FULLTEXT DEL 1 AV 2
10-Q – 2026-05-07 – afrm-20260331.htm
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us-gaap:EmployeeStockMember 2025-07-01 2026-03-31 0001820953 us-gaap:EmployeeStockMember 2024-07-01 2025-03-31 0001820953 afrm:ValueCreationAwardVestedSharesMember 2026-01-01 2026-03-31 0001820953 afrm:ValueCreationAwardVestedSharesMember 2025-01-01 2025-03-31 0001820953 afrm:ValueCreationAwardVestedSharesMember 2025-07-01 2026-03-31 0001820953 afrm:ValueCreationAwardVestedSharesMember 2024-07-01 2025-03-31 UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2026 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from __________ to __________ Commission file number: 001-39888 Affirm Holdings, Inc. (Exact name of registrant as specified in its charter) Nevada 84-2224323 (State or other jurisdiction of incorporation or organization) (I.R.S. Employer Identification No.) 650 California Street San Francisco , California 94108 (Address of principal executive offices) (Zip Code) ( 415 ) 960-1518 (Registrant's telephone number, including area code) Securities registered pursuant to Section 12(b) of the Act: Title of each class Trading Symbol(s) Name of each exchange on which registered Class A common stock, par value $0.00001 per share AFRM The Nasdaq Global Select Market Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐ Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐ Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act. Large accelerated filer ☒ Accelerated filer ☐ Non-accelerated filer ☐ Smaller reporting company ☐ Emerging growth company ☐ If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐ Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒ A s of May 1, 2026, the number of shares of the registrant’s Class A common stock outstanding was 294,357,801 and the number of shares of the registrant’s Class B common stock outstanding was 40,540,764 . Table of Contents TABLE OF CONTENTS Page Cover 1 Table of Contents 2 Part I - Financial Information 5 Item 1. Financial Statements 5 CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) 5 CONDENSED CONSOLIDATED BALANCE SHEETS, CONT. (Unaudited) 6 CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS) (Unaudited) 7 CONDENSED CONSOLIDATED STATEMENT OF STOCKHOLDERS’ EQUITY (Unaudited) 8 CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) 10 CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS, CONT. (Unaudited) 11 1. Business Description 12 2. Summary of Significant Accounting Policies 12 3. Revenue 15 4. Loans Held for Investment and Allowance for Credit Losses 17 5. Balance Sheet Components 21 6. Leases 23 7. Commitments and Contingencies 24 8. Debt 26 9. Securitization and Variable Interest Entities 30 10. Investments 34 11. Derivative Financial Instruments 38 12. Fair Value of Financial Assets and Liabilities 40 13. Stockholders ’ Equity 52 14. Equity Incentive Plans 53 15. Income Taxes 56 16. Net Income (Loss) per Share Attributable to Common Stockholders 57 17. Segment Information 58 Item 2. Management ’ s Discussion and Analysis of Financial Condition and Results of Operations 59 Item 3. Quantitative and Qualitative Disclosures About Market Risk 79 Item 4. Controls and Procedures 81 Part II - Other Information 82 Item 1. Legal Proceedings 82 Item 1A. Risk Factors 82 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 84 Item 3. Defaults Upon Senior Securities 84 Item 4. Mine Safety Disclosures 84 Item 5. Other Information 85 Item 6. Exhibits 86 Signatures 87 2 Table of Contents CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS This Quarterly Report on Form 10-Q (“Form 10-Q”), as well as information included in oral statements or other written statements made or to be made by us, contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended (the “Securities Act”), and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), that involve substantial risks and uncertainties. All statements other than statements of historical fact contained in this Report, including statements regarding our future results of operations and financial condition, business strategy, and plans and objectives of management regarding future operations, are forward-looking statements. In some cases, forward-looking statements may be identified by words such as “anticipate,” “believe,” “continue,” “could,” “design,” “estimate,” “expect,” “intend,” “may,” “plan,” “potentially,” “predict,” “project,” “should,” “will,” “would,” or the negative of these terms or other similar expressions. These forward-looking statements include, but are not limited to, statements concerning the following: • our expectations regarding our future revenue, expenses, and other operating results and key operating metrics; • our ability to attract new merchant partners and commerce platforms and grow our relationships with existing merchant partners and commerce platforms; • our ability to compete successfully in a highly competitive and evolving industry; • our ability to attract new consumers and retain and grow our relationships with our existing consumers; • our expectations regarding the development, innovation, introduction of, and demand for, our products; • our ability to successfully maintain our relationship with existing originating bank partners and card issuing bank partners and engage additional originating bank partners and card issuing bank partners; • our ability to maintain, renew or replace our existing funding arrangements and build and grow new funding relationships; • the impact of any of our funding sources becoming unwilling or unable to provide funding to us on terms acceptable to us, or at all; • our ability to effectively price and score credit risk using our proprietary risk model; • the performance of loans facilitated and originated through our platform; • our ability to effectively use and provide AI-powered solutions; • the future growth rate of our revenue and related key operating metrics; • our ability to achieve sustained profitability in the future; • our ability, and the ability of our originating bank and other partners, to comply, and remain in compliance with, laws and regulations that currently apply or become applicable to our business or the businesses of such partners; • our ability to protect our confidential, proprietary, or sensitive information; • past and future acquisitions, investments, and other strategic investments; • our ability to successfully expand into new international geographies; • our ability to maintain, protect, and enhance our brand and intellectual property; • litigation, investigations, regulatory inquiries, and proceedings; • developments in our regulatory environment, including governmental actions to cap interest rates; • the impact of macroeconomic conditions on our business, including the impacts of persistent inflation, an elevated interest rate environment and corresponding elevated negotiated interest rate spreads, ongoing recessionary concerns, uncertainty relating to the magnitude, duration and impact of tariffs on global trade, 3 Table of Contents and the potential impact of macroeconomic conditions on the stability of the consumers and financial institutions with whom we do business; and • the size and growth rates of the markets in which we compete. Forward-looking statements, including statements such as “we believe” and similar statements, are based on our management’s current beliefs, opinions and assumptions and on information currently available as of the date of this Report. Such information may be limited or incomplete, and our statements should not be read to indicate that we have conducted an exhaustive inquiry into, or review of, all potentially available relevant information. These forward-looking statements are subject to a number of known and unknown risks, uncertainties and assumptions, including risks described in the section titled “Risk Factors” and elsewhere in this Form 10-Q and in our most recently filed Annual Report on Form 10-K for the fiscal year ended June 30, 2025 (the “ Annual Report”). Other sections of this Form 10-Q may include additional factors that could harm our business and financial performance. Moreover, we operate in a very competitive, heavily regulated and rapidly changing environment. New risks emerge from time to time, and it is not possible for our management to predict all risks that we may face, nor can we assess the impact of all risks on our business or the extent to which any risk, or combination of risks, may cause our actual results to differ from those contained in, or implied by, any forward-looking statements. You should not rely upon forward-looking statements as predictions of future events. Although we believe that the expectations reflected in the forward-looking statements are reasonable as of the date of this Report, we cannot guarantee future results, levels of activity, performance, achievements, events, outcomes, timing of results or circumstances. Except as required by law, we undertake no obligation to update publicly any forward-looking statements for any reason after the date of this Report or to conform these statements to actual results or to changes in our expectations. You should read this Form 10-Q and the documents that we have filed as exhibits to this Report with the understanding that our actual future results, levels of activity, performance, outcomes, achievements and timing of results or outcomes may be materially different from what we expect. We qualify all of our forward-looking statements by these cautionary statements. Investors and others should note that we may announce material business and financial information to our investors using our investor relations website (investors.affirm.com), our filings with the Securities and Exchange Commission (“SEC”), webcasts, press releases, conference calls, and social media. We use these mediums, including our website, to communicate with investors and the general public about our company, our products, and other issues. It is possible that the information that we make available on our website may be deemed to be material information. We therefore encourage investors and others interested in our Company to review the information that we make available on our website. The contents of our website are not incorporated into this filing. We have included our investor relations website address only as an inactive textual reference for convenience and do not intend it to be an active link to our website. 4 Table of Contents Part I - Financial Information Item 1. Financial Statements AFFIRM HOLDINGS, INC. CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) (in thousands, except shares and per share amounts) March 31, 2026 June 30, 2025 Assets Cash and cash equivalents $ 1,723,413 $ 1,354,455 Restricted cash 750,892 401,968 Securities available for sale at fair value 757,597 871,425 Loans held for sale — — Loans held for investment 8,572,972 7,025,534 Allowance for credit losses ( 512,314 ) ( 396,929 ) Loans held for investment, net 8,060,659 6,628,606 Accounts receivable, net 230,703 426,177 Property, equipment and software, net 668,292 572,637 Goodwill 529,284 534,156 Intangible assets 27,436 12,935 Commercial agreement assets 41,377 57,210 Other assets 351,927 295,360 Total assets $ 13,141,580 $ 11,154,929 Liabilities and stockholders’ equity Liabilities: Accounts payable $ 59,590 $ 82,820 Payable to third-party loan owners 178,275 211,700 Accrued interest payable 28,456 24,465 Accrued expenses and other liabilities 217,938 157,272 Convertible senior notes, net 1,128,617 1,153,000 Notes issued by securitization trusts 5,327,589 4,833,855 Funding debt 2,417,705 1,622,808 Total liabilities 9,358,170 8,085,919 Commitments and contingencies (Note 7) Stockholders’ equity: Class A common stock, par value $ 0.00001 per share: 3,030,000,000 shares authorized, 294,229,690 shares issued and outstanding as of March 31, 2026; 3,030,000,000 shares authorized, 284,378,565 shares issued and outstanding as of June 30, 2025 2 2 Class B common stock, par value $ 0.00001 per share: 140,000,000 shares authorized, 40,616,641 shares issued and outstanding as of March 31, 2026; 140,000,000 shares authorized, 40,734,234 shares issued and outstanding as of June 30, 2025 1 1 Additional paid in capital 6,550,639 6,140,893 Accumulated deficit ( 2,743,638 ) ( 3,056,818 ) Accumulated other comprehensive loss ( 23,594 ) ( 15,069 ) Total stockholders’ equity 3,783,410 3,069,009 Total liabilities and stockholders’ equity $ 13,141,580 $ 11,154,929 The accompanying notes are an integral part of these interim condensed consolidated financial statements. 5 Table of Contents AFFIRM HOLDINGS, INC. CONDENSED CONSOLIDATED BALANCE SHEETS, CONT. (Unaudited) (in thousands) The following table presents the assets and liabilities of consolidated variable interest entities (“VIEs”), which are included in the interim condensed consolidated balance sheets above. The assets in the table below may only be used to settle obligations of consolidated VIEs and are in excess of those obligations. The liabilities in the table below include liabilities for which creditors do not have recourse to the general credit of the Company. Additionally, the assets and liabilities in the table below include third-party assets and liabilities of consolidated VIEs only and exclude intercompany balances that eliminate upon consolidation. March 31, 2026 June 30, 2025 Assets of consolidated VIEs, included in total assets above Restricted cash $ 372,392 $ 192,638 Loans held for investment 8,341,198 6,828,758 Allowance for credit losses ( 458,139 ) ( 365,656 ) Loans held for investment, net 7,883,059 6,463,101 Accounts receivable, net 3,270 3,032 Other assets 2,446 2,558 Total assets of consolidated VIEs $ 8,261,166 $ 6,661,329 Liabilities of consolidated VIEs, included in total liabilities above Accounts payable $ — $ 2,833 Accrued interest payable 26,429 23,998 Accrued expenses and other liabilities 5,451 2,797 Notes issued by securitization trusts 5,327,589 4,833,855 Funding debt 2,409,921 1,592,139 Total liabilities of consolidated VIEs 7,769,390 6,455,621 Total net assets of consolidated VIEs $ 491,776 $ 205,707 The accompanying notes are an integral part of these interim condensed consolidated financial statements. 6 Table of Contents AFFIRM HOLDINGS, INC. