SoFi Technologies, Inc.

Previous wording

As a bank holding company, we offer checking and savings accounts and credit cards 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. 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 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.

Current wording

As a bank holding company, we offer checking and savings accounts and credit cards 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. 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.

Previous wording

•SoFi Credit Card: Designed to help eligible members spend better with cash back rewards on every purchase and without limits. We offer three different credit card products, all of which feature no annual fee, no foreign transaction fees and cash back rewards on trips booked through SoFi Travel. The SoFi Essential credit card offers a reliable credit line for those focused on building or improving their credit scores. Our SoFi Unlimited and Everyday Cash Rewards cash back credit cards also feature flexible options to redeem cash back rewards through statement credit or other SoFi products, with a 10% boost on cash back rewards earned for credit card members with direct deposit through SoFi Checking and Savings.

Current wording

•SoFi Credit Card: Designed to help eligible members spend better with cash back rewards on every purchase and without limits. We offer three different credit card products, all of which feature no annual fee, no foreign transaction fees and cash back rewards on trips booked through SoFi Travel. The SoFi Essential credit card offers a reliable credit line for those focused on building or improving their credit scores. Our SoFi Unlimited and Everyday Cash Rewards cash back credit cards also feature flexible options to redeem cash back rewards through statement credit or other SoFi products, with a 10% boost on cash back rewards earned for SoFi Plus members.

Previous wording

•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 three months ended March 31, 2025.

Current wording

•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 59% of our total Financial Services noninterest income for the six months ended June 30, 2025.

Previous wording

•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 17% of our total Financial Services noninterest income for the three months ended March 31, 2025.

Current wording

•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 16% of our total Financial Services noninterest income for the six months ended June 30, 2025.

Previous wording

•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 three months ended March 31, 2025.

Current wording

•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 16% of our total Financial Services noninterest income for the six months ended June 30, 2025.

Previous wording

•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 5% of our total Financial Services noninterest income for the three months ended March 31, 2025.

Current wording

•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 5% of our total Financial Services noninterest income for the six months ended June 30, 2025.

Previous wording

SoFi is a financial services company that leverages technology to serve people and enterprises. We reported a number of key financial achievements in the three months ended March 31, 2025, including total net revenue of $771.8 million, representing an increase of 20% over total net revenue in the same period of 2024. For the first quarter of 2025, total fee-based revenue reached a record of $315.4 million, compared to $189.4 million in the same period of 2024, a year-over-year increase of 67%. This was driven by strong performance from our Loan Platform Business, as well as origination fee revenue, referral fee revenue, interchange fee revenue and brokerage fee revenue. Diluted EPS for the three months ended March 31, 2025 was $0.06 compared to diluted EPS of $0.02 in the same period of 2024. Diluted EPS for the 2024 period does not include benefits from the gain on convertible debt exchanges in the first quarter of 2024.

Current wording

SoFi is a financial services company that leverages technology to serve people and enterprises. We reported a number of key financial achievements in the three and six months ended June 30, 2025, including total net revenue of $854.9 million and $1.6 billion, respectively, representing an increase of 43% and 31% , respectively, over total net revenue in the same periods of 2024. For the second quarter of 2025, total fee-based revenue reached a record of $377.5 million, compared to $219.0 million in the same period of 2024, a year-over-year increase of 72%. This was driven by strong performance from our Loan Platform Business, as well as origination fee revenue, referral fee revenue, interchange fee revenue and brokerage fee revenue. Diluted EPS for the three and six months ended June 30, 2025 was $0.08 and $0.14, respectively, compared to diluted EPS of $0.01 and $0.03, respectively, in the same periods of 2024. Diluted EPS for the 2024 periods do not include benefits from the gain on convertible debt exchanges in the first quarter of 2024.

Previous wording

The following table sets forth selected financial data:

Current wording

The following tables set forth selected financial data:

Previous wording

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 10.9 million as of March 31, 2025, a 34% increase from the prior year period, while total products reached over 15.9 million as of March 31, 2025, a 35% year-over-year increase.

