SoFi Technologies, Inc.

Assets

The following is a discussion of the significant changes in our assets, liabilities and permanent equity between March 31, 2026 and December 31, 2025.

(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 March 31, 2026 were $53.7 billion, up $3.0 billion, or 6%, from December 31, 2025. The increase was primarily attributable to an increase in total loans of $4.1 billion, comprised of held for sale ($2.6 billion) driven by an increase in personal and home loan originations and an increase in our loans held for investment ($1.5 billion) which was primarily related to student loan originations. This increase was partially offset by a reduction in cash, cash equivalents of $1.6 billion as a result of using some of our equity to fund loans . See "Cash Flow and Liquidity Analysis" for further discussion of changes in total cash, cash equivalents, restricted cash and restricted cash equivalents during the three months ended March 31, 2026.

(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 Equity

Total liabilities as of March 31, 2026 were $42.9 billion, up $2.7 billion, or 7%, from December 31, 2025. The increase was primarily attributable to an increase in total deposits ($2.7 billion) driven by our differentiated checking and savings account offerings and competitive APY.

Total equity as of March 31, 2026 was $10.8 billion, up $0.3 billion, or 3%, from December 31, 2025. The increase was primarily attributable a decrease in accumulated deficit driven by net income during the three months ended March 31, 2026 as well as the completion of a common stock offering in January 2026.

Cash Flow and Liquidity Analysis

The following table provides a summary of cash flow data:

Cash Flows from Operating Activities

For the three months ended March 31, 2026, 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 and paydowns on our loans previously classified as held for sale. We had principal loan originations of $9.6 billion during the period. These cash uses were partially offset by cash proceeds of principal loan payments of $3.3 billion and principal loan sales of $3.7 billion.

For the three months ended March 31, 2025, net cash provided by operating activities stemmed from net income, paydowns on our loans previously classified as held for sale, and favorable changes in other assets, partially offset by loans held for sale originations outpacing cash proceeds from loans held for sale paydowns and sales activities.

Cash Flows from Investing Activities

For the three months ended March 31, 2026, net cash used in investing activities was primarily driven by growth in our loans and AFS investment portfolio, including $2.6 billion of loan originations and $1.4 billion of AFS investment purchases, as well as net outflows related to credit cards of $12.8 million. These outflows were partially offset by $1.0 billion of proceeds from loan repayments and recoveries, $605.8 million of AFS investment sales and $167.3 million of AFS investment payments and maturities.

For the three months ended March 31, 2025, 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.

Cash Flows from Financing Activities

For the three months ended March 31, 2026, net cash provided by financing activities was primarily attributable to net cash sources from our SoFi Bank deposits of $3.0 billion and proceeds of $87.4 million from the common stock offering that we completed in the first quarter of 2026.

For the three months ended March 31, 2025, net cash provided by financing activities was primarily attributable to net cash sources from our SoFi Bank deposits. This was partially offset by our net change in debt facilities related to our warehouses and debt repayments.