Company: AFRM
Filing Date: 2025-02-06
Form Type: 10-Q
Source: 0001820953-25-000012
Chunk: 47

Company: Affirm Holdings, Inc.
Filing Date: 2025-02-06
Form: 10-Q
Item: Part I, Item 1
Chunk 47
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, we may experience a loss due to future repurchase obligations resulting from breaches in representations and warranties in our securitization and third-party sale agreements. This amount was not material as of December 31, 2024.

34

Retained Beneficial Interests in Unconsolidated VIEsThe investors of the securitizations have no direct recourse to the assets of Affirm, and the timing and amount of beneficial interest payments is dependent on the performance of the underlying loan assets held within each trust. We have classified our retained beneficial interests in unconsolidated securitization trusts as “available for sale” and as such they are disclosed at fair value in our interim condensed consolidated balance sheets.  Refer to Note 12. Fair Value of Financial Assets and Liabilities for additional information on the fair value sensitivity of the notes receivable and residual trust certificates. Additionally, as of December 31, 2024, we have pledged certain of our retained beneficial interests as collateral in a sale and repurchase agreement as described in Note 8. Debt.

10.   Investments

Marketable SecuritiesMarketable securities include certain investments classified as cash and cash equivalents and securities available for sale, at fair value, and consist of the following as of each date presented within the interim condensed consolidated balance sheets (in thousands):December 31, 2024June 30, 2024Cash and cash equivalents:Money market funds$115,063 $63,389 Commercial paper— 57,964 Government bonds - US— 3,492 Securities available for sale:Certificates of deposit17,347 34,473 Corporate bonds204,294 242,660 Commercial paper51,293 239,882 Agency bonds13,319 15,159 Municipal bonds5,195 3,953 Government bondsNon-US3,156 5,275 US (1)303,029 538,556 Securitization notes receivable and certificates (2)69,051 51,670 Total marketable securities:$781,747 $1,256,473 (1)As of December 31, 2024 and June 30, 2024, these securities include $73.8 million and $54.1 million, respectively, pledged as collateral in connection with our standby letters of credit for office leases and certain commercial agreements.(2)These securities include $66.9 million and