0001820953-25-000052 | 10-Q | XBRL Viewer

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Revenue - Additional Information (Details) - USD ($) $ in Millions	9 Months Ended
	Mar. 31, 2025	Jun. 30, 2024
Banking and Thrift, Interest [Abstract]
Period of suspended accrued interest past due	120 days
Non-accrued loans held for investment	$ 5.1	$ 2.6

Stockholders' Equity

9 Months Ended

Mar. 31, 2025

Equity [Abstract]

Stockholders' Equity

Stockholders’ Equity

Common Stock

We had shares of common stock reserved for issuance as follows:


	March 31, 2025	June 30, 2024


Available outstanding under equity compensation plans	42,923,080	47,622,117
Available for future grant under equity compensation plans	52,455,797	43,492,755
Total	95,378,877	91,114,872

The common stock is not redeemable. We have two classes of common stock: Class A common stock and Class B common stock. Each holder of Class A common stock has the right to one vote per share of common stock. Each holder of Class B common stock has the right to 15 votes and can be converted at any time into one share of Class A common stock. Holders of Class A and Class B common stock are entitled to notice of any stockholders’ meeting in accordance with the bylaws of the corporation, and are entitled to vote upon such matters and in such manner as may be provided by law. Subject to the prior rights of holders of all classes of stock at the time outstanding having prior rights as to dividends, the holders of the common stock are entitled to receive, when and as declared by the Board of Directors, out of any assets of the corporation legally available therefore, such dividends as may be declared from time to time by the Board of Directors.

Common Stock Warrants

Common stock warrants are included as a component of additional paid in capital within the interim condensed consolidated balance sheets.

In November 2021, we granted warrants to purchase 22,000,000 shares of common stock in connection with our commercial agreements with Amazon. 7,000,000 of the warrant shares have an exercise price of $0.01 per share and originally had a term of 3.5 years. A portion of these warrants were fully vested at the grant date and the remainder were fully vested as of December 31, 2024. As of March 31, 2025, 3,500,000 of these warrants have been exercised. In February 2025, the term for the remaining unexercised warrant shares were extended for an additional 4.0 years. The remaining 15,000,000 warrant shares have an exercise price of $100 per share and a term of 7.5 years. We valued the warrants at the grant date using the Black-Scholes-Merton option pricing model. Refer to Note 5. Balance Sheet Components for more information on the asset and related amortization during the period. The remaining grant-date fair value of the warrants will be recognized within our interim condensed consolidated statements of operations and comprehensive income (loss) as a component of sales and marketing expense as the warrants vest, based upon Amazon’s satisfaction of the vesting conditions.

During the three and nine months ended March 31, 2025, a total of $41.2 million and $245.7 million, respectively, was recognized within sales and marketing expense, which included $5.1 million and $15.6 million, respectively, in amortization expense of the commercial agreement asset and $36.1 million and $230.1 million, respectively, in expense based upon the grant-date fair value of the warrant shares that vested. During the three and nine months ended March 31, 2024, a total of $102.9 million and $334.4 million, respectively, was recognized within sales and marketing expense, which included $6.9 million and $27.8 million, respectively, in amortization expense of the commercial agreement asset and $96.0 million and $306.6 million, respectively, in expense based upon the grant-date fair value of the warrant shares that vested.

Share Repurchases

In connection with the offering of the 2029 Notes, in December 2024, the Board of Directors authorized the repurchase of up to $350.0 million of common stock through open market purchases, privately negotiated transactions or through a combination thereof. The authorization terminated on December 31, 2024 and did not obligate the Company to acquire any particular amount of its common stock. Pursuant to this authorization, we utilized net proceeds from the offering, as well as cash on hand, to complete the repurchase of 3.5 million shares of Class A common stock from certain holders of the 2026 notes in privately negotiated transactions for an aggregate purchase price of approximately $250.0 million. Refer to Note 8. Debt in the notes to the interim condensed consolidated financial statements for more information on the 2029 Notes.

We record share repurchases on the settlement date. Repurchased shares are subsequently retired and returned to the status of authorized but unissued. Our policy for share retirements is to deduct the par value from common stock and to reflect any excess of cost over par value as a deduction from additional paid-in capital.

There were no share repurchases during the three or nine month periods ended March 31, 2024.

- Definition

The entire disclosure for equity.

+ References

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+ Details

Investments - Schedule of Securities Available for Sale (Details) - USD ($) $ in Thousands	Mar. 31, 2025	Jun. 30, 2024
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	$ 861,475	$ 1,195,795
Gross Unrealized Gains	1,793	853
Gross Unrealized Losses	(346)	(2,900)
Allowance for Credit Losses	(980)	(664)
Fair Value	861,942	1,193,084
Other Receivables \| Asset Pledged as Collateral \| 2021-Z1 and 2021-Z2 \| Repurchase Agreement
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	49,600	46,700
Certificates of deposit
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	8,741	34,468
Gross Unrealized Gains	5	9
Gross Unrealized Losses	0	(4)
Allowance for Credit Losses	0	0
Fair Value	8,746	34,473
Corporate bonds
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	242,249	243,639
Gross Unrealized Gains	715	95
Gross Unrealized Losses	(164)	(1,074)
Allowance for Credit Losses	0	0
Fair Value	242,800	242,660
Commercial paper
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	147,977	298,005
Gross Unrealized Gains	5	7
Gross Unrealized Losses	(11)	(166)
Allowance for Credit Losses	0	0
Fair Value	147,971	297,846
Agency bonds
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	13,447	15,283
Gross Unrealized Gains	5	0
Gross Unrealized Losses	(8)	(124)
Allowance for Credit Losses	0	0
Fair Value	13,444	15,159
Municipal bonds
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	5,162	3,943
Gross Unrealized Gains	18	10
Gross Unrealized Losses	0	0
Allowance for Credit Losses	0	0
Fair Value	5,180	3,953
Non-US
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	5,284	5,310
Gross Unrealized Gains	5	0
Gross Unrealized Losses	(3)	(35)
Allowance for Credit Losses	0	0
Fair Value	5,286	5,275
US
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	387,267	543,421
Gross Unrealized Gains	495	33
Gross Unrealized Losses	(104)	(1,406)
Allowance for Credit Losses	0	0
Fair Value	387,658	542,048
US \| Asset Pledged as Collateral
Debt Securities, Available-for-sale [Line Items]
Fair Value	74,700	54,100
Securitization notes receivable and certificates
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	51,348	51,726
Gross Unrealized Gains	545	699
Gross Unrealized Losses	(56)	(91)
Allowance for Credit Losses	(980)	(664)
Fair Value	50,857	51,670
Commercial Paper & Agency Bonds \| Cash and Cash Equivalents
Debt Securities, Available-for-sale [Line Items]
Fair Value	$ 81,800	$ 61,500

Securitization and Variable Interest Entities

9 Months Ended

Mar. 31, 2025

Debt Disclosure [Abstract]

Securitization and Variable Interest Entities

Consolidated VIEs

Warehouse Credit Facilities

We 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.

Securitizations

We finance the origination and purchase of loans though our asset-backed securitization program using a combination of amortizing, revolving and variable funding structures. In connection with our program, we sponsor and establish trusts (deemed to be VIEs) which issue securities collateralized by the loans we sell to the trust. Securities issued from our asset-backed securitizations are senior or subordinated, based on the waterfall criteria of loan payments to each security class. The subordinated residual interests issued from these transactions are first to absorb credit losses in accordance with the waterfall criteria. For these VIEs, the creditors have no recourse to the general credit of Affirm and the liabilities of the VIEs can only be settled by the respective VIEs’ assets. Additionally, the assets of the VIEs can be used only to settle obligations of the VIEs.

We consolidate securitization VIEs when we are deemed to be the primary beneficiary. For these VIEs, it is determined that we have the power to direct the activities that most significantly affect the VIEs’ economic performance and the obligation to absorb losses or right to receive benefits that could potentially be significant to the VIEs. Through our role as the servicer, we have the power to direct the activities that most significantly affect the VIEs’ economic performance. In evaluating whether we have a variable interest that could potentially be significant to the VIE, we consider our retained interests. We also earn a servicing fee which has a senior distribution priority in the payment waterfall. The servicing fees earned from these arrangements are considered variable interests when we also hold significant retained interests in the VIEs and they would absorb losses or receive benefits that are more than an insignificant amount of the VIEs' expected performance.

In evaluating whether we are the primary beneficiary, management considers both qualitative and quantitative factors regarding the nature, size and form of our involvement with the VIEs. We perform reassessments an ongoing basis to evaluate whether we are the primary beneficiary of the VIEs.

Where we consolidate the securitization trusts, the loans held in the securitization trusts are included in loans held for investment, and the notes sold to third-party investors are recorded in notes issued by securitization trusts in the interim condensed consolidated balance sheets.

For each securitization, the residual trust certificates represent the right to receive excess cash on the loans each collection period after all fees and required distributions have been made to the note holders on the related payment date. In addition to the retained residual trust certificates, our continued involvement includes loan servicing responsibilities over the life of the underlying loans.

We defer and amortize debt issuance costs for consolidated securitization trusts on a straight-line basis over the expected life of the notes.

The following tables present the aggregate carrying value of financial assets and liabilities from our involvement with consolidated VIEs (in thousands):


	March 31, 2025
	Assets		Liabilities		Net Assets
Warehouse credit facilities	$	2,044,461	$	1,831,884	$	212,577
Securitizations (1)	4,196,423		4,146,394		50,029
Total consolidated VIEs	$	6,240,884	$	5,978,278	$	262,606


	June 30, 2024
	Assets		Liabilities		Net Assets
Warehouse credit facilities	$	2,052,881	$	1,823,794	$	229,087
Securitizations	3,325,254		3,246,228		79,026
Total consolidated VIEs	$	5,378,135	$	5,070,022	$	308,113

(1)As of March 31, 2025, liabilities include $47.8 million of VFN classified as funding debt and $4.1 billion of asset-backed notes classified as notes issued from securitization trusts.

Unconsolidated VIEs

Our transactions with unconsolidated VIEs include securitization trusts where we did not retain significant economic exposure through our variable interests and therefore we determined that we are not the primary beneficiary as of March 31, 2025.

The following information pertains to unconsolidated VIEs where we hold a variable interest but are not the primary beneficiary (in thousands):


	March 31, 2025
	Assets		Liabilities		Net Assets		Maximum Exposure to Losses
Securitizations	$	952,709	$	914,730	$	37,979	$	51,394
Total unconsolidated VIEs	$	952,709	$	914,730	$	37,979	$	51,394


	June 30, 2024
	Assets		Liabilities		Net Assets		Maximum Exposure to Losses
Securitizations	$	967,256	$	920,004	$	47,252	$	51,861
Total unconsolidated VIEs	$	967,256	$	920,004	$	47,252	$	51,861

Maximum exposure to losses represents our exposure through our continuing involvement as servicer and through our retained interests. For unconsolidated VIEs, this includes $50.9 million in retained notes and residual trust certificates disclosed within securities available for sale at fair value in our interim condensed consolidated balance sheets and $0.5 million related to our net servicing assets disclosed within our interim condensed consolidated balance sheets as of March 31, 2025.

Additionally, 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 March 31, 2025.

Retained Beneficial Interests in Unconsolidated VIEs

The 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 March 31, 2025, we have pledged certain of our retained beneficial interests as collateral in a sale and repurchase agreement as described in Note 8. Debt.

Equity Incentive Plans

9 Months Ended

Mar. 31, 2025

Share-Based Payment Arrangement [Abstract]

Equity Incentive Plans

2012 Stock Plan

Under our Amended and Restated 2012 Stock Plan (the “Plan”), we may grant incentive and nonqualified stock options, restricted stock, and restricted stock units (“RSUs”) to employees, officers, directors, and consultants. As of March 31, 2025, the maximum number of shares of common stock which may be issued under the Plan is 176,604,160 Class A shares. As of March 31, 2025 and June 30, 2024, there were 52,455,797 and 43,492,755 shares of Class A common stock, respectively, available for future grants under the Plan.

Stock Options

For stock options granted before our IPO in January 2021, the minimum expiration period is seven years after termination of employment or 10 years from the date of grant. For stock options granted after our IPO, the minimum expiration period is three months after termination of employment or 10 years from the date of grant.

Stock options generally vest over a period of four years or with 25% vesting on the 12 month anniversary of the vesting commencement date, and the remainder vesting on a pro-rata basis each month over the next three years.

The following table summarizes our stock option activity for the nine months ended March 31, 2025:


	Number of Options	Weighted Average Exercise Price		Weighted Average Remaining Contractual Term (Years)	Aggregate Intrinsic Value (in thousands)
Balance as of June 30, 2024	16,794,697	$	15.84	5.63
Granted	677,433	44.66
Exercised	(4,230,110)	10.65
Forfeited, expired or cancelled	(32,019)	34.21
Balance as of March 31, 2025	13,210,001	18.93		5.40
Vested and exercisable, March 31, 2025	10,562,612	$	16.23	4.66	$	315,906
Vested and exercisable, and expected to vest thereafter(1) March 31, 2025	13,129,573	$	18.79	5.37	$	358,087

(1)Options expected to vest reflect the application of an estimated forfeiture rate.

The weighted-average grant date fair value of options granted during the nine months ended March 31, 2025 was $31.74. As of March 31, 2025, unrecognized compensation expense related to unvested stock options was approximately $44.1 million, which is expected to be recognized over a remaining weighted-average period of 2.3 years.

Value Creation Award

In November 2020, the Company’s Board of Directors approved a long-term, multi-year performance-based stock option grant providing Mr. Levchin with the opportunity to earn the right to purchase up to 12,500,000 shares of the Company’s Class A common stock (the “Value Creation Award”). We recognize stock-based compensation on these awards based on the grant date fair value using an accelerated attribution method over the requisite service period, and only if performance-based conditions are considered probable of being satisfied. We incurred stock-based compensation expense of $6.4 million and $31.1 million during the three and nine months ended March 31, 2025, respectively, and $13.3 million and $52.4 million during the three and nine months ended March 31, 2024, respectively, associated with the Value Creation Award as a component of general and administrative expense within the interim condensed consolidated statements of operations and comprehensive income (loss).

As of March 31, 2025, unrecognized compensation expense related to the Value Creation Award was approximately $17.3 million, which is expected to be recognized over a remaining weighted-average period of 0.8 years.

Restricted Stock Units

RSUs granted prior to the IPO were subject to two vesting conditions: a service-based vesting condition (i.e., employment over a period of time) and a performance-based vesting condition (i.e., a liquidity event in the form of either a change of control or an initial public offering, each as defined in the Plan), both of which must be met in order to vest. The performance-based condition was met upon the IPO. We record stock-based compensation expense for those RSUs on an accelerated attribution method over the requisite service period, which is generally four years. RSUs granted after IPO are subject to a service-based vesting condition. We record stock-based compensation expense for service-based RSUs on a straight-line basis over the requisite service period, which is generally one to four years.

The following table summarizes our RSU activity during the nine months ended March 31, 2025:


	Number of Shares	Weighted Average Grant Date Fair Value
Non-vested at June 30, 2024	18,327,420	$	27.68
Granted	11,688,123	34.14
Vested	(11,166,064)	30.13
Forfeited, expired or cancelled	(1,636,400)	27.81
Non-vested at March 31, 2025	17,213,079	$	30.46

As of March 31, 2025, unrecognized compensation expense related to unvested RSUs was approximately $485.4 million, which is expected to be recognized over a remaining weighted-average period of 1.7 years.

2020 Employee Stock Purchase Plan

On November 18, 2020, our Board of Directors adopted and approved the 2020 Employee Stock Purchase Plan (“ESPP”). The purpose of the ESPP is to secure the services of new employees, to retain the services of existing employees and to provide incentives for such individuals to exert maximum effort towards the success of the Company and that of its affiliates. A total of 16.1 million shares of Class A common stock are reserved and available for issuance under the ESPP and 1.9 million shares have been issued as of March 31, 2025. The ESPP provides for six-month offering periods beginning December 1 and June 1 of each year. At the end of each offering period, shares of our Class A common stock are purchased on behalf of each ESPP participant at a price per share equal to 85% of the lesser of (1) the fair market value of the Class A common stock on first day of the offering period (the grant date) or (2) the fair market value of the Class A common stock on the last day of the offering period (the purchase date). We use the Black-Scholes-Merton option pricing model to measure the fair value of the purchase rights issued under the ESPP at the first day of the offering period, which represents the grant date. We record stock-based compensation expense on a straight-line basis over each six-month offering period, the requisite service period of the award.

Stock-Based Compensation Expense

The following table presents the components and classification of stock-based compensation (in thousands):


	Three Months Ended March 31,				Nine Months Ended March 31,
	2025		2024		2025		2024
General and administrative	$	50,344	$	51,947	$	170,868	$	184,070
Technology and data analytics	21,309		21,105		70,957		78,808
Sales and marketing	3,749		3,858		13,426		13,628
Processing and servicing	205		165		687		3,092
Total stock-based compensation in operating expenses	75,607		77,075		255,938		279,598
Capitalized into property, equipment and software, net	44,369		30,981		138,555		99,441
Total stock-based compensation	$	119,976	$	108,056	$	394,493	$	379,039

Balance Sheet Components - Schedule of Intangible Assets (Details) - USD ($) $ in Thousands	Mar. 31, 2025	Jun. 30, 2024
Finite-Lived Intangible Assets [Line Items]
Accumulated Amortization	$ (90,277)	$ (89,707)
Total amortization expense	225
Total intangible assets, gross	102,693	103,209
Total intangible assets	12,416	13,502
Trademarks, licenses and domains, indefinite
Finite-Lived Intangible Assets [Line Items]
Indefinite-lived intangibles	11,841	11,628
Other intangibles
Finite-Lived Intangible Assets [Line Items]
Indefinite-lived intangibles	350	350
Merchant relationships
Finite-Lived Intangible Assets [Line Items]
Gross	37,430	37,847
Accumulated Amortization	(37,430)	(36,741)
Total amortization expense	$ 0	$ 1,106
Weighted Average Remaining Useful Life (in years)	0 years	1 month 6 days
Developed technology
Finite-Lived Intangible Assets [Line Items]
Gross	$ 39,176	$ 39,444
Accumulated Amortization	(39,087)	(39,311)
Total amortization expense	$ 89	$ 133
Weighted Average Remaining Useful Life (in years)	0 years	0 years
Assembled workforce
Finite-Lived Intangible Assets [Line Items]
Gross	$ 12,490	$ 12,490
Accumulated Amortization	(12,490)	(12,490)
Total amortization expense	$ 0	$ 0
Weighted Average Remaining Useful Life (in years)	0 years	0 years
Trademarks and domains, definite
Finite-Lived Intangible Assets [Line Items]
Gross	$ 1,406	$ 1,450
Accumulated Amortization	(1,270)	(1,165)
Total amortization expense	$ 136	$ 285
Weighted Average Remaining Useful Life (in years)	6 months	1 year

Securitization and Variable Interest Entities - Additional Information (Details) - USD ($) $ in Thousands	Mar. 31, 2025	Jun. 30, 2024
Debt Instrument [Line Items]
Fair Value	$ 861,942	$ 1,193,084
Other Assets
Debt Instrument [Line Items]
Pledged securities	500
Securitization notes receivable and certificates
Debt Instrument [Line Items]
Fair Value	$ 50,857	$ 51,670

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

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+ Details

Investments (Tables)

9 Months Ended

Mar. 31, 2025

Investments, All Other Investments [Abstract]

Schedule of 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):


	March 31, 2025		June 30, 2024
Cash and cash equivalents:
Money market funds	$	69,419	$	63,389
Commercial paper	61,883		57,964
Government bonds - US	19,889		3,492
Securities available for sale:
Certificates of deposit	8,746		34,473
Corporate bonds	242,800		242,660
Commercial paper	86,088		239,882
Agency bonds	13,444		15,159
Municipal bonds	5,180		3,953
Government bonds
Non-US	5,286		5,275
US (1)	367,769		538,556
Securitization notes receivable and certificates (2)	50,857		51,670
Total marketable securities:	$	931,361	$	1,256,473

(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.

Schedule of Unrealized Gain (Loss) on Investments

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):


	March 31, 2025
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Allowance for Credit Losses		Fair Value
Certificates of deposit	$	8,741	$	5	$	—	$	—	$	8,746
Corporate bonds	242,249		715		(164)		—		242,800
Commercial paper (1)	147,977		5		(11)		—		147,971
Agency bonds	13,447		5		(8)		—		13,444
Municipal bonds	5,162		18		—		—		5,180
Government bonds
Non-US	5,284		5		(3)		—		5,286
US (1) (2)	387,267		495		(104)		—		387,658
Securitization notes receivable and certificates (3)	51,348		545		(56)		(980)		50,857
Total securities available for sale	$	861,475	$	1,793	$	(346)	$	(980)	$	861,942


	June 30, 2024
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Allowance for Credit Losses		Fair Value
Certificates of deposit	$	34,468	$	9	$	(4)	$	—	$	34,473
Corporate bonds	243,639		95		(1,074)		—		242,660
Commercial paper (1)	298,005		7		(166)		—		297,846
Agency bonds	15,283		—		(124)		—		15,159
Municipal bonds	3,943		10		—		—		3,953
Government bonds
Non-US	5,310		—		(35)		—		5,275
US (1) (2)	543,421		33		(1,406)		—		542,048
Securitization notes receivable and certificates (3)	51,726		699		(91)		(664)		51,670

Total securities available for sale	$	1,195,795	$	853	$	(2,900)	$	(664)	$	1,193,084

(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.

