million, or 58%, for the three months ended March 31, 2026 compared to the same period in 2025. The allowance increase of $1.0 million during the three months ended March 31, 2026 primarily reflected growth in the credit card portfolio balances, partially offset by continued improvement in credit quality of the portfolio. Net charge-offs decreased driven by the credit stabilization in our credit card portfolio (total credit card delinquency rate was 4.1% as of March 31, 2026, up approximately 10 bps from the comparative period) as a result of improved underwriting standards and risk mitigation actions. Directly attributable expenses Three Months. Financial Services directly attributable expenses increased by $74.9 million, or 50%, for the three months ended March 31, 2026 compared to the three months ended March 31, 2025, primarily due to: (i) a net increase in direct advertising and lead generation costs as we continue to expand our SoFi Money and Invest products and Loan Platform Business; and (ii) an increase in allocated compensation and related benefits which reflected an increase in headcount in 2026 to support growth in the Financial Services segment. Total Products In the table below, we present the total products metric related to our Financial Services segment: 2026 vs 2025 March 31, 2026 March 31, 2025 Change % Change Total products 19,327,794 13,785,592 5,542,202 40 % Total products in our Financial Services segment is a subset of our total products metric. See “ Key Business Metrics ” and “ Business Overview ” for a further discussion of this measure as it relates to our Financial Services segment. Corporate/Other Segment Non-segment operations are classified as Corporate/Other, which includes net revenues associated with corporate functions, non-recurring gains and losses from non-securitization investment activities, interest income and realized gains and losses associated with investments in AFS debt securities, and gains or losses on extinguishment of convertible debt, all of which are not directly related to a reportable segment. Net interest expense within Corporate/Other also reflects the financial impact of our capital management activities within the treasury function, which reflects the residual impact from FTP charges and FTP credits allocated to our reportable segments under our FTP framework. The following table presents the measure of total net revenue (loss) for Corporate/Other: Three Months Ended March 31, 2026 vs 2025 ($ in thousands) 2026 2025 $ Change % Change Net interest income (expense) $ (35,338) $ (35,507) $ 169 — % Noninterest income (loss) (10,343) (12,653) 2,310 (18) % Total net revenue (loss) $ (45,681) $ (48,160) $ 2,479 (5) % 86 SoFi Technologies, Inc. TAB LE OF CONTENTS Reconciliation of Directly Attributable Expenses The following table reconciles directly attributable expenses allocated to our reportable segments to total noninterest expense in the condensed consolidated statements of operations and comprehensive income: Three Months Ended March 31, ($ in thousands) 2026 2025 Reportable segments directly attributable expenses $ (534,054) $ (395,061) Intercompany expenses 24,737 16,195 Expenses not allocated to segments: Share-based compensation expense (72,012) (63,756) Employee-related costs (1) (108,455) (88,197) Depreciation and amortization expense (67,578) (55,283) Other corporate and unallocated expenses (2) (134,559) (100,197) Total noninterest expense $ (891,921) $ (686,299) ___________________ (1) Includes expenses related to compensation, benefits, restructuring charges, recruiting, certain occupancy-related costs and various travel costs of executive management, certain technology groups and general and administrative functions that are not directly attributable to the reportable segments. (2) Represents corporate overhead costs that are not allocated to reportable segments, which primarily includes corporate marketing and advertising costs, tools and subscription costs, professional services costs, amortization of premiums on a credit default swap, corporate and FDIC insurance costs, foreign currency translation adjustments and transaction-related expenses. 87 SoFi Technologies, Inc. TAB LE OF CONTENTS Consolidated Balance Sheet Analysis Assets The following is a discussion of the significant changes in our assets, liabilities and permanent equity between March 31, 2026 and December 31, 2025. 2026 vs 2025 ($ in thousands) March 31, 2026 December 31, 2025 $ Change % Change Assets Total cash, cash equivalents, restricted cash and restricted cash equivalents $ 3,761,251 $ 5,356,773 $ (1,595,522) (30) % Investment securities 3,231,227 2,575,607 655,620 25 % Total loans 42,172,790 38,037,063 4,135,727 11 % All other assets (1) 4,532,990 4,691,035 (158,045) (3) % Total assets $ 53,698,258 $ 50,660,478 $ 3,037,780 6 % ___________________ (1) All other assets includes servicing rights, property, equipment and software, goodwill, intangible assets, operating lease right-of-use assets and other assets. See the condensed consolidated balance sheets within this report. Total assets as of March 31, 2026 were $53.7 billion, up $3.0 billion, or 6%, from December 31, 2025. The increase was primarily attributable to an increase in total loans of $4.1 billion, comprised of held for sale ($2.6 billion) driven by an increase in personal and home loan originations and an increase in our loans held for investment ($1.5 billion) which was primarily related to student loan originations. This increase was partially offset by a reduction in cash, cash equivalents of $1.6 billion as a result of using some of our equity to fund loans . See " Cash Flow and Liquidity Analysis " for further discussion of changes in total cash, cash equivalents, restricted cash and restricted cash equivalents during the three months ended March 31, 2026. 2026 vs 2025 ($ in thousands) March 31, 2026 December 31, 2025 $ Change % Change Liabilities and equity Liabilities: Total deposits $ 40,242,697 $ 37,505,395 $ 2,737,302 7 % Debt 1,813,481 1,815,162 (1,681) — % All other liabilities (1) 830,489 850,426 (19,937) (2) % Total liabilities 42,886,667 40,170,983 2,715,684 7 % Total equity 10,811,591 10,489,495 322,096 3 % Total liabilities and equity $ 53,698,258 $ 50,660,478 $ 3,037,780 6 % ___________________ (1) Other liabilities includes accounts payable, accruals and other liabilities, operating lease liabilities and residual interests classified as debt. See the condensed consolidated balance sheets within this report. Liabilities and Equity Total liabilities as of March 31, 2026 were $42.9 billion, up $2.7 billion, or 7%, from December 31, 2025. The increase was primarily attributable to an increase in total deposits ($2.7 billion) driven by our differentiated checking and savings account offerings and competitive APY. Total equity as of March 31, 2026 was $10.8 billion, up $0.3 billion, or 3%, from December 31, 2025. The increase was primarily attributable a decrease in accumulated deficit driven by net income during the three months ended March 31, 2026 as well as the completion of a common stock offering in January 2026. 