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  "notes": "The slide argues that SoFi's financial reporting relies on aggressive accounting (FV changes, gain on sales) that necessitates constant equity raising.",
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      "text": "We adjust 2025 Adjusted EBITDA down by approximately 90% to $103 million.",
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      "text": "We have identified potential material misstatements in SOFI's financials of approximately $312 million in unreported borrowings (Section V). The seller-financed sales documented in Section IV fail all three ASC 860 sale-recognition criteria...",
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      "text": "Real credit losses on Personal Loans consume capital. At a 6.1% charge-off rate versus the 2.89% reported, the gap between recognized and actual losses must be funded.",
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      "text": "All figures in $mm. PL FV adjustment reflects default rate correction from 4.46% to ~6.8% (FV from 106.4% to 102%). SL FV adjustment reflects FV from 105.9% to 103.0%. Gain on sale adjustments reflect servicing rights reduced to 0.7% market rate. Source: SoFi Technologies 2025 10-K; Muddy Waters estimates.",
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      "text": "Exhibit VIII-1: 2025 Adjusted EBITDA Bridge",
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