SoFi Technologies Inc

Assets

The following is a discussion of the significant changes in our assets, liabilities and permanent equity between March 31, 2025 and December 31, 2024.

(1)All other assets includes servicing rights, property, equipment and software, goodwill, intangible assets, operating lease right-of-use assets and other assets. See the condensed consolidated balance sheets within this report.

Total assets as of March 31, 2025 were $37.7 billion, up $1.5 billion, or 4%, from December 31, 2024. The increase was primarily attributable to an increase in our loans held for investment ($1.0 billion) which was primarily related to student loan originations, and an increase in loans held for sale ($541.2 million) driven by an increase in personal and home loan originations partially offset by loan sale activity as we continue to experience high demand for our loan products.

(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 Permanent Equity

Total liabilities as of March 31, 2025 were $31.1 billion, up $1.3 billion, or 5%, from December 31, 2024. The increase was primarily attributable to an increase in total deposits ($1.3 billion) driven by our differentiated checking and savings account offerings and competitive APY. This increase was partially offset by a decrease in total debt ($46.5 million) as we continue to rely less on our warehouse facilities to fund our operations.

Total permanent equity as of March 31, 2025 was $6.7 billion, up $153.4 million, or 2%, from December 31, 2024. The increase was primarily attributable to: (i) an increase in additional paid-in capital related to share-based compensation and (ii) a decrease in accumulated deficit driven by net income during the three months ended March 31, 2025.

Cash Flow and Liquidity Analysis

The following table provides a summary of cash flow data:

Cash Flows from Operating Activities

For the three months ended March 31, 2025, net cash provided by operating activities stemmed from net income, paydowns on our loans previously classified as held for sale, and favorable changes in other assets, partially offset by loans held for sale originations outpacing cash proceeds from loans held for sale paydowns and sales activities.

For the three months ended March 31, 2024, net cash provided by operating activities stemmed from net income, a favorable change in our operating assets net of operating liabilities, including cash proceeds from loans held or previously classified as held for sale paydowns and sales activities outpacing loans held for sale originations.

Cash Flows from Investing Activities

For the three months ended March 31, 2025, net cash used in investing activities was primarily driven by originations and purchases of loans held for investment outpacing repayments of loans held for investment as well as investment securities purchases. These uses were partially offset by cash proceeds from sales, maturities, and paydowns of investment securities and from sales of loans held for investment.

For the three months ended March 31, 2024, net cash used in investing activities was primarily driven by originations and purchases of loans held for investment outpacing repayments of loans held for investment as well as investment securities purchases. These uses were partially offset by cash proceeds from sales, maturities, and paydowns of investment securities and from sales of loans held for investment.

Cash Flows from Financing Activities

For the three months ended March 31, 2025, net cash provided by financing activities was primarily attributable to net cash sources from our SoFi Bank deposits. This was partially offset by our net change in debt facilities related to our warehouses and debt repayments.

For the three months ended March 31, 2024, net cash provided by financing activities was primarily attributable to net cash sources from our SoFi Bank deposits and proceeds from the issuance of our 2029 convertible notes. This was partially offset by our net change in debt facilities related to our warehouses and debt repayments.