SoFi Technologies, Inc.

Previous wording

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 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 Galileo and Technisys and position the Technology Platform segment for diversified durable growth.

Current wording

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.

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 SoFi Plus members.

Current wording

•SoFi Credit Card: Designed to help eligible members spend better. 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 59% of our total Financial Services noninterest income for the six months ended June 30, 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 63% of our total Financial Services noninterest income for the nine months ended September 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 16% of our total Financial Services noninterest income for the six months ended June 30, 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 13% of our total Financial Services noninterest income for the nine months ended September 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 16% of our total Financial Services noninterest income for the six months ended June 30, 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 15% of our total Financial Services noninterest income for the nine months ended September 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 six months ended June 30, 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 nine months ended September 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 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.

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 nine months ended September 30, 2025, including total net revenue of $961.6 million and $2.6 billion, respectively, representing an increase of 38% and 33% , respectively, over total net revenue in the same periods of 2024. For the third quarter of 2025, total fee-based revenue reached a record of $408.7 million, compared to $272.1 million in the same period of 2024, a year-over-year increase of 50%. 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 nine months ended September 30, 2025 was $0.11 and $0.25, respectively, compared to diluted EPS of $0.05 and $0.08, 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 and third quarters of 2024.

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 11.7 million as of

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 12.6 million as of

Previous wording

June 30, 2025, a 34% increase from the prior year period, while total products reached over 17.1 million as of June 30, 2025, a 34% year-over-year increase.

Current wording

September 30, 2025, a 35% increase from the prior year period, while total products reached nearly 18.6 million as of September 30, 2025, a 36% year-over-year increase.

Previous 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.

Current wording

Origination volume for our Lending products increased 57% and 62% for the three and nine months ended September 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 $4.6 billion and $11.1 billion in total of personal loans, student loans and home loans during the three and nine months ended September 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 $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.

Current wording

Technology Platform segment contribution profit of $32.4 million and $96.5 million for the three and nine months ended September 30, 2025, respectively, decreased 2% and increased 2% over the respective 2024 periods, and total net revenue of $114.6 million and $327.8 million for the three and nine months ended September 30, 2025, respectively, increased 12% over the respective 2024 periods. Technology Platform total enabled client accounts was 158 million down from 160 million in the prior year period. SoFi continues to diversify its Technology Platform client base. During the quarter, SoFi announced partnerships with several more U.S. consumer brands as we continue to work with a broader range of companies to help bring innovative programs that drive greater loyalty and engagement with their customers.

Previous 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.

Current wording

Within our Financial Services segment, contribution profit of $225.6 million and $562.1 million for the three and nine months ended September 30, 2025, respectively, significantly improved compared to a contribution profit of $99.8 million and $192.2 million in the respective 2024 periods. Total net revenue of $419.6 million and $1.1 billion for the three and nine months ended September 30, 2025, respectively, increased 76% and 92% over the respective 2024 periods. In the third quarter of 2025, we generated $164.9 million in loan platform fees, driven by $3.4 billion of personal loans originated on behalf of third parties, as well as referrals. Additionally, our Loan Platform Business generated $3.0 million in servicing cash flow which is recorded in our Lending segment. In total, our Loan Platform Business added $167.9 million to our consolidated adjusted net revenue across these two segments. We also continued to see healthy growth in interchange fee revenue in the third quarter of 2025, up 55% 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 $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.

Current wording

We achieved continued strong growth in member deposits and strong deposit contribution from direct deposit members, ending the period with $32.9 billion of total deposits as of September 30, 2025, allowing us to maintain diversified sources of funding. Total deposit funds grew nearly $3.4 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

During the first quarter of 2025, we also added a fee-based subscription option to get access to SoFi Plus, our premium financial membership that brings together the best of all we have to offer, with exclusive access to preferred pricing on products, extra rewards, complimentary financial planning, live events and more. Members can still access SoFi Plus by setting up direct deposit to a SoFi Money checking and savings account.

Current wording

During the first quarter of 2025, we added a fee-based subscription option to get access to SoFi Plus, our premium financial membership that brings together the best of all we have to offer, with exclusive access to preferred pricing on products, extra rewards, complimentary financial planning, live events and more. Members can still access SoFi Plus by setting up direct deposit to a SoFi Money checking and savings account.

Previous wording

We continue to strive to innovate and develop new products and services, and announced the first two planned crypto and blockchain innovations across our products and services. First is self-serve international money transfers, which when launched, is expected to allow SoFi Money members to seamlessly and securely transfer money to people in dozens of countries to help our members support family abroad, make purchases outside the U.S., or manage their money across borders. The second crypto-related innovation is our return to crypto investing, which when launched, is expected to provide members the ability to buy, sell, and hold a selection of crypto currencies.

