SoFi Technologies, Inc. (SOFI) · Quarterly Report (10-Q) SEC Filing

PART I FINANCIAL INFORMATION Item 1. Financial Statements SoFi Technologies, Inc. Condensed Consolidated Balance Sheets (Unaudited) (In Thousands, Except for Share Data) June 30, 2026December 31, 2025 Assets Cash and cash equivalents$3,126,237 $4,929,452 Restricted cash and restricted cash equivalents439,322 427,321 Investment securities (includes available-for-sale securities of $3,993,310 and $2,454,453 at fair value with associated amortized cost of $3,993,321 and $2,434,627, as of June 30, 2026 and December 31, 2025, respectively) 4,225,652 2,575,607 Loans held for sale (includes $29.7 billion and $22.7 billion at fair value, as of June 30, 2026 and December 31, 2025, respectively) 29,737,289 22,862,749 Loans held for investment, at fair value16,920,564 13,657,578 Loans held for investment, at amortized cost (less allowance for credit losses of $56,459 and $50,934, as of June 30, 2026 and December 31, 2025, respectively) 1,275,529 1,516,736 Servicing rights364,318 378,178 Property, equipment and software496,712 416,448 Goodwill1,425,015 1,393,505 Intangible assets226,528 231,919 Operating lease right-of-use assets86,149 93,941 Other assets (less allowance for credit losses of $2,557 and $2,998, as of June 30, 2026 and December 31, 2025, respectively) 2,624,233 2,177,044 Total assets$60,947,548 $50,660,478 Liabilities and equity Liabilities: Deposits: Interest-bearing deposits$45,416,257 $37,387,350 Noninterest-bearing deposits126,903 118,045 Total deposits45,543,160 37,505,395 Accounts payable, accruals and other liabilities923,024 743,716 Operating lease liabilities104,083 106,190 Debt3,300,544 1,815,162 Residual interests classified as debt510 520 Total liabilities49,871,321 40,170,983 Commitments, guarantees, concentrations and contingencies (Note 15) Equity: Common stock, $0.00 par value: 3,100,000,000 and 3,100,000,000 shares authorized; 1,290,312,404 and 1,270,568,878 shares issued and outstanding, as of June 30, 2026 and December 31, 2025, respectively(1) 128 126 Additional paid-in capital11,589,035 11,302,668 Accumulated other comprehensive income (loss)(11,981)10,979 Accumulated deficit(500,955)(824,278) Total equity11,076,227 10,489,495 Total liabilities and equity$60,947,548 $50,660,478 ______________ (1)Includes 100,000,000 non-voting common shares authorized and no non-voting common shares issued and outstanding as of June 30, 2026 and December 31, 2025. See Note 10. Equity for additional information. The accompanying notes are an integral part of these condensed consolidated financial statements. 5 SoFi Technologies, Inc. TABLE OF CONTENTS SoFi Technologies, Inc. Condensed Consolidated Balance Sheets (Continued) (Unaudited) (In Thousands, Except for Share Data) The following table presents the assets and liabilities of consolidated VIEs which are included in our condensed consolidated balance sheets. The assets in the below table may only be used to settle obligations of consolidated VIEs and are in excess of those obligations as of the dates presented. Additionally, the assets and liabilities in the table below exclude intercompany balances, which eliminate upon consolidation. See Note 7. Securitization and Variable Interest Entities for additional information. June 30, 2026December 31, 2025 Assets Restricted cash and restricted cash equivalents$2,501 $2,099 57,909 65,796 Total assets$60,410 $67,895 Liabilities Accounts payable, accruals and other liabilities$86 $95 Debt48,111 54,107 Residual interests classified as debt510 520 Total liabilities$48,707 $54,722 The accompanying notes are an integral part of these condensed consolidated financial statements. 6 SoFi Technologies, Inc. TABLE OF CONTENTS SoFi Technologies, Inc. Condensed Consolidated Statements of Operations and Comprehensive Income (Unaudited) (In Thousands, Except for Per Share Data) Three Months Ended June 30,Six Months Ended June 30, 2026202520262025 Interest income Loans and securitizations$1,067,894 $738,862 $2,000,078 $1,451,738 Other72,634 53,543 141,446 104,479 Total interest income1,140,528 792,405 2,141,524 1,556,217 Interest expense Securitizations and warehouses18,779 29,650 28,830 57,794 Deposits320,463 233,232 607,692 458,631 Corporate borrowings10,675 11,504 21,326 22,932 Other2,416 182 2,493 297 Total interest expense352,333 274,568 660,341 539,654 Net interest income788,195 517,837 1,481,183 1,016,563 Noninterest income Loan origination, sales, securitizations and servicing150,407 70,855 292,616 123,660 Technology products and solutions52,459 90,796 101,810 177,233 Loan platform fees140,930 127,405 279,185 220,155 Crypto transaction revenue134,267 255,860 Cost of crypto transaction revenue(133,084) (253,825) Net crypto transaction revenue1,183 2,035 Other85,502 48,051 162,215 89,092 Total noninterest income430,481 337,107 837,861 610,140 Total net revenue1,218,676 854,944 2,319,044 1,626,703 Provision for credit losses13,755 10,035 22,650 15,713 Noninterest expense Technology and product development191,276 152,146 378,951 308,352 Sales and marketing392,397 264,744 727,936 502,920 Cost of operations200,139 150,437 371,262 285,957 General and administrative216,800 165,390 414,384 321,787 Total noninterest expense1,000,612 732,717 1,892,533 1,419,016 Income before income taxes204,309 112,192 403,861 191,974 Income tax expense(47,717)(14,929)(80,538)(23,595) Net income$156,592 $97,263 $323,323 $168,379 Other comprehensive income Unrealized gains (losses) on available-for-sale securities, net(9,306) 1,328 (22,254)12,790 Foreign currency translation adjustments, net68 (563)(706)(832) Total other comprehensive income (loss)(9,238) 765 (22,960) 11,958 Comprehensive income$147,354 $98,028 $300,363 $180,337 Earnings per share (Note 16) Earnings per share basic$0.12 $0.09 $0.25 $0.15 Earnings per share diluted$0.12 $0.08 $0.24 $0.14 Weighted average common stock outstanding basic1,284,303 1,107,006 1,280,338 1,102,525 Weighted average common stock outstanding diluted1,351,990 1,182,877 1,364,978 1,184,197 The accompanying notes are an integral part of these condensed consolidated financial statements. 7 SoFi Technologies, Inc. TABLE OF CONTENTS SoFi Technologies, Inc. Condensed Consolidated Statements of Changes in Equity (Unaudited) (In Thousands, Except for Share Data) Common StockAdditional Paid-In CapitalAccumulated Other Comprehensive LossAccumulated DeficitTotalAmount1,281,409,498 $127 $11,471,754 $(2,743)$(657,547)$10,811,591 96,800 96,800 7,490,218 1 (1) (242,237) (4,081) (4,081)39,078 231 231 1,615,847 24,332 24,332 156,592 156,592 (9,238) (9,238)1,290,312,404 $128 $11,589,035 $(11,981)$(500,955)$11,076,227 Additional Paid-In CapitalAccumulated Other Comprehensive Income (Loss)Accumulated DeficitTotalAmount1,270,568,878 $126 $11,302,668 $10,979 $(824,278)$10,489,495 182,145 182,145 15,117,902 2 (2) (574,154) (9,976) (9,976)374,725 2,597 2,597 3,209,206 87,271 87,271 1,615,847 24,332 24,332 323,323 323,323 (22,960) (22,960)1,290,312,404 $128 $11,589,035 $(11,981)$(500,955)$11,076,227 Additional Paid-In CapitalAccumulated Other Comprehensive IncomeAccumulated DeficitTotalAmount1,104,104,203 $110 $7,910,058 $2,828 $(1,234,482)$6,678,514 75,973 75,973 8,654,892 1 (1) (379,570) (4,299) (4,299)91,544 600 600 971,899 11,764 11,764 97,263 97,263 765 765 1,113,442,968 $111 $7,994,095 $3,593 $(1,137,219)$6,860,580 Additional Paid-In CapitalAccumulated Other Comprehensive Income (Loss)Accumulated DeficitTotalAmount1,095,357,781 $109 $7,838,988 $(8,365)$(1,305,598)$6,525,134 152,441 152,441 17,776,848 2 (2) (797,339) (9,891) (9,891)133,779 795 795 971,899 11,764 11,764 168,379 168,379 11,958 11,958 1,113,442,968 $111 $7,994,095 $3,593 $(1,137,219)$6,860,580 20262025 Operating activities Net income$323,323 $168,379 Adjustments to reconcile net income to net cash used in operating activities: Share-based compensation expense148,877 127,012 Depreciation and amortization140,684 112,026 Deferred debt issuance and discount expense5,645 5,367 Provision for credit losses22,650 15,713 Deferred income taxes62,625 19,169 Fair value changes in loans held for investment(222)(218,830) Fair value changes in securitization investments(692)(1,137) Other4,342 1,775 Changes in loans held for sale, net(7,000,456)(2,443,713) Changes in accrued interest on loans(59,847)(17,377) Changes in loans previously classified as held for sale, net437,397 514,427 Changes in servicing assets13,860 (32,878) Changes in other assets(376,000)206,085 Changes in other liabilities72,376 98,576 Net cash used in operating activities$(6,205,438)$(1,445,406) Investing activities Purchases of property, equipment and software$(164,124)$(116,069) Capitalized software development costs(2,293)(4,171) Purchases of available-for-sale investments(2,513,332)(853,559) Proceeds from sales of available-for-sale investments605,815 204,777 Proceeds from maturities and paydowns of available-for-sale investments345,864 237,720 Purchases of loans held for investment(86,908)(896,774) (3,383,319)(1,721,175) Proceeds from securitization investments56,450 28,817 Proceeds from non-securitization investments1,708 9,585 Purchases of non-securitization investments(20,159)(51,842) Acquisition of businesses, net of cash acquired(64,898) Net cash used in investing activities$(5,225,196)$(3,162,691) The accompanying notes are an integral part of these condensed consolidated financial statements. 9 SoFi Technologies, Inc. TABLE OF CONTENTS SoFi Technologies, Inc. Condensed Consolidated Statements of Cash Flows (Continued) (Unaudited) (In Thousands) Six Months Ended June 30, 20262025 Financing activities Net change in deposits$8,002,948 $3,766,414 Net change in stablecoin liability outstanding52,484 Proceeds from issuance of common stock87,387 Payment of common stock issuance costs(115) Net change in debt facilities1,488,307 868,016 Repayment of other debt(6,257)(22,162) Payment of debt issuance costs(1,175)(394) Taxes paid related to net share settlement of share-based awards(9,976)(9,891) Proceeds from stock option exercises2,597 795 Proceeds from issuance of common stock under the ESPP24,332 11,764 Finance lease principal payments(406)(370) Net cash provided by financing activities$9,640,126 $4,614,172 Effect of exchange rates on cash and cash equivalents(706)(832) Net increase (decrease) in cash, cash equivalents, restricted cash and restricted cash equivalents$(1,791,214)$5,243 Cash, cash equivalents, restricted cash and restricted cash equivalents at beginning of period5,356,773 2,709,360 Cash, cash equivalents, restricted cash and restricted cash equivalents at end of period$3,565,559 $2,714,603 Reconciliation to amounts on condensed consolidated balance sheets (as of period end) Cash and cash equivalents$3,126,237 $2,122,502 Restricted cash and restricted cash equivalents439,322 592,101 Total cash, cash equivalents, restricted cash and restricted cash equivalents$3,565,559 $2,714,603 Supplemental non-cash investing and financing activities Deposits credited but not yet received in cash$783,817 $266,370 Share-based compensation capitalized related to internally-developed software33,268 25,429 The accompanying notes are an integral part of these condensed consolidated financial statements. 10 SoFi Technologies, Inc. TABLE OF CONTENTS SoFi Technologies, Inc. Notes to Condensed Consolidated Financial Statements (Unaudited) (In Thousands, Unless Otherwise Stated and Except for Share and Per Share Data) Note 1. Organization, Summary of Significant Accounting Policies and New Accounting Standards Organization SoFi is a financial services platform that was founded in 2011 to offer an innovative approach to the private student loan market by providing student loan refinancing options. The Company conducts its business through three reportable segments: Lending, Technology Platform and Financial Services. Since its founding, SoFi has expanded its lending and financial services strategy to offer personal loans, home loans and credit cards. The Company has also developed additional financial products, such as money management and investment product offerings, and has also leveraged its financial services platform to empower other businesses. The Company has continued to expand its product offerings through strategic acquisitions. During 2020, the Company expanded its investment product offerings into Hong Kong through the acquisition of 8 Limited, and also began to operate as a platform as a service for a variety of financial service providers, providing the infrastructure to facilitate core client-facing and back-end capabilities, such as account setup, account funding, direct deposit, authorizations and processing, payments functionality and check account balance features through the acquisition of Galileo Financial Technologies. During 2022, the Company became a bank holding company and began operating as SoFi Bank, National Association, through its acquisition of Golden Pacific Bancorp, Inc., and expanded its platform to include a cloud-native digital and core banking platform with customers in Latin America through its acquisition of Technisys, allowing the Company to expand its technology platform services to a broader international market. During 2023, the Company acquired Wyndham Capital Mortgage, a fintech mortgage lender. During 2026, the Company acquired Peach Finance Inc., a cloud-native, API-first loan management and servicing platform; and Composer, a fintech company offering an AI-powered investing platform. For additional information on our recent business combinations, see Note 2. Business Combinations. For additional information on our reportable segments, see Note 17. 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 and six months ended June 30, 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 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. 11 SoFi Technologies, Inc. TABLE OF CONTENTS SoFi Technologies, Inc. Notes to Condensed Consolidated Financial Statements (Continued) (Unaudited) (In Thousands, Unless Otherwise Stated and Except for Share and Per Share Data) 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 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. Stablecoin (SoFiUSD) SoFiUSD is our proprietary stablecoin. It is a digital asset that is designed to maintain a stable value relative to the USD and be used for payment and settlement purposes. SoFiUSD exists as a digital representation of value only on certain specified cryptographically-secured distributed ledgers. Funds received from customers from the issuance of our stablecoin represent claims which are reflected as a liability presented within Accounts payable, accruals and other liabilities on our consolidated balance sheets. The Company is obligated to redeem all SoFiUSD presented by holders on a one-for-one basis in exchange for USD (net of any applicable and disclosed fees), except in limited circumstances, such as when prohibited by law or court order or instances where fraud is suspected. As such, the Company does not have an unconditional right to deny SoFiUSD redemption requests. SoFi or a permitted custodian maintains reserve assets, which are separately tracked for the purpose of supporting SoFiUSD redemptions. The aggregate value of these reserve assets is at least equal to the outstanding supply of SoFiUSD. All reserve assets are maintained consistent with applicable law and supervisory expectations. These reserve assets may consist solely of high-quality, liquid assets, which may include: (i) USD held in cash or demand deposits; and (ii) Other cash equivalents or highly liquid instruments permitted under applicable law governing payment stablecoins. The composition of reserve assets may change from time to time. We do not guarantee that reserve assets will be held in any particular form or asset class at any given time. These reserve assets may be held, in a manner consistent with applicable law and regulations, (i) directly by the Bank; and/or (ii) with regulated financial institutions, custodians, or other qualified counterparties. These reserve assets are presented within Cash and cash equivalents on our consolidated balance sheets. As of June 30, 2026, the Company has $52.5 million of SoFiUSD outstanding and an equal amount of related reserves assets in the form of USD held in cash. Interest Income Interest income on loans is accrued and recognized based on the contractual rate of interest within interest income loans and securitizations in the consolidated statements of operations and comprehensive income (loss). We stop accruing interest and reverse all accrued but unpaid interest at the time a loan charges off. Loans are returned to accrual status if the loans are brought to nondelinquent status or have performed in accordance with the contractual terms for a reasonable period of time and, in management s judgment, will continue to make scheduled periodic principal and interest payments. Other interest income is primarily earned on our bank balances and cash reserves backing our issuance of SoFiUSD. 12 SoFi Technologies, Inc. TABLE OF CONTENTS SoFi Technologies, Inc. Notes to Condensed Consolidated Financial Statements (Continued) (Unaudited) (In Thousands, Unless Otherwise Stated and Except for Share and Per Share Data) 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 revenue 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. 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. 13 SoFi Technologies, Inc. TABLE OF CONTENTS SoFi Technologies, Inc. Notes to Condensed Consolidated Financial Statements (Continued) (Unaudited) (In Thousands, Unless Otherwise Stated and Except for Share and Per Share Data) 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. Business Combinations Acquisitions of Peach Finance, Inc. and Composer Securities, LLC During the second quarter of 2026, the Company made two acquisitions: Peach, a cloud-native, API-first loan management and servicing platform which the Company intends to integrate within its Technology Platform segment; and Composer, a fintech company offering an AI-powered investing platform that enables users to create, test, and execute investment strategies using everyday language, with which the Company intends to enhance its investing services with under the Financial Services segment. Both of these acquisitions are accounted for as business combinations. As a result, for each of these acquisitions, the respective purchase consideration is allocated to the tangible and intangible assets acquired and liabilities assumed based on the estimated fair values as of the acquisition date. The excess of the total purchase consideration over the fair value of the net assets acquired is allocated to goodwill, which is not expected to be deductible for tax purposes. The fair value estimates are subject to change for up to one year after the acquisition date as additional information becomes available. For both Peach and Composer, we acquired all of the outstanding equity interests for cash consideration, which in the aggregate was approximately $70.1 million. The Company recorded goodwill, equal to the excess of the total purchase consideration over the fair value of the net assets acquired, of $31.5 million in the aggregate, comprising $25.8 million for Peach, which was allocated to our reporting unit within the Technology Platform reportable segment, and $5.7 million for Composer, which was allocated to a reporting unit within the Financial Services reportable segment. Note 3. 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. 14 SoFi Technologies, Inc. TABLE OF CONTENTS SoFi Technologies, Inc. Notes to Condensed Consolidated Financial Statements (Continued) (Unaudited) (In Thousands, Unless Otherwise Stated and Except for Share and Per Share Data) 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 June 30,Six Months Ended June 30, 2026202520262025 Revenue from contracts with customers Financial Services Referrals, loan platform business(1) $24,358 $22,548 $43,635 $42,248 Referrals, other(2) 3,701 2,588 7,457 5,118 Interchange(2) 41,059 26,502 76,260 49,314 Brokerage(2) 18,127 7,542 33,231 14,527 Net crypto transaction revenue(3) 1,183 2,035 Other(2)(4) 9,621 2,166 15,593 3,897 Total financial services(5) 98,049 61,346 178,211 115,104 Technology Platform Technology services50,512 89,574 99,296 175,562 Other(4) 5,016 970 5,574 1,606 Total technology platform(5) 55,528 90,544 104,870 177,168 Total net revenue from contracts with customers153,577 151,890 283,081 292,272 Other sources of revenue Loan origination, sales, securitizations and servicing150,407 70,855 292,616 123,660 Loan platform business, other(1) 116,572 104,857 235,550 177,907 Other9,925 9,505 26,614 16,301 Total other sources of revenue276,904 185,217 554,780 317,868 Total noninterest income$430,481 $337,107 $837,861 $610,140 _____________________ (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 $255.9 million of Crypto transaction revenue and $253.8 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 primarily to technology platform services, we had deferred revenue of $7,281 and $8,535 as of June 30, 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 $3,035 and $2,536 during the three months ended June 30, 2026 and 2025, respectively, and recognized revenue of $5,067 and $4,904 during the six months ended June 30, 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 June 30, 2026 and December 31, 2025, accounts receivable, net associated with revenue from contracts with customers was $59,893 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 15 SoFi Technologies, Inc. TABLE OF CONTENTS SoFi Technologies, Inc. Notes to Condensed Consolidated Financial Statements (Continued) (Unaudited) (In Thousands, Unless Otherwise Stated and Except for Share and Per Share Data) 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 and six months ended June 30, 2026, we recognized associated amortization expense of $18,534 and $30,493, respectively. During the three and six months ended June 30, 2025, we recognized associated amortization expense of $12,352 and $22,803, respectively. Note 4. Loans As of June 30, 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: June 30, 2026December 31, 2025 Loans held for sale At fair value Personal loans$27,505,290 $21,540,668 Home loans2,176,158 1,205,115 Total loans held for sale, at fair value29,681,448 22,745,783 At lower of amortized cost or fair value Personal loans(1) 55,841 116,966 Total loans held for sale, at lower of amortized cost or fair value55,841 116,966 Total loans held for sale29,737,289 22,862,749 Loans held for investment Student loans(2) 16,920,564 13,657,578 Total loans held for investment, at fair value16,920,564 13,657,578 Secured loans615,195 873,981 Credit card479,972 467,854 Commercial and consumer banking: Commercial real estate163,613 159,265 Commercial and industrial3,847 4,161 Residential real estate and other consumer12,902 11,475 Total commercial and consumer banking180,362 174,901 Total loans held for investment, at amortized cost(3) 1,275,529 1,516,736 Total loans held for investment18,196,093 15,174,314 Total loans$47,933,382 $38,037,063 _____________________ (1) Includes loans originated as part of the loan platform business on behalf of third party partners. (2) Includes $3,667,582 and $4,410,038 of student loans covered by financial guarantees, and $57,909 and $65,796 of student loans in consolidated VIEs as of June 30, 2026 and December 31, 2025, respectively. (3) See Note 5. 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. 16 SoFi Technologies, Inc. TABLE OF CONTENTS SoFi Technologies, Inc. Notes to Condensed Consolidated Financial Statements (Continued) (Unaudited) (In Thousands, Unless Otherwise Stated and Except for Share and Per Share Data) 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 12. Fair Value Measurements for the assumptions used in our fair value model. Personal LoansStudent LoansHome LoansTotal June 30, 2026 Unpaid principal balance$26,101,759 $16,134,415 $2,067,122 $44,303,296 Accumulated interest180,704 81,501 9,450 271,655 Cumulative fair value adjustments1,222,827 704,648 99,586 2,027,061 Total fair value of loans(1) $27,505,290 $16,920,564 $2,176,158 $46,602,012 December 31, 2025 Unpaid principal balance$20,243,217 $12,875,440 $1,133,329 $34,251,986 Accumulated interest151,079 58,277 4,888 214,244 Cumulative fair value adjustments1,146,372 723,861 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 LoansStudent LoansHome LoansTotal June 30, 2026 Unpaid principal balance$104,008 $17,164 $1,224 $122,396 Accumulated interest5,163 420 65 5,648 Cumulative fair value adjustments(1) (85,488)(12,874)(269)(98,631) Fair value of loans 90 days or more delinquent (2) $23,683 $4,710 $1,020 $29,413 December 31, 2025 Unpaid principal balance$104,486 $18,141 $920 $123,547 Accumulated interest5,286 384 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 $98.6 million fair value adjustment as of June 30, 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. 17 SoFi Technologies, Inc. TABLE OF CONTENTS SoFi Technologies, Inc. Notes to Condensed Consolidated Financial Statements (Continued) (Unaudited) (In Thousands, Unless Otherwise Stated and Except for Share and Per Share Data) 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 and six months ended June 30, 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 and six months ended June 30, 2026 and the three months ended June 30, 2025, we did not have any deconsolidation of debt on personal loans. During the six months ended June 30, 2025 we had deconsolidation of debt on student loans of $13.2 million, for which the impact on earnings from this deconsolidation was immaterial. 18 SoFi Technologies, Inc. TABLE OF CONTENTS SoFi Technologies, Inc. Notes to Condensed Consolidated Financial Statements (Continued) (Unaudited) (In Thousands, Unless Otherwise Stated and Except for Share and Per Share Data) The following table summarizes our current whole loan sales: Three Months Ended June 30,Six Months Ended June 30, 2026202520262025 Personal loans Fair value of consideration received: Cash$ $200,326 $ $1,313,348 11,817 80,442 Repurchase liabilities recognized (520) (1,800) Total consideration 211,623 1,391,990 Aggregate unpaid principal balance and accrued interest of loans sold 200,526 1,313,698 Realized gain$ $11,097 $ $78,292 Fair value of consideration received: Cash$839,258 $792,211 $1,612,357 $1,118,851 Servicing assets recognized8,130 4,222 15,507 7,016 Repurchase liabilities recognized(1,040)(1,534)(2,106)(2,143) Total consideration846,348 794,899 1,625,758 1,123,724 Aggregate unpaid principal balance and accrued interest of loans sold834,452 779,332 1,598,967 1,101,864 Realized gain$11,896 $15,567 $26,791 $21,860 The following table summarizes our delinquent whole loan sales: Three Months Ended June 30,Six Months Ended June 30, 2026202520262025 Personal loans Fair value of consideration received: Cash$7,179 $7,200 $14,293 $14,400 Servicing assets recognized6,312 6,304 12,566 12,610 Repurchase liabilities recognized108 (90)(8)(171) Total consideration13,599 13,414 26,851 26,839 Aggregate unpaid principal balance and accrued interest of loans sold(1)(2) 94,286 94,699 187,816 189,532 Realized loss$(80,687)$(81,285)$(160,965)$(162,693) __________________ (1) During the three and six months ended June 30, 2026, includes $89.7 million and $178.7 million, respectively, of aggregate unpaid principal balance sold, related to late-stage delinquent loans for which we retained servicing and portions of recoveries. During the three and six months ended June 30, 2025, includes $90.0 million and $180.0 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 and six months ended June 30, 2026 $56.2 million and $114.1 million, respectively, of unpaid principal balance was recorded in prior periods as a reduction in fair value in noninterest income loan origination, sales, securitizations and servicing in the condensed consolidated statements of operations and comprehensive income. For the three and six months ended June 30, 2025, $63.4 million and $126.7 million, respectively, of unpaid principal balance was recorded in prior periods as a reduction in fair value in noninterest income loan origination, sales, securitizations and servicing in the condensed consolidated statements of operations and comprehensive income. These loans were sold prior to charge-off during the respective periods and otherwise would have been charged off as of June 30, 2026 and 2025, respectively, consistent with our policy. In our other charged off whole loan sales, we typically do not retain servicing or recoveries. 19 SoFi Technologies, Inc. TABLE OF CONTENTS SoFi Technologies, Inc. Notes to Condensed Consolidated Financial Statements (Continued) (Unaudited) (In Thousands, Unless Otherwise Stated and Except for Share and Per Share Data) 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 June 30,Six Months Ended June 30, 2026202520262025 Personal loans Fair value of consideration received: Cash$3,108,877 $2,370,668 $6,015,994 $3,917,253 Servicing assets recognized21,427 17,707 41,662 28,633 Repurchase liabilities recognized(3,988)(2,156)(7,371)(3,217) Total consideration3,126,316 2,386,219 6,050,285 3,942,669 Aggregate carrying amount and accrued interest of loans sold(1) 3,019,072 2,285,070 5,829,486 3,773,422 Loan fees, net(2) 85,817 83,442 179,137 140,614 Servicing assets recognized21,427 17,707 41,662 28,633 Loan platform fees recognized(3) $107,244 $101,149 $220,799 $169,247 Six Months Ended June 30, 2026202520262025 Personal loans Fair value of consideration received: Cash(1) $931 $(173)$456 $(626) Securitization investments retained(2) 77,729 38,340 159,440 77,474 Servicing assets recognized566 273 1,148 553 Repurchase liabilities recognized(101)(38)(198)(65) Total consideration79,125 38,402 160,846 77,336 Aggregate carrying amount and accrued interest of loans sold(3) 76,329 37,275 155,881 74,872 Gain from loan sales(4) $2,796 $1,127 $4,965 $2,464 _____________________ (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 12. 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 $77.4 million and $158.3 million for the three and six months ended June 30, 2026, respectively, and $37.7 million and $75.9 million for the three and six months ended June 30, 2025, respectively. (4)Recorded in noninterest income loan platform fees in the condensed consolidated statements of operations and comprehensive income. 20 SoFi Technologies, Inc. TABLE OF CONTENTS SoFi Technologies, Inc. Notes to Condensed Consolidated Financial Statements (Continued) (Unaudited) (In Thousands, Unless Otherwise Stated and Except for Share and Per Share Data) 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 LoansStudent LoansHome LoansTotal June 30, 2026 Loans in delinquency (30+ days past due)$264,399 $19,038 $64,739 $348,176 Total loans in delinquency450,128 40,186 64,739 555,053 Total transferred loans serviced(1) 15,205,101 2,266,140 7,789,294 25,260,535 December 31, 2025 Loans in delinquency (30+ days past due)$235,479 $30,523 $49,819 $315,821 Total loans in delinquency396,827 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 June 30,Six Months Ended June 30, 2026202520262025 Personal loans Servicing fees collected from transferred loans$36,599 $16,741 $72,301 $36,909 Charge-offs, net of recoveries, of transferred loans233,161 149,936 462,885 278,857 Student loans Servicing fees collected from transferred loans3,012 4,523 6,159 9,668 Charge-offs, net of recoveries, of transferred loans10,836 12,518 21,645 23,791 Home loans Servicing fees collected from transferred loans5,277 4,226 10,283 8,606 Total Servicing fees collected from transferred loans$44,888 $25,490 $88,743 $55,183 Charge-offs, net of recoveries, of transferred loans243,997 162,454 484,530 302,648 21 SoFi Technologies, Inc. TABLE OF CONTENTS SoFi Technologies, Inc. Notes to Condensed Consolidated Financial Statements (Continued) (Unaudited) (In Thousands, Unless Otherwise Stated and Except for Share and Per Share Data) 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 Current30 59 Days60 89 Days 90 Days(1) Total Delinquent LoansTotal Loans(2) June 30, 2026 Secured loans $614,131 $ $ $ $ $614,131 Credit card498,949 5,353 4,928 11,600 21,881 520,830 Commercial and consumer banking: Commercial real estate164,815 164,815 Commercial and industrial3,846 71 71 3,917 Residential real estate and other consumer(3) 12,895 3 1 4 12,899 Total commercial and consumer banking181,556 3 1 71 75 181,631 Total loans $1,294,636 $5,356 $4,929 $11,671 $21,956 $1,316,592 December 31, 2025 Secured loans $872,253 $ $ $ $ $872,253 Credit card483,803 4,650 3,713 9,161 17,524 501,327 Commercial and consumer banking: Commercial real estate159,854 373 373 160,227 Commercial and industrial4,048 57 73 130 4,178 Residential real estate and other consumer(3) 11,536 11,536 Total commercial and consumer banking175,438 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 $54,560 and $49,205 as of June 30, 2026 and December 31, 2025, respectively; accrued interest of $10,869 and $7,045 as of June 30, 2026 and December 31, 2025, respectively; and deferred origination costs of $2,833 and $8,687 as of June 30, 2026 and December 31, 2025, respectively. For secured loans, the balance is presented before accrued interest of $1,064 and $1,728 as of June 30, 2026 and December 31, 2025, respectively. For commercial and consumer banking, the balance is presented before allowance for credit losses of $1,899 and $1,729 as of June 30, 2026 and December 31, 2025, respectively; and accrued interest of $630 and $689 as of June 30, 2026 and December 31, 2025, respectively. (3)Includes residential real estate loans originated by Golden Pacific for which we did not elect the fair value option. 