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  "documentTitle": "SoFi Technologies (SOFI)",
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  "notes": "The arch illustration serves as a visual metaphor for the structural integrity of the company's financial reporting.",
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      "text": "We believe that when SOFI restates this borrowing, it will also restate ~$1 billion of previously reported EBITDA; and, its capital ratios will be restated materially lower.",
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      "text": "Arch illustration showing $312M borrowing as the keystone, with $700M FV gains and $250M gains on sales as supporting stones.",
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      "text": "Investors should ask whether SOFI is really playing it cool about this issue or are its executives living in fear of legal ramifications while trying to shape the narrative.",
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      "text": "Muddy Waters is short SOFI. SOFI's management appears to have booked a $312 million loan from JPMorgan as if it were a sale—inflating reported profits and their own bonuses while shareholders bear ~15% annual dilution.",
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      "kind": "quote",
      "text": "“a person close to SoFi” claiming our conclusion about the impropriety of the loan transaction is “simply wrong.” — Barron's",
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      "text": "See disclaimer on the last page.",
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