Muddy Waters argues that these fair value marks are incorrectly calculated, which in turn makes earnings before interest, taxes, depreciation, and amortization (EBITDA) look hundreds of millions of dollars better than it really is. Muddy Waters claims that SoFi is using inputs in its DCF statement that are "materially misleading," whether it's the charge-off rate (expected loan losses) or discount rate.For many quarters now, the fair value adjustments have been positive for both the company's student and pe ...