22 SoFi Technologies, Inc. TABLE OF CONTENTS SoFi Technologies, Inc. Notes to Condensed Consolidated Financial Statements (Continued) (Unaudited) (In Thousands, Unless Otherwise Stated and Except for Share and Per Share Data) 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. FICOJune 30, 2026December 31, 2025 800$47,234 $47,275 780 79927,334 26,942 760 77928,648 29,154 740 75932,451 34,503 720 73941,716 44,021 700 71950,656 56,155 680 69958,272 60,183 660 67959,608 56,007 640 65953,739 45,315 620 63938,518 32,084 600 61923,335 20,397 59959,319 49,291 Total credit card$520,830 $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. 23 SoFi Technologies, Inc. TABLE OF CONTENTS SoFi Technologies, Inc. Notes to Condensed Consolidated Financial Statements (Continued) (Unaudited) (In Thousands, Unless Otherwise Stated and Except for Share and Per Share Data) 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 June 30, 202620262025202420232022PriorTotal Term LoansRevolving Loans Commercial real estate Pass$9,132 $34,996 $32,011 $18,624 $23,484 $23,220 $141,467 $ Watch 763 6,541 1,159 8,463 Special mention 2,429 2,906 3,201 8,536 Substandard 2,202 2,593 1,554 6,349 Total commercial real estate9,132 34,996 35,203 23,732 32,618 29,134 164,815 Commercial and industrial Pass 108 32 2,550 2,690 1,145 Watch Special mention Substandard 82 82 Total commercial and industrial 108 32 2,632 2,772 1,145 Residential real estate and other consumer Pass 251 4,665 4,916 7,983 Watch Special mention Substandard Total residential real estate and other consumer 251 4,665 4,916 7,983 Total commercial and consumer banking $9,132 $35,247 $35,311 $23,764 $32,618 $36,431 $172,503 $9,128 Secured Loans The amortized cost basis (excluding accrued interest) of our secured loans were $614.1 million and $872.3 million as of June 30, 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 June 30, 2026 and December 31, 2025, based on this evaluation we did not recognize an allowance for credit losses on our secured loans. Note 5. 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 24 SoFi Technologies, Inc. TABLE OF CONTENTS SoFi Technologies, Inc. Notes to Condensed Consolidated Financial Statements (Continued) (Unaudited) (In Thousands, Unless Otherwise Stated and Except for Share and Per Share Data) 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 June 30, 2026 Balance at March 31, 2026 $50,064 $1,870 $2,682 Provision for credit losses(2) 13,708 47 167 Net charge-offs(3) (9,212) (18) (292) Balance at June 30, 2026 $54,560 $1,899 $2,557 Three Months Ended June 30, 2025 Balance at March 31, 2025 $42,179 $2,190 $2,789 Provision for credit losses(2) 9,901 134 389 Net charge-offs(3) (6,565)(1) Balance at June 30, 2025 $45,515 $2,323 $3,178 Six Months Ended June 30, 2026 Balance at December 31, 2025$49,205 $1,729 $2,998 Provision for credit losses(2) 22,214 436 109 Net charge-offs(3) (16,859) (266) (550) Balance at June 30, 2026 $54,560 $1,899 $2,557 Six Months Ended June 30, 2025 Balance at December 31, 2024$44,350 $2,334 $2,444 Provision for credit losses(2) 15,720 (7) 767 Net charge-offs(3) (14,555) (4) (33) Balance at June 30, 2025 $45,515 $2,323 $3,178 _____________________ (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 and six months ended June 30, 2026 and , recoveries of amounts previously reserved related to credit cards were $1,516 and $2,819, respectively. During the three and six months ended June 30, 2025, recoveries of amounts previously reserved related to credit cards were $805 and $1,569, respectively. There were immaterial recoveries of amounts previously reserved related to commercial and consumer banking loans during the three and six months ended June 30, 2026 and 2025. During the three and six months ended June 30, 2026, recoveries of amounts previously reserved related to accounts receivable were $38 and $2,064, respectively. During the three and six months ended June 30, 2025, recoveries of amounts previously reserved related to accounts receivable were $300 and $602, respectively. Credit card: During the three and six months ended June 30, 2026, accrued interest receivables written off by reversing interest income were $2.4 million and $4.4 million, respectively. During the three and six months ended June 30, 2025, accrued interest receivables written off by reversing interest income were $1.5 million and $3.4 million, respectively. 25 SoFi Technologies, Inc. TABLE OF CONTENTS SoFi Technologies, Inc. Notes to Condensed Consolidated Financial Statements (Continued) (Unaudited) (In Thousands, Unless Otherwise Stated and Except for Share and Per Share Data) Note 6. Investment Securities The following table presents our investments in AFS debt securities: Amortized CostAccrued InterestGross Unrealized GainsGross Unrealized Losses(1) Fair Value June 30, 2026 U.S. Treasury securities$566,615 $7,579 $558 $(5,196)$569,556 Agency mortgage-backed securities3,409,844 8,328 10,375 (21,484)3,407,063 Corporate bonds93 1 (1)93 Asset-backed bonds(2) 12,421 54 (34)12,441 Residual investments(2) 3,394 27 (87)3,334 Other(3) 954 8 (139)823 Total investments in AFS debt securities$3,993,321 $15,997 $10,933 $(26,941)$3,993,310 December 31, 2025 U.S. Treasury securities$74,540 $1,115 $166 $(465)$75,356 Agency mortgage-backed securities2,335,501 5,095 15,362 (1,352)2,354,606 Corporate bonds184 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 June 30, 2026 and December 31, 2025, we concluded that there was no credit loss attributable to securities in unrealized loss positions, as (i) approximately 100% and 99% of the amortized cost basis of our investments as of June 30, 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 7. 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 June 30, 2026 and December 31, 2025. Less than 12 Months12 Months or LongerTotal Fair ValueGross Unrealized LossesFair ValueGross Unrealized LossesFair ValueGross Unrealized Losses June 30, 2026 U.S. Treasury securities$519,542 $(5,196)$ $ $519,542 $(5,196) Agency mortgage-backed securities1,821,495 (20,571)14,242 (913)1,835,737 (21,484) Corporate bonds 93 (1)93 (1) Asset-backed bonds 12,441 (34) 12,441 (34) Residual investments 3,335 (87) 3,335 (87) Other 823 (139)823 (139) Total investments in AFS debt securities$2,356,813 $(25,888)$15,158 $(1,053)$2,371,971 $(26,941) 26 SoFi Technologies, Inc. TABLE OF CONTENTS SoFi Technologies, Inc. Notes to Condensed Consolidated Financial Statements (Continued) (Unaudited) (In Thousands, Unless Otherwise Stated and Except for Share and Per Share Data) Less than 12 Months12 Months or LongerTotal Fair ValueGross Unrealized LossesFair ValueGross Unrealized LossesFair ValueGross Unrealized Losses December 31, 2025 U.S. Treasury securities$49,962 $(465)$ $ $49,962 $(465) Agency mortgage-backed securities202,845 (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 $(2,044) The following table presents the amortized cost and fair value of our investments in AFS debt securities by contractual maturity: Due Within One YearDue After One Year Through Five YearsDue After Five Years Through Ten YearsDue After Ten YearsTotal June 30, 2026 Investments in AFS debt securities Amortized cost: U.S. Treasury securities$ $148,886$417,729$ $566,615 Agency mortgage-backed securities846,46936,4493,326,9183,409,844 Corporate bonds 93 93 Asset-backed bonds 12,421 12,421 Residual investments 3,394 3,394 Other 954 954 Total investments in AFS debt securities$8$195,448$470,947$3,326,918$3,993,321 Weighted average yield for investments in AFS debt securities(1) 0.95 %4.03 %4.21 %4.62 %4.55% Investments in AFS debt securities Fair value(2): U.S. Treasury securities$ $147,111$414,866$ $561,977 Agency mortgage-backed securities846,34236,0483,316,3373,398,735 Corporate bonds 92 92 Asset-backed bonds 12,387 12,387 Residual investments 3,307 3,307 Other 815 815 Total investments in AFS debt securities$8$193,545$467,423$3,316,337$3,977,313 _____________________ (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 $16.0 million as of June 30, 2026. Gross realized gains and losses on our investments in AFS debt securities were immaterial during the three months ended June 30, 2026, and $8,433 and $698, respectively, during the six months ended June 30, 2026. Gross realized gains and losses on our investments in AFS debt securities were $2,893 and $134, respectively, during the three and six months ended June 30, 2025, respectively. During the three and six months ended June 30, 2026 and 2025, there were no transfers between classifications of our investments in AFS debt securities. See Note 10. Equity for unrealized gains and losses on our investments in AFS debt securities and amounts reclassified out of AOCI. 27 SoFi Technologies, Inc. TABLE OF CONTENTS SoFi Technologies, Inc. Notes to Condensed Consolidated Financial Statements (Continued) (Unaudited) (In Thousands, Unless Otherwise Stated and Except for Share and Per Share Data) Note 7. 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 June 30, 2026 and December 31, 2025, we had one consolidated VIE, respectively, on our condensed consolidated balance sheets. During the six months ended June 30, 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 June 30, 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 June 30, 2026 and December 31, 2025, we had investments in 25 and 22 nonconsolidated VIEs, respectively. During the six months ended June 30, 2026, we established four nonconsolidated trusts and called one nonconsolidated trust. 28 SoFi Technologies, Inc. TABLE OF CONTENTS SoFi Technologies, Inc. Notes to Condensed Consolidated Financial Statements (Continued) (Unaudited) (In Thousands, Unless Otherwise Stated and Except for Share and Per Share Data) The following table presents the carrying value of Company assets associated with these nonconsolidated VIEs as of the dates presented. June 30, 2026December 31, 2025 Securitization investments$248,117 $144,627 Secured loans615,195 873,981 Servicing rights51,060 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. June 30, 2026December 31, 2025 Personal loans$223,978 $117,322 Student loans24,139 27,305 Securitization investments(1) $248,117 $144,627 _____________________ (1)As of June 30, 2026, includes $12.4 million and $3.3 million of asset-backed bonds and residual investments, respectively, classified as available for sale. See Note 6. Investment Securities for additional information. See Note 12. 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 $105.7 million and $53.5 million as of June 30, 2026 and December 31, 2025, respectively. The unfunded commitments, included as part of our investments, were $88.7 million and $47.2 million as of June 30, 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 and six months ended June 30, 2026 and 2025, respectively. 29 SoFi Technologies, Inc. TABLE OF CONTENTS SoFi Technologies, Inc. Notes to Condensed Consolidated Financial Statements (Continued) (Unaudited) (In Thousands, Unless Otherwise Stated and Except for Share and Per Share Data) Note 8. 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: June 30, 2026December 31, 2025 Savings deposits$37,020,452 $32,461,228 Demand deposits4,020,094 3,685,409 Time deposits(1) 4,375,711 1,240,713 Total interest-bearing deposits(2) 45,416,257 37,387,350 Noninterest-bearing deposits126,903 118,045 Total deposits$45,543,160 $37,505,395 _____________________ (1) As of June 30, 2026 and December 31, 2025, the amount of time deposits that exceeded the insured limit (referred to as uninsured deposits ) totaled $30,545 and $26,317, respectively. (2) As of June 30, 2026 and December 31, 2025, includes brokered deposits of $4,533,210 and $1,402,355, respectively. Brokered deposits consist of time deposits and demand deposits. As of June 30, 2026, future maturities of our total time deposits were as follows: Remainder of 2026$4,363,894 20275,926 20285,498 2029367 203026 Thereafter Total$4,375,711 30 SoFi Technologies, Inc. TABLE OF CONTENTS SoFi Technologies, Inc. Notes to Condensed Consolidated Financial Statements (Continued) (Unaudited) (In Thousands, Unless Otherwise Stated and Except for Share and Per Share Data) Note 9. Debt The following table summarizes the components of our debt: June 30, 2026December 31, 2025 Borrowing DescriptionTotal Collateral(1) Stated Interest Rate(2) Termination/Maturity(3) Total CapacityTotal Outstanding(4) Total Outstanding Debt Facilities Personal loan warehouse facilities$880,039 4.28% 4.88% June 2027 October 2028 $3,700,000 $736,684 $ Student loan warehouse facilities879,611 4.18% 4.82% May 2027 April 2029 3,480,000 751,623 5.25%April 2028645,000 486,000 486,000 Other Debt Convertible senior notes, due 2026(6) %October 2026428,022 428,022 Convertible senior notes, due 2029(7) 1.25%March 2029862,500 862,500 Other financing(8) 1,810,956 1,253,245 Securitizations 56,248 3.09% 3.73% August 204848,111 54,107 Total, before unamortized debt issuance costs, premiums and discounts$3,312,940 $1,830,629 Less: unamortized debt issuance costs, premiums and discounts(9) (12,396)(15,467) Total debt$3,300,544 $1,815,162 _________________ (1)As of June 30, 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 June 30, 2026. The interest on our variable-rate debt is typically designed as a reference rate plus a spread. Reference rates as of June 30, 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 six months ended June 30, 2026. (5)As of June 30, 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 15. 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 and six months ended June 30, 2026, total interest expense on the convertible notes was $0.5 million and $0.9 million, respectively. For the three and six months ended June 30, 2025, total interest expense on the convertible notes was $0.5 million and $0.9 million, respectively. For all periods, interest expense was related to amortization of debt discount and issuance costs. For the three and six months ended June 30, 2026, the effective interest rate was 0.43% and 0.43%, respectively. For the three and six months ended June 30, 2025, the effective interest rate was 0.43% and 0.43%, respectively. As of June 30, 2026 and December 31, 2025, unamortized debt discount and issuance costs were $0.5 million and $1.5 million, respectively, and the net carrying amount was $427.5 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 and six months ended June 30, 2026, total interest expense on the convertible notes was $3.8 million and $7.5 million, respectively, which was composed of $2.7 million and $5.4 million, respectively, of contractual interest expense and $1.1 million and $2.2 million, respectively, of amortization of discounts and issuance costs; and the effective interest rate was 1.75% and 1.76%, respectively. For the three and six months ended June 30, 2025, total interest expense on the convertible notes was $3.8 million and $7.5 million, respectively, which was composed of $2.7 million and $5.4 million, respectively, of contractual interest expense and $1.1 million and $2.1 million, respectively, of amortization of discounts and issuance costs; and the effective interest rate was 1.75% and 1.76%, respectively. As of June 30, 2026 and December 31, 2025, unamortized debt discount and issuance costs were $11.9 million and $14.0 million, respectively, and the net carrying amount was $850.6 million and $848.5 million, respectively. (8)As of June 30, 2026, includes $1.3 billion of loans and $472.0 million of investment securities pledged as collateral to secure $1.2 billion 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 31 SoFi Technologies, Inc. TABLE OF CONTENTS SoFi Technologies, Inc. Notes to Condensed Consolidated Financial Statements (Continued) (Unaudited) (In Thousands, Unless Otherwise Stated and Except for Share and Per Share Data) disclosures in Note 15. Commitments, Guarantees, Concentrations and Contingencies for more details. Also includes unsecured available borrowing capacity of $50.0 million with correspondent banks. (9)As of June 30, 2026 and December 31, 2025, unamortized debt issuance costs related to revolving debt of $0.8 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 were 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. Following the election notice date of April 15, 2026, we will settle any conversions by a combination of cash up to the aggregate principal amount of the 2026 convertible notes, and shares of our common stock for any conversion consideration in excess of the principal amount of the 2026 convertible notes, based on the applicable conversion rate(s). Any shares of common stock issued are expected to be partially offset by the settlement of the 2026 capped calls, which the Company expects to settle in net shares. Refer to Note 10. Equity herein 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. 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 June 30, 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 July 1, 2026 to September 30, 2026. Through August 6, 2026, no holder elected to convert their notes. Whether the 2029 convertible notes will be convertible 32 SoFi Technologies, Inc. TABLE OF CONTENTS SoFi Technologies, Inc. Notes to Condensed Consolidated Financial Statements (Continued) (Unaudited) (In Thousands, Unless Otherwise Stated and Except for Share and Per Share Data) following September 30, 2026 will depend on the continued satisfaction of this conversion condition or another conversion condition in the future. Material Changes to Debt Arrangements During the six months ended June 30, 2026, we did not open any warehouse facilities, and no warehouse facilities matured. We closed one warehouse facility with a maximum available capacity of $150.0 million. Our warehouse and securitization debt is secured by a continuing lien and security interest in the loans financed by the proceeds. Within each of our debt facilities, we must comply with certain operating and financial covenants. These financial covenants include, but are not limited to, maintaining: (i) a certain minimum tangible net worth, (ii) minimum unrestricted cash and cash equivalents, (iii) a maximum leverage ratio of total debt to tangible net worth, and (iv) minimum risk-based capital and leverage ratios. Our debt covenants can lead to restricted cash classifications in our condensed consolidated balance sheets. Our subsidiaries are restricted in the amount that can be distributed to the parent company only to the extent that such distributions would cause the financial covenants to not be met. We were in compliance with all financial covenants. We act as a guarantor for our wholly-owned subsidiaries in several arrangements in the case of default. As of June 30, 2026, we have not identified any risks of nonpayment by our wholly-owned subsidiaries. Maturities of Borrowings Future maturities of our outstanding debt with scheduled payments, which included our revolving credit facility and convertible notes, were as follows: June 30, 2026 Remainder of 2026$428,022 2027 2028486,000 2029862,500 2030 Thereafter Total$1,776,522 Note 10. Equity Permanent Equity On June 1, 2021, the Company s common stock began trading on the Nasdaq Global Select Market under the ticker symbol SOFI . Pursuant to SoFi Technologies Certificate of Incorporation, the Company is authorized to issue 3,000,000,000 shares of common stock, with a par value of $0.0001 per share, and 100,000,000 shares of non-voting common stock, with a par value of $0.0001 per share. As of June 30, 2026, the Company had 1,290,312,404 shares of common stock and no shares of non-voting common stock issued and outstanding. On July 31, 2025, the Company completed an underwritten public offering of 82,733,817 shares of common stock, at an offering price of $20.85 per share. The Company received net proceeds of $1.7 billion after deducting underwriting discounts and offering costs. 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 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. 33 SoFi Technologies, Inc. TABLE OF CONTENTS SoFi Technologies, Inc. Notes to Condensed Consolidated Financial Statements (Continued) (Unaudited) (In Thousands, Unless Otherwise Stated and Except for Share and Per Share Data) 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. The Company reserved the following common stock for future issuance: June 30, 2026December 31, 2025 Outstanding stock options, restricted stock units and performance stock units63,363,353 69,314,034 Possible future issuance under stock plans190,267,448 124,357,791 Conversion of convertible notes(1) 19,096,202 Total common stock reserved for future issuance253,630,801 212,768,027 ____________________ (1)Represents the number of common stock issuable upon conversion of convertible note principal at the conversion rate in effect at the balance sheet date. As of December 31, 2025, we would have settled conversions by paying or delivering, at our election, cash, shares of our common stock or a combination of cash and shares of our common stock, based on the applicable conversion rate(s). As of June 30, 2026, following the April 15, 2026 election notice date, we will settle any conversions by a combination of cash up to the aggregate principal amount of the 2026 convertible notes, and shares of our common stock for any conversion consideration in excess of the principal amount of the 2026 convertible notes, based on the applicable conversion rate(s). Any shares of common stock issued are expected to be partially offset by the settlement of the 2026 capped calls, which the Company expects to settle in net shares. As of June 30, 2026, we did not anticipate any incremental spread, as our common stock price was below the conversion price for the 2026 convertible notes. See Note 9. Debt for additional information. Dividends Common stockholders and non-voting common stockholders are entitled to dividends when and if declared by the Board of Directors and subject to government regulation over banks and bank holding companies. There were no dividends declared or paid to common stockholders during the six months ended June 30, 2026 and 2025. Voting Rights Each holder of common stock has the right to one vote per share of common stock and is entitled to notice of any stockholder meeting. Non-voting common stock does not have any voting rights or other powers. Accumulated Other Comprehensive Income (Loss) AOCI primarily consists of accumulated net unrealized gains or losses associated with our investments in AFS debt securities and foreign currency translation adjustments. The following table presents the rollforward of AOCI, inclusive of the changes in the components of other comprehensive income (loss): AFS Debt SecuritiesForeign Currency Translation AdjustmentsTotal Three Months Ended June 30, 2026 AOCI, beginning balance$(2,608)$(135)$(2,743) Other comprehensive income (loss) before reclassifications(1) (9,306)68 (9,238) Amounts reclassified from AOCI into earnings Net current-period other comprehensive income (loss)(2) (9,306)68 (9,238) AOCI, ending balance$(11,914)$(67)$(11,981) Three Months Ended June 30, 2025 AOCI, beginning balance$2,103 $725 $2,828 Other comprehensive income (loss) before reclassifications(1) 2,436 (563)1,873 Amounts reclassified from AOCI into earnings(1,108) (1,108) Net current-period other comprehensive income (loss)(2) 1,328 (563)765 AOCI, ending balance$3,431 $162 $3,593 34 SoFi Technologies, Inc. TABLE OF CONTENTS SoFi Technologies, Inc. Notes to Condensed Consolidated Financial Statements (Continued) (Unaudited) (In Thousands, Unless Otherwise Stated and Except for Share and Per Share Data) AFS Debt SecuritiesForeign Currency Translation AdjustmentsTotal Six Months Ended June 30, 2026 AOCI, beginning balance$10,340 $639 $10,979 Other comprehensive (loss) before reclassifications(16,519)(706)(17,225) Amounts reclassified from AOCI into earnings(5,735) (5,735) Net current-period other comprehensive (loss)(1)(2) (22,254)(706)(22,960) AOCI, ending balance$(11,914)$(67)$(11,981) Six Months Ended June 30, 2025 AOCI, beginning balance$(9,359)$994 $(8,365) Other comprehensive income (loss) before reclassifications 13,898 (832)13,066 Amounts reclassified from AOCI into earnings(1,108) (1,108) Net current-period other comprehensive income (loss)(1)(2) 12,790 (832)11,958 AOCI, ending balance$3,431 $162 $3,593 ____________________ (1)Gross realized gains and losses from sales of our investments in AFS debt securities that were reclassified from AOCI to earnings are recorded within noninterest income other in the condensed consolidated statements of operations and comprehensive income. There were no reclassifications related to foreign currency translation adjustments during any of the periods presented. (2)There were no material tax impacts during any of the periods presented. Note 11. Derivative Financial Instruments The following table presents the gains (losses) recognized on our derivative instruments: Three Months Ended June 30,Six Months Ended June 30, 2026202520262025 Interest rate swaps(1) $223,530 $(70,572)$373,048 $(202,308) (11,248)(714)688 (2,857) Derivative contracts to manage future loan sale execution risk212,282 (71,286)373,736 (205,165) Interest rate swaps(1)(2) 516 (240)905 (1,334) IRLCs(1) 3,516 1,980 1,106 8,827 $216,314 $(69,546) $375,747 $(197,672) _____________________ (1) Recorded within noninterest income loan origination, sales, securitizations and servicing in the condensed consolidated statements of operations and comprehensive income. (2) Represents gains (losses) on derivative contracts to manage securitization investment interest rate risk. The following table presents information about derivative instruments subject to enforceable master netting arrangements: June 30, 2026December 31, 2025 Gross Derivative AssetsGross Derivative LiabilitiesGross Derivative AssetsGross Derivative Liabilities Interest rate swaps$228,476 $(426)$61,583 $(133) Home loan pipeline hedges173 (9,816) (4,547) 228,649 (10,242)61,583 (4,680) Derivative netting(599)599 (133)133 Total, net(1) $228,050 $(9,643)$61,450 $(4,547) _____________________ (1) As of June 30, 2026 and December 31, 2025, we had a cash collateral requirement related to these instruments of $9,352 and $3,364, respectively. 35 SoFi Technologies, Inc. TABLE OF CONTENTS SoFi Technologies, Inc. Notes to Condensed Consolidated Financial Statements (Continued) (Unaudited) (In Thousands, Unless Otherwise Stated and Except for Share and Per Share Data) The following table presents the notional amount of derivative contracts outstanding: June 30, 2026December 31, 2025 Derivative contracts to manage future loan sale execution risk: Interest rate swaps$25,958,950 $19,113,953 Home loan pipeline hedges2,048,000 1,244,000 Interest rate swaps(1) 21,050 21,047 IRLCs(2) 695,525 532,172 $28,723,525 $20,911,172 _____________________ (1) Represents interest rate swaps utilized to manage interest rate risk associated with certain of our securitization investments. (2) Amounts correspond with home loan funding commitments subject to IRLC agreements. While the notional amounts of derivative instruments give an indication of the volume of our derivative activity, they do not necessarily represent amounts exchanged by parties and are not a direct measure of our financial exposure. See Note 12. Fair Value Measurements for additional information on our derivative assets and liabilities. Note 12. Fair Value Measurements Recurring Fair Value Measurements The following table summarizes, by level within the fair value hierarchy, the estimated fair values of our assets and liabilities measured at fair value on a recurring basis in the condensed consolidated balance sheets: June 30, 2026December 31, 2025 Fair ValueFair Value Level 1Level 2Level 3TotalLevel 1Level 2Level 3Total Assets $569,556 $ $ $569,556 $75,356 $ $ $75,356 Agency mortgage-backed securities(1) 3,407,063 3,407,063 2,354,606 2,354,606 Corporate bonds(1) 93 93 185 185 Other(1) 823 823 833 833 Asset-backed bonds(2) 204,491 204,491 113,272 113,272 Residual investments(2) 43,626 43,626 31,355 31,355 Investment securities(3) 569,556 3,612,470 43,626 4,225,652 75,356 2,468,896 31,355 2,575,607 Loans at fair value(4) 403,647 46,198,365 46,602,012 204,133 36,199,228 36,403,361 Servicing rights 364,318 364,318 378,178 378,178 Third party warrants(5)(6) 540 540 540 540 Derivative assets(5)(7)(8) 228,649 228,649 61,583 61,583 IRLCs(5)(9) 11,077 11,077 9,971 9,971 Student loan commitments(5)(9) 23,549 23,549 28,779 28,779 Personal loan commitments(5)(9) 8,723 8,723 $569,556 $4,244,766 $46,650,198 $51,464,520 $75,356 $2,734,612 $36,648,051 $39,458,019 Liabilities Debt(10) $ $48,111 $ $48,111 $ $54,107 $ $54,107 Residual interests classified as debt 510 510 520 520 Derivative liabilities(5)(7)(8) 10,242 10,242 4,680 4,680 $ $58,353 $510 $58,863 $ $58,787 $520 $59,307 _____________________ (1)Investments in debt securities that were classified as Level 2 rely upon observable inputs other than quoted prices, dealer quotes in markets that are not active and implied pricing derived from new issuances of similar securities. See Note 6. Investment Securities for additional information. (2)These assets represent the carrying value of our holdings in VIEs wherein we were not deemed the primary beneficiary. See Note 7. Securitization and Variable Interest Entities for additional information. We classify asset-backed bonds as Level 2 due to the use of quoted prices for similar assets in 36 SoFi Technologies, Inc. TABLE OF CONTENTS SoFi Technologies, Inc. Notes to Condensed Consolidated Financial Statements (Continued) (Unaudited) (In Thousands, Unless Otherwise Stated and Except for Share and Per Share Data) markets that are not active, as well as certain factors specific to us. The key inputs used to value the asset-backed bonds include the discount rate and conditional prepayment rate. The fair value of our asset-backed bonds was not materially impacted by default assumptions on the underlying securitization loans, as the subordinate residual interests are expected to absorb all estimated losses based on our default assumptions for the period. We classify the residual investments as Level 3 due to the reliance on significant unobservable valuation inputs. See Note 6. Investment Securities for additional information on the asset-backed bonds and residual investments included herein which are classified as available for sale. (3)These assets are presented within investment securities in the condensed consolidated balance sheets. (4)Home loans classified as Level 2 have observable pricing sources utilized by management. Personal loans, student loans and home loans classified as Level 3 do not trade in an active market with readily observable prices. Personal loans and home loans are presented within loans held for sale, and student loans are presented within loans held for investment, at fair value. (5)These assets and liabilities are presented within other assets and accounts payable, accruals and other liabilities, respectively, in the condensed consolidated balance sheets. (6)The key unobservable assumption used in the fair value measurement of the third party warrants was the price of the stock underlying the warrants. The fair value was measured as the difference between the stock price and the strike price of the warrants. As the strike price was insignificant, we concluded that the impact of time value on the fair value measure was immaterial. (7)For certain derivative instruments for which an enforceable master netting agreement exists, we elected to net derivative assets and derivative liabilities by counterparty. These instruments are presented on a gross basis herein. See Note 11. Derivative Financial Instruments for additional information. (8)Home loan pipeline hedges represent TBAs used as economic hedges of loan fair values and are classified as Level 2, as we rely on quoted market prices from similar loan pools that transact in the marketplace. Interest rate swaps are classified as Level 2, because these financial instruments do not trade in active markets with observable prices, but rely on observable inputs other than quoted prices. As of June 30, 2026 and December 31, 2025, interest rate swaps were valued using the overnight SOFR curve and the implied volatilities suggested by the SOFR rate curve. These were determined to be observable inputs from active markets. (9)IRLCs, student loan commitments (which include in-school loan and student loan refinancing commitments) and personal loan commitments are classified as Level 3 because of our reliance on assumed loan funding probabilities. The assumed probabilities are based on our internal historical experience with home loans, student loans and personal loans similar to those in the funding pipelines on the measurement date. (10)The fair value of our securitization debt was classified as Level 2 and valued using a discounted cash flow model, with key inputs relating to the underlying contractual coupons, terms, discount rate and expectations for defaults and prepayments. As of June 30, 2026 and December 31, 2025, the unpaid principal related to debt measured at fair value was $50,051 and $56,255, respectively. For the three and six months ended June 30, 2026, losses from changes in fair value were immaterial. For the three and six months ended June 30, 2025, gains (losses) from changes in fair value were immaterial. The estimated amounts of gains (losses) included in earnings attributable to changes in instrument-specific credit risk, which were derived principally from observable changes in credit spread as observed in the bond market and default assumptions, were immaterial for the three and six months ended June 30, 2026 and 2025. (11)During the fourth quarter of 2025, the Company launched SoFi Crypto which provides our members the ability to buy, sell and hold digital assets. To facilitate these member transactions, we maintain an incidental inventory of crypto assets for operational purposes. As of June 30, 2026 and December 31, 2025, the fair value of our crypto assets were immaterial. These assets are presented within other assets and categorized as Level 1 as of June 30, 2026 and December 31, 2025. 