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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": "Includes detailed footnotes regarding SoFi's fair value modeling and loan delinquency reporting.",
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      "text": "Even on SOFI's own reported numbers, the serviced-portfolio charge-off rate is approximately double the on-balance-sheet rate SOFI uses to calibrate its FV model.",
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      "text": "Annualized Charge Off Rate: 13.0%",
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      "text": "This is the rate that matters for Fair Value modeling: SOFI services the transferred loans and bears the credit outcomes. Even on SOFI's own reported numbers, the serviced-portfolio charge-off rate is approximately double the on-balance-sheet rate SOFI uses to calibrate its FV model.",
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      "text": "We cross-checked this estimate against SOFI's own serviced-portfolio data: dividing SOFI's reported charge-offs on transferred loans by the average balance of personal loans SOFI services (including off-balance-sheet loans) yields an annualized rate of 6.6% to 7.5% in 2025, consistent with our bottom-up",
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      "text": "Even using SOFI's own reported charge-offs (which exclude the delinquent loan sales), the annualized charge-off rate on total personal loans serviced by SOFI (including off-balance-sheet loans that SOFI continues to service) ranges from 6.6% to 13.0% across the past eight quarters.",
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      "text": "First, we add the losses on delinquent loans SOFI sells just before they reach the 120-day charge-off threshold. These pre-charge-off disposals add approximately 166 basis points per quarter. Second, we add the charge-offs that appear to occur off-balance-sheet, which adds approximately 120 to 130 basis points per quarter. The sum produces an adjusted quarterly 2025 Charge-Off Rate of approximately 5.7% to 6.6%.",
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      "text": "6 Reported charge-off figures are charge-offs, net, on loans serviced by SOFI, as disclosed in SOFI's quarterly and annual filings. 7 SoFi Technologies, Inc., Q2 2024 Form 10-Q... 8 SoFi used default rate assumptions... 9,10 SoFi Technologies, Inc., Form 10-Qs... 11 SoFi Technologies, Inc., 2025 Form 10-K...",
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      "text": "Exhibit II-2: Annualized Charge-Off Rate of Personal Loans Serviced",
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      "text": "D. The Adjusted Default Rate",
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      "text": "C. The Charge-Off Rate on Total Loans Serviced by SOFI",
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