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  "authorName": "Muddy Waters Research",
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  "presentationDate": "2026-03-30 00:00:00",
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  "notes": "The slide argues that the transaction was a borrowing, not a sale, and implies potential accounting fraud or misrepresentation by management.",
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      "text": "We believe that SOFI needs to restate the Q3 2024 $312 million Secured Loan sale as a borrowing.",
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      "text": "EBITDA: $312 million",
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      "text": "SOFI has been asked repeatedly to identify the buyer of this receivable and to show where in Note 9 the JPMorgan facility is recorded. SOFI has not publicly answered either question, and to our knowledge, has not done so privately either. The documents answer both: there was no buyer, and the facility isn't recorded because SOFI booked a borrowing as a sale.",
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      "text": "Management has a lot at stake at this point—likely including bonus claw backs. CEO Noto has extracted $46.5 million through prepaid variable forwards while SOFI tells investors he hasn't sold a share. CFO Lapointe has extracted $11.8 million. The accounting that justified their bonuses depends on this $312 million transaction being a sale. The UCC filing says it was a borrowing.",
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      "text": "A more subtle point is that in a true arms-length sale of a loan made on market terms, because the Fed had cut the Fed Funds rate by 50 bps on September 18, 2024, the loan receivable should have sold above par. As a lender though, it is understandable that JPMorgan would only lend at par/UPB.",
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      "text": "We believe that SOFI needs to restate the Q3 2024 $312 million Secured Loan sale as a borrowing. We further 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": "2 See SOFI's bonus claw back policy: https://www.sec.gov/Archives/edgar/data/1818874/000181887424000026/ex971-compensationrecovery.htm",
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      "text": "MUDDY WATERS RESEARCH",
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      "kind": "title",
      "text": "Par is Too Low, Given the Recent Rate Cut",
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      "text": "III. Conclusion",
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