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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 footnotes 29 and 30. The slide uses legal documentation as evidence of financial inconsistency.",
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      "kind": "callout",
      "text": "Logically, one cannot sell an asset and simultaneously pledge it as collateral in a new borrowing arrangement.",
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      "text": "UCC Financing Statement images",
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      "kind": "paragraph",
      "text": "In apparent reaction to the SEC comment letter, SOFI reduced the Secured Loan receivable in part by borrowing from JPMorgan Chase Bank, N.A. This borrowing seems to be unrecorded on SOFI's balance sheet.",
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      "text": "29 See e.g., NMC Health plc. 30 UCC Financing Statement filed Utah (Sept. 30, 2024)",
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      "kind": "title",
      "text": "A. $312 Million in Apparent Unreported Borrowings",
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