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS) (Unaudited) (in thousands, except share and per share amounts) Three Months Ended March 31, Nine Months Ended March 31, 2026 2025 2026 2025 Revenue Merchant network revenue $ 268,027 $ 213,973 $ 847,553 $ 643,207 Card network revenue 66,467 58,572 208,832 164,194 Total network revenue 334,494 272,545 1,056,385 807,401 Interest income 532,449 402,701 1,480,198 1,189,132 Gain on sales of loans 127,200 75,838 431,480 264,739 Servicing income 44,622 32,050 127,058 86,723 Total revenue, net $ 1,038,765 $ 783,135 $ 3,095,122 $ 2,347,995 Operating expenses Loss on loan purchase commitment $ 67,964 $ 57,290 $ 235,581 $ 181,805 Provision for credit losses 196,543 147,252 573,448 460,056 Funding costs 113,762 107,631 335,507 319,539 Processing and servicing 162,291 118,398 454,680 329,504 Technology and data analytics 191,619 152,620 544,595 435,123 Sales and marketing 72,854 74,022 250,128 355,293 General and administrative 145,304 134,303 431,468 412,196 Restructuring and other — 12 — ( 184 ) Total operating expenses $ 950,337 $ 791,527 $ 2,825,406 $ 2,493,332 Operating income (loss) $ 88,429 $ ( 8,393 ) $ 269,716 $ ( 145,337 ) Other income, net 18,948 13,738 53,918 135,221 Income (loss) before income taxes $ 107,376 $ 5,345 $ 323,633 $ ( 10,116 ) Income tax expense 4,476 2,541 10,453 6,942 Net income (loss) $ 102,900 $ 2,804 $ 313,180 $ ( 17,058 ) Other comprehensive income (loss) Foreign currency translation adjustments $ ( 10,665 ) $ 3,550 $ ( 12,832 ) $ ( 23,573 ) Unrealized gain (loss) on securities available for sale, net ( 1,090 ) 778 ( 359 ) 3,494 Gain (loss) on cash flow hedges 5,100 ( 1,279 ) 4,666 ( 2,860 ) Net other comprehensive income (loss) $ ( 6,655 ) $ 3,049 $ ( 8,525 ) $ ( 22,939 ) Comprehensive income (loss) $ 96,245 $ 5,853 $ 304,655 $ ( 39,998 ) Per share data: Net income (loss) per share attributable to common stockholders for Class A and Class B Basic $ 0.31 $ 0.01 $ 0.94 $ ( 0.05 ) Diluted $ 0.30 $ 0.01 $ 0.90 $ ( 0.05 ) Weighted average common shares outstanding Basic 337,142,686 324,053,967 333,860,094 321,505,149 Diluted 348,096,861 344,224,332 348,556,556 321,505,149 The accompanying notes are an integral part of these interim condensed consolidated financial statements. 7 Table of Contents AFFIRM HOLDINGS, INC. CONDENSED CONSOLIDATED STATEMENT OF STOCKHOLDERS’ EQUITY (Unaudited) (in thousands, except share amounts) Common Stock Additional Paid-In Capital Accumulated Deficit Accumulated Other Comprehensive Loss Total Stockholders ’ Equity Shares (1) Amount Balance as of June 30, 2025 325,112,799 $ 3 $ 6,140,893 $ ( 3,056,818 ) $ ( 15,069 ) $ 3,069,009 Issuance of common stock upon exercise of stock options 3,020,789 — 94,828 — — 94,828 Vesting of restricted stock units 1,914,916 — — — — — Vesting of warrants for common stock — — 40,977 — — 40,977 Stock-based compensation — — 138,738 — — 138,738 Tax withholding on stock-based compensation — — ( 116,041 ) — — ( 116,041 ) Foreign currency translation adjustments — — — — ( 10,003 ) ( 10,003 ) Unrealized gain on securities available for sale — — — — 812 812 Loss on cash flow hedges — — — — ( 129 ) ( 129 ) Net income — — — 80,694 — 80,694 Balance as of September 30, 2025 330,048,504 $ 3 $ 6,299,395 $ ( 2,976,124 ) $ ( 24,389 ) $ 3,298,885 Issuance of common stock upon exercise of stock options 276,350 — 2,537 — — 2,537 Issuance of common stock, employee share purchase plan 152,596 — 6,733 — — 6,733 Vesting of restricted stock units 1,729,655 — — — — — Vesting of warrants for common stock — — 61,206 — — 61,206 Stock-based compensation — — 124,436 — — 124,436 Tax withholding on stock-based compensation — — ( 83,972 ) — — ( 83,972 ) Foreign currency translation adjustments — — — — 7,836 7,836 Unrealized loss on securities available for sale — — — — ( 81 ) ( 81 ) Loss on cash flow hedges — — — — ( 305 ) ( 305 ) Net income — — — 129,586 — 129,586 Balance as of December 31, 2025 332,207,105 $ 3 $ 6,410,335 $ ( 2,846,538 ) $ ( 16,939 ) $ 3,546,861 Issuance of common stock upon exercise of stock options 1,095,628 — 38,583 — — 38,583 Vesting of restricted stock units 1,543,598 — — — — — Vesting of warrants for common stock — — 40,497 — — 40,497 Stock-based compensation — — 115,485 — — 115,485 Tax withholding on stock-based compensation — — ( 54,261 ) — — ( 54,261 ) Foreign currency translation adjustments — — — — ( 10,665 ) ( 10,665 ) Unrealized loss on securities available for sale — — — — ( 1,090 ) ( 1,090 ) Gain on cash flow hedges — — — — 5,100 5,100 Net income — — — 102,900 — 102,900 Balance as of March 31, 2026 334,846,331 $ 3 $ 6,550,639 $ ( 2,743,638 ) $ ( 23,594 ) $ 3,783,410 8 Table of Contents Common Stock Additional Paid-In Capital Accumulated Deficit Accumulated Other Comprehensive Loss Total Stockholders ’ Equity Shares (1) Amount Balance as of June 30, 2024 311,053,031 $ 3 $ 5,862,555 $ ( 3,109,004 ) $ ( 21,565 ) $ 2,731,989 Issuance of common stock upon exercise of stock options 432,277 — 3,596 — — 3,596 Vesting of restricted stock units 2,492,095 — — — — — Vesting of warrants for common stock — — 107,263 — — 107,263 Stock-based compensation — — 143,711 — — 143,711 Tax withholding on stock-based compensation — — ( 63,208 ) — — ( 63,208 ) Foreign currency translation adjustments — — — — 8,346 8,346 Unrealized gain on securities available for sale — — — — 5,589 5,589 Loss on cash flow hedges — — — — ( 1,492 ) ( 1,492 ) Net loss — — — ( 100,222 ) — ( 100,222 ) Balance as of September 30, 2024 313,977,403 $ 3 $ 6,053,917 $ ( 3,209,226 ) $ ( 9,122 ) $ 2,835,572 Issuance of common stock upon exercise of stock options 2,762,075 — 30,700 — — 30,700 Issuance of common stock, employee share purchase plan 204,650 — 5,092 — — 5,092 Repurchases of common stock ( 3,526,590 ) — ( 250,000 ) — — ( 250,000 ) Vesting of restricted stock units 2,317,736 — — — — — Vesting of warrants for common stock — — 86,776 — — 86,776 Stock-based compensation — — 130,806 — — 130,806 Tax withholding on stock-based compensation — — ( 95,335 ) — — ( 95,335 ) Foreign currency translation adjustments — — — — ( 35,469 ) ( 35,469 ) Unrealized loss on securities available for sale — — — — ( 2,873 ) ( 2,873 ) Loss on cash flow hedges — — — — ( 89 ) ( 89 ) Net income — — — 80,360 — 80,360 Balance as of December 31, 2024 315,735,274 $ 3 $ 5,961,956 $ ( 3,128,866 ) $ ( 47,553 ) $ 2,785,540 Issuance of common stock upon exercise of stock options 1,037,308 — 10,528 — — 10,528 Issuance of common stock upon exercise of warrants 3,499,453 — — — — — Vesting of restricted stock units 2,248,706 — — — — — Vesting of warrants for common stock — — 36,062 — — 36,062 Stock-based compensation — — 119,976 — — 119,976 Tax withholding on stock-based compensation — — ( 83,043 ) — — ( 83,043 ) Foreign currency translation adjustments — — — — 3,550 3,550 Unrealized gain on securities available for sale — — — — 778 778 Loss on cash flow hedges — — — — ( 1,279 ) ( 1,279 ) Net income — — — 2,804 — 2,804 Balance as of March 31, 2025 322,520,741 $ 3 $ 6,045,479 $ ( 3,126,062 ) $ ( 44,504 ) $ 2,874,916 (1) The share amounts listed above combine Class A and Class B stock. The accompanying notes are an integral part of these interim condensed consolidated financial statements. 9 Table of Contents AFFIRM HOLDINGS, INC. CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) (in thousands) Nine Months Ended March 31, 2026 2025 Cash flows from operating activities Net income (loss) $ 313,180 $ ( 17,058 ) Adjustments to reconcile net income (loss) to net cash used in operating activities: Provision for losses 573,448 460,056 Amortization of premiums and discounts on loans ( 225,466 ) ( 171,827 ) Gain on sales of loans ( 431,480 ) ( 264,739 ) Gain on extinguishment of debt ( 1,537 ) ( 82,418 ) Changes in fair value of assets and liabilities 881 5,456 Amortization of commercial agreement assets 15,833 39,424 Amortization of debt issuance costs 20,804 23,298 Accrued interest on securities available for sale ( 26,070 ) ( 34,182 ) Commercial agreement warrant expense 142,681 230,102 Stock-based compensation 237,490 255,938 Depreciation and amortization 215,985 161,081 Other ( 32,090 ) 9,980 Change in operating assets and liabilities: Purchases and origination of loans held for sale ( 2,089,516 ) ( 3,051,742 ) Proceeds from the sale of loans held for sale 2,088,537 3,051,803 Accounts receivable, net 185,470 123,897 Other assets ( 35,180 ) ( 17,992 ) Accounts payable ( 23,230 ) 39 Payable to third-party loan buyers ( 33,425 ) 17,353 Accrued interest payable 4,926 ( 383 ) Accrued expenses and other liabilities 33,570 ( 18,813 ) Net cash provided by operating activities 934,811 719,272 Cash flows from investing activities Purchases and origination of loans held for investment ( 33,397,975 ) ( 22,727,969 ) Proceeds from the sale of loans held for investment 14,103,336 8,122,806 Principal repayments and other loan servicing activity 17,925,622 13,649,667 Additions to property, equipment and software ( 171,474 ) ( 141,069 ) Purchases of securities available for sale ( 544,887 ) ( 553,595 ) Proceeds from maturities and repayments of securities available for sale 730,191 984,387 Other investing inflows 299 101,224 Other investing outflows ( 279 ) ( 64,000 ) Net cash used in investing activities ( 1,355,168 ) ( 628,550 ) Cash flows from financing activities Proceeds from the issuance of convertible notes — 920,000 Proceeds from the issuance of funding debt 27,331,029 14,023,995 Proceeds from issuance of notes and certificates by securitization trust 2,850,000 1,750,000 Principal repayments of funding debt ( 26,521,828 ) ( 13,932,542 ) Principal repayments of notes issued by securitization trust ( 2,350,000 ) ( 900,000 ) Payment of debt issuance costs ( 30,874 ) ( 42,759 ) Extinguishment of convertible debt ( 25,758 ) ( 1,012,856 ) Proceeds from exercise of common stock options and warrants and contributions to ESPP 142,680 49,915 Repurchase of common stock — ( 250,000 ) Taxes paid related to net share settlement of equity awards ( 251,210 ) ( 241,586 ) Net cash provided by financing activities 1,144,040 364,166 Effect of exchange rate changes on cash, cash equivalents and restricted cash ( 5,801 ) ( 14,328 ) Net increase in cash, cash equivalents and restricted cash 717,882 440,560 Cash, cash equivalents and restricted cash, beginning of period 1,756,423 1,295,399 Cash, cash equivalents and restricted cash, end of period $ 2,474,305 $ 1,735,959 The accompanying notes are an integral part of these interim condensed consolidated financial statements. 10 Table of Contents AFFIRM HOLDINGS, INC. CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS, CONT. (Unaudited) (in thousands) Nine Months Ended March 31, 2026 2025 Reconciliation to amounts on consolidated balance sheets (as of period end) Cash and cash equivalents $ 1,723,413 $ 1,351,148 Restricted cash 750,892 384,811 Total cash, cash equivalents and restricted cash $ 2,474,305 $ 1,735,959 Nine Months Ended March 31, 2026 2025 Supplemental disclosures of cash flow information Cash payments for interest expense $ 314,227 $ 302,791 Cash paid for operating leases 12,784 12,501 Cash paid for income taxes 3,785 2,432 Supplemental disclosures of non-cash investing and financing activities Stock-based compensation included in capitalized internal-use software 141,169 138,555 Securities retained under unconsolidated securitization transactions 44,608 41,940 Right of use assets obtained in exchange for operating lease liabilities 11,513 7,418 The accompanying notes are an integral part of these interim condensed consolidated financial statements. 11 Table of Contents 1. Business Description Affirm Holdings, Inc. (“Affirm,” the “Company,” “we,” “us,” or “our”), headquartered in San Francisco, California, provides consumers with a simpler, more transparent, and flexible alternative to traditional payment options. Our mission is to deliver honest financial products that improve lives. Through our next-generation commerce platform, agreements with originating banks, and capital markets partners, we enable consumers to confidently pay for a purchase over time. When a consumer applies for a loan through our platform, the loan is underwritten using our proprietary risk model, and once approved, the consumer selects their preferred repayment option. Loans are directly originated or funded and issued by our originating bank partners. Merchants partner with us to transform the consumer shopping experience and to acquire and convert consumers more effectively through our frictionless point-of-sale payment solutions. Consumers get the flexibility to buy now and make simple regular payments for their purchases and merchants see increased average order value, repeat purchase rates, and an overall more satisfied consumer base. Unlike legacy payment options and our competitors’ product offerings, which charge deferred or compounding interest and unexpected costs, we disclose up-front to consumers exactly what they will owe — no hidden fees, no deferred interest, no penalties. On June 26, 2025, the Company filed a certificate of conversion with the Secretary of State of the State of Delaware and filed articles of conversion and articles of incorporation with the Secretary of State of the State of Nevada, which as of July 1, 2025, effected a change in our jurisdiction of incorporation from Delaware to Nevada. 2. Summary of Significant Accounting Policies Basis of Presentation and Principles of Consolidation The accompanying interim condensed consolidated financial statements are prepared in accordance with accounting principles generally accepted in the United States (“U.S. GAAP”), as contained in the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”), disclosure requirements for interim financial information, and the requirements of Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by U.S. GAAP for complete financial statements. The unaudited interim condensed consolidated financial statements should be read in conjunction with the audited financial statements and notes thereto for the fiscal year ended June 30, 2025. The balance sheet as of June 30, 2025 has been derived from the audited financial statements at that date. Management believes these interim condensed consolidated financial statements reflect all adjustments, including those of a normal and recurring nature, which are necessary for a fair presentation of the results for the interim periods presented. The results of operations for the interim periods are not necessarily indicative of the results that may be expected for the full year or any other interim period. Our interim condensed financial statements have been prepared on a consolidated basis. Under this basis of presentation, our financial statements consolidate all wholly owned subsidiaries and variable interest entities (“VIEs”), in which we have a controlling financial interest. These include various business trust entities and limited partnerships established to enter into warehouse credit agreements with certain lenders for funding debt facilities and certain asset-backed securitization transactions. All intercompany accounts and transactions have been eliminated in consolidation. Within the interim condensed consolidated financial statements and tables presented in the accompanying notes, certain columns and rows may not sum due to the use of rounded numbers for disclosure purposes. Our VIE variable interests arise from contractual, ownership, or other monetary interests in the entity, which changes with fluctuations in the fair value of the entity’s net assets. We consolidate a VIE when we are deemed to be the primary beneficiary. We assess whether or not we are the primary beneficiary of a VIE on an ongoing basis. 