Current wording

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 11.7 million as of

Previous wording

Lending segment contribution profit of $238.9 million for the three months ended March 31, 2025 at a segment contribution margin of 58%, increased 15% over the respective 2024 period, which had a segment contribution margin of 63%. Lending segment performance was driven by net interest income, which rose 35% year-over-year, primarily driven by growth in average loan balances of 22%. Origination volume for our Lending products increased 66% for the three months ended

Current wording

Lending segment contribution profit of $244.7 million and $483.6 million for the three and six months ended June 30, 2025 at a segment contribution margin of 55% and 56%, respectively, increased 24% and 19% over the respective 2024 periods, which had a segment contribution margin of 58% and 60%, respectively. Lending segment performance was driven by net interest income primarily driven by growth in average loan balances. Origination volume for our Lending products increased 64% and 65% for the three and six months ended June 30, 2025, respectively, 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 $3.4 billion and $6.5 billion in total of personal loans and home loans during the three and six months ended June 30, 2025, respectively. We believe that the growth opportunity for the Loan Platform Business continues to be strong.

Previous wording

Technology Platform segment contribution profit of $30.9 million for the three months ended March 31, 2025 increased 1% over the respective 2024 period, and total net revenue of $103.4 million for the three months ended March 31, 2025 increased 10% over the respective 2024 period. Technology Platform total enabled client accounts increased 5% year-over-year, to 158 million up from 151 million in the prior year period. SoFi continues to diversify its Technology Platform client base beyond financial services companies. During the quarter, SoFi launched a first-of-its-kind offering in the U.S. hospitality sector with the launch of a co-branded debit card program with Wyndham Hotels & Resorts.

Current wording

Technology Platform segment contribution profit of $33.2 million and $64.1 million for the three and six months ended June 30, 2025 increased 7% and 4% over the respective 2024 periods, and total net revenue of $109.8 million and $213.3 million for the three and six months ended June 30, 2025 increased 15% and 12% over the respective 2024 periods. Technology Platform total enabled client accounts increased to 160 million up from 158 million in the prior year period. SoFi continues to diversify its Technology Platform client base. During the quarter, SoFi announced that Banco Nación, one of Argentina’s largest financial institutions, selected our Cyberbank Digital platform to modernize their digital banking infrastructure. In addition to launching a rewards debit program with Wyndham Hotels and Resorts in the first quarter of 2025, we signed an additional two travel and hospitality companies that are expected to launch before the end of this year.

Previous wording

Within our Financial Services segment, contribution profit of $148.3 million for the three months ended March 31, 2025 significantly improved compared to a contribution profit of $37.2 million in the respective 2024 period. Total net revenue of $303.1 million for the three months ended March 31, 2025 increased 101% over the respective 2024 period. In the first quarter, we generated $92.8 million in loan platform fees, driven by $1.6 billion of personal loans originated on behalf of third parties, as well as referrals. Additionally, our Loan Platform Business generated $3.3 million in servicing cash flow which is recorded in our Lending segment. In total, our Loan Platform Business added $96.1 million to our consolidated adjusted net revenue across these two segments. We also continued to see healthy growth in interchange fee revenue in the first quarter of 2025, up 90% year-over-year, driven by increased spend across Money and Credit Card. We plan to continue to pursue opportunities to increase fee-based revenue.

Current wording

Within our Financial Services segment, contribution profit of $188.2 million and $336.6 million for the three and six months ended June 30, 2025 significantly improved compared to a contribution profit of $55.2 million and $92.4 million in the respective 2024 periods. Total net revenue of $362.5 million and $665.7 million for the three and six months ended June 30, 2025 increased 106% and 104% over the respective 2024 periods. In the second quarter, we generated $127.4 million in loan platform fees, driven by $2.4 billion of personal loans originated on behalf of third parties, as well as referrals. Additionally, our Loan Platform Business generated $3.2 million in servicing cash flow which is recorded in our Lending segment. In total, our Loan Platform Business added $130.6 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 2025, up 83% year-over-year, driven by increased spend across Money and Credit Card. We plan to continue to pursue opportunities to increase fee-based revenue.

