Affirm Holdings Inc

10. Investments

Marketable Securities

Marketable 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):

(1)As of March 31, 2025 and June 30, 2024, these securities include $74.7 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 $49.6 million and $46.7 million as of March 31, 2025 and June 30, 2024, respectively, pledged as collateral in connection with sale and repurchase agreements as discussed within Note 8. Debt.

Securities Available for Sale, at Fair Value

The amortized cost, gross unrealized gains and losses, allowance for credit losses, and fair value of securities available for sale as of March 31, 2025 and June 30, 2024 were as follows (in thousands):

(1)As of March 31, 2025 and June 30, 2024, Commercial paper and US government bonds included $81.8 million and $61.5 million, respectively, classified as cash and cash equivalents within the interim condensed consolidated balance sheets.

(2)As of March 31, 2025 and June 30, 2024, these securities include $74.7 million and $54.1 million, respectively, pledged as collateral in connection with our standby letters of credit for office leases and certain commercial agreements.

(3)Approximately $49.6 million and $46.7 million as of March 31, 2025 and June 30, 2024, respectively, of these securities have been pledged as collateral in connection with sale and repurchase agreements discussed within Note 8. Debt.

As of March 31, 2025 and June 30, 2024, there were no material reversals of prior period allowance for credit losses recognized for available for sale securities.

A summary of securities available for sale with unrealized losses for which an allowance for credit losses has not been recorded, aggregated by investment category and the length of time that individual securities have been in a continuous loss position as of March 31, 2025 and June 30, 2024, are as follows (in thousands):

(1)The number of positions with unrealized losses for which an allowance for credit losses has not been recorded totaled 70 and 137 as of March 31, 2025 and June 30, 2024, respectively.

The length of time to contractual maturities of securities available for sale as of March 31, 2025 and June 30, 2024 were as follows (in thousands):

(1)As of March 31, 2025 and June 30, 2024, Commercial paper and US government bonds included $81.8 million and $61.5 million, respectively, classified as cash and cash equivalents within the interim condensed consolidated balance sheets.

(2)Based on weighted average life of expected cash flows as of March 31, 2025 and June 30, 2024.

Gross proceeds from matured or redeemed securities were $283.9 million and $990.4 million for the three and nine months ended March 31, 2025, respectively, and $465.7 million and $1,191.7 million for the three and nine months ended March 31, 2024, respectively.

For available for sale securities, realized gains and losses were immaterial for the three and nine months ended March 31, 2025 and March 31, 2024.

Non-marketable Equity Securities

Equity investments without a readily determinable fair value held at cost were $42.3 million and $37.8 million as of March 31, 2025 and June 30, 2024, respectively, and are included in other assets within the interim condensed consolidated balance sheets.

We didnot record any impairment during the three months ended March 31, 2025 and 2024. We recognized an impairment of $3.0 million for the nine months ended March 31, 2025 within other income, net in the interim consolidated statements of operations and comprehensive income (loss) in connection with one of our non-marketable equity security investments. The fair value of the investment was determined utilizing a methodology based on significant unobservable inputs, including management estimates and assumptions, and thus represent Level 3 measurements. During the nine months ended March 31, 2024, we recognized an impairment of $14.1 million within other income, net in the interim consolidated statements of operations in connection with one of our non-marketable equity security investments.

For the three and nine months ended March 31, 2025, we recognized an upward adjustment of $0.1 million and $2.6 million, respectively, within other income, net in the interim consolidated statement of operations and comprehensive income (loss). For the three and nine months ended March 31, 2024, there wereno upward or downward adjustments due to observable changes in orderly transactions.

Fixed Term Deposits

Our fixed term deposits matured as of March 31, 2025. For the period ending June 30, 2024, fixed term deposits were $35.2 million. Fixed term deposits consisted of interest bearing deposits held at financial institutions with original maturities greater than three months but no more than twelve months. These deposits were carried at cost, which approximates fair value, and were included in other assets within the interim condensed consolidated balance sheets.