DanH

[DanH @DanH]

@TonyStark202141 @insiderinvests They sold the loans at 105.7% and receive servicing fees for the loans in SCLP 2025-1. If SoFi's Class R gets wiped out, they would still keep the fees and gain on sale.

[DanH @DanH]

@LKPreserve @muddywatersre $SOFI's CET1 is at 22.8%. If you use a 8.5% yield, then CET1 would drop to 16.7%

Without the $3.2B they raise last year, then CET1 would be 8.1%. Now I understand why they did it!

[DanH @DanH]

@crypto_biotech @muddywatersre "but the actual weighted-average discount rate in the 10-K is 3.89% for student loans"

Isn't this the issue? Why is SoFi claiming student loans have a lower risk than a 10 year treasury?

[DanH @DanH]

@Tim_Sweeney_TAR @stevenfiorillo @muddywatersre @SoFi @Tim_Sweeney_TAR What about the fair value marks on the student loans that SoFi holds? They aren't selling these loans so the market isn't pricing these marks.

Sofi is using a discount rate of 3.89% on these student loans. (27 bps below 10-year). This doesn't make any sense.

[DanH @DanH]

@KrisPatel99 They stopped doing this. SoFi is securitizing the PL with the SCLP securitization program. SoFi is required to retain at least 5% of the credit risk on these deals, which is around $40M of risk each time.

8.40% wasFitch's default rating on the last deal: SCLP 2026-1.

[DanH @DanH]

@jcapitalgrowth It really appears that SoFi has risk on the loans held by their partners. Blue Owl (OWLCX) has some sort of credit protection that caps its exposure at 4.3% losses. It must be coming from SoFi since who else would cap the loses on these loans?

[DanH @DanH]

@JennyGShao @DionLimTV How did the police track the thieves?