SoFi debt models (include FICO scores from customers) which will not allow most of their debt to be securitized. That is, sold off (meaning that they will have to warehouse alot of their products themselves). This is not what they want to do. It's not their business models.

It's the same problem Carvana has had over the last year. Resulting in a 90% drop in their stock price and taking them to the brink of bankruptcy.

You cannot run a "financial production" company with the cost of capital increasing by a factor of 5X in under 18 months.

The 30% decline in market value since the beginning of the year reflects this accurate price discovery by investors.