12 Table of Contents Use of Estimates The preparation of interim condensed consolidated financial statements in conformity with U.S. GAAP requires the use of estimates, judgments and assumptions that affect the reported amounts in the interim condensed consolidated financial statements and the accompanying notes. Material estimates that are particularly susceptible to significant change relate to determination of the allowance for credit losses, capitalized internal-use software development costs, valuation allowance for deferred tax assets, loss on loan purchase commitment, discount on directly originated loans, the evaluation for impairment of intangible assets and goodwill, the fair value of available for sale debt securities including retained interests in our securitization trusts and residual interest in structured transactions, the fair value of risk sharing arrangements, and stock-based compensation. We base our estimates on historical experience, current events, and other factors we believe to be reasonable under the circumstances. To the extent that there are material differences between these estimates and actual results, our financial condition or operating results will be materially affected. These estimates are based on information available as of the date of the interim condensed consolidated financial statements; therefore, actual results could differ materially from those estimates. Significant Accounting Policies There were no material changes to our significant accounting policies as disclosed in Note 2. Summary of Significant Accounting Policies of our Annual Report on Form 10-K for the fiscal year ended June 30, 2025, which was filed with the SEC on August 28, 2025. Recent Accounting Pronouncements Not Yet Adopted Income Taxes In December 2023, the FASB issued ASU 2023-09, “ Income Taxes (Topic 740): Improvements to Income Tax Disclosures”. The new guidance is expected to increase transparency and usefulness of income tax disclosures through improvements to the rate reconciliation, income taxes paid, and other disclosure requirements. The ASU is effective for fiscal years beginning after December 15, 2024 and should be applied on a prospective basis, although retrospective application is permitted. Early adoption is permitted for annual financial statements that have not yet been issued or made available for issuance. We will apply the guidance beginning with our Annual Report on Form 10-K for the fiscal year ended June 30, 2026. We are in the process of evaluating the impact of adopting this accounting standard update on our consolidated financial statements and disclosures. Reporting Comprehensive Income In November 2024, the FASB issued ASU 2024-03, “Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses” . Subsequent to the issuance of ASU 2024-03, the FASB issued ASU 2025-01 to clarify the effective date of ASU 2024-03. The new guidance requires disclosure, in the notes to the financial statements, specified information about certain income statement costs and expenses for each interim and annual reporting period. The ASU is effective for fiscal years beginning after December 15, 2026 and interim periods within fiscal years beginning after December 15, 2027, and should be applied on a prospective basis, although retrospective application is permitted. Early adoption is permitted. We are in the process of evaluating the impact of adopting this accounting standard update on our consolidated financial statements and disclosures. Debt with Conversion and Other Options In November 2024, the FASB issued ASU 2024-04, “Debt—Debt with Conversion and Other Options (Subtopic 470-20): Induced Conversions of Convertible Debt Instruments” . The new guidance clarifies the requirements for determining whether certain settlements of convertible debt should be accounted for as an induced 13 Table of Contents conversion. The ASU is effective for fiscal years beginning after December 15, 2025 and interim periods within those annual reporting periods, and should be applied on a prospective basis, although retrospective application is permitted. Early adoption is permitted. We are in the process of evaluating the impact of adopting this accounting standard update on our consolidated financial statements and disclosures. Credit Losses for Accounts Receivable and Contract Assets In July 2025, the FASB issued ASU 2025-05, “ Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses for Accounts Receivable and Contract Assets ”. The new guidance introduces a practical expedient for estimating expected credit losses on current accounts receivable and current contract assets arising from transactions accounted for under Topic 606. The ASU is effective for fiscal years beginning after December 15, 2025 and interim periods within those annual reporting periods, and should be applied on a prospective basis. Early adoption is permitted. We are in the process of evaluating the impact of adopting this accounting standard update on our consolidated financial statements and disclosures. Internal-Use Software In September 2025, the FASB issued ASU 2025-06, “ Intangibles—Goodwill and Other— Internal-Use Software (Subtopic 350-40): Targeted Improvements to the Accounting for Internal-Use Software ”. The new guidance primarily changes the software cost capitalization criteria and modifies the website development cost guidance. The ASU is effective for fiscal years beginning after December 15, 2027 and interim periods within those annual reporting periods, and may be applied on a prospective, modified transition, or retrospective basis approach. Early adoption is permitted. We are in the process of evaluating the impact of adopting this accounting standard update on our consolidated financial statements and disclosures. Derivatives and Hedging In November 2025, the FASB issued ASU 2025-09, “ Derivatives and Hedging (Topic 815): Hedge Accounting Improvements ”. The new guidance is primarily intended to enable entities to achieve and maintain hedge accounting for a broader group of highly effective economic hedges. The ASU is effective for fiscal years beginning after December 15, 2026 and interim periods within those annual reporting periods, and should be applied on a prospective basis. The amendments may also be applied to hedging relationships existing as of the date of adoption. Early adoption is permitted. We are in the process of evaluating the impact of adopting this accounting standard update on our consolidated financial statements and disclosures. Interim Reporting In December 2025, the FASB issued ASU 2025-11, “ Interim Reporting (Topic 270): Narrow-Scope Improvements ”. The new guidance primarily clarifies the required interim disclosure requirements. The ASU is effective for fiscal years beginning after December 15, 2027 and interim periods within those annual reporting periods, and may be applied on either a prospective or retrospective basis. Early adoption is permitted. We are in the process of evaluating the impact of adopting this accounting standard update on our consolidated financial statements and disclosures. 14 Table of Contents 3. Revenue The following table presents our revenue disaggregated by revenue source (in thousands): Three Months Ended March 31, Nine Months Ended March 31, 2026 2025 2026 2025 Merchant network revenue $ 268,027 $ 213,973 $ 847,553 $ 643,207 Card network revenue 66,467 58,572 208,832 164,194 Interest income 532,449 402,701 1,480,198 1,189,132 Gain on sales of loans 127,200 75,838 431,480 264,739 Servicing income 44,622 32,050 127,058 86,723 Total revenue, net $ 1,038,765 $ 783,135 $ 3,095,122 $ 2,347,995 Merchant Network Revenue — Revenue from Contracts with Customers Merchant network revenue primarily consists of merchant fees. Merchant partners (or integrated merchants) are generally charged a fee based on gross merchandise volume (“GMV”) processed through the Affirm platform. The fees vary depending on the individual arrangement between us and each merchant and on the terms of the product offering. The fee is recognized at the point in time the merchant successfully confirms the transaction, which is when the terms of the executed merchant agreement are fulfilled. Our contracts with merchants are defined at the transaction level and do not extend beyond the service already provided (i.e., each transaction represents a separate contract). The fees collected from merchants for each transaction are determined as a percentage of the value of the goods purchased by the consumer from merchants and consider a number of factors including the end consumer’s credit risk and financing term. We do not have any capitalized contract costs, and do not carry any material contract balances. Our service comprises a single performance obligation to merchants to facilitate transactions with consumers. From time to time, we offer merchants incentives to promote our platform to their customers, such as fee reductions, rebates, or other prepaid incentives. These amounts are recorded as a reduction to merchant network revenue. We may originate certain loans via our wholly-owned subsidiaries, with zero or below market interest rates. In these instances, the par value of the loans originated is in excess of the fair market value of such loans, resulting in a loss on loan origination, which we record as a reduction to merchant network revenue. In certain cases, the losses incurred on loans originated for a merchant may exceed the total merchant network revenue earned on those loans. We record the excess loss amounts as a sales and marketing expense. A portion of merchant network revenue relates to affiliate network revenue, which is generated when a user makes a purchase on a merchant’s website after being directed from an advertisement on Affirm’s website or mobile application. We earn a fixed placement fee and/or commission as a percentage of the associated sale. Revenue is recognized at the point in time when the performance obligation has been fulfilled, which is when the merchant successfully confirms the transaction. Affiliate network revenue was $ 29.1 million and $ 100.1 million for the three and nine months ended March 31, 2026, respectively, and $ 30.3 million and $ 90.6 million for the three and nine months ended March 31, 2025, respectively. We reviewed merchant network revenue by merchant as a percentage of total revenue for the three and nine months ended March 31, 2026 and 2025, and no individual merchant accounted for 10% or more of total revenue. 15 Table of Contents Card Network Revenue — Revenue from Contracts with Customers We have agreements with card-issuing partners to facilitate the issuance of physical and one-time-use virtual cards to be used by consumers at checkout. Prior to purchase, consumers can apply at Affirm.com or via the Affirm App and, upon approval, use a physical or virtual card to complete their purchase online or in-store. Eligible consumers can also use the Affirm Card, a card issued by a card-issuing partner to pay in full or pay later, by using a unique post-purchase feature that allows them to instantly apply for an installment loan for any eligible debit transaction. Where applicable, after the merchant confirms the transaction, we or our originating bank partner originates a loan to the consumer. The merchant is charged interchange fees for each successful card transaction, and a portion of this revenue is shared with us by our card-issuing partners. Merchants may also elect to utilize our agreement with card-issuing partners as a means of integrating Affirm services. Similarly, for these arrangements with integrated merchants, the merchant is charged interchange fees for each successful card transaction and a portion of this revenue is shared with us. From time to time, we offer certain integrated merchants incentives to promote our platform to their customers, such as rebates of interchange fees incurred by the merchant. These amounts are recorded as a reduction of card network revenue. Our contracts with our card-issuing partners are defined at the transaction level and do not extend beyond the service already provided. The revenue collected from card-issuing partners for each transaction are determined as a percentage of the interchange fees charged on transactions facilitated on the payment processor network, and revenue is recognized at the point in time the transaction is completed successfully. The amounts collected are presented in revenue, net of associated transaction-related processing fees paid to our card-issuing partners. We have concluded that the revenue collected does not give rise to a future material right because the pricing of each transaction does not depend on the volume of prior successful transactions. We do not have any capitalized contract costs, and do not carry any material contract balances. Our service comprises a single performance obligation to the card-issuing partner to facilitate transactions with consumers. A portion of card network revenue relates to incentive payments from card network partners, which we are eligible to receive for reaching certain cumulative volume targets on program cards issued by our card-issuing partners. We earn incentive revenue as a percentage of each associated transaction and estimate the applicable percentage based on observed cumulative volume on program cards. Revenue is recognized at the point in time when the performance obligation has been fulfilled, which is when the transaction is completed successfully. Interest Income Interest income consisted of the following components (in thousands): Three Months Ended March 31, Nine Months Ended March 31, 2026 2025 2026 2025 Contractual interest income on unpaid principal balance (1) $ 465,786 $ 353,842 $ 1,294,471 $ 1,055,971 Amortization of discount on loans 88,586 65,639 245,807 186,450 Amortization of premiums on loans ( 7,119 ) ( 5,108 ) ( 20,340 ) ( 14,623 ) Interest receivable charged-off, net of recoveries (2) ( 14,804 ) ( 11,672 ) ( 39,739 ) ( 38,666 ) Total interest income $ 532,449 $ 402,701 $ 1,480,198 $ 1,189,132 (1) Contractual interest income on unpaid principal balance, for the three and nine months ended March 31, 2025, was previously reported as $ 369.7 million and $ 1.08 billion, respectively. These amounts have been corrected herein; the correction is not material to the previously issued financial statements. (2) Interest receivable charged-off, net of recoveries, for the three and nine months ended March 31, 2025, was previously reported as $ 27.5 million and $ 65.4 million, respectively. These amounts have been corrected herein; the correction is not material to the previously issued financial statements. 