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  "docSlug": "441ad2469b6b",
  "documentTitle": "SoFi Technologies (SOFI)",
  "authorId": "51_Muddy_Waters",
  "authorName": "Muddy Waters",
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  "sourceTypeSlug": "short_seller",
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  "presentationDate": "2026-03-17 00:00:00",
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  "notes": "This is a research note page focusing on forensic accounting and regulatory compliance concerns regarding SoFi's balance sheet.",
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      "text": "All seller-financed transactions—Onboard Trusts 1 through 8, Skyfi Trust, CSS PL 2023-1, and the Q3 and Q4 2024 “sales”—seem to fail all three ASC 860 criteria.",
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      "text": "SOFI's Secured Loan program appears to have generated a material financial misstatement: approximately $312 million of unreported borrowings.",
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      "kind": "paragraph",
      "text": "F.2. Failure of the Isolation Test... F.3. Impairment of Transferee Rights... F.4. Conclusion...",
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      "kind": "title",
      "text": "V. CONCERNS ABOUT THE INTEGRITY OF SOFI'S ACCOUNTS",
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