Schedule of Available-for-sale Securities with Unrealized Losses

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):


	March 31, 2025
	Less than or equal to 1 year				Greater than 1 year				Total
	Fair Value		Unrealized Losses		Fair Value		Unrealized Losses		Fair Value		Unrealized Losses

Corporate bonds	$	59,459	$	(74)	$	34,095	$	(90)	$	93,554	$	(164)
Commercial paper	92,109		(11)		—		—		92,109		(11)
Agency bonds	4,916		(8)		—		—		4,916		(8)
Government bonds
Non-US	3,127		(3)		—		—		3,127		(3)
US	126,929		(69)		31,157		(35)		158,086		(104)
Total securities available for sale (1)	$	286,540	$	(165)	$	65,252	$	(125)	$	351,792	$	(290)


	June 30, 2024
	Less than or equal to 1 year				Greater than 1 year				Total
	Fair Value		Unrealized Losses		Fair Value		Unrealized Losses		Fair Value		Unrealized Losses
Certificates of deposit	$	9,647	$	(4)	$	—	$	—	$	9,647	$	(4)
Corporate bonds	119,353		(252)		57,846		(822)		177,199		(1,074)
Commercial paper	245,536		(166)						245,536		(166)
Agency bonds	10,417		(41)		4,743		(83)		15,160		(124)
Government bonds
Non-US	—		—		5,275		(35)		5,275		(35)
US	251,113		(185)		123,633		(1,221)		374,746		(1,406)
Total securities available for sale (1)	$	636,066	$	(648)	$	191,497	$	(2,161)	$	827,563	$	(2,809)

(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.

Schedule of Length of Contractual Maturities of Securities Available for Sale

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):


	March 31, 2025
	Within 1 year				Greater than 1 year, less than or equal to 5 years				Total
	Amortized Cost		Fair Value		Amortized Cost		Fair Value		Amortized Cost		Fair Value
Certificates of deposit	$	8,741	$	8,746	$	—	$	—	$	8,741	$	8,746
Corporate bonds	130,494		130,651		111,755		112,149		242,249		242,800
Commercial paper (1)	147,977		147,971		—		—		147,977		147,971
Agency bonds	13,447		13,444		—		—		13,447		13,444
Municipal bonds	3,908		3,917		1,254		1,263		5,162		5,180
Government bonds
Non-US	3,130		3,127		2,154		2,159		5,284		5,286
US (1)	310,906		311,075		76,361		76,583		387,267		387,658
Securitization notes receivable and certificates (2)	—		—		51,348		50,857		51,348		50,857

Total securities available for sale	$	618,603	$	618,931	$	242,872	$	243,011	$	861,475	$	861,942


	June 30, 2024
	Within 1 year				Greater than 1 year, less than or equal to 5 years				Total
	Amortized Cost		Fair Value		Amortized Cost		Fair Value		Amortized Cost		Fair Value
Certificates of deposit	$	34,468	$	34,473	$	—	$	—	$	34,468	$	34,473
Corporate bonds	118,547		118,039		125,092		124,621		243,639		242,660
Commercial paper (1)	298,005		297,846		—		—		298,005		297,846
Agency bonds	10,457		10,416		4,826		4,743		15,283		15,159
Municipal bonds	—		—		3,943		3,953		3,943		3,953
Government bonds
Non-US	2,150		2,150		3,160		3,125		5,310		5,275
US (1)	465,338		464,298		78,083		77,750		543,421		542,048
Securitization notes receivable and certificates (2)	—		—		51,726		51,670		51,726		51,670

Total securities available for sale	$	928,965	$	927,222	$	266,830	$	265,862	$	1,195,795	$	1,193,084

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

Debt - Schedule of the Interest Expense Recognized Related to the Convertible Senior Notes (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Mar. 31, 2025	Mar. 31, 2024	Mar. 31, 2025	Mar. 31, 2024
Line of Credit Facility [Line Items]
Total amortization of debt issuance costs			$ 23,298	$ 18,888
Total interest expenses related to the convertible notes	$ 107,631	$ 90,449	319,539	248,997
Convertible Debt
Line of Credit Facility [Line Items]
Total amortization of debt issuance costs	970	857	2,507	2,602
Coupon interest expense	1,706	0	1,933	0
Total interest expenses related to the convertible notes	2,676	857	4,440	2,602
Convertible Debt \| 2026 Notes
Line of Credit Facility [Line Items]
Total amortization of debt issuance costs	148	857	1,575	2,602
Convertible Debt \| 2029 Notes
Line of Credit Facility [Line Items]
Total amortization of debt issuance costs	$ 823	$ 0	$ 932	$ 0

- Definition

Amount of interest expense classified as operating and nonoperating. Includes, but is not limited to, cost of borrowing accounted for as interest expense.

+ References + Details

Loans Held for Investment and Allowance for Credit Losses - Schedule of Loans Held for Investment (Details) - USD ($) $ in Thousands	Mar. 31, 2025	Jun. 30, 2024
Receivables [Abstract]
Unpaid principal balance	$ 6,656,169	$ 5,697,965
Accrued interest receivable	68,997	62,796
Premiums on loans held for investment	9,897	7,822
Less: Discount due to loss on loan purchase commitment	(77,000)	(63,682)
Less: Discount due to loss on directly originated loans	(27,612)	(34,829)
Less: Fair value adjustment on loans acquired through business combination	(5)	(16)
Total loans held for investment	$ 6,630,446	$ 5,670,056

- Definition

Amortized cost, before allowance for credit loss, of financing receivable. Excludes financing receivable covered under loss sharing agreement and net investment in lease.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Fair Value of Financial Assets and Liabilities - Schedule of Fair Value of Senior Notes and Residual Trust Certificates (Details) - Senior Notes and Residual Trust Certificates - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Mar. 31, 2025	Mar. 31, 2024	Mar. 31, 2025	Mar. 31, 2024
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Fair value at beginning of period	$ 69,051	$ 32,411	$ 51,670	$ 18,913
Additions	0	0	41,940	22,187
Cash received (due to payments)	(19,982)	(9,697)	(46,401)	(19,052)
Change in unrealized gain (loss)	454	360	(84)	625
Accrued interest	1,072	622	4,048	1,233
Reversal of (impairment on) securities available for sale	262	120	(316)	(90)
Fair value at end of period	$ 50,857	$ 23,816	$ 50,857	$ 23,816

Summary of Significant Accounting Policies (Policies)	9 Months Ended
Summary of Significant Accounting Policies (Policies)	Mar. 31, 2025
Accounting Policies [Abstract]
Basis of Presentation	The accompanying interim condensed consolidated financial statements are prepared in accordance with accounting principles generally accepted in the United States (“U.S. GAAP”), as contained in the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”), disclosure requirements for interim financial information, and the requirements of Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by U.S. GAAP for complete financial statements. The unaudited interim condensed consolidated financial statements should be read in conjunction with the audited financial statements and notes thereto for the fiscal year ended June 30, 2024. The balance sheet as of June 30, 2024 has been derived from the audited financial statements at that date. Management believes these interim condensed consolidated financial statements reflect all adjustments, including those of a normal and recurring nature, which are necessary for a fair presentation of the results for the interim periods presented. Within the interim condensed consolidated financial statements and tables presented in the accompanying notes, certain columns and rows may not sum due to the use of rounded numbers for disclosure purposes. The results of operations for the interim periods are not necessarily indicative of the results that may be expected for the full year or any other interim period.
Principles of Consolidation	Our interim condensed financial statements have been prepared on a consolidated basis. Under this basis of presentation, our financial statements consolidate all wholly owned subsidiaries and variable interest entities (“VIEs”), in which we have a controlling financial interest. These include various business trust entities and limited partnerships established to enter into warehouse credit agreements with certain lenders for funding debt facilities and certain asset-backed securitization transactions. All intercompany accounts and transactions have been eliminated in consolidation. Our variable interest arises from contractual, ownership, or other monetary interests in the entity, which changes with fluctuations in the fair value of the entity’s net assets. We consolidate a VIE when we are deemed to be the primary beneficiary. We assess whether or not we are the primary beneficiary of a VIE on an ongoing basis.
Use of Estimates	The preparation of interim condensed consolidated financial statements in conformity with U.S. GAAP requires the use of estimates, judgments and assumptions that affect the reported amounts in the interim condensed consolidated financial statements and the accompanying notes. Material estimates that are particularly susceptible to significant change relate to determination of the allowance for credit losses, capitalized internal-use software development costs, valuation allowance for deferred tax assets, loss on loan purchase commitment, discount on directly originated loans, the evaluation for impairment of intangible assets and goodwill, the fair value of available for sale debt securities including retained interests in our securitization trusts, the fair value of risk sharing arrangements, and stock-based compensation, including the fair value of warrants issued to nonemployees. We base our estimates on historical experience, current events, and other factors we believe to be reasonable under the circumstances. To the extent that there are material differences between these estimates and actual results, our financial condition or operating results will be materially affected. These estimates are based on information available as of the date of the interim condensed consolidated financial statements; therefore, actual results could differ materially from those estimates.
Significant Accounting Policies	Significant Accounting Policies There were no material changes to our significant accounting policies as disclosed in Note 2. Summary of Significant Accounting Policies of our Annual Report on Form 10-K for the fiscal year ended June 30, 2024, which was filed with the SEC on August 28, 2024.
Recent Accounting Pronouncements Not Yet Adopted	Recent Accounting Pronouncements Not Yet Adopted Segment Reporting In November 2023, the FASB issued Accounting Standards Update(“ASU”) 2023-07, “Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures”. The new guidance modifies the existing annual and interim segment reporting disclosures. The purpose of the update is to enable investors to better understand an entity’s overall performance and assess potential future cash flows, primarily through enhanced disclosure requirements on significant segment expenses. The ASU is effective for annual reporting periods beginning after December 15, 2023 and interim periods within fiscal years beginning after December 15, 2024, and should be applied retrospectively to all prior periods presented in the financial statements. Early adoption is permitted. We are in the process of evaluating the impact of adopting this accounting standard update on our consolidated financial statements and disclosures. Income Taxes In December 2023, the FASB issued ASU 2023-09, “Income Taxes (Topic 740): Improvements to Income Tax Disclosures”. The new guidance is expected to increase transparency and usefulness of income tax disclosures through improvements to the rate reconciliation, income taxes paid, and other disclosure requirements. The ASU is effective for fiscal years beginning after December 15, 2024 and should be applied on a prospective basis, although retrospective application is permitted. Early adoption is permitted for annual financial statements that have not yet been issued or made available for issuance. We are in the process of evaluating the impact of adopting this accounting standard update on our consolidated financial statements and disclosures. Reporting Comprehensive Income In November 2024, the FASB issued ASU 2024-03, “Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses”. Subsequent to the issuance of ASU 2024-03, the FASB issued ASU 2025-01 to clarify the effective date of ASU 2024-03. The new guidance requires disclosure, in the notes to the financial statements, specified information about certain income statement costs and expenses for each interim and annual reporting period. The ASU is effective for fiscal years beginning after December 15, 2026 and interim periods within fiscal years beginning after December 15, 2027, and should be applied on a prospective basis, although retrospective application is permitted. Early adoption is permitted. We are in the process of evaluating the impact of adopting this accounting standard update on our consolidated financial statements and disclosures. Debt with Conversion and Other Options In November 2024, the FASB issued ASU 2024-04, “Debt—Debt with Conversion and Other Options (Subtopic 470-20): Induced Conversions of Convertible Debt Instruments”. The new guidance clarifies the requirements for determining whether certain settlements of convertible debt should be accounted for as an induced conversion. The ASU is effective for fiscal years beginning after December 15, 2025 and interim periods within those annual reporting periods, and should be applied on a prospective basis, although retrospective application is permitted. Early adoption is permitted. We are in the process of evaluating the impact of adopting this accounting standard update on our consolidated financial statements and disclosures.

Balance Sheet Components

9 Months Ended

Mar. 31, 2025

Balance Sheet Related Disclosures [Abstract]

Balance Sheet Components

Accounts Receivable, net

Our accounts receivable consist primarily of amounts due from payment processors, merchant partners, affiliate network partners and servicing fees due from third-party loan owners. For each of these groups, we evaluate accounts receivable to determine management’s current estimate of expected credit losses based on historical experience and future expectations and record an allowance for credit losses. Our allowance for credit losses with respect to accounts receivable was $18.2 million and $14.9 million as of March 31, 2025 and June 30, 2024, respectively.

Property, Equipment and Software, net

Property, equipment and software, net consisted of the following (in thousands):


	March 31, 2025		June 30, 2024
Internally developed software	$	898,459	$	630,129
Leasehold improvements	21,213		21,023
Computer equipment	10,979		9,827
Furniture and equipment	8,997		8,913
Total property, equipment and software, at cost	$	939,648	$	669,892
Less: Accumulated depreciation and amortization	(396,321)		(242,206)
Total property, equipment and software, net	$	543,327	$	427,686

Depreciation and amortization expense on property, equipment and software was $59.4 million and $159.8 million for the three and nine months ended March 31, 2025, respectively, and $43.2 million and $105.7 million for the three and nine months ended March 31, 2024, respectively.

No impairment losses related to property, equipment and software were recorded during the three and nine months ended March 31, 2025 and 2024.

Goodwill and Intangible Assets

The changes in the carrying amount of goodwill during the nine months ended March 31, 2025 were as follows (in thousands):


Balance as of June 30, 2024	$	533,439

Adjustments (1)	(11,093)
Balance as of March 31, 2025	$	522,346

(1)Adjustments to goodwill during the nine months ended March 31, 2025 pertained to foreign currency translation adjustments.

No impairment losses related to goodwill were recorded during the three and nine months ended March 31, 2025. There were no impairment losses during the three months ended March 31, 2024. During the nine months ended March 31, 2024, we recognized goodwill disposal losses of $1.0 million included in general and administrative expenses within the interim condensed consolidated statements of operations and comprehensive income (loss).

Intangible assets consisted of the following (in thousands):


	March 31, 2025
	Gross		Accumulated Amortization		Net		Weighted Average Remaining Useful Life (in years)
Merchant relationships	$	37,430	$	(37,430)	$	—	0.0
Developed technology	39,176		(39,087)		89		0.0
Assembled workforce	12,490		(12,490)		—		0.0
Trademarks and domains, definite	1,406		(1,270)		136		0.5
Trademarks, licenses and domains, indefinite	11,841		—		11,841		Indefinite
Other intangibles	350		—		350		Indefinite
Total intangible assets	$	102,693	$	(90,277)	$	12,416


	June 30, 2024
	Gross		Accumulated Amortization		Net		Weighted Average Remaining Useful Life (in years)
Merchant relationships	$	37,847	$	(36,741)	$	1,106	0.1
Developed technology	39,444		(39,311)		133		0.0
Assembled workforce	12,490		(12,490)		—		0.0
Trademarks and domains, definite	1,450		(1,165)		285		1.0
Trademarks, licenses and domains, indefinite	11,628		—		11,628		Indefinite
Other intangibles	350		—		350		Indefinite
Total intangible assets	$	103,209	$	(89,707)	$	13,502

Amortization expense for intangible assets was $0.1 million and $1.3 million for the three and nine months ended March 31, 2025, respectively, and $2.0 million and $19.0 million for the three and nine months ended

March 31, 2024, respectively. No impairment losses related to intangible assets were recorded during the three and nine months ended March 31, 2025 and 2024.

The expected future amortization expense of these intangible assets as of March 31, 2025 is as follows, by fiscal year (in thousands):


2025 (remaining three months)	$	60
2026	150
2027	15
2028	—
2029 and thereafter	—
Total amortization expense	$	225

Commercial Agreement Assets

In November 2021, we granted warrants in connection with our commercial agreements with certain subsidiaries of Amazon.com, Inc. (“Amazon”). The warrants were granted in exchange for certain performance provisions and the benefit of acquiring new users. We recognized an asset of $133.5 million associated with the portion of the warrants that were fully vested upon grant. The asset was valued based on the fair value of the warrants and represents the probable future economic benefit to be realized over the expected benefit period of four years. For the three and nine months ended March 31, 2025, we recognized amortization expense of $5.1 million and $15.6 million, respectively, and $6.9 million and $27.8 million for the three and nine months ended March 31, 2024, respectively, in our interim condensed consolidated statements of operations and comprehensive income (loss) as a component of sales and marketing expense. Refer to Note 13. Stockholders’ Equity for further discussion of the warrants.

In July 2020, we recognized an asset in connection with a commercial agreement with Shopify Inc. (“Shopify”), in which we granted warrants in exchange for the opportunity to acquire new merchant partners. This asset represents the probable future economic benefit to be realized over the expected benefit period and is valued based on the fair value of the warrants on the grant date. We recognized an asset of $270.6 million associated with the fair value of the warrants, which were fully vested as of March 31, 2025. During fiscal year 2025, the expected benefit period was extended from six to nine years upon execution of a commercial agreement, which superseded and replaced the previous commercial agreement. The benefit period is reevaluated each reporting period. For the three and nine months ended March 31, 2025, we recorded amortization expense related to the commercial agreement asset of $5.8 million and $23.9 million respectively, and $8.9 million and $27.0 million for the three and nine months ended March 31, 2024, respectively, in our interim condensed consolidated statements of operations and comprehensive income (loss) as a component of sales and marketing expense.

Other Assets

Other assets consisted of the following (in thousands):


	March 31, 2025		June 30, 2024
Processing reserves	$	75,717	$	55,754
Prepaid expenses	46,082		28,799
Risk sharing asset	43,739		33,884
Equity securities, at cost	42,316		37,806
Prepaid payroll taxes for stock-based compensation	31,163		21,395
Operating lease right-of-use assets	21,428		21,863
Foreign deferred tax asset	15,333		21,206
Other receivables	11,639		18,263
Derivative instruments	3,808		17,207
Fixed term deposit	—		35,203
Other assets	9,827		7,960
Total other assets	$	301,052	$	299,340

Accrued Expenses and Other Liabilities

Accrued expenses and other liabilities consisted of the following (in thousands):


	March 31, 2025		June 30, 2024
Accrued expenses	$	78,927	$	59,613
Operating lease liability	35,640		39,493
Collateral held for derivative instruments	4,290		17,643
Other liabilities	54,772		30,680
Total accrued expenses and other liabilities	$	173,629	$	147,429

Debt - Additional Information (Details)				3 Months Ended	9 Months Ended
Debt - Additional Information (Details)	Dec. 20, 2024 USD ($) day tradingDay $ / shares	Dec. 16, 2024	Nov. 23, 2021 USD ($) day $ / shares	Mar. 31, 2024 USD ($)	Mar. 31, 2025 USD ($) tradingDay	Mar. 31, 2024 USD ($)	Dec. 13, 2024 USD ($)	Nov. 05, 2024 USD ($)	Dec. 06, 2023 USD ($)
Line of Credit Facility [Line Items]
Gain on extinguishment of debt					$ 82,418,000	$ 5,359,000
Long-term debt, gross					$ 7,195,499,000
2029 Notes \| Conversion Period One
Line of Credit Facility [Line Items]
Redemption price (as a percentage)	100.00%
2029 Notes \| Convertible Debt
Line of Credit Facility [Line Items]
Debt instrument, face amount	$ 920,000,000
Fixed interest rate	0.75%				0.75%
Proceeds from debt	$ 903,000,000
Conversion ratio	0.0098992
Conversion price of redeemable convertible preferred stock (in USD per share) \| $ / shares	$ 101.02
Debt instrument, convertible, trading day observation period \| tradingDay	40
Long-term debt, gross					$ 920,000,000
Remaining life					56 months
2029 Notes \| Convertible Debt \| Conversion Period One
Line of Credit Facility [Line Items]
Threshold trading days \| day	20
Threshold consecutive trading days \| day	30
Threshold percentage of stock price trigger	130.00%
2029 Notes \| Convertible Debt \| Conversion Period Two
Line of Credit Facility [Line Items]
Threshold consecutive trading days \| day	5
Period following threshold consecutive trading days	5 days
Minimum percentage of common stock price trigger	98.00%
2026 Notes
Line of Credit Facility [Line Items]
Conversion ratio			0.0046371
Shares repurchased amount					$ 0
2026 Notes \| Convertible Debt
Line of Credit Facility [Line Items]
Debt instrument, face amount			$ 1,725,000,000
Fixed interest rate			0.00%		0.00%
Proceeds from debt			$ 1,704,000,000
Conversion price of redeemable convertible preferred stock (in USD per share) \| $ / shares			$ 215.65
Debt instrument, convertible, trading day observation period \| tradingDay					40
Authorized repurchase amount								$ 500,000,000	$ 800,000,000
Repurchased amount							$ 960,000,000
Repayments of convertible debt				$ 25,500,000	$ 1,000,000,000.0	25,500,000
Debt repurchased during the period				31,100,000	1,100,000,000	31,100,000
Repurchased carrying amount				30,900,000	1,100,000,000	30,900,000
Gain on extinguishment of debt				$ 5,400,000	82,400,000	$ 5,400,000
Long-term debt, gross					$ 248,704,000
Remaining life					20 months
2026 Notes \| Convertible Debt \| Conversion Period One
Line of Credit Facility [Line Items]
Threshold trading days \| day			20
Threshold consecutive trading days \| day			30
Threshold percentage of stock price trigger			130.00%
Redemption price (as a percentage)			100.00%
2026 Notes \| Convertible Debt \| Conversion Period Two
Line of Credit Facility [Line Items]
Threshold consecutive trading days \| day			5
Period following threshold consecutive trading days			5 years
Minimum percentage of common stock price trigger			98.00%
US warehouse facilities \| Minimum
Line of Credit Facility [Line Items]
Revolving period term, period prior to final maturity date					4 months
Debt instrument, advance rate percentage					70.00%
US warehouse facilities \| Maximum
Line of Credit Facility [Line Items]
Revolving period term, period prior to final maturity date					12 months
Debt instrument, advance rate percentage					86.00%
International warehouse facilities \| Minimum
Line of Credit Facility [Line Items]
Debt instrument, advance rate percentage					67.00%
International warehouse facilities \| Maximum
Line of Credit Facility [Line Items]
Debt instrument, advance rate percentage					88.00%
Revolving facilities
Line of Credit Facility [Line Items]
Unused Commitment Fees		0.20%

Loans Held for Investment and Allowance for Credit Losses - Additional Information (Details) $ in Millions	3 Months Ended		9 Months Ended
	Mar. 31, 2025 USD ($) deferral	Mar. 31, 2024 USD ($)	Mar. 31, 2025 USD ($) deferral	Mar. 31, 2024 USD ($)
Financing Receivable, Allowance for Credit Loss [Line Items]
Loans purchased	$ 7,100.0	$ 5,100.0	$ 21,600.0	$ 15,600.0
Loans originated	$ 1,500.0	$ 1,100.0	$ 4,500.0	$ 3,300.0
Threshold period for delinquent loans past due	4 days		4 days
Past due charge-off threshold	120 days		120 days
Number of deferrals \| deferral	1		1
Length of deferral term	1 month	1 month	1 month	1 month
Modified loans, length of remaining term, maximum			24 months
Modified loans subsequently charged off			$ 10.4	$ 7.8
Minimum
Financing Receivable, Allowance for Credit Loss [Line Items]
Proprietary credit quality score	0		0
Weighted average term increase from modification	1 month	1 month	1 month	1 month
Maximum
Financing Receivable, Allowance for Credit Loss [Line Items]
Loan lending terms			60 months
Proprietary credit quality score	100		100
Length of deferral term			3 months
Weighted average term increase from modification	12 months	12 months	12 months	12 months

Derivative Financial Instruments (Tables)

9 Months Ended

Mar. 31, 2025

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of Fair Value of Derivative Instruments

The following table summarizes the total fair value, including interest accruals, and outstanding notional amounts of derivative instruments as of March 31, 2025 and June 30, 2024 (in thousands):


	March 31, 2025						June 30, 2024
	Notional Amount		Derivative Assets		Derivative Liabilities		Notional Amount		Derivative Assets		Derivative Liabilities
Derivatives designated as cash flow hedges
Interest rate contracts - cash flow hedges	$	—	$	—	$	—	$	150,000	$	4	$	—
Derivatives not designated as hedges
Interest rate contracts	412,489		3,808		86		854,589		17,203		38
Total gross derivative assets/liabilities	$	412,489	$	3,808	$	86	$	1,004,589	$	17,207	$	38

Schedule of Cash Flow Hedges Included in Accumulated Other Comprehensive Income (Loss)

The following table summarizes the impact of the cash flow hedges on Accumulated Other Comprehensive Income (“AOCI”) (in thousands):


	Three Months Ended March 31,				Nine Months Ended March 31,
	2025		2024		2025		2024
Balance at beginning of period	$	(174)	$	900	$	1,407	$	751
Changes in fair value	(1,205)		1,085		(2,478)		1,996
Amounts reclassified into earnings (1)	(74)		(335)		(382)		(1,097)
Balance at end of period (2)	$	(1,453)	$	1,650	$	(1,453)	$	1,650

(1)The amounts reclassified into earnings are presented in the interim consolidated statements of income within funding costs.