37 SoFi Technologies, Inc. TABLE OF CONTENTS SoFi Technologies, Inc. Notes to Condensed Consolidated Financial Statements (Continued) (Unaudited) (In Thousands, Unless Otherwise Stated and Except for Share and Per Share Data) Level 3 Recurring Fair Value Rollforward The following tables present the changes in our assets and liabilities measured at fair value on a recurring basis using significant unobservable inputs (Level 3). We did not have any transfers into or out of Level 3 during the periods presented. Fair Value atFair Value atChanges in unrealized gains (losses) included in earnings related to assets and liabilities held at period end March 31, 2026Impact on EarningsPurchasesSalesIssuancesSettlementsOther ChangesJune 30, 2026 Assets Personal loans$23,682,421 $(247,108)$3,560 $(13,599)$7,629,592 $(3,558,039)$8,463 $27,505,290 $(55,567) Student loans15,336,820 (79,786) 2,686,760 (1,039,179)15,949 16,920,564 (45,260) Home loans1,322,979 18,678 476,589 (48,738)3,003 1,772,511 19,374 Loans at fair value(1) 40,342,220 (308,216)3,560 (13,599)10,792,941 (4,645,956)27,415 46,198,365 (81,453) Servicing rights(2) 367,902 5,696 2,989 36,435 (48,704) 364,318 5,695 Residual investments(3) 37,617 757 7,499 (520) (1,727) 43,626 624 7,561 8,993 (5,477) 11,077 11,077 Student loan commitments(4) 19,270 16,766 (12,487) 23,549 23,549 Personal loan commitments(4) 9,034 5,030 (5,341) 8,723 8,723 Third party warrants(5) 540 540 Liabilities Residual interests classified as debt(3) (517)(16) 23 (510)(16) $(270,990) Fair Value atFair Value atChanges in unrealized gains (losses) included in earnings related to assets and liabilities held at period end January 1, 2026Impact on EarningsPurchasesSalesIssuancesSettlementsOther ChangesJune 30, 2026 Assets Personal loans$21,540,668 $(449,565)$6,134 $(26,851)$13,006,590 $(6,573,195)$1,509 $27,505,290 $120,388 Student loans13,657,578 (74,372)86,875 5,300,468 (2,082,429)32,444 16,920,564 13,329 Home loans1,000,982 33,818 813,719 (78,910)2,902 1,772,511 33,451 Loans at fair value(1) 36,199,228 (490,119)93,009 (26,851)19,120,777 (8,734,534)36,855 46,198,365 167,168 Servicing rights(2) 378,178 3,816 5,044 70,883 (93,603) 364,318 4,218 Residual investments(3) 31,355 933 15,901 (520) (4,043) 43,626 800 9,971 7,402 (6,296) 11,077 11,077 Student loan commitments(4) 28,779 17,703 (22,933) 23,549 23,549 Personal loan commitments(4) 8,723 8,723 8,723 Third party warrants(5) 540 540 Liabilities Residual interests classified as debt(3) (520)(43) 53 (510)(43) $(451,585) 38 SoFi Technologies, Inc. TABLE OF CONTENTS SoFi Technologies, Inc. Notes to Condensed Consolidated Financial Statements (Continued) (Unaudited) (In Thousands, Unless Otherwise Stated and Except for Share and Per Share Data) Fair Value atFair Value atChanges in unrealized gains (losses) included in earnings related to assets and liabilities held at period end March 31, 2025Impact on EarningsPurchasesSalesIssuancesSettlementsOther ChangesJune 30, 2025 Assets Personal loans$17,869,230 $(10,430)$2,032 $(290,015)$4,519,171 $(2,486,773)$722 $19,603,937 $248,752 Student loans9,571,457 100,161 698,901 993,326 (621,766)(438)10,741,641 125,767 Home loans268,778 4,150 (266,469)257,994 (5,092) 259,361 12,907 Loans at fair value(1) 27,709,465 93,881 700,933 (556,484)5,770,491 (3,113,631)284 30,604,939 387,426 Servicing rights(2) 389,780 (16,925)3,573 (5,841)40,323 (35,904) 375,006 (16,925) Residual investments(3) 28,730 671 3,827 (313) (1,685) 31,230 671 8,074 10,054 (8,074) 10,054 10,054 Student loan commitments(4) 471 1,138 (471) 1,138 1,138 Third party warrants(5) 540 540 Liabilities Residual interests classified as debt(3) (579)(12) 37 (554)(12) $88,807 Fair Value atFair Value atChanges in unrealized gains (losses) included in earnings related to assets and liabilities held at period end January 1, 2025Impact on EarningsPurchasesSalesIssuancesSettlementsOther ChangesJune 30, 2025 Assets Personal loans$17,532,396 $(83,855)$4,930 $(1,485,419)$8,496,841 $(4,859,930)$(1,026)$19,603,937 $391,223 Student loans8,597,368 225,930 898,970 2,184,789 (1,167,012)1,596 10,741,641 264,476 Home loans85,568 13,430 (266,469)433,225 (6,393) 259,361 14,440 Loans at fair value(1) 26,215,332 155,505 903,900 (1,751,888)11,114,855 (6,033,335)570 30,604,939 670,139 Servicing rights(2) 342,128 (15,851)7,210 (7,781)129,254 (79,954) 375,006 (15,851) Residual investments(3) 25,394 1,335 8,082 (313) (3,268) 31,230 1,335 1,227 18,128 (9,301) 10,054 10,054 Student loan commitments(4) 6,042 1,609 (6,513) 1,138 1,138 Third party warrants(5) 540 540 Liabilities Residual interests classified as debt(3) (609)(47) 102 (554)(47) $160,679 _____________________ (1)For loans at fair value, purchases reflect consideration and relate to previously transferred loans. Purchase activity included elective repurchases of $604.8 million and $804.8 million during the three and six months ended June 30, 2025, respectively. There were no elective repurchases during the three and six months ended June 30, 2026. Purchase activity also included securitization clean-up calls of $86.7 million during the six months ended June 30, 2026 and $94.1 million during each of the three and six months ended June 30, 2025. There were no securitization clean-up calls during the three months ended June 30, 2026. The remaining purchases during the periods presented related to standard representations and warranties pursuant to our various loan sale agreements. Sales reflect consideration received on loans sold during the period. Issuances represent the unpaid principal balance of loans originated. Settlements represent principal payments made on loans during the period. Other changes represent fair value adjustments that impact the balance sheet primarily associated with loan commitments funded during the period, capitalized interest, whole loan strategic repurchases, clean up calls and consolidated securitizations. Impacts on earnings for loans at fair value are recorded within interest income loans and securitizations, within noninterest income loan origination, sales, securitizations and servicing, and within noninterest expense general and administrative in the condensed consolidated statements of operations and comprehensive income. (2)For servicing rights, impacts on earnings are recorded within noninterest income loan origination, sales, securitizations and servicing in the condensed consolidated statements of operations and comprehensive income. (3)For residual investments, sales include the derecognition of investments associated with securitization clean up calls. The estimated amounts of gains and losses for residual investments included in earnings attributable to changes in instrument-specific credit risk were immaterial during the periods presented. For residual investments and residual interests classified as debt, impacts on earnings are recorded within noninterest income loan origination, sales, securitizations and servicing in the condensed consolidated statements of operations and comprehensive income, a portion of which is subsequently 39 SoFi Technologies, Inc. TABLE OF CONTENTS SoFi Technologies, Inc. Notes to Condensed Consolidated Financial Statements (Continued) (Unaudited) (In Thousands, Unless Otherwise Stated and Except for Share and Per Share Data) reclassified to interest expense securitizations and warehouses for residual interests classified as debt and to interest income loans and securitizations for residual investments, but does not impact the liability or asset balance, respectively. (4)For IRLCs, student loan commitments and personal loan commitments, settlements reflect funded loans during the period multiplied by the respective IRLC, student loan commitment or personal loan commitment price in effect at the beginning of the quarter. For IRLCs, student loan commitments and personal loan commitments, impacts on earnings are recorded within noninterest income loan origination, sales, securitizations and servicing in the condensed consolidated statements of operations and comprehensive income. (5)For third party warrants, impacts on earnings are recorded within noninterest income other in the condensed consolidated statements of operations and comprehensive income. Loans at Fair Value Gains and losses recognized in earnings include changes in accumulated interest and fair value adjustments on loans originated during the period and on loans held at the balance sheet date, as well as loan charge-offs. Changes in fair value are primarily impacted by valuation assumption changes as well as sales price execution. The estimated amount of gains included in earnings attributable to changes in instrument-specific credit risk were $27,813 and $16,190 during the three and six months ended June 30, 2026, respectively, and $62,784 and $113,753 during the three and six months ended June 30, 2025, respectively. The gains attributable to instrument-specific credit risk were estimated by incorporating our current default and loss severity assumptions for the loans. These assumptions are based on historical performance, market trends and performance expectations over the term of the underlying instrument. Level 3 Significant Inputs Fair value is defined as the price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. Level 3 fair value measurements include unobservable inputs for assets or liabilities for which there is little or no market data, which requires us to develop our own assumptions. These unobservable assumptions reflect estimates of inputs that market participants would use in pricing the asset or liability. Valuation techniques include the use of option pricing models, discounted cash flow models, or similar techniques, which incorporate management s own estimates of assumptions that market participants would use in pricing the asset or liability. Loans The following key unobservable assumptions were used in the fair value measurement of our loans: December 31, 2025Weighted AverageRangeWeighted Average15.4% 32.1% 25.8%18.3% 30.7% 26.9%4.0% 18.3% 4.8%3.7% 37.9% 4.5%4.9% 6.9% 5.0%4.4% 6.6% 4.5%9.3% 12.8% 11.0%9.6% 12.9% 11.2%0.4% 6.8% 0.7%0.4% 6.4% 0.7%4.1% 8.2% 4.3%3.7% 8.2% 3.9%8.2% 14.9% 14.9%6.2% 20.7% 13.6%0.5% 1.0% 0.5%0.1% 7.4% 0.6%6.0% 6.1% 6.0%4.9% 8.5% 5.9%December 31, 2025Weighted AverageRangeWeighted Average0.2% 1.4% 0.3%0.1% 1.1% 0.3%15.6% 37.6% 24.9%15.0% 39.4% 24.3%1.0% 17.5% 4.8%1.0% 18.0% 5.0%8.5% 19.3% 10.5%8.5% 19.0% 10.1%0.1% 0.4% 0.2%0.1% 0.3% 0.2%9.7% 15.4% 13.1%6.4% 15.1% 12.5%0.3% 3.7% 1.0%0.3% 3.7% 0.9%8.5% 8.5% 8.5%8.5% 8.5% 8.5%0.7% 0.9% 0.7%0.1% 0.2% 0.1%4.4% 14.5% 9.0%4.7% 21.5% 8.7%0.1% 0.4% 0.1%0.0% 0.1% 0.0%9.0% 12.8% 9.1%9.3% 10.0% 9.3%December 31, 2025 Market servicing costs 2.5 basis points increase$(11,469) $(8,825) 5.0 basis points increase(20,184) (17,675) Conditional prepayment rate 10% increase$(11,103) $(11,650) 20% increase(21,567) (22,653) Annual default rate 10% increase$(995) $(1,015) 20% increase(1,982) (2,020) Discount rate 100 basis points increase$(6,805) $(6,646) 200 basis points increase(13,202) (12,925) The sensitivity calculations above are hypothetical and should not be considered to be predictive of future performance. The effect on fair value of a variation in assumptions generally cannot be determined because the relationship of the change in assumptions to the fair value may not be linear. Additionally, the effect of an adverse variation in a particular assumption on the fair value of our servicing rights is calculated while holding the other assumptions constant. In reality, changes in one factor may lead to changes in other factors, which could impact the above hypothetical effects. Residual Investments and Residual Interests Classified as Debt Residual investments and residual interests classified as debt do not trade in active markets with readily observable prices, and there is limited observable market data for reference. The fair values of residual investments and residual interests classified as debt are determined using a discounted cash flow methodology. Management classifies residual investments and residual interests classified as debt as Level 3 due to the use of significant unobservable inputs in the fair value measurements. The following key unobservable inputs were used in the fair value measurements of our residual investments and residual interests classified as debt: December 31, 2025Weighted AverageRangeWeighted Average11.3% 36.7% 20.9%11.9% 36.5% 21.2%0.7% 9.1% 3.8%0.7% 8.6% 3.5%5.3% 30.0% 13.2%5.1% 30.0% 11.9%11.7% 11.7% 11.7%12.0% 12.0% 12.0%1.0% 1.0% 1.0%1.1% 1.1% 1.1%9.5% 9.5% 9.5%9.5% 9.5% 9.5%December 31, 2025Weighted AverageRangeWeighted Average64.4% 78.0% 71.5%58.6% 75.6% 69.7%89.0% 99.0% 93.9%89.0% 99.0% 94.5%97.2% 99.4% 97.8%n/m n/m Carrying ValueLevel 1Level 2Level 3Total June 30, 2026 Assets Cash and cash equivalents(1) $3,126,237 $3,126,237 $ $ $3,126,237 Restricted cash and restricted cash equivalents(1) 439,322 439,322 439,322 Loans(2) 1,331,370 1,346,645 1,346,645 Other investments(3) 149,668 149,668 149,668 Total assets$5,046,597 $3,565,559 $149,668 $1,346,645 $5,061,872 Liabilities Deposits(4) $45,543,160 $ $45,545,291 $ $45,545,291 Debt(5) 3,252,433 2,183,446 1,974,307 4,157,753 Stablecoin liability outstanding(6) 52,484 52,484 52,484 Total liabilities$48,848,077 $2,183,446 $47,572,082 $ $49,755,528 December 31, 2025 Assets Cash and cash equivalents(1) $4,929,452 $4,929,452 $ $ $4,929,452 Restricted cash and restricted cash equivalents(1) 427,321 427,321 427,321 Loans(2) 1,633,702 1,670,391 1,670,391 Other investments(3) 146,204 146,204 146,204 Total assets$7,136,679 $5,356,773 $146,204 $1,670,391 $7,173,368 Liabilities Deposits(4) $37,505,395 $ $37,506,689 $ $37,506,689 Debt(5) 1,761,055 2,997,347 486,000 3,483,347 Total liabilities$39,266,450 $2,997,347 $37,992,689 $ $40,990,036 ___________________ (1)The carrying amounts of our cash and cash equivalents and restricted cash and restricted cash equivalents approximate their fair values due to the short-term maturities and highly liquid nature of these accounts. (2)The fair value of our credit cards was determined using a discounted cash flow model with key inputs relating to weighted average lives, expected lifetime loss rates and discount rate. The fair value of our commercial and consumer banking, loans held at lower of amortized cost or fair value and secured loans was determined using a discounted cash flow model with key inputs relating to the underlying contractual coupons, terms, discount rate and expectations for defaults. (3)Other investments include FRB stock and FHLB stock, which are presented within other assets in the condensed consolidated balance sheets. (4)The fair values of our deposits without contractually defined maturities (such as demand and savings deposits) and our noninterest-bearing deposits approximate their carrying values. The fair value of our time-based deposits was determined using a discounted cash flow model based on interest rates currently offered for deposits of similar remaining maturities. (5)The carrying value of our debt is net of unamortized discounts and debt issuance costs. The fair value of our convertible notes was classified as Level 1, as it was based on an observable market quote. The estimated fair value of our 2026 convertible notes was $440.7 million and $554.1 million as of June 30, 2026 and December 31, 2025, respectively. The estimated fair value of our 2029 convertible notes was $1.7 billion and $2.4 billion as of June 30, 2026 and December 31, 2025, respectively. The fair values of our warehouse facility debt and revolving credit facility debt were classified as Level 2 based on market factors and credit factors specific to these financial instruments. The fair value of our securitization debt was classified as Level 2 and valued using a discounted cash flow model, with key inputs relating to the underlying contractual coupons, terms, discount rate and expectations for defaults and prepayments. (6)The carrying amount of our stablecoin liability approximates its fair value due to its on-demand nature and 1:1 backing of USD. Stablecoin is presented within Accounts payable, accruals and other liabilities in the condensed consolidated balance sheets. The related reserve assets backing the stablecoin liability are presented within Cash and cash equivalents on our condensed consolidated balance sheets. Nonrecurring Fair Value Measurements Investments in equity securities of $54,024 and $51,083 as of June 30, 2026 and December 31, 2025, respectively, which are presented within other assets in the condensed consolidated balance sheets, include investments for which fair values are not readily determinable, which we elect to measure using the measurement alternative method of accounting. The fair value measurements are classified within Level 3 of the fair value hierarchy due to the use of unobservable inputs in the fair 44 SoFi Technologies, Inc. TABLE OF CONTENTS SoFi Technologies, Inc. Notes to Condensed Consolidated Financial Statements (Continued) (Unaudited) (In Thousands, Unless Otherwise Stated and Except for Share and Per Share Data) value measurements. The balances were primarily composed of a $27,500 investment as well as a $20,000 investment as of June 30, 2026 and December 31, 2025, that are valued under the measurement alternative method. Note 13. Share-Based Compensation 2021 Stock Option and Incentive Plan The Amended and Restated 2021 Stock Option and Incentive Plan (the Amended and Restated 2021 Plan ) allows for the issuance of stock options, stock appreciation rights, restricted stock, RSUs (including PSUs), dividend equivalents and other stock or cash based awards for issuance to its employees, non-employee directors and non-employee third parties. Shares associated with option exercises and RSU vesting are issued from the authorized pool. Effective January 1, 2023, we approved a plan to allow our non-employee directors to elect, on an annual basis, to defer their cash retainers into equity awards, and/or to defer their RSU grants, which vest in accordance with the grant terms (collectively referred to as DSUs). DSUs are equity awards that entitle the holder to shares of our common stock when the awards vest. Directors may choose to receive their deferred stock distributions in a lump sum or in installments over different time periods. DSUs are measured based on the fair value of our common stock on the date of grant. DSU activity is presented with RSUs in the disclosures below. 2024 Employee Stock Purchase Plan The 2024 Employee Stock Purchase Plan (the 2024 ESPP ) allows for the issuance of common stock pursuant to our ESPP. Our ESPP provides permitted eligible employees the right to purchase shares of the Company's common stock through payroll deductions of up to 15% of their eligible compensation, subject to certain limitations. Compensation and Benefits Share-based compensation expense related to stock options, RSUs, PSUs and the ESPP is presented within the following line items in the condensed consolidated statements of operations and comprehensive income: Three Months Ended June 30,Six Months Ended June 30, 2026202520262025 Technology and product development$25,764 $21,977 $53,744 $45,884 Sales and marketing5,540 5,296 10,701 10,648 Cost of operations5,502 3,343 9,477 6,768 General and administrative40,059 32,640 74,955 63,712 Total$76,865 $63,256 $148,877 $127,012 Total compensation and benefits, inclusive of share-based compensation expense, was $343,353 and $673,080 for the three and six months ended June 30, 2026, respectively, and $269,799 and $538,405 for the three and six months ended June 30, 2025, respectively. Compensation and benefits expenses are presented within the following categories of expenses within noninterest expense: (i) technology and product development, (ii) sales and marketing, (iii) cost of operations, and (iv) general and administrative in the condensed consolidated statements of operations and comprehensive income. 45 SoFi Technologies, Inc. TABLE OF CONTENTS SoFi Technologies, Inc. Notes to Condensed Consolidated Financial Statements (Continued) (Unaudited) (In Thousands, Unless Otherwise Stated and Except for Share and Per Share Data) Stock Options The following is a summary of stock option activity: Number of Stock OptionsWeighted Average Exercise PriceWeighted Average Remaining Contractual Term (in years) Outstanding as of January 1, 202613,748,914 $7.95 2.2 (374,725)6.93 13,374,189 $7.98 1.7 Exercisable as of June 30, 202613,374,189 $7.98 1.7 As of June 30, 2026, there was no unrecognized compensation cost related to unvested stock options. Restricted Stock Units RSUs, inclusive of DSUs, are equity awards granted to employees that entitle the holder to shares of our common stock when the awards vest. RSUs are measured based on the fair value of our common stock on the date of grant. The following table summarizes RSU activity: Number of RSUsWeighted Average Grant Date Fair Value Outstanding as of January 1, 202645,221,279 $11.57 Granted17,710,762 18.01 Vested(1) (15,117,902)10.69 Forfeited(2,343,332)11.56 Outstanding as of June 30, 2026 45,470,807$14.37 ________________________ (1)The total fair value, based on grant date fair value, of RSUs that vested during the six months ended June 30, 2026 was $161.7 million. As of June 30, 2026, there was $612.3 million of unrecognized compensation cost related to unvested RSUs, inclusive of DSUs, which will be recognized over a weighted average period of approximately 2.3 years. Performance Stock Units PSUs are equity awards granted to employees that, upon vesting, entitle the holder to shares of our common stock. The following table summarizes PSU activity: Number of PSUsWeighted Average Grant Date Fair Value Outstanding as of January 1, 202610,343,841 $11.50 Granted2,093,352 20.76 (7,918,836)9.33 Outstanding as of June 30, 2026 4,518,357 $16.13 Compensation cost associated with PSUs is recognized using the accelerated attribution method for each of the three vesting tranches over the respective derived service period. We determined the grant-date fair value of PSUs utilizing a Monte Carlo simulation model. During 2026, we granted PSUs that will vest, if at all, at the conclusion of a three-year measurement period commencing January 1, 2026, subject to the achievement of specified performance goals, such as absolute growth in tangible book value, total risk weighted capital ratio, and relative total shareholder return. 46 SoFi Technologies, Inc. TABLE OF CONTENTS SoFi Technologies, Inc. Notes to Condensed Consolidated Financial Statements (Continued) (Unaudited) (In Thousands, Unless Otherwise Stated and Except for Share and Per Share Data) The following table summarizes the inputs used for estimating the fair value of PSUs granted: Six Months Ended June 30, Input20262025 Risk-free interest rate3.6%3.9% Expected volatility61.3%64.3% Fair value of common stock$18.53$11.26 Dividend yield % % Our use of a Monte Carlo simulation model requires the use of subjective assumptions: Risk-free interest rate Based on the U.S. Treasury rate at the time of grant commensurate with the remaining term of the PSUs. Expected volatility Based on the implied volatility of our common stock from a set of comparable publicly-traded companies. Fair value of common stock Based on the closing stock price on the date of grant. Dividend yield We assumed no dividend yield because we have historically not paid out dividends to common stockholders. As of June 30, 2026, there was $78.2 million of unrecognized compensation cost related to unvested PSUs, which will be recognized over a weighted average period of approximately 2.2 years. Employee Stock Purchase Plan Our ESPP provides permitted eligible employees the right to purchase shares of the Company's common stock through payroll deductions of their eligible compensation, subject to certain limitations. Compensation expense for the ESPP relates to the 15% discount and is calculated as of the beginning of the offering period as the fair value of the employees purchase rights utilizing the Black-Scholes Model and compensation expense is recognized over the offering period. The table below presents the fair value assumptions used for the period indicated: Six Months Ended June 30, Input20262025 Risk-free interest rate3.8%4.3% Expected term (in years)0.50.5 Expected volatility57.4%61.9% Fair value of common stock $23.23$14.70 Dividend yield % % Our use of a Black-Scholes Model requires the use of subjective assumptions: Risk-free interest rate Based on the U.S. Treasury rate at the time of grant commensurate with the offering period. Expected term Based on the 6-month offering period and corresponding purchase period. Expected volatility Based on the historical volatility at the offering date, over a historical period equal to the expected term. Fair value of common stock Based on the closing stock price on the date of grant (first day of offering period). Dividend yield We assumed no dividend yield because we have historically not paid out dividends to common stockholders. 47 SoFi Technologies, Inc. TABLE OF CONTENTS SoFi Technologies, Inc. Notes to Condensed Consolidated Financial Statements (Continued) (Unaudited) (In Thousands, Unless Otherwise Stated and Except for Share and Per Share Data) As of June 30, 2026, there was $4.5 million of unrecognized compensation cost related to the ESPP, to be recognized over the remainder of the six-month offering period ending in December 2026. Note 14. Income Taxes For interim periods, we follow the general recognition approach whereby tax expense is recognized using an estimated annual effective tax rate, which is applied to the year-to-date operating results. Additionally, we recognize tax expense or benefit for any discrete items occurring within the interim period that were excluded from the estimated annual effective tax rate. Our effective tax rate may be subject to fluctuations during the year due to impacts from the following items: (i) changes in forecasted pre-tax and taxable income or loss, (ii) changes in statutory law or regulations in jurisdictions where we operate, (iii) audits or settlements with taxing authorities, (iv) the tax impact of expanded product offerings or business acquisitions, and (v) changes in valuation allowance assumptions. For the three and six months ended June 30, 2026, we recorded income tax expense of $47,717 and $80,538, respectively. For the three and six months ended June 30, 2025, we recorded income tax expense of $14,929 and $23,595, respectively. The income tax expense recognized in both periods was primarily attributable to the Company s profitability, partially offset by discrete tax benefits for stock compensation recorded in each quarter. For the three and six months ended June 30, 2026, the Company s effective tax rate was lower than the U.S. federal statutory rate primarily due to excess tax benefits from stock compensation. There were no material changes to our unrecognized tax benefits during the six months ended June 30, 2026. Valuation allowances are established when necessary to reduce deferred tax assets to the amounts that are more likely than not expected to be realized. In making such a determination of whether a valuation allowance is necessary, the Company considers all available positive and negative evidence supporting the allowance. During the six months ended June 30, 2026, we continue to maintain a valuation allowance in certain jurisdictions where sufficient positive evidence does not exist to support the realizability of deferred tax assets. Management will continue to assess the need for a valuation allowance in future periods. Note 15. Commitments, Guarantees, Concentrations and Contingencies Leases and Occupancy Our leases consist of operating and finance leases, the latter of which expire in 2040. Leases We primarily lease our office premises under multi-year, non-cancelable operating leases. Our operating leases have terms expiring from 2026 to 2040, exclusive of renewal option periods. Our office leases contain renewal option periods ranging from one to ten years from the expiration dates. These options were not recognized as part of our ROU assets and operating lease liabilities, as we did not conclude at the commencement date of the leases that we were reasonably certain to exercise these options. However, in our normal course of business, we expect our office leases to be renewed, amended or replaced by other leases. We also have operating and finance leases associated with various naming and sponsorship rights agreements. Occupancy Occupancy-related costs, which primarily relate to the operations of our leased office spaces, were $11,291 and $21,259 during the three and six months ended June 30, 2026, respectively, and $8,045 and $16,165 during the three and six months ended June 30, 2025, respectively. Occupancy-related expenses are presented within the following categories of expenses within noninterest expense: (i) technology and product development, (ii) sales and marketing, (iii) cost of operations, and (iv) general and administrative in the condensed consolidated statements of operations and comprehensive income. Concentrations Financial instruments that potentially subject us to significant concentrations of credit risk consist principally of cash and cash equivalents, restricted cash and restricted cash equivalents, residual investments and loans. We hold cash and cash 48 SoFi Technologies, Inc. TABLE OF CONTENTS SoFi Technologies, Inc. Notes to Condensed Consolidated Financial Statements (Continued) (Unaudited) (In Thousands, Unless Otherwise Stated and Except for Share and Per Share Data) equivalents and restricted cash and restricted cash equivalents in accounts at regulated domestic financial institutions in amounts that may exceed FDIC insured amounts. We believe these institutions are of high credit quality. We are dependent on third-party funding sources and deposit balances to originate loans. Additionally, we sell loans to various third parties. We have historically sold loans to a limited pool of third-party buyers. No individual third-party buyer accounted for 10% or more of consolidated total net revenues for the periods presented. Within our Technology Platform segment, we have a relatively smaller number of clients compared to our lending and financial services businesses. As such, the loss of one or a few of our top clients could be significant to that portion of our business. No individual client accounted for 10% or more of consolidated total net revenues for the periods presented. The Company is exposed to default risk on borrower loans originated and financed by us. There is no single borrower or group of borrowers that comprise a significant concentration of the Company s loan portfolio. Likewise, the Company is not overly concentrated within a group of channel partners or other customers, with the exception of our distribution of personal loan residual interests in our sponsored personal loan securitizations, which we market to third parties, and the aforementioned whole loan buyers. Given we have a limited number of prospective buyers for our personal loan securitization residual interests, this might result in our utilization of a significant amount of deposits or our own capital to fund future residual interests in personal loan securitizations, or impact the execution of future securitizations if we are limited in our own ability to invest in the residual interest portion of future securitizations, or find willing buyers for securitization residual interests. Contingencies Legal Proceedings In the ordinary course of business, the Company may be subject to a variety of pending legal proceedings. While we are unable to predict the ultimate outcome of these actions, we believe that any ultimate liability arising from any of these actions will not have a material adverse effect on our consolidated financial position, results of operations or cash flows. However, many of these matters are in various stages of proceedings and further developments could cause management to revise its assessment of these matters. Our assessments are based on our knowledge and historical experience, as well as the specific facts and circumstances asserted, but the ultimate outcome of any matter could require payment substantially in excess of the amount that we have accrued and/or disclosed. Regardless of the final outcome, defending lawsuits, claims, government and self-regulatory organization investigations, and proceedings in which we are involved is costly and can impose a significant burden on management and employees, and there can be no assurances that we will receive favorable final outcomes. Smith v. SoFi Securities LLC and SoFi Technologies, Inc. In June 2026, SoFi Securities LLC and SoFi Technologies, Inc. were served with a complaint filed in the United States District Court for the Northern District of California by a SoFi Securities, LLC customer. The plaintiff is seeking class certification and alleges in his amended complaint that defendants breached their contractual obligations and violated the implied covenant of good faith and fair dealing by paying negligible or no interest to SoFi Securities, LLC customers who participated in Apex Clearing Corporation s bank deposit sweep program. Plaintiffs seek unspecified damages. At this point, we are unable to estimate the possible loss arising from this matter. We intend to vigorously defend ourselves against the allegations in the complaint. SoFi and its subsidiaries, including SoFi Bank, also are or may be subject to potential liability under other contingent exposures, including self-insurance and other miscellaneous contingencies. Guarantees We have three types of repurchase obligations that we account for as financial guarantees, which are disclosed in our Annual Report on Form 10-K. As of June 30, 2026 and December 31, 