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  "docSlug": "f38c6d8a0450",
  "documentTitle": "SoFi Technologies (SOFI)",
  "authorId": "51_Muddy_Waters",
  "authorName": "Muddy Waters, LLC",
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  "sourceTypeSlug": "short_seller",
  "sourceTypeLabel": "Short seller",
  "presentationDate": "2026-03-22 00:00:00",
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  "notes": "The slide uses a table to frame specific accounting/contractual questions as a way to expose potential contradictions in SOFI's public disclosures.",
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      "kind": "callout",
      "text": "If the answer is yes, every whole-loan \"sale\" is a seller-financed transaction that fails the effective control test under ASC 860.",
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      "kind": "paragraph",
      "text": "These questions have factual answers. Either the $312 million JPMorgan borrowing is in Note 9 or it is not. Either risk retention is vertical or it is horizontal. Either SOFI finances the buyers of its loans or it does not.",
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      "kind": "paragraph",
      "text": "We believe that SOFI is hoping the story will die. Since our report, we have come to understand from institutional market participants that SOFI has a pattern of refusing to answer difficult questions...",
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      "kind": "table",
      "text": "Table of questions 8-11 regarding SOFI's servicing fees, loan origination economics, risk retention, and borrower financing.",
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      "kind": "title",
      "text": "III. What SOFI's Silence Tells You",
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