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  "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": "Includes a detailed table (Exhibit IV-3) showing quarterly whole loan sales data from FY2021 to Q4 2025, highlighting the discrepancy in servicing rights percentages.",
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      "text": "The $87 million difference is fabricated Gains on Sales of 8.3% of reported EBITDA.",
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      "text": "Servicing Rights Asset: $87 million",
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      "kind": "paragraph",
      "text": "The structure is circular: SOFI originates personal loans, sells them to a buyer trust, and the buyer immediately pledges the same loans back to SOFI as collateral for a secured loan from SOFI.",
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      "kind": "paragraph",
      "text": "ASC 860 establishes the criteria for when a transfer of financial assets qualifies for sale treatment. If any one fails, the transfer must be accounted for as a secured borrowing.",
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      "text": "SOFI books a Servicing Rights Asset of approximately 6% on seller-financed whole loan sales versus 0.7% on LPB sales and 0.7% in 2021 and 2022, before the seller-financed program began.",
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      "text": "Source: SoFi Technologies SEC filings (10-K, 10-Q); Muddy Waters analysis.",
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      "text": "Quarterly table showing Cash, Receivables, Servicing assets, Repurchase liabilities, Consideration, UPB, Gain on loan sales, and % servicing rights to UPB.",
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      "kind": "title",
      "text": "F. We Believe SOFI Impermissibly Books these Transactions as Sales",
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      "text": "Exhibit IV-3: Whole Loan Sales (FY2021 through Q4 2025)",
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      "text": "E. Inflated Servicing Rights Asset",
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      "text": "F.1. Failure of the Effective Control Test",
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