Company: AFRM
Filing Date: 2025-05-09
Form Type: 10-Q
Source: 0001820953-25-000052
Chunk: 90

Company: Affirm Holdings, Inc.
Filing Date: 2025-05-09
Form: 10-Q
Item: Part I, Item 1
Chunk 90
---
 maturities of our warehouse credit facilities and notes issued by securitizations trusts as of March 31, 2025: 

71

Maturity Fiscal YearBorrowing CapacityPrincipal Outstanding(in thousands)2025$— $— 20261,900,000 674,875 2027150,000 82,764 2028783,203 555,996 20292,363,306 2,403,923 Thereafter5,191,602 2,309,237 Total$10,388,111 $6,026,795 

Warehouse Credit Facilities

Our warehouse credit facilities allow us to borrow up to an aggregate of $4.6 billion, mature between 2026 and 2032 and subject to covenant compliance, generally permit borrowings up to 4 - 12 months prior to the final maturity date. As of March 31, 2025, we have drawn an aggregate of $1.5 billion on our warehouse credit facilities. As of March 31, 2025, we were in compliance with all applicable covenants in the agreements.

We use various credit facilities to finance the origination of loan receivables in Canada. Similar to our U.S. warehouse credit facilities, borrowings under these agreements are referred to as funding debt, and proceeds from the borrowings may only be used for the purposes of facilitating loan funding and origination. These facilities are secured by Canadian loan receivables pledged to the respective facility as collateral, maturing between 2028 and 2030. As of March 31, 2025, the aggregate commitment amount of these facilities was $588.1 million on a revolving basis, of which $364.1 million was drawn. 

As we continue to expand in new geographies, we intend to add the necessary funding capacity to support our growth objectives.

Variable Funding Note

We have entered into a syndicated revolving loan agreement through a securitization master trust which is utilized to fund the purchase and origination of loans. In connection with the loan agreement, the master trust issued a variable funding note (“VFN”), where borrowings will be secured by loan collateral sold to the master trust. Our VFN allows us to borrow up to an aggregate of $1.2 billion and matures in 2032. As of March 31, 2025, we have drawn an aggregate of $0.1 billion on our VFN and have an aggregate of $1.