16 Table of Contents We accrue interest income using the effective interest method, which includes the amortization of any discounts or premiums on loan receivables created upon the purchase of a loan from our originating bank partners or upon the origination of a loan. Interest income on a loan is accrued daily, based on the finance charge disclosed to the consumer, over the term of the loan based upon the principal outstanding. The accrual of interest on a loan is suspended if a formal dispute with the consumer involving either Affirm or the merchant of record is opened, or a loan is 120 days past due. Upon the resolution of a dispute with the consumer, the accrual of interest is resumed, and any interest that would have been earned during the disputed period is retroactively accrued. As of March 31, 2026 and June 30, 2025, the unpaid principal balance of loans held for investment on non-accrual status was $ 6.0 million and $ 6.2 million, respectively. The account is charged-off in the period if the account becomes 120 days past due or meets other charge-off policy requirements. Past due status is based on the contractual terms of the loans. Previously recognized interest receivable from charged-off loans that is accrued but not collected from the consumer is charged-off. Gain on Sales of Loans We sell certain loans we originate or purchase from our originating bank partners directly to third-party investors or to securitizations. We recognize a gain or loss on sale of loans sold to third parties or to unconsolidated securitizations by calculating the difference between the proceeds received and the carrying value of the loan. This amount is adjusted for the initial recognition of any assets or liabilities incurred upon sale. These generally include a net servicing asset or liability in connection with our ongoing obligation to continue to service the loans and a liability in connection with our loan repurchase obligation for loans that do not meet certain contractual requirements and such information about the loan was unknown at the time of sale. Additionally, we recognize a risk sharing asset or liability in certain arrangements where payments are made or received based on the actual versus expected loan performance, as contractually agreed upon with the third party. Refer to Note 9. Securitization and Variable Interest Entities for further discussion on transfers of loan receivables. Refer to Note 11. Derivative Financial Instruments and Note 12. Fair Value of Financial Assets and Liabilities for further discussion of risk sharing arrangements. Servicing Income Servicing income includes contractual fees specified in our servicing agreements with third-party loan owners and unconsolidated securitizations that are earned from providing professional services to manage loan portfolios on their behalf. The servicing fee is calculated on a daily basis by multiplying a set fee percentage (as outlined in the executed agreements with third-party loan owners) by the outstanding loan principal balance. Servicing income also includes fair value adjustments for servicing assets and servicing liabilities. 4. Loans Held for Investment and Allowance for Credit Losses Loans held for investment consisted of the following (in thousands): March 31, 2026 June 30, 2025 Unpaid principal balance $ 8,597,051 $ 7,050,446 Accrued interest receivable 89,379 67,953 Premiums on loans held for investment 10,914 9,818 Less: Discount due to loss on loan purchase commitment ( 87,138 ) ( 75,124 ) Less: Discount due to loss on directly originated loans ( 37,234 ) ( 27,559 ) Total loans held for investment $ 8,572,972 $ 7,025,534 Loans held for investment includes loans originated through our originating bank partners and directly originated loans. Loans that are underwritten using our technology platform and originated by our originating bank 17 Table of Contents partners are later purchased by us. We purchased loans from our originating bank partners in the amount of $ 9.4 billion and $ 28.9 billion during the three and nine months ended March 31, 2026, respectively, and $ 7.1 billion and $ 21.6 billion during the three and nine months ended March 31, 2025, respectively. We directly originated $ 2.3 billion and $ 7.0 billion of loans during the three and nine months ended March 31, 2026, respectively, and $ 1.5 billion and $ 4.5 billion during the three and nine months ended March 31, 2025, respectively. Our portfolio consists of interest bearing and non-interest bearing consumer loans with original term lengths of up to sixty months originated in markets including the U.S., U.K., and Canada, with the majority of loans originated within the U.S. While we view our loan portfolio as a single product segment, unsecured consumer loans, we consider factors such as country of origin, loan product, origination channel, merchant and various borrower characteristics to predict future losses. We closely monitor the performance of our loan receivables to manage and evaluate our exposure to credit risk. Credit risk management begins with initial underwriting and continues through to full repayment of a loan. To assess a consumer who requests a loan, we use, among other indicators, internally developed risk models that leverage detailed information from external sources, such as credit bureaus where available, as well as the consumer’s prior repayment history on our platform. We evaluate the credit quality of our loan receivable based on the aging status of the loan. The following tables present an aging analysis of the amortized cost basis excluding accrued interest receivable, by fiscal year of origination, of loans held for investment by delinquency status as of March 31, 2026 and June 30, 2025 (in thousands): March 31, 2026 Amortized Cost Basis by Fiscal Year of Origination 2026 2025 2024 2023 2022 Prior Total Current – 3 calendar days past due $ 7,164,994 $ 782,797 $ 68,312 $ 13,788 $ 1,230 $ 88 $ 8,031,209 4 – 29 calendar days past due 180,830 33,815 1,205 201 34 1 216,086 30 – 59 calendar days past due 76,955 16,050 499 63 10 1 93,578 60 – 89 calendar days past due 61,844 15,776 477 61 8 1 78,167 90 – 119 calendar days past due (1) 46,207 17,691 522 98 25 10 64,553 Total amortized cost basis $ 7,530,830 $ 866,129 $ 71,015 $ 14,211 $ 1,307 $ 101 $ 8,483,593 (1) Includes $ 64.5 million of loan receivables as of March 31, 2026 that are 90 days or more past due, but are not on non-accrual status. June 30, 2025 Amortized Cost Basis by Fiscal Year of Origination 2025 2024 2023 2022 2021 Prior Total Current – 3 calendar days past due $ 6,268,050 $ 294,778 $ 50,958 $ 4,170 $ 133 $ 28 $ 6,618,117 4 – 29 calendar days past due 156,941 9,713 1,347 145 10 — 168,156 30 – 59 calendar days past due 62,250 4,367 288 35 4 — 66,944 60 – 89 calendar days past due 51,095 5,251 255 30 2 — 56,633 90 – 119 calendar days past due (1) 41,889 5,571 228 34 2 8 47,732 Total amortized cost basis $ 6,580,225 $ 319,680 $ 53,076 $ 4,414 $ 151 $ 36 $ 6,957,582 (1) Includes $ 47.6 million of loan receivables as of June 30, 2025 that are 90 days or more past due, but are not on non-accrual status. 18 Table of Contents The following table presents net charge-offs by fiscal year of origination as of March 31, 2026 (in thousands): March 31, 2026 Net Charge-offs by Fiscal Year of Origination 2026 2025 2024 2023 2022 Prior Total Current period charge-offs ( 124,874 ) ( 349,961 ) ( 19,317 ) ( 1,521 ) ( 443 ) ( 36 ) ( 496,152 ) Current period recoveries 4,184 26,633 15,119 5,706 2,439 648 54,729 Current period net charge-offs ( 120,690 ) ( 323,328 ) ( 4,198 ) 4,185 1,996 612 ( 441,423 ) We maintain an allowance for credit losses at a level sufficient to absorb expected credit losses based on evaluating known and inherent risks in our loan portfolio. The allowance for credit losses reflects our estimate of expected lifetime credit losses as of the balance sheet date. Our estimate considers the remaining contractual term of our loan portfolio, historical credit losses, consumer payment history and estimated recoveries. We also consider current economic conditions and evolving consumer behavioral patterns. Adjustments to the allowance for changes in our estimate of lifetime expected credit losses are recognized in earnings through the provision for credit losses presented within our interim condensed consolidated statements of operations and comprehensive income (loss). When available information confirms that specific loans or portions thereof are uncollectible, identified amounts are charged off against the allowance for credit losses. Loans are charged off in accordance with our charge-off policy, as the contractual principal becomes 120 days past due. Subsequent recoveries of the unpaid principal balance, if any, are credited to the allowance for credit losses. The following table details activity in the allowance for credit losses, including charge-offs, recoveries and provision for loan losses (in thousands): Three Months Ended March 31, Nine Months Ended March 31, 2026 2025 2026 2025 Balance at beginning of period $ 478,103 $ 363,831 $ 396,929 $ 309,097 Provision for loan losses 192,229 140,473 556,808 442,347 Charge-offs ( 179,693 ) ( 144,792 ) ( 496,152 ) ( 409,152 ) Recoveries of charged-off receivables 21,675 15,475 54,729 32,695 Balance at end of period $ 512,314 $ 374,987 $ 512,314 $ 374,987 Loan Modifications for Borrowers Experiencing Financial Difficulty We have a loan modification program for borrowers experiencing financial difficulty if certain eligibility criteria are met. A loan is evaluated for modification program eligibility when a borrower self-reports financial hardship, either when a borrower contacts us directly or upon making contact with the borrower to determine eligibility when a loan payment is past due. The objectives of the loan modification program are to offer borrowers assistance during times of financial stress, increase collections, and minimize losses. We have two primary loan modification strategies: payment deferrals and loan re-amortization. A payment deferral provides the borrower relief by extending the due date for the next payment due. While a borrower may obtain more than one deferral, the total deferral period may not exceed three months . A loan re-amortization provides the borrower relief by lowering monthly payments through extending the term length of the loan; however, the total remaining term may not exceed twenty-four months . In addition, the total interest due from the consumer will not exceed the initial total interest due prior to modification, and a loan may not be re-amortized more than once. 19 Table of Contents The following tables present the amortized cost basis of loans excluding accrued interest receivable that were modified for borrowers experiencing financial difficulty during the three and nine months ended March 31, 2026 and 2025, by type of modification (in thousands): Three Months Ended March 31, Nine Months Ended March 31, 2026 2025 2026 2025 Payment deferral $ 13,214 $ 5,749 $ 23,039 $ 13,110 Loan re-amortization 126 116 240 250 Total $ 13,340 $ 5,865 $ 23,279 $ 13,360 % of total loan receivables outstanding 0.16 % 0.09 % 0.27 % 0.20 % With respect to borrowers who received payment deferrals during the three and nine months ended March 31, 2026 and 2025, the length of each deferral period was one month . With respect to borrowers who received a loan re-amortization during the three and nine months ended March 31, 2026 and 2025, the payment amount was generally reduced by half and the term of the loan was extended between one month and twelve months . During the modification process, the loans are made current, and payment schedules for these loans are updated according to the modified terms. We closely monitor the performance of loans that are modified for borrowers experiencing financial difficulty to understand the effectiveness of our modification efforts. We hold an allowance for credit losses for modified loans classified as held for investment. Our allowance estimate considers whether a loan has been modified, the delinquency status of the loan on the date of modification, and the increased likelihood that such loan may become delinquent or charge-off in the future. The following tables present the delinquency status as of March 31, 2026 and 2025, by amortized cost basis excluding accrued interest receivable, of loan receivables that have been modified within the last 12 months where the borrower was experiencing financial difficulty at the time of modification (in thousands): March 31, 2026 Payment Deferral Loan Re-amortization Total Current – 3 calendar days past due $ 14,748 $ 139 $ 14,887 4 – 29 calendar days past due 3,578 47 3,625 30 – 59 calendar days past due 1,973 19 1,992 60 – 89 calendar days past due 1,561 19 1,580 90 – 119 calendar days past due 1,490 26 1,516 Total amortized cost basis $ 23,350 $ 250 $ 23,600 March 31, 2025 Payment Deferral Loan Re-amortization Total Current – 3 calendar days past due $ 7,761 $ 154 $ 7,915 4 – 29 calendar days past due 2,123 40 2,163 30 – 59 calendar days past due 1,398 20 1,418 60 – 89 calendar days past due 1,211 26 1,237 90 – 119 calendar days past due 1,224 20 1,244 Total amortized cost basis $ 13,717 $ 260 $ 13,977 20 Table of Contents With respect to modifications during the 12 months preceding March 31, 2026 and 2025, respectively, where the borrower was experiencing financial difficulty at the time of modification, the amortized cost basis of loans which have been charged off was $ 5.3 million and $ 10.4 million, respectively. 5. Balance Sheet Components Accounts Receivable, net Our accounts receivable consist primarily of amounts due from payment processors, merchant partners, affiliate network partners and servicing fees due from third-party loan owners. For each of these groups, we evaluate accounts receivable to determine management’s current estimate of expected credit losses based on historical experience and future expectations and record an allowance for credit losses. Our allowance for credit losses with respect to accounts receivable was $ 24.0 million and $ 18.8 million as of March 31, 2026 and June 30, 2025, respectively. Property, Equipment and Software, net Property, equipment and software, net consisted of the following (in thousands): March 31, 2026 June 30, 2025 Internally developed software $ 1,276,136 $ 987,399 Leasehold improvements 30,865 21,990 Computer equipment 11,330 9,555 Furniture and equipment 10,634 9,007 Total property, equipment and software, at cost $ 1,328,965 $ 1,027,952 Less: Accumulated depreciation and amortization ( 660,673 ) ( 455,315 ) Total property, equipment and software, net $ 668,292 $ 572,637 Depreciation and amortization expense on property, equipment and software was $ 74.9 million and $ 215.7 million for the three and nine months ended March 31, 2026, respectively, and $ 59.4 million and $ 159.8 million for the three and nine months ended March 31, 2025, respectively. No impairment losses related to property, equipment and software were recorded during the three and nine months ended March 31, 2026 and 2025. Goodwill and Intangible Assets The changes in the carrying amount of goodwill during the nine months ended March 31, 2026 were as follows (in thousands): Balance as of June 30, 2025 $ 534,156 Adjustments (1) ( 4,872 ) Balance as of March 31, 2026 $ 529,284 (1) Adjustments to goodwill during the nine months ended March 31, 2026 primarily pertained to foreign currency translation adjustments. No impairment losses related to goodwill were recorded during the three and nine months ended March 31, 2026 and 2025. 