v3.26.1
Debt
 12 Months Ended
Jun. 30, 2026
Debt Disclosure [Abstract]  
Debt Debt
Debt outstanding as of June 30, 2026 includes amounts classified within our 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 June 30, 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 facilities5.27%
0.20% - 0.50%
2028 - 2032
6,075,000 2,410,629 2,393,210 
International warehouse facilities (4)
4.49%
0.30% - 0.95%
2029 - 2031
1,236,895 586,743 580,416 
Variable funding notes5.12%0.30%20321,350,000 356,944 354,923 
Sales and repurchase agreements6.90%—
2029 - 2030
—4,699 4,699 
Notes issued by securitization trusts4.85%—
2030 - 2035
5,350,000 5,350,000 5,331,229 
$14,011,895 $8,709,015 $8,664,477 
Unsecured debt
Convertible senior notes:
2026 Notes—%—2027—221,321 221,121 
2029 Notes0.75%—2030—920,000 908,461 
Revolving credit facility—%0.15%2029675,000 — — 
$675,000 $1,141,321 $1,129,581 
Total
$14,686,895 $9,850,336 $9,794,058 
(1)The stated interest rate reflects the fixed or variable interest rate in effect for each of our contractual arrangements as of June 30, 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 June 30, 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 $9.4 billion as of June 30, 2026.
(4)As of June 30, 2026, international facilities finance loan receivables originated in Canada and the U.K.
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):
June 30, 2026
2027$221,321 
2028823,665 
20291,003,629 
20302,052,952 
2031179,487 
Thereafter 5,569,282 
Total$9,850,336 
Deferred debt issuance costs(56,278)
Total funding debt, net of deferred debt issuance costs$9,794,058 
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 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 June 30, 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 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 notes pledged. We record the debt outstanding under our sale and repurchase agreements within our funding debt in the 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 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 $675.0 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 1.50% 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 0.50% 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 0.15% per annum on the undrawn balance available.

As of June 30, 2026, we were in compliance with all applicable covenants in the agreements. There were no borrowings outstanding under the facility as of June 30, 2026.

Convertible Senior Notes

As of June 30, 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 aggregate 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.

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 “2029 Notes 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 2029 Notes 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:
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 “2026 Notes 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 2026 Notes 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 year ended June 30, 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 year ended June 30, 2026, resulting in a $1.5 million gain on early extinguishment of debt. The repurchased 2026 Notes were received and canceled.

The following table summarizes the interest expense recognized related to the convertible senior notes (in thousands):
June 30, 2026June 30, 2025June 30, 2024
Amortization of debt issuance costs
2026 Notes536 1,724 3,400 
2029 Notes3,336 1,764 — 
Total amortization of debt issuance costs3,871 3,488 3,400 
Coupon interest expense (1) (2)
$6,900 $3,656 $— 
Total interest expenses related to the convertible notes$10,771 $7,144 $3,400 
(1)Included in our consolidated statement of operations and comprehensive income (loss) within other income, net.
(2)The coupon interest expense is related to the 2029 Notes.