88 SoFi Technologies, Inc. TAB LE OF CONTENTS Cash Flow and Liquidity Analysis The following table provides a summary of cash flow data: Three Months Ended March 31, ($ in thousands) 2026 2025 Net cash (used in) provided by operating activities $ (2,314,994) $ 21,502 Net cash used in investing activities (2,394,334) (1,440,220) Net cash provided by financing activities 3,114,580 1,425,763 Cash Flows from Operating Activities For the three months ended March 31, 2026, net cash used in operating activities primarily stemmed from loans held for sale originations outpacing cash proceeds from loans held for sale paydowns and sales activities, partially offset by net income and paydowns on our loans previously classified as held for sale. We had principal loan originations of $9.6 billion during the period. These cash uses were partially offset by cash proceeds of principal loan payments of $3.3 billion and principal loan sales of $3.7 billion. For the three months ended March 31, 2025, net cash provided by operating activities stemmed from net income, paydowns on our loans previously classified as held for sale, and favorable changes in other assets, partially offset by loans held for sale originations outpacing cash proceeds from loans held for sale paydowns and sales activities. Cash Flows from Investing Activities For the three months ended March 31, 2026, net cash used in investing activities was primarily driven by growth in our loans and AFS investment portfolio, including $2.6 billion of loan originations and $1.4 billion of AFS investment purchases, as well as net outflows related to credit cards of $12.8 million. These outflows were partially offset by $1.0 billion of proceeds from loan repayments and recoveries, $605.8 million of AFS investment sales and $167.3 million of AFS investment payments and maturities. For the three months ended March 31, 2025, net cash used in investing activities was primarily driven by originations and purchases of loans held for investment outpacing repayments of loans held for investment as well as investment securities purchases. These uses were partially offset by cash proceeds from sales, maturities, and paydowns of investment securities and from sales of loans held for investment. Cash Flows from Financing Activities For the three months ended March 31, 2026, net cash provided by financing activities was primarily attributable to net cash sources from our SoFi Bank deposits of $3.0 billion and proceeds of $87.4 million from the common stock offering that we completed in the first quarter of 2026. For the three months ended March 31, 2025, net cash provided by financing activities was primarily attributable to net cash sources from our SoFi Bank deposits. This was partially offset by our net change in debt facilities related to our warehouses and debt repayments. Liquidity and Capital Resources Liquidity We strive to maintain access to diverse funding sources and ample liquidity to fund our operating requirements, to pursue strategic growth initiatives and to meet our legal and regulatory requirements. Our principal sources of liquidity are our cash and cash equivalents, including cash from operations, and investments in other highly liquid assets. We maintain Treasury risk policies which outline specific requirements relating to the oversight of SoFi Technologies, Inc. (and its subsidiaries) capital planning, financial planning and forecasting, liquidity risk management, contingency funding planning, interest rate risk management, cash management and financial operations, among other activities. Oversight of these activities is the responsibility of our ALCO. The ALCO is a management committee comprised of a cross-functional leadership team that is responsible for managing our use of capital, liquidity, sources and uses of funding, and sensitivities to various market risks, by identifying key risks and exposures, monitoring them appropriately, establishing tolerances and limits, 89 SoFi Technologies, Inc. TAB LE OF CONTENTS mitigating risks where appropriate, and facilitating timely responses to changes in the macroeconomic environment and liquidity events to work to ensure the Company has the ability to meet its obligations. The following table summarizes our total liquidity reserves: March 31, 2026 ($ in thousands) Amount Available Amount Borrowed / Utilized Remaining Available Capacity Cash and cash equivalents $ 3,401,020 n/a $ 3,401,020 Investments in AFS debt securities (1) 2,826,503 n/a 2,826,503 Warehouse facilities (2) 7,180,000 — 7,180,000 Revolving credit facility (3) 645,000 497,400 147,600 FHLB advances (4) 264,927 46,700 218,227 Other lines of credit (5) 50,000 — 50,000 Total liquidity $ 14,367,450 $ 544,100 $ 13,823,350 ___________________ (1) Excludes investments in AFS debt securities which are pledged as collateral to the FHLB, and AFS securitization investments. (2) Includes personal loan, student loan and risk retention warehouse facilities. For risk retention facilities, we only include capacity amounts wherein we can pledge additional asset-backed bonds and residual investments as of the date indicated. See Note 8. Debt to the Notes to Condensed Consolidated Financial Statements for additional information. (3) As of March 31, 2026, the amount utilized under the revolving credit facility includes $11.4 million utilized to secure letters of credit. See Note 8. Debt to the Notes to Condensed Consolidated Financial Statements for additional information. (4) As of March 31, 2026, we had $202.5 million of investments in AFS debt securities and $59.5 million of loans pledged as collateral to the FHLB to secure undrawn borrowing capacity of $264.9 million, of which $46.7 million was utilized to secure letters of credit. (5) Borrowing capacity with a correspondent bank, which is an unsecured committed Federal funds line. We believe our existing liquidity will be sufficient to meet our existing working capital and capital expenditure needs as well as our planned growth for at least the next 12 months. Sources of Funding Our primary funding sources include SoFi Bank deposits, warehouse funding, common equity capital, convertible debt, corporate revolving credit facility, securitizations, and other financings. We offer deposit accounts (checking and savings accounts) to our members through SoFi Bank. We also source brokered and non-brokered wholesale deposits, which include certificates of deposit. As of March 31, 2026 and December 31, 2025, time deposit balances due in less than one year totaled $1.1 billion and $1.2 billion, respectively. As of March 31, 2026 and December 31, 2025, the amount of uninsured deposits totaled $1.1 billion and $1.0 billion, respectively. As of March 31, 2026, approximately 97% of our total deposits were insured. On December 8, 2025, the Company completed an underwritten public offering of 54,545,454 shares of common stock, at an offering price of $27.50 per share. The Company received net proceeds of $1.5 billion after deducting underwriting discounts and offering costs. In January 2026, the Company completed the issuance and sale of an additional 3,209,206 shares of common stock purchased pursuant to a 30-day option related to the December 2025 underwriting agreement. The Company received net proceeds of approximately $0.1 billion after deducting underwriting discounts and commissions paid. Inclusive of the option, the total aggregate number of shares sold in December 2025 and January 2026 related to the offering was 57,754,660 shares, for total cash proceeds of approximately $1.6 billion, net of underwriting discounts and commissions paid. Uses of Funding Our primary uses of funds include loan originations, investments in our business, such as technology and product investments, as well as sales and marketing initiatives. Our capital expenditures have historically been less significant relative to our operating and financing cash flows, and we expect this trend to continue for the foreseeable future. As of March 31, 2026, we had debt obligations and common stock outstanding. 