Company: AFRM
Filing Date: 2025-02-06
Form Type: 10-Q
Source: 0001820953-25-000012
Chunk: 94

Company: Affirm Holdings, Inc.
Filing Date: 2025-02-06
Form: 10-Q
Item: Part I, Item 1
Chunk 94
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 865,766 Investments in long-term debt securities (2)252,393 265,862   Cash, cash equivalent and investments in debt securities $1,867,065 $2,144,734 

(1)Cash and cash equivalents consist of checking, money market and savings accounts held at financial institutions and short-term highly liquid marketable securities, including money market funds, government bonds, and other corporate securities purchased with an original maturity of three months or less.

(2)Securities available for sale at fair value primarily consist of certificates of deposits, corporate bonds, municipal bonds, commercial paper, agency bonds, and government bonds. Short-term securities have maturities less than or equal to one year, and long-term securities range from greater than one year to less than five years.

Debt

Debt as of December 31, 2024 primarily includes funding debt, notes issued by securitization trust, convertible senior notes and our revolving credit facilities. A detailed description of each of our borrowing arrangements is included in Note 8. Debt in the notes to the interim condensed consolidated financial statements. 

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The following table summarizes the future maturities of our warehouse credit facilities and notes issued by securitizations trusts as of December 31, 2024: 

Maturity Fiscal YearBorrowing CapacityPrincipal Outstanding(in thousands)2025$750,000 $340,153 20262,431,418 809,118 20271,150,000 253,669 20281,684,856 1,445,282 20292,372,575 2,409,177 Thereafter1,291,287 921,110 Total$9,680,136 $6,178,509 

Warehouse Credit Facilities

Our warehouse credit facilities allow us to borrow up to an aggregate of $4.7 billion, mature between 2025 and 2028 and subject to covenant compliance, generally permit borrowings up to 4 -12 months prior to the final maturity date. As of December 31, 2024, we have drawn an aggregate of $1.7 billion on our warehouse credit facilities. As of December 31, 2024, 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