21 Table of Contents Intangible assets consisted of the following (in thousands): March 31, 2026 Gross Accumulated Amortization Net Weighted Average Remaining Useful Life (in years) Merchant relationships $ 52,826 $ ( 37,826 ) $ 15,000 3.8 Developed technology 39,431 ( 39,401 ) 30 0.6 Assembled workforce 12,490 ( 12,490 ) — 0.0 Trademarks and domains 1,448 ( 1,448 ) — 0.0 Trademarks, licenses and domains 12,056 — 12,056 Indefinite Other intangibles 350 — 350 Indefinite Total intangible assets $ 118,601 $ ( 91,165 ) $ 27,436 June 30, 2025 Gross Accumulated Amortization Net Weighted Average Remaining Useful Life (in years) Merchant relationships $ 37,845 $ ( 37,845 ) $ — 0.0 Developed technology 39,443 ( 39,369 ) 74 1.3 Assembled workforce 12,490 ( 12,490 ) — 0.0 Trademarks and domains 1,450 ( 1,355 ) 95 0.6 Trademarks, licenses and domains 12,416 — 12,416 Indefinite Other intangibles 350 — 350 Indefinite Total intangible assets $ 103,994 $ ( 91,059 ) $ 12,935 Amortization expense for intangible assets was immaterial for the three and nine months ended March 31, 2026, and for the three months ended March 31, 2025. Amortization expense for intangible assets was $ 1.3 million for the nine months ended March 31, 2025. No impairment losses related to intangible assets were recorded during the three and nine months ended March 31, 2026 and 2025. Commercial Agreement Assets In fiscal year 2022, we granted warrants in connection with our commercial agreements with certain subsidiaries of Amazon.com, Inc. (“Amazon”) and recognized an asset of $ 133.5 million based on the grant date fair value of the warrants that were fully vested upon grant. The asset is amortized over the expected benefit period, which was extended from four to nine years in November 2025 upon the execution of a commercial agreement that superseded the prior agreement. For the three and nine months ended March 31, 2026, we recognized amortization expense of $ 0.2 million and $ 7.4 million, respectively, and $ 5.1 million and $ 15.6 million for the three and nine months ended March 31, 2025, respectively, in our interim condensed consolidated statements of operations and comprehensive income (loss) as a component of sales and marketing expense. As of March 31, 2026, the accumulated amortization is $ 128.7 million and the remaining net asset value is $ 4.8 million, which will be recognized over the remaining useful life of 4.8 years. Refer to Note 13. Stockholders’ Equity for further discussion of the warrants. In fiscal year 2021, we granted warrants in exchange for the opportunity to acquire new merchant partners through a commercial agreement with Shopify Inc. (“Shopify”). We recognized an asset of $ 270.6 million based on 22 Table of Contents the grant-date fair value of the vested warrants. We amortize the asset over the expected benefit period, which was extended from six to nine years during fiscal year 2025 upon execution of a commercial agreement that superseded the prior agreement. The benefit period is reevaluated each reporting period. For the three and nine months ended March 31, 2026, we recorded amortization expense related to the commercial agreement asset of $ 2.8 million and $ 8.4 million, respectively, and $ 5.8 million and $ 23.9 million for the three and nine months ended March 31, 2025, respectively, in our interim condensed consolidated statements of operations and comprehensive income (loss) as a component of sales and marketing expense. As of March 31, 2026, the accumulated amortization is $ 233.9 million and the remaining net asset value is $ 36.7 million, which will be recognized over the remaining useful life of 3.3 years. Other Assets Other assets consisted of the following (in thousands): March 31, 2026 June 30, 2025 Processing reserves $ 118,167 $ 90,826 Prepaid expenses 57,964 44,912 Equity securities held at cost 40,396 40,277 Derivative instruments 34,732 45,823 Prepaid merchant incentives 31,672 2,114 Operating lease right-of-use assets 23,532 19,124 Prepaid payroll taxes for stock-based compensation 20,421 25,188 Foreign deferred tax asset 7,430 13,929 Other assets 17,613 13,166 Total other assets $ 351,927 $ 295,360 Accrued Expenses and Other Liabilities Accrued expenses and other liabilities consisted of the following (in thousands): March 31, 2026 June 30, 2025 Accrued expenses $ 117,076 $ 72,813 Operating lease liability 38,563 31,943 Other liabilities 62,299 52,516 Total accrued expenses and other liabilities $ 217,938 $ 157,272 6. Leases We lease office space under operating leases with various expiration dates through 2034. We have the option to renew or extend our leases. Certain lease agreements include the option to terminate the lease with prior written notice ranging from nine months to one year . As of March 31, 2026, we have not considered such provisions in the determination of the lease term, as it is not reasonably certain these options will be exercised. Leases have remaining terms that range from less than one year to eight years . Several leases require us to obtain standby letters of credit, naming the lessor as a beneficiary. These letters of credit act as security for the faithful performance by us of all terms, covenants and conditions of the lease agreement. We are required to post collateral for the letters of credit in the form of cash or eligible securities. As of March 31, 2026 and June 30, 2025, the collateral totaled $ 4.7 million and $ 4.5 million, respectively, which was in the form of securities that have been classified as securities available for sale at fair value in the interim condensed consolidated balance sheets. 23 Table of Contents Operating lease expense is as follows (in thousands): Three Months Ended March 31, Nine Months Ended March 31, 2026 2025 2026 2025 Operating lease expense (1) $ 3,216 $ 2,915 $ 9,554 $ 8,633 (1) Lease expenses for our short-term leases were immaterial for the periods presented. Lease term and discount rate information are summarized as follows: March 31, 2026 Weighted average remaining lease term (in years) 6.5 Weighted average discount rate 6.4 % As of March 31, 2026, future minimum lease payments are as follows, by fiscal year (in thousands): 2026 (remaining three months) $ 3,782 2027 6,745 2028 6,411 2029 6,551 2030 6,767 Thereafter 17,739 Total lease payments 47,995 Less imputed interest ( 9,432 ) Present value of total lease liabilities $ 38,563 7. Commitments and Contingencies Loan Repurchase Obligations Under the normal terms of our whole loan sales to third-party investors, we may become obligated to repurchase loans from investors in certain instances where a breach in representations and warranties is identified. Generally, a breach in representations and warranties could occur where a loan has been identified as subject to verified or suspected fraud, or in cases where a loan was serviced or originated in violation of Affirm’s guidelines. We would only experience a loss if the contractual repurchase price of the loan exceeds the fair value on the repurchase date. As of March 31, 2026, the aggregate outstanding balance of loans held by third-party investors or unconsolidated VIEs was $ 9.4 billion, of which we have recorded a repurchase liability of $ 6.8 million within accrued expenses and other liabilities in our interim condensed consolidated balance sheets. Legal Proceedings From time to time, we are subject to legal proceedings and claims in the ordinary course of business. The results of such matters often cannot be predicted with certainty. In accordance with applicable accounting guidance, we establish an accrued liability for legal proceedings and claims when those matters present loss contingencies which are both probable and reasonably estimable. Kusnier v. Affirm Holdings, Inc. On December 8, 2022, plaintiff Mark Kusnier filed a putative class action lawsuit against Affirm, Max Levchin, and Michael Linford in the U.S. District Court for the Northern District of California (the “Kusnier 24 Table of Contents action”). On May 5, 2023, plaintiffs Kusnier and Chris Meinsen filed their first amended complaint alleging that the defendants (i) caused Affirm to make materially false and/or misleading statements and/or failed to disclose that Affirm’s BNPL service facilitated excessive consumer debt (including with respect to certain for-profit educational institutions), regulatory arbitrage, and data harvesting; (ii) made false and/or misleading statements about certain public regulatory actions; and (iii) made false and/or misleading statements about whether Affirm’s business model was vulnerable to interest rate changes. On December 20, 2023, the Court granted Affirm’s motion to dismiss the first amended complaint with leave to amend. On January 19, 2024, plaintiffs filed their second amended complaint, which contained only the allegations from the first amended complaint relating to false and/or misleading statements about whether Affirm’s business model was vulnerable to interest rate changes. In light of the above, plaintiffs assert that Affirm violated Section 10(b) of the Exchange Act and Rule 10b-5 promulgated thereunder, and that Levchin and Linford violated Section 20(a) of the Exchange Act. Plaintiffs sought class certification, unspecified compensatory and punitive damages, and costs and expenses. Affirm filed its motion to dismiss the second amended complaint on February 2, 2024. On August 26, 2024, the Court granted Affirm’s motion to dismiss with leave to amend. On September 23, 2024, plaintiffs filed a motion for leave to file a motion for reconsideration of the Court's Order granting Affirm's motion to dismiss. On August 14, 2025, the Court resolved plaintiffs' motion in Affirm's favor. On September 30, 2025, the Court dismissed the action with prejudice. On October 29, 2025, plaintiffs filed a notice of appeal to the U.S. Court of Appeals for the Ninth Circuit. Briefing is underway in the appeal. Quiroga v. Levchin, et al. On March 29, 2023, plaintiff John Quiroga filed a shareholder derivative lawsuit in the U.S. District Court for the Northern District of California (the “Quiroga action”) against Affirm, as a nominal defendant, and certain of Affirm’s current officers and directors as defendants based on allegations substantially similar to those in the Kusnier action at the time of filing. The Quiroga complaint purports to assert claims on Affirm’s behalf for contribution under the federal securities laws, breaches of fiduciary duty, unjust enrichment, and waste of corporate assets, and seeks corporate reforms, unspecified damages and restitution, and fees and costs. On May 1, 2023, the action was stayed by agreement of the parties. The stay can be lifted at the request of either party or upon certain conditions relating to the resolution of the Kusnier action. Jeffries v. Levchin, et al. On May 24, 2023, plaintiff Sabrina Jeffries filed a shareholder derivative lawsuit in the U.S. District Court for the Northern District of California (the “Jeffries action”) against Affirm, as a nominal defendant, and certain of Affirm's current officers and directors as defendants based on allegations substantially similar to those in the Kusnier and Quiroga actions at the time of filing. The Jeffries complaint purports to assert claims on Affirm's behalf for breach of fiduciary duties, making false statements under federal securities law, unjust enrichment, waste of corporate assets, and aiding and abetting breach of fiduciary duties, and seeks unspecified damages, equitable relief, and fees and costs. On August 15, 2023, the action was stayed by agreement of the parties. The stay can be lifted at the request of either party or upon certain conditions relating to the resolution of the Kusnier action. Vallieres v. Levchin, et al. On September 14, 2023, plaintiff Michael Vallieres filed a shareholder derivative lawsuit in the U.S. District Court for the District of Delaware against Affirm, as a nominal defendant, and certain of Affirm’s current officers and directors as defendants based on allegations substantially similar to those in the Kusnier, Quiroga, and Jeffries actions at the time of filing. The Vallieres complaint purports to assert claims on Affirm's behalf for breach of fiduciary duties, gross management, abuse of control, unjust enrichment, and contribution, and seeks unspecified damages, equitable relief, and fees and costs. On November 30, 2023, the case was stayed by agreement of the parties. We have determined, based on current knowledge, that the aggregate amount or range of losses that are estimable with respect to our legal proceedings, including the matters described above, would not have a material adverse effect within our consolidated financial position, results of operations or cash flows. Amounts accrued as of 25 Table of Contents March 31, 2026 were not material. The ultimate outcome of legal proceedings involves judgments, estimates and inherent uncertainties, and cannot be predicted with certainty. 