Company: AFRM
Filing Date: 2025-02-06
Form Type: 10-Q
Source: 0001820953-25-000012
Chunk: 46

Company: Affirm Holdings, Inc.
Filing Date: 2025-02-06
Form: 10-Q
Item: Part I, Item 1
Chunk 46
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2,399,906 $2,078,553 $321,353 Securitizations (1)4,167,236 4,060,582 106,654 Total consolidated VIEs$6,567,142 $6,139,135 $428,007 June 30, 2024AssetsLiabilitiesNet AssetsWarehouse credit facilities$2,052,881 $1,823,794 $229,087 Securitizations3,325,254 3,246,228 79,026 Total consolidated VIEs$5,378,135 $5,070,022 $308,113 (1)As of December 31, 2024, liabilities include $60.3 million of VFN classified as funding debt and $4.0 billion of asset-backed notes classified as notes issued from securitization trusts.Unconsolidated VIEsOur transactions with unconsolidated VIEs include securitization trusts where we did not retain significant economic exposure through our variable interests and therefore we determined that we are not the primary beneficiary as of December 31, 2024.The following information pertains to unconsolidated VIEs where we hold a variable interest but are not the primary beneficiary (in thousands):December 31, 2024AssetsLiabilitiesNet AssetsMaximum Exposure to LossesSecuritizations$1,300,463 $1,236,637 $63,826 $69,735 Total unconsolidated VIEs$1,300,463 $1,236,637 $63,826 $69,735 June 30, 2024AssetsLiabilitiesNet AssetsMaximum Exposure to LossesSecuritizations$967,256 $920,004 $47,252 $51,861 Total unconsolidated VIEs$967,256 $920,004 $47,252 $51,861 Maximum exposure to losses represents our exposure through our continuing involvement as servicer and through our retained interests. For unconsolidated VIEs, this includes $69.1 million in retained notes and residual trust certificates disclosed within securities available for sale at fair value in our interim condensed consolidated balance sheets and $0.7 million related to our net servicing assets disclosed within our interim condensed consolidated balance sheets as of December 31, 2024.Additionally