90 SoFi Technologies, Inc. TAB LE OF CONTENTS Borrowings Our borrowings primarily included our revolving credit facility and convertible notes. During the fourth quarter of 2025, the Company used a portion of the proceeds from its common stock issuances to pay down its warehouse facilities; the warehouse facilities remain open to maintain future borrowing capacity. Refer to Note 8. Debt to the Notes to Condensed Consolidated Financial Statements in this Form 10-Q and to Note 12. Debt to the Notes to Consolidated Financial Statements in our Annual Report on Form 10-K for additional information on our borrowing arrangements and the capped call transactions entered into in connection with the issuance of our convertible notes. Covenants We have various affirmative and negative financial covenants, as well as non-financial covenants, related to our warehouse debt and revolving credit facility. Additionally, we have compliance requirements associated with our convertible notes, and certain provisions of the arrangement could change in the event of a “Make-Whole Fundamental Change”, as defined in the indenture governing such convertible notes. The availability of funds under our warehouse facilities and revolving credit facility is subject to, among other conditions, our continued compliance with the covenants. These financial covenants include, but are not limited to, maintaining: (i) a certain minimum tangible net worth, (ii) minimum unrestricted cash and cash equivalents, (iii) a maximum leverage ratio of total debt to tangible net worth, and (iv) minimum risk-based capital and leverage ratios. A breach of these covenants can result in an event of default under these facilities and allows the lenders to pursue certain remedies. See Note 8. Debt to the Notes to Condensed Consolidated Financial Statements for additional information. Our subsidiaries are restricted in the amount that can be distributed to SoFi only to the extent that such distributions would cause the financial covenants to not be met. We were in compliance with all covenants as of March 31, 2026. Capital Management SoFi Technologies, a bank holding company, and SoFi Bank, a nationally chartered association, are required to comply with regulatory capital rules issued by the Federal Reserve and other U.S. banking regulators, including the OCC and FDIC. From time to time, we may contribute capital to SoFi Bank. We are required to manage our capital position to maintain sufficient capital to satisfy these regulatory rules and support our business activities, including the requirement to maintain minimum regulatory capital ratios in accordance with the Basel Committee on Banking Supervision standardized approach for U.S. banking organizations (U.S. Basel III). If the Federal Reserve finds that we are not “well-capitalized” or “well-managed”, we would be required to take remedial action, which may contain additional limitations or conditions relating to our activities. The Federal Reserve and the OCC have authority to prohibit bank holding companies and banks, respectively, from paying dividends if, in their opinion, the payment of dividends would constitute an unsafe or unsound practice. Under the National Bank Act, SoFi Bank generally may, without prior approval of the OCC, declare a dividend so long as the total amount of all dividends, including the proposed dividend, in the current year do not exceed net income for the current year to date plus retained net income for the prior two years. However, taking into account a wide range of factors, the OCC may object and therefore prevent SoFi Bank from paying dividends to the Company. As such, as of March 31, 2026, the Bank would not have any funds free of restrictions that are available for dividend payments. Restrictions on the ability of SoFi Bank to pay dividends to the parent company could also impact the Company’s ability to pay dividends to common stockholders. Additionally, under the Federal Reserve’s capital rules, our bank holding company’s ability to pay dividends is restricted if we do not maintain capital above the capital conservation buffer, as discussed below. Further, a policy statement of the Federal Reserve provides that, among other things, a bank holding company generally should not pay dividends on regulatory capital instruments if its net income for the past year is not sufficient to cover both the cash dividends and a rate of earnings retention that is consistent with the company’s capital needs, asset quality, and overall financial condition. Based on this Federal Reserve policy, as of March 31, 2026, the Company generally would not have any funds free of restrictions available for dividend payments on regulatory capital instruments. These requirements establish required minimum ratios for CET1 risk-based capital, Tier 1 risk-based capital, total risk-based capital and a Tier 1 leverage ratio; set risk-weighting for assets and certain other items for purposes of the risk-based capital ratios; and define what qualifies as capital for purposes of meeting the capital requirements. Additionally, regulatory capital rules include a capital conservation buffer of 2.5% that is added on top of each of the minimum risk-based capital ratios in order to avoid restrictions on capital distributions and discretionary bonuses. In addition, the Federal Reserve and the OCC have authority to require banking organizations subject to their supervision to hold additional amounts of capital in excess of the minimum risk-based capital ratios. 91 SoFi Technologies, Inc. TAB LE OF CONTENTS The risk- and leverage-based capital ratios and amounts are presented below: March 31, 2026 December 31, 2025 ($ in thousands) Amount Ratio Amount Ratio Required Minimum (1) Well-Capitalized Minimum (2) SoFi Technologies (3) CET1 risk-based capital $ 8,830,429 21.1 % $ 8,473,542 22.8 % 7.0 % n/a Tier 1 risk-based capital 8,830,429 21.1 % 8,473,542 22.8 % 8.5 % n/a Total risk-based capital 8,882,173 21.3 % 8,524,272 22.9 % 10.5 % n/a Tier 1 leverage 8,830,429 17.7 % 8,473,542 18.8 % 4.0 % n/a Risk-weighted assets 41,792,048 37,234,048 Quarterly adjusted average assets 49,987,621 45,007,951 SoFi Bank CET1 risk-based capital $ 6,109,887 15.3 % $ 5,789,629 16.4 % 7.0 % 6.5 % Tier 1 risk-based capital 6,109,887 15.3 % 5,789,629 16.4 % 8.5 % 8.0 % Total risk-based capital 6,161,631 15.4 % 5,840,360 16.6 % 10.5 % 10.0 % Tier 1 leverage 6,109,887 12.8 % 5,789,629 13.5 % 4.0 % 5.0 % Risk-weighted assets 39,953,375 35,221,924 Quarterly adjusted average assets 47,851,179 42,755,205 ____________________ (1) Required minimums presented for risk-based capital ratios include the required capital conservation buffer. (2) The well-capitalized minimum measure is applicable at the bank level only. (3) Amounts and ratios for March 31, 2026 are estimated. As of March 31, 2026 and December 31, 2025, our regulatory capital ratios exceeded the thresholds required to be regarded as a well-capitalized institution, and meet all capital adequacy requirements to which we are subject. There have been no events or conditions since March 31, 2026 that management believes would change the categorization. Commitments In addition to our warehouse facility borrowings, revolving credit facility borrowings and convertible notes, our material commitments requiring, or potentially requiring, the use of cash in future periods primarily include commitments related to sponsorship, advertising, and cloud computing agreements under which we are required to make payments over the life of the agreements. Additional material commitments include operating lease obligations primarily associated with office premises and finance lease obligations which expire in 2040. Guarantees We may require liquidity resources associated with our guarantee arrangements. As a component of our loan sale agreements, we make certain representations to third parties that purchased our previously held loans. We have a three-year obligation to GSEs on loans that we sell to GSEs, to repurchase any originated loans that do not meet certain GSE guidelines, and we are required to pay the full initial purchase price back to the GSEs. In addition, we make standard representations and warranties related to personal, student and home loan transfers, as well as limited credit-related repurchase guarantees on certain such transfers. If realized, any of the repurchases would require the use of cash. See Note 14. Commitments, Guarantees, Concentrations and Contingencies to the Notes to Condensed Consolidated Financial Statements for further information on these and other guarantee obligations. We believe we have adequate liquidity to meet these expected obligations. Factors Affecting Liquidity The activities of our lending