Company: AFRM
Filing Date: 2025-02-06
Form Type: 10-Q
Source: 0001820953-25-000012
Chunk: 44

Company: Affirm Holdings, Inc.
Filing Date: 2025-02-06
Form: 10-Q
Item: Part I, Item 1
Chunk 44
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 December 31, 2024, the remaining life of the 2026 Notes and 2029 Notes is approximately 23 months and 59 months, respectively.Revolving Credit FacilityOn December 16, 2024, we entered into an amendment to our Revolving Credit Agreement in order to permit the incurrence of indebtedness pursuant to the 2029 Senior Convertible Notes. The facility contains certain financial covenants which may result in an acceleration of the maturity if not maintained, and requires payment of a monthly unused commitment fee of 0.20% per annum on the undrawn balance available. As of December 31, 2024, we were in compliance with all applicable covenants in the agreements.The aggregate future maturities of our funding debt, notes issued by securitization trusts and convertible notes consists of the following (in thousands):Maturity Fiscal YearDecember 31, 20242025$340,152 2026809,118 2027 (1)502,373 20281,445,282 20292,409,177 Thereafter (1)1,841,110 Total$7,347,212 Deferred debt issuance costs(40,471)Total funding debt, net of deferred debt issuance costs$7,306,741 

(1)As of December 31, 2024, includes convertible senior notes due 2026 and 2029 with a carrying amounts of $248.7 million and $920.0 million, respectively. 

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9.  Securitization and Variable Interest Entities

Consolidated VIEsWarehouse Credit FacilitiesWe established certain entities, deemed to be VIEs, to enter into warehouse credit facilities for the purpose of purchasing loans from our originating bank partners and funding directly originated loans. Refer to Note 8. Debt for additional information. The creditors of the VIEs have no recourse to the general credit of Affirm and the liabilities of the VIEs can only be settled by the respective VIEs’ assets; however, as the servicer of the loans pledged to our funding facilities, we have the power to direct the activities that most significantly impact the VIEs' economic performance. In addition, we retain significant economic exposure to the pledged loans and therefore, we are the primary beneficiary.SecuritizationsWe finance the origination and purchase of loans though our asset-backed securitization program using a combination of amortizing, revolving and variable