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Muddy Waters · research-note

SoFi Technologies (SOFI)

28 pages · 3 arc beats · 2 loops

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SoFi Technologies (SOFI)

Muddy Waters · 2026-03
arc beats above · slides in the middle · loops below · scroll → 2 LOOPS
SETUP TENSION ANALYSIS EVIDENCE RESOLUTION APPENDIX
HOVER FOR DETAILS · CLICK A SLIDE FOR FULLSCREEN · STEP 1
— No image bound to this slide. Wire up imgproxy to display the rendered slide JPEG.
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Deck intelligence map

3
coverage by narrative range · generated from this deck JSON
Narrative range 17 total
Metadata
Components
Metrics
Tools
Frameworks
Beats
Loops
The Monster 3 slides 100% 3/3 slides 100% 3/3 slides · 30 hits
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100% 3/3 slides 100% 3/3 slides 33.3% 1/3 slides The Struggle 10 slides 100% 10/10 slides 100% 10/10 slides · 82 hits
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60% 6/10 slides 100% 10/10 slides 60% 6/10 slides The Victory 4 slides 100% 4/4 slides 100% 4/4 slides · 34 hits
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100% 4/4 slides 100% 4/4 slides
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Slide inventory

28
every slide · same image gating as the playbook
01
Slide 1
The slide uses a 'treadmill' metaphor to describe financial engineering practices.front_matter
Open slide detail
02
Page 2 of 28other
Open slide detail
03
This is a short-seller research note. The tone is highly critical, using analogies to Enron and GE Capital.diagnose_problem
Open slide detailBeat · The Monster
04
The slide functions as a forensic accounting critique, alleging that SoFi misrepresents its financial health through specific accounting choices.expose_contradiction
Open slide detailBeat · The Monster
05
Includes a critique of SoFi's 'Consistent Credit Performance' marketing claim using a line chart of net charge-offs and a table of borrower characteristics.expose_contradiction
Open slide detailBeat · The MonsterLoop · The Reveal
06
The analysis uses a 70% conversion rate baseline derived from pre-2024 data to estimate the volume of loans transferred off-balance-sheet.expose_contradiction
Open slide detailBeat · The StruggleLoop · The Reveal
07
Includes detailed footnotes regarding SoFi's fair value modeling and loan delinquency reporting.analyze_data
Open slide detailBeat · The StruggleLoop · The Reveal
08
The slide argues that SOFI's recovery rate assumptions are unrealistic and that their default rate should be ~50% higher.analyze_data
Open slide detailBeat · The StruggleLoop · The Reveal
09
Includes a table of Fitch and DBRS default assumptions and a discussion on fair value adjustments based on third-party transactions.analyze_data
Open slide detailBeat · The StruggleLoop · The Reveal
10
This is a research note page from a short-seller report (likely Kerrisdale Capital or similar) critiquing SoFi's accounting practices.expose_contradiction
Open slide detailBeat · The StruggleLoop · The Reveal
11
The slide argues that SoFi inflates its Servicing Rights Asset (SRA) to boost reported gains on sale.analyze_data
Open slide detailBeat · The Struggle
12
Detailed investigation into UCC filings and transaction structures involving Cantor Fitzgerald and specific buyer trusts.expose_contradiction
Open slide detailBeat · The Struggle
13
The slide exposes a circular financing structure where SoFi appears to provide the financing for its own loan sales.expose_contradiction
Open slide detailBeat · The Struggle
14
Includes methodology for annualizing interest accrual based on program duration (15 days vs 10 days).analyze_data
Open slide detailBeat · The Struggle
15
Includes detailed footnotes referencing SEC filings and specific accounting terminology changes.expose_contradiction
Open slide detailBeat · The StruggleLoop · Iceberg
16
The slide highlights a discrepancy between SoFi's public disclosures and UCC filings regarding loan subordination and sales.expose_contradiction
Open slide detailLoop · Iceberg
17
Includes a detailed table (Exhibit IV-3) showing quarterly whole loan sales data from FY2021 to Q4 2025, highlighting the discrepancy in servicing rights percenexpose_contradiction
Open slide detailLoop · Iceberg
18
This is a research note page focusing on forensic accounting and regulatory compliance concerns regarding SoFi's balance sheet.expose_contradiction
Open slide detailLoop · Iceberg
19
Includes footnotes 29 and 30. The slide uses legal documentation as evidence of financial inconsistency.expose_contradiction
Open slide detailLoop · Iceberg
20
The slide uses a table to perform a forensic accounting check on debt disclosures to invalidate a public statement made by the CFO.expose_contradiction
Open slide detailLoop · Iceberg
21
Includes footnotes 33, 34, and 35 detailing specific UCC filings and legal definitions.expose_contradiction
Open slide detail
22
The slide uses a critical tone to challenge the accounting treatment of SoFi's loan platform business, specifically referencing 'wet-funded forward flow agreemeexpose_contradiction
Open slide detail
23
Contains detailed footnotes (40-45) supporting claims about securitization, risk retention, and accounting standards (ASC 810).expose_contradiction
Open slide detail
24
The slide argues that SoFi retains effective control over transferred assets, violating the third criterion of ASC 860.expose_contradiction
Open slide detail
25
Contains detailed footnotes referencing SEC filings and earnings transcripts to support claims of accounting discrepancies.analyze_data
Open slide detailBeat · The Victory
26
The slide argues that SoFi's financial reporting relies on aggressive accounting (FV changes, gain on sales) that necessitates constant equity raising.analyze_data
Open slide detailBeat · The Victory
27
This is a research note page focusing on forensic accounting critique of SoFi's financial reporting.expose_contradiction
Open slide detailBeat · The Victory
28
Includes a table detailing executive prepaid variable forward contracts and a concluding summary of the research note's findings.summarize
Open slide detailBeat · The Victory