business are a key factor affecting our liquidity, in particular our origination volume, the holding period of our loans, loan sale execution and the timing of loan repayments. Our ability to have adequate liquidity to fund our balance sheet is impacted by our ability to access new deposits, and retain and grow existing deposits, along with our ability to access whole loan buyers, sell our loans on favorable terms, maintain adequate warehouse capacity at favorable terms, and to strategically manage our continuing financial interest in securitization-related transfers. Our ability to attract and maintain deposits can be impacted by, among other things, general economic conditions, competition from other financial services firms, idiosyncratic events and the interest rates we offer, which can impact our liquidity from deposits. In 2023, we 92 SoFi Technologies, Inc. TAB LE OF CONTENTS began to provide our members with access to expanded FDIC insurance coverage through a network of participating banks in our Insured Deposit Program. We continued to have strong deposit contribution through the first quarter of 2026. There is no guarantee that we will be able to execute on our strategy as it relates to the timing and pricing of capital markets transaction. Further, future uncertainties around the demand for our personal loans, home loans and around the student loan refinance market in general, including as a result of worsening macroeconomic conditions or market disruptions, should be considered when assessing our future liquidity and solvency prospects. In the future, our loan origination volume and our resulting loan balances, and any positive cash flows thereof, could also be lower based on strategic decisions to tighten our credit standards. In addition to our ability to pledge unencumbered loans against available warehouse capacity, we have relationships with whole loan buyers who have historically demonstrated strong demand for our loans. Capital markets can also generate additional liquidity; however, we are required to maintain a minimum investment due to securitization risk retention rules. We also had available borrowing capacity at the FHLBs and the discount window at the Federal Reserve Banks as a result of collateral pledged by us to such banks. Our long-term liquidity strategy includes continuing to grow our deposit base, maintaining adequate warehouse capacity, maintaining access to debt capital markets and other sources of financing, as well as effectively managing the capital raised through debt and equity transactions. Although our goal is to increase our cash flow from operations, there can be no assurance that our future operating plans will lead to improved operating cash flows. The FDIA and FDIC regulations generally limit the ability of an insured depository institution to accept, renew or roll over any brokered deposit unless the institution’s capital category is “well capitalized” or, with the FDIC’s approval, “adequately capitalized.” As of March 31, 2026, our regulatory capital ratios exceeded the thresholds required to be regarded as a well-capitalized institution, and meet all capital adequacy requirements to which we are subject. Other Arrangements We enter into arrangements in which we originate loans, establish an SPE and transfer loans to the SPE, which has historically served as an important source of liquidity. We also retain the servicing rights of the underlying loans and hold additional interests in the SPE. When an SPE is determined not to be a VIE or when an SPE is determined to be a VIE but we are not the primary beneficiary, the SPE is not consolidated. In addition, a significant change to the pertinent rights of other parties or our pertinent rights, or a significant change to the ranges of possible financial performance outcomes used in our assessment of the variability of cash flows due to us, could impact the determination of whether or not a VIE is consolidated. VIE consolidation and deconsolidation may lead to increased volatility in our financial results and impact period-over-period comparability. See Note 1. Organization, Summary of Significant Accounting Policies and New Accounting Standards to the Notes to Consolidated Financial Statements within our Annual Report on Form 10-K for the year ended December 31, 2025 for our VIE consolidation policy. Historically, we have established personal loan trusts and student loan trusts that were created and designed to transfer credit and interest rate risk associated with the underlying loans through the issuance of collateralized notes and residual certificates. We hold a variable interest in the trusts through our ownership of collateralized notes in the form of asset-backed bonds and residual certificates. The residual certificates absorb variability and represent the equity ownership interest in the equity portion of the personal loan and student loan trusts. We are also the servicer for all trusts in which we hold a financial interest. As servicer, we may have the power to perform the activities which most impact the economic performance of the VIE, but since either we hold an insignificant financial interest in the trusts or rights held by other variable interest holders convey power, we are not the primary beneficiary. Further, we do not provide financial support beyond our initial equity investment, and our maximum exposure to loss as a result of our involvement with nonconsolidated VIEs is limited to that initial investment. For a more detailed discussion of nonconsolidated VIEs, including related activity during the period, see Note 6. Securitization and Variable Interest Entities to the Notes to Condensed Consolidated Financial Statements. Critical Accounting Estimates Our consolidated financial statements have been prepared in accordance with GAAP. In preparing our consolidated financial statements, we make judgments, estimates and assumptions that affect reported amounts of assets and liabilities, as 93 SoFi Technologies, Inc. TAB LE OF CONTENTS well as revenues and expenses. We base our assumptions, judgments and estimates on historical experience and various other factors that we believe to be reasonable under the circumstances. The results involve judgments about the carrying values of assets and liabilities not readily apparent from other sources. Actual results could differ materially from these estimates under different assumptions or conditions. We regularly evaluate our estimates, assumptions and judgments, particularly those that include the most difficult, subjective or complex judgments which are often about matters that are inherently uncertain. We evaluate our critical accounting policies and estimates on an ongoing basis and update them as necessary based on changes in market conditions or factors specific to us. There have been no material changes in our significant accounting policies or critical accounting estimates during 2026. For a complete discussion of our significant accounting policies and critical accounting estimates, refer to our Annual Report on Form 10-K for the year ended December 31, 2025 within Note 1. Organization, Summary of Significant Accounting Policies and New Accounting Standards to the Notes to Consolidated Financial Statements and “ Management’s Discussion and Analysis of Financial Condition and Results of Operations—Critical Accounting Policies and Estimates ”. Goodwill Goodwill represents the fair value of an acquired business in excess of the fair value of the identified net assets acquired. As of March 31, 2026, we had goodwill of $1.4 billion, of which $1.3 billion was assigned to the Technology Platform reporting unit. Goodwill is tested for impairment at the reporting unit level at least annually, with a recurring testing date of October 1, or whenever indicators of impairment exist. We may assess goodwill for impairment initially based on qualitative considerations, referred to as “step zero”, to determine whether conditions exist that indicate that it is more likely than not that the fair value of a reporting unit is less than its carrying amount. If management concludes, based on its assessment of relevant events, facts and circumstances that it is more likely than not that a reporting unit’s carrying value is greater than its fair value, then a quantitative analysis, referred to as “step one”, will be performed to determine if there is any impairment. We may alternatively elect to initially perform a quantitative assessment and bypass the qualitative assessment. Quantitative goodwill impairment assessments require a significant amount of management judgment, and a meaningful change in the forecasted future revenues and cash flows, the discount rate, and the determination of market multiples used in testing goodwill for impairment could result in a material impact on the Company’s results of operations and financial position. During the first quarter of 2026, we performed a qualitative assessment for our reporting units to which goodwill is allocated to determine if, for any reporting unit, it is more likely than not that the fair value of the reporting unit is less than its carrying amount. The Company evaluated events and circumstances since the last goodwill assessment date to determine if it was more likely than not that the fair value of the reporting units were less than their respective carrying amounts. The factors evaluated included an assessment of macroeconomic conditions, industry and market conditions, key financial metrics, overall financial performance of the reporting unit, or any other specific events or changes. As a result of this assessment, we concluded that it was not more-likely-than-not that the fair value of any of our reporting units was below its respective carrying value as of March 31, 2026. Management cannot predict the occurrence of certain events or changes in circumstances that might adversely affect the value of goodwill. We continue to monitor the general macroeconomic environment, including the interest rate environment, inflationary pressures, and the potential for a prolonged economic downturn or recession, as well as other factors such as if the Company’s market capitalization was to decline due to unforeseen factors, along with those listed in " Cautionary Statement Regarding Forward-Looking Statements " and of this Quarterly Report and " Risk Factors " in Part II, Item 1A in our Annual Report on Form 10-K for the year ended December 31, 2025. Further persistence of the aforementioned conditions and these other factors could result in impairment charges in future periods. Recent Accounting Standards Issued, But Not Yet Adopted See Note 1. Organization, Summary of Significant Accounting Policies and New Accounting Standards to the Notes to Condensed Consolidated Financial Statements herein and Note 1. Organization, Summary of Significant Accounting Policies and New Accounting Standards to the Notes to Consolidated Financial Statements in our Annual Report on Form 10-K for the year ended December 31, 2025. Item 3. Quantitative and Qualitative Disclosures About Market Risk In the normal course of business, we are subject to a variety of market-related risks that can affect our operations and profitability. We broadly define these areas of risk as interest rate risk, credit risk, counterparty risk and operational risk. Historically, substantially all of our revenue and operating expenses were denominated in United States dollars. We may in the future be subject to increasing foreign currency exchange rate risk with our acquisition of a foreign company. Foreign currency 94 SoFi Technologies, Inc. TAB LE OF CONTENTS exchange rate risk is the risk that our financial position or results of operations could be positively or negatively impacted by fluctuations in exchange rates. Exchange rate risk was not a material risk for the Company during the periods presented. For additional information on our market risks, see Part II, Item 7A “ Quantitative and Qualitative Disclosures About Market Risk ” in our Annual Report on Form 10-K for the year ended December 31, 2025. During the fourth quarter of 2025, we launched SoFi Crypto which provides our members the ability to buy, sell and hold digital assets. To facilitate these member transactions and provide liquidity for the platform, we maintain an incidental inventory of crypto assets for operational purposes, none of which are held as long-term speculative investments. As of March 31, 2026, the fair value of our crypto assets held for operational purposes was immaterial to our overall consolidated financial condition. The crypto asset market is characterized by significant price volatility and is sensitive to factors such as regulatory changes, technical developments and shifts in overall market sentiment. Historically, certain crypto assets have experienced high levels of price fluctuation, as measured by the annualized standard deviation of daily price returns. We manage our exposure to these price fluctuations through exposure monitoring and internal inventory limits. Given that our holdings are incidental, short-term in nature and immaterial, a hypothetical significant increase or decrease in the market price of crypto assets as of March 31, 2026, would not have a material impact on our consolidated results of operations. Interest Rate Risk We are exposed to the risk of loss to future earnings, values or future cash flows that may result from changes in market discount rates or overall market conditions, such as instability in the banking and financial services sectors. We are subject to interest rate risk associated with our loans, securitization investments (comprised of residual investments and asset-backed bonds), servicing rights and investments in AFS debt securities, which are measured at fair value on a recurring basis using a discounted cash flow methodology in which the discount rate represents an estimate of the required rate of return by market participants. Our loans with variable interest rates are exposed to interest rate volatility, which impacts the amount of recognized interest income. Our securitization residual investments are carried at fair value, which is subject to changes in market value by virtue of the impact of interest rates on the market yield of the residual investments. The value and earnings of our asset-backed bonds, which are associated with our personal loans and student loans, have a converse relationship to the movement of interest rates. That is, as interest rates rise, bond values and earnings fall and vice versa. Additionally, we are subject to interest rate risk on our variable-rate warehouse facilities and our revolving credit facility. Market interest rates may also drive the interest we offer to members on their deposits. Future funding activities may increase our exposure to interest rate risk, as the interest rates payable on such funding may be tied to SOFR or another representative alternative reference rate. We are also exposed to market risk through our investments in equity securities, which we elect to measure using the measurement alternative method of accounting and therefore may have positive or negative adjustments that impact our results of operations resulting from observable price changes based on current market conditions. Interest rate risk also occurs in periods where changes in short-term interest rates result in loans being originated with terms that provide a smaller interest rate spread above the financing terms of our warehouse facilities or above the interest rate we offer on deposits, which can negatively impact our realized net interest income. We manage and mitigate these risks using interest rate derivative hedges, our investment portfolio, and broader asset liability management activities. Our Corporate Treasury group, under the supervision of our ALCO and Board Risk Management committees, centrally manages our interest rate risk. Our ALCO includes leadership from Treasury, Finance, Independent Risk Management, and Business Units. ALCO is responsible for identifying key risks and exposures, establishing tolerances and limits, monitoring them appropriately, and managing these risks. Risk management activities are conducted under the oversight of respective Board Risk Management committees. Our primary metrics for the measurement and monitoring of interest rate risk (IRR) on a company-wide basis include Net Interest Income (NII) and fair value sensitivity. Additionally, we utilize Economic Value of Equity (EVE) as a longer term metric of interest rate risk. These interest rate risk metrics are calculated for a wide range of interest rate scenarios, and risk appetite limits have been established. The interest rate risk exposures and historical trends against risk limit scenarios are reported to our ALCO and EBRC. The NII risk metric measures the change in net interest income under an interest rate shock relative to the forecasted baseline scenario over a 12 month horizon. Our baseline forecast takes into consideration the current balance sheet, projections of future business activity, and the market expectations of benchmark interest rates. The NII metric is driven by key modeling assumptions for both assets and liabilities. For assets, key assumptions include prepayment speeds, new lending origination volumes, and new lending origination pricing. For liabilities, key assumptions include forecasted deposit balances and deposit pricing betas. 95 SoFi Technologies, Inc. TAB LE OF CONTENTS Fair value sensitivities measure the interest rate sensitivity of balance sheet assets recorded at fair value which primarily consists of loans and securitization investments. Servicing rights and AFS securities in the investment portfolio are also measured as fair value sensitivities. The fair value sensitivity reflects the change in asset price due to an interest rate shock to the underlying benchmark discount rate. Key assumptions for the fair value sensitivity include conditional prepayment rates, annual default rates, and discount rates. Please refer to the Level 3 Significant Inputs in Note 11. Fair Value Measurements to the Notes to Condensed Consolidated Financial Statements for more details on these assumptions. The following tables summarize the potential effect on (i) net interest income; and (ii) the change in fair value of interest rate sensitive financial assets recorded on our consolidated balance sheet, based upon a sensitivity analysis performed by management assuming a hypothetical, immediate and parallel increase and decrease in market interest rates of 100 and 200 basis points. While a relevant measure of our interest rate exposure, this sensitivity analysis does not represent a forecast of our net interest income. Net Interest Income (Expense) ($ in thousands) March 31, 2026 December 31, 2025 Basis point change scenario +200 $ (254,894) $ (202,098) +100 (117,738) (92,576) -100 159,866 147,284 -200 300,880 261,612 Change in Fair Value ($ in thousands) March 31, 2026 December 31, 2025 Basis point change scenario +200 $ (1,793,751) $ (1,563,414) +100 (885,240) (766,103) -100 1,058,462 945,703 -200 2,112,530 1,875,902 Our consolidated balance sheet is liability sensitive, given that liabilities are expected to reprice faster than assets resulting in higher net interest income in decreasing interest rate scenarios. The period over period change in sensitivity reflected in the tables above are attributed to changes in balance sheet composition and asset-liability management activities. In addition to our net interest income and fair value sensitivity analysis above, we also utilize EVE as a longer term measure of interest rate risk. EVE is a point-in-time analysis of the sensitivity of the current balance sheet and off-balance sheet assets and liabilities that incorporates all cash flows over their estimated remaining lives. Due to this longer forecast, EVE only uses the current balance sheet and does not include assumptions related to future activities. Key modeling assumptions in the EVE metric include asset prepayment speeds, deposit pricing beta, and deposit decay rates. The scenarios, methodologies and assumptions used in the IRR framework are periodically evaluated and enhanced in response to changes in the market environment, changes in our balance sheet composition, enhancements in our modeling and other factors. The identification and testing of key assumptions are influenced by market conditions and management views of key risks. IRR measurement across interest rate scenarios is driven by key modeling assumptions that influence the calculated exposures. Calibration of key assumptions is based upon a combination of factors including historical experience and management judgment. Key modeling assumptions are subject to periodic review and validation. In addition, sensitivity testing is performed on key assumptions by increasing and decreasing the modeling inputs relative to the base value and then comparing the resulting impact to the IRR exposure. Sensitivity testing is periodically reported to ALCO. Credit Risk We are subject to credit risk, which is the risk of default that results from a borrower’s inability or unwillingness to make contractually required loan payments or declines in home loan collateral values. Generally, all loans sold into the secondary market are sold without recourse. For such loans, our credit risk is generally limited to repurchase obligations due to fraud or origination defects. For loans that were repurchased or not sold in the secondary market, we are subject to credit risk to the extent a borrower defaults and we are not able to fully recover the principal balance. We believe that this risk is mitigated through the implementation of robust underwriting standards, fraud detection tools and technology designed to comply with applicable laws and our standards. In addition, we believe that this risk is mitigated through the quality of our loan portfolio. 96 SoFi Technologies, Inc. TAB LE OF CONTENTS The following table summarizes the potential effect on earnings over the next 12 months and the potential effect on the fair values of our loans for which we elected the fair value option and residual investments recorded on our consolidated balance sheet as of March 31, 2026 based on a sensitivity analysis performed by management assuming an immediate hypothetical change in credit loss rates by a rate of 10%. The fair value and earnings sensitivities are applied only to financial assets that existed at the balance sheet date, which included loans, investments in AFS debt securities (which had an immaterial impact from credit risk) and residual investments as of March 31, 2026. Asset-backed bonds are excluded because they are not expected to absorb the losses of the VIE based on the extent of overcollateralization and expected credit losses of the VIE. Alternatively, residual investments are subject to credit exposure, and by design this is the portion of the SPE that is expected to absorb the losses of the VIE. The carrying value and earnings sensitivities are applied only to financial assets that existed at the balance sheet date, which included loans at amortized cost, for which we have recorded an allowance as of March 31, 2026. Impact if Credit Loss Rates: ($ in thousands) Increase 10 Percent Decrease 10 Percent Fair value $ (171,743) $ 171,743 Carrying value (5,193) 5,193 Income (loss) before income taxes (176,936) 176,936 Counterparty Risk We are subject to risk that arises from our debt warehouse facilities, economic hedging activities, third-party custodians, and capped call options on our common stock, as well as third-party counterparties that support transaction execution, settlement, custody or liquidity for SoFi Crypto. These activities generally involve an exchange of obligations with unaffiliated lenders or other individuals or entities, referred to in such transactions as “counterparties”. If a counterparty was to default, we could potentially be exposed to reputational damage and financial loss if such counterparty was unable to meet its obligations to us. We manage this risk by selecting only counterparties that we believe to be financially strong, spreading the risk among multiple such counterparties, placing contractual limits on the amount of dependence on any single counterparty, and entering into netting agreements with the counterparties, as appropriate. In accordance with Treasury Market Practices Group’s recommendation, we execute Securities Industry and Financial Markets Association trading agreements with all material trading partners. Each such agreement provides for an exchange of margin money should either party’s exposure exceed a predetermined contractual limit. Such margin requirements limit our overall counterparty exposure. The master netting agreements contain a legal right to offset amounts due to and from the same counterparty. Derivative assets represent derivative contracts in a gain position net of loss positions with the same counterparty and, therefore, also represent our maximum counterparty credit risk. We incurred no losses due to nonperformance by any of our counterparties during the three months ended March 31, 2026. As of March 31, 2026, gross derivative asset and liability positions subject to master netting arrangements were $155.3 million and $1.5 million, respectively. In the case of our loan warehouse facilities, we are subject to risk if the counterparty chooses not to renew a borrowing agreement and we are unable to obtain financing to originate loans. With our loan warehouse facilities, we seek to mitigate this risk by ensuring that we have sufficient borrowing capacity with a variety of well-established counterparties to meet our funding needs. As of March 31, 2026, we had total borrowing capacity under loan warehouse facilities of $7.2 billion, of which none was utilized. Refer to Note 8. Debt to the Notes to Condensed Consolidated Financial Statements for additional information regarding our loan warehouse facilities. In the case of our call options on our common stock, if the capped call counterparties, which are financial institutions and initial purchasers of our convertible notes, are unable to meet their obligations under the contract, we may not be able to mitigate the dilutive effect on our common stock upon conversions of our convertible notes or offset any potential cash payments we may be required to make in excess of the principal amount of converted convertible notes. Refer to Note 9. Equity to the Notes to Condensed Consolidated Financial Statements for additional information on our capped call transactions. Operational Risk Operational risk is the risk of loss arising from inadequate or failed internal processes, controls, people (e.g., human error or misconduct) or systems (e.g., technology problems), business continuity or external events (e.g., natural disasters), compliance, reputational, regulatory, cybersecurity or legal matters and includes those risks as they relate directly to us, fraud losses attributed to applications and any associated fines and monetary penalties as a result, transaction processing, or employees, as well as to third parties with whom we contract or otherwise do business, including third-party service providers 97 SoFi Technologies, Inc. TAB LE OF CONTENTS support digital asset trading, custody, settlement, or blockchain-based infrastructure. We rely on third-party computer systems and third-party providers to support and carry out certain functions on our platform, which are themselves susceptible to operational risk or which may rely on subcontractors to provide services to us that face similar risks. Any interruption in services or deterioration in the quality of the service or performance of such third-party systems or providers could be disruptive to our business and adversely affect our results of operations and the perception of the reliability of our networks and services and the quality of our brand. In addition, we may be subjected to member complaints, fines, subpoenas, civil investigative demands, litigation, disputes, regulatory investigations and other similar actions. We strive to manage operational risk, including operational risk associated with our reliance on third-party systems, through contractual provisions, our system design, and a robust third-party risk management process, which includes establishing policies and procedures to accomplish timely and efficient processing, obtaining periodic internal control attestations from management, conducting internal process Risk Control Self-Assessments and audit reviews to evaluate the effectiveness of internal controls. With respect to cybersecurity risk, which can also translate to financial and reputational risk, our technology and cybersecurity teams rely on a layered system of preventive and detective technologies, controls, and policies to detect, mitigate, and contain cybersecurity threats. In addition, our cybersecurity team, and the third-party consultants they engage, regularly assess our cybersecurity risks and mitigation efforts. Our operational risk, and the amount we invest in risk management, may increase as we introduce new products and product features, and as new threat actors and evolving threat vectors, such as account takeover tactics, increase and become more sophisticated. In order to be effective, among other things, our enterprise risk management capabilities must adapt and align to support any new product or loan features, capability, strategic development, or external change. Item 4. Controls and Procedures Evaluation of Disclosure Controls and Procedures Our management, with the participation of our Chief Executive Officer and Chief Financial Officer, has evaluated the effectiveness of our disclosure controls and procedures (as defined in Rules 13a-15(e) and 15d-15(e) under the Securities Exchange Act of 1934, as amended (the “Exchange Act”) as of the end of the period covered by this Quarterly Report on Form 10-Q. Based on that evaluation, our Chief Executive Officer and Chief Financial Officer concluded that such disclosure controls and procedures were effective as of the end of the period covered by this Quarterly Report on Form 10-Q and designed to ensure that information required to be disclosed in our reports filed or submitted under the Exchange Act is recorded, processed, summarized and reported within the requisite time periods specified in the applicable rules and forms, and that it is accumulated and communicated to our management, including our Chief Executive Officer and Chief Financial Officer, as appropriate, to allow timely decisions regarding required disclosure. Management recognizes that any controls and procedures, no matter how well designed and operated, can provide only reasonable assurance of achieving their objectives and management necessarily applies its judgment in evaluating the cost-benefit relationship of possible controls and procedures. Changes in Internal Control over Financial Reporting There have not been any changes in our internal control over financial reporting (as defined in Rules 13a-15(f) and 15d-15(f) under the Exchange Act) during the quarter ended March 31, 2026 that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting. 98 SoFi Technologies, Inc. TAB LE OF CONTENTS PART II – OTHER INFORMATION Item 1. Legal Proceedings The information required by Item 103 of Regulation S-K is included in Note 14. Commitments, Guarantees, Concentrations and Contingencies to the Notes to Condensed Consolidated Financial Statements in Part I, Item 1. of this Quarterly Report on Form 10-Q. Item 1A. Risk Factors In evaluating our company and our business, y ou should carefully consider the risks and uncertainties described in Part I, Item 1A. Risk Factors in our Annual Report on Form 10-K, together with the other information in this