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  "notes": "Includes methodology for annualizing interest accrual based on program duration (15 days vs 10 days).",
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      "text": "All three years produce estimated interest rates of approximately 5% — below SOFI's own Blended Funding Cost of 6.3% and far below the ~13% yield on the underlying personal loans.",
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      "text": "Secured Loan Interest Rate: 5%",
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      "text": "CFO Lapointe characterized Secured Loans as yielding similar to the net interest margin on unsecured loans, which was approximately 5.88% in 2023. All years: the rate is below our estimate of SOFI's 6.3% Blended Funding Cost and far below the approximately 13% yield on the underlying Personal Loans. We conclude that SOFI is subsidizing these sales.",
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      "text": "Cantor Fitzgerald served as a same-day pass-through intermediary on Onboard transactions and on the first Skyfi transaction. In the first Skyfi sale (June 28, 2024), SOFI sold $750 million in personal loans to Cantor at $754.3 million; Cantor sold the identical portfolio to Skyfi for $754.7 million—a $375,000 spread for zero risk and zero holding period. Skyfi dropped Cantor for its second and third transactions, which do not appear to have been financed by SOFI. Onboard continued using Cantor during the same",
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      "text": "We estimate the Secured Loan interest rate from SOFI's reported principal outstanding and interest accrual.",
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      "text": "In addition, these loans are priced at market rates, which not only helps to diversify our balance sheet, but also provides an additional return above our cost of funding and a yield similar to the net interest margin of our loans, which are unsecured. — CFO Lapointe, SOFI Technologies, Inc., Q4 2023 Earnings Call Transcript",
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      "kind": "source-note",
      "text": "22 SOFI Technologies, Inc., Q4 2023 Earnings Call Transcript (Jan. 29, 2024)... 23 Bill of Sale, SOFI Bank N.A. to Cantor Fitzgerald Securities (June 28, 2024)...",
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      "kind": "subtitle",
      "text": "Notes: Principal as Reported is the average secured loan balance per SOFI's 10-K Analysis of Charge-offs table for each year...",
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      "text": "Exhibit IV-3: Secured Loan Interest Rate Estimate",
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      "kind": "title",
      "text": "C. The Role of the Middleman: Cantor Fitzgerald",
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      "text": "B. The Estimated Secured Loan Interest Rate: ~5%",
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