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  "documentTitle": "SoFi Technologies (SOFI)",
  "authorId": "51_Muddy_Waters",
  "authorName": "Muddy Waters",
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  "presentationDate": "2026-03-17 00:00:00",
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  "notes": "The slide argues that SoFi inflates its Servicing Rights Asset (SRA) to boost reported gains on sale.",
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      "text": "The poor economics of this business, in our opinion, fuel SOFI's need to issue equity. While there could be strategic value to the Student Loan business, given its direct economic costs, we believe that SOFI's principal reason for originating at these levels is to meet targets for management bonuses through manipulating their Fair Values.",
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      "text": "Fair Value / UPB: 100.0%",
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      "text": "C. Impact on Fair Value and EBITDA",
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      "text": "B. Student Loan Unit Economics Don't Justify the Business for Outside Shareholders",
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      "text": "Source: SoFi Technologies 2025 10-K... Footnotes 16 and 17.",
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      "text": "Discount Rate | Implied FV/UPB | Notes",
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      "text": "Exhibit III-1: Student Loan Fair Value Sensitivity to Discount Rate",
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