Previous wording

We achieved continued strong growth in member deposits and strong deposit contribution from direct deposit members, ending the period with $27.3 billion of total deposits as of March 31, 2025, allowing us to maintain diversified sources of funding and driving an increase in net interest income earned on our deposits. Member deposit funds grew nearly $2.2 billion during the quarter, which included $700.0 million of member funds swept off balance sheet as part of our Insured Deposit Program. 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.

Current wording

We achieved continued strong growth in member deposits and strong deposit contribution from direct deposit members, ending the period with $29.5 billion of total deposits as of June 30, 2025, allowing us to maintain diversified sources of funding. Total deposit funds grew nearly $2.3 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.

Previous wording

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 as well as in the face of exogenous factors. For instance, our access to multiple channels of funding, including deposit and loan warehouse funding, provides an 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. We continue to strive to innovate and develop new products and services, and are currently considering ways to enhance our offerings with cryptocurrency and blockchain developments in concert with the evolving regulatory landscape.

Current wording

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 as well as in the face of exogenous factors. For instance, our access to multiple channels of funding, including deposit and loan warehouse funding, provides an 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.

Previous wording

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, (iv) share-based expense (inclusive of equity-based payments to non-employees), (v) restructuring charges, (vi) impairment expense (inclusive of goodwill impairment and property, equipment and software abandonments), (vii) transaction-related expenses, (viii) foreign currency impacts related to operations in highly inflationary countries, (ix) fair value changes in each of servicing rights and residual interests classified as debt due to valuation assumptions, (x) gain on extinguishment of debt, and (xi) other charges, as appropriate, that are not expected to recur and are not indicative of our core operating performance.

Current wording

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, (iv) share-based expense (inclusive of equity-based payments to non-employees), (v) restructuring charges, (vi) impairment expense (inclusive of goodwill impairments and property, equipment and software abandonments), (vii) transaction-related expenses, (viii) foreign currency impacts related to operations in highly inflationary countries, (ix) fair value changes in each of servicing rights and residual interests classified as debt due to valuation assumptions, (x) gain on extinguishment of debt, and (xi) other charges, as appropriate, that are not expected to recur and are not indicative of our core operating performance.

Previous wording

(2)The income tax expense recognized in both periods was primarily attributable to the Company’s profitability and discrete tax benefits for stock compensation recorded in each quarter. See Note 13. Income Taxes to the Notes to Condensed Consolidated Financial Statements for additional information.

Current wording

(2)The income tax expense recognized in 2025 is primarily attributable to the Company’s profitability and discrete tax benefits for stock compensation recorded in each quarter. See Note 13. Income Taxes to the Notes to Condensed Consolidated Financial Statements for additional information.

Previous wording

(3)Restructuring charges in the three months ended March 31, 2025 relate to legal entity restructuring.

Current wording

(3)Restructuring charges in the three and six months ended June 30, 2025 relate to legal entity restructuring.

Previous wording

(5)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.

Current wording

(6)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.

Previous wording

(6)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.

Current wording

(7)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.

Previous wording

(7)Reflects gain on extinguishment of debt. Gains and losses are recognized during the period of extinguishment for the difference between the net carrying amount of debt extinguished and the fair value of equity securities issued.

Current wording

(8)Reflects gain on extinguishment of debt. Gains and losses are recognized during the period of extinguishment for the difference between the net carrying amount of debt extinguished and the fair value of equity securities issued.

Previous wording

(1)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.

Current wording

(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.

