{
  "docId": "019dd923-622c-750b-8b97-c0457f9540ca",
  "docSlug": "c7a2f1b9e1ee",
  "documentTitle": "SoFi Technologies (SOFI)",
  "authorId": "51_Muddy_Waters",
  "authorName": "Muddy Waters Research",
  "documentKindSlug": "research-note",
  "documentKindLabel": "Research note",
  "sourceTypeSlug": "short_seller",
  "sourceTypeLabel": "Short seller",
  "presentationDate": "2026-03-30 00:00:00",
  "orientation": "portrait",
  "aspectRatio": 0.77272725,
  "pageNumber": 4,
  "pageCount": 8,
  "prevPage": 3,
  "nextPage": 5,
  "slideType": "appendix_data",
  "function": "analyze_data",
  "density": "balanced",
  "nDataPoints": 0,
  "notes": "The slide provides primary source evidence (a UCC-1 filing) to support the author's interpretation of a financial transaction involving SoFi Funding PL VI LLC.",
  "elementsJson": [
    "screenshot",
    "paragraph"
  ],
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019dd923-622c-750b-8b97-c0457f9540ca/4",
  "deckHref": "/decks/019dd923-622c-750b-8b97-c0457f9540ca",
  "deckJsonHref": "/decks/019dd923-622c-750b-8b97-c0457f9540ca.json",
  "deckAnchorHref": "/decks/019dd923-622c-750b-8b97-c0457f9540ca#slide-4",
  "components": [
    {
      "bbox": null,
      "kind": "callout",
      "text": "The plain meaning of these terms is that it borrowed money, purchased the asset changing hands, and assigned a security interest.",
      "attrs": null,
      "subkind": null,
      "toolName": "Visual emphasis",
      "toolSlug": "visual-emphasis",
      "confidence": null,
      "componentId": "019dd953-2b65-734e-a98f-a01f97005e1a",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.65,
        "w": 0.5,
        "x": 0.25,
        "y": 0.15
      },
      "kind": "image",
      "text": "UCC Financing Statement document image",
      "attrs": null,
      "subkind": "screenshot",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "e09b54ef-930a-44a5-a68a-8fab7e336afd",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.06,
        "w": 0.76,
        "x": 0.12,
        "y": 0.86
      },
      "kind": "paragraph",
      "text": "SoFi Funding is the most important party to understanding this transaction because it is described as the “Purchaser”, “borrower”, and “Assignor Secured Party”. The plain meaning of these terms is that it borrowed money, purchased the asset changing hands, and assigned a security interest.",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "131b3bc4-6656-4e2b-959b-e242411a1b03",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.05,
        "w": 0.76,
        "x": 0.12,
        "y": 0.73
      },
      "kind": "paragraph",
      "text": "UCC Financing Statement, filed Utah, October 1, 2024 (transaction dated September 30, 2024). Filing No. 2410031091442-5.",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "93327b8c-074e-46c0-96fb-209cc6315fa6",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.08,
        "w": 0.76,
        "x": 0.12,
        "y": 0.78
      },
      "kind": "paragraph",
      "text": "Exhibit A of the financing statement states that the financing statement pertains i) to the Credit Agreement between SoFi Bank, JPMorgan Chase Bank, and a SOFI subsidiary, SoFi Funding PL VI LLC (“SoFi Funding”), and ii) the Pool Loan Purchase and Sale Agreement between SoFi Funding and SoFi Bank. Both agreements are dated September 30, 2024.",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "ea95d38a-bf64-4a8f-a509-4859ca8df758",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [],
  "frameworks": [],
  "arcBeats": [
    {
      "to": 5,
      "from": 4,
      "beatId": "341beca5-b133-4801-9e5f-9bec91af0a02",
      "arcName": "Overcoming the Monster",
      "arcSlug": "overcoming-monster",
      "beatName": "Appendix Data",
      "beatSlug": null,
      "evidence": "The document provides supporting data for the thesis.",
      "position": 1,
      "confidence": 0.8,
      "parentBeatName": null,
      "parentBeatSlug": null
    }
  ],
  "loops": [
    {
      "to": 5,
      "from": 4,
      "name": "Iceberg",
      "slug": "10-iceberg",
      "bestFor": "Consulting, complex problem solving, organizational change",
      "matchId": "9551eb75-2d0b-497b-bf6b-8b8f9220c829",
      "evidence": "The document provides supporting data for the thesis.",
      "position": 1,
      "objective": "Provide evidence for the thesis",
      "structure": "The Symptom (Visible) -> The System (Hidden) -> The Root Cause",
      "confidence": 0.8,
      "description": "Reveal that the visible problem is merely a symptom of a deeper root cause"
    }
  ],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}