8. Debt Debt outstanding as of March 31, 2026 includes amounts classified within our interim condensed consolidated balance sheets as funding debt, notes issued by securitization trusts, and convertible senior notes, net. Secured debt includes borrowings from our warehouse facilities, variable funding notes, notes issued by securitization trusts and sale and repurchase agreements. Unsecured debt includes outstanding convertible senior notes and any borrowings on our unsecured revolving credit facility. The following table summarizes the components and terms of our secured and unsecured debt as of March 31, 2026 (in thousands): Interest Rate (1) Unused Commitment Fees Maturity by Fiscal Year Borrowing Capacity (2) Debt Outstanding (3) Debt Outstanding net of unamortized premiums and discount Secured debt Funding debt US warehouse facilities 5.30 % 0.20 % - 0.50 % 2027 - 2032 5,400,000 1,688,998 1,671,663 International warehouse facilities (4) 4.60 % 0.30 % - 0.95 % 2028 - 2031 814,352 552,329 547,987 Variable funding notes 5.16 % 0.30 % 2032 1,350,000 192,255 189,855 Sales and repurchase agreements 6.81 % — 2029 - 2030 — 8,200 8,200 Notes issued by securitization trusts 4.85 % — 2030 - 2035 5,350,000 5,350,000 5,327,589 $ 12,914,352 $ 7,791,781 $ 7,745,294 Unsecured debt Convertible senior notes: 2026 Notes — — 2027 — 221,321 220,988 2029 Notes 0.75 % — 2030 — 920,000 907,629 Revolving credit facility — 0.20 % 2027 330,000 — — $ 330,000 $ 1,141,321 $ 1,128,617 Total $ 13,244,352 $ 8,933,102 $ 8,873,911 (1) The stated interest rate reflects the fixed or variable interest rate in effect for each of our contractual arrangements as of March 31, 2026, weighted by the outstanding principal balance as of that date. The interest rate resets periodically for our variable rate debt, typically based on a reference rate such as Secured Overnight Financing Rate (“SOFR”), Canadian Overnight Repo Rate Average (“CORRA”) or Sterling Overnight Index Average (“SONIA”), or an alternative rate based on the cost of funds for the lender, plus any applicable spread. (2) Represents total revolving commitment amount, inclusive of debt outstanding as of March 31, 2026. (3) Certain loans are pledged as collateral for borrowings in our secured debt facilities, except for our sales and repurchase agreements which are collateralized by securitization notes receivable and certificates retained by the Company and classified as securities available for sale at fair value. The carrying value of these pledged assets was $ 8.4 billion as of March 31, 2026. (4) As of March 31, 2026, international facilities finance loan receivables originated in Canada and the U.K. 26 Table of Contents Maturity by Fiscal Year The aggregate future maturities of our funding debt, notes issued by securitization trusts and convertible notes consists of the following (in thousands): March 31, 2026 2026 $ — 2027 421,677 2028 1,064,767 2029 516,868 2030 1,675,952 Thereafter 5,253,838 Total $ 8,933,102 Deferred debt issuance costs ( 59,191 ) Total funding debt, net of deferred debt issuance costs $ 8,873,911 Funding Debt Warehouse Credit Facilities Through certain consolidated subsidiaries, which are typically trusts, we enter into secured borrowing arrangements with banks and other financial institutions. Through each of these subsidiaries we enter into a loan or credit and security agreement where we borrow against loans pledged as collateral. Financing terms, including the advance rate and financing spread, vary across these revolving facilities and generally depend on the types of collateral that may be pledged and respective concentration limits. We may continue to pledge new receivables to allow us to borrow up to the commitment amount throughout the revolving period for each facility. The length of the revolving period, the maximum amount we may borrow against pledged collateral balance during the revolving period, and the length of the amortization period prior to the maturity date varies across borrowing facilities depending on negotiated terms. Borrowings under these agreements are classified as funding debt within our interim condensed consolidated balance sheets and proceeds from the borrowings can only be used for the purposes of funding loans. These borrowing facilities are bankruptcy-remote special-purpose vehicles in which creditors do not have recourse against the general credit of Affirm. Our funding debt agreements contain certain customary negative covenants and financial covenants including maintaining certain levels of minimum liquidity, maximum leverage, and minimum tangible net worth. As of March 31, 2026, we were in compliance with all applicable covenants in the agreements. Variable Funding Note We entered into a syndicated revolving loan agreement through a securitization master trust which funds loans. In connection with the loan agreement, the master trust issued a variable funding note (“VFN”), where borrowings are secured by loan collateral sold to the master trust. Throughout the reinvestment period of the VFN, the master trust periodically issues asset-backed securities, where securitization note proceeds affects the level of utilization of the VFN. Outstanding borrowings under the VFN are classified as funding debt within our interim condensed consolidated balance sheets. Sale and Repurchase Agreements We entered into certain sale and repurchase agreements pursuant to our retained interests in our off-balance sheet securitizations where we have sold these securities to a counterparty with an obligation to repurchase at a future date and price. These repurchase agreements have a term equaling the contractual life of the securitization 27 Table of Contents notes pledged. We record the debt outstanding under our sale and repurchase agreements within our funding debt in the interim condensed consolidated balance sheets. Notes Issued by Securitization Trusts We issue asset-backed securities through securitization trusts using a combination of term, amortizing, revolving and variable funding structures. Each trust may issue one or more classes of notes, which will be repaid through collections on the loans in accordance with the trust priority of payments. For consolidated securitization trusts, asset-backed notes held by third-party investors are classified as notes issued by securitization trusts within our interim condensed consolidated balance sheets. We defer and amortize debt issuance costs for consolidated securitization trusts on a straight-line basis over the expected life of the notes. Refer to Note 9 Securitization and Variable Interest Entities for additional information. Revolving Credit Facility We have a Revolving Credit Agreement with a syndicate of banks for a $ 330.0 million unsecured revolving credit facility. Proceeds of the borrowings under this facility will be used for general corporate purposes in the ordinary course of business. This facility bears interest at a rate equal to, either (a) for SOFR borrowing, a SOFR rate determined by reference to the forward-looking term SOFR rate for the interest period, plus an applicable margin of 1.75 % per annum or (b) for alternative base rate borrowings, a base rate determined by reference to the highest of (i) the federal funds rate plus 0.50 % per annum, (ii) the rate last quoted by the Wall Street Journal as the U.S. prime rate and (iii) the one-month forward-looking term SOFR rate plus 1.00 % per annum, in each case, plus an applicable margin of 0.75 % per annum. The facility contains certain financial covenants which may result in an acceleration of the maturity if not maintained, and requires payment of a monthly unused commitment fee of 0.20 % per annum on the undrawn balance available. As of March 31, 2026, we were in compliance with all applicable covenants in the agreement. There were no borrowings outstanding under the facility as of March 31, 2026. Convertible Senior Notes As of March 31, 2026, we had outstanding: (i) $ 221.3 million aggregate principal amount of 0.00 % convertible senior notes due November 15, 2026 (the “2026 Notes”) and (ii) $ 920.0 million principal amount of 0.75 % convertible senior notes due December 15, 2029 (the “2029 Notes”), in each case unless earlier converted, redeemed or repurchased in accordance with their terms. No sinking fund is provided for either series. The notes are convertible into shares of our Class A common stock under specified conditions. In each case, the conversion rate is subject to adjustment upon the occurrence of certain events, and, upon conversion, we may settle the conversion obligation in cash, shares of our Class A common stock, or a combination of cash and shares, as discussed below. Upon conversion, we will pay cash up to the aggregate principal amount of the notes and may settle the remainder, if any, in cash, shares of our common stock, or a combination of both, at our election. The amount due upon conversion is based on a daily conversion value over a 40 trading day observation period. 28 Table of Contents 2029 Notes The 2029 Notes bear interest at a fixed rate of 0.75 % per year, payable semiannually in arrears on June 15 and December 15 of each year. Each $1,000 of principal of the 2029 Notes is initially convertible into 9.8992 shares of our common stock, which is equivalent to an initial conversion price of approximately $ 101.02 per share. The conversion rate is subject to adjustment upon the occurrence of certain specified events set forth in the indenture governing the 2029 Notes (the “2029 Indenture”). Holders may convert their 2029 Notes, at their option: • At any time on or after September 15, 2029 until the close of business on the second scheduled trading day immediately preceding the maturity date. • Before that date, only if specified conditions are met, as follows: 1) if the last reported sale price of the Class A common stock is at least 130 % of the conversion price for at least 20 trading days (whether or not consecutive) during any 30 consecutive trading day period ending on, and including, the last trading day of the immediately preceding calendar quarter; 2) during the five business day period following any five consecutive trading day period (the “measurement period”) in which the trading price (as defined in the 2029 Indenture) per $1,000 principal amount of the 2029 Notes is less than 98 % of the product of the last reported sale price of our Class A common stock and the conversion rate for each trading day in the measurement period; 3) if we call any or all of the notes for redemption, at any time before the close of business on the trading day immediately preceding the redemption date; or 4) upon the occurrence of certain specified corporate events. We may redeem all or part of the 2029 Notes for cash on or after December 20, 2027 if the last reported sale price of our Class A common stock has been at least 130 % of the conversion price then in effect for at least 20 trading days (whether or not consecutive) during any 30 consecutive trading day period ending on, and including, the trading day immediately preceding the date we provide notice of redemption. The redemption price equals 100 % of the principal amount of the 2029 Notes to be redeemed, plus accrued and unpaid interest, if any. If a fundamental change (as defined in the 2029 Indenture) occurs prior to the maturity date, holders of the 2029 Notes may require us to repurchase all or a portion of their notes for cash equal to 100 % of the principal amount of the 2029 Notes, plus any accrued and unpaid interest. In addition, certain corporate events may require us to increase the conversion rate for holders who elect to convert their 2029 Notes in connection with such events. 2026 Notes The 2026 Notes do not bear interest. Each $1,000 of principal of the 2026 Notes is initially convertible into 4.6371 shares of our common stock, which is equivalent to an initial conversion price of approximately $ 215.65 per share. The conversion rate is subject to adjustment upon the occurrence of certain specified events set forth in the indenture governing the 2026 Notes (the “2026 Indenture”). Holders may convert their 2026 Notes, at their option: • At any time on or after August 15, 2026 until the close of business on the second scheduled trading day immediately preceding the maturity date. • Before that date, only if specified conditions are met, as follows: 29 Table of Contents 1) if the last reported sale price of the Class A common stock is at least 130 % of the conversion price for at least 20 trading days (whether or not consecutive) during any 30 consecutive trading day period ending on, and including, the last trading day of the immediately preceding calendar quarter; 2) during the five business day period following any five consecutive trading day period (the “measurement period”) in which the trading price (as defined in the 2026 Indenture) per $1,000 principal amount of the 2026 Notes is less than 98 % of the product of the last reported sale price of our Class A common stock and the conversion rate for each trading day in the measurement period; 3) if we call any or all of the notes for redemption, at any time before the close of business on the trading day immediately preceding the redemption date; or 4) upon the occurrence of certain specified corporate events. We may redeem all or part of the 2026 Notes for cash if the last reported sale price of our Class A common stock has been at least 130 % of the conversion price then in effect for at least 20 trading days (whether or not consecutive) during any 30 consecutive trading day period ending on, and including, the trading day immediately preceding the date we provide notice of redemption. The redemption price equals 100 % of the principal amount of the 2026 Notes to be redeemed, plus accrued and unpaid special interest, if any. If a fundamental change (as defined in the 2026 Indenture) occurs prior to the maturity date, holders of the 2026 Notes may require us to repurchase all or a portion of their notes for cash equal to 100 % of the principal amount of the 2026 Notes, plus any accrued and unpaid interest. In addition, certain corporate events may require us to increase the conversion rate for holders who elect to convert their 2026 Notes in connection with such events. Repurchase of a Portion of the 2026 Notes During the nine months ended March 31, 2026, we paid $ 25.8 million in cash for the repurchase of $ 27.4 million aggregate principal amount of the 2026 Notes. The carrying amount of the extinguished 2026 Notes was approximately $ 27.3 million during the nine months ended March 31, 2026, resulting in a $ 1.5 million gain on early extinguishment of debt. The repurchased 2026 Notes were received and canceled. There were no repurchases of our 2026 Notes during the three months ended March 31, 2026. The following table summarizes the interest expense recognized related to the convertible senior notes (in thousands): Three Months Ended March 31, Nine Months Ended March 31, 2026 2025 2026 2025 Amortization of debt issuance costs (1) 2026 Notes $ 131 $ 148 $ 403 $ 1,575 2029 Notes 822 823 2,504 932 Total amortization of debt issuance costs $ 954 $ 970 $ 2,907 $ 2,507 Coupon interest expense (1) (2) 1,706 1,706 5,177 1,933 Total interest expenses related to the convertible notes $ 2,660 $ 2,676 $ 8,083 $ 4,440 (1) Included in our interim condensed consolidated statement of operations and comprehensive income (loss) within other income, net. (2) The coupon interest expense is related to the 2029 Notes. 