2025, we accrued liabilities within accounts payable, accruals and other liabilities in the condensed consolidated balance sheets of $18.3 million and $18.4 million, respectively, related to our estimated repurchase obligation. The corresponding charges for changes in the estimated obligation are recorded within noninterest income loan origination, sales, securitizations and servicing in the condensed consolidated statements of operations and comprehensive income or within noninterest income loan platform fees in the condensed consolidated statements of operations and comprehensive income in connection with transfers of loans held for sale and carried at the lower of amortized cost or fair value as part of our Loan Platform Business. As of June 30, 2026 and December 31, 2025, the amounts associated 49 SoFi Technologies, Inc. TABLE OF CONTENTS SoFi Technologies, Inc. Notes to Condensed Consolidated Financial Statements (Continued) (Unaudited) (In Thousands, Unless Otherwise Stated and Except for Share and Per Share Data) with loans sold that were subject to the terms and conditions of our repurchase obligations totaled $16.2 billion and $15.7 billion, respectively. As of June 30, 2026 and December 31, 2025, we had a total of $4.1 million and $4.7 million, respectively, in letters of credit outstanding with financial institutions, which were issued for the purpose of securing certain of our operating lease obligations. A portion of the letters of credit was collateralized by $0.7 million and $1.3 million of our cash as of June 30, 2026 and December 31, 2025, respectively, which is included within restricted cash and restricted cash equivalents in the condensed consolidated balance sheets. As of June 30, 2026 and December 31, 2025, we had a total of $46.7 million and $46.7 million, respectively, in letters of credit outstanding with the FHLB, which serve as collateral for public deposits and were collateralized by loans. Commitments As part of our community reinvestment initiatives, we have a commitment to fund a line of credit to be used to finance housing and stimulate economic development in low- to moderate-income communities. As of June 30, 2026, we funded $8.2 million of loans, which are presented within loans held for investment, at amortized cost in the condensed consolidated balance sheets, and had $21.8 million of the total $30.0 million commitment outstanding. Mortgage Banking Regulatory Mandates We are subject to certain state-imposed minimum net worth requirements for the states in which we are engaged in the business of a residential mortgage lender. Noncompliance with these requirements on an annual basis could result in potential fines or penalties imposed by the applicable state. Future events or changes in mandates may affect our ability to meet mortgage banking regulatory requirements. As of June 30, 2026 and December 31, 2025, we were in compliance with all minimum net worth requirements; therefore, we have not accrued any liabilities related to fines or penalties. Digital Assets Under Custody As part of the SoFi Crypto business, we are obligated to securely store all digital assets that are held in custodial products on behalf of customers. As such, we may be liable to our users for losses arising from our failure to secure these assets from theft or loss. We have not incurred any losses related to such obligations and therefore have not accrued any liabilities as of June 30, 2026. These assets are not recorded in the condensed consolidated balance sheets. Since the risk of loss is remote, we did not record a contingent liability at June 30, 2026. We have no reason to believe we will incur any expense associated with such potential liability because (i) we account for and continually verify the amount of crypto assets within our control and (ii) we have established security around custodial product private keys to minimize the risk of theft or loss. Note 16. Earnings Per Share Basic EPS is computed by dividing net income attributable to common stockholders by the weighted average number of shares of common stock outstanding during the period. Diluted EPS is computed by dividing net income attributable to common stockholders, as adjusted for activity related to convertible notes, net of tax, if dilutive and applicable, by the weighted average number of shares of common stock outstanding during the period plus the effect of dilutive potential common shares. These potential common shares relate to (i) contingently issuable shares including PSU awards which require future service as a condition of delivery of the underlying common stock as determined using contingently issuable share guidance, (ii) outstanding RSUs, options, warrants and shares issuable under the ESPP as determined using the treasury stock method, and (iii) shares issuable upon conversion of convertible notes as determined using the if-converted method. The adjustment for convertible notes reflects the conversion price at the end of the reporting period. We excluded the effect of all potentially dilutive common stock elements from the denominator in the computation of diluted EPS in the periods where their inclusion would have been anti-dilutive. 50 SoFi Technologies, Inc. TABLE OF CONTENTS SoFi Technologies, Inc. Notes to Condensed Consolidated Financial Statements (Continued) (Unaudited) (In Thousands, Unless Otherwise Stated and Except for Share and Per Share Data) The calculations of basic and diluted earnings per share were as follows: Three Months Ended June 30,Six Months Ended June 30, ($ and shares in thousands, except per share amounts)(1) 2026202520262025 Numerator: $156,592 $97,263 $323,323 $168,379 Plus: Dilutive effect of convertible notes, net(2) 53 351 397 690 Net income attributable to common stockholders diluted(2) $156,645 $97,614 $323,720 $169,069 Denominator: Weighted average common stock outstanding basic1,284,303 1,107,006 1,280,338 1,102,525 Convertible notes(3) 43,290 44,953 56,320 47,731 Unvested RSUs15,423 24,899 18,997 27,571 Common stock options7,088 5,941 7,762 6,330 Unvested PSUs1,796 1,507 ESPP90 78 45 39 Underwritten public offering options(4) 9 Weighted average common stock outstanding diluted1,351,990 1,182,877 1,364,978 1,184,197 Earnings per share basic$0.12 $0.09 $0.25 $0.15 Earnings per share diluted$0.12 $0.08 $0.24 $0.14 ________________________ (1)Certain amounts may not recalculate exactly using the rounded amounts provided. Earnings per share is calculated based on unrounded numbers. (2)Reflects interest expense incurred, net of tax, associated with convertible note activity during the period as evaluated under the if-converted method. (3)Includes incremental dilutive shares from 2026 convertible notes and 2029 convertible notes. (4)For the six months ended June 30, 2026, reflects weighted average options outstanding related to a 30-day option to purchase additional shares pursuant to our December 2025 underwritten public offering. The Company completed the issuance and sale of common stock pursuant to the option in January 2026. See Note 10. Equity for additional information. The following table presents the securities that were not included in the computation of diluted EPS as the effect would have been anti-dilutive. Three Months Ended June 30,Six Months Ended June 30, (Shares in thousands)2026202520262025 Unvested RSUs(1) 16,485 4,157 11,843 3,612 7,134 15,420 8,620 15,420 ESPP241 284 855 651 Contingent common stock(2) 46 46 LendingTechnology Platform Financial ServicesReportable Segments Total(1) Corporate/Other(1) Total Net revenue Net interest income (expense)$573,298 $1,022 $249,052 $823,372 $(35,177)$788,195 Noninterest income (loss)(2) 151,500 83,483 217,226 452,209 (21,728)430,481 Total net revenue (loss)$724,798 $84,505 $466,278 $1,275,581 $(56,905)$1,218,676 Provision for credit losses (13,756)(13,756) Servicing rights change in valuation inputs or assumptions(3) (13,142) (13,142) Residual interests classified as debt change in valuation inputs or assumptions(4) 16 16 Directly attributable expenses(5): Compensation and benefits(58,486)(51,804)(59,966) Direct advertising(119,825) (3,659) Lead generation(89,006) (55,372) Loan origination and servicing costs(29,387) Product fulfillment (2,423)(30,781) Tools and subscriptions (8,209) Member incentives (31,357) Professional services(5,463)(4,515)(8,209) Intercompany technology platform expenses(654) (15,088) Other(9,818)(5,782)(35,414) Directly attributable expenses(312,639)(72,733)(239,846)(625,218) Contribution profit$399,033 $11,772 $212,676 $623,481 Three Months Ended June 30, 2025LendingTechnology Platform Financial ServicesReportable Segments Total(1) Corporate/Other(1) Total Net revenue Net interest income (expense)$372,675 $266 $193,322 $566,263 $(48,426)$517,837 Noninterest income (loss)(2) 70,837 109,567 169,211 349,615 (12,508)337,107 Total net revenue (loss)$443,512 $109,833 $362,533 $915,878 $(60,934)$854,944 Provision for credit losses (10,031) (10,031) Servicing rights change in valuation inputs or assumptions(3) 3,274 3,274 Residual interests classified as debt change in valuation inputs or assumptions(4) 12 12 Directly attributable expenses(5): Compensation and benefits(42,749)(44,168)(38,143) Direct advertising(79,313) (8,423) Lead generation(49,558) (33,180) Loan origination and servicing costs(19,634) Product fulfillment (15,250)(19,036) Tools and subscriptions (10,688) Member incentives (18,003) Professional services (3,505) (3,906) (6,475) Intercompany technology platform expenses(477) (13,320) Other(6,852)(2,626)(27,690) Directly attributable expenses(202,088)(76,638)(164,270)(442,996) Contribution profit$244,710 $33,195 $188,232 $466,137 53 SoFi Technologies, Inc. TABLE OF CONTENTS SoFi Technologies, Inc. Notes to Condensed Consolidated Financial Statements (Continued) (Unaudited) (In Thousands, Unless Otherwise Stated and Except for Share and Per Share Data) Six Months Ended June 30, 2026LendingTechnology Platform Financial ServicesReportable Segments Total(1) Corporate/Other(1) Total Net revenue Net interest income (expense)$1,073,529 $1,377 $476,792 $1,551,698 $(70,515)$1,481,183 Noninterest income (loss)(2) 293,689 158,214 418,029 869,932 (32,071)837,861 Total net revenue (loss)$1,367,218 $159,591 $894,821 $2,421,630 $(102,586)$2,319,044 Provision for credit losses (22,646)(22,646) Servicing rights change in valuation inputs or assumptions(3) (26,305) (26,305) Residual interests classified as debt change in valuation inputs or assumptions(4) 43 43 Directly attributable expenses(5): Compensation and benefits(110,735)(97,894)(117,391) Direct advertising(216,730) (15,653) Lead generation(148,150) (106,996) Loan origination and servicing costs(54,083) Product fulfillment (4,950)(57,378) Tools and subscriptions (15,200) Member incentives (55,991) Professional services(9,324)(8,826)(17,858) Intercompany technology platform expenses(1,266) (27,815) Other(19,249)(8,950)(64,833) Directly attributable expenses(559,537)(135,820)(463,915)(1,159,272) Contribution profit $781,419 $23,771 $408,260 $1,213,450 Six Months Ended June 30, 2025LendingTechnology Platform Financial ServicesReportable Segments Total(1) Corporate/Other(1) Total Net revenue Net interest income (expense)$733,296 $679 $366,521 $1,100,496 $(83,933)$1,016,563 Noninterest income (loss)(2) 123,589 212,581 299,131 635,301 (25,161)610,140 Total net revenue (loss)$856,885 $213,260 $665,652 $1,735,797 $(109,094)$1,626,703 Provision for credit losses (15,670)(15,670) Servicing rights change in valuation inputs or assumptions(3) 2,200 2,200 Residual interests classified as debt change in valuation inputs or assumptions(4) 47 47 Directly attributable expenses(5): Compensation and benefits(78,638)(88,654)(80,622) Direct advertising(147,082) (14,099) Lead generation(89,803) (64,848) Loan origination and servicing costs(38,355) Product fulfillment (29,212)(37,737) Tools and subscriptions (17,578) Member incentives (34,086) Professional services(5,740)(6,576)(13,732) Intercompany technology platform expenses(966) (24,341) Other(14,903)(7,132)(43,953) Directly attributable expenses(375,487)(149,152)(313,418)(838,057) Contribution profit $483,645 $64,108 $336,564 $884,317 ____________________ (1)Within the Technology Platform segment, intercompany fees were $27,805 and $52,542 for the three and six months ended June 30, 2026, respectively, and $18,182 and $34,377 for the three and six months ended June 30, 2025, respectively. This revenue is generally based on transactions made at market-based rates. The equal and offsetting intercompany expenses are reflected within all three segments directly attributable expenses, as well as within expenses not allocated to segments. The intercompany revenues and expenses are eliminated in consolidation. The revenues are eliminated within Corporate/Other and the expenses are adjusted in our reconciliation of directly attributable expenses below. (2)Refer to Note 3. Revenue for a reconciliation of revenue from contracts with customers to total noninterest income. (3)Reflects changes in fair value inputs and assumptions on servicing rights, including conditional prepayment, default rates and discount rates. These assumptions are highly sensitive to market interest rate changes and are not indicative of our performance or results of operations. Moreover, these non-cash charges, which are recorded within noninterest income in the condensed consolidated statements of operations and comprehensive income, are unrealized during the period and, therefore, have no impact on our cash flows from operations. (4)Reflects changes in fair value inputs and assumptions on residual interests classified as debt, including conditional prepayment, default rates and discount rates. When third parties finance our consolidated securitization VIEs by purchasing residual interests, we receive proceeds at the time of the closing of the securitization and, thereafter, pass along contractual cash flows to the residual interest owner. These residual debt obligations are measured at fair value on a recurring basis, with fair value changes recorded within noninterest income in the condensed consolidated statements of operations and comprehensive income, but they have no impact on our initial financing proceeds, our future obligations to the residual interest owner (because future residual interest claims are limited to contractual securitization collateral cash flows), or the general operations of our business. (5)The significant expense categories and amounts presented align with the segment-level information that is regularly provided to the CODM. Other expenses for our Lending segment primarily include loan marketing expenses, member promotional expenses, tools and subscriptions, travel and occupancy-related costs and third-party loan fraud (net of related insurance recoveries). Other expenses for our Technology Platform are primarily related to travel and occupancy-related costs, advertising and marketing and accounts receivable write-offs. Other expenses for our Financial Services segment primarily include operational product losses, network servicing fees, travel and occupancy-related costs, tools and subscriptions, and marketing expenses. The following table reconciles reportable segments total contribution profit to consolidated income before income taxes. Expenses not allocated to reportable segments represent items that are not considered by our CODM in evaluating segment performance or allocating resources. Three Months Ended June 30,Six Months Ended June 30, 2026202520262025 Reportable segments total contribution profit $623,481 $466,137 $1,213,450 $884,317 Corporate/Other total net revenue (loss)(56,905)(60,934) (102,586)(109,094) Intercompany expenses27,805 18,182 52,542 34,377 Servicing rights change in valuation inputs or assumptions13,142 (3,274)26,305 (2,200) Residual interests classified as debt change in valuation inputs or assumptions(16)(12)(43)(47) Not allocated to segments: Share-based compensation expense(76,865)(63,256)(148,877)(127,012) Employee-related costs(1) (103,064)(86,586)(211,519)(174,783) Depreciation and amortization expense(73,106)(56,743)(140,684)(112,026) Other corporate and unallocated(2) (150,163)(101,322)(284,727)(201,558) Income before income taxes$204,309 $112,192 $403,861 $191,974 __________________ (1)Includes expenses related to compensation, benefits, restructuring charges, recruiting, certain occupancy-related costs and various travel costs of executive management, certain technology groups and general and administrative functions that are not directly attributable to the reportable segments. (2)Represents corporate overhead costs that are not allocated to reportable segments, which primarily includes corporate marketing and advertising costs, tools and subscription costs, professional services costs, amortization of premiums on a credit default swap, corporate and FDIC insurance costs, foreign currency translation adjustments and transaction-related expenses. Goodwill As of June 30, 2026 and December 31, 2025, goodwill was $1,425,015 and $1,393,505. respectively. As of June 30, 2026, goodwill attributable to the Lending, Technology Platform and Financial Services reportable segments was $17,688, $1,364,452 and $42,875, respectively. As of December 31, 2025, goodwill attributable to the Lending, Technology Platform and Financial Services reportable segments was $17,688, $1,338,658 and $37,159, respectively. Management does not believe that the goodwill in any of the reporting units is impaired as of June 30, 2026. 54 SoFi Technologies, Inc. TABLE OF CONTENTS SoFi Technologies, Inc. Notes to Condensed Consolidated Financial Statements (Continued) (Unaudited) (In Thousands, Unless Otherwise Stated and Except for Share and Per Share Data) Note 18. Subsequent Events Management of the Company performed an evaluation of subsequent events that occurred after the balance sheet date through the date of this Quarterly Report on Form 10-Q, and determined that there were no subsequent events to report. 55 SoFi Technologies, Inc. TABLE OF CONTENTS SoFi Technologies, Inc. Notes to Condensed Consolidated Financial Statements (Continued) (Unaudited) (In Thousands, Unless Otherwise Stated and Except for Share and Per Share Data) Item 2. Management s Discussion and Analysis of Financial Condition and Results of Operations The following discussion and analysis provides information that management believes is relevant to an assessment and understanding of our consolidated results of operations and financial condition. You should read this discussion and analysis in conjunction with the condensed consolidated financial statements and notes thereto included elsewhere in this Quarterly Report on Form 10-Q, as well as SoFi Technologies audited consolidated financial statements and notes thereto included in our Annual Report on Form 10-K filed with the SEC on February 17, 2026 and subsequent filings with the SEC. Certain amounts may not foot or tie to other disclosures due to rounding. Certain information in this discussion and analysis or set forth elsewhere in this Quarterly Report on Form 10-Q contains forward-looking statements that involve numerous risks and uncertainties, including, but not limited to, those described under the sections entitled Cautionary Statement Regarding Forward-Looking Statements and Part I, Item 1A. Risk Factors in our Annual Report on Form 10-K. We assume no obligation to update any of these forward-looking statements. Actual results may differ materially from those contained in any forward-looking statements. Page Business Overview 58 Business Highlights 64 Non-GAAP Financial Measures 66 Key Business Metrics 72 Key Factors Affecting Operating Results 75 Consolidated Results of Operations 77 Net Interest Income 77 Noninterest Income 80 Provision for Credit Losses 81 Noninterest Expense 84 Income Taxes 85 Summary Results by Segment 86 Lending Segment 87 Technology Platform Segment 93 Financial Services Segment 94 Corporate/Other Segment 96 98 Liquidity and Capital Resources 100 Critical Accounting Estimates 104 Recent Accounting Standards Issued, But Not Yet Adopted 105 56 SoFi Technologies, Inc. TABLE OF CONTENTS Business Overview We are a mission driven company designed to help our members achieve financial independence in order to realize their ambitions. To us, financial independence does not mean being wealthy, but rather represents the ability of our members to have the financial means to achieve their personal objectives at each stage of life, such as owning a home, having a family, or having a career of their choice more simply stated, to have enough money to do what they want. We were founded in 2011 and have developed a suite of financial products that offers the speed, selection, content and convenience that only an integrated digital platform can provide. In order for us to achieve our mission, we have to help people get their money right, which means providing them with the ability to borrow better, save better, spend better, invest better and protect better. Everything we do today is geared toward helping our members Get Your Money Right and we strive to innovate and build ways for our members to achieve this goal. In order to help achieve our mission, we are a member-centric, everything app for digital financial services that, through our Lending and Financial Services products, allows members to borrow, save, spend, invest and protect their money. We refer to our customers as members and clients as defined under Key Business Metrics . We offer personal loans, student loans, home loans and related servicing and offer a variety of financial services products, such as SoFi Money, SoFi Credit Card, SoFi Crypto, SoFi Invest and SoFi Relay, that provide more daily interactions with our members, as well as products and capabilities, such as SoFi At Work, that are designed to appeal to enterprises. Lending related services that we offer through our Loan Platform Business help a broader range of borrowers to find lending solutions, through our relationships with members as well as third-party enterprise partners. Our Technology Platform supports innovation for a broad range of enterprises, with offerings that give clients the ability to create, launch and run financial products. In addition, SoFi Plus is our premium financial membership product that provides benefits that span our offerings and brings together all we have to offer. At the start of the second quarter, we relaunched SoFi Plus with significantly enhanced benefits in our other products, including Money at 4.5% interest and Invest with a 1% match on all deposits, while fully transitioning the product to a paid subscription model. We have built a personalized area within our digital native application, which we refer to as the member home experience. The member home experience is personalized and delivers content to a member about what they must do that day in their financial life, what they should consider doing that day in their financial life, and what they could do that day in their financial life. Through the member home experience, there are significant opportunities to build frequent engagement and, to date, the member home experience has been an important driver of new product adoption. The member home experience is an important part of our strategy and our ability to use data as a competitive advantage. To complement these products and services, we believe in establishing partnerships with other enterprises to leverage our existing capabilities to reach a broader market and in building vertically-integrated technology platforms designed to manage and deliver our suite of products and technology solutions to our members and clients in a low-cost and differentiated manner. Our three reportable segments and their primary product and service offerings as of June 30, 2026 were as follows: _________________ (1)Loan Platform Business includes activity related to (i) certain loans which we originate on behalf of third-party partners, (ii) referred loans which are originated by a third-party partner to which we provide pre-qualified borrower referrals, (iii) certain loans associated with our Lantern financial services marketplace platform, (iv) servicing rights assumed from third parties, and (v) beginning in the second quarter of 2026, SoFi branded small business loans. Refer to Our Reportable Segments Financial Services Segment and Our Reportable Segments Lending Segment for more information. 57 SoFi Technologies, Inc. TABLE OF CONTENTS Members We have created an innovative financial services platform designed to offer best-in-class products to meet the broad objectives of our members and the lifecycle of their financial needs. Our platform offers our members (as defined under Key Business Metrics ) a suite of financial products and services, enabling them to borrow, save, spend, invest and protect their finances across one integrated platform, as well as personal financial management tools and benefits to complement our products. Our aim is to create a best-in-class, integrated financial services platform that will generate a virtuous cycle whereby positive member experiences will lead to new product adoption by existing members and enhanced profitability for each additional product by lowering overall member acquisition costs and increasing the lifetime value of our members. We refer to this virtuous cycle as our Financial Services Productivity Loop . We believe that developing a comprehensive, long-term relationship with our members and gaining their trust is central to our success as a financial services platform. We have a digital-first financial services platform that we believe can support all of our members financial services needs throughout their lifetime. We believe this will lead to a competitive advantage over other financial institutions that provide a disjointed and non-seamless product experience, a lack of digital customer acquisition, subpar mobile web products instead of digital native apps and incomplete product offerings to meet a customer s holistic financial needs. Enterprises In addition to benefiting our members, our products and capabilities are also designed to appeal to enterprises and have become interconnected with the SoFi platform, such as financial services institutions that subscribe to our enterprise services, third-party partners in our Loan Platform Business, and clients who utilize our technology platform services. While our enterprises are not considered members, they are important contributors to the growth of the SoFi platform, and also have their own constituents who might benefit from our products in the future. SoFi Bank SoFi Technologies is a bank holding company, and SoFi Bank is a nationally chartered association. As a bank holding company, we offer checking and savings accounts, credit cards and crypto trading through SoFi Bank. We are originating all new loans within SoFi Bank, and we intend to continue to explore other products for SoFi Bank over time, including stablecoin issuance and tokenized deposits. The key current and expected financial benefits to us of operating a national bank include: (i) lowering our cost to fund loans, as we can utilize deposits held at SoFi Bank to fund loans, which generally have a lower borrowing cost of funds than warehouse and securitization financing, (ii) increasing our flexibility to hold loans on our balance sheet for longer periods, thereby enabling us to earn interest on these loans for a longer period, (iii) supporting origination volume growth by providing an alternative financing option, while also maintaining our warehouse capacity, and (iv) through deposits, providing us with a channel to obtain meaningful member data that can allow us to better serve our members financial needs. See Part II, Item 1A. Risk Factors for a discussion of certain potential risks related to being a bank holding company. International Operations While we primarily operate in the United States, we also operate internationally in Latin America, Canada and Switzerland largely through our Technology Platform segment, as well as in Hong Kong through SoFi Holdings (Hong Kong) Limited (an investment business). Our Reportable Segments We conduct our business through three reportable segments: Lending, Technology Platform and Financial Services. Below is a discussion of our segments and their primary products and non-product offerings. Lending Segment We offer personal loans, student loans, home loans and related servicing to help our members with a variety of financial needs. We believe that our market opportunity within each of these lending channels is significant. Our lending process primarily leverages an in-application, digital borrowing experience, which we believe serves as a competitive advantage as digital lending becomes increasingly ubiquitous. Furthermore, our platform supports the full transaction lifecycle, including credit application, underwriting, approval, funding and servicing. Through data derived at loan origination and throughout the servicing process, SoFi has life-of-loan performance data on each loan in our ecosystem that we originate and on which we retain servicing, which provides a meaningful data asset. Net interest income, which we define as the difference between the 58 SoFi Technologies, Inc. TABLE OF CONTENTS earned interest income and interest expense to finance loans, is a key component of the profitability of our Lending segment, along with fee-based revenue, which includes loan origination fees. Personal Loans. We originate personal loans to help our members with a variety of financial needs, such as debt consolidation, home improvement projects, family planning, travel and weddings, to name a few. We offer fixed rate loans with flexible repayment terms. We generally offer loan sizes of $5,000 to $100,000, subject to legal and/or licensing requirements, with terms generally ranging from 2 to 7 years. We regularly update the annual percentage rates offered on our personal loans. Student Loans. We operate in the student loan refinance space, with a focus on prime and super-prime school loans, as well as the in-school lending space, which allows members to borrow funds while they attend school. We offer flexible loan sizes, repayment options and competitive rates. Within student loan refinancing, we generally offer loan sizes of $5,000 or higher, subject to legal and/or licensing requirements, with terms generally ranging from 5 to 20 years. Within in-school loans, we generally offer loan sizes of $1,000 or higher, subject to legal and/or licensing requirements, with terms generally ranging from 5 to 20 years. We regularly update the annual percentage rates offered on our fixed and variable-rate student loans. Home Loans. We originate agency, non-agency, and certain government loan products (including FHA and VA loans) to members who are purchasing a home, refinancing an existing mortgage, or obtaining a home equity loan. Across our home loan products, we provide competitive rates, flexible down payment options as low as 3% (or 0% for VA loans), a close-on-time guarantee, and educational tools and calculators to support members throughout the borrowing process. When a member s credit profile or other risk attributes do not align with our underwriting guidelines or risk appetite, we may broker home equity loans and home equity lines of credit to a third-party wholesale lender to help meet the member s financing needs. During the second quarter of 2026, we launched the SoFi HELOC, a solution for members that want the flexibility to utilize the equity in their primary residence for debt consolidation, emergencies, or any other purpose, with competitive rates, expansive underwriting guidelines, and a fast close. We originate loans in accordance with applicable loan limits and program requirements, including Federal National Mortgage Association (Fannie Mae) and Federal Home Loan Mortgage Corporation (Freddie Mac) conforming limits and FHA and VA program limits, with FHA and VA loan amounts capped at $1,500,000. We also offer jumbo loans with loan amounts up to $3,000,000 and fixed-rate home equity loans up to $750,000. Our fixed-rate home loans generally have terms of 10, 15, 20, 25 or 30 years. We also offer adjustable-rate mortgage products for conforming and jumbo loans, with an initial fixed-rate period of 5, 7 or 10 years, followed by rate adjustments every six months for the remaining term. For FHA and VA loans, we offer adjustable-rate products with a fixed rate for five years followed by rate adjustments every year for the remainder of the term. We regularly update the annual percentage rates offered on our home loans. Lending Model We originate loans through our lending business, and have the option of pursuing a gain-on-sale origination model, whereby we seek to recognize a gain from these loans and sell them into either our whole loan or securitization channels, or holding loans on our balance sheet when advantageous. This enables us to maximize our return and balance our risk by earning interest on these loans for a longer period and to be selective in our sales arrangements. We sell our whole loans primarily to large financial institutions. In securitization transactions that do not qualify for sale accounting, the related assets remain on our balance sheet and cash proceeds received are reported as liabilities, with related interest expense recognized over the life of the related borrowing. In securitization transactions that qualify for sale accounting, we typically have insignificant continuing involvement as an investor. In the case of both whole loan sales and securitizations, and with the exception of certain of our home loans, we also continue to retain servicing rights to our originated loans following transfer. We also originate and sell loans in support of our Loan Platform Business, through which we provide lending related services to third-party partners. We maintain the same lending relationship with borrowers across all loans that we originate, inclusive of those originated on behalf of a third-party partner and as such, reflect these products within our Lending segment total products. This enables borrowers to gain access to all the benefits of becoming a SoFi member, and enhances our opportunities to sell additional products from across our platform to these members. See Financial Services Segment for more information. We directly service all of the personal loans that we originate through our lending business, as well as provide servicing in support of our Loan Platform Business on loans originated on behalf of third-party partners and servicing rights assumed from third parties. We act as master servicer for, and rely on sub-servicers to directly service, all of our student loans and GSE conforming home loans. We view servicing as an integral component of the Lending segment, as we believe our servicing function is an important asset because of the connection to the member it affords us throughout the life of the loan thereby enhancing the effectiveness of our Financial Services Productivity Loop by increasing member touchpoints and driving new product adoption by existing members. 