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.

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.

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

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 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 consolidated balance sheets. The notes sold to third-party investors by the Securitizations VIEs are recorded in notes issued by securitization trusts within the consolidated balance sheets.

(1)Liabilities include an outstanding balance of $354.9 million and $103.9 million on a VFN classified as funding debt as of June 30, 2026 and 2025, respectively, and asset-backed securities of $5.3 billion and $4.8 billion, respectively, classified as notes issued from securitization trusts.

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 June 30, 2026. Factors we considered for this determination are that we hold an insignificant variable interest or that rights held by other variable interest holders convey power to direct the activities most significantly affecting the unconsolidated VIEs’ economic performance.

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.

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.

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.


	June 30, 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)	$	68,358	$	69,607	$	75,469	$	76,943
Residual interests in structured transactions (1)	5,582		16,732		2,284		15,644
Risk sharing assets (2)	30,301		52,699		43,179		66,590
Risk sharing liabilities (3)	—		—		(90)		24,467
Total unconsolidated VIEs	$	104,242	$	139,039	$	120,842	$	183,644