Sofi Technologies, Inc,
Fiscal Year 2025.

Item 7. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS The following discussion and analysis provides information that management believes is relevant to an assessment and understanding of our consolidated results of operations and financial condition. You should read this discussion and analysis in conjunction with the consolidated financial statements and notes thereto included elsewhere in this Annual Report on Form 10-K. Certain amounts may not foot or tie to other disclosures due to rounding. Certain information in this discussion and analysis or set forth elsewhere in this Annual Report on Form 10-K contains forward-looking statements that involve numerous risks and uncertainties, including, but not limited to, those described under the sections entitled “Cautionary Note Regarding Forward-Looking Statements” and Part I, Item 1A. “Risk Factors”. We assume no obligation to update any of these forward-looking statements. Actual results may differ materially from those contained in any forward-looking statements. Page Business Overview 87 Non-GAAP Financial Measures 89 Key Business Metrics 97 Key Factors Affecting Operating Results 100 Key Components of Results of Operations 103 Consolidated Results of Operations 104 Net Interest Income 105 Noninterest Income 107 Provision for Credit Losses 109 Noninterest Expense 111 Income Taxes 111 Summary Results by Segment 112 Lending Segment 113 Technology Platform Segment 119 Financial Services Segment 120 Corporate/Other Segment 123 Liquidity and Capital Resources 123 Critical Accounting Estimates 129 Recent Accounting Standards Issued, But Not Yet Adopted 132 SoFi Technologies, Inc. TABLE OF CONTENTS

Key Components of Results of OperationsNet Interest Income Net interest income primarily reflects the excess of interest income earned on our loans over the interest expense incurred to fund such loans. Net interest income is impacted by loan origination volume, the level of securitization activity, the amount of time we hold loans on our consolidated balance sheet and the volume of member deposits, as well as prevailing interest rates, which impact the rates we receive on our loans and securitization-related investments in bonds and residual interest positions, and the rates we incur from our funding sources including our warehouse facilities, securitization debt and member deposits at SoFi Bank. We also incur interest expense related to our revolving credit facility and convertible notes, as well as on our convertible notes in the form of amortization of debt issuance costs and original issue discount. Noninterest Income Noninterest income primarily consists of: (i) fee-based revenue recognized from contracts with customers, which primarily relates to our technology products and solutions revenues and the growth and expansion of our financial services offerings, inclusive of referral fees generated through our Loan Platform Business for providing pre-qualified borrower referrals (referred loans) to be originated by a third-party partner, (ii) fees earned upon the sale of loans originated on behalf of third party partners through our Loan Platform Business, (iii) loan origination fees, whereby a borrower may optionally elect to pay origination fees to qualify for a lower annual percentage rate, (iv) fair value changes in loans while we hold them on our consolidated balance sheet and our securitization activities, inclusive of our hedging activities, (v) gains on sales of loans transferred into the securitization or whole loan sale channels, (vi) the income we receive from our loan servicing activities, as well as the assumption of servicing rights from third parties, (vii) gains and losses on non-securitization investments, and (viii) gains and losses on extinguishment of debt. Noninterest Expense Noninterest expense primarily relates to the following categories of expenses: (i) technology and product development, (ii) sales and marketing, (iii) cost of operations, and (iv) general and administrative. Certain costs are included within each of these line items, such as compensation and benefits-related expense (inclusive of share-based compensation expense), professional services, depreciation and amortization, and occupancy-related costs. We allocate certain costs to each of these categories based on department-level headcounts. We generally expect these expenses to increase in absolute dollars as our business continues to grow. Noninterest expense also includes goodwill impairment, related to the Galileo and Technisys reporting units. Directly Attributable Expenses As presented within “Summary Results by Segment”, in our determination of the contribution profit (loss) for our reportable segments, we allocate certain expenses that are directly attributable to the segment. Directly attributable expenses primarily include compensation and benefits and sales and marketing, inclusive of member incentives, and vary based on the amount of activity within each segment. Directly attributable expenses also include loan origination and servicing expenses, professional services, product fulfillment and lead generation. Expenses are attributed to the reportable segments using either direct costs of the segment or labor costs that can be attributed based upon the allocation of employee time for individual products. SoFi Technologies, Inc. TABLE OF CONTENTS