Current wording

We continue to strive to innovate and develop new products and services, and have announced the first two crypto and blockchain innovations across our products and services. First is self-serve global remittance services which allows SoFi Money members to seamlessly and securely transfer money internationally, to help our members support family abroad, make purchases outside the U.S., or manage their money across borders. Members are currently able to send money to Mexico, with planned rollouts into additional international markets in the future. The second is our return to crypto investing, which when launched, is expected to provide members the ability to buy, sell, and hold a selection of crypto currencies.

Previous 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.

Current wording

(2)The income tax expense recognized in 2025 is primarily attributable to the Company’s profitability, partially offset by 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 and six months ended June 30, 2025 relate to legal entity restructuring.

Current wording

(3)Restructuring charges relate to legal entity restructuring.

Previous wording

Adjusted diluted earnings per share (“adjusted EPS”) is a non-GAAP financial measure that adjusts GAAP diluted earnings per share. Adjusted EPS is computed by dividing net income attributable to common stockholders, adjusted to exclude, as applicable, goodwill impairment expense and certain income tax benefits that are not expected to recur and are not indicative of our core operating performance, by the diluted weighted average number of shares of common stock outstanding during the period, excluding the dilutive impact of the 2029 convertible notes under the if-converted method for which the 2029 capped call transactions would deliver shares to offset dilution.

Current wording

Adjusted diluted earnings per share (“adjusted EPS”) is a non-GAAP financial measure that adjusts GAAP diluted earnings per share. Adjusted EPS is computed by dividing net income attributable to common stockholders, adjusted to exclude, as applicable, goodwill impairment expense and certain income tax benefits that are not expected to recur and are not indicative of our core operating performance, by the diluted weighted average number of shares of common stock outstanding during the period, excluding the dilutive impact of the 2026 and 2029 convertible notes under the if-converted method for which the 2026 and 2029 capped call transactions, respectively, would deliver cash or shares to offset dilution.

Previous 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.

Current wording

(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.

Previous 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.

Current wording

Since our inception through September 30, 2025, we have served approximately 12.6 million members who have used approximately 18.6 million products on the SoFi platform.

Previous wording

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 16. Business Segment Information to the Notes to Condensed Consolidated Financial Statements, which includes intercompany revenue. Intercompany revenue is eliminated in 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 the Technisys products and solutions, as the revenue model is not primarily dependent upon being a fully integrated, stand-ready service.

Current wording

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 16. Business Segment Information to the Notes to Condensed Consolidated Financial Statements, which includes intercompany revenue. Intercompany revenue is eliminated in 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.

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 reduced credit demand and affordability, worsening credit quality and delinquencies and weakened consumer confidence, which could adversely impact our results of operations.

Current wording

The Federal Reserve decreased the benchmark interest rate in September and October 2025, citing softening labor market conditions, along with continued, but moderating, inflationary pressures. Many financial market participants anticipate one additional rate cut before year-end, though the timing and magnitude of further adjustments, 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 consumer borrowing costs have weighed on demand for certain loan products, particularly refinancing, although recent Federal Reserve actions could provide incremental relief if borrowing costs begin to ease. If the Federal Reserve does not effectively continue to curb inflation, interest rates were to rise unexpectedly or too quickly, or macroeconomic conditions deteriorate, 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 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.

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 third 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 persists 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

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.

Current wording

We generally 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.

Previous wording

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

Current wording

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

Previous 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.

Current wording

•The weighted average discount rates on personal loans and student loans decreased by 12 bps and 7 bps, respectively. For personal loans, our discount rate assumptions decreased in the third quarter due to benchmark interest rates declining by 10 bps along with credit spreads tightening by 2 bps. For student loans, our discount rate assumptions decreased in the third quarter due to benchmark interest rates declining by 4 bps along with credit spreads tightening by 3 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 13 bps, which reflects the impacts of loan sales and rate reduction passed on to borrowers related to drops during the second quarter.

Current wording

•The weighted average coupon rates on personal loans decreased by 6 bps, which reflects the impacts of increased originations and rate reduction passed on to borrowers related to drops during the third quarter.

Previous 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.

Current wording

•The conditional prepayment rate on personal loans increased 45 bps and student loans decreased 1 basis point, reflecting the impact of expected changes in prepayments.

Previous 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.

Current wording

•Annualized net charge-off rates on personal loans in the third quarter of 2025 were 2.60%, which remained lower than the assumed weighted average default rates in our fair value model of 4.33%. Personal loan charge-offs during each of the third, second and first quarters 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 third quarter of 2025 of 0.69% were slightly higher than the assumed weighted average default rates in our fair value model of 0.67%. 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 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.

Current wording

The combination of these and other factors, including in period originations, resulted in fair value gains recognized on our personal and student loans portfolios, during the third 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. 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.