(2)As of March 31, 2025, we estimated that $0.1 million of net derivative losses included in AOCI are expected to be reclassified into earnings within the next 12 months.

Schedule of Income (Loss) on Derivative Instruments

The following table summarizes the impact of the derivative instruments on income and indicates where within the interim consolidated statements of operations and comprehensive income (loss) such impact is reported (in thousands):


	Three Months Ended March 31,				Nine Months Ended March 31,
	2025		2024		2025		2024

The effects of cash flow hedging
Funding costs	$	74	$	335	$	382	$	1,097
The effects of derivatives not designated in hedging relationships
Other income, net	(2,154)		4,671		(3,403)		2,942

Debt - Schedule of Components of Debt (Details) - USD ($) $ in Thousands		9 Months Ended
	Dec. 16, 2024	Mar. 31, 2025	Dec. 20, 2024	Nov. 23, 2021
Debt Instrument [Line Items]
Debt Outstanding		$ 7,195,499
Total funding debt, net of deferred debt issuance costs		7,145,646
Asset Pledged as Collateral
Debt Instrument [Line Items]
Debt Outstanding		6,600,000
Notes \| Securitizations
Debt Instrument [Line Items]
Debt instrument, face amount		$ 4,100,000
Weighted Average		5.89%
Debt Outstanding		$ 4,100,000
Total funding debt, net of deferred debt issuance costs		$ 4,084,934
Notes \| Minimum \| Securitizations
Debt Instrument [Line Items]
Fixed interest rate		4.62%
Notes \| Maximum \| Securitizations
Debt Instrument [Line Items]
Fixed interest rate		11.32%
Convertible Debt \| 2026 Notes
Debt Instrument [Line Items]
Debt instrument, face amount				$ 1,725,000
Fixed interest rate		0.00%		0.00%
Debt Outstanding		$ 248,704
Total funding debt, net of deferred debt issuance costs		$ 247,730
Convertible Debt \| 2029 Notes
Debt Instrument [Line Items]
Debt instrument, face amount			$ 920,000
Fixed interest rate		0.75%	0.75%
Debt Outstanding		$ 920,000
Total funding debt, net of deferred debt issuance costs		904,289
Secured Debt
Debt Instrument [Line Items]
Debt Outstanding		6,026,795
Total funding debt, net of deferred debt issuance costs		5,993,628
Total borrowing capacity		10,388,110
Unsecured Debt
Debt Instrument [Line Items]
Line of credit facility, maximum borrowing capacity		330,000
Debt Outstanding		1,168,704
Total funding debt, net of deferred debt issuance costs		1,152,019
US warehouse facilities \| Line of Credit \| Funding Debt
Debt Instrument [Line Items]
Line of credit facility, maximum borrowing capacity		$ 4,550,000
Weighted Average		1.66%
Debt Outstanding		$ 1,467,383
Total funding debt, net of deferred debt issuance costs		$ 1,453,698
US warehouse facilities \| Line of Credit \| Minimum \| Funding Debt
Debt Instrument [Line Items]
Fixed interest rate		1.65%
Unused Commitment Fees		0.20%
US warehouse facilities \| Line of Credit \| Maximum \| Funding Debt
Debt Instrument [Line Items]
Fixed interest rate		2.00%
Unused Commitment Fees		0.50%
International warehouse facilities \| Line of Credit \| Funding Debt
Debt Instrument [Line Items]
Line of credit facility, maximum borrowing capacity		$ 588,110
Weighted Average		1.69%
Debt Outstanding		$ 364,062
Total funding debt, net of deferred debt issuance costs		$ 362,964
International warehouse facilities \| Line of Credit \| Minimum \| Funding Debt
Debt Instrument [Line Items]
Fixed interest rate		1.25%
Unused Commitment Fees		0.30%
International warehouse facilities \| Line of Credit \| Maximum \| Funding Debt
Debt Instrument [Line Items]
Fixed interest rate		1.75%
Unused Commitment Fees		0.45%
Variable funding notes \| Line of Credit \| Funding Debt
Debt Instrument [Line Items]
Line of credit facility, maximum borrowing capacity		$ 1,150,000
Fixed interest rate		1.50%
Unused Commitment Fees		0.30%
Debt Outstanding		$ 51,131
Total funding debt, net of deferred debt issuance costs		$ 47,813
Sales and repurchase agreements \| Funding Debt
Debt Instrument [Line Items]
Weighted Average		6.36%
Debt Outstanding		$ 44,218
Total funding debt, net of deferred debt issuance costs		$ 44,218
Sales and repurchase agreements \| Minimum \| Funding Debt
Debt Instrument [Line Items]
Fixed interest rate		5.82%
Sales and repurchase agreements \| Maximum \| Funding Debt
Debt Instrument [Line Items]
Fixed interest rate		8.89%
Revolving facilities
Debt Instrument [Line Items]
Unused Commitment Fees	0.20%
Basis spread		1.75%
Revolving facilities \| Fed Funds Effective Rate Overnight Index Swap Rate
Debt Instrument [Line Items]
Basis spread		0.50%
Revolving facilities \| One Month London Interbank Offered Rate (LIBOR)
Debt Instrument [Line Items]
Basis spread		1.00%
Revolving facilities \| Base Rate
Debt Instrument [Line Items]
Basis spread		0.75%
Revolving facilities \| Line of Credit
Debt Instrument [Line Items]
Line of credit facility, maximum borrowing capacity		$ 330,000
Unused Commitment Fees		0.20%
Debt Outstanding		$ 0
Total funding debt, net of deferred debt issuance costs		$ 0
Revolving facilities \| Line of Credit \| Minimum
Debt Instrument [Line Items]
Fixed interest rate		0.75%
Revolving facilities \| Line of Credit \| Maximum
Debt Instrument [Line Items]
Fixed interest rate		1.75%

Fair Value of Financial Assets and Liabilities - Schedule of Quantitative Information About Significant Unobservable Inputs for Profit Share Liability (Details) - Commercial Agreement, Profit Share Liability	Mar. 31, 2025	Jun. 30, 2024
Minimum \| Discount rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Commercial agreement, profit share liability, measurement input	0.3000	0.3000
Minimum \| Program profitability
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Commercial agreement, profit share liability, measurement input	0.0109	0.0032
Maximum \| Discount rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Commercial agreement, profit share liability, measurement input	0.3000	0.3000
Maximum \| Program profitability
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Commercial agreement, profit share liability, measurement input	0.0219	0.0101
Weighted Average \| Discount rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Commercial agreement, profit share liability, measurement input	0.3000	0.3000
Weighted Average \| Program profitability
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Commercial agreement, profit share liability, measurement input	0.0194	0.0096

Fair Value of Financial Assets and Liabilities - Schedule of Adverse Changes in Estimates for Servicing Assets and Liabilities Inputs (Details) - USD ($) $ in Thousands	Mar. 31, 2025	Jun. 30, 2024
Gross default rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Servicing asset, effect of 25% increase in measurement input	$ 1	$ 1
Servicing asset, effect of 50% increase in measurement input	1	1
Servicing liability, effect of 25% increase in measurement input	0	(1)
Servicing liability, effect of 50% increase in measurement input	0	(1)
Adequate compensation
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Servicing asset, effect of 10% increase in measurement input	(923)	(980)
Servicing asset, effect of 20% increase in measurement input	(1,846)	(1,961)
Servicing liability, effect of 10% increase in measurement input	4,358	3,153
Servicing liability, effect of 20% increase in measurement input	8,715	6,305
Discount rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Servicing asset, effect of 25% increase in measurement input	(22)	(23)
Servicing asset, effect of 50% increase in measurement input	(43)	(44)
Servicing liability, effect of 25% increase in measurement input	(2)	(19)
Servicing liability, effect of 50% increase in measurement input	$ (3)	$ (37)

Fair Value of Financial Assets and Liabilities - Schedule of Fair Value of Servicing Assets (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Mar. 31, 2025	Mar. 31, 2024	Mar. 31, 2025	Mar. 31, 2024
Servicing Asset at Fair Value, Amount [Roll Forward]
Fair value at beginning of period	$ 806	$ 365	$ 574	$ 880
Initial transfers of financial assets	0	0	230	0
Subsequent changes in fair value	(211)	(145)	(209)	(660)
Fair value at end of period	$ 595	$ 220	$ 595	$ 220

Debt (Tables)

9 Months Ended

Mar. 31, 2025

Debt Disclosure [Abstract]

Schedule of Components of Debt / Convertible Senior Notes Outstanding

The following table summarizes the components and terms of our secured and unsecured debt as of March 31, 2025 (in thousands):


	Borrowing Capacity		Interest Rate Spread (2)		Unused Commitment Fees	Maturity by Fiscal Year	Debt Outstanding			Debt Outstanding net of unamortized premiums and discount
			Min - Max	Weighted Average
Secured debt
Funding debt
US warehouse facilities	4,550,000		1.65% - 2.00%	1.66%	0.20% - 0.50%	2026 - 2032	1,467,383			1,453,698
International warehouse facilities (1)	588,110		1.25% - 1.75%	1.69%	0.30% - 0.45%	2028 - 2030	364,062			362,964
Variable funding notes	1,150,000		1.50%	—	0.30%	2032	51,131			47,813
Sales and repurchase agreements	—		5.82% - 8.89%	6.36%	—	2028 -2029	44,218			44,218
Notes issued by securitization trusts	4,100,000		4.62% - 11.32%	5.89%	—	2028 - 2033	4,100,000			4,084,934
	$	10,388,110					$	6,026,795	(3)	$	5,993,628
Unsecured debt
Convertible senior notes:
2026 Notes	—		—%	—	—	2027	248,704			247,730
2029 Notes	—		0.75%	—	—	2030	920,000			904,289
Revolving credit facility (4)	330,000		0.75% - 1.75%	—	0.20%	2027	—			—
	$	330,000					$	1,168,704		$	1,152,019
Total							$	7,195,499		$	7,145,646

(1)As of March 31, 2025, international facilities finance the origination of loan receivables in Canada and are denominated in CAD.

(2)Reference rates as of March 31, 2025 under our U.S. facilities bear interest at an annual benchmark rate of Secured Overnight Financing Rate (“SOFR”) or an alternative commercial paper rate plus an applicable spread. Reference rates as of March 31, 2025 under our international facilities bear interest at an annual benchmark rate of the Canadian Overnight Repo Rate Average (“CORRA”), Government of Canadian benchmark bond yields, or an alternative commercial paper rate plus an applicable spread. As debt arrangements are renewed, the reference rate and/or spread are subject to change.

(3)Certain loans are pledged as collateral for borrowings in our facilities, except for our sales and repurchase agreements which are collateralized by the retained securitization notes receivables. The carrying value of these pledged assets was $6.6 billion as of March 31, 2025.

(4)This facility bears interest at a rate equal to, either (a) for SOFR borrowing, a SOFR rate determined by reference to the forward-looking term SOFR rate for the interest period, plus an applicable margin of 1.75% per annum or (b) for alternative base rate borrowings, a base rate determined by reference to the highest of (i) the federal funds rate plus 0.50% per annum, (ii) the rate last quoted by the Wall Street Journal as the U.S. prime rate and (iii) the one-month forward-looking term SOFR rate plus 1.00% per annum, in each case, plus an applicable margin of 0.75% per annum.

Schedule of the Interest Expense Recognized Related to the Convertible Senior Notes

The following table summarizes the interest expense recognized related to the convertible senior notes (in thousands):


	Three Months Ended March 31,				Nine Months Ended March 31,
	2025		2024		2025		2024
Amortization of debt issuance costs (1)
2026 Notes	$	148	$	857	$	1,575	$	2,602
2029 Notes	823		—		932		—
Total amortization of debt issuance costs	$	970	$	857	$	2,507	$	2,602
Coupon interest expense (1) (2)	1,706		—		1,933		—
Total interest expenses related to the convertible notes	$	2,676	$	857	$	4,440	$	2,602

(1)Included in our interim condensed consolidated statement of operations and comprehensive income (loss) within other income, net.

(2)The coupon interest expense is related to the 2029 Notes.

Schedule of Aggregate Future Maturities

The aggregate future maturities of our funding debt, notes issued by securitization trusts and convertible notes consists of the following (in thousands):


Maturity Fiscal Year	March 31, 2025
2025	$	—
2026	674,875
2027 (1)	331,468
2028	555,996
2029	2,403,923
Thereafter (1)	3,229,237
Total	$	7,195,499
Deferred debt issuance costs	(49,853)
Total funding debt, net of deferred debt issuance costs	$	7,145,646

(1)As of March 31, 2025, includes convertible senior notes due 2026 and 2029 with a carrying amounts of $248.7 million and $920.0 million, respectively.

- Definition

Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.

+ References

+ Details

Cover Page - shares	9 Months Ended
Cover Page - shares	Mar. 31, 2025	May 02, 2025
Document Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2025
Document Transition Report	false
Entity File Number	001-39888
Entity Registrant Name	Affirm Holdings, Inc.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	84-2224323
Entity Address, Address Line One	650 California Street
Entity Address, City or Town	San Francisco
Entity Address, State or Province	CA
Entity Address, Postal Zip Code	94108
City Area Code	415
Local Phone Number	960-1518
Title of 12(b) Security	Class A common stock, par value $0.00001 per share
Trading Symbol	AFRM
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Amendment Flag	false
Document Fiscal Period Focus	Q3
Document Fiscal Year Focus	2025
Current Fiscal Year End Date	--06-30
Entity Central Index Key	0001820953
Class A common stock
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		281,825,613
Class B common stock
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		40,774,346

Fair Value of Financial Assets and Liabilities - Schedule of Quantitative Information About Significant Unobservable Inputs for Senior Notes and Residual Trust Certificated (Details) - Senior Notes and Residual Trust Certificates	Mar. 31, 2025	Jun. 30, 2024
Minimum \| Discount rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Residual trust certificates, measurement input	0.0226	0.0573
Minimum \| Loss rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Residual trust certificates, measurement input	0.0090	0.0095
Minimum \| Prepayment rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Residual trust certificates, measurement input	0.1825	0.1240
Maximum \| Discount rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Residual trust certificates, measurement input	0.3029	0.4141
Maximum \| Loss rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Residual trust certificates, measurement input	0.0860	0.0698
Maximum \| Prepayment rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Residual trust certificates, measurement input	0.2300	0.2770
Weighted Average \| Discount rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Residual trust certificates, measurement input	0.0689	0.0893
Weighted Average \| Loss rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Residual trust certificates, measurement input	0.0720	0.0617
Weighted Average \| Prepayment rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Residual trust certificates, measurement input	0.2252	0.2333

Stockholders' Equity (Tables)

9 Months Ended

Mar. 31, 2025

Equity [Abstract]

Schedule of Common Stock, Reserved for Future Issuance

We had shares of common stock reserved for issuance as follows:


	March 31, 2025	June 30, 2024


Available outstanding under equity compensation plans	42,923,080	47,622,117
Available for future grant under equity compensation plans	52,455,797	43,492,755
Total	95,378,877	91,114,872

Revenue

9 Months Ended

Mar. 31, 2025

Banking and Thrift, Interest [Abstract]

Revenue

The following table presents our revenue disaggregated by revenue source (in thousands):


	Three Months Ended March 31,				Nine Months Ended March 31,
	2025		2024		2025		2024
Merchant network revenue	$	213,973	$	159,292	$	643,207	$	493,599
Card network revenue	58,572		35,676		164,194		108,421
Interest income	402,701		315,712		1,189,132		866,737
Gain on sales of loans	75,838		40,183		264,739		127,170
Servicing income	32,050		25,294		86,723		67,887
Total revenue, net	$	783,135	$	576,157	$	2,347,995	$	1,663,814

Merchant Network Revenue — Revenue from Contracts with Customers

Merchant network revenue primarily consists of merchant fees. Merchant partners (or integrated merchants) are generally charged a fee based on gross merchandise volume (“GMV”) processed through the Affirm platform. The fees vary depending on the individual arrangement between us and each merchant and on the terms of the product offering. The fee is recognized at the point in time the merchant successfully confirms the transaction, which is when the terms of the executed merchant agreement are fulfilled.

Our contracts with merchants are defined at the transaction level and do not extend beyond the service already provided (i.e., each transaction represents a separate contract). The fees collected from merchants for each transaction are determined as a percentage of the value of the goods purchased by the consumer from merchants and consider a number of factors including the end consumer’s credit risk and financing term. We do not have any capitalized contract costs, and do not carry any material contract balances.

Our service comprises a single performance obligation to merchants to facilitate transactions with consumers. From time to time, we offer merchants incentives to promote our platform to their customers, such as fee reductions or rebates. These amounts are recorded as a reduction to merchant network revenue.

We may originate certain loans via our wholly-owned subsidiaries, with zero or below market interest rates. In these instances, the par value of the loans originated is in excess of the fair market value of such loans, resulting in a loss on loan origination, which we record as a reduction to merchant network revenue. In certain cases, the losses incurred on loans originated for a merchant may exceed the total merchant network revenue earned on those loans. We record the excess loss amounts as a sales and marketing expense.

A portion of merchant network revenue relates to affiliate network revenue, which is generated when a user makes a purchase on a merchant’s website after being directed from an advertisement on Affirm’s website or mobile application. We earn a fixed placement fee and/or commission as a percentage of the associated sale. Revenue is recognized at the point in time when the performance obligation has been fulfilled, which is when the sale occurs.

For the three and nine months ended March 31, 2025 and 2024, there were no merchants that individually exceeded 10% of total revenue.

Card Network Revenue — Revenue from Contracts with Customers

We have agreements with card-issuing partners to facilitate the issuance of physical and virtual cards to be used by consumers at checkout. Prior to purchase, consumers can apply at Affirm.com or via the Affirm app and, upon approval, use a physical or virtual card to complete their purchase online or in-store. The card is funded at the time a transaction is authorized using cash held by the card-issuing partner in a reserve fund. Eligible consumers can also use the Affirm Card, a card issued by a card-issuing partner to pay in full, via their linked bank account, or pay later, by using a unique post-purchase feature that allows them to instantly convert any eligible transaction into an installment loan. Where applicable, our originating bank partner, or wholly-owned subsidiaries, then originates a loan to the consumer after the transaction is confirmed by the merchant. The merchant is charged interchange fees for each successful card transaction, and a portion of this revenue is shared with us by our card-issuing partners.

Merchants may also elect to utilize our agreement with card-issuing partners as a means of integrating Affirm services. Similarly, for these arrangements with integrated merchants, the merchant is charged interchange fees for each successful card transaction and a portion of this revenue is shared with us. From time to time, we offer certain integrated merchants promotional incentives to promote our platform to their customers, such as rebates of interchange fees incurred by the merchant. These amounts are recorded as a reduction of card network revenue.

Our contracts with our card-issuing partners are defined at the transaction level and do not extend beyond the service already provided. The revenue collected from card-issuing partners for each transaction are determined as a percentage of the interchange fees charged on transactions facilitated on the payment processor network, and revenue is recognized at the point in time the transaction is completed successfully. The amounts collected are presented in revenue, net of associated transaction-related processing fees paid to our card-issuing partners. We have concluded that the revenue collected does not give rise to a future material right because the pricing of each transaction does not depend on the volume of prior successful transactions. We do not have any capitalized contract costs, and do not carry any material contract balances.

Our service comprises a single performance obligation to the card-issuing partner to facilitate transactions with consumers.

A portion of card network revenue relates to incentive payments from card network partners, which we are eligible to receive for reaching certain cumulative volume targets on program cards issued by our card-issuing partners. We earn incentive revenue as a percentage of each associated transaction and estimate the applicable percentage based on observed cumulative volume on program cards. Revenue is recognized at the point in time when the performance obligation has been fulfilled, which is when the transaction is completed successfully.

