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SOFI

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Analysis

SoFi's 3.6x Book Value Has a $36 Billion Blind Spot

SoFi reported $481 million in net income for FY2025 — but 73% came from unrealized fair value gains on loans valued using management's models. The same 10-K reveals a $576 million fee business growing 234% that generates cash without touching the balance sheet. SoFi is transforming from a lender that risks its own capital to a platform that earns fees on other people's. The 3.62x book value — 2.5x LendingClub's — is a bet on which story wins.

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18 min

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Research

HBM Demand: What 135 SEC Filings Reveal About AI's Memory Chokepoint

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Basel III Endgame: What 419 SEC Filings Reveal

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Research

AI Infrastructure Capex: What 863 SEC Filings Reveal

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Cybersecurity Incidents: What 916 SEC 8-K Filings Reveal

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Lithium Battery Supply Chain: What 351 SEC Filings Reveal

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8 min
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