59 SoFi Technologies, Inc. TABLE OF CONTENTS We rely upon deposits, warehouse financing and our own capital to enable us to continue to expand our origination capabilities. Our ability to utilize deposits held at SoFi Bank to fund our loans has lowered our overall cost of asset-backed financing relative to alternative sources of funding. We expect to benefit from the continued mix towards deposit funding through operating SoFi Bank. Underwriting Process We have developed an extensive underwriting process across each lending product that is focused on willingness to pay (measured by credit attributes and risk scores), ability to pay (measured through free cash flow), and stability (measured by credit experience). A key element of our underwriting process is the ability to facilitate risk-based interest rates that we believe are appropriate for each loan using proprietary risk models. We believe the outcome of this process helps us determine a more data-driven, risk-adjusted interest rate that we can offer our members. Further, our data and monitoring tools enable us to implement risk mitigation strategies quickly and efficiently, including underwriting standard adjustments to adapt our operations to changing environments and expectations. Our personal loan and student loan underwriting models are typically based on credit reports, standard industry credit scores, custom credit assessment models, and debt capacity analysis, as indicated by borrower free cash flow. Home loans originated by SoFi that are agency-conforming loans are subject to credit, debt-to-income, and collateral eligibility established by the GSEs. Government loans, such as VA and Federal Housing Administration loans, are subject to the underwriting requirements established by the appropriate government agency. In addition to these requirements, agency-conforming and government loans are subject to credit eligibility criteria established by SoFi as well as individual investor requirements. Other non-agency loans originated by us, such as jumbo loans and home equity loans, are subject to credit eligibility established by SoFi and/or investor credit criteria, which typically includes established credit history requirements, credit score requirements, income verification, as well as maximum limits on debt-to-income and caps on loan-to-value. We also leverage our data to provide existing members a streamlined application process through automation. Across our loan products, existing members generally experience a higher approval rate than new members, subject to the existing member being in good standing on their existing products. Technology Platform Segment We provide technology platform services through a diversified suite of offerings which include an event and authorization platform accessed via application programming interfaces, a cloud-native digital and core banking platform and services related to both platforms. Our customers and partners include financial institutions, government entities and non-financial institutions primarily in North America and Latin America. We earn technology product and solutions fee-based revenue through the use of the platforms, either as a stand ready obligation, or from overall license and maintenance fee service arrangements related to those respective platforms. We also offer additional add-on technology solutions to support our clients and drive engagement, such as a conversational AI engine for customers of banks and financial institutions, and a real-time payment risk platform which employs AI and machine learning technology to enhance payment fraud mitigation strategies for financial customers. We continue to leverage investments made to integrate our services and offerings to position the Technology Platform segment for diversified durable growth. Our acquisition of Peach, a cloud-native, API-first loan management and servicing platform, in the second quarter of 2026, is intended to further expand our enterprise technology capabilities. Financial Services Segment We offer a suite of financial services solutions, the most significant of which are discussed below. Our financial services products (as defined under Key Business Metrics ) by nature provide more daily interactions with our members and are differentiated from our lending products, which inherently provide less consistent touchpoints with our members. We also offer financial services solutions which are designed to appeal to enterprises, including our At Work product and lending related services offered through our Loan Platform Business. Certain products, such as our complementary SoFi Relay product, do not provide direct sources of revenue but foster additional touch points with our members. We believe that our suite of financial services offerings provide many ways for our members to actively engage in getting their money right as well as attractive enterprise solutions. This enables us to deliver positive experiences through various channels, building trust and durable relationships which can ultimately demonstrate the effectiveness of our Financial Services Productivity Loop virtuous cycle. SoFi Money Checking and savings accounts provide a digital banking experience which allows members to spend, save and earn interest and rewards in flexible ways. We believe SoFi Checking and Savings accounts held at SoFi Bank are attractive to our 60 SoFi Technologies, Inc. TABLE OF CONTENTS members and prospective members due to our differentiated offerings, including competitive interest rates, access to expanded FDIC insurance coverage of up to $3 million through our Insured Deposit Program and the convenience and benefits of being part of a cohesive, simplified financial ecosystem within our mobile platform. We also offer global remittance services which leverage blockchain technology to provide fast, seamless, low cost and safe international payments. SoFi Invest A mobile-first investment platform offering members access to trading and advisory solutions, such as active investing and robo-advisory. Our interactive investing experience fosters engagement by allowing members to view and monitor other investors activity on the platform. Our active investing service enables members to buy and sell stocks and ETFs, as well as alternative investment funds, mutual funds and money market funds, to engage in options trading, to participate in IPOs, to buy and sell fractional shares, to engage in margin investing and to access a retirement investment account. Our robo-advisory service offers a variety of managed portfolios comprising ETFs and mutual funds that are built and managed by our investment committee with support from an asset management partner. Additionally, we provide introductory brokerage services to our members and have invested heavily to create an appealing mobile investing experience. Our acquisition of Composer, an AI- powered investing platform, in the second quarter of 2026 is intended to advance our strategy of making advanced investing tools more accessible for our members. SoFi Crypto During the fourth quarter of 2025, we launched SoFi Crypto, a digital asset trading platform within our Financial Services segment. This offering is structured differently from our prior legacy offering and is designed to operate within the Company s current regulatory framework. SoFi Crypto enables members to buy, sell and hold digital assets through SoFi Bank. The platform is integrated with our existing banking products, allowing members to fund digital asset transactions directly from their SoFi Money checking and savings accounts without transferring funds to external platforms, providing a consolidated experience within a single application. The platform leverages our existing technology infrastructure, compliance framework, and security controls applicable to our bank and brokerage operations. We also provide educational content and in-app disclosures designed to improve accessibility and help members understand digital assets and associated risks, particularly for members who are new to cryptocurrency transactions. In December 2025, we also launched SoFiUSD, our proprietary stablecoin issued on a public, permissionless blockchain, which represented an additional step in expanding our digital asset capabilities. SoFiUSD is intended to support faster, lower-cost and more efficient movement of funds across payment ecosystems. During the first quarter of 2026, we began minting SoFiUSD and started working with Mastercard to support future settlement capabilities across its global payments network. In the second quarter of 2026, we launched SoFiUSD for members, and entered into agreements with third parties to support the distribution of SoFiUSD. These initiatives are intended to enhance interoperability between digital assets and fiat currencies and, over time, facilitate more continuous transaction settlement capabilities. Loan Platform Business We provide lending related services to a broader set of members through our platform of enterprise partners. Revenue from the Loan Platform Business is fee-based. This includes (i) activity through which third-party partners leverage our end-to-end origination and servicing platform to acquire loans within their credit specifications on a fee per loan basis, (ii) referred loans originated by a third-party partner to which we provide pre-qualified borrower referrals, (iii) activity related to certain loans associated with our Lantern financial services marketplace platform, and (iv) beginning in the second quarter of 2026, small business loans. In addition, we offer loan servicing support through our lending business. See Lending Segment for more information. Additional financial services solutions offered within our platform include: SoFi Credit Card: We offer credit card products designed to help eligible members spend better, with benefits and features that fit our members everyday spending, borrowing and lifestyle needs, including flexible options to redeem cash back rewards through statement credit or other SoFi products. SoFi Relay: A personal finance management product that allows members to track all of their financial accounts in one place and gain meaningful insights into their financial health and habits to help them improve their financial standing, such as credit score monitoring and spending behaviors. This foundation of comprehensive financial data also powers SoFi Coach, an interactive experience that delivers personalized guidance to help members track, budget, and invest across their entire financial ecosystem. Together, these products provide us with unified intelligence about our 61 SoFi Technologies, Inc. TABLE OF CONTENTS members that offers information about what SoFi products and features may help our members best achieve their financial goals, allowing us to further personalize the SoFi experience for our members. Lantern: A financial services marketplace platform developed to help small businesses and individuals who do not qualify for SoFi products, through a simplified search and application experience that connects these users to alternative financial solutions from a curated network of other providers. SoFi Protect: A service through which we partner with providers who offer insurance products to help our members protect their assets, including providers across auto, life, homeowners, renters, and cyber insurance products and estate planning. SoFi Travel: A service through which we partner with a provider to offer an easy travel search and booking experience that can be managed directly through the SoFi app or website, alongside expanded member benefits including member prices on certain bookings and additional cash back rewards on purchases made with SoFi Credit Card. SoFi At Work: A service through which we partner with other enterprises looking for a seamless way to provide financial benefits to their employees, such as student loan payments made on their employees behalf. SoFi Plus: A premium membership product through which we provide expanded benefits across the SoFi ecosystem to help our members maximize their money, including our highest APY on checking and savings, discounted loan rates, and additional cash back rewards for members. At the start of the second quarter, we relaunched SoFi Plus with significantly enhanced benefits in our products, while fully transitioning the product to a paid subscription model. SoFi Smart Card: Our recently launched secured charge card product, linked directly to a member s SoFi Checking and Savings account, that offers better choice and control over spending, attractive rewards, a way to build credit history, and high interest on savings balances. We believe that the content and features we provide within our mobile application can spur more financial education, which leads to more ways for our members to actively engage in getting their money right and utilize SoFi products. We earn revenues, both net interest income and fee-based, in connection with our Financial Services segment primarily in the ways listed below. See Note 17. Business Segment Information and Note 3. Revenue to the Notes to Condensed Consolidated Financial Statements for additional information on the FTP framework and Financial Services revenue from contracts with customers. Certain products, such as our complementary product SoFi Relay, do not provide direct sources of revenue. Revenue is driven primarily by variability in product utilization by members, as well as volume of transactions related to arrangements that we enter into with enterprise partners as outlined below. Net interest income: Net interest income is a key component of the profitability of our Financial Services segment as it relates primarily to our SoFi Money and credit card products. Net interest income on SoFi Money is based on interest income determined using our FTP framework, net of interest expense based on the interest rate offered to our members on their deposits. Net interest income on credit card is based on the contractual interest included in credit card agreements, net of interest expense as determined using the FTP framework. Loan Platform Business, other fees: Through our Loan Platform Business, we originate loans on behalf of third-party partners, for which we receive a specified fee upon sale. The fee includes components for a fixed price per loan and recognition of servicing assets. These fees accounted for 56% of our total Financial Services noninterest income for the six months ended June 30, 2026. Referral fees: Through strategic partnerships, we earn a specified referral fee in connection with referral activity we facilitate through our platform, inclusive of referral fees generated through our Loan Platform Business for providing pre-qualified borrower referrals (referred loans) to a third-party partner who separately contracts with a loan originator. Referral fees are paid to us by third-party partners that offer services to end users who do not use one of our product offerings, but who were referred to the partners through our platform. Our referral fee is calculated as either a fixed price per successful referral, a percentage of the funded loan, or a percentage of the transaction volume between the enterprise partners and referred consumers. Total referral fees, inclusive of referral fees generated through our Loan Platform Business, accounted for 12% of our total Financial Services noninterest income for the six months ended June 30, 2026. Interchange fees: We earn interchange fees from our SoFi-branded debit cards and credit cards. These fees are remitted by merchants and represent a percentage of the underlying transaction value processed through a payment network. We engage a card association and enter into contracts that establish the shared economics of SoFi-branded transaction cards. Interchange fees accounted for 18% of our total Financial Services noninterest income for the six months ended June 30, 2026. 62 SoFi Technologies, Inc. TABLE OF CONTENTS Brokerage fees: We earn brokerage fees primarily from our share lending and payment for order flow arrangements related to our SoFi Invest product, in which we benefit through a negotiated multi-year revenue sharing arrangement, since our members' brokerage activity drives the share lending and payment for order flow volume. Brokerage fees accounted for 8% of our total Financial Services noninterest income for the six months ended June 30, 2026. Business Highlights SoFi is a financial services company that leverages technology to serve people and enterprises. SoFi's continuous investments in innovation and brand building delivered the strongest financial performance in company history, fueling significant member and product growth and paving the way for future growth. Key financial achievements for the three and six months ended June 30, 2026, include total net revenue of $1.2 billion and $2.3 billion, respectively, both up 43%, compared to the same periods of 2025. For the three and six months ended June 30, 2026, net interest income increased 52% and 46%, respectively, compared to the same periods of 2025, as we increased loan originations for our balance sheet. Total fee-based revenue for the three and six months ended June 30, 2026 reached $472.3 million and $859.1 million, respectively, compared to $377.5 million and $692.9 million in the same 2025 periods, driven by loan originations, interchange and brokerage fee revenue, as well as continued strong Loan Platform Business performance. Diluted EPS for the three and six months ended June 30, 2026 was $0.12 and $0.24, respectively, compared $0.08 and $0.14 in the same 2025 periods. The following tables set forth selected financial data: Three Months Ended June 30,2026 vs 2025Six Months Ended June 30,2026 vs 2025 ($ in thousands, except per share amounts)20262025$ Change% Change20262025$ Change% Change Net interest income$788,195 $517,837 $270,358 52 %$1,481,183 $1,016,563 $464,620 46 % Total noninterest income430,481 337,107 93,374 28 %837,861 610,140 227,721 37 % Total net revenue1,218,676 854,944 363,732 43 %2,319,044 1,626,703 692,341 43 % Provision for credit losses13,755 10,035 3,720 37 %22,650 15,713 6,937 44 % Total noninterest expense1,000,612 732,717 267,895 37 %1,892,533 1,419,016 473,517 33 % Net income$156,592 $97,263 $59,329 61 %$323,323 $168,379 $154,944 92 % Earnings per share diluted$0.12 $0.08 $0.04 50 %$0.24 $0.14 $0.10 71 % Net interest margin5.98 %5.86 %5.94 %5.94 % ($ in thousands)June 30, 2026December 31, 2025$ Change% Change Loans held for sale$29,737,289 $22,862,749 $6,874,540 30 % Loans held for investment, at fair value16,920,564 13,657,578 3,262,986 24 % Loans held for investment, at amortized cost1,275,529 1,516,736 (241,207)(16)% Total deposits45,543,160 37,505,395 8,037,765 21 % Total risk-based capital ratio, SoFi Technologies18.8 %22.9 % Total risk-based capital ratio, SoFi Bank15.3 %16.6 % Continued growth in both total members and products, along with improving operating efficiency, reflects the benefits of our broad product suite and Financial Services Productivity Loop strategy. Total members reached over 15.8 million as of June 30, 2026, a 35% increase from the prior year period, while total products reached nearly 24.4 million as of June 30, 2026, a 42% year-over-year increase. 63 SoFi Technologies, Inc. TABLE OF CONTENTS Three Months Ended June 30,2026 vs 2025Six Months Ended June 30,2026 vs 2025 ($ in thousands)20262025$ Change% Change20262025$ Change% Change Lending Total net revenue$724,798 $443,512 281,286 63 %$1,367,218 $856,885 510,333 60 % Contribution profit399,033 244,710 154,323 63 %781,419 483,645 297,774 62 % Technology Platform Total net revenue84,505 109,833 (25,328)(23)%159,591 213,260 (53,669)(25)% Contribution profit11,772 33,195 (21,423)(65)%23,771 64,108 (40,337)(63)% Financial Services Total net revenue466,278 362,533 103,745 29 %894,821 665,652 229,169 34 % Contribution profit212,676 188,232 24,444 13 %408,260 336,564 71,696 21 % Lending segment contribution profit was $399.0 million and $781.4 million for the three and six months ended June 30, 2026, respectively, at a segment contribution margin of 55% and 57%. This represents a slight improvement compared to the respective 2025 periods, which had a segment contribution margin of 55% and 56%, respectively. Lending segment performance was driven by growth in net interest income and loan origination fees driven by an increase in loan originations for our balance sheet. Origination volume for our Lending products increased 69% for both the three and six months ended June 30, 2026, as a result of continued strong member demand for personal loans, student loans and home loans as well as strong demand from capital markets partners. Overall, we sold or transferred through our Loan Platform Business, more than $4.1 billion and $7.9 billion in personal loans and home loans during the three and six months ended June 30, 2026, respectively. Continued strong demand from our diverse Loan Platform Business partners has allowed us to meet incremental personal loan demand from our members. Technology Platform segment contribution profit of $11.8 million and $23.8 million for the three and six months ended June 30, 2026, respectively, decreased 65% and 63% over the respective 2025 periods, and total net revenue of $84.5 million and $159.6 million for the three and six months ended June 30, 2026, respectively, decreased 23% and 25% over the respective 2025 periods. Technology Platform total enabled client accounts were 135 million, down from 160 million in the prior year period. These results reflected the exit of a large client that fully transitioned off our platform prior to December 31, 2025. Within our Financial Services segment, contribution profit of $212.7 million and $408.3 million for the three and six months ended June 30, 2026, respectively, increased 13% and 21% compared to the respective 2025 periods. Total net revenue of $466.3 million and $894.8 million for the three and six months ended June 30, 2026, respectively, increased 29% and 34% over the respective 2025 periods. For the second quarter of 2026, net interest income increased 29% year-over-year, to $249.1 million, primarily driven by growth in consumer deposits. In the second quarter of 2026, we generated $140.9 million in loan platform fees, driven by $3.1 billion of personal loans originated on behalf of third parties, as well as referrals. Additionally, our Loan Platform Business generated $2.4 million in servicing cash flow which is recorded in our Lending segment. In total, our Loan Platform Business added $143.3 million to our consolidated adjusted net revenue across these two segments. We also continued to see healthy growth in interchange fee revenue in the second quarter of 2026, up 55% year-over-year, driven by increased spend across Money and Credit Card. Brokerage fee revenue also continues to see strong growth, increasing 140% year-over-year. These results reflect our successful and ongoing efforts to increase fee-based revenue. We achieved continued strong growth in member deposits and strong deposit contribution from direct deposit members, ending the period with $45.5 billion of total deposits as of June 30, 2026, allowing us to maintain access to diversified sources of funding. Total deposit funds grew nearly $5.3 billion during the quarter. We continue to provide our members with access to expanded FDIC insurance coverage through a network of participating banks in our Insured Deposit Program, further enhancing the benefits of our offering to our members. The strength of our results underscores our belief that our suite of differentiated products and services provides the foundation for a diversified business that can endure through market cycles and economic disruptions. For instance, our access to multiple channels of funding, including deposit and loan warehouse funding, provides increased optionality in sourcing liquidity through different environments and periods of capital markets volatility, as well as increases our flexibility to capture additional net interest margin and optimize returns. This typically provides more stable earnings in any macroeconomic environment, but is particularly important during times of macroeconomic volatility. 64 SoFi Technologies, Inc. TABLE OF CONTENTS Non-GAAP Financial Measures This Quarterly Report on Form 10-Q presents information about certain non-GAAP financial measures provided as supplements to the results provided in accordance with GAAP. Our management and Board of Directors use these non-GAAP measures, to evaluate our operating performance, formulate business plans, help better assess our overall liquidity position, and make strategic decisions, including those relating to operating expenses and the allocation of internal resources. Accordingly, we believe that these non-GAAP measures provide useful information to investors and others in understanding and evaluating our operating results in the same manner as our management and Board of Directors. These non-GAAP measures have limitations as analytical tools, and should not be considered in isolation from, or as a substitute for, the analysis of other GAAP financial measures. Other companies may not use these non-GAAP measures or may use similar measures that are defined in a different manner. Therefore, our non-GAAP measures may not be directly comparable to similarly titled measures of other companies. Adjusted Net Revenue Adjusted net revenue is a non-GAAP measure. Adjusted net revenue is defined as total net revenue, adjusted to exclude the fair value changes in servicing rights and residual interests classified as debt due to valuation inputs and assumptions changes, which relate only to our Lending segment, as well as gains and losses on extinguishment of debt. We adjust total net revenue to exclude these items, as they are non-cash charges that are not realized during the period or not indicative of our core operating performance, and therefore positive or negative changes do not impact the cash available to fund our operations. Management believes this measure is useful because it enables management and investors to assess our underlying operating performance and cash available to fund our operations. In addition, management uses this measure to better decide on the proper expenses to authorize for each of our operating segments, to ultimately help achieve target contribution profit margins. Total Net Revenue and Adjusted Net Revenue In Thousands Six Months Ended June 30, ($ in thousands)2026202520262025 Total net revenue (GAAP) $1,218,676 $854,944 $2,319,044 $1,626,703 Servicing rights change in valuation inputs or assumptions(1) (13,142)3,274 (26,305)2,200 Residual interests classified as debt change in valuation inputs or assumptions(2) 16 12 43 47 $1,205,550 $858,230 $2,292,782 $1,628,950 ___________________ (1)Reflects changes in fair value inputs and assumptions on servicing rights, including conditional prepayment, default rates and discount rates. These assumptions are highly sensitive to market interest rate changes and are not indicative of our performance or results of operations. Moreover, these non-cash charges are unrealized during the period and, therefore, have no impact on our cash flows from operations. 65 SoFi Technologies, Inc. TABLE OF CONTENTS (2)Reflects changes in fair value inputs and assumptions on residual interests classified as debt, including conditional prepayment, default rates and discount rates. When third parties finance our consolidated securitization VIEs by purchasing residual interests, we receive proceeds at the time of the closing of the securitization and, thereafter, pass along contractual cash flows to the residual interest owner. These residual debt obligations are measured at fair value on a recurring basis, but they have no impact on our initial financing proceeds, our future obligations to the residual interest owner (because future residual interest claims are limited to contractual securitization collateral cash flows), or the general operations of our business. The following table reconciles adjusted net revenue to total net revenue, the most directly comparable GAAP measure, for the quarterly periods presented: June 30, 2026March 31, 2026December 31, 2025September 30, 2025June 30, 2025$1,218,676 $1,100,368 $1,025,051 $961,600 $854,944 (13,142)(13,163)(12,224)(11,989)3,274 16 27 8 15 12 $1,205,550 $1,087,232 $1,012,835 $949,626 $858,230 Six Months Ended June 30, ($ in thousands)2026202520262025 Total net revenue Lending (GAAP) $724,798 $443,512 $1,367,218 $856,885 Servicing rights change in valuation inputs or assumptions(1) (13,142)3,274 (26,305)2,200 Residual interests classified as debt change in valuation inputs or assumptions(2) 16 12 43 47 Adjusted net revenue Lending (non-GAAP)$711,672 $446,798 $1,340,956 $859,132 ___________________ (1)See footnote (1) to the table above. (2)See footnote (2) to the table above. Adjusted Contribution Margin and Incremental Adjusted Contribution Margin Lending Adjusted contribution margin and incremental adjusted contribution margin are non-GAAP measures and relate only to our Lending segment. Adjusted contribution margin is defined as segment contribution profit for the Lending segment, divided by adjusted net revenue for the Lending segment, a non-GAAP measure. Incremental adjusted contribution margin is defined as the change in segment contribution profit for our Lending segment, divided by change in adjusted net revenue for the Lending segment. See Adjusted Net Revenue above for a reconciliation of Lending segment adjusted net revenue. Management believes adjusted contribution margin metrics are useful because they enable management and investors to assess the underlying operating performance of our Lending segment, by removing the impact of changes in volume over periods to present a comparable view of segment contribution profit, which is a measure of the direct profitability of each of our reportable segments, as a percentage of segment adjusted net revenue for the Lending segment during each period. 66 SoFi Technologies, Inc. TABLE OF CONTENTS The following table presents a reconciliation of adjusted contribution margin and incremental adjusted contribution margin for our reportable Lending segment: Three Months Ended June 30,2026 vs 2025 Six Months Ended June 30,2026 vs 2025 ($ in thousands)20262025$ Change20262025$ Change Lending Contribution profit Lending (GAAP)$399,033 $244,710 $154,323 $781,419 $483,645 $297,774 Net revenue Lending (GAAP)724,798 443,512 281,286 1,367,218 856,885 510,333 Contribution margin Lending (GAAP)(1) 55 %55 %57 %56 % Incremental contribution margin Lending (GAAP)(1) 55 %58 % Adjusted net revenue Lending (non-GAAP)(2) $711,672 $446,798 $264,874 $1,340,956 $859,132 $481,824 Adjusted contribution margin Lending (non-GAAP)56 %55 %58 %56 % Incremental adjusted contribution margin Lending (non-GAAP)58 %62 % ___________________ (1)Contribution margin is defined for each of our reportable segments as contribution profit (loss), divided by net revenue. Incremental contribution margin for each of our reportable segments is defined as the change in segment contribution profit (loss), divided by change in net revenue. (2)Refer to Adjusted Net Revenue above for reconciliation of this non-GAAP measure. Adjusted EBITDA, Adjusted EBITDA Margin and Incremental Adjusted EBITDA Margin Adjusted EBITDA, adjusted EBITDA margin and incremental adjusted EBITDA margin are non-GAAP measures. Adjusted EBITDA is defined as net income, adjusted to exclude, as applicable: (i) corporate borrowing-based interest expense (our adjusted EBITDA measure is not adjusted for warehouse or securitization-based interest expense, nor deposit interest expense and finance lease liability interest expense, as these are direct operating expenses), (ii) income tax expense (benefit), (iii) depreciation and amortization associated with property, equipment and software and intangible assets, (iv) share-based expense (inclusive of equity-based payments to non-employees), (v) foreign currency impacts related to operations in highly inflationary countries, (vi) fair value changes in each of servicing rights and residual interests classified as debt due to valuation assumptions, (vii) restructuring charges, (viii) transaction-related expenses, and (ix) other charges, as appropriate, that are not expected to recur and are not indicative of our core operating performance. Adjusted EBITDA margin is computed as adjusted EBITDA divided by adjusted net revenue. Incremental adjusted EBITDA margin is defined as the change in adjusted EBITDA, divided by change in adjusted net revenue. See Adjusted Net Revenue above for a reconciliation of this non-GAAP measure. Management believes adjusted EBITDA, adjusted EBITDA margin and incremental adjusted EBITDA margin are useful measures for period-over-period comparisons of our business. These measures enable management and investors to assess our core operating performance or results of operations by removing the effects of certain non-cash items and charges, as well as the impact of changes in volume over periods as applicable. In addition, management uses these measures to help evaluate cash flows generated from operations and the extent of additional capital, if any, required to invest in strategic initiatives. 