Affirm Holdings, Inc.
For the period ended Sep 30, 2025. Filed Nov 6, 2025.
View on SEC.govAbout this filing
A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Sep 30, 2025 · Filed Nov 6, 2025
Extracted filing text, with the paragraph anchors used by the comparison.
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10. Investments
- 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):
| September 30, 2025 | June 30, 2025 | |
|---|---|---|
| Cash and cash equivalents: | ||
| Money market funds | $140,681 | $70,920 |
| Agency bonds | — | 3,493 |
| Commercial paper | — | 12,564 |
| Government bonds - US | — | 4,995 |
| Securities available for sale: | ||
| Certificates of deposit | 48,869 | 39,008 |
| Corporate bonds | 261,399 | 264,199 |
| Commercial paper | 121,998 | 126,761 |
| Agency bonds | 4,998 | 7,854 |
| Municipal bonds | 9,054 | 6,076 |
| Government bonds | ||
| Non-US | 2,203 | 5,340 |
| US (1) | 300,622 | 344,434 |
| Securitization notes receivable and certificates (2) | 54,263 | 75,469 |
| Residual interests in structured transactions | 4,017 | 2,284 |
| Other | 5,019 | — |
| Total marketable securities: | $953,123 | $963,397 |
(1)As of September 30, 2025 and June 30, 2025, these securities include $74.6 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 $23.4 million and $34.5 million as of September 30, 2025 and June 30, 2025, respectively, pledged as collateral in connection with sale and repurchase agreements as discussed within Note 8. Debt.
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 September 30, 2025 and June 30, 2025 were as follows (in thousands):
| Amortized Cost | Gross Unrealized Gains | Gross Unrealized Losses | Allowance for Credit Losses | Fair Value | |
|---|---|---|---|---|---|
| Certificates of deposit | $48,807 | $62 | $— | $— | $48,869 |
| Corporate bonds | 260,468 | 934 | (3) | — | 261,399 |
| Commercial paper | 121,914 | 84 | — | — | 121,998 |
| Agency bonds | 4,999 | — | (1) | — | 4,998 |
| Municipal bonds | 9,023 | 31 | — | — | 9,054 |
| Government bonds | |||||
| Non-US | 2,191 | 12 | — | — | 2,203 |
| US (2) | 300,082 | 548 | (8) | — | 300,622 |
| Securitization notes receivable and certificates (3) | 54,892 | 197 | (73) | (753) | 54,263 |
| Residual interests in structured transactions | 3,751 | 266 | — | — | 4,017 |
| Other | 5,006 | 13 | — | — | 5,019 |
| Total securities available for sale | $811,133 | $2,147 | $(85) | $(753) | $812,442 |
| 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 June 30, 2025, Agency bonds, Commercial Paper, and US government bonds included $21.1 million classified as cash and cash equivalents within the interim condensed consolidated balance sheets.
(2)As of September 30, 2025 and June 30, 2025, these securities include $74.6 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 $23.4 million and $34.5 million as of September 30, 2025 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.
As of September 30, 2025 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 September 30, 2025 and June 30, 2025, are as follows (in thousands):
| Less than or equal to 1 year | Greater than 1 year | Total | ||||
|---|---|---|---|---|---|---|
| Fair Value | Unrealized Losses | Fair Value | Unrealized Losses | Fair Value | Unrealized Losses | |
| Corporate bonds | $12,069 | $(3) | $— | $— | $12,069 | $(3) |
| Agency bonds | 4,998 | (1) | — | — | 4,998 | (1) |
| Government bonds | ||||||
| US | 7,475 | (1) | 7,633 | (7) | 15,108 | (8) |
| Securitization notes receivable and certificates | 5,842 | (2) | — | — | 5,842 | (2) |
| Total securities available for sale (1) | $30,384 | $(7) | $7,633 | $(7) | $38,017 | $(14) |
| 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 8 and 67 as of September 30, 2025 and June 30, 2025, respectively.
The length of time to contractual maturities of securities available for sale as of September 30, 2025 and June 30, 2025 were as follows (in thousands):
| 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 | $48,807 | $48,869 | $— | $— | $48,807 | $48,869 | ||||
| Corporate bonds | 167,469 | 167,813 | 92,999 | 93,586 | 260,468 | 261,399 | ||||
| Commercial paper | 121,914 | 121,998 | — | — | 121,914 | 121,998 | ||||
| Agency bonds | 4,999 | 4,998 | — | — | 4,999 | 4,998 | ||||
| Municipal bonds | 3,908 | 3,917 | 5,115 | 5,137 | 9,023 | 9,054 | ||||
| Government bonds | ||||||||||
| Non-US | — | — | 2,191 | 2,203 | 2,191 | 2,203 | ||||
| US | 264,844 | 265,209 | 35,238 | 35,413 | 300,082 | 300,622 | ||||
| Securitization notes receivable and certificates (2) | — | — | 54,892 | 54,263 | 54,892 | 54,263 | ||||
| Residual interests in structured transactions | — | — | 3,751 | 4,017 | 3,751 | 4,017 | ||||
| Other | 5,006 | 5,019 | 5,006 | 5,019 | ||||||
| Total securities available for sale | $611,941 | $612,804 | $199,192 | $199,638 | $811,133 | $812,442 | ||||
| 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 June 30, 2025, Agency bonds, Commercial paper, and US government bonds included $21.1 million 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 September 30, 2025 and June 30, 2025.
Gross proceeds from matured or redeemed securities were $230.5 million and $303.4 million for the three months ended September 30, 2025 and 2024, respectively.
For available for sale securities, no gains and losses were realized for the three months ended September 30, 2025 and September 30, 2024.
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 September 30, 2025 and June 30, 2025, respectively, and are included in other assets within the interim condensed consolidated balance sheets.
We didnot record any impairment during the three months ended September 30, 2025. We recognized an impairment of $3.0 million for the three months ended September 30, 2024 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 months ended September 30, 2025 and 2024, there wereno upward or downward adjustments due to observable changes in orderly transactions.
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.