Previous wording

(2)This non-GAAP adjustment excludes the dilutive impact of the 2029 convertible notes at stock prices below $14.54, as the 2029 capped call transactions in place will deliver shares to offset dilution. At stock prices in excess of $14.54, the Company would have an obligation to deliver cash or additional shares in excess of the dilution protection provided by the 2029 capped call transactions.

Current wording

(3)This non-GAAP adjustment excludes the dilutive impact of the 2029 convertible notes at stock prices below $14.54, as the 2029 capped call transactions in place will deliver shares to offset dilution. At stock prices in excess of $14.54, the Company would have an obligation to deliver cash or additional shares in excess of the dilution protection provided by the 2029 capped call transactions.

Previous wording

Since our inception through March 31, 2025, we have served approximately 10.9 million members who have used approximately 15.9 million products on the SoFi platform.

Current wording

Since our inception through June 30, 2025, we have served approximately 11.7 million members who have used approximately 17.1 million products on the SoFi platform.

Previous wording

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.

Current wording

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.

Previous wording

The Federal Reserve decreased the benchmark interest rate several times in 2024, and additional rate cuts are anticipated by many financial market participants in 2025, although the timing of such cuts, if any, remains uncertain. We have continued to see strong demand for our deposits as a result of our competitive interest rate offering and access to expanded FDIC insurance coverage through a network of participating banks in our Insured Deposit Program. High or rising interest rates have unfavorably impacted, and could continue to unfavorably impact, demand for refinancing loan products. In addition, if the Federal Reserve does not effectively curb inflation, interest rates were to rise unexpectedly or too quickly, or macroeconomic conditions deteriorate or do not improve, it could have a negative impact on the overall economy and result in increased unemployment, which could adversely impact our results of operations.

Current wording

The Federal Reserve decreased the benchmark interest rate several times in 2024, and additional rate cuts are anticipated by many financial market participants in 2025, although the timing of such cuts, if any, remains uncertain. We have continued to see strong demand for our deposits as a result of our competitive interest rate offering and access to expanded FDIC insurance coverage through a network of participating banks in our Insured Deposit Program. High or rising interest rates have unfavorably impacted, and could continue to unfavorably impact, demand for refinancing loan products. In addition, if the Federal Reserve does not effectively curb inflation, interest rates were to rise unexpectedly or too quickly, or macroeconomic conditions deteriorate or do not improve, it could have a negative impact on the overall economy and result in reduced credit demand and affordability, worsening credit quality and delinquencies and weakened consumer confidence, which could adversely impact our results of operations.

Previous wording

In addition to benchmark interest rate considerations, economic and market volatility may adversely impact our liquidity, results of operations and financial condition. Our credit trends continue to be strong in the first quarter of 2025 after seeing delinquencies peak one year ago in the first quarter of 2024. Annualized charge-off rates decreased year-over-year across portfolios, reflecting improvements in credit quality. Changes or uncertainty persist with respect to the U.S. presidential administration, governmental policies and regulations, and evolving priorities and guidance, and may adversely impact our members, our technology platform clients, our counterparties, and our earnings and operations. Negative changes to macroeconomic conditions may result in decreased demand for our products, increased operating costs and negatively impact our results of operations.

Current wording

In addition to benchmark interest rate considerations, economic and market volatility may adversely impact our liquidity, results of operations and financial condition. Our credit trends continued to be strong in the second quarter of 2025 after seeing delinquencies peak over one year ago in the first quarter of 2024. Annualized charge-off rates decreased year-over-year across several portfolios, reflecting improvements in overall credit quality. Changes or uncertainty persist with respect to the U.S. presidential administration, governmental policies and regulations, and evolving priorities and guidance, and may adversely impact our members, our technology platform clients, our counterparties, and our operations, earnings and capital. Negative changes to macroeconomic conditions may result in decreased demand for our products, increased operating costs and negatively impact our results of operations.