67 SoFi Technologies, Inc. TABLE OF CONTENTS Net Income and Adjusted EBITDA In Thousands 2026 vs 2025 Six Months Ended June 30,2026 vs 2025 ($ in thousands)20262025$ Change20262025$ Change Net income (GAAP)$156,592 $97,263 $59,329 $323,323 $168,379 $154,944 Non-GAAP adjustments: Interest expense corporate borrowings(1) 10,675 11,504 (829)21,326 22,932 (1,606) Income tax expense(2) 47,717 14,929 32,788 80,538 23,595 56,943 Depreciation and amortization 73,106 56,743 16,363 140,684 112,026 28,658 Share-based expense76,865 63,256 13,609 148,877 127,012 21,865 Foreign currency impact of highly inflationary subsidiaries(3) 926 2,066 (1,140)1,337 2,342 (1,005) Servicing rights change in valuation inputs or assumptions(4) (13,142)3,274 (16,416)(26,305)2,200 (28,505) Residual interests classified as debt change in valuation inputs or assumptions(5) 16 12 4 43 47 (4) Restructuring charges(6) 682 36 646 2,642 887 1,755 Transaction-related expense(7) 4,384 4,384 5,257 5,257 201,229 151,820 49,409 374,399 291,041 83,358 Adjusted EBITDA (non-GAAP) $357,821 $249,083 $108,738 $697,722 $459,420 $238,302 Total net revenue (GAAP)$1,218,676 $854,944 $363,732 $2,319,044 $1,626,703 $692,341 Net income margin (GAAP)13 %11 %14 %10 % Incremental net income margin (GAAP)16 %22 % Adjusted net revenue (non-GAAP)(8) $1,205,550 $858,230 $347,320 $2,292,782 $1,628,950 $663,832 Adjusted EBITDA margin (non-GAAP)30 %29 %30 %28 % Incremental adjusted EBITDA margin (non-GAAP)31 %36 % ___________________ (1)Our adjusted EBITDA measure adjusts for corporate borrowing-based interest expense, as these expenses are a function of our capital structure. Corporate borrowing-based interest expense includes interest on our revolving credit facility, as well as interest expense and the amortization of debt discount and debt issuance costs on our convertible notes. (2)The income tax expense recognized in both periods was primarily attributable to the Company s profitability, partially offset by discrete tax benefits for stock compensation recorded in each quarter. See Note 14. Income Taxes to the Notes to Condensed Consolidated Financial Statements for additional information. 68 SoFi Technologies, Inc. TABLE OF CONTENTS (3)Foreign currency charges reflect the impacts of highly inflationary accounting for our operations in Argentina, which are related to our Technology Platform segment. (4)Reflects changes in fair value inputs and assumptions, including market servicing costs, conditional prepayment, default rates and discount rates. This non-cash change is unrealized during the period and, therefore, has no impact on our cash flows from operations. As such, these positive and negative changes in fair value attributable to assumption changes are adjusted out of net income to provide management and financial users with better visibility into the earnings available to finance our operations. (5)Reflects changes in fair value inputs and assumptions, including conditional prepayment, default rates and discount rates. When third parties finance our consolidated VIEs through purchasing residual interests, we receive proceeds at the time of the securitization close and, thereafter, pass along contractual cash flows to the residual interest owner. These obligations are measured at fair value on a recurring basis, which has no impact on our initial financing proceeds, our future obligations to the residual interest owner (because future residual interest claims are limited to contractual securitization collateral cash flows), or the general operations of our business. As such, these positive and negative non-cash changes in fair value attributable to assumption changes are adjusted out of net income to provide management and financial users with better visibility into the earnings available to finance our operations. (6)Restructuring charges in the 2026 periods included employee-related wages, benefits and severance associated with a small reduction in headcount in our Technology Platform segment, which do not reflect expected future operating expenses and are not indicative of our core operating performance. Restructuring charges in 2025 relate to legal entity restructuring. (7)Transaction-related expenses in 2026 periods primarily included financial advisory and professional services costs associated with our acquisitions of Composer and Peach. (8)Refer to Adjusted Net Revenue above for reconciliation of this non-GAAP measure. The following table reconciles adjusted EBITDA to net income, the most directly comparable GAAP measure, for the quarterly periods presented: June 30, 2026March 31, 2026December 31, 2025September 30, 2025June 30, 2025$156,592 $166,731 $173,549 $139,392 $97,263 10,675 10,651 11,196 11,595 11,504 47,717 32,821 11,783 9,159 14,929 73,106 67,578 62,880 59,245 56,743 76,865 72,012 68,577 66,469 63,256 926 411 1,808 2,954 2,066 (13,142)(13,163)(12,224)(11,989)3,274 16 27 8 15 12 682 1,960 20 41 36 4,384 873 201,229 173,170 144,048 137,489 151,820 $357,821 $339,901 $317,597 $276,881 $249,083 $1,218,676 $1,100,368 $1,025,051 $961,600 $854,944 13 %15 %17 %14 %11 %$1,205,550 $1,087,232 $1,012,835 $949,626 $858,230 30 %31 %31 %29 %29 %2026 vs 2025 Six Months Ended June 30,2026 vs 2025 ($ and shares in thousands, except per share amounts)(1) 20262025$ Change20262025$ Change Net income (GAAP)$156,592 $97,263 $59,329 $323,323 $168,379 $154,944 Non-GAAP adjustments: 682 682 682 682 Transaction-related expenses4,384 4,384 4,384 4,384 Tax impacts from adjustments(1,252) (1,252)(1,252) (1,252) Adjusted net income (non-GAAP)$160,406 $97,263 $63,143 $327,137 $168,379 $158,758 Numerator: Net income attributable to common stockholders diluted (GAAP)(2) $156,645 $97,614 $323,720 $169,069 Non-GAAP adjustments: 682 682 Transaction-related expenses4,384 4,384 Tax impacts from adjustments(1,252) (1,252) Adjusted net income attributable to common stockholders diluted (non-GAAP) $160,459 $97,614 $327,534 $169,069 Denominator: Weighted average common stock outstanding diluted (GAAP)1,351,990 1,182,877 1,364,978 1,184,197 Non-GAAP adjustments: (27,412)(25,857)(24,722)(28,635) Adjusted weighted average common stock outstanding diluted (non-GAAP)1,324,578 1,157,020 1,340,256 1,155,562 Earnings per share diluted (GAAP)(2) $0.12 $0.08 $0.24 $0.14 Impact of adjustments per share 0.01 Adjusted earnings per share diluted (non-GAAP)(2) $0.12 $0.08 $0.24 $0.15 Net income margin (GAAP)13 %11 %14 %10 % Adjusted net revenue (non-GAAP)(4) $1,205,550 $858,230 $2,292,782 $1,628,950 Adjusted net income margin (non-GAAP)13 %11 %14 %10 % Incremental adjusted net income margin (non-GAAP)18 %24 % ____________________ (1)Certain amounts may not recalculate exactly using the rounded amounts provided. Earnings per share is calculated based on unrounded numbers. (2)Diluted earnings per share and diluted net income attributable to common stockholders exclude gain on extinguishment of debt, net of tax, as well as interest expense incurred, net of tax, associated with convertible note activity during the period as evaluated under the if-converted method. 70 SoFi Technologies, Inc. TABLE OF CONTENTS (3)This non-GAAP adjustment excludes the dilutive impact of the 2026 and 2029 convertible notes, to the extent that the 2026 and 2029 capped call transactions, respectively, would deliver cash or shares to offset dilution. (4)Refer to 'Adjusted Net Revenue' above for reconciliation of this non-GAAP measure. Key Business Metrics The table below presents the key business metrics that management uses to evaluate our business, measure our performance, identify trends and make strategic decisions: June 30, 2026June 30, 2025Variance% Change Members15,814,418 11,745,572 4,068,846 35 % Total Products24,380,974 17,142,041 7,238,933 42 % Total Products Lending segment3,093,359 2,280,368 812,991 36 % Total Products Financial Services segment21,287,615 14,861,673 6,425,942 43 % Total Accounts Technology Platform segment134,804,238 160,046,369 (25,242,131)(16)% See Summary Results by Segment for additional metrics we review at the segment level. Members We refer to our customers as members . We define a member as someone who has a lending relationship with us through origination and/or ongoing servicing, opened a financial services account, linked an external account to our platform, or signed up for our credit score monitoring service. Our members have access to our CFPs, our member events, our content, educational material, news, and our tools and calculators, which are provided at no cost to the member. Additionally, our mobile application and website have a member home experience that is personalized and delivers content to a member about what they must do that day in their financial life, what they should consider doing that day in their financial life, and what they can do that day in their financial life. Once someone becomes a member, they are always considered a member unless they are removed in accordance with our terms of service, in which case, we adjust our total number of members. This could occur for a variety of reasons including fraud or pursuant to certain legal processes and, as our terms of service evolve together with our business practices, product offerings and applicable regulations, our grounds for removing members from our total member count could change. The determination that a member should be removed in accordance with our terms of service is subject to an evaluation process, following the completion, and based on the results, of which, relevant members and their associated products are removed from our total member count in the period in which such evaluation process concludes. However, depending on the length of the evaluation process, that removal may not take place in the same period in which the member was added to our member count or the same period in which the circumstances leading to their removal occurred. For this reason, our total member count may not yet reflect adjustments that may be made once ongoing evaluation processes, if any, conclude. We view members as an indication not only of the size and a measurement of growth of our business, but also as a measure of the significant value of the data we have collected over time. The data we collect from our members helps us to, among other things: (i) assess loan life performance data on each loan in our ecosystem, which can inform risk-based interest rates that we can offer our members, (ii) understand our members spending behavior to identify and suggest other products we offer that may align with the members financial needs, and (iii) enhance our opportunities to sell additional products to our members, as our members represent a vital source of marketing opportunities. When we provide additional products to members, it helps improve our unit economics per member, as we save on marketing costs that we would otherwise incur to attract new members. It also increases the lifetime value of an individual member. This in turn enhances our Financial Services Productivity Loop. Member growth is generally an indicator of future revenue, but is not directly correlated with revenues, since not all members who sign up for one of our products fully utilize or continue to use our products, and not all of our products (such as our complimentary product, SoFi Relay) provide direct sources of revenue. Since our inception through June 30, 2026, we have served approximately 15.8 million members who have used approximately 24.4 million products on the SoFi platform. 71 SoFi Technologies, Inc. TABLE OF CONTENTS Members In Thousands Total Products Total products refers to the aggregate number of lending and financial services products that our members have selected on our platform since our inception through the reporting date, whether or not the members are still registered for such products. Total products is a primary indicator of the size and reach of our Lending and Financial Services segments. Management relies on total products metrics to understand the effectiveness of our member acquisition efforts and to gauge the propensity for members to use more than one product. In our Lending segment, total products refers to the number of personal loans, student loans and home loans that have been originated through our platform through the reporting date, inclusive of loans which we originate as part of our Loan Platform Business, whether or not such loans have been paid off. If a member has multiple loan products of the same loan product type, such as two personal loans, that is counted as a single product. However, if a member has multiple loan products across loan product types, such as one personal loan and one home loan, that is counted as two products. The account of a co-borrower or co-signer is not considered a separate lending product. In our Financial Services segment, total products refers to the number of SoFi Money accounts (inclusive of checking and savings accounts held at SoFi Bank and cash management accounts), SoFi Invest accounts, SoFi Credit Card accounts (including Smart Card accounts and accounts with a zero dollar balance at the reporting date), referred loans (which are originated by a third-party partner to which we provide pre-qualified borrower referrals), SoFi At Work accounts, SoFi Relay accounts (with either credit score monitoring enabled or external linked accounts), and SoFi Crypto accounts that have been opened through our platform through the reporting date, as well as active SoFi Plus subscriptions as of the reporting date. Checking and savings accounts are considered one account within our total products metric. Our SoFi Invest service is composed of four products: IRA self-directed accounts, taxable self-directed accounts, IRA robo-advisory accounts, and taxable robo-advisory accounts. Our members can select any one or combination of the SoFi Invest products. If a member has multiple SoFi Invest accounts of the same products, such as one IRA self-directed account and one IRA robo-advisory account (or one tax-advantaged brokerage account and one taxable brokerage account), those are considered separate products. The account of a joint- or co-account holder is considered a separate financial services product. In the event a member is removed in accordance with our terms of service, as discussed under Members above, the member s associated products are also removed. Product growth is generally an indicator of future revenue, but is generally not directly correlated with revenues, since not all members who sign up for one of our products immediately or fully utilize or continue to use our products, and not all of our products (such as our complimentary product, SoFi Relay) provide direct sources of revenue. Further, product growth may not directly correlate with expense growth as a result of the effects of the Financial Services Productivity Loop. See Consolidated Results of Operations and Summary Results by Segment for discussion and analysis of operating results. 72 SoFi Technologies, Inc. TABLE OF CONTENTS Products In Thousands Total lending products were composed of the following: Lending ProductsJune 30, 2026June 30, 2025Variance% Change Personal loans(1) 2,325,262 1,641,340 683,922 42 % Student loans703,081 596,351 106,730 18 % Home loans65,016 42,677 22,339 52 % Total lending products3,093,359 2,280,368 812,991 36 % ___________________ (1)Includes loans which we originate as part of our Loan Platform Business. Total financial services products were composed of the following: Financial Services ProductsJune 30, 2026June 30, 2025Variance% Change Money(1) 7,888,387 5,887,669 2,000,718 34 % Invest(2) 3,931,718 2,853,416 1,078,302 38 % Credit Card(3) 509,825 344,469 165,356 48 % Referred loans(4) 180,443 122,580 57,863 47 % Crypto(5) 388,336 388,336 n/m SoFi Plus(3) 206,000 206,000 n/m At Work189,078 127,224 61,854 49 % Relay7,993,828 5,526,315 2,467,513 45 % Total financial services products21,287,615 14,861,673 6,425,942 43 % ___________________ (1)Includes checking and savings accounts held at SoFi Bank, and cash management accounts. (2)Beginning in the first quarter of 2026, we updated our SoFi Invest product metric to reflect four products. Prior to this, our SoFi Invest service was composed of two products, self-directed accounts and robo-advisory accounts. Self-directed accounts were previously referred to as active investing accounts. The impact to prior periods was determined to be immaterial, and prior periods were not recast. (3)Beginning in the second quarter of 2026, we updated our Financial Services products to include (i) SoFi Plus, which we relaunched during the quarter with significantly enhanced benefits, while fully transitioning the product to a paid subscription model; and (ii) Smart Card, our recently launched secured card (presented above within Credit Card). The impact to prior periods was determined to be immaterial, and prior periods were not recast. (4)Limited to loans wherein we provide third party fulfillment services as part of our Loan Platform Business. (5)During the fourth quarter of 2025, we returned to crypto investing with the launch of SoFi Crypto. Technology Platform Total Accounts In our Technology Platform segment, total accounts refers to the number of open accounts at Galileo as of the reporting date. We include intercompany accounts on the Galileo platform as a service in our total accounts metric to better align with the Technology Platform segment revenue reported in Note 17. Business Segment Information to the Notes to Condensed Consolidated Financial Statements, which includes intercompany revenue. Intercompany revenue is eliminated in 73 SoFi Technologies, Inc. TABLE OF CONTENTS consolidation. Total accounts is a primary indicator of the accounts dependent upon our technology platform to use virtual card products, virtual wallets, make peer-to-peer and bank-to-bank transfers, receive early paychecks, separate savings from spending balances, make debit transactions and rely upon real-time authorizations, all of which result in revenues for the Technology Platform segment. We do not measure total accounts for other products and solutions for which the revenue model is not primarily dependent upon being a fully integrated, stand-ready service. Technology Platform Accounts In Millions June 30, 2026June 30, 2025Variance% Change Total accounts(1) 134,804,238 160,046,369 (25,242,131)(16)% ___________________ (1)Includes the impact from a large client which fully transitioned off the platform prior to December 31, 2025. Key Factors Affecting Operating Results Our future operating results and cash flows are dependent upon a number of opportunities, challenges and other factors, including our loan origination volume, financial services products and member activity on our platform, growth in technology platform clients, competition and industry trends, general economic conditions and our ability to optimize our national bank charter. The key factors affecting our operating results are discussed in our Annual Report on Form 10-K for the year ended December 31, 2025, with notable updates provided herein. Industry Trends and General Economic Conditions The U.S. economic environment continues to be influenced by evolving monetary policy, inflation trends, labor market conditions and broader geopolitical developments. While inflation has moderated from peak levels, uncertainty regarding its future path remains elevated, particularly as fluctuations in global energy prices, supply chain dynamics and trade policy continue to influence inflation expectations. Geopolitical developments, including ongoing conflict and changing prospects for peace in the Middle East, have contributed to volatility in oil prices and broader financial markets. Sustained increases in energy prices or renewed inflationary pressures could adversely affect consumer purchasing power, economic growth and financial market conditions. In May 2026, Kevin Warsh became Chair of the Federal Reserve and has emphasized a data-driven approach to monetary policy, indicating that future policy decisions will depend on incoming economic data. While the direction and timing of future interest rate changes remain uncertain, the Federal Reserve has continued to emphasize its commitment to restoring price stability while balancing broader economic conditions. As a result, expectations regarding monetary policy have remained subject to changing inflation, employment and economic data, contributing to continued volatility in benchmark interest rates, credit spreads and capital markets. Changes in interest rates and broader macroeconomic conditions directly influence consumer spending, saving, borrowing and investing behavior. Elevated interest rates have reduced demand for refinancing products and may continue to affect demand across certain lending products. Interest rate volatility also influences the economics of our capital markets activities, including loan pricing, funding costs, gain-on-sale margins and investor demand for consumer credit assets. In 74 SoFi Technologies, Inc. TABLE OF CONTENTS addition, changes in benchmark interest rates, inflation expectations and credit spreads may affect the pricing, execution and liquidity of loan sales and securitization transactions. Our results of operations have historically demonstrated relative resilience during periods of economic stress, supported by our diversified business model. However, our future operating results and cash flows remain dependent upon the strength of the overall economy, consumer financial health, the condition and liquidity of the capital markets and our ability to continue executing our business strategy. We have continued to experience strong demand for our deposit products, driven in part by competitive interest rates and access to expanded FDIC insurance coverage through our Insured Deposit Program. Our credit trends continued to be strong through the first half of 2026 after seeing delinquencies peak over two years ago in the first quarter of 2024. Annualized charge-off rates decreased year-over-year across our portfolios, reflecting improvements in overall credit quality. These trends, together with the macroeconomic and geopolitical factors described above, may impact demand for our products, our cost structure, and our liquidity, results of operations, and financial condition. Fair Value of Loans We measure our personal loans, student loans and home loans at fair value. Our fair value adjustments on loans impact our consolidated results of operations and include adjustments related to loans originated during the period, loans held at the balance sheet date, as well as gains (losses) on loans sold or repurchased during the period. Fair value adjustments made in each reporting period are impacted by factors such as, among others, interest rates, weighted average coupon, credit spreads, actual and estimated losses, prepayment speeds, duration and previous loan sale execution on similar loans. In determining our fair value assumptions, we incorporate recent data impacting the capital markets, as well as factors specific to us. Changes in these factors, either positive or negative, can have a material impact on our results of operations. The following table summarizes the significant inputs to the fair value model for personal and student loans: Personal LoansStudent Loans June 30, 2026March 31, 2026June 30, 2026March 31, 2026 Weighted average coupon rate(1) 12.89 %12.96 %5.89 %5.91 % Weighted average annual default rate4.77 %4.57 %0.73 %0.69 % Weighted average conditional prepayment rate25.77 %25.55 %10.99 %11.15 % Weighted average discount rate4.97 %4.61 %4.29 %4.05 % 2026 vs 2025 Six Months Ended June 30,2026 vs 2025 ($ in thousands)20262025$ Change% Change20262025$ Change% Change Net interest income$788,195 $517,837 $270,358 52 %$1,481,183 $1,016,563 $464,620 46 % Total noninterest income430,481 337,107 93,374 28 %837,861 610,140 227,721 37 % Total net revenue1,218,676 854,944 363,732 43 %2,319,044 1,626,703 692,341 43 % Provision for credit losses13,755 10,035 3,720 37 %22,650 15,713 6,937 44 % Total noninterest expense1,000,612 732,717 267,895 37 %1,892,533 1,419,016 473,517 33 % Income before income taxes204,309 112,192 92,117 82 %403,861 191,974 211,887 110 % Income tax expense(47,717)(14,929)(32,788)220 %(80,538)(23,595)(56,943)241 % Net income$156,592 $97,263 $59,329 61 %$323,323 $168,379 $154,944 92 % Net Interest Income The table below presents average balance and interest information for each major category of interest-earning assets and interest-bearing liabilities, along with net interest income and net interest margin. The table also presents period-over period changes in net interest income and the extent to which the variances are attributable to changes in the volume of our interest-earning assets and interest-bearing liabilities or changes in the interest rates related to these assets and liabilities. 76 SoFi Technologies, Inc. TABLE OF CONTENTS Average Balances and Net Interest Earnings Analysis Three Months Ended June 30, 2026Three Months Ended June 30, 2025Change due to(1) ($ in thousands)Average Balances(1) Interest Income/ExpenseAverage Yield/RateAverage Balances(1) Interest Income/ExpenseAverage Yield/RateVolumeRateTotal Assets Interest-earning assets: Interest-bearing deposits with banks$3,790,852 $32,430 3.43 %$2,811,423 $25,086 3.58 %$8,380 $(1,036)$7,344 Investment securities3,688,523 42,129 4.58 2,277,616 29,878 5.26 16,114 (3,863)12,251 Loans(2) 45,380,080 1,065,969 9.42 30,331,237 737,441 9.75 353,493 (24,965)328,528 Total interest-earning assets52,859,455 1,140,528 8.65 35,420,276 792,405 8.97 377,987 (29,864)348,123 Total noninterest-earning assets4,376,513 3,944,524 Total assets$57,235,968 $39,364,800 Liabilities and Equity Interest-bearing liabilities: Demand deposits$3,644,040 $10,336 1.14 %$2,063,657 $2,696 0.52 %$4,482 $3,158 $7,640 Savings deposits36,059,867 289,065 3.22 25,264,749 226,394 3.59 86,538 (23,867)62,671 Time deposits2,212,570 21,062 3.82 487,916 4,142 3.40 16,417 503 16,920 Total interest-bearing deposits41,916,477 320,463 3.07 27,816,322 233,232 3.36 107,437 (20,206)87,231 Warehouse facilities1,475,784 17,039 4.63 2,137,160 27,874 5.23 (7,637)(3,198)(10,835) Securitization debt49,800 529 4.26 62,432 554 3.56 (137)112 (25) Other debt(3) 1,979,602 14,302 2.90 1,757,224 12,908 2.95 1,607 (213)1,394 Total debt3,505,186 31,870 3.65 3,956,816 41,336 4.19 (6,167)(3,299)(9,466) Residual interests classified as debt518 561 Total interest-bearing liabilities45,422,181 352,333 3.11 31,773,699 274,568 3.47 101,270 (23,505)77,765 Total noninterest-bearing liabilities1,181,640 919,349 Total liabilities46,603,821 32,693,048 Total equity10,632,147 6,671,752 Total liabilities and equity$57,235,968 $39,364,800 Net interest income(4) $788,195 $517,837 $276,717 $(6,359)$270,358 Net interest margin(5) 5.98 %5.86 % 77 SoFi Technologies, Inc. TABLE OF CONTENTS Six Months Ended June 30, 2026Six Months Ended June 30, 2025Change due to(1) ($ in thousands)Average Balances(2) Interest Income/ExpenseAverage Yield/RateAverage Balances(2) Interest Income/ExpenseAverage Yield/RateVolumeRateTotal Assets Interest-earning assets: Interest-bearing deposits with banks$4,139,321 $70,179 3.42 %$2,751,678 $51,073 3.74 %$23,527 $(4,421)$19,106 Investment securities3,208,207 74,869 4.71 2,153,794 56,222 5.26 24,606 (5,959)18,647 Loans42,916,601 1,996,476 9.38 29,608,981 1,448,922 9.87 619,069 (71,515)547,554 Total interest-earning assets50,264,129 2,141,524 8.59 34,514,453 1,556,217 9.09 667,202 (81,895)585,307 Total noninterest-earning assets4,354,094 3,902,786 Total assets$54,618,223 $38,417,239 Liabilities and Equity Interest-bearing liabilities: Demand deposits$3,528,845 $18,731 1.07 %$1,964,252 $5,067 0.52 %$8,304 $5,360 $13,664 Savings deposits34,709,922 557,367 3.24 24,484,120 443,065 3.65 164,205 (49,903)114,302 Time deposits1,613,710 31,593 3.95 557,151 10,499 3.80 20,684 410 21,094 Total interest-bearing deposits39,852,477 607,691 3.07 27,005,523 458,631 3.42 193,193 (44,133)149,060 Warehouse facilities1,103,425 25,338 4.63 2,063,312 54,264 5.30 (22,042)(6,884)(28,926) Securitization debt51,423 918 3.60 68,034 1,135 3.36 (298)81 (217) Other debt(3) 1,871,195 26,394 2.84 1,756,459 25,624 2.94 1,672 (902)770 Total debt3,026,043 52,650 3.51 3,887,805 81,023 4.20 (20,668)(7,705)(28,373) Residual interests classified as debt514 568 Total interest-bearing liabilities42,879,034 660,341 3.11 30,893,896 539,654 3.52 172,525 (51,838)120,687 Total noninterest-bearing liabilities1,200,999 885,613 Total liabilities44,080,033 31,779,509 Total equity10,538,190 6,637,730 Total liabilities and equity$54,618,223 $38,417,239 Net interest income(4) $1,481,183 $1,016,563 $494,677 $(30,057)$464,620 Net interest margin(5) 5.94 %5.94 % __________________ (1)We calculate the changes in interest income and interest expense separately for each item. Volume and rate changes have been allocated on a consistent basis using the respective percentage changes in average balances and average rates. (2)Average balances were calculated on daily carrying balances. (3)Interest expense on other debt primarily includes debt issuance and discount expense, as well as interest expense on the revolving credit facility and convertible senior notes. (4)Net interest income is calculated as the excess of total interest income on interest-earning assets over total interest expense on interest-bearing liabilities. (5)Net interest margin is calculated as net interest income divided by total average interest-earning assets. Three Months. For the three months ended June 30, 2026 compared to the three months ended June 30, 2025, net interest income increased by $270.4 million, or 52%, and net interest margin increased by 12 bps. Average interest-earning assets increased by 49%, and average yields decreased by 32 bps, while average interest-bearing liabilities increased by 43% and the average cost of interest-bearing liabilities decreased by 36 bps. The $270.4 million increase in net interest income was primarily driven by (i) higher interest income on loans of $328.5 million, which was primarily a function of an increase in origination volume for our balance sheet, (ii) higher interest income from investment securities of $12.3 million primarily attributable to an increase in average balances, (iii) lower interest expense on warehouse facilities of $10.8 million as we continued to rely less on our warehouse facilities for our funding needs, and (iv) higher interest income from interest-bearing deposits with banks of $7.3 million driven by an increase in average deposits. These items were partially offset by higher interest expense on interest-bearing deposits of $87.2 million resulting from the net impact of higher interest-bearing deposit balances partially offset by lower rates on savings deposits. Six Months. For the six months ended June 30, 2026 compared to the six months ended June 30, 2025, net interest income increased by $464.6 million, or 46%, while net interest margin was flat. Average interest-earning assets increased by 46%, and average yields decreased by 50 bps, while average interest-bearing liabilities increased by 39% and the average cost of interest-bearing liabilities decreased by 41 bps. The $464.6 million increase in net interest income was primarily driven by (i) higher interest income on loans of $547.6 million, which was primarily a function of an increase in origination volume for our balance sheet, (ii) lower interest 78 SoFi Technologies, Inc. TABLE OF CONTENTS expense on warehouse facilities of $28.9 million as we continued to rely less on our warehouse facilities for our funding needs, (iii) higher interest income from interest-bearing deposits with banks of $19.1 million driven by an increase in average deposits, and (iv) higher interest income from investment securities of $18.6 million primarily attributable to higher average balances. These items were partially offset by higher interest expense on interest-bearing deposits of $149.1 million resulting from the net impact of higher interest-bearing deposit balances partially offset by lower rates on savings deposits. Noninterest Income The following table presents the components of our total noninterest income: Three Months Ended June 30,2026 vs 2025 Six Months Ended June 30,2026 vs 2025 ($ in thousands)20262025$ Change% Change20262025$ Change% Change Loan origination, sales, securitizations and servicing$150,407 $70,855 $79,552 112 %$292,616 $123,660 $168,956 137 % Technology products and solutions52,459 90,796 (38,337)(42)%101,810 177,233 (75,423)(43)% Loan platform fees140,930 127,405 13,525 11 %279,185 220,155 59,030 27 % Net crypto transaction revenue1,183 1,183 n/m2,035 2,035 n/m Other85,502 48,051 37,451 78 %162,215 89,092 73,123 82 % Total noninterest income$430,481 $337,107 $93,374 28 %$837,861 $610,140 $227,721 37 % Total noninterest income increased by $93.4 million, or 28%, and $227.7 million, or 37%, for the three and six months ended June 30, 2026, respectively, compared to the three and six months ended June 30, 2025. Loan Origination, Sales, Securitizations and Servicing Three Months. The increase in loan origination, sales, securitizations and servicing of $79.6 million, or 112%, for the three months ended June 30, 2026 compared to the three months ended June 30, 2025 was primarily driven by (i) gains during the 2026 period compared to losses in the 2025 period on interest rate swap positions primarily related to personal loans and student loans reflecting hedging benefits as rates shifted during the period, ($294.9 million), (ii) higher origination fees ($77.7 million) primarily driven by increased originations compared to the year ago quarter , and (iii) net fair value gains on home loans ($8.9 million) primarily impacted by increased home loan origination volume. These increases were partially offset by (i) net fair value losses on personal loans and student loans driven by weighted average mark decreases ($281.2 million) and (ii) net higher loan write-offs ($41.4 million) driven by balance sheet growth. Six Months. The increase in loan origination, sales, securitizations and servicing of $169.0 million, or 137%, for the six months ended June 30, 2026 compared to the six months ended June 30, 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 reflecting hedging benefits as rates shifted during the period ($577.6 million), (ii) higher origination fees ($114.0 million) primarily driven by increased originations compared to the year ago quarter , and (iii) net fair value gains on home loans ($20.5 million) primarily impacted by increased home loan origination volume. These increases were partially offset by (i) net fair value losses on personal loans and student loans driven by weighted average mark decreases ($504.8 million) and (ii) net higher loan write-offs ($74.4 million) driven by balance sheet growth. Technology Products and Solutions Three Months. Technology products and solutions decreased by $38.3 million, or 42%, for the three months ended June 30, 2026 compared to the three months ended June 30, 2025. These results reflected the exit of a large client who fully transitioned off our platform in 2025. Six Months. Technology products and solutions decreased by $75.4 million, or 43%, for the six months ended June 30, 2026 compared to the six months ended June 30, 2025. These results reflected the exit of a large client who fully transitioned off our platform in 2025. 