SoFi Technologies, Inc.

Lending Segment Results of Operations

The following table presents the measure of contribution profit for the Lending segment:

(1)Reflects changes in fair value inputs and assumptions on servicing rights, including conditional prepayment, default rates and discount rates. These assumptions are highly sensitive to market interest rate changes and are not indicative of our performance or results of operations. Moreover, these non-cash charges, which are recorded within noninterest income in the condensed consolidated statements of operations and comprehensive income, are unrealized during the period and, therefore, have no impact on our cash flows from operations.

(2)Reflects changes in fair value inputs and assumptions on residual interests classified as debt, including conditional prepayment, default rates and discount rates. When third parties finance our consolidated securitization VIEs by purchasing residual interests, we receive proceeds at the time of the closing of the securitization and, thereafter, pass along contractual cash flows to the residual interest owner. These residual debt obligations are measured at fair value on a recurring basis, with fair value changes recorded within noninterest income in the condensed consolidated statements of operations and comprehensive income, but they have 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.

(3)Other expenses primarily include loan marketing expenses, member promotional expenses, tools and subscriptions, travel and occupancy-related costs and third-party loan fraud (net of related insurance recoveries).

(4)Adjusted net revenue is a non-GAAP financial measure. For information regarding our use and definition of this measure and for a reconciliation to the most directly comparable U.S. GAAP measure, total net revenue, see “Non-GAAP Financial Measures” herein.

Three Months. Net interest income in our Lending segment increased by $111.7 million, or 35%, for the three months ended September 30, 2025 compared to the three months ended September 30, 2024. This was primarily attributable to increases in aggregate average personal and student loan unpaid principal balances of $3.9 billion (25%) and $3.4 billion (47%), respectively, combined with higher weighted average interest rates on student loans. The personal and student loan average balance increases were primarily attributable to higher origination volume and longer loan holding periods.

Nine Months. Net interest income in our Lending segment increased by $299.3 million, or 35%, for the nine months ended September 30, 2025 compared to the nine months ended September 30, 2024. This was primarily attributable to increases in aggregate average personal and student loan unpaid principal balances of $3.0 billion (19%) and $2.7 billion (40%), respectively, combined with higher weighted average interest rates on student loans. The personal and student loan average balance increases were primarily attributable to higher origination volume and longer loan holding periods.

Noninterest income in our Lending segment decreased by $14.6 million, or 18%, and decreased by $16.4 million, or 8%, for the three and nine months ended September 30, 2025, respectively, compared to the same periods in 2024. For the three and nine month periods, the change was primarily attributable to lower loan origination, sales, securitizations and servicing income.

Loan Origination, Sales, Securitizations and Servicing

The following table presents the components of noninterest income—loan origination, sales, securitizations and servicing:

(1)Includes fair value adjustments on loans originated during the period, fair value adjustments of loans and securitization bond and residual interest positions held at the balance sheet date, as well as gains (losses) on loans sold and consolidated securitization transactions during the period. Fair value adjustments are impacted by interest rates, weighted average coupon, credit spreads and loss estimates, prepayment speeds, duration and previous loan sale execution on similar loans.

(2)For the three months ended September 30, 2025 and 2024, includes gross write-offs of $186.5 million and $182.8 million, respectively. Total recoveries were $29.6 million and $22.9 million, respectively, of which $21.5 million and $17.1 million, respectively, were captured via loan sales to a third-party collection agency. For the nine months ended September 30, 2025 and 2024, includes gross write-offs of $552.3 million and $545.9 million, respectively. Total recoveries were $80.9 million and $78.4 million, respectively, of which $58.1 million and $60.9 million, respectively, were captured via loan sales to a third-party collection agency.

(3)Includes changes in fair value of servicing rights, gains (losses) on IRLCs and interest rate caps and the (expense) benefit associated with our estimated loan repurchase obligation (see Note 14. Commitments, Guarantees, Concentrations and Contingencies to the Notes to Condensed Consolidated Financial Statements for additional information).

Three Months. The decrease in loan origination, sales, securitizations and servicing income of $14.6 million, or 18%, was primarily driven by lower fair value gains on personal loans in the 2025 period primarily impacted by larger decreases in discount rate assumptions during 2024 ($229.3 million), as well as lower fair value gains on student loans primarily impacted by a lower decrease in discount rate assumptions ($80.7 million).

These decreases were partially offset by (i) 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 ($276.5 million), (ii) higher fair value gains on home loans in the 2025 period primarily impacted by increased loan origination volume ($26.8 million), (iii) higher origination fees ($6.5 million) primarily related to home loans and a product feature offered on personal loans, whereby a borrower may optionally elect to pay origination fees to qualify for a lower annual percentage rate, and (iv) net lower loan write-offs in the 2025 period ($3.0 million), which were related to personal and student loans.