Previous wording

As of the first quarter of 2025 relative to the fourth quarter of 2024, we observed the following trends:

Current wording

As of the second quarter of 2025 relative to the first quarter of 2025, we observed the following trends:

Previous wording

•The weighted average discount rates on personal loans and student loans decreased by 42 bps and 18 bps, respectively. For personal loans, our discount rate assumptions decreased in the first quarter due to benchmark interest rates declining by 34 bps and spreads tightening by 8 bps. For student loans, our discount rate assumptions decreased in the first quarter due to benchmark interest rates declining by 38 bps, partially offset by credit spreads widening by 20 bps. Credit spread changes are indicated by asset-backed security and secondary markets.

Current wording

•The weighted average discount rates on personal loans and student loans decreased by 20 bps and 25 bps, respectively. For personal loans, our discount rate assumptions decreased in the second quarter due to benchmark interest rates declining by 25 bps, partially offset by spreads widening by 5 bps. For student loans, our discount rate assumptions decreased in the second quarter due to benchmark interest rates declining by 27 bps, partially offset by credit spreads widening by 2 bps. Credit spread changes are indicated by asset-backed security and secondary markets.

Previous wording

•The weighted average coupon rates on personal loans decreased by 14 bps, which reflects the impacts of loan sales and rate reduction passed on to borrowers related to drops during the first quarter.

Current wording

•The weighted average coupon rates on personal loans decreased by 13 bps, which reflects the impacts of loan sales and rate reduction passed on to borrowers related to drops during the second quarter.

Previous wording

•The conditional prepayment rate on personal loans increased 52 bps, reflecting the impact of observed increases in prepayments during the first quarter.

Current wording

•The conditional prepayment rate on personal loans decreased 8 bps and student loans increased 35 bps, reflecting the impact of expected changes in prepayments.

Previous wording

•Annualized net charge-off rates on personal loans in the first quarter of 2025 were 3.31%, which remained lower than the assumed weighted average default rates in our fair value model of 4.37%. Personal loan charge-offs during each of the first quarter of 2025 and fourth quarter of 2024 were impacted by delinquent loan sales of $90.0 million of aggregate unpaid principal balance. Annualized net charge-off rates on student loans in the first quarter of 2025 of

Current wording

•Annualized net charge-off rates on personal loans in the second quarter of 2025 were 2.83%, which remained lower than the assumed weighted average default rates in our fair value model of 4.28%. Personal loan charge-offs during each of the second quarter of 2025 and first quarter of 2025 were impacted by delinquent loan sales of $90.0 million of aggregate unpaid principal balance. Annualized net charge-off rates on student loans in the second quarter of 2025 of 0.94% were higher than the assumed weighted average default rates in our fair value model of 0.67%. The increase in the student loan net charge-off rate was primarily a result of a transition in subservicer for our student loans, which resulted in operational related charge-offs in the second quarter. In addition, we strategically repurchased certain seasoned loans at the end of the first quarter of 2025 that had a higher charge-off rate, in line with our expectations. 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 days, 60 days and 90 days past due.

Previous wording

The combination of these and other factors resulted in fair value gains recognized on our personal and student loans portfolios, during the first quarter of 2025 as compared to the first quarter of 2024.

Current wording

The combination of these and other factors resulted in overall higher fair value gains recognized on our personal and student loans portfolios, during the second quarter of 2025 as compared to the first quarter of 2025.

Previous wording

For example, in the past, the government has provided relief measures for federal student loan borrowers, including, among others, a federal student loan payment moratorium and debt forgiveness measures that were put forward by the Biden administration. In April 2025, the Trump administration announced that it would resume collections activity on its federal student loan portfolio. Although we cannot predict the measures related to student loans, if any, that the Trump administration may pursue, any changes in law, regulations or governmental policies could impact demand for our student loan refinancing products and our business in ways that are difficult to predict.

