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  "documentTitle": "SoFi Technologies (SOFI)",
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  "authorName": "Muddy Waters",
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  "notes": "Contains detailed footnotes referencing SEC filings and earnings transcripts to support claims of accounting discrepancies.",
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      "text": "SOFI's deceptive accounting,, which largely provides CEO Noto's performance bonuses, results in serial equity dilution, and explains why the treadmill does not stop.",
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      "text": "Adjusted EBITDA: $251 million",
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      "text": "We estimate SOFI has unrecorded liabilities of approximately $251 million from 2025 LPB transactions, representing 23.8% of reported Adjusted EBITDA. The adjustment reflects the credit losses SOFI will absorb on LPB loans in excess of what the funders’ underwriting contemplates.",
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      "text": "SOFI's deceptive accounting, which largely provides CEO Noto's performance bonuses, results in serial equity dilution, and explains why the treadmill does not stop.",
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      "text": "SOFI increased its diluted shares outstanding by 13.7% in 2025 to raise $3.2 billion, following a 16.5% increase in 2024. SOFI's reported Adjusted EBITDA per year-end 2025 diluted shares was $0.84; had SOFI kept the share count steady from year-end 2024, it would have been $0.94. After our adjustments, 2025 Adjusted EBITDA is approximately $103 million, a 90% reduction.",
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      "text": "Footnotes 49-52 detailing data sources and calculation methodologies.",
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      "text": "VII. THE EQUITY DILUTION TREADMILL",
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      "text": "A. The Dilution Math",
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