Interest Income

Interest income consisted of the following components (in thousands):


	Three Months Ended March 31,				Nine Months Ended March 31,
	2025		2024		2025		2024
Contractual interest income on unpaid principal balance	$	369,671	$	273,581	$	1,082,744	$	747,955
Amortization of discount on loans	65,639		53,960		186,450		150,102
Amortization of premiums on loans	(5,108)		(4,256)		(14,623)		(12,419)
Interest receivable charged-off, net of recoveries	(27,501)		(7,573)		(65,439)		(18,901)
Total interest income	$	402,701	$	315,712	$	1,189,132	$	866,737

We accrue interest income using the effective interest method, which includes the amortization of any discounts or premiums on loan receivables created upon the purchase of a loan from our originating bank partners or upon the origination of a loan. Interest income on a loan is accrued daily, based on the finance charge disclosed to the consumer, over the term of the loan based upon the principal outstanding. The accrual of interest on a loan is suspended if a formal dispute with the consumer involving either Affirm or the merchant of record is opened, or a loan is 120 days past due. Upon the resolution of a dispute with the consumer, the accrual of interest is resumed, and any interest that would have been earned during the disputed period is retroactively accrued. As of March 31, 2025 and June 30, 2024, the balance of loans held for investment on non-accrual status was $5.1 million and $2.6 million, respectively.

The account is charged-off in the period if the account becomes 120 days past due or meets other charge-off policy requirements. Past due status is based on the contractual terms of the loans. Previously recognized interest receivable from charged-off loans that is accrued but not collected from the consumer is charged-off.

Gain on Sales of Loans

We sell certain loans we originate or purchase from our originating bank partners directly to third-party investors or to securitizations. We recognize a gain or loss on sale of loans sold to third parties or to unconsolidated securitizations by calculating the difference between the proceeds received and the carrying value of the loan. This amount is adjusted for the initial recognition of any assets or liabilities incurred upon sale. These generally include a net servicing asset or liability in connection with our ongoing obligation to continue to service the loans and a liability in connection with our loan repurchase obligation for loans that do not meet certain contractual requirements and such information about the loan was unknown at the time of sale.

Additionally, we recognize a risk sharing asset or liability in certain arrangements where payments are made or received based on the actual versus expected loan performance, as contractually agreed upon with the third party. Refer to Note 12. Fair Value of Financial Assets and Liabilities for further discussion of risk sharing arrangements.

Servicing Income

Servicing income includes contractual fees specified in our servicing agreements with third-party loan owners and unconsolidated securitizations that are earned from providing professional services to manage loan portfolios on their behalf. The servicing fee is calculated on a daily basis by multiplying a set fee percentage (as outlined in the executed agreements with third-party loan owners) by the outstanding loan principal balance. Servicing income also includes fair value adjustments for servicing assets and servicing liabilities.

- Definition

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-9

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 10
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-10

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 15
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-15

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (b)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-13

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
-Topic 606
-Publisher FASB
-URI https://asc.fasb.org/606/tableOfContent

+ Details

Fair Value of Financial Assets and Liabilities - Schedule of Quantitative Information About Significant Unobservable Inputs for Servicing Assets and Liabilities (Details)	Mar. 31, 2025	Jun. 30, 2024
Discount rate \| Minimum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Servicing asset, measurement input	0.3000	0.3000
Servicing liability, measurement input	0.3000	0.3000
Discount rate \| Maximum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Servicing asset, measurement input	0.3000	0.3000
Servicing liability, measurement input	0.3000	0.3000
Discount rate \| Weighted Average
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Servicing asset, measurement input	0.3000	0.3000
Servicing liability, measurement input	0.3000	0.3000
Adequate compensation \| Minimum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Servicing asset, measurement input	0.0200	0.0200
Servicing liability, measurement input	0.0200	0.0200
Adequate compensation \| Maximum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Servicing asset, measurement input	0.0200	0.0200
Servicing liability, measurement input	0.0200	0.0200
Adequate compensation \| Weighted Average
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Servicing asset, measurement input	0.0200	0.0200
Servicing liability, measurement input	0.0200	0.0200
Gross default rate \| Minimum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Servicing asset, measurement input	0.1183	0.0989
Servicing liability, measurement input	0.0334	0.0258
Gross default rate \| Maximum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Servicing asset, measurement input	0.1484	0.2272
Servicing liability, measurement input	0.0534	0.0412
Gross default rate \| Weighted Average
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Servicing asset, measurement input	0.1286	0.1084
Servicing liability, measurement input	0.0428	0.0300

Loans Held for Investment and Allowance for Credit Losses - Schedule of Credit Quality by ITACs Score (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Mar. 31, 2025	Mar. 31, 2024	Mar. 31, 2025	Mar. 31, 2024	Jun. 30, 2024
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year [Abstract]
Current fiscal year	$ 5,830,803		$ 5,830,803		$ 5,300,448
Fiscal year before current fiscal year	644,689		644,689		282,738
Two years before current fiscal year	77,588		77,588		23,452
Three years before current fiscal year	8,123		8,123		416
Four years before current fiscal year	211		211		108
Prior	36		36		134
Total	6,561,450		6,561,450		5,607,296
Current period charge-offs
2025			(92,359)
2024			(295,661)
2023			(19,445)
2022			(1,312)
2021			(214)
Prior			(161)
Total	(144,792)	$ (99,181)	(409,152)	$ (261,657)
Current period recoveries
2025			2,089
2024			15,593
2023			9,901
2022			4,011
2021			833
Prior			268
Total	15,475	$ 9,245	32,695	$ 20,406
Current period net charge-offs
2025			(90,270)
2024			(280,068)
2023			(9,544)
2022			2,699
2021			619
Prior			107
Total			(376,457)
96+
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year [Abstract]
Current fiscal year	3,953,857		3,953,857		3,438,135
Fiscal year before current fiscal year	471,228		471,228		183,210
Two years before current fiscal year	61,195		61,195		10,026
Three years before current fiscal year	5,628		5,628		186
Four years before current fiscal year	111		111		10
Prior	10		10		5
Total	4,492,029		4,492,029		3,631,572
94 – 96
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year [Abstract]
Current fiscal year	1,609,232		1,609,232		1,509,125
Fiscal year before current fiscal year	144,301		144,301		29,227
Two years before current fiscal year	2,469		2,469		463
Three years before current fiscal year	483		483		8
Four years before current fiscal year	7		7		2
Prior	5		5		4
Total	1,756,497		1,756,497		1,538,829
90 – 94
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year [Abstract]
Current fiscal year	221,523		221,523		287,499
Fiscal year before current fiscal year	21,598		21,598		3,575
Two years before current fiscal year	485		485		263
Three years before current fiscal year	276		276		3
Four years before current fiscal year	3		3		1
Prior	1		1		1
Total	243,886		243,886		291,342
Less than 90
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year [Abstract]
Current fiscal year	44,130		44,130		45,009
Fiscal year before current fiscal year	3,059		3,059		46
Two years before current fiscal year	3		3		309
Three years before current fiscal year	62		62		2
Four years before current fiscal year	1		1		1
Prior	1		1		0
Total	47,256		47,256		45,367
No score
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year [Abstract]
Current fiscal year	2,061		2,061		20,680
Fiscal year before current fiscal year	4,503		4,503		66,680
Two years before current fiscal year	13,436		13,436		12,391
Three years before current fiscal year	1,674		1,674		217
Four years before current fiscal year	89		89		94
Prior	19		19		124
Total	$ 21,782		$ 21,782		$ 100,186

Fair Value of Financial Assets and Liabilities - Schedule of Fair Value of Servicing Liabilities (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Mar. 31, 2025	Mar. 31, 2024	Mar. 31, 2025	Mar. 31, 2024
Servicing Liability at Fair Value, Amount [Roll Forward]
Fair value at beginning of period	$ 237	$ 2,531	$ 743	$ 1,392
Initial transfers of financial liabilities	0	1,085	0	4,176
Subsequent changes in fair value	(134)	(1,124)	(640)	(3,076)
Fair value at end of period	$ 103	$ 2,492	$ 103	$ 2,492

- Definition

Fair value of a liability representing servicing arrangements under which the estimated future revenue from contractually specified servicing fees, late charges, and other ancillary revenues are not expected to adequately compensate the servicer.

+ References

+ Details

Leases - Schedule of Components of Lease Expense (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Mar. 31, 2025	Mar. 31, 2024	Mar. 31, 2025	Mar. 31, 2024
Leases [Abstract]
Operating lease expense	$ 2,915	$ 2,894	$ 8,633	$ 8,826

Commitment and Contingencies (Details) $ in Millions	Mar. 31, 2025 USD ($)
Commitments and Contingencies Disclosure [Abstract]
Loans held by third party investors or unconsolidated VIEs	$ 6,800.0
Repurchase liability	$ 8.3

Balance Sheet Components (Tables)

9 Months Ended

Mar. 31, 2025

Balance Sheet Related Disclosures [Abstract]

Schedule of Property, Equipment and Software, Net

Property, equipment and software, net consisted of the following (in thousands):


	March 31, 2025		June 30, 2024
Internally developed software	$	898,459	$	630,129
Leasehold improvements	21,213		21,023
Computer equipment	10,979		9,827
Furniture and equipment	8,997		8,913
Total property, equipment and software, at cost	$	939,648	$	669,892
Less: Accumulated depreciation and amortization	(396,321)		(242,206)
Total property, equipment and software, net	$	543,327	$	427,686

Schedule of Goodwill

The changes in the carrying amount of goodwill during the nine months ended March 31, 2025 were as follows (in thousands):


Balance as of June 30, 2024	$	533,439

Adjustments (1)	(11,093)
Balance as of March 31, 2025	$	522,346

(1)Adjustments to goodwill during the nine months ended March 31, 2025 pertained to foreign currency translation adjustments.

Schedule of Finite-Lived Intangible Assets

Intangible assets consisted of the following (in thousands):


	March 31, 2025
	Gross		Accumulated Amortization		Net		Weighted Average Remaining Useful Life (in years)
Merchant relationships	$	37,430	$	(37,430)	$	—	0.0
Developed technology	39,176		(39,087)		89		0.0
Assembled workforce	12,490		(12,490)		—		0.0
Trademarks and domains, definite	1,406		(1,270)		136		0.5
Trademarks, licenses and domains, indefinite	11,841		—		11,841		Indefinite
Other intangibles	350		—		350		Indefinite
Total intangible assets	$	102,693	$	(90,277)	$	12,416


	June 30, 2024
	Gross		Accumulated Amortization		Net		Weighted Average Remaining Useful Life (in years)
Merchant relationships	$	37,847	$	(36,741)	$	1,106	0.1
Developed technology	39,444		(39,311)		133		0.0
Assembled workforce	12,490		(12,490)		—		0.0
Trademarks and domains, definite	1,450		(1,165)		285		1.0
Trademarks, licenses and domains, indefinite	11,628		—		11,628		Indefinite
Other intangibles	350		—		350		Indefinite
Total intangible assets	$	103,209	$	(89,707)	$	13,502

Schedule of Indefinite-Lived Intangible Assets

Intangible assets consisted of the following (in thousands):


	March 31, 2025
	Gross		Accumulated Amortization		Net		Weighted Average Remaining Useful Life (in years)
Merchant relationships	$	37,430	$	(37,430)	$	—	0.0
Developed technology	39,176		(39,087)		89		0.0
Assembled workforce	12,490		(12,490)		—		0.0
Trademarks and domains, definite	1,406		(1,270)		136		0.5
Trademarks, licenses and domains, indefinite	11,841		—		11,841		Indefinite
Other intangibles	350		—		350		Indefinite
Total intangible assets	$	102,693	$	(90,277)	$	12,416


	June 30, 2024
	Gross		Accumulated Amortization		Net		Weighted Average Remaining Useful Life (in years)
Merchant relationships	$	37,847	$	(36,741)	$	1,106	0.1
Developed technology	39,444		(39,311)		133		0.0
Assembled workforce	12,490		(12,490)		—		0.0
Trademarks and domains, definite	1,450		(1,165)		285		1.0
Trademarks, licenses and domains, indefinite	11,628		—		11,628		Indefinite
Other intangibles	350		—		350		Indefinite
Total intangible assets	$	103,209	$	(89,707)	$	13,502

Schedule of Intangible Assets, Future Amortization Expense

The expected future amortization expense of these intangible assets as of March 31, 2025 is as follows, by fiscal year (in thousands):


2025 (remaining three months)	$	60
2026	150
2027	15
2028	—
2029 and thereafter	—
Total amortization expense	$	225

Schedule of Other Assets

Other assets consisted of the following (in thousands):


	March 31, 2025		June 30, 2024
Processing reserves	$	75,717	$	55,754
Prepaid expenses	46,082		28,799
Risk sharing asset	43,739		33,884
Equity securities, at cost	42,316		37,806
Prepaid payroll taxes for stock-based compensation	31,163		21,395
Operating lease right-of-use assets	21,428		21,863
Foreign deferred tax asset	15,333		21,206
Other receivables	11,639		18,263
Derivative instruments	3,808		17,207
Fixed term deposit	—		35,203
Other assets	9,827		7,960
Total other assets	$	301,052	$	299,340

Schedule of Accrued Expenses and Other Liabilities

Accrued expenses and other liabilities consisted of the following (in thousands):


	March 31, 2025		June 30, 2024
Accrued expenses	$	78,927	$	59,613
Operating lease liability	35,640		39,493
Collateral held for derivative instruments	4,290		17,643
Other liabilities	54,772		30,680
Total accrued expenses and other liabilities	$	173,629	$	147,429

- Definition

Tabular disclosure of goodwill by reportable segment and in total which includes a rollforward schedule.

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Derivative Financial Instruments - Schedule of Fair Value of Derivative Instruments (Details) - USD ($) $ in Thousands	Mar. 31, 2025	Jun. 30, 2024
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Notional Amount	$ 412,489	$ 1,004,589
Derivative Assets	3,808	17,207
Derivative Liabilities	86	38
Derivatives designated as cash flow hedges \| Interest rate contracts - cash flow hedges
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Notional Amount	0	150,000
Derivative Assets	0	4
Derivative Liabilities	0	0
Derivatives not designated as hedges \| Interest rate contracts
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Notional Amount	412,489	854,589
Derivative Assets	3,808	17,203
Derivative Liabilities	$ 86	$ 38

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+ Details

Fair Value of Financial Assets and Liabilities (Tables)

9 Months Ended

Mar. 31, 2025

Fair Value Disclosures [Abstract]

Schedule of Assets and Liabilities Fair Value Measured on Recurring Basis

The following tables present information about our assets and liabilities that are measured at fair value on a recurring basis as of March 31, 2025 and June 30, 2024 (in thousands):


	March 31, 2025
	Level 1		Level 2		Level 3		Total
Assets:
Cash and cash equivalents:
Money market funds	$	69,419	$	—	$	—	$	69,419
Commercial paper	—		61,883		—		61,883
Government bonds- US	—		19,889		—		19,889
Securities, available for sale:
Certificates of deposit	—		8,746		—		8,746
Corporate bonds	—		242,800		—		242,800
Commercial paper	—		86,088		—		86,088
Agency bonds	—		13,444		—		13,444
Municipal bonds	—		5,180		—		5,180
Government bonds:
Non-US	—		5,286		—		5,286
US	—		367,769		—		367,769
Securitization notes receivable and residual trust certificates	—		—		50,857		50,857
Servicing assets	—		—		595		595
Derivative instruments	—		3,808		—		3,808
Risk sharing asset	—		—		43,739		43,739
Total assets	$	69,419	$	814,893	$	95,191	$	979,503
Liabilities:
Servicing liabilities	$	—	$	—	$	103	$	103
Performance fee liability	—		—		1,770		1,770
Profit share liability	—		—		5,425		5,425
Risk sharing liability	—		—		413		413
Derivative instruments	—		86		—		86
Total liabilities	$	—	$	86	$	7,711	$	7,797


	June 30, 2024
	Level 1		Level 2		Level 3		Total
Assets:
Cash and cash equivalents:
Money market funds	$	63,389	$	—	$	—	$	63,389
Commercial paper	—		57,964		—		57,964
Government bonds- US	—		3,492		—		3,492
Securities, available for sale:
Certificates of deposit	—		34,473		—		34,473
Corporate bonds	—		242,660		—		242,660
Commercial paper	—		239,882		—		239,882
Agency bonds	—		15,159		—		15,159
Municipal bonds	—		3,953		—		3,953
Government bonds:
Non-US	—		5,275		—		5,275
US	—		538,556		—		538,556
Securitization notes receivable and residual trust certificates	—		—		51,670		51,670
Servicing assets	—		—		574		574
Derivative instruments	—		17,207		—		17,207
Risk sharing asset	—		—		33,884		33,884
Total assets	$	63,389	$	1,158,621	$	86,128	$	1,308,138
Liabilities:
Servicing liabilities	$	—	$	—	$	743	$	743
Performance fee liability	—		—		1,503		1,503
Profit share liability	—		—		1,974		1,974
Risk sharing liability	—		—		918		918
Derivative Instruments	—		38		—		38
Total liabilities	$	—	$	38	$	5,138	$	5,176

Schedule of Servicing Assets at Fair Value

The following table summarizes the activity related to the aggregate fair value of our servicing assets (in thousands):


	Three Months Ended March 31,				Nine Months Ended March 31,
	2025		2024		2025		2024
Fair value at beginning of period	$	806	$	365	$	574	$	880
Initial transfers of financial assets	—		—		230		—
Subsequent changes in fair value	(211)		(145)		(209)		(660)
Fair value at end of period	$	595	$	220	$	595	$	220

Schedule of Servicing Liabilities at Fair Value

The following table summarizes the activity related to the aggregate fair value of our servicing liabilities (in thousands):


	Three Months Ended March 31,				Nine Months Ended March 31,
	2025		2024		2025		2024
Fair value at beginning of period	$	237	$	2,531	$	743	$	1,392
Initial transfers of financial liabilities	—		1,085		—		4,176
Subsequent changes in fair value	(134)		(1,124)		(640)		(3,076)
Fair value at end of period	$	103	$	2,492	$	103	$	2,492

Schedule of Significant Unobservable Inputs for Level 3 Fair Value Measurement

The following tables present quantitative information about the significant unobservable inputs used for our Level 3 fair value measurement of servicing assets and liabilities as of March 31, 2025 and June 30, 2024:


		March 31, 2025
	Unobservable Input	Minimum		Maximum		Weighted Average (3)
Servicing assets	Discount rate	30.00	%	30.00	%	30.00	%
	Adequate compensation (1)	2.00	%	2.00	%	2.00	%
	Gross default rate (2)	11.83	%	14.84	%	12.86	%
Servicing liabilities	Discount rate	30.00	%	30.00	%	30.00	%
	Adequate compensation (1)	2.00	%	2.00	%	2.00	%
	Gross default rate (2)	3.34	%	5.34	%	4.28	%


		June 30, 2024
	Unobservable Input	Minimum		Maximum		Weighted Average (3)
Servicing assets	Discount rate	30.00	%	30.00	%	30.00	%
	Adequate compensation (1)	2.00	%	2.00	%	2.00	%
	Gross default rate (2)	9.89	%	22.72	%	10.84	%
Servicing liabilities	Discount rate	30.00	%	30.00	%	30.00	%
	Adequate compensation (1)	2.00	%	2.00	%	2.00	%
	Gross default rate (2)	2.58	%	4.12	%	3.00	%

(1)Estimated annual cost of servicing a loan as a percentage of unpaid principal balance

(2)Annualized estimated gross charge-offs as a percentage of unpaid principal balance

(3)Unobservable inputs were weighted by relative fair value

The following tables present quantitative information about the significant unobservable inputs used for our Level 3 fair value measurement of the performance fee liability as of March 31, 2025 and June 30, 2024:


	March 31, 2025
Unobservable Input	Minimum	Maximum	Weighted Average (1)
Discount rate	7.75%	10.00%	9.39%
Refund rate	1.50%	1.50%	1.50%
Default rate	0.92%	4.65%	3.04%


	June 30, 2024
Unobservable Input	Minimum	Maximum	Weighted Average (1)
Discount rate	8.50%	10.00%	9.81%
Refund rate	1.50%	1.50%	1.50%
Default rate	1.38%	4.65%	2.94%

(1)Unobservable inputs were weighted by remaining principal balances

The following tables present quantitative information about the significant unobservable inputs used for our Level 3 fair value measurement of the notes receivable and residual trust certificates as of March 31, 2025 and June 30, 2024:


	March 31, 2025
Unobservable Input	Minimum	Maximum	Weighted Average (1)
Discount rate	2.26%	30.29%	6.89%
Loss rate	0.90%	8.60%	7.20%
Prepayment rate	18.25%	23.00%	22.52%


	June 30, 2024
Unobservable Input	Minimum	Maximum	Weighted Average (1)
Discount rate	5.73%	41.41%	8.93%
Loss rate	0.95%	6.98%	6.17%
Prepayment rate	12.40%	27.70%	23.33%

(1)Unobservable inputs were weighted by relative fair value

The following tables present quantitative information about the significant unobservable inputs used for our Level 3 fair value measurement of the profit sharing liability as of March 31, 2025 and June 30, 2024:


	March 31, 2025
Unobservable Input	Minimum	Maximum	Weighted Average (1)
Discount rate	30.00%	30.00%	30.00%
Program profitability	1.09%	2.19%	1.94%


	June 30, 2024
Unobservable Input	Minimum	Maximum	Weighted Average (1)
Discount rate	30.00%	30.00%	30.00%
Program profitability	0.32%	1.01%	0.96%

(1)Unobservable inputs were weighted by relative fair value

The following tables present quantitative information about the significant unobservable inputs used for our Level 3 fair value measurement of the risk sharing arrangements as of March 31, 2025:


		March 31, 2025
	Unobservable Input	Minimum	Maximum	Weighted Average (1)
Risk sharing assets	Discount rate	20.00%	20.00%	20.00%
	Loss rate	3.31%	4.81%	4.06%
	Prepayment rate	20.38%	24.98%	22.85%
Risk sharing liabilities	Discount rate	20.00%	20.00%	20.00%
	Loss rate	3.46%	5.14%	4.37%