Current wording

For example, in the past, the government has provided relief measures for federal student loan borrowers, including, among others, a federal student loan payment moratorium and debt forgiveness measures that were put forward by the Biden administration. While student loan repayments resumed in October 2023, beginning in May 2025, defaulted borrowers risked garnished wages, seized tax refunds, and reduced Social Security benefits on defaulted student loans. In July 2025, the One Big Beautiful Bill Act (“OBBB”) was signed into law. The Act includes certain provisions related to student lending. The OBBB eliminates Grad PLUS loans and imposes lower borrowing limits and restrictions on Parent PLUS loans, starting in July 2026. We expect these changes will lead to incremental opportunities for SoFi’s in-school lending and student loan finance business/products - leading to potential further engagement with our members. Although we cannot predict any further measures related to student loans, if any, that the Trump administration may pursue, any changes in law, regulations or governmental policies could impact demand for our student loan refinancing products and our business in ways that are difficult to predict.

Previous wording

For the three months ended March 31, 2025 compared to the three months ended March 31, 2024, net interest income increased by $96.0 million, or 24%, and net interest margin increased by 10 bps. Average interest-earning assets increased by 23% and average yields decreased by 55 bps, while average interest-bearing liabilities increased by 25% and the average cost of interest-bearing liabilities decreased by 82 bps.

Current wording

Three Months. For the three months ended June 30, 2025 compared to the three months ended June 30, 2024, net interest income increased by $105.3 million, or 26%, and net interest margin increased by 3 bps. Average interest-earning assets increased by 24%, and average yields decreased by 56 bps, while average interest-bearing liabilities increased by 28% and the average cost of interest-bearing liabilities decreased by 77 bps.

Previous wording

The increases in net interest income were primarily driven by (i) higher interest income from personal loans and student loans of $89.6 million, which was primarily a function of higher average balances and origination volume, as well as longer loan holding periods, (ii) higher interest income from investment securities of $16.1 million primarily attributable to higher average balances, and (iii) lower interest expense on warehouse facilities and securitizations of $11.5 million primarily attributable to lower rates, which is reflective of our continued funding mix shift towards deposit funding.

Current wording

The $201.3 million increase in net interest income was primarily driven by (i) higher interest income on loans of $211.5 million, which was primarily a function of higher average balances and origination volume, as well as longer loan holding periods and (ii) higher interest income from investment securities of $25.4 million primarily attributable to higher average balances.

Previous wording

These items were partially offset by (i) higher interest expense on deposits of $13.9 million primarily attributable to higher average balances, and (ii) lower interest income from interest-bearing deposits with banks of $11.3 million, primarily attributed to lower rates.

Current wording

These items were partially offset by (i) lower interest income on interest-bearing deposits with banks of $21.2 million primarily attributable to lower rates, (ii) higher interest expense on deposits of $15.4 million primarily attributable to higher average balances, and (iii) higher interest expense on warehouse facilities of $6.3 million primarily attributable to higher average balances.

Previous wording

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.

Current wording

Total noninterest income increased by $151.1 million, or 81%, and $181.8 million, or 42%, for the three and six months ended June 30, 2025, respectively, compared to the three and six months ended June 30, 2024.

Previous wording

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.

Current wording

Six Months. Loan origination, sales, securitizations and servicing decreased by $1.8 million, or 1%, for the six months ended June 30, 2025 compared to the six months ended June 30, 2024. The decrease was driven primarily by losses during the 2025 period compared to gains in the 2024 period on interest rate swap positions primarily related to personal loans and student loans. These decreases were partially offset by higher fair value gains on student and personal loans and higher origination fees.

Previous wording

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.

Current wording

Three Months. Technology products and solutions increased by $4.9 million, or 6%,for the three months ended June 30, 2025 compared to the three months ended June 30, 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.

Previous wording

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.

Current wording

Three Months. Loan platform fees and related servicing increased by $113.6 million, or 668%, for the three months ended June 30, 2025 compared to the three months ended June 30, 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.