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  "notes": "The slide uses a critical tone to challenge the accounting treatment of SoFi's loan platform business, specifically referencing 'wet-funded forward flow agreements'.",
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      "text": "The Loan Platform Business is not a capital-lite “tollbooth” generating fee income from connecting borrowers with third-party buyers. It appears to be a sophisticated financing arrangement called a “wet-funded forward flow agreement” that, in our opinion, SOFI is using to disguise borrowings against loans as sales of loans.",
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      "text": "The Loan Platform Business is not a capital-lite “tollbooth” generating fee income from connecting borrowers with third-party buyers. It appears to be a sophisticated financing arrangement called a “wet-funded forward flow agreement” that, in our opinion, SOFI is using to disguise borrowings against loans as sales of loans.",
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      "text": "SOFI’s LPB follows the structural logic of a wet-funded forward flow. Loans are transferred to buyer trusts where the LPB counterparty—Blue Owl, in the case we can observe most clearly—provides the outside equity layer.",
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      "text": "A wet-funded forward flow arrangement is a well-recognized form of structured financing in securitization markets. An originator commits to sell loans to a third-party funder as they are originated. The funder advances cash against the loans—the “wet funding.”",
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      "text": "“Robust Protection” — OWLCX Q4 2025 Investor Presentation.",
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      "text": "36,37 Clifford Chance, “Forward Flow Securitisation: The Right Tool for the Right Job?,” September 2023. 38 OWLCX 2025 Annual Report, SEC Filing. 39 OWLCX Q4 2025 Investor Presentation.",
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      "text": "A. How a Wet-Funded Forward Flow Agreement Works",
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      "text": "VI. THE LOAN PLATFORM BUSINESS: BORROWING DISGUISED AS SALES",
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      "text": "B. What Blue Owl Tells Us",
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