		June 30, 2024
	Unobservable Input	Minimum	Maximum	Weighted Average (1)
Risk sharing assets	Discount rate	20.00%	20.00%	20.00%
	Loss rate	3.00%	4.69%	3.66%
	Prepayment rate	23.36%	33.29%	28.48%
Risk sharing liabilities	Discount rate	20.00%	20.00%	20.00%
	Loss rate	3.25%	5.29%	4.28%

(1)Unobservable inputs were weighted by principal balance of loans sold under each cohort

The following table summarizes the effect that adverse changes in estimates would have on the fair value of the risk sharing assets and liabilities given hypothetical changes in significant unobservable inputs (in thousands):


	March 31, 2025		June 30, 2024
Risk sharing assets (1)
Prepayment rate assumption:
Prepayment rate increase of 25%	$	1,463	$	572
Prepayment rate increase of 50%	$	2,837	$	1,131
Loss rate assumption:
Loss rate increase of 25%	$	(12,917)	$	(7,315)
Loss rate increase of 50%	$	(25,791)	$	(14,528)
Discount rate assumption:
Discount rate increase of 25%	$	(1,038)	$	(1,211)
Discount rate increase of 50%	$	(2,001)	$	(2,323)
Risk sharing liabilities (1)
Loss rate assumption:
Loss rate increase of 25%	$	21,671	$	22,333
Loss rate increase of 50%	$	30,243	$	41,677
Discount rate assumption:
Discount rate increase of 25%	$	(2)	$	(19)
Discount rate increase of 50%	$	(3)	$	(37)

Schedule of Sensitivity Analysis of Fair Value, Servicing Assets and Liabilities

The following table summarizes the effect that adverse changes in estimates would have on the fair value of the servicing assets and liabilities given hypothetical changes in significant unobservable inputs (in thousands):


	March 31, 2025		June 30, 2024
Servicing assets
Gross default rate assumption:
Gross default rate increase of 25%	$	1	$	1
Gross default rate increase of 50%	$	1	$	1
Adequate compensation assumption:
Adequate compensation increase of 10%	$	(923)	$	(980)
Adequate compensation increase of 20%	$	(1,846)	$	(1,961)
Discount rate assumption:
Discount rate increase of 25%	$	(22)	$	(23)
Discount rate increase of 50%	$	(43)	$	(44)
Servicing liabilities
Gross default rate assumption:
Gross default rate increase of 25%	$	—	$	(1)
Gross default rate increase of 50%	$	—	$	(1)
Adequate compensation assumption:
Adequate compensation increase of 10%	$	4,358	$	3,153
Adequate compensation increase of 20%	$	8,715	$	6,305
Discount rate assumption:
Discount rate increase of 25%	$	(2)	$	(19)
Discount rate increase of 50%	$	(3)	$	(37)

Summary of Activity for Liabilities With Significant Unobservable Inputs for Fair Value

The following table summarizes the activity related to the fair value of the performance fee liability (in thousands):


	Three Months Ended March 31,				Nine Months Ended March 31,
	2025		2024		2025		2024
Fair value at beginning of period	$	1,773	$	1,594	$	1,503	$	1,581
Purchases of loans	520		424		1,609		1,293
Settlements paid	(510)		(493)		(1,488)		(1,485)
Subsequent changes in fair value	(13)		(9)		146		127
Fair value at end of period	$	1,770	$	1,516	$	1,770	$	1,516

The following table summarizes the activity related to the fair value of the notes and residual trust certificates (in thousands):


	Three Months Ended March 31,				Nine Months Ended March 31,
	2025		2024		2025		2024
Fair value at beginning of period	$	69,051	$	32,411	$	51,670	$	18,913
Additions	—		—		41,940		22,187
Cash received (due to payments)	(19,982)		(9,697)		(46,401)		(19,052)
Change in unrealized gain (loss)	454		360		(84)		625
Accrued interest	1,072		622		4,048		1,233
Reversal of (impairment on) securities available for sale	262		120		(316)		(90)
Fair value at end of period	$	50,857	$	23,816	$	50,857	$	23,816

The following table summarizes the activity related to the fair value of the profit share liability (in thousands):


	Three Months Ended March 31,				Nine Months Ended March 31,
	2025		2024		2025		2024
Fair value at beginning of period	$	6,111	$	1,544	$	1,974	$	1,832
Facilitation of loans	2,487		521		7,952		2,609
Actual performance	(4,270)		(2,634)		(10,569)		(2,128)
Subsequent changes in fair value	1,097		1,705		6,068		(1,177)
Fair value at end of period	$	5,425	$	1,136	$	5,425	$	1,136

The following table summarizes the activity related to the fair value of the risk sharing liabilities (in thousands):


	Three Months Ended March 31,				Nine Months Ended March 31,
	2025		2024		2025		2024
Fair value at beginning of period	$	1,498	$	512	$	918	$	—
Cash settlements	(909)		—		(1,354)		—
Subsequent changes in fair value	(176)		95		849		607
Fair value at end of period	$	413	$	607	$	413	$	607

Schedule of Sensitivity Analysis of Fair Value, Residual Trust Certificates

The following table summarizes the effect that adverse changes in estimates would have on the fair value of the notes receivable and residual trust certificates given hypothetical changes in significant unobservable inputs (in thousands):


	March 31, 2025		June 30, 2024
Discount rate assumption:
Discount rate increase of 25%	$	(482)	$	(623)
Discount rate increase of 50%	$	(948)	$	(1,223)
Loss rate assumption:
Loss rate increase of 25%	$	(2,238)	$	(705)
Loss rate increase of 50%	$	(2,846)	$	(1,321)
Prepayment rate assumption:
Prepayment rate decrease of 25%	$	75	$	58
Prepayment rate decrease of 50%	$	150	$	116

Schedule of Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation

The following table summarizes the activity related to the fair value of the risk sharing assets (in thousands):


	Three Months Ended March 31,				Nine Months Ended March 31,
	2025		2024		2025		2024
Fair value at beginning of period	$	44,969	$	16,690	$	33,884	$	—
Initial transfers of financial assets	3,605		6,317		19,173		20,880
Cash settlements	(7,665)		—		(13,489)		—
Subsequent changes in fair value	2,830		2,019		4,171		4,146
Fair value at end of period	$	43,739	$	25,026	$	43,739	$	25,026

Schedule of Fair Value Hierarchy for Financial Assets and Liabilities Held at Amortized Cost

The following table presents the fair value and our assessment of the classification of this measurement within the fair value hierarchy for financial assets and liabilities held at amortized cost as of March 31, 2025 and June 30, 2024 (in thousands):


	March 31, 2025
	Carrying Amount		Level 1		Level 2		Level 3		Balance at Fair Value
Assets:
Loans held for sale (1)	$	1	$	—	$	1	$	—	$	1
Loans held for investment, net	6,255,459		—		—		6,682,131		6,682,131
Other assets (1)	7,269		—		7,269		—		7,269
Total assets	$	6,262,729	$	—	$	7,270	$	6,682,131	$	6,689,401
Liabilities:
Convertible senior notes, net (2)	$	1,152,019	$	—	$	1,044,657	$	—	$	1,044,657
Notes issued by securitization trusts	4,084,934		—		—		4,113,689		4,113,689
Funding debt (3)	1,926,795		—		—		1,926,979		1,926,979
Total liabilities	$	7,163,748	$	—	$	1,044,657	$	6,040,669	$	7,085,326


	June 30, 2024
	Carrying Amount		Level 1		Level 2		Level 3		Balance at Fair Value
Assets:
Loans held for sale (1)	$	36	$	—	$	36	$	—	$	36
Loans held for investment, net	5,360,959		—		—		5,616,973		5,616,973
Other assets (1)	43,212		—		43,212		—		43,212
Total assets	$	5,404,207	$	—	$	43,248	$	5,616,973	$	5,660,221
Liabilities:
Convertible senior notes, net (2)	$	1,341,430	$	—	$	1,124,773	$	—	$	1,124,773
Notes issued by securitization trusts	3,236,873		—		—		2,506,929		2,506,929
Funding debt (3)	1,851,699		—		—		1,851,685		1,851,685
Total liabilities	$	6,430,002	$	—	$	1,124,773	$	4,358,614	$	5,483,387

(1)Amortized cost approximates fair value for loans held for sale and other assets.

(2)As of March 31, 2025, includes convertible senior notes due 2026 with a carrying amount and fair value of $247.7 million and $230.5 million, respectively, and convertible senior notes due 2029 with a carrying amount and fair value of $904.3 million and $814.1 million, respectively. As of June 30, 2024, includes convertible senior notes due 2026 with a carrying amount and fair value of $1.3 billion and $1.1 billion, respectively. The estimated fair value of the convertible senior notes is determined based on a market approach, using the estimated or actual bids and offers of the notes in an over-the-counter market on the last business day of the period.

(3)As of March 31, 2025 and June 30, 2024, debt issuance costs in the amount of $18.1 million and $14.8 million, respectively, was included within funding debt.

Net Income (Loss) per Share Attributable to Common Stockholders (Tables)

9 Months Ended

Mar. 31, 2025

Earnings Per Share [Abstract]

Schedule of Basic and Diluted Net Loss Per Share

The following table presents basic and diluted net loss per share attributable to common stockholders for Class A and Class B common stock (in thousands, except share and per share data):


	Three Months Ended March 31,				Nine Months Ended March 31,
	2025				2025
	Class A		Class B		Class A		Class B
Numerator:
Net income (loss) attributable to common stockholders - basic	$	2,451	$	353	$	(14,834)	$	(2,224)
Net income (loss) attributable to common stockholders - diluted	$	2,472	$	332	$	(14,834)	$	(2,224)
Denominator:
Weighted average shares of common stock - basic	283,262,753		40,791,214		279,578,539		41,926,610
Dilutive effect of stock equivalents:
Restricted stock units	10,646,113		—		—		—
Stock options, including early exercise of options	8,801,161		—		—		—
Value creation award vested shares	691,983		—		—		—
Employee stock purchase plan shares	31,108		—		—		—
Weighted average shares of common stock - diluted	303,433,118		40,791,214		279,578,539		41,926,610
Net income (loss) per share:
Basic	$	0.01	$	0.01	$	(0.05)	$	(0.05)
Diluted	$	0.01	$	0.01	$	(0.05)	$	(0.05)


	Three Months Ended March 31,				Nine Months Ended March 31,
	2024				2024
	Class A		Class B		Class A		Class B
Numerator:
Net loss attributable to common stockholders - basic	$	(114,116)	$	(19,820)	$	(388,902)	$	(83,719)
Net loss attributable to common stockholders - diluted	$	(114,116)	$	(19,820)	$	(388,902)	$	(83,719)
Denominator:
Weighted average shares of common stock - basic	266,363,196		46,263,532		253,437,891		54,557,998
Weighted average shares of common stock - diluted	266,363,196		46,263,532		253,437,891		54,557,998
Net loss per share:
Basic	$	(0.43)	$	(0.43)	$	(1.53)	$	(1.53)
Diluted	$	(0.43)	$	(0.43)	$	(1.53)	$	(1.53)

Schedule of Antidilutive Securities Excluded from Computation of Diluted Net Loss Per Share

The following common stock equivalents were excluded from the calculation of diluted net income (loss) per share attributable to common stockholders because their inclusion would have been anti-dilutive:


	Three Months Ended March 31,		Nine Months Ended March 31,
	2025	2024	2025	2024
Restricted stock units	677,495	17,660,162	17,213,079	17,660,162
Stock options, including early exercise of options	953,308	16,886,267	13,210,001	16,886,267
Common stock warrants	6,753,922	5,760,721	6,753,922	5,760,721
Value creation award	—	—	4,000,000	—
Employee stock purchase plan shares	—	214,364	223,996	214,364
Total	8,384,725	40,521,514	41,400,998	40,521,514

Leases (Tables)

9 Months Ended

Mar. 31, 2025

Leases [Abstract]

Schedule of Lease Term and Discount Rate

Operating lease expense is as follows (in thousands):


	Three Months Ended March 31,		Nine Months Ended March 31,
	2025	2024	2025	2024
Operating lease expense (1)	$2,915	$2,894	$8,633	$8,826

(1)Lease expenses for our short-term leases were immaterial for the periods presented.

Lease term and discount rate information are summarized as follows:


						March 31, 2025
Weighted average remaining lease term (in years)						4.2
Weighted average discount rate						5.6%

Schedule of Maturities of Lease Liabilities

As of March 31, 2025, future minimum lease payments are as follows, by fiscal year (in thousands):


2025 (remaining three months)	$	4,209
2026	16,553
2027	4,425
2028	3,563
2029	3,618
Thereafter	8,185
Total lease payments	40,553
Less imputed interest	(4,913)
Present value of total lease liabilities	$	35,640

Net Income (Loss) per Share Attributable to Common Stockholders - Schedule of Common Stock Equivalents Excluded from Calculation of Diluted Net Loss Per Share (Details) - shares	3 Months Ended		9 Months Ended
	Mar. 31, 2025	Mar. 31, 2024	Mar. 31, 2025	Mar. 31, 2024
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total (in shares)	8,384,725	40,521,514	41,400,998	40,521,514
Restricted stock units
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total (in shares)	677,495	17,660,162	17,213,079	17,660,162
Stock options, including early exercise of options
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total (in shares)	953,308	16,886,267	13,210,001	16,886,267
Common stock warrants
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total (in shares)	6,753,922	5,760,721	6,753,922	5,760,721
Value creation award vested shares
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total (in shares)	0	0	4,000,000	0
Employee stock purchase plan shares
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total (in shares)	0	214,364	223,996	214,364

Fair Value of Financial Assets and Liabilities - Schedule of Quantitative Information About Significant Unobservable Inputs for Performance Fee Liability (Details)	Mar. 31, 2025	Jun. 30, 2024
Minimum \| Discount rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Performance fee liability, measurement input	0.0775	0.0850
Minimum \| Refund rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Performance fee liability, measurement input	0.0150	0.0150
Minimum \| Default rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Performance fee liability, measurement input	0.0092	0.0138
Maximum \| Discount rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Performance fee liability, measurement input	0.1000	0.1000
Maximum \| Refund rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Performance fee liability, measurement input	0.0150	0.0150
Maximum \| Default rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Performance fee liability, measurement input	0.0465	0.0465
Weighted Average \| Discount rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Performance fee liability, measurement input	0.0939	0.0981
Weighted Average \| Refund rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Performance fee liability, measurement input	0.0150	0.0150
Weighted Average \| Default rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Performance fee liability, measurement input	0.0304	0.0294

Derivative Financial Instruments - Schedule of Gain (Loss) on Derivative Instruments (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Mar. 31, 2025	Mar. 31, 2024	Mar. 31, 2025	Mar. 31, 2024
Derivatives designated as cash flow hedges \| Funding costs
Derivative Instruments, Gain (Loss) [Line Items]
The effects of cash flow hedging	$ 74	$ 335	$ 382	$ 1,097
Derivatives not designated as hedges \| Other income, net
Derivative Instruments, Gain (Loss) [Line Items]
The effects of derivatives not designated in hedging relationships	$ (2,154)	$ 4,671	$ (3,403)	$ 2,942

Fair Value of Financial Assets and Liabilities -Schedule of Effect of Adverse Changes in Estimates on Risk Sharing Arrangements (Details) - USD ($) $ in Thousands	Mar. 31, 2025	Jun. 30, 2024
Risk Sharing Arrangement
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Loss rate increase of 25%	$ 21,671	$ 22,333
Loss rate increase of 50%	30,243	41,677
Discount rate increase of 25%	(2)	(19)
Discount rate increase of 50%	(3)	(37)
Risk Sharing Arrangement
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Prepayment rate increase of 25%	1,463	572
Prepayment rate increase of 50%	2,837	1,131
Loss rate increase of 25%	(12,917)	(7,315)
Loss rate increase of 50%	(25,791)	(14,528)
Discount rate increase of 25%	(1,038)	(1,211)
Discount rate increase of 50%	$ (2,001)	$ (2,323)

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Mar. 31, 2025	Jun. 30, 2024
Class A common stock
Common stock, par value (in USD per share)	$ 0.00001	$ 0.00001
Common stock, authorized (in shares)	3,030,000,000	3,030,000,000
Common stock, issued (in shares)	281,746,395	267,305,456
Common stock, outstanding (in shares)	281,746,395	267,305,456
Class B common stock
Common stock, par value (in USD per share)	$ 0.00001	$ 0.00001
Common stock, authorized (in shares)	140,000,000	140,000,000
Common stock, issued (in shares)	40,774,346	43,747,575
Common stock, outstanding (in shares)	40,774,346	43,747,575

Balance Sheet Components - Schedule of Expected Future Amortization Expense (Details) $ in Thousands	Mar. 31, 2025 USD ($)
Balance Sheet Related Disclosures [Abstract]
2025 (remaining three months)	$ 60
2026	150
2027	15
2028	0
2029 and thereafter	0
Total amortization expense	$ 225

Equity Incentive Plans - Additional Information (Details) $ / shares in Units, $ in Thousands		1 Months Ended	3 Months Ended		9 Months Ended		49 Months Ended
	Nov. 18, 2020 shares	Nov. 30, 2020 shares	Mar. 31, 2025 USD ($) vestingCondition shares	Mar. 31, 2024 USD ($)	Mar. 31, 2025 USD ($) vestingCondition $ / shares shares	Mar. 31, 2024 USD ($)	Dec. 31, 2024 shares	Jun. 30, 2024 shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Maximum number of common stock available for issuance (in shares)			95,378,877		95,378,877			91,114,872
Weighted-average fair value of employee options granted (in USD per share) \| $ / shares					$ 31.74
Right to purchase shares (in shares)					677,433
Total stock-based compensation in operating expenses \| $			$ 75,607	$ 77,075	$ 255,938	$ 279,598
Stock options, including early exercise of options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Maximum number of common stock available for issuance (in shares)			42,923,080		42,923,080			47,622,117
Vesting period					4 years
Non-vested stock options, unrecognized compensation cost \| $			$ 44,100		$ 44,100
Weighted-average compensation expense recognition period					2 years 3 months 18 days
Stock options, including early exercise of options \| Tranche One
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period					12 months
Vesting rights percentage					25.00%
Stock options, including early exercise of options \| Tranche Two
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period					3 years
Performance Based Stock Options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Non-vested stock options, unrecognized compensation cost \| $			17,300		$ 17,300
Weighted-average compensation expense recognition period					9 months 18 days
Right to purchase shares (in shares)		12,500,000
Total stock-based compensation in operating expenses \| $			$ 6,400	$ 13,300	$ 31,100	$ 52,400
Restricted stock units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Weighted-average compensation expense recognition period					1 year 8 months 12 days
Number of vesting conditions \| vestingCondition			2		2
Non-vested RSUs, unrecognized compensation cost \| $			$ 485,400		$ 485,400
Employee stock purchase plan shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Purchase period	6 months
Minimum \| Stock options, including early exercise of options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expiration period prior to IPO					7 years
Expiration period					3 months
Minimum \| Restricted stock units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period					1 year
Maximum \| Stock options, including early exercise of options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expiration period prior to IPO					10 years
Expiration period					10 years
Maximum \| Restricted stock units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period					4 years
Class A common stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of common stock available for issuance (in shares)			52,455,797		52,455,797			43,492,755
2012 Stock Plan \| Class A common stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Maximum number of common stock available for issuance (in shares)			176,604,160		176,604,160
2020 Employee Stock Purchase Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share purchase price discount percent	85.00%
2020 Employee Stock Purchase Plan \| Class A common stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of common stock available for issuance (in shares)	16,100,000
Number of common stock issued (in shares)							1,900,000

Leases

9 Months Ended

Mar. 31, 2025

Leases [Abstract]

Leases

We lease facilities under operating leases with various expiration dates through 2032. We have the option to renew or extend our leases. Certain lease agreements include the option to terminate the lease with prior written notice ranging from nine months to one year. As of March 31, 2025, we have not considered such provisions in the determination of the lease term, as it is not reasonably certain these options will be exercised. Leases have remaining terms that range from less than one year to eight years.

Several leases require us to obtain standby letters of credit, naming the lessor as a beneficiary. These letters of credit act as security for the faithful performance by us of all terms, covenants and conditions of the lease agreement. We are required to post collateral for the letters of credit in the form of cash or eligible securities. As of March 31, 2025, the collateral totaled $5.7 million, which was in the form of securities that have been classified as securities available for sale at fair value in the interim condensed consolidated balance sheets. As of June 30, 2024, the collateral totaled $8.8 million, of which $2.0 million was in the form of cash that was classified as restricted cash, and $6.8 million was in the form of securities which was classified as securities available for sale at fair value on our consolidated balance sheets.

No impairment charge was incurred related to leases during the three and nine months ended March 31, 2025. No impairment charge was incurred related to leases during the three months ended March 31, 2024. During the nine months ended March 31, 2024, we subleased a portion of our leased office space in San Francisco, resulting in an impairment charge of $0.8 million, included in general and administrative expense on our interim condensed consolidated statements of operations and comprehensive income (loss).

Operating lease expense is as follows (in thousands):


	Three Months Ended March 31,		Nine Months Ended March 31,
	2025	2024	2025	2024
Operating lease expense (1)	$2,915	$2,894	$8,633	$8,826

(1)Lease expenses for our short-term leases were immaterial for the periods presented.

We have subleased a portion of our leased facilities. Sublease income totaled $0.9 million and $3.4 million during the three and nine months ended March 31, 2025, respectively, and $1.3 million and $3.3 million during the three and nine months ended March 31, 2024, respectively.

