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  "documentTitle": "SoFi Technologies (SOFI)",
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  "notes": "The slide exposes a circular financing structure where SoFi appears to provide the financing for its own loan sales.",
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      "text": "SOFI seemingly provides substantially all of the financing, all the servicing, and holds a security interest in the same loans it claims to have sold.",
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      "text": "Both Onboard and Skyfi follow an identical formation pattern: an LLC is established first, followed shortly by a corresponding Trust.",
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      "kind": "quote",
      "text": "SoFi IR confirmed: \"seller financing\" arrangement | CFO Lapointe: \"investment-grade equivalent\" | 10-K: zero credit loss allowance — Documentary Evidence (December 20, 2023)",
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      "text": "Quarter, Buyer Trust, Est. New Secured Loans ($M)",
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      "text": "Exhibit IV-2: CSS PL 2023-1 Seller-Financed Structure",
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      "text": "Exhibit IV-1: Seller-Financed Loan Buyers Identified Through UCC Filings",
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