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  "documentTitle": "SoFi Technologies (SOFI)",
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  "authorName": "Muddy Waters Research",
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  "presentationDate": "2026-03-30 00:00:00",
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  "notes": "Includes a satirical image mocking the $38 target price.",
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      "text": "So far, the chain of dependency is simple: FV gains likely depended on whole Personal Loan sales that SOFI financed.",
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      "text": "Satirical image of a person in an alleyway carrying a bucket labeled 'TRUE SALE' with '$38' superimposed.",
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      "text": "The next day, an employee of one of SOFI's underwriters wrote a quick note carrying SOFI's water by parroting this narrative without offering evidence... the highest TP—$38, which is 1.69 standard deviations above the mean TP of $25.45.",
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      "text": "SOFI's Fair Value accounting aggression took off in Q3 2023 with increasingly high (and in our view, unrealistic) marks on its on-balance sheet Personal Loans.",
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      "text": "Putting the \"Ho\" in Mizuho",
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      "text": "Finally, we sold $312 million of senior secured loans at a par execution — SoFi Management.",
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