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: Year Ended December 31, 2024 vs. 2023 2023 vs. 2022 ($ in thousands) 2024 2023 2022 $ Change % Change $ Change % Change Servicing income recognized Personal loans(1) $90,918 $24,074 $35,653 $66,844 278 % $(11,579) (32) % Student loans 22,811 25,174 36,256 (2,363) (9) % (11,082) (31) % Home loans 17,347 15,161 12,965 2,186 14 % 2,196 17 % Servicing rights fair value change Personal loans(1) $153,952 $28,839 $(4,245) $125,113 434 % $33,084 n/m Student loans (7,678) (4,929) (24,058) (2,749) 56 % 19,129 (80) % Home loans 15,385 6,705 9,898 8,680 129 % (3,193) (32) % ___________________ (1)Increases during the 2024 periods were primarily attributable to higher loan sales. Directly attributable expenses The directly attributable expenses allocated to the Lending segment that were used in the determination of the segment's contribution profit were as follows:

Since our inception through December 31, 2024, we have served approximately 10.1 million members who have used approximately 14.7 million products on the SoFi platform. Members In Thousands  Total Products Total products refers to the aggregate number of lending and financial services products that our members have selected on our platform since our inception through the reporting date, whether or not the members are still registered for such products. Total products is a primary indicator of the size and reach of our Lending and Financial Services segments. Management relies on total products metrics to understand the effectiveness of our member acquisition efforts and to gauge the propensity for members to use more than one product. In our Lending segment, total products refers to the number of personal loans, student loans and home loans that have been originated through our platform through the reporting date, inclusive of loans which we originate as part of our Loan Platform Business, whether or not such loans have been paid off. If a member has multiple loan products of the same loan product type, such as two personal loans, that is counted as a single product. However, if a member has multiple loan products across loan product types, such as one personal loan and one home loan, that is counted as two products. The account of a co-borrower or co-signer is not considered a separate lending product. In our Financial Services segment, total products refers to the number of SoFi Money accounts (inclusive of checking and savings accounts held at SoFi Bank and cash management accounts), SoFi Invest accounts, SoFi Credit Card accounts (including accounts with a zero dollar balance at the reporting date), referred loans (which are originated by a third-party partner to which we provide pre-qualified borrower referrals), SoFi At Work accounts and SoFi Relay accounts (with either credit score monitoring enabled or external linked accounts) that have been opened through our platform through the reporting date. Checking and savings accounts are considered one account within our total products metric. Our SoFi Invest service is composed of two products: active investing accounts and robo-advisory accounts. Our members can select any one or combination of the types of SoFi Invest products. If a member has multiple SoFi Invest products of the same account type, such as two active investing accounts, that is counted as a single product. However, if a member has multiple SoFi Invest products across account types, such as one active investing account and one robo-advisory account, those separate account types are considered separate products. The account of a joint- or co-account holder is considered a separate financial services product. In the event a member is removed in accordance with our terms of service, as discussed under “Members” above, the member’s associated products are also removed. Product growth is generally an indicator of future revenue, but is not directly correlated with revenues, since not all members who sign up for one of our products immediately or fully utilize or continue to use our products, and not all of our products (such as our complimentary product, SoFi Relay) provide direct sources of revenue. Further, product growth may not directly correlate with expense growth as a result of the effects of the Financial Services Productivity Loop. See “Consolidated Results of Operations” and “Summary Results by Segment” for discussion and analysis of operating results. SoFi Technologies, Inc. TABLE OF CONTENTS Products In Thousands  Total lending products were composed of the following: December 31, 2024 vs. 2023 2023 vs. 2022 Lending Products 2024 2023 2022 Variance % Change Variance % Change Personal loans(1) 1,405,928 1,113,864 837,462 292,064 26 % 276,402 33 % Student loans 568,612 519,489 477,132 49,123 9 % 42,357 9 % Home loans 35,814 29,653 26,003 6,161 21 % 3,650 14 % Total lending products 2,010,354 1,663,006 1,340,597 347,348 21 % 322,409 24 % ___________________ (1)Includes loans which we originate as part of our Loan Platform Business. Total financial services products were composed of the following: