SoFi Technologies

SOFI's silence on 11 specific accounting questions confirms Muddy Waters' view that 2025 Adjusted EBITDA is inflated ~90% via mislabeled financings, hidden debt, and misstated risk retention.

SOFI booked a $312M JPMorgan borrowing as a loan sale, inflating ~$1B of EBITDA and enriching management while shareholders absorb ~15% annual dilution.