79 SoFi Technologies, Inc. TABLE OF CONTENTS Loan Platform Fees and Related Servicing Three Months. Loan platform fees and related servicing increased by $12.7 million, or 10%, for the three months ended June 30, 2026 compared to the three months ended June 30, 2025. This was driven by an increase of $639.2 million of Loan Platform Business originations. Six Months. Loan platform fees and related servicing increased by $57.4 million, or 25%, for the six months ended June 30, 2026 compared to the six months ended June 30, 2025. This was driven by an increase of $2.0 billion of Loan Platform Business originations. The following table presents the components of noninterest income associated with our Loan Platform Business: Three Months Ended June 30,2026 vs 2025 Six Months Ended June 30,2026 vs 2025 ($ in thousands)20262025$ Change% Change20262025$ Change% Change Loan platform fees(1) $140,930 $127,405 $13,525 11 %$279,185 $220,155 $59,030 27 % Servicing(2) 2,379 3,180 (801)(25)%4,936 6,526 (1,590)(24)% Loan platform fees and servicing, total noninterest income$143,309 $130,585 $12,724 10 %$284,121 $226,681 $57,440 25 % ___________________ (1)Recorded within noninterest income loan platform fees in the condensed consolidated statements of operations and comprehensive income, and the Financial Services reportable segment. (2)Recorded within noninterest income loan origination, sales, securitizations and servicing in the condensed consolidated statements of operations and comprehensive income, and the Lending reportable segment. Amounts reflect revenue from our servicing agreements on loans which we did not originate, excluding the impacts of changes in fair value inputs and assumptions on related servicing rights as they were immaterial for all periods presented. Net crypto transaction revenue Three Months. Net crypto revenue was $1.2 million for the three months ended June 30, 2026, driven by the launch of SoFi Crypto in the fourth quarter of 2025. Six Months. Net crypto revenue was $2.0 million for the six months ended June 30, 2026, driven by the launch of SoFi Crypto in the fourth quarter of 2025. Other Three Months. Other noninterest income increased by $37.5 million, or 78%, for the three months ended June 30, 2026 compared to the three months ended June 30, 2025. The increase was driven by higher interchange income as a result increased spending volumes across SoFi Money and Credit Card, higher brokerage income reflecting growing engagement and higher monetization and SoFi Plus subscription revenue. Six Months. Other noninterest income increased by $73.1 million, or 82%, for the six months ended June 30, 2026 compared to the six months ended June 30, 2025. The increase was driven by higher interchange income as a result increased spending volumes across SoFi Money and Credit Card and higher brokerage income reflecting growing engagement and higher monetization. Provision for Credit Losses Three Months Ended June 30,2026 vs 2025 Six Months Ended June 30,2026 vs 2025 ($ in thousands)20262025$ Change% Change20262025$ Change% Change Credit card$13,708 $9,901 $3,807 38 %$22,214 $15,720 $6,494 41 % Commercial and consumer banking47 134 (87)(65)%436 (7)443 n/m Total$13,755 $10,035 $3,720 37 %$22,650 $15,713 $6,937 44 % Three months. The provision for credit losses was $13.8 million for the three months ended June 30, 2026, reflecting net charge-offs of $9.2 million and an allowance increase of $4.5 million. Net charge-offs of $9.2 million increased $2.7 million compared to the three months ended June 30, 2025, driven by higher average credit card balances. The allowance increase of $4.5 million primarily reflected growth in the credit card portfolio balances, partially offset by continued strength in credit quality of the portfolio. 80 SoFi Technologies, Inc. TABLE OF CONTENTS The prior year provision for the three months ended June 30, 2025 was $10.0 million, reflecting net charge-offs of $6.6 million and an allowance increase of $3.5 million. Six Months. The provision for credit losses was $22.7 million for the six months ended June 30, 2026, reflecting net charge-offs of $17.1 million and an allowance increase of $5.5 million. Net charge-offs of $17.1 million increased $2.6 million compared to the six months ended June 30, 2025, driven by higher average credit card balances. The allowance increase of $5.5 million primarily reflected growth in the credit card portfolio balances, partially offset by continued strength in credit quality of the portfolio. The prior year provision for the six months ended June 30, 2025 was $15.7 million, reflecting net charge-offs of $14.6 million and an allowance increase of $1.2 million. Refer to Analysis of Charge-offs for a further discussion of the factors driving changes in net charge-offs and the allowance. Analysis of Allowance for Credit Losses Allowance for Credit Losses Ratios The following table presents the ratio of allowance for credit losses to total loans outstanding that are measured at amortized cost: ($ in thousands)June 30, 2026June 30, 2025 Allowance for credit losses to total loans outstanding Allowance for credit losses$56,459 $47,838 Total loans held for investment, at amortized cost outstanding(1) 1,316,592 1,449,056 Ratio(2) 4.29 %3.30 % June 30, 2025 ($ in thousands)Allowance for credit lossesPercent of loans to total loans(1) Allowance for credit lossesPercent of loans to total loans(1) Credit card$54,560 40 %$45,515 28 % Commercial and consumer banking1,899 13 %2,323 11 % Secured loans(2) 47 % 61 % Total$56,459 100 %$47,838 100 % __________________ (1)Loans outstanding balances used in the calculation exclude accrued interest. (2)Secured loans are term loan arrangements secured by underlying loans (collateral) owned by the debtor. The underlying loans were previously originated by us and were subject to our underwriting process and risk models, prior to being sold to the debtor and in most instances these loans continue to be serviced by us. We evaluate the credit quality of our secured loan portfolio relative to the fair value of the underlying collateral, reassessing it quarterly based on relevant information, including funded loan rates and historical loss experience. An allowance for credit losses is required when there is an expected credit loss after considering the fair value of the collateral as well as any anticipated future changes in the underlying collateral. As of June 30, 2026, based on this evaluation we did not recognize an allowance for credit losses on our secured loans. 81 SoFi Technologies, Inc. TABLE OF CONTENTS Analysis of Charge-offs The following tables present information regarding average loans outstanding, net charge-offs and the annualized ratio of net charge-offs to average loans outstanding: Three Months Ended June 30, 2026Three Months Ended June 30, 2025 ($ in thousands)Average Loans(1) Net Charge-offs(2)(3)(4) Ratio(4)(5) Average Loans(1) Net Charge-offs(2)(3)(4) Ratio(4)(5) Personal loans $ 26,183,468 $ 171,015 2.62 % $ 18,414,581 $ 129,970 2.83 % Student loans 15,971,158 24,266 0.61 % 10,107,155 23,747 0.94 % Home loans 1,886,768 % 540,994 % Secured loans 674,915 % 770,154 % Credit card 483,283 9,212 7.65 % 342,051 6,565 7.70 % Commercial and consumer banking180,488 18 0.04 % 156,302 1 % Total loans$ 45,380,080 $ 204,511 1.81 % $ 30,331,237 $ 160,283 2.12 % Six Months Ended June 30, 2026Six Months Ended June 30, 2025 ($ in thousands)Average Loans(1) Net Charge-offs(2)(3)(4) Ratio(4)(5) Average Loans(1) Net Charge-offs(2)(3)(4) Ratio(4)(5) Personal loans$24,667,205 $341,836 2.79 %$18,345,733 $280,044 3.08 % Student loans15,211,161 47,185 0.63 %9,579,563 34,344 0.72 % Home loans1,646,192 %447,541 % Secured loans739,993 %762,819 % Credit card473,699 16,859 7.18 %318,436 14,555 9.22 % Commercial and consumer banking178,351 266 0.31 %154,889 4 0.01 % Total loans$42,916,601 $406,146 1.91 %$29,608,981 $328,947 2.24 % ___________________ (1)Average balances were calculated on daily carrying balances. (2)Net charge-offs include both credit- and certain non-credit-related charge-offs. Non-credit related charge-offs, which primarily relate to alleged or potential fraud, occur occasionally in our business and are impacted by factors different from our credit related charge-offs. Non-credit related charge-offs were immaterial for all periods presented. (3)Net charge-offs related to personal, student and home loans are generally recorded in noninterest income loan origination, sales, securitizations and servicing as part of the respective loans total change in fair value. Net charge-offs related to credit card and commercial and consumer banking are considered as part of the allowance for credit losses and provision for credit losses. (4)Excludes the impact of delinquent personal loan sales during the quarter. These loans were sold prior to charge-off during each respective quarter and otherwise would have been charged off as of the quarter-end consistent with our policy. See Note 4. Loans to the Notes to Condensed Consolidated Financial Statements for additional information. (5)Net charge-off ratio is calculated as net charge-offs divided by average loans. For the three months ended June 30, 2026, the total net charge-off ratio was 1.81%, a decrease of 31 bps compared with the three months ended June 30, 2025, and total net charge-offs were $204.5 million, an increase of $44.2 million over the comparable period. The decrease in the total net charge-off ratio was primarily due a lower student loan charge-off ratio primarily driven by the repurchase of seasoned loans during 2025 that had a higher charge-off rate as well as higher average student loan balances. Additionally, a lower personal loan charge-off ratio contributed to the decrease, reflecting higher average personal loan balances and steady delinquency rates compared to the year ago period (total personal loan delinquency rate was 40 bps, down approximately 2 bps from the comparative period). The increase in total net charge-offs was $44.2 million, driven by higher personal loan net charge-offs of $41.0 million primarily reflecting an increase in average loans. For the six months ended June 30, 2026, the total net charge-off ratio was 1.91%, a decrease of 33 bps compared with the six months ended June 30, 2025, and total net charge-offs were $406.1 million, an increase of $77.2 million over the comparable period. The decrease in the total net charge-off ratio was primarily due a lower credit card net charge-off ratio reflective of higher average credit card loan balances. Additionally, a lower personal loan charge-off ratio contributed to the decrease, reflecting higher average personal loan balances and steady delinquency rates compared to the year ago period (total personal loan delinquency rate was 40 bps, down approximately 2 bps from the comparative period). The student loan charge-off ratio also decreased primarily driven by the repurchase of seasoned loans during 2025 that had a higher charge-off rate as well as higher average student loan balances. The increase in total net charge-offs was $77.2 million, driven by higher personal loan net charge-offs of $61.8 million and student loan net charge-offs of $12.8 million, primarily reflecting an increase in average loans. 82 SoFi Technologies, Inc. TABLE OF CONTENTS Noninterest Expense The following table presents the components of our total noninterest expense: Three Months Ended June 30,2026 vs 2025 Six Months Ended June 30,2026 vs 2025 ($ in thousands)20262025$ Change% Change20262025$ Change% Change Technology and product development$191,276 $152,146 $39,130 26 %$378,951 $308,352 $70,599 23 % Sales and marketing392,397 264,744 127,653 48 %727,936 502,920 225,016 45 % Cost of operations200,139 150,437 49,702 33 %371,262 285,957 85,305 30 % General and administrative216,800 165,390 51,410 31 %414,384 321,787 92,597 29 % Total noninterest expense $1,000,612 $732,717 $267,895 37 %$1,892,533 $1,419,016 $473,517 33 % Total noninterest expense increased by $267.9 million, or 37%, and $473.5 million, or 33%, for the three and six months ended June 30, 2026 compared to the three and six months ended June 30, 2025, as described below. Technology and product development Three Months. Technology and product development expenses increased by $39.1 million, or 26%, for the three months ended June 30, 2026 compared to the three months ended June 30, 2025. The increase was primarily driven by higher employee compensation and benefits attributable to increases in headcount and salary to support our growth, amortization of internally-developed software and tools and subscription expense reflective of continued investments in technology. Six Months. Technology and product development expenses increased by $70.6 million, or 23%, for the six months ended June 30, 2026 compared to the six months ended June 30, 2025. The increase was primarily driven by higher employee compensation and benefits attributable to increases in headcount and salary to support our growth, and amortization of internally-developed software, tools and subscription expense reflective of continued investments in technology, and professional services expense. Sales and marketing Three Months. Sales and marketing expenses increased by $127.7 million, or 48%, for the three months ended June 30, 2026 compared to the three months ended June 30, 2025. The increase was driven by increases in lead generation costs primarily related to our Financial Services and Lending segments as we continue to drive expansion of our products and offerings, advertising and marketing expenditures, member incentive expenses and employee compensation and benefits attributable to increases in headcount to support our growth. Six Months. Sales and marketing expenses increased by $225.0 million, or 45%, for the six months ended June 30, 2026 compared to the six months ended June 30, 2025. The increase was driven by increases in lead generation costs primarily related to our Financial Services and Lending segments as we continue to drive expansion of our products and offerings, advertising and marketing expenditures, member incentive expenses and employee compensation and benefits attributable to increases in headcount to support our growth. Cost of operations Three Months. Cost of operations expenses increased by $49.7 million, or 33%, for the three months ended June 30, 2026 compared to the three months ended June 30, 2025. The increase was driven by higher employee compensation and benefits attributable to increases in headcount and salary to support our growth and loan origination and servicing expenses driven by increased loan originations during the period. Six Months. Cost of operations expenses increased by $85.3 million, or 30%, for the six months ended June 30, 2026 compared to the six months ended June 30, 2025. The increase was driven by higher employee compensation and benefits attributable to increases in headcount and salary to support our growth and loan origination and servicing expenses driven by increased loan originations during the period. 83 SoFi Technologies, Inc. TABLE OF CONTENTS General and administrative Three Months. General and administrative expenses increased by $51.4 million, or 31%, for the three months ended June 30, 2026 compared to the three months ended June 30, 2025. This increase was driven by higher employee compensation and benefits attributable to increases in headcount and salary to support our growth, tools and subscriptions costs reflective of continued investments in technology, as well as transaction-related expenses of $4.4 million in the second quarter of 2026 related to the acquisitions of Composer and Peach. Six Months. General and administrative expenses increased by $92.6 million, or 29%, for the six months ended June 30, 2026 compared to the six months ended June 30, 2025. This increase was driven by higher employee compensation and benefits attributable to increases in headcount and salary to support our growth, tools and subscriptions costs reflective of continued investments in technology, as well as transaction-related expenses of $5.3 million in the first six months of 2026 related to the acquisitions of Composer and Peach. Income Taxes For the three and six months ended June 30, 2026, we recorded income tax expense of $47.7 million and $80.5 million, respectively. For the three and six months ended June 30, 2025, we recorded income tax expense of $14.9 million and $23.6 million, respectively. The income tax expense recognized in both periods was primarily attributable to the Company s profitability, partially offset by discrete tax benefits for stock compensation recorded in each quarter. For the three and six months ended June 30, 2026, the Company s effective tax rate was lower than the U.S. federal statutory rate primarily due to excess tax benefits from stock compensation. Valuation allowances are established when necessary to reduce deferred tax assets to the amounts that are more likely than not expected to be realized. In making such a determination of whether a valuation allowance is necessary, the Company considers all available positive and negative evidence supporting the allowance. During the six months ended June 30, 2026, we continue to maintain a valuation allowance in certain jurisdictions where sufficient positive evidence does not exist to support the realizability of deferred tax assets. Management will continue to assess the need for a valuation allowance in future periods. 84 SoFi Technologies, Inc. TABLE OF CONTENTS Summary Results by Segment Contribution profit is the primary measure of segment-level profit and loss that, along with our key business metrics, is used by management to evaluate our business, measure our performance, identify trends and make strategic decisions. Contribution profit is defined as total net revenue for each reportable segment less expenses directly attributable to the reportable segment, provision for credit losses and, in the case of our Lending segment, adjusted for fair value adjustments attributable to assumption changes associated with our servicing rights and residual interests classified as debt. See the sections entitled Consolidated Results of Operations , Summary Results by Segment and Non-GAAP Financial Measures for discussion and analysis of these key financial measures. The following table sets forth selected segment-level data: Three Months Ended June 30,2026 vs 2025Six Months Ended June 30,2026 vs 2025 ($ in thousands)20262025Change% Change20262025Change% Change Lending Total net revenue$724,798 $443,512 $281,286 63 %$1,367,218 $856,885 $510,333 60 % Directly attributable expenses(312,639)(202,088)(110,551)55 %(559,537)(375,487)(184,050)49 % Contribution profit 399,033 244,710 154,323 63 %781,419 483,645 297,774 62 % Technology Platform Total net revenue$84,505 $109,833 $(25,328)(23)%$159,591 $213,260 $(53,669)(25)% Directly attributable expenses(72,733)(76,638)3,905 (5)%(135,820)(149,152)13,332 (9)% Contribution profit 11,772 33,195 (21,423)(65)%23,771 64,108 (40,337)(63)% Financial Services Total net revenue$466,278 $362,533 $103,745 29 %$894,821 $665,652 $229,169 34 % Provision for credit losses(13,756)(10,031)(3,725)37 %(22,646)(15,670)(6,976)45 % Directly attributable expenses(239,846)(164,270)(75,576)46 %(463,915)(313,418)(150,497)48 % Contribution profit 212,676 188,232 24,444 13 %408,260 336,564 71,696 21 % Reportable segments total Total net revenue$1,275,581 $915,878 $359,703 39 %$2,421,630 $1,735,797 $685,833 40 % Provision for credit losses(13,756)(10,031)(3,725)37 %(22,646)(15,670)(6,976)45 % Directly attributable expenses(625,218)(442,996)(182,222)41 %(1,159,272)(838,057)(321,215)38 % Contribution profit 623,481 466,137 157,344 34 %1,213,450 884,317 329,133 37 % 85 SoFi Technologies, Inc. TABLE OF CONTENTS Lending Segment Lending Segment Results of Operations The following table presents the measure of contribution profit for the Lending segment. Three Months Ended June 30,2026 vs 2025 Six Months Ended June 30,2026 vs 2025 ($ in thousands)20262025$ Change% Change20262025$ Change% Change Net interest income$573,298 $372,675 $200,623 54 %$1,073,529 $733,296 $340,233 46 % Noninterest income151,500 70,837 80,663 114 %293,689 123,589 170,100 138 % Total net revenue 724,798 443,512 281,286 63 %1,367,218 856,885 510,333 60 % Servicing rights change in valuation inputs or assumptions(1) (13,142)3,274 (16,416)n/m(26,305)2,200 (28,505)n/m Residual interests classified as debt change in valuation inputs or assumptions(2) 16 12 4 33 %43 47 (4)(9)% Directly attributable expenses: Direct advertising(119,825)(79,313)(40,512)51 %(216,730)(147,082)(69,648)47 % Lead generation(89,006)(49,558)(39,448)80 %(148,150)(89,803)(58,347)65 % Compensation and benefits(58,486)(42,749)(15,737)37 %(110,735)(78,638)(32,097)41 % Loan origination and servicing costs(29,387)(19,634)(9,753)50 %(54,083)(38,355)(15,728)41 % Professional services(5,463)(3,505)(1,958)56 %(9,324)(5,740)(3,584)62 % Intercompany technology platform expenses(654)(477)(177)37 %(1,266)(966)(300)31 % Other(3) (9,818)(6,852)(2,966)43 %(19,249)(14,903)(4,346)29 % Directly attributable expenses(312,639)(202,088)(110,551)55 %(559,537)(375,487)(184,050)49 % Contribution profit $399,033 $244,710 $154,323 63 %$781,419 $483,645 $297,774 62 % Adjusted net revenue Lending(4) $711,672 $446,798 $264,874 59 %$1,340,956 $859,132 $481,824 56 % __________________ (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 Three Months. Net interest income in our Lending segment increased by $200.6 million, or 54%, for the three months ended June 30, 2026 compared to the three months ended June 30, 2025. This was primarily attributable to increases in aggregate average personal and student loan unpaid principal balances of $7.3 billion (42%) and $5.6 billion (59%), respectively, partially offset by lower weighted average interest rates on personal and student loans. The personal and student loan average balance increases were primarily attributable to higher origination volume for our balance sheet. 86 SoFi Technologies, Inc. TABLE OF CONTENTS Six Months. Net interest income in our Lending segment increased by $340.2 million, or 46%, for the six months ended June 30, 2026 compared to the six months ended June 30, 2025. This was primarily attributable to increases in aggregate average personal and student loan unpaid principal balances of $5.9 billion (34%) and $5.3 billion (59%), respectively, partially offset by lower weighted average interest rates on personal and student loans. The personal and student loan average balance increases were primarily attributable to higher origination volume for our balance sheet. Noninterest income Noninterest income in our Lending segment increased by $80.7 million, or 114%, and increased by $170.1 million, or 138%, for the three and six months ended June 30, 2026, respectively, compared to the same periods in 2025, driven by higher loan origination, sales, securitizations and servicing income. Loan Origination, Sales, Securitizations and Servicing The following table presents the components of noninterest income loan origination, sales, securitizations and servicing: Three Months Ended June 30,2026 vs 2025 Six Months Ended June 30,2026 vs 2025 ($ in thousands)20262025$ Change% Change20262025$ Change% Change In period originations, loan sale execution and fair value adjustments(1) $(79,657)$188,094 $(267,751)n/m$(42,082)$428,510 $(470,592)n/m Economic derivative hedges of loan fair values212,798 (71,526)284,324 n/m374,641 (206,499)581,140 n/m Loan origination fees198,505 120,758 77,747 64 %336,783 222,756 114,027 51 % Loan write-off expense whole loans(2) (195,283)(153,925)(41,358)27 %(389,022)(314,595)(74,427)24 % Other(3) 15,137 (12,575)27,712 n/m13,369 (6,556)19,925 n/m Loan origination, sales, securitizations and servicing noninterest income $151,500 $70,826 $80,674 114 %$293,689 $123,616 $170,073 138 % ___________________ (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 June 30, 2026 and 2025, includes gross write-offs of $229.3 million and $179.1 million, respectively. Total recoveries were $34.1 million and $25.1 million, respectively, of which $24.6 million and $17.2 million, respectively, were captured via loan sales to a third-party collection agency. For the six months ended June 30, 2026 and 2025, includes gross write-offs of $456.0 million and $365.8 million, respectively. Total recoveries were $67.0 million and $51.3 million, respectively, of which $49.0 million and $36.7 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 15. Commitments, Guarantees, Concentrations and Contingencies to the Notes to Condensed Consolidated Financial Statements for additional information). Three Months. The increase in loan origination, sales, securitizations and servicing income of $80.7 million, or 114%, for the three months ended June 30, 2026 compared to the three months ended June 30, 2025 was primarily driven by: (i) gains ($294.9 million) during the 2026 period compared to losses in the 2025 period on interest rate swap positions primarily related to personal loans and student loans as rates shifted during the period, (ii) higher origination fees ($77.7 million) primarily driven by increased originations compared to the year ago quarter, and (iii) net fair value gains on home loans ($8.9 million) primarily impacted by increased home loan origination volume. These increases were partially offset by (i) net fair value losses on personal loans and student loans driven by weighted average mark decreases ($280.1 million) and (ii) net higher loan write-offs ($41.4 million) driven by balance sheet growth. Six Months. The increase in income of $170.1 million, or 138%, for the six months ended June 30, 2026 compared to the six months ended June 30, 2025 was primarily driven by (i) gains ($577.6 million) during the 2026 period compared to losses in the 2025 period on interest rate swap positions primarily related to personal loans and student loans as rates shifted during the period, (ii) higher origination fees ($114.0 million) primarily driven by increased personal loans originations compared to the year ago quarter, and (iii) net fair value gains on home loans ($20.5 million) primarily impacted by increased home loan origination volume. 87 SoFi Technologies, Inc. TABLE OF CONTENTS These increases were partially offset by (i) net fair value losses on personal loans and student loans driven by weighted average mark decreases ($503.7 million) and (ii) net higher loan write-offs ($74.4 million) driven by balance sheet growth. Servicing We own the master servicing on all of the servicing rights that we retain and, in each case, recognize the gross servicing rate applicable to each serviced loan. Sub-servicers are utilized for all serviced student loans and home loans, which represents a cost to SoFi, but these arrangements do not impact our calculation of the weighted average basis points earned for each loan type serviced. Further, there is no impact on servicing income due to forbearance and moratoriums on certain debt collection activities, and there are no waivers of late fees. The table below presents information related to our loan servicing assets: Three Months Ended June 30,2026 vs 2025 Six Months Ended June 30,2026 vs 2025 ($ in thousands)20262025$ Change% Change20262025$ Change% Change Servicing income recognized Personal loans$40,355 $26,276 $14,079 54 %$77,136 $62,902 $14,234 23 % Student loans2,876 5,139 (2,263)(44)%5,902 8,139 (2,237)(27)% Home loans5,473 4,489 984 22 %10,565 8,913 1,652 19 % Servicing rights fair value change Personal loans$(6,139)$(6,028)$(111)n/m$(19,329)$48,516 $(67,845)n/m Student loans(2,569)(9,751)7,182 n/m(5,644)(15,212)9,568 n/m Home loans5,124 1,005 4,119 410 %11,113 (426)11,539 n/m Directly attributable expenses Three Months. Lending segment directly attributable expenses increased by $110.6 million, or 55%, for the three months ended June 30, 2026 compared to the three months ended June 30, 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. Six Months. Lending segment directly attributable expenses increased by $184.1 million, or 49%, for the six months ended June 30, 2026 compared to the six months ended June 30, 2025, primarily due to: (i) an increase in direct advertising primarily related to online, digital and direct mail advertising, (ii) an increase in expense related to personal loan lead generation channels, and (iii) an increase in allocated compensation and related benefits, which reflected increases in headcount and salary in 2026 to support growth in the Lending segment. Total Products Total products in our Lending segment is a subset of our total products metric. See Key Business Metrics and Business Overview for further discussion of this measure as it relates to our Lending segment. 88 SoFi Technologies, Inc. TABLE OF CONTENTS In the table below, we present certain metrics and financial information related to our Lending segment: Three Months Ended June 30,2026 vs 2025 Six Months Ended June 30,2026 vs 2025 Metric20262025Change% Change20262025Change% Change Total products (number, as of period end)3,093,359 2,280,368 812,991 36 %3,093,359 2,280,368 812,991 36 % Origination volume ($ in thousands, during period) Personal loans(1) $10,718,359 $6,968,746 $3,749,613 54 %$19,058,608 $12,505,587 $6,553,021 52 % Student loans2,686,760 993,326 1,693,434 170 %5,300,468 2,184,789 3,115,679 143 % Home loans1,393,375 798,881 594,494 74 %2,618,049 1,316,639 1,301,410 99 % Total$14,798,494 $8,760,953 $6,037,541 69 %$26,977,125 $16,007,015 $10,970,110 69 % Loans with a balance (number, as of period end)(2) 2,130,211 1,463,597 666,614 46 %2,130,211 1,463,597 666,614 46 % Average loan balance ($, as of period end)(2) Personal loans$25,361 $25,832 $(471)(2)%$25,361 $25,832 $(471)(2)% Student loans(3) 45,905 43,209 2,696 6 %45,905 43,209 2,696 6 % Home loans232,271 270,540 (38,269)(14)%232,271 270,540 (38,269)(14)% __________________ (1)Inclusive of origination volume related to our Loan Platform Business. For the three months ended June 30, 2026 and 2025, we originated $3.1 billion and $2.4 billion, respectively, of personal loans on behalf of third parties. For the six months ended June 30, 2026 and 2025, we originated $6.1 billion and $4.0 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 and six months ended June 30, 2026, total personal loan origination volume increased by 54% and 52%, respectively, relative to the corresponding 2025 period, inclusive of increases of $3.1 billion and $6.1 billion, respectively, 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 and six months ended June 30, 2026, student loan origination volume increased by 170% and 143%, respectively, 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 and six months ended June 30, 2026, home loan origination volume increased by 74% and 99%, respectively, relative to the corresponding 2025 period. Our home loan origination volume increased notably throughout 2024 and into 2025, 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 89 SoFi Technologies, Inc. TABLE OF CONTENTS 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 June 30,Six Months Ended June 30, ($ in thousands)2026202520262025 Overall weighted average origination FICO 747 749 748 747 Personal Loans(1) Weighted average origination FICO742 743 744 743 Weighted average interest rate earned(2) 12.69 %13.09 %12.73 %13.17 % Interest income recognized$784,554 $570,351 $1,470,213 $1,132,565 Sales of loans$3,237,871 $2,661,123 $6,268,489 $5,410,043 Student Loans Weighted average origination FICO760 768 763 769 Weighted average interest rate earned(2) 5.89 %5.93 %5.90 %5.97 % Interest income recognized$223,206 $141,369 $421,451 $267,280 Sales of loans$ $ $ $ Home Loans Weighted average origination FICO754 749 754 749 Weighted average interest rate earned(2) 7.69 %7.62 %7.77 %7.65 % Interest income recognized$34,153 $7,538 $59,601 $11,657 Sales of loans$833,683 $777,297 $1,597,610 $1,099,568 __________________ (1)Inclusive of activity related to loans originated and subsequently sold as part of our Loan Platform Business. For the three months ended June 30, 2026 and 2025, included $3.1 billion and $2.4 billion, respectively, related to loans originated on behalf of third parties. For the six months ended June 30, 2026 and 2025, included $6.1 billion and $3.9 billion, respectively, related to loans originated on behalf of third parties. (2)Weighted average interest rate earned represents annualized interest income recognized divided by the average of the unpaid principal balances of loans outstanding during the period, which are impacted by loan holding periods as well as interest rates charged to borrowers. Weighted average interest rate earned was determined on a daily basis. 