Even better. Soaking them can release ammonia and nitrous oxides that would otherwise still be captured inside the dry mix. So essentially you lose some nitrogen with the wetting and drying part of making cakes.
Wetting organic fertilizer can also cause bacteria and fungi to start growing and digesting some parts of the fertilizer, which isn't a big issue because when they die, it's still in there; they can't fly or jump. Although the same principle applies: life in whatever form, breathes and releases gasses to the air. So again, loss of nitrogen compounds is very likely. What percentage? I have no clue, it depends on the wetness and the dryness, the original concentration and the air temperature at which you dry.
However, one issue with wetting fertilizer outside of a soil might be that the bad bacteria and fungi will have no competition from the ones inside your soil that act as a plant protector. So their spores might end up in the soil later on and could potentially (the chance is low, but with dry stuff even lower) be problematic.