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  "docSlug": "441ad2469b6b",
  "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": "Includes a critique of SoFi's 'Consistent Credit Performance' marketing claim using a line chart of net charge-offs and a table of borrower characteristics.",
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      "text": "It is difficult to understand how SOFI would recover materially more for a loan that is, e.g., 110 days past due versus one that is 125 days past due.",
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      "text": "Net Charge-Offs line chart showing Personal Loan (PL) and Student Loan (SL) trends from Q1 23 to Q4 25.",
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      "text": "However, litigation records show SOFI disposing of defaulted loans within mere days of the 120-day charge-off threshold.",
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      "text": "SoFi partially, and misleadingly, disclosed a “delinquent loan sales” program starting in Q1 2024. SoFi’s investor presentation characterizes this as a “value-enhancing capital optimization strategy”:",
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      "text": "SOFI's investor presentation characterizes this as a \"value-enhancing capital optimization strategy\" — SoFi Technologies, Inc.",
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      "text": "Footnotes 3, 4, and 5 detailing the source of the delinquent loan sales disclosure and the Eltura Ventures transaction.",
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      "kind": "title",
      "text": "A. Pre-Charge-Off Delinquent Loan Sales",
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