90 SoFi Technologies, Inc. TABLE OF CONTENTS Transfers of Financial Assets We regularly transfer financial assets and account for such transfers as either sales or secured borrowings depending on the facts and circumstances of the transfer. See Note 4. Loans to the Notes to Condensed Consolidated Financial Statements for additional information. The following table summarizes our current whole loan sales: Three Months Ended June 30,Six Months Ended June 30, ($ in thousands)2026202520262025 Personal loans Fair value of consideration received: Cash$ $200,326 $ $1,313,348 11,817 80,442 Repurchase liabilities recognized (520) (1,800) Total consideration 211,623 1,391,990 Aggregate unpaid principal balance and accrued interest of loans sold 200,526 1,313,698 Realized gain$ $11,097 $ $78,292 Sale execution(1)(2) %105.8 % %106.1 % Fair value of consideration received: Cash$839,258 $792,211 $1,612,357 $1,118,851 Servicing assets recognized8,130 4,222 15,507 7,016 Repurchase liabilities recognized(1,040)(1,534)(2,106)(2,143) Total consideration846,348 794,899 1,625,758 1,123,724 Aggregate unpaid principal balance and accrued interest of loans sold834,452 779,332 1,598,967 1,101,864 Realized gain$11,896 $15,567 $26,791 $21,860 Sale execution(1) 101.6 %102.2 %101.8 %102.2 % _____________________ (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 and six months ended June 30, 2025 had related origination fees of $5,167 and $35,505, respectively. Sales execution, for three and six months ended June 30, 2025, including these origination fees would be 108.4% and 108.8%, respectively. There were no personal loan sales during the three and six months ended June 30, 2026. The following table summarizes our delinquent whole loan sales: Three Months Ended June 30,Six Months Ended June 30, ($ in thousands)2026202520262025 Personal loans Fair value of consideration received: Cash$7,179 $7,200 $14,293 $14,400 Servicing assets recognized6,312 6,304 12,566 12,610 Repurchase liabilities recognized108 (90)(8)(171) Total consideration13,599 13,414 26,851 26,839 Aggregate unpaid principal balance and accrued interest of loans sold(1)(2) 94,286 94,699 187,816 189,532 Realized loss$(80,687)$(81,285)$(160,965)$(162,693) Sale execution(3) 14.3 %14.3 %14.3 %14.3 % _____________________ (1) During the three and six months ended June 30, 2026, includes $89.7 million and $178.7 million, respectively, of aggregate unpaid principal balance sold, related to late-stage delinquent loans for which we retained servicing and portions of recoveries. During the three and six months ended June 30, 2025, includes $90.0 million and $180.0 million, respectively, of aggregate unpaid principal balance sold, related to late-stage delinquent loans for which we retained servicing and portions of recoveries. 91 SoFi Technologies, Inc. TABLE OF CONTENTS (2) For the three and six months ended June 30, 2026, $56.2 million and $114.1 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. For the three and six months ended June 30, 2025, $63.4 million and $126.7 million, respectively, of unpaid principal balance was recorded in prior periods as a write down in noninterest income loan origination, sales, securitizations and servicing in the condensed consolidated statements of operations and comprehensive income. These loans were sold prior to charge-off during the respective periods and otherwise would have been charged off as of June 30, 2026 and 2025, respectively, consistent with our policy. In our other charged off whole loan sales, we typically do not retain servicing or recoveries. (3) Sale execution represents the ratio of cash proceeds and servicing assets recognized to the aggregate unpaid principal balance and accrued interest of the loans sold. Amounts included in repurchase liabilities are excluded from the calculation, as they typically would not materially differ from the fair value markdown on the loans over the repurchase period had they been held on balance sheet and entered delinquency. Technology Platform Segment Technology Platform Segment Results of Operations The following table presents the measure of contribution profit for the Technology Platform segment. Three Months Ended June 30,2026 vs 2025 Six Months Ended June 30,2026 vs 2025 ($ in thousands)20262025$ Change% Change20262025$ Change% Change Net interest income$1,022 $266 $756 284 %$1,377 $679 $698 103 % Noninterest income83,483 109,567 (26,084)(24)%158,214 212,581 (54,367)(26)% Total net revenue 84,505 109,833 (25,328)(23)%159,591 213,260 (53,669)(25)% Directly attributable expenses: Compensation and benefits(51,804)(44,168)(7,636)17 %(97,894)(88,654)(9,240)10 % Product fulfillment(2,423)(15,250)12,827 (84)%(4,950)(29,212)24,262 (83)% Tools and subscriptions(8,209)(10,688)2,479 (23)%(15,200)(17,578)2,378 (14)% Professional services(4,515)(3,906)(609)16 %(8,826)(6,576)(2,250)34 % Other(1) (5,782)(2,626)(3,156)120 %(8,950)(7,132)(1,818)25 % Directly attributable expenses(72,733)(76,638)3,905 (5)%(135,820)(149,152)13,332 (9)% Contribution profit $11,772 $33,195 $(21,423)(65)%$23,771 $64,108 $(40,337)(63)% ___________________ (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 $1.0 million and $1.4 million for the three and six months ended June 30, 2026, respectively, and $0.3 million and $0.7 million for the three and six months ended June 30, 2025, respectively, relates to interest income earned on segment cash balances. Noninterest income Three Months. Noninterest income in our Technology Platform segment decreased by $26.1 million, or 24%, for the three months ended June 30, 2026 compared to the three months ended June 30, 2025. The decrease was primarily attributable to a decline in technology services fees of $39.1 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 $9.6 million, primarily attributable to increased usage of technology platform services during the 2026 period by our Financial Services segment as we continue to leverage synergies to enhance our product offerings. Six Months. Noninterest income in our Technology Platform segment decreased by $54.4 million, or 26%, for the six months ended June 30, 2026 compared to the six months ended June 30, 2025. The decrease was primarily attributable to a decline in technology services fees of $76.3 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 $18.2 million, primarily attributable to increased usage of technology platform services during the 2026 period by our Financial Services segment as we continue to leverage synergies to enhance our product offerings. 92 SoFi Technologies, Inc. TABLE OF CONTENTS Directly attributable expenses Three Months. Technology Platform segment directly attributable expenses decreased by $3.9 million, or 5%, for the three months ended June 30, 2026 compared to the three months ended June 30, 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. Six Months. Technology Platform segment directly attributable expenses decreased by $13.3 million, or 9%, for the six months ended June 30, 2026 compared to the six months ended June 30, 2025, primarily attributable to a decrease in product fulfillment costs, primarily related to payment processing network association fees associated with decreased activity on the platform. Total Accounts In the table below, we present the total accounts metric related to our Technology Platform segment: 2026 vs 2025 June 30, 2026June 30, 2025Change% Change Total accounts134,804,238 160,046,369 (25,242,131)(16)% See Key Business Metrics and Business Overview for further discussion of this measure as it relates to our Technology Platform segment. Financial Services Segment Financial Services Segment Results of Operations The following table presents the measure of contribution profit for the Financial Services segment: Three Months Ended June 30,2026 vs 2025 Six Months Ended June 30,2026 vs 2025 ($ in thousands)20262025$ Change% Change20262025$ Change% Change Net interest income$249,052 $193,322 $55,730 29 %$476,792 $366,521 $110,271 30 % Noninterest income217,226 169,211 48,015 28 %418,029 299,131 118,898 40 % Total net revenue 466,278 362,533 103,745 29 %894,821 665,652 229,169 34 % Provision for credit losses(13,756)(10,031)(3,725)37 %(22,646)(15,670)(6,976)45 % Directly attributable expenses: Compensation and benefits(59,966)(38,143)(21,823)57 %(117,391)(80,622)(36,769)46 % Direct advertising(3,659)(8,423)4,764 (57)%(15,653)(14,099)(1,554)11 % Lead generation(55,372)(33,180)(22,192)67 %(106,996)(64,848)(42,148)65 % Product fulfillment(30,781)(19,036)(11,745)62 %(57,378)(37,737)(19,641)52 % Member incentives(31,357)(18,003)(13,354)74 %(55,991)(34,086)(21,905)64 % Professional services(8,209)(6,475)(1,734)27 %(17,858)(13,732)(4,126)30 % Intercompany technology platform expenses(15,088)(13,320)(1,768)13 %(27,815)(24,341)(3,474)14 % Other(1) (35,414)(27,690)(7,724)28 %(64,833)(43,953)(20,880)48 % Directly attributable expenses(239,846)(164,270)(75,576)46 %(463,915)(313,418)(150,497)48 % Contribution profit $212,676 $188,232 $24,444 13 %$408,260 $336,564 $71,696 21 % ___________________ (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 $55.7 million, or 29%, and $110.3 million, or 30%, for the three and six months ended June 30, 2026 compared to the same periods in 2025, which was primarily attributable to net interest income earned on our deposits which includes interest income based on our FTP framework (which is eliminated in consolidation) and interest expense to members. This net increase corresponds with the growth of our SoFi Money product and related deposits at SoFi Bank. 93 SoFi Technologies, Inc. TABLE OF CONTENTS Noninterest income The table below presents revenue from contracts with customers disaggregated by type of service, as well as a reconciliation of total revenue from contracts with customers to total noninterest income for the Financial Services segment. Three Months Ended June 30,2026 vs 2025 Six Months Ended June 30,2026 vs 2025 ($ in thousands)20262025$ Change% Change20262025$ Change% Change Referrals, loan platform business(1) $24,358 $22,548 $1,810 8 %$43,635 $42,248 $1,387 3 % Referrals, other(2) 3,701 2,588 1,113 43 %7,457 5,118 2,339 46 % Interchange(2) 41,059 26,502 14,557 55 %76,260 49,314 26,946 55 % Brokerage(2) 18,127 7,542 10,585 140 %33,231 14,527 18,704 129 % Net crypto transaction revenue1,183 1,183 n/m2,035 2,035 n/m Other(2)(3) 9,621 2,166 7,455 344 %15,593 3,897 11,696 300 % Total net revenue from contracts with customers(4) 98,049 61,346 36,703 60 %178,211 115,104 63,107 55 % Loan platform business, other(1) 116,572 104,857 11,715 11 %235,550 177,907 57,643 32 % Other sources of revenue(5) 2,604 3,008 (404)(13)%4,267 6,120 (1,853)(30)% Total Financial Services noninterest income$217,225 $169,211 $48,014 28 %$418,028 $299,131 $118,897 40 % _____________________ (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 3. Revenue to the Notes to Condensed Consolidated Financial Statements for additional information. (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 $48.0 million, or 28%, for the three months ended June 30, 2026 compared to the three months ended June 30, 2025, primarily due to: (i) an increase in interchange fees of $14.6 million, which coincided with increased debit card and credit card transactions; (ii) an increase in Loan Platform Business revenue of $13.5 million, primarily driven by higher loan platform fees from increased third-party loan originations for subsequent sale and higher revenue from pre-qualified borrower referrals as we continued to increase partner volume; and (iii) an increase in brokerage fees of $10.6 million reflecting both growing engagement and stronger monetization from our SoFi Invest product. Six Months. Noninterest income in our Financial Services segment increased by $118.9 million, or 40%, for the six months ended June 30, 2026 compared to the six months ended June 30, 2025, primarily due to: (i) growth in our Loan Platform Business revenue of $59.0 million primarily driven by higher loan platform fees from increased third-party loan originations for subsequent sale and higher revenue from pre-qualified borrower referrals as we continued to increase partner volume; (ii) an increase in interchange fees of $26.9 million, which coincided with increased debit card and credit card transactions; and (iii) an increase in brokerage fees of $18.7 million reflecting both growing engagement and stronger monetization from our SoFi Invest product. Provision for credit losses Provision for credit losses in our Financial Services segment increased by $3.7 million, or 37%, and $7.0 million, or 45%, for the three and six months ended June 30, 2026, respectively, compared to the same periods in 2025. The allowance increase of $4.5 million and $5.5 million, respectively, during the three and six months ended June 30, 2026 primarily reflected growth in the credit card portfolio balances, partially offset by continued strength in credit quality of the portfolio. Net charge-offs increased driven by higher average credit card balances. 94 SoFi Technologies, Inc. TABLE OF CONTENTS Directly attributable expenses Three Months. Financial Services directly attributable expenses increased by $75.6 million, or 46%, for the three months ended June 30, 2026 compared to the three months ended June 30, 2025, primarily due to: (i) an increase in allocated compensation and related benefits which reflected an increase in headcount and salary in 2026 to support growth in the Financial Services segment; (ii) a net increase in direct advertising and lead generation costs as we continue to expand our Money and Invest products, and Loan Platform Business; (iii) an increase in member incentives utilized to drive adoption and usage of our Financial Services products; and (iv) an increase in product fulfillment costs, which included debit card fulfillment services, primarily related to our Money product. Six Months. Financial Services directly attributable expenses increased by $150.5 million, or 48%, for the six months ended June 30, 2026 compared to the six months ended June 30, 2025, primarily due to: (i) a net increase in direct advertising and lead generation costs as we continue to expand our Money and Invest products, and Loan Platform Business; (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; (iii) an increase in product fulfillment costs, which included debit card fulfillment services, primarily related to our Money product; and (iv) an increase in member incentives utilized to drive adoption and usage of our Financial Services products. Total Products In the table below, we present the total products metric related to our Financial Services segment: 2026 vs 2025 June 30, 2026June 30, 2025Change% Change Total products21,287,615 14,861,673 6,425,942 43 % 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 June 30,2026 vs 2025 Six Months Ended June 30,2026 vs 2025 ($ in thousands)20262025$ Change% Change20262025$ Change% Change Net interest income (expense)$(35,177)$(48,426)$13,249 (27)%$(70,515)$(83,933)$13,418 (16)% Noninterest income (loss)(21,728)(12,508)(9,220)74 %(32,071)(25,161)(6,910)27 % Total net revenue (loss) $(56,905)$(60,934)$4,029 (7)%$(102,586)$(109,094)$6,508 (6)% 95 SoFi Technologies, Inc. TABLE OF CONTENTS Reconciliation of Directly Attributable Expenses The following table reconciles directly attributable expenses allocated to our reportable segments to total noninterest expense in the condensed consolidated statements of operations and comprehensive income: Three Months Ended June 30,Six Months Ended June 30, ($ in thousands)2026202520262025 Reportable segments directly attributable expenses$(625,218)$(442,996)$(1,159,272)$(838,057) Intercompany expenses27,805 18,182 52,542 34,377 Expenses not allocated to segments: Share-based compensation expense(76,865)(63,256)(148,877)(127,012) Employee-related costs(1) (103,064)(86,586)(211,519)(174,783) Depreciation and amortization expense(73,106)(56,743)(140,684)(112,026) Other corporate and unallocated expenses(2) (150,164)(101,318)(284,723)(201,515) Total noninterest expense$(1,000,612)$(732,717)$(1,892,533)$(1,419,016) ___________________ (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. 96 SoFi Technologies, Inc. TABLE OF CONTENTS Consolidated Balance Sheet Analysis Assets The following is a discussion of the significant changes in our assets, liabilities and equity between June 30, 2026 and December 31, 2025. 2026 vs 2025 ($ in thousands)June 30, 2026December 31, 2025$ Change% Change Assets Total cash, cash equivalents, restricted cash and restricted cash equivalents$3,565,559 $5,356,773 $(1,791,214)(33)% Investment securities4,225,652 2,575,607 1,650,045 64 % Total loans47,933,382 38,037,063 9,896,319 26 % All other assets(1) 5,222,955 4,691,035 531,920 11 % Total assets$60,947,548 $50,660,478 $10,287,070 20 % ___________________ (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 June 30, 2026 were $60.9 billion, up $10.3 billion, or 20%, from December 31, 2025. The increase was primarily attributable to an increase in total loans of $9.9 billion, comprised of held for sale ($6.9 billion) driven by an increase in personal and home loan originations and an increase in our loans held for investment ($3.0 billion) which was primarily related to student loan originations. This increase was partially offset by a reduction in cash, cash equivalents of $1.8 billion. See "Cash Flow and Liquidity Analysis" for further discussion of changes in total cash, cash equivalents, restricted cash and restricted cash equivalents during the six months ended June 30, 2026. 2026 vs 2025 ($ in thousands)June 30, 2026December 31, 2025$ Change% Change Liabilities and equity Liabilities: Total deposits$45,543,160 $37,505,395 $8,037,765 21 % Debt3,300,544 1,815,162 1,485,382 82 % All other liabilities(1) 1,027,617 850,426 177,191 21 % Total liabilities49,871,321 40,170,983 9,700,338 24 % Total equity 11,076,227 10,489,495 586,732 6 % Total liabilities and equity $60,947,548 $50,660,478 $10,287,070 20 % ___________________ (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 June 30, 2026 were $49.9 billion, up $9.7 billion, or 24%, from December 31, 2025. The increase was primarily attributable to an increase in total deposits ($8.0 billion) driven by our differentiated checking and savings account offerings and competitive APY. Total equity as of June 30, 2026 was $11.1 billion, up $586.7 million, or 6%, from December 31, 2025. The increase was primarily attributable a decrease in accumulated deficit driven by net income during the six months ended June 30, 2026 as well as the completion of a common stock offering in January 2026. 97 SoFi Technologies, Inc. TABLE OF CONTENTS Cash Flow and Liquidity Analysis The following table provides a summary of cash flow data: Six Months Ended June 30, ($ in thousands)20262025 Net cash used in operating activities$(6,205,438)$(1,445,406) Net cash used in investing activities(5,225,196)(3,162,691) Net cash provided by financing activities9,640,126 4,614,172 Cash Flows from Operating Activities For the six months ended June 30, 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 $21.7 billion during the period. These cash uses were partially offset by cash proceeds of principal loan payments of $7.1 billion and principal loan sales of $7.7 billion. For the six months ended June 30, 2025, 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, paydowns on our loans previously classified as held for sale, and favorable changes in other assets. We had principal loan originations of $13.8 billion and principal loan purchases of $5.2 million during the period. These cash uses were partially offset by principal loan payments of $5.4 billion and principal loan sales of $6.4 billion. Cash Flows from Investing Activities For the six months ended June 30, 2026, net cash used in investing activities was primarily driven by growth in our loans and AFS investment portfolio, including $5.3 billion of loan originations and $2.5 billion of AFS investment purchases, as well as net outflows related to credit cards of $45.8 million. These outflows were partially offset by $2.0 billion of proceeds from loan repayments and recoveries, $605.8 million of AFS investment sales and $345.9 million of AFS investment payments and maturities. For the six months ended June 30, 2025, net cash used in investing activities was primarily driven by growth in our loans and investment portfolios, including $2.5 billion of loan originations, $896.8 million of loan purchases and $905.4 million of investment purchases, as well as net outflows related to credit cards of $100.2 million. These outflows were partially offset by $891.2 million of proceeds from loan repayments and recoveries as well as $204.8 million of investment sales and $247.3 million of investment payments and maturities. Cash Flows from Financing Activities For the six months ended June 30, 2026, net cash provided by financing activities was primarily attributable to net cash sources from our SoFi Bank deposits of $8.0 billion and $1.5 billion increase in our personal and student loan warehouse facilities as part of our normal balance sheet management as well as proceeds of $87.4 million from the common stock offering that we completed in the first quarter of 2026. For the six months ended June 30, 2025, net cash provided by financing activities was primarily attributable to net cash sources from our SoFi Bank deposits and increase in our personal and student loan warehouse facilities as part of our normal balance sheet management. 98 SoFi Technologies, Inc. TABLE OF CONTENTS Liquidity and Capital Resources Liquidity We strive to maintain access to diverse funding sources and ample liquidity to fund our operating requirements, to pursue strategic growth initiatives and to meet our legal and regulatory requirements. Our principal sources of liquidity are our cash and cash equivalents, including cash from operations, and investments in other highly liquid assets. We maintain Treasury risk policies which outline specific requirements relating to the oversight of SoFi Technologies, Inc. (and its subsidiaries) capital planning, financial planning and forecasting, liquidity risk management, contingency funding planning, interest rate risk management, cash management and financial operations, among other activities. Oversight of these activities is the responsibility of our ALCO. The ALCO is a management committee comprised of a cross-functional leadership team that is responsible for managing our use of capital, liquidity, sources and uses of funding, and sensitivities to various market risks, by identifying key risks and exposures, monitoring them appropriately, establishing tolerances and limits, mitigating risks where appropriate, and facilitating timely responses to changes in the macroeconomic environment and liquidity events to work to ensure the Company has the ability to meet its obligations. The following table summarizes our total liquidity reserves: June 30, 2026 ($ in thousands)Amount AvailableAmount Borrowed / UtilizedRemaining Available Capacity Cash and cash equivalents$3,126,237 n/a$3,126,237 Investments in AFS debt securities(1) 3,505,491 n/a3,505,491 Warehouse facilities(2) 7,180,000 1,488,307 5,691,693 Revolving credit facility(3) 645,000 497,400 147,600 FHLB advances(4) 1,203,245 46,700 1,156,545 Other lines of credit(5) 50,000 50,000 Total liquidity$15,709,973 $2,032,407 $13,677,566 ___________________ (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 9. Debt to the Notes to Condensed Consolidated Financial Statements for additional information. (3)As of June 30, 2026, the amount utilized under the revolving credit facility includes $11.4 million utilized to secure letters of credit. See Note 9. Debt to the Notes to Condensed Consolidated Financial Statements for additional information. (4)As of June 30, 2026, we had $472.0 million of investments in AFS debt securities and $1.3 billion of loans pledged as collateral to the FHLB to secure undrawn borrowing capacity of $1.2 billion, 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 June 30, 2026 and December 31, 2025, time deposit balances due in less than one year totaled $4.4 billion and $1.2 billion, respectively. As of June 30, 2026 and December 31, 2025, the amount of uninsured deposits totaled $1.1 billion and $1.0 billion, respectively. As of June 30, 2026, approximately 98% 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 99 SoFi Technologies, Inc. TABLE OF CONTENTS 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 June 30, 2026, we had debt obligations and common stock outstanding. 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 9. 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 9. 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 June 30, 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 June 30, 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. 100 SoFi Technologies, Inc. TABLE OF CONTENTS 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 June 30, 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. The risk- and leverage-based capital ratios and amounts are presented below: June 30, 2026December 31, 2025 ($ in thousands)AmountRatioAmountRatioRequired Minimum(1) Well-Capitalized Minimum(2) SoFi Technologies(3) CET1 risk-based capital$9,112,892 18.7 %$8,473,542 22.8 %7.0 %n/a Tier 1 risk-based capital9,112,892 18.7 %8,473,542 22.8 %8.5 %n/a Total risk-based capital9,169,161 18.8 %8,524,272 22.9 %10.5 %n/a Tier 1 leverage9,112,892 16.5 %8,473,542 18.8 %4.0 %n/a Risk-weighted assets48,682,417 37,234,048 Quarterly adjusted average assets55,260,718 45,007,951 SoFi Bank CET1 risk-based capital$7,078,531 15.2 %$5,789,629 16.4 %7.0 %6.5 % Tier 1 risk-based capital7,078,531 15.2 %5,789,629 16.4 %8.5 %8.0 % Total risk-based capital7,134,800 15.3 %5,840,360 16.6 %10.5 %10.0 % Tier 1 leverage7,078,531 13.3 %5,789,629 13.5 %4.0 %5.0 % Risk-weighted assets46,672,968 35,221,924 Quarterly adjusted average assets53,060,989 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 June 30, 2026 are estimated. As of June 30, 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 June 30, 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, 101 SoFi Technologies, Inc. TABLE OF CONTENTS 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 15. 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 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 second 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 June 30, 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 102 SoFi Technologies, Inc. TABLE OF CONTENTS 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 7. 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 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 June 30, 2026, we had goodwill of $1.4 billion, substantially all of which 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 second 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 June 30, 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 103 SoFi Technologies, Inc. TABLE OF CONTENTS 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 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 June 30, 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 June 30, 2026, would not have a material impact on our consolidated results of operations. We also recently launched SoFiUSD, our proprietary stablecoin, which is issued by our nationally chartered bank, SoFi Bank, N.A. Each SoFiUSD is redeemable 1:1 for a U.S. dollar, and SoFi or a permitted custodian maintains reserve assets in the form of U.S. currency held in cash, which are separately tracked, for the purpose of supporting SoFiUSD redemptions. The aggregate value of these reserve assets is at least equal to the outstanding supply of SoFiUSD. Because of the nature of the related reserve assets, we do not believe SoFiUSD exposes the Company to material price risk nor foreign currency exchange rate risk. Given the structure of SoFiUSD and the nature of the related reserve assets, as well as the amount as of June 30, 2026, a hypothetical significant change in market prices or exchange rates 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 104 SoFi Technologies, Inc. TABLE OF CONTENTS 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. 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 12. 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)June 30, 2026December 31, 2025 Basis point change scenario +200$(346,178)$(202,098) +100(159,004)(92,576) -100160,635 147,284 -200339,287 261,612 Change in Fair Value ($ in thousands)June 30, 2026December 31, 2025 Basis point change scenario +200$(2,095,012)$(1,563,414) +100(1,040,813)(766,103) -1001,225,167 945,703 -2002,460,083 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. 105 SoFi Technologies, Inc. TABLE OF CONTENTS 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. 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 June 30, 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 June 30, 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 June 30, 2026. Impact if Credit Loss Rates: ($ in thousands)Increase 10 PercentDecrease 10 Percent $(205,583) $205,583 Carrying value (5,646) 5,646 Income (loss) before income taxes (211,229) 211,229 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 106 SoFi Technologies, Inc. TABLE OF CONTENTS 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 six months ended June 30, 2026. As of June 30, 2026, gross derivative asset and liability positions subject to master netting arrangements were $228.6 million and $10.2 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 June 30, 2026, we had total borrowing capacity under loan warehouse facilities of $7.2 billion, of which $1.5 billion was utilized. Refer to Note 9. 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 10. 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 resulting from inadequate or failed internal processes, controls, people (including human error or misconduct), systems (including technology failures), business continuity disruptions, external events (such as natural disasters), or failures relating to compliance, legal, regulatory, or cybersecurity matters. We manage these risks across our operations, including those arising from fraud losses associated with applications (and any related fines or monetary penalties), transaction processing, our employees, and third parties with whom we contract or otherwise do business, including service providers supporting 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. Cyber threats remain an elevated risk to operations as attacks increase in frequency and sophistication. Threat actors including nation-state actors, organized crime, insiders, and hacktivists are becoming more persistent, well-funded, and increasingly leverage AI to enhance the scale and speed of their operations. This technology lowers barriers for actors to find and exploit weaknesses while they continually evolve techniques to evade detection. While we maintain a layered system of preventive and detective controls, our exposure is heightened by potentially weaker capabilities within customer and third-party ecosystems, as well as uncertainties surrounding zero-day vulnerabilities and potential flaws in open-source or proprietary software. 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, 107 SoFi Technologies, Inc. TABLE OF CONTENTS 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 June 30, 2026 that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting. 108 SoFi Technologies, Inc. TABLE OF CONTENTS PART II OTHER INFORMATION Item 1. Legal Proceedings The information required by Item 103 of Regulation S-K is included in Note 15. 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, you 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 requires us to establish and 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 109 SoFi Technologies, Inc. TABLE 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 On June 8, 2026, Jeremy Rishel, Chief Technology Officer, adopted a trading arrangement during an open trading window for the sale of the Company s common stock that is intended to satisfy the affirmative defense conditions of Securities Exchange Act Rule 10b5-1(c) (a Rule 10b5-1 Trading Plan ). Mr. Rishel s Rule 10b5-1 Trading Plan, which has a term ending on June 30, 2027, provides for the sale of up to 273,917 shares of common stock, representing the gross number of shares subject to the Rule10b5-1 Trading Plan excluding the potential effect of shares withheld for taxes, pursuant to one or more market or limit orders. The actual number of shares that may be sold will be calculated as RSU vesting and satisfaction of tax withholding obligations occur. During the three months ended June 30, 2026, no other 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).