30 Table of Contents 9. Securitization and Variable Interest Entities Consolidated VIEs We consolidate VIEs when we are deemed to be the primary beneficiary. For the primary beneficiary evaluation, we consider whether we have both the power to direct the activities that most significantly affect the VIEs’ economic performance and the obligation to absorb losses or the right to receive benefits that could potentially be significant to the VIEs. We consider both qualitative and quantitative factors regarding the nature, size and form of our involvement with the VIEs. We reevaluate whether we are the primary beneficiary of the VIEs on an ongoing basis. Warehouse Credit Facilities We established certain entities, deemed to be VIEs, to enter into warehouse credit facilities for the purpose of purchasing loans from our originating bank partners and funding directly originated loans. Refer to Note 8. Debt for additional information. We retain the residual interest in each warehouse credit facility which absorbs the variability of the VIEs. The creditors of the VIEs have no recourse to the general credit of Affirm and the liabilities of the VIEs can only be settled by the respective VIEs’ assets. In addition to the retained residual interest, our continued involvement in the VIEs includes loan servicing responsibilities over the life of the underlying loans. Securitizations We finance the origination and purchase of loans through our asset-backed securitization program using a combination of term, amortizing, revolving and variable funding structures. In connection with our program, we sponsor and establish trusts (deemed to be VIEs) which issue securities collateralized by the loans we sell to the trust. Securities issued from our asset-backed securitizations are senior or subordinated, based on the waterfall criteria of loan payments to each security class. The subordinated residual interests issued from these transactions are first to absorb credit losses in accordance with the waterfall criteria. For these VIEs, the creditors have no recourse to the general credit of Affirm and the liabilities of the VIEs can only be settled by the respective VIEs’ assets. Additionally, the assets of the VIEs can be used only to settle obligations of the VIEs. For each securitization, the residual trust certificates represent the right to receive excess cash from the loan repayments each collection period after all fees and required distributions have been made to the note holders. In addition to the retained residual trust certificates, our continued involvement includes loan servicing responsibilities over the life of the underlying loans. In assessing the primary beneficiary for both Warehouse Credit Facilities and Securitizations VIEs, through our role as the servicer, we have the power to direct the activities that most significantly affect the VIEs’ economic performance. In addition, through the retained residual interests, we have economic exposure to the pledged loans that could potentially be significant to the VIEs. We also earn a servicing fee which has a senior distribution priority in the payment waterfall. Servicing fees are considered variable interests when we also hold significant retained interests in the VIEs that would absorb losses or receive benefits that are more than insignificant. Therefore, we are the primary beneficiary. Where we consolidate the VIEs, the loans held in the VIEs are included in loans held for investment within our interim condensed consolidated balance sheets. Outstanding borrowings from the Warehouse Credit Facilities VIEs and Variable Funding Note under the Securitizations VIE are recorded in funding debt within our interim condensed consolidated balance sheets. The notes sold to third-party investors by the Securitizations VIEs are recorded in notes issued by securitization trusts within the interim condensed consolidated balance sheets. 31 Table of Contents The following tables present the aggregate carrying value of financial assets and liabilities from our involvement with consolidated VIEs (in thousands): March 31, 2026 Assets Liabilities Net Assets Warehouse credit facilities $ 2,494,143 $ 2,237,978 $ 256,165 Securitizations (1) 5,767,023 5,531,412 235,611 Total consolidated VIEs $ 8,261,166 $ 7,769,390 $ 491,776 June 30, 2025 Assets Liabilities Net Assets Warehouse credit facilities $ 1,668,181 $ 1,504,136 $ 164,044 Securitizations (1) 4,993,148 4,951,485 41,663 Total consolidated VIEs $ 6,661,329 $ 6,455,621 $ 205,707 (1) Liabilities include an outstanding balance of $ 189.9 million and $ 103.9 million on a VFN classified as funding debt as of March 31, 2026 and June 30, 2025, respectively, and asset-backed securities of $ 5.3 billion and $ 4.8 billion, respectively, classified as notes issued from securitization trusts. Unconsolidated VIEs We are involved with various unconsolidated VIEs, established for the purposes of securitization and forward flow arrangements. We retain economic exposure as variable interests in these unconsolidated VIEs, which consist of securitization notes receivable and certificates in unconsolidated trusts, residual interests in structured transactions, and risk sharing assets and liabilities. While we continue to be involved with the unconsolidated VIEs through our role as the servicer, we determined that we are not the primary beneficiary as of March 31, 2026. Factors we considered for this determination are that we hold an insignificant variable interest or rights held by other variable interest holders convey power in the unconsolidated VIEs. Securitization notes receivable and certificates in unconsolidated securitization trusts We have investments in certain unconsolidated securitization trusts in the form of notes and certificates. These notes and certificates are considered variable interests that absorb a portion of the variability of the trusts. The principal and interest payments on these investments are dependent on the performance of the underlying loans held within each trust. Residual interests in structured transactions Under certain forward flow arrangements with third-party loan buyers, we hold a beneficial interest representing our right to receive a portion of the residual cash flows from the underlying loans sold in connection with the transaction. The loans are held in an unconsolidated VIE that has been established by the third-party loan buyers. Risk sharing assets and liabilities Under certain other forward flow arrangements with third-party loan buyers, we have entered into risk sharing agreements where we may be required to make a payment to the loan buyer or are entitled to receive a payment from the loan buyer, depending on the actual versus expected loan performance as contractually agreed to with the counterparty, and subject to a cap based on a percentage of the principal balance of loans sold. 32 Table of Contents The following information pertains to unconsolidated VIEs where we hold a variable interest but are not the primary beneficiary (in thousands): March 31, 2026 June 30, 2025 Carrying Amount Maximum Exposure to Losses (4) Carrying Amount Maximum Exposure to Losses (4) Securitization notes receivable and certificates in unconsolidated securitization trusts [1] $ 56,482 $ 57,432 $ 75,469 $ 76,943 Residual interests in structured transactions [1] 5,837 16,981 2,284 15,644 Risk sharing assets [2] 32,286 55,502 43,179 66,590 Risk sharing liabilities [3] — 10,085 ( 90 ) 24,467 Total unconsolidated VIEs $ 94,605 $ 140,000 $ 120,842 $ 183,644 (1) Presented within Securities available for sale at fair value (2) Presented within Other assets (3) Presented within Accrued expenses and other liabilities (4) Maximum exposure to losses represents our exposure through our continuing involvement as servicer, through our retained interests, and legal or contractual obligation. 33 Table of Contents 10. Investments Cash and Cash Equivalents and Securities Available for Sale Cash and cash equivalents and securities available for sale, at fair value, consist of the following as of each date presented within the interim condensed consolidated balance sheets (in thousands): March 31, 2026 June 30, 2025 Cash and cash equivalents: Money market funds $ 97,312 $ 70,920 Agency bonds — 3,493 Corporate bonds 1,454 — Commercial paper 18,839 12,564 Government bonds - US — 4,995 Securities available for sale: Certificates of deposit 45,586 39,008 Corporate bonds 257,461 264,199 Commercial paper 86,824 126,761 Agency bonds — 7,854 Municipal bonds 8,615 6,076 Government bonds Non-US 2,196 5,340 US (1) 289,118 344,434 Securitization notes receivable and certificates (2) 56,482 75,469 Residual interests in structured transactions 5,837 2,284 Other 5,478 — Total marketable securities: $ 875,202 $ 963,397 (1) As of March 31, 2026 and June 30, 2025, these securities include $ 100.5 million and $ 75.4 million, respectively, pledged as collateral in connection with our standby letters of credit for office leases and certain commercial agreements. (2) These securities include $ 9.3 million and $ 34.5 million as of March 31, 2026 and June 30, 2025, respectively, pledged as collateral in connection with sale and repurchase agreements as discussed within Note 8. Debt. 34 Table of Contents Securities Available for Sale, at Fair Value The amortized cost, gross unrealized gains and losses, allowance for credit losses, and fair value of securities available for sale as of March 31, 2026 and June 30, 2025 were as follows (in thousands): March 31, 2026 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Allowance for Credit Losses Fair Value Certificates of deposit $ 45,593 $ 14 $ ( 21 ) $ — $ 45,586 Corporate bonds (1) 259,150 234 ( 469 ) — 258,915 Commercial paper (1) 105,761 16 ( 114 ) — 105,663 Municipal bonds 8,608 10 ( 3 ) — 8,615 Government bonds Non-US 2,191 5 — — 2,196 US (2) 289,265 148 ( 295 ) — 289,118 Securitization notes receivable and certificates (3) 56,496 393 ( 149 ) ( 258 ) 56,482 Residual interests in structured transactions 4,715 1,122 — — 5,837 Other 5,000 478 — — 5,478 Total securities available for sale $ 776,779 $ 2,420 $ ( 1,051 ) $ ( 258 ) $ 777,890 June 30, 2025 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Allowance for Credit Losses Fair Value Certificates of deposit $ 38,990 $ 18 $ — $ — $ 39,008 Corporate bonds 263,495 759 ( 55 ) — 264,199 Commercial paper (1) 139,336 7 ( 18 ) — 139,325 Agency bonds (1) 11,358 — ( 11 ) — 11,347 Municipal bonds 6,057 19 — — 6,076 Government bonds Non-US 5,331 9 — — 5,340 US (2) 349,149 371 ( 91 ) — 349,429 Securitization notes receivable and certificates (3) 76,279 173 ( 42 ) ( 941 ) 75,469 Residual interests in structured transactions 2,173 111 — — 2,284 Total securities available for sale $ 892,168 $ 1,467 $ ( 217 ) $ ( 941 ) $ 892,477 (1) As of March 31, 2026 and June 30, 2025, Agency bonds, Corporate bonds, Commercial paper, and US government bonds included $ 20.3 million and $ 21.1 million, respectively, classified as cash and cash equivalents within the interim condensed consolidated balance sheets. (2) As of March 31, 2026 and June 30, 2025, these securities include $ 100.5 million and $ 75.4 million, respectively, pledged as collateral in connection with our standby letters of credit for office leases and certain commercial agreements. (3) Approximately $ 9.3 million and $ 34.5 million as of March 31, 2026 and June 30, 2025, respectively, of these securities have been pledged as collateral in connection with sale and repurchase agreements discussed within Note 8. Debt. 35 Table of Contents As of March 31, 2026 and June 30, 2025, there were no material reversals of prior period allowance for credit losses recognized for available for sale securities. A summary of securities available for sale with unrealized losses for which an allowance for credit losses has not been recorded, aggregated by investment category and the length of time that individual securities have been in a continuous loss position as of March 31, 2026 and June 30, 2025, are as follows (in thousands): March 31, 2026 Less than or equal to 1 year Greater than 1 year Total Fair Value Unrealized Losses Fair Value Unrealized Losses Fair Value Unrealized Losses Certificates of deposit $ 16,872 $ ( 21 ) $ — $ — $ 16,872 $ ( 21 ) Corporate bonds $ 102,721 $ ( 469 ) $ — $ — $ 102,721 $ ( 469 ) Commercial paper 65,458 ( 114 ) — — 65,458 ( 114 ) Municipal bonds 2,997 ( 3 ) 2,997 ( 3 ) Government bonds US 179,290 ( 295 ) — — 179,290 ( 295 ) Total securities available for sale (1) $ 367,338 $ ( 902 ) $ — $ — $ 367,338 $ ( 902 ) June 30, 2025 Less than or equal to 1 year Greater than 1 year Total Fair Value Unrealized Losses Fair Value Unrealized Losses Fair Value Unrealized Losses Certificates of deposit $ 7,711 $ — $ — $ — $ 7,711 $ — Corporate bonds 42,842 ( 41 ) 16,978 ( 14 ) 59,820 ( 55 ) Commercial paper 83,701 ( 18 ) — — 83,701 ( 18 ) Agency bonds 11,347 ( 11 ) — — 11,347 ( 11 ) Government bonds Non-US 3,163 — — — 3,163 — US 189,295 ( 91 ) — — 189,295 ( 91 ) Total securities available for sale (1) $ 338,059 $ ( 161 ) $ 16,978 $ ( 14 ) $ 355,037 $ ( 175 ) (1) The number of securities with unrealized losses for which an allowance for credit losses has not been recorded totaled 91 and 67 as of March 31, 2026 and June 30, 2025, respectively. 36 Table of Contents The length of time to contractual maturities of securities available for sale as of March 31, 2026 and June 30, 2025 were as follows (in thousands): March 31, 2026 Within 1 year Greater than 1 year, less than or equal to 5 years Total Amortized Cost Fair Value Amortized Cost Fair Value Amortized Cost Fair Value Certificates of deposit $ 45,593 $ 45,586 $ — $ — $ 45,593 $ 45,586 Corporate bonds 132,830 132,896 126,320 126,019 259,150 258,915 Commercial paper 105,761 105,663 — — 105,761 105,663 Municipal bonds 5,608 5,618 3,000 2,997 8,608 8,615 Government bonds Non-US — — 2,191 2,196 2,191 2,196 US 224,193 224,302 65,072 64,816 289,265 289,118 Securitization notes receivable and certificates (2) — — 56,496 56,482 56,496 56,482 Residual interests in structured transactions — — 4,715 5,837 4,715 5,837 Other — — 5,000 5,478 5,000 5,478 Total securities available for sale $ 513,985 $ 514,065 $ 262,794 $ 263,825 $ 776,779 $ 777,890 June 30, 2025 Within 1 year Greater than 1 year, less than or equal to 5 years Total Amortized Cost Fair Value Amortized Cost Fair Value Amortized Cost Fair Value Certificates of deposit $ 38,990 $ 39,008 $ — $ — $ 38,990 $ 39,008 Corporate bonds 149,435 149,675 114,060 114,524 263,495 264,199 Commercial paper (1) 139,336 139,325 — — 139,336 139,325 Agency bonds (1) 11,358 11,347 — — 11,358 11,347 Municipal bonds 3,944 3,950 2,113 2,126 6,057 6,076 Government bonds Non-US 3,162 3,162 2,169 2,178 5,331 5,340 US (1) 326,884 327,076 22,265 22,353 349,149 349,429 Securitization notes receivable and certificates (2) — — 76,279 75,469 76,279 75,469 Residual interests in structured transactions — — 2,173 2,284 2,173 2,284 Total securities available for sale $ 673,109 $ 673,543 $ 219,059 $ 218,934 $ 892,168 $ 892,477 (1) As of March 31, 2026 and June 30, 2025, Agency bonds, Corporate bonds, Commercial paper, and US government bonds included $ 20.3 million and $ 21.1 million, respectively, classified as cash and cash equivalents within the interim condensed consolidated balance sheets. (2) Based on weighted average life of expected cash flows as of March 31, 2026 and June 30, 2025 . Gross proceeds from matured or redeemed securities were $ 257.8 million and $ 672.7 million for the three and nine months ended March 31, 2026, respectively, and $ 283.9 million and $ 990.4 million for the three and nine months ended March 31, 2025, respectively. 