Quarterly Report on Form 10-Q, including our condensed consolidated financial statements and the related notes and the section titled “Management’s Discussion and Analysis of Financial Condition and Results of Operations” and in other documents we file with the SEC. There are no material changes from the risk factors set forth in our 2025 Annual Report on Form 10-K except as set forth below. Additional risks and uncertainties not presently known to us or that we currently deem immaterial may also impair our business, reputation, financial condition, results of operations, revenue or our future prospects, or market price of our common stock. Inadequate self-insurance accruals or insurance coverage for employee healthcare benefits could have an adverse effect on our business, financial results or financial condition. We self-insure for certain medical benefits, up to certain stop-loss limits. We accrue these costs based on known claims and estimates of incurred but not reported claims. Our actual liabilities may exceed our estimates of losses, which could adversely impact our business and financial conditions. We may also experience an unexpectedly large number of claims that result in costs or liabilities in excess of our projections, which could cause us to record additional expenses. The issuance and operation of SoFiUSD is complex and exposes us to risks related to compliance with regulations and maintaining its value, which could adversely affect our business and financial condition. We have recently issued a proprietary stablecoin named SoFiUSD. The design, issuance, and operation of a stablecoin could expose us to a range of significant risks, including regulatory, operational, liquidity, technological, and reputational risks. The legal and regulatory framework governing stablecoins remains uncertain and is evolving rapidly in the United States and internationally. New or changing laws, regulations, or supervisory expectations, including the Guiding and Establishing National Innovation for U.S. Stablecoins Act of 2025 (the “GENIUS Act”), could restrict or prohibit our ability to issue or offer a stablecoin, require us to obtain licenses or approvals, impose capital or reserve requirements, or subject us to additional compliance, audit and disclosure obligations, any of which could delay, limit, or prevent the delivery of SoFiUSD or materially increase its cost. In addition, the GENIUS Act would require us to migrate SoFiUSD to a separately licensed or regulated entity. The issuance and operation of SoFiUSD also presents unique compliance challenges. Although we are already subject to anti-money laundering, sanctions, and related compliance obligations under the Bank Secrecy Act, the USA PATRIOT Act, and regulations administered by FinCEN and OFAC, the nature of blockchain-based transactions, including the speed of transfers and the potential for pseudonymous activity, creates complexities in monitoring transactions, screening for sanctioned parties, and detecting illicit activity that differ from our traditional banking operations. Once SoFiUSD is transferred on-chain, we may have limited visibility into subsequent transfers or the identity of holders. If SoFiUSD is used in connection with money laundering, terrorist financing, sanctions evasion, or other illicit activity—whether or not we have actual knowledge of such use—we could face regulatory enforcement actions, fines, reputational harm, and restrictions on our stablecoin operations. Our issuance of SoFiUSD also exposes us to counterparty, operational and liquidity risks. We engage a third party sub-servicer to provide technical and operational services, including for reserve management, and a portion of SoFiUSD reserve assets may be held in custodial accounts at other regulated financial institutions. We also face risks related to redemption demands and market stress, including the possibility that we may need to implement temporary limits on redemption amounts or timing to manage liquidity in extreme circumstances. Failure to maintain a stable value or to meet redemption requests could result in financial losses, customer claims, and reputational harm. In addition, operating a stablecoin requires robust technology infrastructure and controls, and could expose us to cybersecurity threats, fraud, operational failures, or disruptions in third-party service providers. Any such events, or negative perceptions of SoFiUSD or stablecoins generally, could adversely affect customer adoption, attract regulatory scrutiny, and harm our brand and business. Furthermore, the accounting rules and regulations that we must comply with are complex and subject to interpretation by FASB, the SEC, and various bodies formed to promulgate and interpret appropriate accounting principles. A change in these 99 SoFi Technologies, Inc. TAB LE OF CONTENTS principles or interpretations could have a significant effect on our reported financial results and may even affect the reporting of transactions completed before the announcement or effectiveness of a change. Further, there have been limited precedents for the financial accounting of stablecoins and other digital assets and related valuation and revenue recognition considerations. As such, there remains significant uncertainty on how companies should account for stablecoin and other digital asset transactions, value, and related revenue. Uncertainties in or changes to regulatory or financial accounting standards could result in the need to change our accounting methods and/or restate our financial statements and impair our ability to provide timely and accurate financial information, which could adversely affect our financial statements, result in a loss of investor confidence, and more generally impact our business, results of operations, financial condition, and prospects. Item 2. Unregistered Sales of Equity Securities and Use of Proceeds None. Item 3. Defaults Upon Senior Securities None. Item 4. Mine Safety Disclosures Not applicable. Item 5. Other Information Trading Arrangements During the three months ended March 31, 2026, no Company director or officer (as defined in Rule 16a-1(f) of the Exchange Act) adopted , terminated or modified a Rule 10b5-1 trading arrangement or non-Rule 10b5-1 trading arrangement (as such terms are defined in Item 408 of Regulation S-K). Item 6. Exhibits Exhibit No. Description 31.1 * Certification of Chief Executive Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 31.2 * Certification of Chief Financial Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 32.1 +* Certification of Chief Executive Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 32.2 +* Certification of Chief Financial Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 101.INS Inline XBRL Instance Document - the instance document does not appear in the interactive data file because its XBRL tags are embedded within the Inline XBRL document 101.SCH* Inline XBRL Taxonomy Extension Schema Document 101.CAL* Inline XBRL Taxonomy Extension Calculation Linkbase Document 101.LAB* Inline XBRL Taxonomy Extension Label Linkbase Document 101.PRE* Inline XBRL Taxonomy Extension Presentation Linkbase Document 101.DEF* Inline XBRL Taxonomy Extension Definition Linkbase Document 104 Cover Page Interactive Data File (formatted as inline XBRL and contained in Exhibit 101) ___________________ * Filed herewith. + Indicates a document being furnished with this Form 10-Q. Information furnished herewith shall not be deemed to be “filed” for the purposes of Section 18 of the Securities Exchange Act of 1934 or otherwise subject to the liabilities of that Section. Such exhibit shall not be deemed incorporated by reference into any filing under the Securities Act of 1933 or the Securities Exchange Act of 1934. 100 SIGNATURE Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized. SoFi Technologies, Inc. (Registrant) Date: May 7, 2026 By: /s/ Christopher Lapointe Christopher Lapointe Chief Financial Officer 101