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  "docSlug": "441ad2469b6b",
  "documentTitle": "SoFi Technologies (SOFI)",
  "authorId": "51_Muddy_Waters",
  "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": "The analysis uses a 70% conversion rate baseline derived from pre-2024 data to estimate the volume of loans transferred off-balance-sheet.",
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      "kind": "callout",
      "text": "SOFI's charge-off data seemingly contains a mathematical impossibility that strongly implies loans are being charged off outside SOFI's reported metrics.",
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      "text": "Conversion Rate (30+ DPD to Charge Off): 162%",
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      "text": "SOFI's charge-off data seemingly contains a mathematical impossibility that strongly implies loans are being charged off outside SOFI's reported metrics.",
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      "kind": "source-note",
      "text": "Notes: Reported charge-off figures are charge-offs, net, on loans serviced by SOFI... Source: SoFi Technologies 10-K and 10-Q filings (2023-2025); Muddy Waters analysis.",
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      "kind": "table",
      "text": "Table showing Q1 '23 to Q4 '25 data for Total Personal Loans, 30+ DPD, Reported Charge Offs, Conversion Rate, Estimated Charge Off, and Credit-Impaired Loans Transferred Off-B/S.",
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      "text": "Exhibit II-1: SOFI Personal Loans — Serviced Portfolio, Delinquencies & Charge-Offs",
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      "text": "B. Off-Balance-Sheet Parking",
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