SoFi Technologies Inc

The following table presents the components of our total noninterest income:

Total noninterest income increased by $30.8 million, or 13%, for the three months ended March 31, 2025 compared to the three months ended March 31, 2024.

Loan Origination, Sales, and Securitizations

Loan origination, sales and securitizations decreased by $8.6 million, or 15%, for the three months ended March 31, 2025 compared to the three months ended March 31, 2024. The decrease was driven primarily by losses during the 2025 period compared to gains in the 2024 period on student loan, personal loan and risk retention interest rate swap positions and higher personal and student loan write-offs. These decreases were partially offset by higher fair value gains on personal and student loans and higher origination fees.

Technology Products and Solutions

Technology products and solutions increased by $0.8 million, or 1%,for the three months ended March 31, 2025 compared to the three months ended March 31, 2024. The increase was driven by increased processing and service arrangement activity among our integrated technology solutions clients as well as new client account growth.

Loan Platform Fees and Related Servicing

Loan platform fees and related servicing increased by $83.7 million, or 673%, for the three months ended March 31, 2025 compared to the three months ended March 31, 2024. The increase was driven by increases in loan platform fees related to revenue from loans which we originate on behalf of third parties in order to subsequently sell as well as pre-qualified borrower referrals to third-party loan origination partners.

The following table presents the components of noninterest income associated with our Loan Platform Business:

(1)Recorded within noninterest income—loan platform feesin the condensed consolidated statements of operations and comprehensive income, and the Financial Services reportable segment.

(2)Recorded within noninterest income—servicingin 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.

Servicing, Other

Other servicing, excluding Loan Platform Business servicing discussed above, decreased by $4.2 million, or 79%, for the three months ended March 31, 2025 compared to the three months ended March 31, 2024. The decrease was driven by changes in fair value on our student and home loan servicing assets.

Other

Other noninterest income decreased by $40.9 million, or 50%, for the three months ended March 31, 2025 compared to the three months ended March 31, 2024. The decrease was driven by a gain on extinguishment of debt during the 2024 period partially offset by higher interchange income.

Provision for Credit Losses

The provision for credit losses was $5.7 million for the three months ended March 31, 2025, reflecting net charge-offs of $8.0 million and an allowance release of $2.3 million. Net charge-offs of $8.0 million decreased $2.6 million compared to the three months ended March 31, 2024, driven by lower credit card charge-offs primarily due to an improved delinquency rate (total credit card delinquency rate was 3.9%, down approximately 260 bps from the comparative period) as a result of tighter underwriting standards and risk mitigation actions. The allowance release of $2.3 million was also primarily related to our credit card products, reflecting improved credit quality of the portfolio, including lower delinquencies and loss rates, partially offset by the impact of increased uncertainty relative to macroeconomic conditions and outlook.

The prior year provision for the three months ended March 31, 2024 was $7.2 million, reflecting net charge-offs of $10.6 million and an allowance release of $3.4 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:

(1)Total loans outstanding excludes accrued interest.

(2)The decrease in the ratio was primarily attributable to a decrease in the allowance for credit losses related to credit card on improved credit quality.

We omitted the credit ratios associated with nonaccrual loans, as the balance of nonaccrual loans was immaterial.

Allocation of Allowance for Credit Losses

The following table presents the allocation of the allowance for credit losses and the percentage of loans outstanding by category to total loans outstanding that are measured at amortized cost:

(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 March 31, 2025, based on this evaluation we did not recognize an allowance for credit losses on our secured loans.

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:

(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 innoninterest income—loan origination, sales, and securitizations 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 theallowance for credit losses andprovision 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 3. 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 March 31, 2025, the total net charge-off ratio was 2.37%, a decrease of 28 bps compared with the three months ended March 31, 2024, and total net charge-offs were $168.7 million, an increase of $13.3 million over the comparable period. The decrease in the total net charge-off ratio was primarily due to a lower credit card net charge-off ratio reflective of improvement in delinquency rates (total credit card delinquency rate was 3.9%, down approximately 260 bps from the comparative period) as a result of tighter underwriting standards and risk mitigation actions, as well as a lower personal loans net charge-off ratio reflective of improvement in delinquency rates (total personal loan delinquency rate was 46 bps, down approximately 26 bps from the comparative period). The increase in total net charge-offs was primarily driven by higher personal loan net charge-offs of $15.7 million reflecting an increase in average loans of 17%.