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  "documentTitle": "SoFi Technologies (SOFI)",
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  "authorName": "Muddy Waters",
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  "presentationDate": "2026-03-17 00:00:00",
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  "notes": "The slide functions as a forensic accounting critique, alleging that SoFi misrepresents its financial health through specific accounting choices.",
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      "text": "After these adjustments, we reduce 2025 Adjusted EBITDA by approximately 90%, from $1,054 million to $103 million.",
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      "text": "Charge-off rate: 6.1%",
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      "text": "SOFI's manipulation of its Charge-Off Rate is the heart of its Fair Value gains on Personal Loans. Making company-favorable assumptions, we estimate that SOFI's 2025 Charge Off Rate is 6.1%.",
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      "text": "SOFI's filings claim that the annualized net charge-off rate “remained lower than the assumed weighted average default rates in our fair value model.”",
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      "kind": "paragraph",
      "text": "Management effectively gets paid for diluting shareholders. We suspect that failure to engage in any one of the abuses we have identified would have a material impact on management performance bonuses, possibly eliminating them entirely.",
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      "kind": "paragraph",
      "text": "ASC 860-10-40-5. If we are found correct, SOFI would likely have to restate 2025 revenue, EBITDA, assets, and debt.",
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      "text": "In 2025, SOFI capitalized approximately $194 million of marketing expenses. SOFI's compensation metrics and narrative, which are tied to Adjusted EBITDA, incentivize flattering profit margins by capitalizing expenses.",
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      "text": "After these adjustments, we reduce 2025 Adjusted EBITDA by approximately 90%, from $1,054 million to $103 million.",
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      "kind": "quote",
      "text": "SOFI’s filings claim that the annualized net charge-off rate “remained lower than the assumed weighted average default rates in our fair value model.” — SoFi Technologies, Inc. 2025 10-K",
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      "text": "1 2025 10-K (annualized net charge-off rate of 2.80% in Q4 2025...); 2 SoFi Technologies, Inc., 2025 10-K...",
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      "text": "II. WE CALCULATE SOFI'S ACTUAL PERSONAL LOAN CHARGE-OFF RATE IS 6.1%",
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