SoFi Technologies, Inc.

Assets

The following is a discussion of the significant changes in our assets, liabilities and equity between September 30, 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 September 30, 2026 were $67.8 billion, up $17.1 billion, or 34%, from December 31, 2025. The increase was primarily attributable to an increase in total loans of $15.7 billion, comprised of held for sale ($11.2 billion) driven by an increase in personal and home loan originations and an increase in our loans held for investment ($4.6 billion) which was primarily related to student loan originations. Investment securities also increased ($2.4 billion) reflecting net purchases, primarily agency mortgage backed securities and U.S. Treasury securities. This increase was partially offset by a reduction in cash, cash equivalents of $1.8 billion. 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, 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 September 30, 2026 were $56.5 billion, up $16.3 billion, or 41%, from December 31, 2025. The increase was primarily attributable to an increase in total deposits ($13.8 billion) primarily driven by our differentiated checking and savings account offerings and competitive APY. The increase in debt ($2.0 billion) primarily reflects an increase in warehouse borrowings utilized to support our asset growth.

Total equity as of September 30, 2026 was $11.3 billion, up $805.6 million, or 8%, from December 31, 2025. The increase was primarily attributable to a decrease in accumulated deficit driven by net income during the nine months ended September 30, 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 nine months ended September 30, 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 $35.8 billion during the period. These cash uses were partially offset by cash proceeds of principal loan payments of $11.3 billion and principal loan sales of $12.9 billion.

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.

Cash Flows from Investing Activities

For the nine months ended September 30, 2026, net cash used in investing activities was primarily driven by growth in our loans held for investment and AFS investment portfolio, including $8.2 billion of loan originations and $3.6 billion of AFS investment purchases, as well as net outflows related to credit cards of $103.9 million. These outflows were partially offset by $2.9 billion of proceeds from loan repayments and recoveries, $605.8 million of AFS investment sales and $484.1 million of AFS investment payments and maturities.

For the nine months ended September 30, 2025, net cash used in investing activities was primarily driven by growth in our loans held for investment 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.

Cash Flows from Financing Activities

For the nine months ended September 30, 2026, net cash provided by financing activities was primarily attributable to net cash sources from our SoFi Bank deposits of $13.5 billion and $2.1 billion increase in our personal and student loan warehouse facilities as part of our normal balance sheet management as well as proceeds of $87.4 million from the common stock offering that we completed in the first quarter of 2026.

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.