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  "docSlug": "441ad2469b6b",
  "documentTitle": "SoFi Technologies (SOFI)",
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  "authorName": "Muddy Waters",
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  "presentationDate": "2026-03-17 00:00:00",
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  "notes": "The slide highlights a discrepancy between SoFi's public disclosures and UCC filings regarding loan subordination and sales.",
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      "text": "The timing of the SEC comment letter also coincides with the LPB starting, which as we explain in Section VI, we think SOFI views as a better mousetrap for manipulating financials.",
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      "text": "SOFI Secured Loan Balances chart",
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      "text": "Secured Loan Balances: $1,896M",
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      "text": "2024, six weeks after the UCC filing that made it false.28 SOFI never disclosed the subordination or explained the change in terminology. The timing of the SEC comment letter also coincides with the LPB starting, which as we explain in Section VI, we think SOFI views as a better mousetrap for manipulating financials.",
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      "kind": "quote",
      "text": "SoFi Technologies, Inc., Q3 2024 Earnings Call Transcript (Nov. 2024): CFO Lapointe stated \"we sold $312 million of senior secured loans at a par execution.\" The September 30, 2024 UCC identifying SoFi as \"Mezzanine Lender\" had been filed six weeks earlier. — CFO Lapointe",
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      "kind": "source-note",
      "text": "Source: SOFI 10-Q / 10-K balance sheets. Red dots indicate quarters with secured loan \"sales\" at par. Dashed line: SEC comment letter received Sep 19, 2024.",
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      "text": "28 SoFi Technologies, Inc., Q3 2024 Earnings Call Transcript (Nov. 2024): CFO Lapointe stated \"we sold $312 million of senior secured loans at a par execution.\" The September 30, 2024 UCC identifying SoFi as \"Mezzanine Lender\" had been filed six weeks earlier.",
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      "kind": "title",
      "text": "Exhibit IV-4: SOFI Secured Loan Balances",
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