Muddy Waters Exposes SoFi's Misleading Accounting Practices
ByAinvest
Tuesday, Mar 24, 2026 6:31 pm ET1min read
SOFI--
Muddy Waters Research has published a 28-page short report on SoFi, accusing the digital bank of improper accounting practices, financial engineering, and off-balance-sheet transactions that distort its performance. The report focuses on SoFi's loan fair value marks, which Muddy Waters claims are incorrectly calculated, inflating earnings before interest, taxes, depreciation, and amortization (EBITDA) by hundreds of millions of dollars.
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