Company: AFRM
Filing Date: 2025-02-06
Form Type: 10-Q
Source: 0001820953-25-000012
Chunk: 152

Company: Affirm Holdings, Inc.
Filing Date: 2025-02-06
Form: 10-Q
Item: Part I, Item 2
Chunk 152
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 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 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 December 31, 2024, the aggregate commitment amount of these facilities was $598.7 million on a revolving basis, of which $372.1 million was drawn. 

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

Sale and Repurchase Agreements

We entered into various sale and repurchase