Lease term and discount rate information are summarized as follows:


						March 31, 2025
Weighted average remaining lease term (in years)						4.2
Weighted average discount rate						5.6%

As of March 31, 2025, future minimum lease payments are as follows, by fiscal year (in thousands):


2025 (remaining three months)	$	4,209
2026	16,553
2027	4,425
2028	3,563
2029	3,618
Thereafter	8,185
Total lease payments	40,553
Less imputed interest	(4,913)
Present value of total lease liabilities	$	35,640

Loans Held for Investment and Allowance for Credit Losses - Schedule of Unpaid Principal Balance for Loans Held for Investment (Details) - USD ($) $ in Thousands	Mar. 31, 2025	Jun. 30, 2024
Financing Receivable, Past Due [Line Items]
Total amortized cost basis	$ 6,561,450	$ 5,607,296
Loan receivable on nonaccrual status	49,100	38,600
Non-delinquent loans
Financing Receivable, Past Due [Line Items]
Total amortized cost basis	6,234,157	5,331,462
4 – 29 calendar days past due
Financing Receivable, Past Due [Line Items]
Total amortized cost basis	153,587	134,434
30 – 59 calendar days past due
Financing Receivable, Past Due [Line Items]
Total amortized cost basis	66,927	55,021
60 – 89 calendar days past due
Financing Receivable, Past Due [Line Items]
Total amortized cost basis	57,469	47,764
90 – 119 calendar days past due
Financing Receivable, Past Due [Line Items]
Total amortized cost basis	$ 49,310	$ 38,615

Restructuring and other (Details) - USD ($) $ in Millions	3 Months Ended	9 Months Ended
Restructuring and other (Details) - USD ($) $ in Millions	Mar. 31, 2024	Mar. 31, 2024
Restructuring and Related Activities [Abstract]
Restructuring and other	$ 5.2	$ 6.9

Fair Value of Financial Assets and Liabilities - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Mar. 31, 2025	Mar. 31, 2024	Mar. 31, 2025	Mar. 31, 2024	Dec. 31, 2024	Jun. 30, 2024	Dec. 31, 2023	Jun. 30, 2023
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Unpaid balance on loans sold with retained servicing rights	$ 3,600,000	$ 2,100,000	$ 11,000,000	$ 7,300,000
Unpaid principal balance on serviced sold loans	6,800,000		6,800,000			$ 5,100,000
Servicing income	32,050	25,294	86,723	67,887
Servicing assets	600		600			600
Servicing liabilities	$ 100		$ 100			700
Fair value, liability, recurring basis, unobservable input reconciliation, gain (loss), statement of income or comprehensive income			Other income, net
Economic risk retention	5.00%		5.00%
Notional Amount	$ 412,489		$ 412,489			1,004,589
Derivative instruments	3,808		3,808			17,207
Derivative Liabilities	86		86			38
Risk Sharing Arrangement
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative instruments	43,700		43,700			33,900
Credit Risk Contract
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Notional Amount	7,800,000		7,800,000			4,200,000
Loss sharing arrangement, maximum exposure to losses	94,300		94,300			81,200
Risk Sharing Liabilities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Loss sharing arrangement, maximum exposure to losses	33,100		33,100
Risk Sharing Assets
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Loss sharing arrangement, maximum exposure to losses	61,200		61,200
Senior Notes and Residual Trust Certificates
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Aggregate fair value	50,857	23,816	50,857	23,816	$ 69,051	51,670	$ 32,411	$ 18,913
Risk Sharing Arrangement
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Aggregate fair value	413	$ 607	413	$ 607	$ 1,498	918	$ 512	$ 0
Derivative Liabilities	$ 400		$ 400			$ 900

Balance Sheet Components - Schedule of Goodwill and Intangible Assets (Details) $ in Thousands	9 Months Ended
	Mar. 31, 2025 USD ($)
Goodwill [Roll Forward]
Balance as of June 30, 2024	$ 533,439
Adjustments	(11,093)
Balance as of March 31, 2025	$ 522,346

- Definition

Amount, after accumulated impairment loss, of asset representing future economic benefit arising from other asset acquired in business combination or from joint venture formation or both, that is not individually identified and separately recognized.

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Derivative Financial Instruments - Schedule of Impact of Cash Flow Hedges on AOCI (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Mar. 31, 2025	Mar. 31, 2024	Mar. 31, 2025	Mar. 31, 2024
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	$ 2,785,540	$ 2,634,884	$ 2,731,989	$ 2,534,183
Ending balance	2,874,916	2,623,460	2,874,916	2,623,460
Expected reclassifications, gain (loss)			(100)
Accumulated Gain (Loss), Net, Cash Flow Hedge, Parent
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	(174)	900	1,407	751
Changes in fair value	(1,205)	1,085	(2,478)	1,996
Amounts reclassified into earnings	(74)	(335)	(382)	(1,097)
Ending balance	$ (1,453)	$ 1,650	$ (1,453)	$ 1,650

- Definition

Amount of equity (deficit) attributable to parent. Excludes temporary equity and equity attributable to noncontrolling interest.

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+ Details

Income Taxes	9 Months Ended
Income Taxes	Mar. 31, 2025
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes The quarterly provision for income taxes is based on the current estimate of the annual effective income tax rate and the tax effect of discrete items occurring during the quarter. Our quarterly provision and the estimate of the annual effective tax rate are subject to significant variation due to several factors, including variability in the pre-tax jurisdictional mix of earnings and the impact of discrete items. For the three and nine months ended March 31, 2025, we recorded income tax expense (benefit) of $2.5 million and $6.9 million, respectively, which was primarily attributable to various U.S. state and foreign income taxes. For the three and nine months ended March 31, 2024, we recorded income tax expense (benefit) of $0.9 million and $1.2 million, respectively, which was primarily attributable to deferred taxes recognized by certain foreign subsidiaries, various U.S. state and other foreign income taxes, and the tax amortization of certain intangibles. As of March 31, 2025, we continue to recognize a full valuation allowance against our U.S. federal and state and certain foreign net deferred tax assets. This determination was based on the assessment of the available positive and negative evidence to estimate whether sufficient future taxable income will be generated to utilize the existing deferred tax assets. A significant piece of objective negative evidence evaluated was the cumulative loss incurred by us for the prior three fiscal years. The presence of a three-year cumulative loss limits the ability to consider other subjective evidence, such as our expectations of future taxable income and projections for growth.

- Definition

The entire disclosure for income tax.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12

Reference 2: http://www.xbrl.org/2003/role/exampleRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
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-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12C

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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-Publisher FASB
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+ Details

Debt - Schedule of Aggregate Future Maturities of Funding Debt (Details) $ in Thousands	Mar. 31, 2025 USD ($)
Line of Credit Facility [Line Items]
2025	$ 0
2026	674,875
2027	331,468
2028	555,996
2029	2,403,923
Thereafter	3,229,237
Total	7,195,499
Deferred debt issuance costs	(49,853)
Total funding debt, net of deferred debt issuance costs	7,145,646
Convertible Debt \| 2026 Notes
Line of Credit Facility [Line Items]
Total	248,704
Total funding debt, net of deferred debt issuance costs	247,730
Convertible Debt \| 2029 Notes
Line of Credit Facility [Line Items]
Total	920,000
Total funding debt, net of deferred debt issuance costs	$ 904,289

CONDENSED CONSOLIDATED STATEMENT OF STOCKHOLDERS’ EQUITY - USD ($)
$ in Thousands

Total

Common Stock

Additional Paid-In Capital

Accumulated Deficit

Accumulated Other Comprehensive Loss

Beginning balance, common stock (in shares) at Jun. 30, 2023

^[1]

296,846,217

Beginning balance at Jun. 30, 2023

$ 2,534,183

$ 3

$ 5,140,850

$ (2,591,247)

$ (15,423)

Increase (Decrease) in Stockholders' Equity [Roll Forward]

Issuance of common stock upon exercise of stock options (in shares)

^[1]

495,350

Issuance of common stock upon exercise of stock options

3,625

Vesting of restricted stock units (in shares)

^[1]

3,740,320

Vesting of warrants for common stock

95,910

Stock-based compensation

151,162

Tax withholding on stock-based compensation

(36,515)

Foreign currency translation adjustments

(11,898)

Unrealized gain (loss) on securities available for sale

1,353

Gain (loss) on cash flow hedges

763

Net income (loss)

(171,783)

Ending balance, common stock (in shares) at Sep. 30, 2023

^[1]

301,081,887

Ending balance at Sep. 30, 2023

2,566,800

$ 3

5,355,032

(2,763,030)

(25,205)

Beginning balance, common stock (in shares) at Jun. 30, 2023

^[1]

296,846,217

Beginning balance at Jun. 30, 2023

2,534,183

$ 3

5,140,850

(2,591,247)

(15,423)

Increase (Decrease) in Stockholders' Equity [Roll Forward]

Foreign currency translation adjustments

(8,953)

Net income (loss)

(472,621)

Ending balance, common stock (in shares) at Mar. 31, 2024

^[1]

308,538,201

Ending balance at Mar. 31, 2024

2,623,460

$ 3

5,704,626

(3,063,868)

(17,301)

Beginning balance, common stock (in shares) at Sep. 30, 2023

^[1]

301,081,887

Beginning balance at Sep. 30, 2023

2,566,800

$ 3

5,355,032

(2,763,030)

(25,205)

Increase (Decrease) in Stockholders' Equity [Roll Forward]

Issuance of common stock upon exercise of stock options (in shares)

^[1]

1,922,621

Issuance of common stock upon exercise of stock options

17,419

Issuance of common stock, employee share purchase plan (in shares)

^[1]

333,847

Issuance of common stock, employee share purchase plan

4,137

Vesting of restricted stock units (in shares)

^[1]

2,195,991

Vesting of warrants for common stock

114,705

Stock-based compensation

119,821

Tax withholding on stock-based compensation

(39,159)

Foreign currency translation adjustments

13,824

Unrealized gain (loss) on securities available for sale

4,853

Gain (loss) on cash flow hedges

(614)

Net income (loss)

(166,902)

Ending balance, common stock (in shares) at Dec. 31, 2023

^[1]

305,534,346

Ending balance at Dec. 31, 2023

2,634,884

$ 3

5,571,955

(2,929,932)

(7,142)

Increase (Decrease) in Stockholders' Equity [Roll Forward]

Issuance of common stock upon exercise of stock options (in shares)

^[1]

233,328

Issuance of common stock upon exercise of stock options

1,154

Vesting of restricted stock units (in shares)

^[1]

2,770,527

Vesting of warrants for common stock

95,974

Stock-based compensation

108,056

Tax withholding on stock-based compensation

(72,513)

Foreign currency translation adjustments

(10,879)

Unrealized gain (loss) on securities available for sale

(30)

Gain (loss) on cash flow hedges

750

Net income (loss)

(133,936)

Ending balance, common stock (in shares) at Mar. 31, 2024

^[1]

308,538,201

Ending balance at Mar. 31, 2024

2,623,460

$ 3

5,704,626

(3,063,868)

(17,301)

Beginning balance, common stock (in shares) at Jun. 30, 2024

^[1]

311,053,031

Beginning balance at Jun. 30, 2024

2,731,989

$ 3

5,862,555

(3,109,004)

(21,565)

Increase (Decrease) in Stockholders' Equity [Roll Forward]

Issuance of common stock upon exercise of stock options (in shares)

^[1]

432,277

Issuance of common stock upon exercise of stock options

3,596

Vesting of restricted stock units (in shares)

^[1]

2,492,095

Vesting of warrants for common stock

107,263

Stock-based compensation

143,711

Tax withholding on stock-based compensation

(63,208)

Foreign currency translation adjustments

8,346

Unrealized gain (loss) on securities available for sale

5,589

Gain (loss) on cash flow hedges

(1,492)

Net income (loss)

(100,222)

Ending balance, common stock (in shares) at Sep. 30, 2024

^[1]

313,977,403

Ending balance at Sep. 30, 2024

2,835,572

$ 3

6,053,917

(3,209,226)

(9,122)

Beginning balance, common stock (in shares) at Jun. 30, 2024

^[1]

311,053,031

Beginning balance at Jun. 30, 2024

$ 2,731,989

$ 3

5,862,555

(3,109,004)

(21,565)

Increase (Decrease) in Stockholders' Equity [Roll Forward]

Issuance of common stock upon exercise of stock options (in shares)

4,230,110

Foreign currency translation adjustments

$ (23,573)

Net income (loss)

(17,058)

Ending balance, common stock (in shares) at Mar. 31, 2025

^[1]

322,520,741

Ending balance at Mar. 31, 2025

2,874,916

$ 3

6,045,479

(3,126,062)

(44,504)

Beginning balance, common stock (in shares) at Sep. 30, 2024

^[1]

313,977,403

Beginning balance at Sep. 30, 2024

2,835,572

$ 3

6,053,917

(3,209,226)

(9,122)

Increase (Decrease) in Stockholders' Equity [Roll Forward]

Issuance of common stock upon exercise of stock options (in shares)

^[1]

2,762,075

Issuance of common stock upon exercise of stock options

30,700

Issuance of common stock, employee share purchase plan (in shares)

^[1]

204,650

Issuance of common stock, employee share purchase plan

5,092

Repurchases of common stock (in shares)

^[1]

(3,526,590)

Repurchases of common stock

(250,000)

Vesting of restricted stock units (in shares)

^[1]

2,317,736

Vesting of warrants for common stock

86,776

Stock-based compensation

130,806

Tax withholding on stock-based compensation

(95,335)

Foreign currency translation adjustments

(35,469)

Unrealized gain (loss) on securities available for sale

(2,873)

Gain (loss) on cash flow hedges

(89)

Net income (loss)

80,360

Ending balance, common stock (in shares) at Dec. 31, 2024

^[1]

315,735,274

Ending balance at Dec. 31, 2024

2,785,540

$ 3

5,961,956

(3,128,866)

(47,553)

Increase (Decrease) in Stockholders' Equity [Roll Forward]

Issuance of common stock upon exercise of stock options (in shares)

^[1]

1,037,308

Issuance of common stock upon exercise of stock options

10,528

Issuance of common stock upon exercise of warrants (in shares)

^[1]

3,499,453

Vesting of restricted stock units (in shares)

^[1]

2,248,706

Vesting of warrants for common stock

36,062

Stock-based compensation

119,976

Tax withholding on stock-based compensation

(83,043)

Foreign currency translation adjustments

3,550

Unrealized gain (loss) on securities available for sale

778

Gain (loss) on cash flow hedges

(1,279)

Net income (loss)

2,804

Ending balance, common stock (in shares) at Mar. 31, 2025

^[1]

322,520,741

Ending balance at Mar. 31, 2025

$ 2,874,916

$ 3

$ 6,045,479

$ (3,126,062)

$ (44,504)

[1]	The share amounts listed above combine Class A and Class B stock.

Revenue - Schedule of Interest Income (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Mar. 31, 2025	Mar. 31, 2024	Mar. 31, 2025	Mar. 31, 2024
Banking and Thrift, Interest [Abstract]
Contractual interest income on unpaid principal balance	$ 369,671	$ 273,581	$ 1,082,744	$ 747,955
Amortization of discount on loans	65,639	53,960	186,450	150,102
Amortization of premiums on loans	(5,108)	(4,256)	(14,623)	(12,419)
Interest receivable charged-off, net of recoveries	(27,501)	(7,573)	(65,439)	(18,901)
Total interest income	$ 402,701	$ 315,712	$ 1,189,132	$ 866,737

- Definition

Represents the total of interest and dividend income, including any amortization and accretion (as applicable) of discounts and premiums, earned from (1) loans and leases whether held-for-sale or held-in-portfolio; (2) investment securities; (3) federal funds sold; (4) securities purchased under agreements to resell; (5) investments in banker's acceptances, commercial paper, or certificates of deposit; (6) dividend income; or (7) other investments not otherwise specified herein.

+ References + Details

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended						9 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Mar. 31, 2025	Dec. 31, 2024	Sep. 30, 2024	Mar. 31, 2024	Dec. 31, 2023	Sep. 30, 2023	Mar. 31, 2025	Mar. 31, 2024
Pay vs Performance Disclosure
Net income (loss)	$ 2,804	$ 80,360	$ (100,222)	$ (133,936)	$ (166,902)	$ (171,783)	$ (17,058)	$ (472,621)

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 32: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Leases - Schedule of Lease Term and Discount Rate (Details)	Mar. 31, 2025
Leases [Abstract]
Weighted average remaining lease term (in years)	4 years 2 months 12 days
Weighted average discount rate	5.60%

Balance Sheet Components - Schedule of Other Assets (Details) - USD ($) $ in Thousands	Mar. 31, 2025	Jun. 30, 2024
Balance Sheet Related Disclosures [Abstract]
Processing reserves	$ 75,717	$ 55,754
Prepaid expenses	46,082	28,799
Risk sharing asset	43,739	33,884
Equity securities, at cost	42,316	37,806
Prepaid payroll taxes for stock-based compensation	31,163	21,395
Operating lease right-of-use assets	21,428	21,863
Foreign deferred tax asset	15,333	21,206
Other receivables	11,639	18,263
Derivative instruments	3,808	17,207
Fixed term deposit	0	35,203
Other assets	9,827	7,960
Total other assets	$ 301,052	$ 299,340

Stockholders' Equity - Additional Information (Details) $ / shares in Units, $ in Thousands	1 Months Ended	3 Months Ended			9 Months Ended
	Dec. 31, 2024 USD ($) shares	Mar. 31, 2025 USD ($) class vote shares	Dec. 31, 2024 USD ($)	Mar. 31, 2024 USD ($)	Mar. 31, 2025 USD ($) class vote shares	Mar. 31, 2024 USD ($)	Feb. 28, 2025	Nov. 30, 2021 $ / shares shares
Class of Stock [Line Items]
Number of classes of common stock \| class		2			2
Shares purchased by warrants (in shares) \| shares								22,000,000
Exercise price of warrants (in USD per share) \| $ / shares								$ 100
Warrants, term								3 years 6 months
Sale of warrants recognized		$ 41,200		$ 102,900	$ 245,700	$ 334,400
Amortization expense of warrants sold		5,100		6,900	15,600	27,800
Expenses on sale of warrants		$ 36,100		$ 96,000	$ 230,100	$ 306,600
Share repurchase program, authorized, amount	$ 350,000		$ 350,000
Stock repurchased during period, value			$ 250,000
First Warrant Shares
Class of Stock [Line Items]
Warrants outstanding (in shares) \| shares								7,000,000
Exercise price of warrants (in USD per share) \| $ / shares								$ 0.01
Warrants extension term							4 years
Warrants exercised (in shares) \| shares		3,500,000			3,500,000
Second Warrant Shares
Class of Stock [Line Items]
Warrants outstanding (in shares) \| shares		15,000,000			15,000,000
Warrants, term								7 years 6 months
Class A common stock
Class of Stock [Line Items]
Number of votes per share \| vote		1			1
Common stock, conversion ratio (in shares)		1			1
Stock repurchased during period, shares (in shares) \| shares	3,500,000
Stock repurchased during period, value	$ 250,000
Class B common stock
Class of Stock [Line Items]
Number of votes per share \| vote		15			15

Loans Held for Investment and Allowance for Credit Losses

9 Months Ended

Mar. 31, 2025

Receivables [Abstract]

Loans Held for Investment and Allowance for Credit Losses

Loans held for investment consisted of the following (in thousands):


	March 31, 2025		June 30, 2024
Unpaid principal balance	$	6,656,169	$	5,697,965
Accrued interest receivable	68,997		62,796
Premiums on loans held for investment	9,897		7,822
Less: Discount due to loss on loan purchase commitment	(77,000)		(63,682)
Less: Discount due to loss on directly originated loans	(27,612)		(34,829)
Less: Fair value adjustment on loans acquired through business combination	(5)		(16)
Total loans held for investment	$	6,630,446	$	5,670,056

Loans held for investment includes loans originated through our originating bank partners and directly originated loans. The majority of the loans that are underwritten using our technology platform and originated by our originating bank partners are later purchased by us. We purchased loans from our originating bank partners in the amount of $7.1 billion and $21.6 billion during the three and nine months ended March 31, 2025, respectively, and $5.1 billion and $15.6 billion during the three and nine months ended March 31, 2024, respectively. We directly originated $1.5 billion and $4.5 billion of loans during the three and nine months ended March 31, 2025, respectively, and $1.1 billion and $3.3 billion of loans during the three and nine months ended March 31, 2024, respectively.

Our portfolio consists of interest bearing and non-interest bearing consumer loans with original term lengths of up to sixty months originated in markets including the U.S., U.K., and Canada, with the majority of loans originated within the U.S. Given that our loan portfolio focuses on one product segment, unsecured consumer installment loans, we generally evaluate the entire portfolio as a single homogeneous loan portfolio to predict future losses, considering factors such as country of origin, loan product, origination channel, merchant and various borrower characteristics.

We closely monitor credit quality for our loan receivables to manage and evaluate our related exposure to credit risk. Credit risk management begins with initial underwriting, where loan applications are assessed against the credit underwriting policy and procedures for our directly originated loans and originating bank partner loans, and continues through to full repayment of a loan. To assess a consumer who requests a loan, we use, among other indicators, internally developed risk models using detailed information from external sources, such as credit bureaus where available, and internal historical experience, including the consumer’s prior repayment history on our platform as well as other measures. We combine these factors to establish a proprietary score as a credit quality indicator.

Our proprietary score (“ITACs”) is assigned to most loans facilitated through our technology platform, ranging from zero to 100, with 100 representing the highest credit quality and therefore the lowest likelihood of loss. The ITACs model analyzes the characteristics of a consumer's attributes that are shown to be predictive of both willingness and ability to repay including, but not limited to: basic features of a consumer's credit profile, a consumer's prior repayment performance with other creditors, current credit utilization, and legal and policy changes. When a consumer passes both fraud and credit policy checks, the application is assigned an ITACs score. ITACs is also used for portfolio performance monitoring. Our credit risk team closely tracks the distribution of ITACs at the portfolio level, as well as ITACs at the individual loan level to monitor for signs of a changing credit profile within the portfolio. Repayment performance within each ITACs band is also monitored to support both the integrity of the risk scoring models and to measure possible changes in consumer behavior amongst various credit tiers.

The following tables present an analysis of the credit quality, by ITACs score, of the amortized cost basis excluding accrued interest receivable, by fiscal year of origination on loans held for investment and loans held for sale as of March 31, 2025 and June 30, 2024 (in thousands):


	March 31, 2025
	Amortized Costs Basis by Fiscal Year of Origination
	2025		2024		2023		2022		2021		Prior		Total
96+	$	3,953,857	$	471,228	$	61,195	$	5,628	$	111	$	10	$	4,492,029
94 – 96	1,609,232		144,301		2,469		483		7		5		1,756,497
90 – 94	221,523		21,598		485		276		3		1		243,886
<90	44,130		3,059		3		62		1		1		47,256
No score (1)	2,061		4,503		13,436		1,674		89		19		21,782
Total amortized cost basis	$	5,830,803	$	644,689	$	77,588	$	8,123	$	211	$	36	$	6,561,450


	June 30, 2024
	Amortized Costs Basis by Fiscal Year of Origination
	2024		2023		2022		2021		2020		Prior		Total
96+	$	3,438,135	$	183,210	$	10,026	$	186	$	10	$	5	$	3,631,572
94 – 96	1,509,125		29,227		463		8		2		4		1,538,829
90 – 94	287,499		3,575		263		3		1		1		291,342
<90	45,009		46		309		2		1		—		45,367
No score (1)	20,680		66,680		12,391		217		94		124		100,186
Total amortized cost basis	$	5,300,448	$	282,738	$	23,452	$	416	$	108	$	134	$	5,607,296

(1)This balance represents loan receivables without sufficient data available for use by the Affirm scoring methodology including new markets and certain developing products.

The following table presents net charge-offs by fiscal year of origination as of March 31, 2025 (in thousands):


	March 31, 2025
	Net Charge-offs by Fiscal Year of Origination
	2025	2024	2023	2022	2021	Prior	Total
Current period charge-offs	(92,359)	(295,661)	(19,445)	(1,312)	(214)	(161)	(409,152)
Current period recoveries	2,089	15,593	9,901	4,011	833	268	32,695
Current period net charge-offs	(90,270)	(280,068)	(9,544)	2,699	619	107	(376,457)

Loan receivables are defined as past due if either the principal or interest have not been received within four calendars days of when they are due in accordance with the agreed upon contractual terms. The following table presents an aging analysis of the amortized cost basis excluding accrued interest receivable of loans held for investment and loans held for sale by delinquency status (in thousands):


	March 31, 2025		June 30, 2024
Non-delinquent loans	$	6,234,157	$	5,331,462
4 – 29 calendar days past due	153,587		134,434
30 – 59 calendar days past due	66,927		55,021
60 – 89 calendar days past due	57,469		47,764
90 – 119 calendar days past due(1)	49,310		38,615
Total amortized cost basis	$	6,561,450	$	5,607,296

(1)Includes $49.1 million and $38.6 million of loan receivables as of March 31, 2025 and June 30, 2024, respectively, that are 90 days or more past due, but are not on non-accrual status.

We maintain an allowance for credit losses at a level sufficient to absorb expected credit losses based on evaluating known and inherent risks in our loan portfolio. The allowance for credit losses reflects our estimate of expected lifetime credit losses, which consider the remaining contractual term, historical credit losses, consumer payment trends, estimated recoveries, and future payment expectations as of each balance sheet date. Adjustments to the allowance for changes in our estimate of lifetime expected credit losses are recognized in earnings through the provision for credit losses presented on our interim condensed consolidated statements of operations and comprehensive income (loss). When available information confirms that specific loans or portions thereof are uncollectible, identified amounts are charged off against the allowance for credit losses. Loans are charged off in accordance with our charge-off policy, as the contractual principal becomes 120 days past due. Subsequent recoveries of the unpaid principal balance, if any, are credited to the allowance for credit losses.

The following table details activity in the allowance for credit losses, including charge-offs, recoveries and provision for loan losses (in thousands):


	Three Months Ended March 31,				Nine Months Ended March 31,
	2025		2024		2025		2024
Balance at beginning of period	$	363,831	$	262,204	$	309,097	$	204,531
Provision for loan losses	142,001		117,271		445,313		325,914
Charge-offs	(144,792)		(99,181)		(409,152)		(261,657)
Recoveries of charged-off receivables	15,475		9,245		32,695		20,406
Other(1)	(1,528)		(451)		(2,966)		(106)
Balance at end of period	$	374,987	$	289,088	$	374,987	$	289,088

(1)Primarily represents foreign currency translation adjustments and the initial allowance for purchased credit-deteriorated (PCD) loans.

Loan Modifications for Borrowers Experiencing Financial Difficulty

We have a loan modification program for borrowers experiencing financial difficulty if certain eligibility criteria are met. A loan is evaluated for modification program eligibility when a borrower self-reports financial hardship, either when a borrower contacts us directly or upon making contact with the borrower to determine eligibility when a loan payment is past due. The objectives of the loan modification program are to offer borrowers assistance during times of financial stress, increase collections, and minimize losses.

We have two primary loan modification strategies: payment deferrals and loan re-amortization. A payment deferral provides the borrower relief by extending the due date for the next payment due. While a borrower may obtain more than one deferral, the total deferral period may not exceed three months. A loan re-amortization provides the borrower relief by lowering monthly payments through extending the term length of the loan; however, the total remaining term may not exceed twenty-four months. In addition, the total interest due from the consumer will not exceed the initial total interest due prior to modification, and a loan may not be re-amortized more than once.

The following tables present the amortized cost basis of loans excluding accrued interest receivable that were modified for borrowers experiencing financial difficulty during the three and nine months ended March 31, 2025 and 2024, by type of modification (in thousands):


	Three Months Ended March 31,						Nine Months Ended March 31,
	2025			2024 (1)			2025			2024 (1)
Payment deferral	$	5,749		$	32,015		$	13,110		$	43,282
Loan re-amortization	116			1,075			250			1,630
Total	$	5,865		$	33,090		$	13,360		$	44,912
% of total loan receivables outstanding	0.09		%	0.61		%	0.20		%	0.83		%

(1)Amounts previously disclosed excluded modifications made to borrowers where the loan was less than 30 days delinquent at the time of modification.

With respect to borrowers who received payment deferrals during the three and nine months ended March 31, 2025 and 2024, the length of each deferral period was one month.

With respect to borrowers who received a loan re-amortization during the three and nine months ended March 31, 2025 and 2024, the payment amount was reduced by half and the term of the loan was extended between one month and twelve months.

During the modification process, the loans are made current, and payment schedules for these loans are updated according to the modified terms. We closely monitor the performance of loans that are modified for borrowers experiencing financial difficulty to understand the effectiveness of our modification efforts. We hold an allowance for credit losses for modified loans classified as held for investment. Our allowance estimate considers whether a loan has been modified, the delinquency status of the loan on the date of modification, and the increased likelihood that such loan may become delinquent or charge-off in the future.

The following tables present the delinquency status as of March 31, 2025 and 2024, by amortized cost basis excluding accrued interest receivable, of loan receivables that have been modified within the last 12 months where the borrower was experiencing financial difficulty at the time of modification (in thousands):


	March 31, 2025
	Payment Deferral		Loan Re-amortization		Total
Non-delinquent loans	$	7,761	$	154	$	7,915
4 – 29 calendar days past due	2,123		40		2,163
30 – 59 calendar days past due	1,398		20		1,418
60 – 89 calendar days past due	1,211		26		1,237
90 – 119 calendar days past due	1,224		20		1,244
Total amortized cost basis	$	13,717	$	260	$	13,977


	March 31, 2024 (1)
	Payment Deferral		Loan Re-amortization		Total
Non-delinquent loans	$	28,880	$	868	$	29,748
4 – 29 calendar days past due	7,178		396		7,574
30 – 59 calendar days past due	3,235		179		3,414
60 – 89 calendar days past due	2,171		100		2,271
90 – 119 calendar days past due	2,014		91		2,105
Total amortized cost basis	$	43,478	$	1,634	$	45,112

(1)Amounts previously disclosed excluded modifications made to borrowers where the loan was less than 30 days delinquent at the time of modification

With respect to modifications during the 12 months preceding March 31, 2025 and 2024, respectively, where the borrower was experiencing financial difficulty at the time of modification, the amortized cost basis of loans which have been charged off was $10.4 million and $7.8 million, respectively.

Securitization and Variable Interest Entities - Schedule of Aggregate Carrying Value of Financial Assets and Liabilities from Unconsolidated VIEs (Details) - USD ($) $ in Thousands	Mar. 31, 2025	Jun. 30, 2024
Debt Instrument [Line Items]
Assets	$ 10,436,187	$ 9,519,619
Liabilities	7,561,272	6,787,630
Variable Interest Entity, Not Primary Beneficiary
Debt Instrument [Line Items]
Assets	952,709	967,256
Liabilities	914,730	920,004
Net Assets	37,979	47,252
Maximum Exposure to Losses	51,394	51,861
Variable Interest Entity, Not Primary Beneficiary \| Securitizations
Debt Instrument [Line Items]
Assets	952,709	967,256
Liabilities	914,730	920,004
Net Assets	37,979	47,252
Maximum Exposure to Losses	$ 51,394	$ 51,861

- Definition

Amount of asset recognized for present right to economic benefit.

+ References

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- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

- Definition

Amount of liability recognized for present obligation requiring transfer or otherwise providing economic benefit to others.

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+ Details

Fair Value of Financial Assets and Liabilities - Schedule of Significant Unobservable Inputs Used in Risk Sharing Arrangement (Details)	Mar. 31, 2025	Jun. 30, 2024
Minimum \| Discount rate \| Risk Sharing Arrangement
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Risk sharing liabilities	0.2000	0.2000
Minimum \| Discount rate \| Risk Sharing Arrangement
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Risk sharing assets	0.2000	0.2000
Minimum \| Loss rate \| Risk Sharing Arrangement
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Risk sharing liabilities	0.0346	0.0325
Minimum \| Loss rate \| Risk Sharing Arrangement
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Risk sharing assets	0.0331	0.0300
Minimum \| Prepayment rate \| Risk Sharing Arrangement
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Risk sharing assets	0.2038	0.2336
Maximum \| Discount rate \| Risk Sharing Arrangement
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Risk sharing liabilities	0.2000	0.2000
Maximum \| Discount rate \| Risk Sharing Arrangement
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Risk sharing assets	0.2000	0.2000
Maximum \| Loss rate \| Risk Sharing Arrangement
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Risk sharing liabilities	0.0514	0.0529
Maximum \| Loss rate \| Risk Sharing Arrangement
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Risk sharing assets	0.0481	0.0469
Maximum \| Prepayment rate \| Risk Sharing Arrangement
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Risk sharing assets	0.2498	0.3329
Weighted Average \| Discount rate \| Risk Sharing Arrangement
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Risk sharing liabilities	0.2000	0.2000
Weighted Average \| Discount rate \| Risk Sharing Arrangement
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Risk sharing assets	0.2000	0.2000
Weighted Average \| Loss rate \| Risk Sharing Arrangement
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Risk sharing liabilities	0.0437	0.0428
Weighted Average \| Loss rate \| Risk Sharing Arrangement
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Risk sharing assets	0.0406	0.0366
Weighted Average \| Prepayment rate \| Risk Sharing Arrangement
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Risk sharing assets	0.2285	0.2848

Fair Value of Financial Assets and Liabilities - Schedule of Fair Value Activity for Risk Sharing Arrangements (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Mar. 31, 2025	Mar. 31, 2024	Mar. 31, 2025	Mar. 31, 2024
Risk Sharing Arrangement
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Fair value at beginning of period	$ 44,969	$ 16,690	$ 33,884	$ 0
Initial transfers of financial assets	3,605	6,317	19,173	20,880
Cash settlements	(7,665)	0	(13,489)	0
Subsequent changes in fair value	2,830	2,019	4,171	4,146
Fair value at end of period	43,739	25,026	43,739	25,026
Risk Sharing Arrangement
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Fair value at beginning of period	1,498	512	918	0
Settlements paid	(909)	0	(1,354)	0
Subsequent changes in fair value	(176)	95	849	607
Fair value at end of period	$ 413	$ 607	$ 413	$ 607

Revenue (Tables)

9 Months Ended

Mar. 31, 2025

Banking and Thrift, Interest [Abstract]

Disaggregation of Revenue

The following table presents our revenue disaggregated by revenue source (in thousands):


	Three Months Ended March 31,				Nine Months Ended March 31,
	2025		2024		2025		2024
Merchant network revenue	$	213,973	$	159,292	$	643,207	$	493,599
Card network revenue	58,572		35,676		164,194		108,421
Interest income	402,701		315,712		1,189,132		866,737
Gain on sales of loans	75,838		40,183		264,739		127,170
Servicing income	32,050		25,294		86,723		67,887
Total revenue, net	$	783,135	$	576,157	$	2,347,995	$	1,663,814

Schedule of Interest Income

Interest income consisted of the following components (in thousands):


	Three Months Ended March 31,				Nine Months Ended March 31,
	2025		2024		2025		2024
Contractual interest income on unpaid principal balance	$	369,671	$	273,581	$	1,082,744	$	747,955
Amortization of discount on loans	65,639		53,960		186,450		150,102
Amortization of premiums on loans	(5,108)		(4,256)		(14,623)		(12,419)
Interest receivable charged-off, net of recoveries	(27,501)		(7,573)		(65,439)		(18,901)
Total interest income	$	402,701	$	315,712	$	1,189,132	$	866,737

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Mar. 31, 2025 shares
Trading Arrangements, by Individual
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false
Michael Linford [Member]
Trading Arrangements, by Individual
Material Terms of Trading Arrangement	On February 14, 2025, Michael Linford, our Chief Operating Officer, adopted a Rule 10b5-1 trading arrangement providing for the sale of the Company's Class A common stock (a “Rule 10b5-1 Trading Plan”) that is intended to satisfy the affirmative defense conditions of Exchange Act Rule 10b5-1(c). Mr. Linford’s Rule 10b5-1 Trading Plan provides for the exercise of up to 200,000 employee stock options and the sale of the underlying shares of our Class A common stock pursuant to one or more limit orders on or after May 16, 2025 until November 15, 2025, or earlier if all transactions under the trading arrangement are completed.
Name	Michael Linford
Title	Chief Operating Officer
Rule 10b5-1 Arrangement Adopted	true
Adoption Date	February 14, 2025
Expiration Date	November 15, 2025
Arrangement Duration	274 days
Aggregate Available	200,000
Max Levchin [Member]
Trading Arrangements, by Individual
Material Terms of Trading Arrangement	On March 17, 2025, Max Levchin, our Chief Executive Officer, adopted a Rule 10b5-1 Trading Plan. Mr. Levchin’s Rule 10b5-1 Trading Plan provides for the exercise of up to 4,000,000 employee stock options and the sale of the underlying shares of our Class A common stock pursuant to one or more limit orders on or after June 20, 2025 until June 18, 2026, or earlier if all transactions under the trading arrangement are completed.
Name	Max Levchin
Title	Chief Executive Officer
Rule 10b5-1 Arrangement Adopted	true
Adoption Date	March 17, 2025
Expiration Date	June 18, 2026
Arrangement Duration	458 days
Aggregate Available	4,000,000

Income Taxes (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
Income Taxes (Details) - USD ($) $ in Thousands	Mar. 31, 2025	Mar. 31, 2024	Mar. 31, 2025	Mar. 31, 2024
Income Tax Disclosure [Abstract]
Income tax expense	$ 2,541	$ 890	$ 6,942	$ 1,233

- Definition

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

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+ Details

Investments - Schedule of Marketable Securities (Details) - USD ($) $ in Thousands	Mar. 31, 2025	Jun. 30, 2024
Marketable Securities [Line Items]
Marketable securities	$ 931,361	$ 1,256,473
Money market funds \| Cash and cash equivalents:
Marketable Securities [Line Items]
Marketable securities	69,419	63,389
Commercial paper
Marketable Securities [Line Items]
Marketable securities	86,088	239,882
Commercial paper \| Cash and cash equivalents:
Marketable Securities [Line Items]
Marketable securities	61,883	57,964
Government bonds - US
Marketable Securities [Line Items]
Marketable securities	367,769	538,556
Government bonds - US \| Asset Pledged as Collateral
Marketable Securities [Line Items]
Marketable securities	74,700	54,100
Government bonds - US \| Cash and cash equivalents:
Marketable Securities [Line Items]
Marketable securities	19,889	3,492
Certificates of deposit
Marketable Securities [Line Items]
Marketable securities	8,746	34,473
Corporate bonds
Marketable Securities [Line Items]
Marketable securities	242,800	242,660
Agency bonds
Marketable Securities [Line Items]
Marketable securities	13,444	15,159
Municipal bonds
Marketable Securities [Line Items]
Marketable securities	5,180	3,953
Non-US
Marketable Securities [Line Items]
Marketable securities	5,286	5,275
Securitization notes receivable and certificates
Marketable Securities [Line Items]
Marketable securities	50,857	51,670
Securitization notes receivable and certificates \| Asset Pledged as Collateral
Marketable Securities [Line Items]
Marketable securities	$ 49,600	$ 46,700

Equity Incentive Plans - Schedule of Stock Option Activity (Details) $ / shares in Units, $ in Thousands	9 Months Ended	12 Months Ended
	Mar. 31, 2025 USD ($) $ / shares shares	Jun. 30, 2024 $ / shares shares
Number of Options
Beginning balance (in shares) \| shares	16,794,697
Granted (in shares) \| shares	677,433
Exercised (in shares) \| shares	(4,230,110)
Forfeited, expired or cancelled (in shares) \| shares	(32,019)
Ending balance (in shares) \| shares	13,210,001	16,794,697
Vested and exercisable (in shares) \| shares	10,562,612
Vested and exercisable, and expected to vest thereafter (in shares) \| shares	13,129,573
Weighted Average Exercise Price
Beginning balance (in USD per share) \| $ / shares	$ 15.84
Granted (in USD per share) \| $ / shares	44.66
Exercised (in USD per share) \| $ / shares	10.65
Forfeited, expired or cancelled (in USD per share) \| $ / shares	34.21
Ending balance (in USD per share) \| $ / shares	18.93	$ 15.84
Vested and exercisable (in USD per share) \| $ / shares	16.23
Vested and exercisable, and expected to vest thereafter (in USD per share) \| $ / shares	$ 18.79
Weighted Average Remaining Contractual Term (Years)
Weighted Average Remaining Contractual Term (Years)	5 years 4 months 24 days	5 years 7 months 17 days
Vested and exercisable	4 years 7 months 28 days
Vested and exercisable, and expected to vest thereafter	5 years 4 months 13 days
Aggregate Intrinsic Value (in thousands)
Vested and exercisable \| $	$ 315,906
Vested and exercisable, and expected to vest thereafter \| $	$ 358,087

Commitments and Contingencies	9 Months Ended
Commitments and Contingencies	Mar. 31, 2025
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Loan Repurchase Obligations Under the normal terms of our whole loan sales to third-party investors, we may become obligated to repurchase loans from investors in certain instances where a breach in representations and warranties is identified. Generally, a breach in representations and warranties could occur where a loan has been identified as subject to verified or suspected fraud, or in cases where a loan was serviced or originated in violation of Affirm’s guidelines. We would only experience a loss if the contractual repurchase price of the loan exceeds the fair value on the repurchase date. As of March 31, 2025, the aggregate outstanding balance of loans held by third-party investors or unconsolidated VIEs was $6.8 billion, of which we have recorded a repurchase liability of $8.3 million within accrued expenses and other liabilities in our interim condensed consolidated balance sheets. Legal Proceedings From time to time, we are subject to legal proceedings and claims in the ordinary course of business. The results of such matters often cannot be predicted with certainty. In accordance with applicable accounting guidance, we establish an accrued liability for legal proceedings and claims when those matters present loss contingencies which are both probable and reasonably estimable. Kusnier v. Affirm Holdings, Inc. On December 8, 2022, plaintiff Mark Kusnier filed a putative class action lawsuit against Affirm, Max Levchin, and Michael Linford in the U.S. District Court for the Northern District of California (the “Kusnier action”). On May 5, 2023, plaintiffs Kusnier and Chris Meinsen filed their first amended complaint alleging that the defendants (i) caused Affirm to make materially false and/or misleading statements and/or failed to disclose that Affirm’s BNPL service facilitated excessive consumer debt (including with respect to certain for-profit educational institutions), regulatory arbitrage, and data harvesting; (ii) made false and/or misleading statements about certain public regulatory actions; and (iii) made false and/or misleading statements about whether Affirm’s business model was vulnerable to interest rate changes. On December 20, 2023, the Court granted Affirm’s motion to dismiss the first amended complaint with leave to amend. On January 19, 2024, plaintiffs filed their second amended complaint, which contains only the allegations from the first amended complaint relating to false and/or misleading statements about whether Affirm’s business model was vulnerable to interest rate changes. In light of the above, plaintiffs assert that Affirm violated Section 10(b) of the Exchange Act and Rule 10b-5 promulgated thereunder, and that Levchin and Linford violated Section 20(a) of the Exchange Act. Plaintiffs seek class certification, unspecified compensatory and punitive damages, and costs and expenses. Affirm filed its motion to dismiss the second amended complaint on February 2, 2024. On August 26, 2024, the Court granted Affirm’s motion to dismiss with leave to amend. On September 23, 2024, plaintiffs filed a motion for leave to file a motion for reconsideration of the Court's Order granting Affirm's motion to dismiss. Quiroga v. Levchin, et al. On March 29, 2023, plaintiff John Quiroga filed a shareholder derivative lawsuit in the U.S. District Court for the Northern District of California (the “Quiroga action”) against Affirm, as a nominal defendant, and certain of Affirm’s current officers and directors as defendants based on allegations substantially similar to those in the Kusnier action at the time of filing. The Quiroga complaint purports to assert claims on Affirm’s behalf for contribution under the federal securities laws, breaches of fiduciary duty, unjust enrichment, and waste of corporate assets, and seeks corporate reforms, unspecified damages and restitution, and fees and costs. On May 1, 2023, the action was stayed by agreement of the parties. The stay can be lifted at the request of either party or upon certain conditions relating to the resolution of the Kusnier action. Jeffries v. Levchin, et al. On May 24, 2023, plaintiff Sabrina Jeffries filed a shareholder derivative lawsuit in the U.S. District Court for the Northern District of California (the “Jeffries action”) against Affirm, as a nominal defendant, and certain of Affirm's current officers and directors as defendants based on allegations substantially similar to those in the Kusnier and Quiroga actions at the time of filing. The Jeffries complaint purports to assert claims on Affirm's behalf for breach of fiduciary duties, making false statements under federal securities law, unjust enrichment, waste of corporate assets, and aiding and abetting breach of fiduciary duties, and seeks unspecified damages, equitable relief, and fees and costs. On August 15, 2023, the action was stayed by agreement of the parties. The stay can be lifted at the request of either party or upon certain conditions relating to the resolution of the Kusnier action. Vallieres v. Levchin, et al. On September 14, 2023, plaintiff Michael Vallieres filed a shareholder derivative lawsuit in the U.S. District Court for the District of Delaware against Affirm, as a nominal defendant, and certain of Affirm’s current officers and directors as defendants based on allegations substantially similar to those in the Kusnier, Quiroga, and Jeffries actions at the time of filing. The Vallieres complaint purports to assert claims on Affirm's behalf for breach of fiduciary duties, gross management, abuse of control, unjust enrichment, and contribution, and seeks unspecified damages, equitable relief, and fees and costs. On November 30, 2023, the case was stayed by agreement of the parties. We have determined, based on current knowledge, that the aggregate amount or range of losses that are estimable with respect to our legal proceedings, including the matters described above, would not have a material adverse effect on our consolidated financial position, results of operations or cash flows. Amounts accrued as of March 31, 2025 were not material. The ultimate outcome of legal proceedings involves judgments, estimates and inherent uncertainties, and cannot be predicted with certainty.

