[SCHEDULE 13G] SoFi Technologies, Inc. SEC Filing

Rhea-AI Filing Summary

Genco Shipping & Trading (GNK) Q2 2025 10-Q highlights:

• Revenue: $80.9 M, down 24% YoY vs. $107.0 M.
• Net result: loss of $6.8 M (-$0.16/sh) vs. profit of $23.5 M (+$0.54/sh) in Q2 2024; six-month loss totals $18.8 M.
• Drivers: voyage revenue fell across both Major and Minor Bulk segments while operating costs (vessel, G&A, depreciation) remained elevated; no vessel sale gains this period versus $13.2 M gain last year.
• Margins: Net voyage revenue dropped 37% to $46.9 M; operating margin swung to –5.3% from +24.6%.
• Cash & Liquidity: cash/eq. $35.4 M (-19% YTD); revolver draw of $10 M lifted gross debt to $100 M; $299.8 M still undrawn; company remains covenant-compliant.
• Cash flow: operating cash inflow just $8.3 M vs. $61.3 M prior year, pressured by lower earnings and $30.9 M dry-dock spend.
• Equity & leverage: book equity declined to $891.6 M; net debt/total cap ~7%.
• Dividends: quarterly payout cut to $0.15/sh (was $0.30 in Q1 and $0.41-0.42 in 2024); $6.6 M declared in Q2.
• Fleet: 42 vessels (16 Capesize, 15 Ultramax, 11 Supramax), avg. age 12.6 yrs; no acquisitions or sales closed in H1 2025.
• Interest rate hedge: last $50 M cap expired March 2024; no derivative assets outstanding.

Overall, softer dry-bulk rates and absence of asset-sale gains drove a swing to loss and sharply weaker cash generation, prompting a dividend reduction and small revolver utilization.

Positive

• Low leverage: Net debt only $57 M with $300 M revolver availability, providing ample liquidity.
• Covenant compliance: Company reports full compliance with the $500 M revolver terms.
• Fleet scale: 42-vessel fleet with diversified Capesize/Ultramax/Supramax mix positions GNK for market recovery.

Negative

• Revenue decline 24% YoY led to swing from $23.5 M profit to $6.8 M loss.
• Operating cash flow collapsed to $8.3 M vs. $61.3 M prior-year period.
• Dividend cut from $0.30 to $0.15 per share indicates cash-preservation.
• Debt increased by $10 M and interest expense remains high at $2.6 M for the quarter.

Insights

Maritime Equity Analyst

TL;DR Lower freight rates and sale-gain absence flipped GNK into loss; balance sheet still healthy but payout trimmed.

Voyage revenue fell 24% YoY as spot and index-linked charters weakened, slicing TCE while OPEX held steady. With no vessel sales, GNK lost the $13 M book gains that flattered 2024 comps. Result is a $6.8 M quarterly loss and operating cash of only $8 M, vs. $61 M LY. Management tapped $10 M of its low-cost revolver, but leverage remains modest (net debt/cap <10%), keeping strategic flexibility intact. Dividend reset to $0.15/sh signals a conservative stance amid volatile rates. Investors should monitor Baltic Dry trends and any accretive fleet moves leveraging the $300 M credit headroom.

Credit Risk Analyst

TL;DR Earnings weak yet liquidity adequate; covenant headroom and low leverage limit immediate credit risk.

GNK’s cash fell to $35 M after sizable dry-dock outlays and dividends, but the $500 M revolving facility (unused 60%) cushions liquidity. Effective interest rate ~9% reflects rising SOFR spreads; still, interest coverage on LTM basis exceeds 4×. Debt/EBITDA set to rise temporarily given negative EBITDA print, though absolute debt is only $100 M. No derivative liabilities and all covenants met. absent a prolonged freight downturn, solvency outlook remains stable.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

SoFi Technologies, Inc.

(Name of Issuer)

Common stock, $0.0001 par value per share

(Title of Class of Securities)

83406F102

(CUSIP Number)

07/30/2025

(Date of Event Which Requires Filing of this Statement)

Check the appropriate box to designate the rule pursuant to which this Schedule is filed:

Rule 13d-1(b)

Rule 13d-1(c)

Rule 13d-1(d)

SCHEDULE 13G

CUSIP No. 83406F102

1

Names of Reporting Persons

JANE STREET GROUP, LLC

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 65,326,866.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 65,326,866.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

65,326,866.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

5.5 %

12

Type of Reporting Person (See Instructions)

HC

SCHEDULE 13G

CUSIP No. 83406F102

1

Names of Reporting Persons

Jane Street Capital, LLC

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 26,385.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 26,385.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

26,385.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

0.0 %

12

Type of Reporting Person (See Instructions)

BD

SCHEDULE 13G

CUSIP No. 83406F102

1

Names of Reporting Persons

Jane Street Options, LLC

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 33,950,206.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 33,950,206.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

33,950,206.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

2.9 %

12

Type of Reporting Person (See Instructions)

