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  "documentTitle": "SoFi Technologies (SOFI)",
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  "authorName": "Muddy Waters, LLC",
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  "presentationDate": "2026-03-22 00:00:00",
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  "notes": "The slide includes a table comparing institutional ownership percentages and a narrative section outlining expectations for board and auditor responses to the research report.",
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      "text": "SOFI's relative lack of institutional ownership seems to be a choice.",
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      "text": "Institutional Ownership %: 53.7%",
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      "text": "SOFI's silence in response to our questions and report, in our view, affirms our conclusions. If SOFI has innocent explanations... it should clearly say so.",
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      "text": "MW believes in the democratization of markets... SOFI's relative lack of institutional ownership seems to be a choice.",
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      "text": "Source: S&P Capital IQ, as of March 2026.",
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      "text": "Ticker, Company, Inst. Own. %, Rank; SOFI, SoFi Technologies, 53.7%, 4 of 4; UPST, Upstart Holdings, 69.5%, 3 of 4; TREE, LendingTree, 85.4%, 2 of 4; LC, LendingClub, 87.1%, 1 of 4",
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      "text": "Exhibit: Institutional Ownership of Outstanding Shares",
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      "text": "IV. Next Steps",
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