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  "documentTitle": "SoFi Technologies (SOFI)",
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  "notes": "Detailed investigation into UCC filings and transaction structures involving Cantor Fitzgerald and specific buyer trusts.",
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      "text": "The absurdity of this valuation is clear.",
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      "text": "SoFi makes “Secured Loans” to the buyers of its whole Personal Loans at a rate we estimate is approximately 5%, which seems below market for loans yielding 13%. There are two reasons for SoFi to subsidize these purchases...",
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      "text": "We examined all UCC filings submitted by SoFi from Q4 2023 through Q3 2025, then reviewed the buyers’ UCC filings to confirm their status as seller-financed buyers...",
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      "text": "18 SOFI Technologies, Inc., Q4 2025 Earnings Supplement... 19 UCC filings... 20 Carlyle Tactical Private Credit Fund...",
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      "text": "IV. SECURED LOANS: SUBSIDIZED SELLER-FINANCED SALES",
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      "text": "A. Identifying the Seller-Financed Buyers",
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