37 Table of Contents For available for sale securities, no gains and losses were realized for the three and nine months ended March 31, 2026 and were immaterial for the three and nine months ended March 31, 2025. Equity Securities Held at Cost Equity security investments without a readily determinable fair value held at cost were $ 40.4 million and $ 40.3 million as of March 31, 2026 and June 30, 2025, respectively, and are included in other assets within the interim condensed consolidated balance sheets. We did no t record any impairment during the three and nine months ended March 31, 2026 or for the three months ended March 31, 2025. We recognized an impairment of $ 3.0 million for the nine months ended March 31, 2025 within other income, net in the interim consolidated statements of operations and comprehensive income (loss) in connection with one of our non-marketable equity security investments. For the three and nine months ended March 31, 2026, there were no upward or downward adjustments due to observable changes in orderly transactions. For the three and nine months ended March 31, 2025, we recognized an upward adjustment of $ 0.1 million and $ 2.6 million, respectively. 11. Derivative Financial Instruments The following table summarizes the total fair value, including interest accruals, and outstanding notional amounts of derivative instruments as of March 31, 2026 and June 30, 2025 (in thousands): March 31, 2026 June 30, 2025 Notional Amount Derivative Assets Derivative Liabilities Notional Amount Derivative Assets Derivative Liabilities Derivatives designated as cash flow hedges Interest rate contracts $ — $ — $ — $ 100,000 $ 86 $ — Derivatives not designated as hedges Interest rate contracts 621,321 2,446 43 405,074 2,558 15 Risk sharing assets/liabilities 11,151,916 32,286 — 8,561,709 43,179 90 Total gross derivative assets/liabilities $ 11,773,237 $ 34,732 $ 43 $ 9,066,783 $ 45,823 $ 105 The following table summarizes the impact of the cash flow hedges on Accumulated Other Comprehensive Income (Loss) (“AOCI”) (in thousands): Three Months Ended March 31, Nine Months Ended March 31, 2026 2025 2026 2025 Balance at beginning of period $ ( 1,853 ) $ ( 174 ) $ ( 1,419 ) $ 1,407 Changes in fair value 4,529 ( 1,205 ) 4,213 ( 2,478 ) Amounts reclassified into earnings (1) 571 ( 74 ) 453 ( 382 ) Balance at end of period (2) $ 3,247 $ ( 1,453 ) $ 3,247 $ ( 1,453 ) (1) The amounts reclassified into earnings are presented in the interim condensed consolidated statements of operations and comprehensive income (loss) within funding costs. (2) As of March 31, 2026, we estimated that $ 0.7 million of net derivative gains included in AOCI are expected to be reclassified into earnings within the next 12 months. 38 Table of Contents The following table summarizes the impact of the derivative instruments on income and indicates where within the interim consolidated statements of operations and comprehensive income (loss) such impact is reported (in thousands): Location of gains (losses) where the effects of derivatives are recorded Three Months Ended March 31, Nine Months Ended March 31, 2026 2025 2026 2025 The effects of cash flow hedging Interest rate contracts Funding costs $ ( 571 ) $ 74 $ ( 453 ) $ 382 The effects of derivatives not designated in hedging relationships Interest rate contracts Other income, net 1,181 ( 2,154 ) ( 386 ) ( 3,403 ) Risk sharing assets/liabilities Gain on sales of loans 6,936 6,611 20,215 22,494 Refer to Note 12. Fair Value of Financial Assets and Liabilities for additional information on our derivative instruments. 39 Table of Contents 12. Fair Value of Financial Assets and Liabilities Financial Assets and Liabilities Recorded at Fair Value The following tables present information about our assets and liabilities that are measured at fair value on a recurring basis as of March 31, 2026 and June 30, 2025 (in thousands): March 31, 2026 Level 1 Level 2 Level 3 Total Assets: Cash and cash equivalents: Money market funds $ 97,312 $ — $ — $ 97,312 Corporate bonds — 1,454 — 1,454 Commercial paper — 18,839 — 18,839 Securities, available for sale: Certificates of deposit — 45,586 — 45,586 Corporate bonds — 257,461 — 257,461 Commercial paper — 86,824 — 86,824 Municipal bonds — 8,615 — 8,615 Government bonds: Non-US — 2,196 — 2,196 US — 289,118 — 289,118 Securitization notes receivable and residual trust certificates — — 56,482 56,482 Residual interests in structured transactions — — 5,837 5,837 Other 317 — 5,478 5,795 Servicing assets — — 684 684 Interest rate derivatives — 2,446 — 2,446 Risk sharing asset — — 32,286 32,286 Total assets $ 97,629 $ 712,539 $ 100,767 $ 910,935 Liabilities: Performance fee liability — — 2,349 2,349 Profit share liability — — 2,639 2,639 Interest rate derivatives — 43 — 43 Total liabilities $ — $ 43 $ 4,988 $ 5,031 40 Table of Contents June 30, 2025 Level 1 Level 2 Level 3 Total Assets: Cash and cash equivalents: Money market funds $ 70,920 $ — $ — $ 70,920 Agency Bonds — 3,493 — 3,493 Commercial paper — 12,564 — 12,564 Government bonds- US — 4,995 — 4,995 Securities, available for sale: Certificates of deposit — 39,008 — 39,008 Corporate bonds — 264,199 — 264,199 Commercial paper — 126,761 — 126,761 Agency bonds — 7,854 — 7,854 Municipal bonds — 6,076 — 6,076 Government bonds: Non-US — 5,340 — 5,340 US — 344,434 — 344,434 Securitization notes receivable and residual trust certificates — — 75,469 75,469 Residual interests in structured transactions — — 2,284 2,284 Servicing assets — — 906 906 Interest rate derivatives — 2,644 — 2,644 Risk sharing asset — — 43,179 43,179 Total assets $ 70,920 $ 817,368 $ 121,838 $ 1,010,126 Liabilities: Servicing liabilities $ — $ — $ 41 $ 41 Performance fee liability — — 1,870 1,870 Profit share liability — — 9,323 9,323 Risk sharing liability — — 90 90 Interest rate derivatives — 15 — 15 Total liabilities $ — $ 15 $ 11,324 $ 11,339 As of March 31, 2026 and June 30, 2025, there were no transfers between levels. Assets and Liabilities Measured at Fair Value on a Recurring Basis (Level 2) Cash and Cash Equivalents and Securities Available for Sale As of March 31, 2026, we held level 2 debt securities classified as cash and cash equivalents and securities available for sale. Management obtains pricing from one or more third-party pricing services for the purpose of determining fair value. Whenever available, the fair value is based on quoted bid prices as of the end of the trading day. When quoted prices are not available, other methods may be utilized including evaluated prices provided by third-party pricing services. 41 Table of Contents Interest Rate Derivatives As of March 31, 2026 and June 30, 2025, we used a combination of interest rate cap agreements and interest rate swaps to manage interest costs and the risks associated with variable interest rates. These derivative instruments are classified as Level 2 within the fair value hierarchy, and the fair value is estimated by using third-party pricing models, which contain certain assumptions based on readily observable market-based inputs. We validate the valuation output on a monthly basis. Refer to Note 11. Derivative Financial Instruments in the notes to the interim condensed consolidated financial statements for further details on our derivative instruments. Assets and Liabilities Measured at Fair Value on a Recurring Basis using Significant Unobservable Inputs (Level 3) We evaluate our assets and liabilities subject to fair value measurements on a recurring basis to determine the appropriate level at which to classify them each reporting period. Since our servicing assets and liabilities, performance fee liability, securitization notes and residual trust certificates, residual interests in structured transactions, profit share liability, and risk sharing arrangements do not trade in an active market with readily observable prices, we use significant unobservable inputs to measure fair value and have classified as level 3 within the fair value hierarchy. This determination requires significant judgments to be made. The following significant unobservable inputs, as applicable, were used in the fair value measurement of the Company’s Level 3 assets and liabilities: • Adequate Compensation - The compensation rate is expressed as a percentage of the outstanding loan balance that a willing market participant would require for servicing loans with similar characteristics. • Discount Rate - The rate used to discount estimated future cash flows to present value in determining fair value. It reflects the rate of return market participants would require to compensate for time value of money plus a premium based on relative risk, liquidity and other market based factors. • Default Rate - The estimated annualized rate of charge-offs affecting the projected unpaid principal balance and expected term of the loan portfolio. • Loss Rate - The estimated lifetime rate of loan charge-offs as a percentage of the initial settled principal balance. • Prepayment Rate - The estimated annualized excess loan payment received in a given month as a percentage of the outstanding principal balance at the beginning of the month minus the scheduled principal payment. • Refund Rate - The rate of refunded transactions as a percentage of the outstanding loan balance over the remaining life of the loan portfolio. • Program Profitability - The estimated future profit to be shared with enterprise partners as a percentage of total loans outstanding, based on the terms of the respective commercial agreements. Significant increases or decreases in any of the inputs in isolation could result in a significantly lower or higher fair value measurement. Servicing Assets and Liabilities We sold loans with an unpaid principal balance of $ 5.0 billion and $ 15.9 billion for the three and nine months ended March 31, 2026, respectively, and $ 3.6 billion and $ 11.0 billion for the three and nine months ended March 31, 2025, respectively, for which we retained servicing rights. As of March 31, 2026 and June 30, 2025, we serviced loans which we sold with a remaining unpaid principal balance of $ 9.4 billion and $ 7.8 billion, respectively. We earned $ 44.6 million and $ 127.1 million of 42 Table of Contents servicing income for the three and nine months ended March 31, 2026, respectively, and $ 32.1 million and $ 86.7 million for the three and nine months ended March 31, 2025, respectively. We use discounted cash flow models to arrive at an estimate of fair value. As of March 31, 2026 and June 30, 2025, the aggregate fair value of the servicing assets was measured at $ 0.7 million and $ 0.9 million, respectively, and presented within other assets in the interim condensed consolidated balance sheets. The aggregate fair value of the servicing liabilities was immaterial as of March 31, 2026 and June 30, 2025. The following table summarizes the activity related to the aggregate fair value of our servicing assets (in thousands): Three Months Ended March 31, Nine Months Ended March 31, 2026 2025 2026 2025 Fair value at beginning of period $ 965 $ 806 $ 906 $ 574 Initial transfers of financial assets — — 254 230 Subsequent changes in fair value ( 281 ) ( 211 ) ( 476 ) ( 209 ) Fair value at end of period $ 684 $ 595 $ 684 $ 595 The following table summarizes the activity related to the aggregate fair value of our servicing liabilities (in thousands): Three Months Ended March 31, Nine Months Ended March 31, 2026 2025 2026 2025 Fair value at beginning of period $ 2 $ 237 $ 41 $ 743 Initial transfers of financial liabilities — — — — Subsequent changes in fair value ( 2 ) ( 134 ) ( 41 ) ( 640 ) Fair value at end of period $ — $ 103 $ — $ 103 The following tables present quantitative information about the significant unobservable inputs used for our Level 3 fair value measurement of servicing assets and liabilities as of March 31, 2026 and June 30, 2025: March 31, 2026 Unobservable Input Minimum Maximum Weighted Average (1) Servicing assets Discount Rate 30.00 % 30.00 % 30.00 % Adequate Compensation 2.00 % 2.00 % 2.00 % Default Rate 13.79 % 17.01 % 14.97 % Servicing liabilities (2) Discount Rate 30.00 % 30.00 % 30.00 % Adequate Compensation 2.00 % 2.00 % 2.00 % Default Rate — % — % — % 43 Table of Contents June 30, 2025 Unobservable Input Minimum Maximum Weighted Average (1) Servicing assets Discount Rate 30.00 % 30.00 % 30.00 % Adequate Compensation 2.00 % 2.00 % 2.00 % Default Rate 10.24 % 15.68 % 12.04 % Servicing liabilities (2) Discount Rate 30.00 % 30.00 % 30.00 % Adequate Compensation 2.00 % 2.00 % 2.00 % Default Rate 3.71 % 7.89 % 5.26 % (1) Unobservable inputs were weighted by relative fair value (2) Includes certain servicing agreements with a fair value of zero. These agreements are included in the sensitivity analysis to demonstrate the impact of changes in the discount rate and adequate compensation rate. Default rate is not a significant unobservable input for agreements with a fair value of zero. The following table summarizes the effect that adverse changes in estimates would have on the fair value of the servicing assets and liabilities given hypothetical changes in significant unobservable inputs (in thousands): March 31, 2026 June 30, 2025 Servicing assets Default Rate assumption: Default Rate increase of 25% $ 1 $ 1 Default Rate increase of 50% $ 1 $ 2 Adequate Compensation assumption: Adequate Compensation increase of 10% $ ( 974 ) $ ( 1,439 ) Adequate Compensation increase of 20% $ ( 1,947 ) $ ( 2,879 ) Discount Rate assumption: Discount Rate increase of 25% $ ( 24 ) $ ( 35 ) Discount Rate increase of 50% $ ( 46 ) $ ( 66 ) Servicing liabilities (1) Default Rate assumption: Default Rate increase of 25% $ — $ — Default Rate increase of 50% $ — $ — Adequate Compensation assumption: Adequate Compensation increase of 10% $ 6,083 $ 4,593 Adequate Compensation increase of 20% $ 12,166 $ 9,186 Discount Rate assumption: Discount Rate increase of 25% $ — $ ( 1 ) Discount Rate increase of 50% $ — $ ( 1 ) (1) Includes certain servicing agreements with a fair value of zero. These agreements are included in the sensitivity analysis to demonstrate the impact of changes in the discount rate and adequate compensation rate. Default rate is not a significant unobservable input for agreements with a fair value of zero. Performance Fee Liability In accordance with our agreements with our originating bank partners, we pay a fee for each loan that is fully repaid by the consumer, due at the end of the period in which the loan is fully repaid. We recognize a liability upon the purchase of a loan for the expected future payment of the performance fee. This liability is measured using 44 Table of Contents a discounted cash flow model and recorded at fair value and presented within accrued expenses and other liabilities in the interim condensed consolidated balance sheets. Any changes in the fair value of the liability are reflected in other income, net, in the interim condensed consolidated statements of operations and comprehensive income (loss). The following table summarizes the activity related to the fair value of the performance fee liability (in thousands):