Nine Months. The decrease in loan origination, sales, securitizations and servicing of $16.4 million, or 8%, for the nine months ended September 30, 2025 compared to the nine months ended September 30, 2024 was primarily driven by (i) 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 ($203.3 million), (ii) lower fair value gains on personal loans ($21.3 million) primarily impacted by smaller increases in prepayment rate assumptions during 2025, and (iii) net higher loan write-offs in the 2025 period ($4.0 million), which were related to personal and student loans.

These decreases were partially offset by (i) higher fair value gains on student loans primarily impacted by a larger decrease in discount rate assumptions ($142.7 million), (ii) higher origination fees ($57.5 million) primarily related to a product feature offered on personal loans, whereby a borrower may optionally elect to pay origination fees to qualify for a lower annual percentage rate, as well as home loans, and (iii) higher fair value gains on home loans in the 2025 period primarily impacted by increased loan origination volume ($50.3 million).

Servicing

We own the master servicing on all of the servicing rights that we retain and, in each case, recognize the gross servicing rate applicable to each serviced loan. Sub-servicers are utilized for all serviced student loans and home loans, which represents a cost to SoFi, but these arrangements do not impact our calculation of the weighted average basis points earned for each loan type serviced. Further, there is no impact on servicing income due to forbearance and moratoriums on certain debt collection activities, and there are no waivers of late fees.

The table below presents information related to our loan servicing assets:

Three Months. Lending segment directly attributable expenses increased by $66.8 million, or 44%, for the three months ended September 30, 2025 compared to the three months ended September 30, 2024, primarily due to: (i) an increase in direct advertising primarily related to online, digital and direct mail advertising, (ii) an increase in expense related to personal loan lead generation channels, (iii) an increase in allocated compensation and related benefits, which reflected an increase in headcount in 2025 to support growth in the Lending segment, and (iv) an increase in loan origination and servicing costs which corresponds with increased loan origination volume.

Nine Months. Lending segment directly attributable expenses increased by $183.6 million, or 45%, for the nine months ended September 30, 2025 compared to the nine months ended September 30, 2024, primarily due to: (i) an increase in direct advertising primarily related to online, digital and direct mail advertising, (ii) an increase in expense related to personal loan lead generation channels, (iii) an increase in allocated compensation and related benefits, which reflected an increase in headcount in 2025 to support growth in the Lending segment, and (iv) an increase in loan origination and servicing costs which corresponds with increased loan origination volume.

Total products in our Lending segment is a subset of our total products metric. See “Key Business Metrics” and “Business Overview” for further discussion of this measure as it relates to our Lending segment.

In the table below, we present certain metrics and financial information related to our Lending segment:

(1)Inclusive of origination volume related to our Loan Platform Business. For the three and nine months ended September 30, 2025, we originated $3.4 billion and $7.4 billion, respectively, of personal loans on behalf of third parties. For the three and nine months ended September 30, 2024, we originated $1.0 billion of personal loans on behalf of third parties.

(2)Loans with a balance and average loan balance include Lending products on our balance sheet, as well as transferred loans and referred loans with which we have a continuing involvement through our servicing agreements.

(3)Includes in-school loans and student loan refinancing products. In-school loans carry a lower average balance than student loan refinancing products.

Origination Volume

We refer to the aggregate dollar amount of loans originated through our platform in a given period as origination volume. Origination volume is an indicator of the size and health of our Lending segment and an indicator (together with the relevant loan characteristics, such as interest rate and prepayment and default expectations) of revenues and profitability. We also originate and sell loans in support of our Loan Platform Business, through which we provide lending related services to third-party partners. We maintain the same lending relationship with borrowers across all loans that we originate, inclusive of those originated on behalf of a third-party partner and as such, reflect these products within our Lending segment total products. Changes in origination volume are driven by the addition of new members and existing members, the latter of which at times will either refinance into a new SoFi loan or secure an additional, concurrent loan, as well as macroeconomic factors impacting consumer spending and borrowing behavior.

Personal Loans. During the three and nine months ended September 30, 2025, total personal loan origination volume increased by 53% and 62%, respectively, relative to the corresponding 2024 periods, inclusive of a $3.4 billion and $7.4 billion increase, respectively, related to personal loans originated on behalf of third parties in support of our Loan Platform Business which we expanded starting in the second half of 2024. Demand from our Loan Platform Business has continued to increase as partners seek to leverage our customer acquisition and operational capabilities to originate loans at scale, as well as increased demand driven by expanded advertising and marketing efforts.

