SoFi Technologies, Inc.

Assets

The following is a discussion of the significant changes in our assets, liabilities and permanent equity between September 30, 2025 and December 31, 2024.

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

Total assets as of September 30, 2025 were $45.3 billion, up $9.0 billion, or 25%, from December 31, 2024. The increase was primarily attributable to an increase in total loans of $7.4 billion, comprised of held for sale ($3.9 billion) driven by an increase in personal and home loan originations and an increase in our loans held for investment ($3.5 billion) which was primarily related to student loan purchases and originations. See "Cash Flow and Liquidity Analysis" for further discussion of changes in total cash, cash equivalents, restricted cash and restricted cash equivalents during the nine months ended September 30, 2025.

(1)Other liabilities includes accounts payable, accruals and other liabilities, operating lease liabilities and residual interests classified as debt. See the condensed consolidated balance sheets within this report.

Liabilities and Permanent Equity

Total liabilities as of September 30, 2025 were $36.5 billion, up $6.8 billion, or 23%, from December 31, 2024. The increase was primarily attributable to an increase in total deposits ($7.0 billion) driven by our differentiated checking and savings account offerings and competitive APY, partially offset by a decrease in total debt ($378.8 million) as a common stock offering in July 2025 allowed us to reduce our reliance on warehouse debt.

Total permanent equity as of September 30, 2025 was $8.8 billion, up $2.3 billion, or 35%, from December 31, 2024. The increase was primarily attributable to a common stock offering in July 2025, and a decrease in accumulated deficit driven by net income during the nine months ended September 30, 2025.

Cash Flow and Liquidity Analysis

The following table provides a summary of cash flow data:

Cash Flows from Operating Activities

For the nine months ended September 30, 2025, net cash used in operating activities primarily stemmed from loans held for sale originations outpacing cash proceeds from loans held for sale paydowns and sales activities, partially offset by net income, paydowns on our loans previously classified as held for sale, and favorable changes in other assets. We had principal loan originations of $22.3 billion and principal loan purchases of $18.1 million during the period. These cash uses were partially offset by principal loan payments of $8.2 billion and principal loan sales of $10.6 billion.

For the nine months ended September 30, 2024, net cash provided by operating activities stemmed from net income, a favorable change in our operating assets net of operating liabilities, including cash proceeds from loans held or previously classified as held for sale paydowns and sales activities outpacing loans held for sale originations. We originated loans of $13.6 billion during the period and also purchased loans of $21.7 million. These cash uses were partially offset by principal payments on loans of $7.0 billion and proceeds from loan sales of $5.3 billion.

Cash Flows from Investing Activities

For the nine months ended September 30, 2025, net cash used in investing activities was primarily driven by growth in our loans and AFS investment portfolio, including $4.2 billion of loan originations, $1.4 billion of loan purchases and $1.1 billion of AFS investment purchases, as well as net outflows related to credit cards of $158.6 million. These outflows were partially offset by $1.5 billion of proceeds from loan repayments and recoveries, proceeds from loan sales of $392.6 million as well as $249.5 million of AFS investment sales and $339.0 million of AFS investment payments and maturities.

For the nine months ended September 30, 2024, net cash used in investing activities was primarily driven by originations and purchases of loans held for investment outpacing repayments of loans held for investment as well as investment securities purchases. These uses were partially offset by cash proceeds from sales, maturities, and paydowns of investment securities and from sales of loans held for investment. We originated loans of $4.3 billion during the period, partially offset by principal payments on loans of $1.3 billion and proceeds from loan sales of $434.5 million, as well as net outflows related to credit cards of $30.7 million.

Cash Flows from Financing Activities

For the nine months ended September 30, 2025, net cash provided by financing activities was primarily attributable to net cash sources from our SoFi Bank deposits and proceeds from the common stock offering that we completed in the third quarter of 2025. This was partially offset by our net change in debt facilities related to our warehouses and debt repayments.

For the nine months ended September 30, 2024, net cash provided by financing activities was primarily attributable to net cash sources from our SoFi Bank deposits and proceeds from the issuance of our 2029 convertible notes. This was partially offset by our net change in debt facilities related to our warehouses and debt repayments.