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  "documentTitle": "SoFi Technologies (SOFI)",
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  "authorName": "Muddy Waters",
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  "sourceTypeSlug": "short_seller",
  "sourceTypeLabel": "Short seller",
  "presentationDate": "2026-03-17 00:00:00",
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  "notes": "This is a research note page focusing on forensic accounting critique of SoFi's financial reporting.",
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      "text": "Per our estimates, and excluding external financings, it is increasingly likely Anthony Noto would lose substantially all of his $10+ million PSU performance bonus if not for the intellectually dishonest and misleading financial reporting we have outlined in this report.",
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      "text": "In 2025, SOFI capitalized approximately $194 million of marketing expenses... SOFI's capitalized contract cost balance reached $407.7 million in 2025, up 91% year-over-year.",
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      "text": "Per our estimates... Anthony Noto would lose substantially all of his $10+ million PSU performance bonus if not for the intellectually dishonest and misleading financial reporting.",
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      "text": "Every metric in SOFI's compensation structure is inflated by the accounting manipulation documented in Sections II through VI.",
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      "text": "IX. CAPITALIZED MARKETING EXPENSES",
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