BD

SCHEDULE 13G

CUSIP No. 83406F102

1

Names of Reporting Persons

Jane Street Global Trading, LLC

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 31,350,275.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 31,350,275.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

31,350,275.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

2.6 %

12

Type of Reporting Person (See Instructions)

OO

SCHEDULE 13G

Item 1.
(a)	Name of issuer: SoFi Technologies, Inc.
(b)	Address of issuer's principal executive offices: 234 1ST STREET, SAN FRANCISCO, CALIFORNIA, 94105.
Item 2.
(a)	Name of person filing: Jane Street Group, LLC; Jane Street Capital, LLC; Jane Street Options, LLC; Jane Street Global Trading, LLC
(b)	Address or principal business office or, if none, residence: Jane Street Group, LLC 250 Vesey Street 6th Floor New York, NY 10281 Jane Street Capital, LLC 250 Vesey Street 6th Floor New York, NY 10281 Jane Street Options, LLC 250 Vesey Street 6th Floor New York, NY 10281 Jane Street Global Trading, LLC 250 Vesey Street 6th Floor New York, NY 10281
(c)	Citizenship: See Item 4 of Cover Page
(d)	Title of class of securities: Common stock, $0.0001 par value per share
(e)	CUSIP No.: 83406F102
Item 3.	If this statement is filed pursuant to §§ 240.13d-1(b) or 240.13d-2(b) or (c), check whether the person filing is a:
(a)	Broker or dealer registered under section 15 of the Act (15 U.S.C. 78o);
(b)	Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c);
(c)	Insurance company as defined in section 3(a)(19) of the Act (15 U.S.C. 78c);
(d)	Investment company registered under section 8 of the Investment Company Act of 1940 (15 U.S.C. 80a-8);
(e)	An investment adviser in accordance with § 240.13d-1(b)(1)(ii)(E);
(f)	An employee benefit plan or endowment fund in accordance with § 240.13d-1(b)(1)(ii)(F);
(g)	A parent holding company or control person in accordance with § 240.13d-1(b)(1)(ii)(G);
(h)	A savings associations as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813);
(i)	A church plan that is excluded from the definition of an investment company under section 3(c)(14) of the Investment Company Act of 1940 (15 U.S.C. 80a-3);
(j)	A non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J). If filing as a non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J), please specify the type of institution:
(k)	Group, in accordance with Rule 240.13d-1(b)(1)(ii)(K).
Item 4.	Ownership
(a)	Amount beneficially owned: 65326866
(b)	Percent of class: 5.5 %
(c)	Number of shares as to which the person has:
	(i) Sole power to vote or to direct the vote: 0
	(ii) Shared power to vote or to direct the vote: 65326866
	(iii) Sole power to dispose or to direct the disposition of: 0
	(iv) Shared power to dispose or to direct the disposition of: 65326866
Item 5.	Ownership of 5 Percent or Less of a Class.
Item 6.	Ownership of more than 5 Percent on Behalf of Another Person.
	Not Applicable
Item 7.	Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on by the Parent Holding Company or Control Person.
	If a parent holding company has filed this schedule, pursuant to Rule 13d-1(b)(ii)(G), so indicate under Item 3(g) and attach an exhibit stating the identity and the Item 3 classification of the relevant subsidiary. If a parent holding company has filed this schedule pursuant to Rule 13d-1(c) or Rule 13d-1(d), attach an exhibit stating the identification of the relevant subsidiary. Subsidiary Jane Street Capital, LLC Jane Street Global Trading, LLC Jane Street Options, LLC
Item 8.	Identification and Classification of Members of the Group.
	Not Applicable
Item 9.	Notice of Dissolution of Group.
	Not Applicable

Item 10.

Certifications:

By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under § 240.14a-11.

SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

JANE STREET GROUP, LLC

Signature:	Jim Dieterich
Name/Title:	Managing Director
Date:	08/06/2025

Jane Street Capital, LLC

Signature:	Jim Dieterich
Name/Title:	Managing Director
Date:	08/06/2025

Jane Street Options, LLC

Signature:	Jim Dieterich
Name/Title:	Managing Director
Date:	08/06/2025

Jane Street Global Trading, LLC

Signature:	Jim Dieterich
Name/Title:	Managing Director
Date:	08/06/2025

FAQ

How did GNK's Q2 2025 revenue compare to Q2 2024?

Voyage revenue fell to $80.9 M, a 24% decline from $107.0 M.

What was Genco Shipping's net income or loss for Q2 2025?

The company posted a net loss of $6.8 M (-$0.16 per diluted share).

Did Genco reduce its dividend in 2025?

Yes, the Q2 2025 dividend was $0.15/sh, down from $0.30 in Q1 2025 and $0.42 a year earlier.

What is GNK's debt position as of June 30 2025?

Gross debt is $100 M; net debt after cash is about $57 M, with $299.8 M revolver capacity unused.

How much cash flow did GNK generate from operations in H1 2025?

Operating cash inflow was $8.3 M, sharply lower than $61.3 M in H1 2024.

Is Genco compliant with its credit facility covenants?

Yes, management states the company was in full compliance with all covenants at quarter-end.