Affirm Holdings, Inc.

For the quarterly period ended March 31, 2026

For the transition period from __________ to __________

Affirm Holdings, Inc. (Exact name of registrant as specified in its charter) Nevada 84-2224323 (State or other jurisdiction of incorporation or organization) (I.R.S. Employer Identification No.)

650 California Street San Francisco , California 94108 (Address of principal executive offices) (Zip Code)

( 415 ) 960-1518 (Registrant's telephone number, including area code)

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒

A s of May 1, 2026, the number of shares of the registrant's Class A common stock outstanding was 294,357,801 and the number of shares of the registrant's Class B common stock outstanding was 40,540,764 .

Page Cover 1 Table of Contents 2 Part I - Financial Information 5 Item 1. Financial Statements 5 CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) 5 CONDENSED CONSOLIDATED BALANCE SHEETS, CONT. (Unaudited) 6 CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS) (Unaudited) 7 CONDENSED CONSOLIDATED STATEMENT OF STOCKHOLDERS' EQUITY (Unaudited) 8 CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) 10 CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS, CONT. (Unaudited) 11 1. Business Description 12 2. Summary of Significant Accounting Policies 12 3. Revenue 15 4. Loans Held for Investment and Allowance for Credit Losses 17 5. Balance Sheet Components 21 6. Leases 23 7. Commitments and Contingencies 24 8. Debt 26 9. Securitization and Variable Interest Entities 30 10. Investments 34 11. Derivative Financial Instruments 38 12. Fair Value of Financial Assets and Liabilities 40 13. Stockholders ' Equity 52 14. Equity Incentive Plans 53 15. Income Taxes 56 16. Net Income (Loss) per Share Attributable to Common Stockholders 57 17. Segment Information 58 Item 2. Management ' s Discussion and Analysis of Financial Condition and Results of Operations 59 Item 3. Quantitative and Qualitative Disclosures About Market Risk 79 Item 4. Controls and Procedures 81 Part II - Other Information 82 Item 1. Legal Proceedings 82 Item 1A. Risk Factors 82 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 84 Item 3. Defaults Upon Senior Securities 84 Item 4. Mine Safety Disclosures 84 Item 5. Other Information 85 Item 6. Exhibits 86