Student Loans. During the three and nine months ended September 30, 2025, student loan origination volume increased by 58% and 51%, respectively, relative to the corresponding 2024 periods, as demand for student loan refinancing products continued to increase after the resumption of principal and interest payments in 2024 on federally-held student loans as borrowers looked to refinance at a lower rate, as well as increased interest in loan term extensions given the elevated interest rate environment.

Home Loans. During the three and nine months ended September 30, 2025, home loan origination volume increased by 93% and 82%, respectively, relative to the corresponding 2024 periods. Our home loan origination volume increased notably throughout 2024 and into 2025, aided by the increased capacity and technology and fulfillment capabilities subsequent to our acquisition of Wyndham. During 2024, we began offering fixed rate home equity loans and variable rate HELOCs. Origination volume during 2025 reflected increased demand for home equity loans, which have allowed members to take advantage of the equity that has built up in their homes.

Loans with a Balance and Average Loan Balance

Loans with a balance refers to the number of loans that have a balance greater than zero dollars as of the reporting date. Loans with a balance allows management and investors to better understand the unit economics of acquiring a loan in relation to the lifetime value of that loan. Average loan balance is defined as the total unpaid principal balance of the loans divided by loans with a balance within the respective loan product category as of the reporting date. Average loan balance tends to fluctuate based on the pace of loan originations relative to loan repayments and the initial loan origination size.

In the table below, we present additional information related to our lending products:

(1)Inclusive of activity related to loans originated and subsequently sold as part of our Loan Platform Business. For the three and nine months ended September 30, 2025, included $3.3 billion and $7.3 billion, respectively, related to loans originated on behalf of third parties. For the three and nine months ended September 30, 2024, included $1.0 billion related to loans originated on behalf of third parties.

(2)Weighted average interest rate earned represents annualized interest income recognized divided by the average of the unpaid principal balances of loans outstanding during the period, which are impacted by loan holding periods as well as interest rates charged to borrowers. Weighted average interest rate earned was determined on a daily basis.

Transfers of Financial Assets

We regularly transfer financial assets and account for such transfers as either sales or secured borrowings depending on the facts and circumstances of the transfer. See Note 3. Loans to the Notes to Condensed Consolidated Financial Statements for additional information.

The following table summarizes our current whole loan sales:

(1)Sale execution represents the ratio of cash proceeds and servicing assets recognized to the aggregate unpaid principal balance and accrued interest of the loans sold. Amounts included in repurchase liabilities are excluded from the calculation, as they typically would not materially differ from the fair value markdown on the loans over the repurchase period had they been held on balance sheet and entered delinquency.

(2)Excludes net origination fees, which are recognized in earnings at the time of origination. Personal loans sold during the three and nine months ended September 30, 2025 had related origination fees of $6,364 and $41,869, respectively. Sales execution, for the respective periods, including these origination fees would be 110.0% and 108.9%, respectively. Personal loans sold during the three and nine months ended September 30, 2024, had related origination fees of $9,157 and $29,415, respectively. Sales execution, for the respective periods, including these origination fees would be 108.3% and 107.7%, respectively.

The following table summarizes our delinquent whole loan sales:

(1)During the three and nine months ended September 30, 2025, includes $90.0 million and $270.0 million, respectively, of aggregate unpaid principal balance sold, related to late-stage delinquent loans for which we retained servicing and portions of recoveries. During the three and nine months ended September 30, 2024, includes $81.0 million and $212.9 million, respectively, of aggregate unpaid principal balance sold, related to late-stage delinquent loans for which we retained servicing and portions of recoveries.

(2)For the three and nine months ended September 30, 2025, $62.4 million and $189.1 million, respectively, of unpaid principal balance was recorded in prior periods as a write down innoninterest income—loan origination, sales, securitizations and servicing in the condensed consolidated statements of operations and comprehensive income. For the three and nine months ended September 30, 2024, $50.3 million and $140.6 million, respectively, of unpaid principal balance was recorded in prior periods as a write down innoninterest income—loan origination, sales, securitizations and servicing in the condensed consolidated statements of operations and comprehensive income. These loans were sold prior to charge-off during the respective periods and otherwise would have been charged off as of September 30, 2025 and 2024, respectively, consistent with our policy. In our other charged off whole loan sales, we typically do not retain servicing or recoveries.

(3)Sale execution represents the ratio of cash proceeds and servicing assets recognized to the aggregate unpaid principal balance and accrued interest of the loans sold. Amounts included in repurchase liabilities are excluded from the calculation, as they typically would not materially differ from the fair value markdown on the loans over the repurchase period had they been held on balance sheet and entered delinquency.