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  "documentTitle": "SoFi Technologies (SOFI)",
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  "authorName": "Muddy Waters",
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  "sourceTypeLabel": "Short seller",
  "presentationDate": "2026-03-17 00:00:00",
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  "notes": "The slide uses a table to perform a forensic accounting check on debt disclosures to invalidate a public statement made by the CFO.",
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      "text": "The statement is directly contradicted by the September 30, 2024 UCC. The $312 million was not sold. SOFI itself refinanced the exposure into a new JPMorgan senior facility, subordinating its own position from secured lender to mezzanine lender.",
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      "kind": "paragraph",
      "text": "CFO Lapointe misled investors about this transaction. In the Q3 2024 earnings call, CFO Lapointe publicly stated: “we sold $312 million of senior secured loans at a par execution.” The statement is directly contradicted by the September 30, 2024 UCC.",
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      "kind": "paragraph",
      "text": "The JPMorgan loan to SoFi Funding PL VI LLC, a consolidated subsidiary, should appear in SOFI’s Note 9 debt disclosures under Personal Loan warehouse facilities. But, given that the total outstanding balance is less than $312 million, the borrowing does not.",
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      "kind": "paragraph",
      "text": "No other debt category can seemingly include this borrowing. Other financing outstanding was zero in both Q2 and Q3 2024. Student Loan warehouse is the wrong asset class. Risk retention declined from $57.4 million to $7.9 million.",
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      "kind": "quote",
      "text": "we sold $312 million of senior secured loans at a par execution. — CFO Lapointe, Q3 2024 earnings call",
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      "kind": "source-note",
      "text": "31 SoFi Technologies, Inc., Q3 2024 Earnings Call Transcript (Oct. 29, 2024). 32 SoFi Technologies, Inc., Form 10-Q, Note 9 (Debt) as of June 30, 2024 and September 30, 2024.",
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      "kind": "table",
      "text": "Quarterly debt disclosure table showing PL Warehouse, SL Warehouse, Risk Retention, Revolving Credit, and Convertible Notes from Dec 2023 to Sep 2024.",
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      "kind": "title",
      "text": "A.1. Note 9 Evidence: The Missing $312 Million",
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      "kind": "title",
      "text": "Exhibit V-1: Note 9 Debt — Quarterly Comparison (Q4 2023 through Q3 2024)",
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