Current wording

Changes in law, regulations or governmental policies related to federal or private student loans could impact demand for our student loan products and our business in ways that are difficult to predict. 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. While student loan repayments resumed in October 2023 for certain federal student loans, beginning in May 2025, defaulted borrowers risked garnished wages, seized tax refunds, and reduced Social Security benefits. In July 2025, the One Big Beautiful Bill Act (Pub. L. No. 119-21) (“OBBB”) was signed into law, which among other provisions, eliminates Grad PLUS loans and imposes lower borrowing limits and restrictions on Parent PLUS loans, starting in July 2026, and establishes new repayment assistance plans. In August 2025, the Department of Education issued proposed rules that would narrow employer eligibility under the Public Service Loan Forgiveness program. We expect these changes could lead to incremental opportunities for SoFi’s student loan products; however, all such outcomes are highly uncertain.

Previous 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.

Current wording

Three Months. For the three months ended September 30, 2025 compared to the three months ended September 30, 2024, net interest income increased by $154.1 million, or 36%, and net interest margin increased by 27 bps. Average interest-earning assets increased by 29%, and average yields decreased by 45 bps, while average interest-bearing liabilities increased by 27% and the average cost of interest-bearing liabilities decreased by 76 bps.

Previous wording

The $105.3 million increase in net interest income was primarily driven by (i) higher interest income on loans of $118.5 million, which was primarily a function of an increase in origination volume, as well as longer loan holding periods and (ii) higher interest income from investment securities of $9.2 million primarily attributable to an increase in average balances.

Current wording

The $154.1 million increase in net interest income was primarily driven by (i) higher interest income on loans of $158.6 million, which was primarily a function of an increase in origination volume, as well as longer loan holding periods and (ii) higher interest income from investment securities of $8.3 million primarily attributable to an increase in average balances.

Previous wording

These items were partially offset by (i) higher interest expense on warehouse facilities of $14.8 million attributable to higher average balances, (ii) lower interest income on interest-bearing deposits with banks of $9.9 million primarily attributable to lower rates, and (iii) higher interest expense of $1.4 million resulting from the net impact of higher interest-bearing deposit balances partially offset by lower rates.

Current wording

These items were partially offset by higher interest expense on interest-bearing deposits of $16.6 million resulting from the net impact of higher interest-bearing deposit balances partially offset by lower rates.

Previous wording

Six Months. For the six months ended June 30, 2025 compared to the six months ended June 30, 2024, net interest income increased by $201.3 million, or 25%, and net interest margin increased by 7 bps. Average interest-earning assets increased by 23% and average yields decreased by 55 bps, while average interest-bearing liabilities increased by 26% and the average cost of interest-bearing liabilities decreased by 80 bps.

Current wording

Nine Months. For the nine months ended September 30, 2025 compared to the nine months ended September 30, 2024, net interest income increased by $355.4 million, or 29%, and net interest margin increased by 14 bps. Average interest-earning assets increased by 25% and average yields decreased by 51 bps, while average interest-bearing liabilities increased by 27% and the average cost of interest-bearing liabilities decreased by 79 bps.

Previous 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.

Current wording

The $355.4 million increase in net interest income was primarily driven by (i) higher interest income on loans of $370.2 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 $33.7 million primarily attributable to higher average balances.

Previous 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.

Current wording

These items were partially offset by (i) higher interest expense on deposits of $32.0 million primarily attributable to higher average balances, (ii) lower interest income on interest-bearing deposits with banks of $19.9 million primarily attributable to lower rates, and (iii) higher interest expense on warehouse facilities of $5.5 million primarily attributable to higher average balances.

Previous 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.

Current wording

Total noninterest income increased by $110.4 million, or 41%, and $292.2 million, or 42%, for the three and nine months ended September 30, 2025, respectively, compared to the three and nine months ended September 30, 2024.

Previous wording

Three Months. Loan origination, sales, securitizations and servicing improved by $9.3 million, or 15%, for the three months ended June 30, 2025 compared to the three months ended June 30, 2024. The increase was driven primarily by higher fair value gains on personal and student loans, lower personal loan write-offs, and higher origination fees. The increase was partially offset 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, higher student loan write-offs, and changes in fair value of personal loan servicing rights.

Current wording

Three Months. Loan origination, sales, securitizations and servicing decreased by $14.6 million, or 18%, for the three months ended September 30, 2025 compared to the three months ended September 30, 2024. The decrease was driven primarily by lower fair value gains on personal and student loans. These decreases were partially offset by gains during the 2025 period compared to losses in the 2024 period on interest rate swap positions primarily related to personal loans and student loans, higher fair value gains on home loans in the 2025 period primarily impacted by increased loan origination volume, higher origination fees and net lower personal and student loan write-offs.

Previous 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.

Current wording

Nine Months. Loan origination, sales, securitizations and servicing decreased by $16.4 million, or 8%, for the nine months ended September 30, 2025 compared to the nine months ended September 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 student loans and personal loans, lower fair value gains on personal loans and net higher personal and student loan write-offs. These decreases were partially offset by higher fair value gains on student loans, higher origination fees and higher fair value gains on home loans in the 2025 period primarily impacted by increased loan origination volume.