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      "text": "As shown in Exhibit IV-4, SOFI seemed to break the glass after receiving the comment letter. As part of its reaction, SOFI reduced the Secured Loan receivable balance by borrowing from JPMorgan Chase Bank, N.A.",
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      "kind": "disclaimer",
      "text": "24 SOFI Technologies, Inc., Q4 2023 Earnings Call Transcript... 25 SOFI Technologies, Inc., Q3 2024 Form 10-Q... 26 SoFi Technologies, Inc., Q1 2024 Form 10-Q... 27 UCC Financing Statement filed Utah (Sept. 30, 2024)...",
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      "kind": "paragraph",
      "text": "After growing 400% in two quarters to $1.7 billion as of Q2 2024, the SEC sent a comment letter, which is excerpted below.",
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      "text": "As shown in Exhibit IV-4, SOFI seemed to break the glass after receiving the comment letter. As part of its reaction, SOFI reduced the Secured Loan receivable balance by borrowing from JPMorgan Chase Bank, N.A.",
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      "kind": "paragraph",
      "text": "SOFI introduced 'Senior Secured Loans' on its balance sheet in Q4 2023 with an initial balance of $450 million. CFO Lapointe characterized them as investment-grade equivalent, low-risk assets, and SOFI did not recognize any allowance for credit losses on them.",
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      "text": "We note that senior secured loans appear to have grown to 80% of total loans held for investment at amortized cost, 18.6% of total loans held for investment, and 6.9% of total loans as of June 30, 2024. In future filings, please revise your disclosures, in an appropriate location, to provide an expanded discussion of your senior secured loans that more fully describes the borrower population, underlying collateral characteristics, and typical duration of the loans. — SEC Comment Letter to SOFI Technologies, Sept. 19, 2024",
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      "text": "Form 10-Q for the Quarterly Fiscal Period Ended June 30, 2024 Note 4. Loans, page 16 12. We note that senior secured loans appear to have grown to 80% of total loans held for investment at amortized cost...",
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      "text": "D. SOFI's Reaction to the SEC Comment Letter",
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