Fair Value of Financial Assets and Liabilities - Schedule of Assets and Liabilities Measured at Fair Value on Recurring Basis (Details) - USD ($) $ in Thousands	Mar. 31, 2025	Dec. 31, 2024	Jun. 30, 2024	Mar. 31, 2024	Dec. 31, 2023	Jun. 30, 2023
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Servicing assets	$ 600		$ 600
Derivative instruments	3,808		17,207
Risk sharing asset	43,739		33,884
Servicing liabilities	103	$ 237	743	$ 2,492	$ 2,531	$ 1,392
Derivative instruments	86		38
Money market funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents	69,419
Commercial paper
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents	61,883
Commercial paper
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Restricted cash	86,088
Government bonds - US
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Restricted cash	367,769
Certificates of deposit
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Restricted cash	8,746
Corporate bonds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Restricted cash	242,800
Agency bonds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Restricted cash	13,444
Municipal bonds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Restricted cash	5,180
Government bonds, Non-US
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Restricted cash	5,286
Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securitization notes receivable and residual trust certificates	50,857		51,670
Servicing assets	595		574
Derivative instruments	3,808		17,207
Risk sharing asset	43,739		33,884
Total assets	979,503		1,308,138
Servicing liabilities	103		743
Performance fee liability	1,770		1,503
Profit share liability	5,425		1,974
Risk sharing liability	413		918
Derivative instruments	86		38
Total liabilities	7,797		5,176
Recurring \| Money market funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents			63,389
Recurring \| Commercial paper
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents			57,964
Recurring \| Government bonds - US
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents	19,889		3,492
Recurring \| Commercial paper
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Restricted cash			239,882
Recurring \| Government bonds - US
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Restricted cash			538,556
Recurring \| Certificates of deposit
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Restricted cash			34,473
Recurring \| Corporate bonds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Restricted cash			242,660
Recurring \| Agency bonds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Restricted cash			15,159
Recurring \| Municipal bonds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Restricted cash			3,953
Recurring \| Government bonds, Non-US
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Restricted cash			5,275
Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total assets	0		0
Total liabilities	0		0
Level 1 \| Money market funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents	69,419
Level 1 \| Commercial paper
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents	0
Level 1 \| Commercial paper
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Restricted cash	0
Level 1 \| Government bonds - US
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Restricted cash	0
Level 1 \| Certificates of deposit
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Restricted cash	0
Level 1 \| Corporate bonds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Restricted cash	0
Level 1 \| Agency bonds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Restricted cash	0
Level 1 \| Municipal bonds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Restricted cash	0
Level 1 \| Government bonds, Non-US
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Restricted cash	0
Level 1 \| Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securitization notes receivable and residual trust certificates	0		0
Servicing assets	0		0
Derivative instruments	0		0
Risk sharing asset	0		0
Total assets	69,419		63,389
Servicing liabilities	0		0
Performance fee liability	0		0
Profit share liability	0		0
Risk sharing liability	0		0
Derivative instruments	0		0
Total liabilities	0		0
Level 1 \| Recurring \| Money market funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents			63,389
Level 1 \| Recurring \| Commercial paper
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents			0
Level 1 \| Recurring \| Government bonds - US
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents	0		0
Level 1 \| Recurring \| Commercial paper
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Restricted cash			0
Level 1 \| Recurring \| Government bonds - US
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Restricted cash			0
Level 1 \| Recurring \| Certificates of deposit
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Restricted cash			0
Level 1 \| Recurring \| Corporate bonds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Restricted cash			0
Level 1 \| Recurring \| Agency bonds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Restricted cash			0
Level 1 \| Recurring \| Municipal bonds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Restricted cash			0
Level 1 \| Recurring \| Government bonds, Non-US
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Restricted cash			0
Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total assets	7,270		43,248
Total liabilities	1,044,657		1,124,773
Level 2 \| Money market funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents	0
Level 2 \| Commercial paper
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents	61,883
Level 2 \| Commercial paper
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Restricted cash	86,088
Level 2 \| Government bonds - US
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Restricted cash	367,769
Level 2 \| Certificates of deposit
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Restricted cash	8,746
Level 2 \| Corporate bonds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Restricted cash	242,800
Level 2 \| Agency bonds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Restricted cash	13,444
Level 2 \| Municipal bonds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Restricted cash	5,180
Level 2 \| Government bonds, Non-US
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Restricted cash	5,286
Level 2 \| Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securitization notes receivable and residual trust certificates	0		0
Servicing assets	0		0
Derivative instruments	3,808		17,207
Risk sharing asset	0		0
Total assets	814,893		1,158,621
Servicing liabilities	0		0
Performance fee liability	0		0
Profit share liability	0		0
Risk sharing liability	0		0
Derivative instruments	86		38
Total liabilities	86		38
Level 2 \| Recurring \| Money market funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents			0
Level 2 \| Recurring \| Commercial paper
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents			57,964
Level 2 \| Recurring \| Government bonds - US
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents	19,889		3,492
Level 2 \| Recurring \| Commercial paper
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Restricted cash			239,882
Level 2 \| Recurring \| Government bonds - US
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Restricted cash			538,556
Level 2 \| Recurring \| Certificates of deposit
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Restricted cash			34,473
Level 2 \| Recurring \| Corporate bonds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Restricted cash			242,660
Level 2 \| Recurring \| Agency bonds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Restricted cash			15,159
Level 2 \| Recurring \| Municipal bonds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Restricted cash			3,953
Level 2 \| Recurring \| Government bonds, Non-US
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Restricted cash			5,275
Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total assets	6,682,131		5,616,973
Total liabilities	6,040,669		4,358,614
Level 3 \| Money market funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents	0
Level 3 \| Commercial paper
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents	0
Level 3 \| Commercial paper
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Restricted cash	0
Level 3 \| Government bonds - US
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Restricted cash	0
Level 3 \| Certificates of deposit
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Restricted cash	0
Level 3 \| Corporate bonds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Restricted cash	0
Level 3 \| Agency bonds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Restricted cash	0
Level 3 \| Municipal bonds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Restricted cash	0
Level 3 \| Government bonds, Non-US
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Restricted cash	0
Level 3 \| Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securitization notes receivable and residual trust certificates	50,857		51,670
Servicing assets	595		574
Derivative instruments	0		0
Risk sharing asset	43,739		33,884
Total assets	95,191		86,128
Servicing liabilities	103		743
Performance fee liability	1,770		1,503
Profit share liability	5,425		1,974
Risk sharing liability	413		918
Derivative instruments	0		0
Total liabilities	7,711		5,138
Level 3 \| Recurring \| Money market funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents			0
Level 3 \| Recurring \| Commercial paper
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents			0
Level 3 \| Recurring \| Government bonds - US
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents	$ 0		0
Level 3 \| Recurring \| Commercial paper
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Restricted cash			0
Level 3 \| Recurring \| Government bonds - US
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Restricted cash			0
Level 3 \| Recurring \| Certificates of deposit
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Restricted cash			0
Level 3 \| Recurring \| Corporate bonds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Restricted cash			0
Level 3 \| Recurring \| Agency bonds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Restricted cash			0
Level 3 \| Recurring \| Municipal bonds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Restricted cash			0
Level 3 \| Recurring \| Government bonds, Non-US
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Restricted cash			$ 0

Revenue - Disaggregated Revenue (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Mar. 31, 2025	Mar. 31, 2024	Mar. 31, 2025	Mar. 31, 2024
Disaggregation of Revenue [Line Items]
Revenue	$ 272,545	$ 194,968	$ 807,401	$ 602,020
Interest income	402,701	315,712	1,189,132	866,737
Gain on sales of loans	75,838	40,183	264,739	127,170
Servicing income	32,050	25,294	86,723	67,887
Total revenue, net	783,135	576,157	2,347,995	1,663,814
Merchant network revenue
Disaggregation of Revenue [Line Items]
Revenue	213,973	159,292	643,207	493,599
Card network revenue
Disaggregation of Revenue [Line Items]
Revenue	$ 58,572	$ 35,676	$ 164,194	$ 108,421

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

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Amount, excluding tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value added and excise.

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Amount of revenue recognized from goods sold, services rendered, insurance premiums, or other activities that constitute an earning process. Includes, but is not limited to, investment and interest income before deduction of interest expense when recognized as a component of revenue, and sales and trading gain (loss).

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+ Details

Balance Sheet Components - Schedule of Property, Equipment and Software (Details) - USD ($) $ in Thousands	Mar. 31, 2025	Jun. 30, 2024
Property, Plant and Equipment [Line Items]
Total property, equipment and software, at cost	$ 939,648	$ 669,892
Less: Accumulated depreciation and amortization	(396,321)	(242,206)
Total property, equipment and software, net	543,327	427,686
Internally developed software
Property, Plant and Equipment [Line Items]
Total property, equipment and software, at cost	898,459	630,129
Leasehold improvements
Property, Plant and Equipment [Line Items]
Total property, equipment and software, at cost	21,213	21,023
Computer equipment
Property, Plant and Equipment [Line Items]
Total property, equipment and software, at cost	10,979	9,827
Furniture and equipment
Property, Plant and Equipment [Line Items]
Total property, equipment and software, at cost	$ 8,997	$ 8,913

Equity Incentive Plans - Schedule of Components and Classification of Stock-based Compensation (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Mar. 31, 2025	Mar. 31, 2024	Mar. 31, 2025	Mar. 31, 2024
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation in operating expenses	$ 75,607	$ 77,075	$ 255,938	$ 279,598
Capitalized into property, equipment and software, net	44,369	30,981	138,555	99,441
Total stock-based compensation	119,976	108,056	394,493	379,039
General and administrative
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation in operating expenses	50,344	51,947	170,868	184,070
Technology and data analytics
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation in operating expenses	21,309	21,105	70,957	78,808
Sales and marketing
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation in operating expenses	3,749	3,858	13,426	13,628
Processing and servicing
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation in operating expenses	$ 205	$ 165	$ 687	$ 3,092

Fair Value of Financial Assets and Liabilities - Schedule of Adverse Changes in Estimates for Securitization Notes and Residual Trust Certificates (Details) - USD ($) $ in Thousands	Mar. 31, 2025	Jun. 30, 2024
Discount rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Securitization notes and residual trust certificates, effect of 25% increase (decrease) in measurement input	$ (482)	$ (623)
Securitization notes and residual trust certificates, effect of 50% increase (decrease) in measurement input	(948)	(1,223)
Loss rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Securitization notes and residual trust certificates, effect of 25% increase (decrease) in measurement input	(2,238)	(705)
Securitization notes and residual trust certificates, effect of 50% increase (decrease) in measurement input	(2,846)	(1,321)
Prepayment rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Securitization notes and residual trust certificates, effect of 25% increase (decrease) in measurement input	75	58
Securitization notes and residual trust certificates, effect of 50% increase (decrease) in measurement input	$ 150	$ 116

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	9 Months Ended
	Mar. 31, 2025	Mar. 31, 2024
Cash flows from operating activities
Net income (loss)	$ (17,058)	$ (472,621)
Adjustments to reconcile net loss to net cash used in operating activities:
Provision for losses	460,056	343,019
Amortization of premiums and discounts on loans	(171,827)	(137,683)
Gain on sales of loans	(264,739)	(127,170)
Gain on extinguishment of debt	(82,418)	(5,359)
Changes in fair value of assets and liabilities	5,456	(3,645)
Amortization of commercial agreement assets	39,424	58,969
Amortization of debt issuance costs	23,298	18,888
Amortization of discount on securities available for sale	(34,182)	(32,280)
Commercial agreement warrant expense	230,102	306,588
Stock-based compensation	255,938	279,598
Depreciation and amortization	161,081	103,655
Other	9,980	22,174
Change in operating assets and liabilities:
Purchases and origination of loans held for sale	(3,051,742)	(3,136,368)
Proceeds from the sale of loans held for sale	3,051,803	3,163,048
Accounts receivable, net	123,897	(105,766)
Other assets	(17,992)	58,181
Accounts payable	39	6,622
Payable to third-party loan buyers	17,353	75,878
Accrued interest payable	(383)	9,613
Accrued expenses and other liabilities	(18,813)	(43,966)
Net cash provided by operating activities	719,272	381,375
Cash flows from investing activities
Purchases and origination of loans held for investment	(22,727,969)	(15,557,208)
Proceeds from the sale of loans held for investment	8,122,806	4,180,019
Principal repayments and other loan servicing activity	13,649,667	10,314,290
Additions to property, equipment and software	(141,069)	(121,040)
Purchases of securities available for sale	(553,595)	(461,242)
Proceeds from maturities and repayments of securities available for sale	984,387	891,875
Other investing cash inflows/(outflows)	37,224	(34,210)
Net cash used in investing activities	(628,550)	(787,516)
Cash flows from financing activities
Proceeds from the issuance of convertible notes	920,000	0
Proceeds from the issuance of funding debt	14,023,995	8,825,076
Payment of debt issuance costs	(42,759)	(19,188)
Principal repayments of funding debt	(13,932,542)	(8,964,832)
Extinguishment of convertible debt	(1,012,856)	(25,560)
Proceeds from issuance of notes and certificates by securitization trust	1,750,000	1,601,828
Principal repayments of notes issued by securitization trust	(900,000)	(528,279)
Proceeds from exercise of common stock options and warrants and contributions to ESPP	49,915	26,321
Repurchase of common stock	(250,000)	0
Payments of tax withholding for stock-based compensation	(241,586)	(148,186)
Net cash provided by financing activities	364,166	767,180
Effect of exchange rate changes on cash, cash equivalents and restricted cash	(14,328)	(1,292)
Net increase in cash, cash equivalents and restricted cash	440,560	359,747
Cash, cash equivalents and restricted cash, beginning of period	1,295,399	1,259,944
Cash, cash equivalents and restricted cash, end of period	1,735,959	1,619,691
Reconciliation to amounts on consolidated balance sheets (as of period end)
Cash and cash equivalents	1,351,148	1,272,760
Restricted cash	384,811	346,931
Total cash, cash equivalents and restricted cash	1,735,959	1,619,691
Supplemental disclosures of cash flow information
Cash payments for interest expense	302,791	228,496
Cash paid for operating leases	12,501	11,947
Cash paid for income taxes	2,432	588
Supplemental disclosures of non-cash investing and financing activities
Stock-based compensation included in capitalized internal-use software	138,555	99,441
Right of use assets obtained in exchange for operating lease liabilities	7,418	0
Securities retained under unconsolidated securitization transactions	$ 41,940	$ 0

Fair Value of Financial Assets and Liabilities

9 Months Ended

Mar. 31, 2025

Fair Value Disclosures [Abstract]

Fair Value of Financial Assets and Liabilities

Financial Assets and Liabilities Recorded at Fair Value

The following tables present information about our assets and liabilities that are measured at fair value on a recurring basis as of March 31, 2025 and June 30, 2024 (in thousands):


	March 31, 2025
	Level 1		Level 2		Level 3		Total
Assets:
Cash and cash equivalents:
Money market funds	$	69,419	$	—	$	—	$	69,419
Commercial paper	—		61,883		—		61,883
Government bonds- US	—		19,889		—		19,889
Securities, available for sale:
Certificates of deposit	—		8,746		—		8,746
Corporate bonds	—		242,800		—		242,800
Commercial paper	—		86,088		—		86,088
Agency bonds	—		13,444		—		13,444
Municipal bonds	—		5,180		—		5,180
Government bonds:
Non-US	—		5,286		—		5,286
US	—		367,769		—		367,769
Securitization notes receivable and residual trust certificates	—		—		50,857		50,857
Servicing assets	—		—		595		595
Derivative instruments	—		3,808		—		3,808
Risk sharing asset	—		—		43,739		43,739
Total assets	$	69,419	$	814,893	$	95,191	$	979,503
Liabilities:
Servicing liabilities	$	—	$	—	$	103	$	103
Performance fee liability	—		—		1,770		1,770
Profit share liability	—		—		5,425		5,425
Risk sharing liability	—		—		413		413
Derivative instruments	—		86		—		86
Total liabilities	$	—	$	86	$	7,711	$	7,797


	June 30, 2024
	Level 1		Level 2		Level 3		Total
Assets:
Cash and cash equivalents:
Money market funds	$	63,389	$	—	$	—	$	63,389
Commercial paper	—		57,964		—		57,964
Government bonds- US	—		3,492		—		3,492
Securities, available for sale:
Certificates of deposit	—		34,473		—		34,473
Corporate bonds	—		242,660		—		242,660
Commercial paper	—		239,882		—		239,882
Agency bonds	—		15,159		—		15,159
Municipal bonds	—		3,953		—		3,953
Government bonds:
Non-US	—		5,275		—		5,275
US	—		538,556		—		538,556
Securitization notes receivable and residual trust certificates	—		—		51,670		51,670
Servicing assets	—		—		574		574
Derivative instruments	—		17,207		—		17,207
Risk sharing asset	—		—		33,884		33,884
Total assets	$	63,389	$	1,158,621	$	86,128	$	1,308,138
Liabilities:
Servicing liabilities	$	—	$	—	$	743	$	743
Performance fee liability	—		—		1,503		1,503
Profit share liability	—		—		1,974		1,974
Risk sharing liability	—		—		918		918
Derivative Instruments	—		38		—		38
Total liabilities	$	—	$	38	$	5,138	$	5,176

As of March 31, 2025 and June 30, 2024, there were no transfers between levels.

Assets and Liabilities Measured at Fair Value on a Recurring Basis (Level 2)

Marketable Securities

As of March 31, 2025, we held marketable securities classified as cash and cash equivalents and securities available for sale. Management obtains pricing from one or more third-party pricing services for the purpose of determining fair value. Whenever available, the fair value is based on quoted bid prices as of the end of the trading day. When quoted prices are not available, other methods may be utilized including evaluated prices provided by third-party pricing services.

Derivative Instruments

As of March 31, 2025 and June 30, 2024, we used a combination of interest rate cap agreements and interest rate swaps to manage interest costs and the risks associated with variable interest rates. These derivative instruments are classified as Level 2 within the fair value hierarchy, and the fair value is estimated by using third-party pricing models, which contain certain assumptions based on readily observable market-based inputs. We validate the valuation output on a monthly basis. Refer to Note 11. Derivative Financial Instruments in the notes to the interim condensed consolidated financial statements for further details on our derivative instruments.

Assets and Liabilities Measured at Fair Value on a Recurring Basis using Significant Unobservable Inputs (Level 3)

We evaluate our assets and liabilities subject to fair value measurements on a recurring basis to determine the appropriate level at which to classify them each reporting period. Since our servicing assets and liabilities, performance fee liability, securitization notes and residual trust certificates, profit share liability, and risk sharing arrangements do not trade in an active market with readily observable prices, we use significant unobservable inputs to measure fair value and have classified as level 3 within the fair value hierarchy. This determination requires significant judgments to be made.

Servicing Assets and Liabilities

We sold loans with an unpaid principal balance of $3.6 billion and $11.0 billion for the three and nine months ended March 31, 2025, respectively, $2.1 billion and $7.3 billion for the three and nine months ended March 31, 2024, respectively, for which we retained servicing rights.

As of March 31, 2025 and June 30, 2024, we serviced loans which we sold with a remaining unpaid principal balance of $6.8 billion and $5.1 billion, respectively.

We use discounted cash flow models to arrive at an estimate of fair value. Significant assumptions used in the valuation of our servicing rights are as follows:

Adequate Compensation

We estimate adequate compensation as the rate a willing market participant would require for servicing loans with similar characteristics as those in the serviced portfolio.

Discount Rate

Estimated future payments to be received under servicing agreements are discounted as a part of determining the fair value of the servicing rights. For servicing rights on loans, the discount rate reflects the time value of money and a risk premium intended to reflect the amount of compensation market participants would require.

Gross Default Rate

We estimate the timing and probability of early loan payoffs, loan defaults and write-offs, thus affecting the projected unpaid principal balance and expected term of the loan, which are used to project future servicing revenue and expenses.

We earned $32.1 million and $86.7 million of servicing income for the three and nine months ended March 31, 2025, respectively, and $25.3 million and $67.9 million for the three and nine months ended March 31, 2024, respectively.

As of both March 31, 2025 and June 30, 2024, the aggregate fair value of the servicing assets was measured at $0.6 million and presented within other assets in the interim condensed consolidated balance sheets. As of March 31, 2025 and June 30, 2024, the aggregate fair value of the servicing liabilities was measured at $0.1 million and $0.7 million, respectively, and presented within accrued expenses and other liabilities in the interim condensed consolidated balance sheets.

The following table summarizes the activity related to the aggregate fair value of our servicing assets (in thousands):


	Three Months Ended March 31,				Nine Months Ended March 31,
	2025		2024		2025		2024
Fair value at beginning of period	$	806	$	365	$	574	$	880
Initial transfers of financial assets	—		—		230		—
Subsequent changes in fair value	(211)		(145)		(209)		(660)
Fair value at end of period	$	595	$	220	$	595	$	220

The following table summarizes the activity related to the aggregate fair value of our servicing liabilities (in thousands):


	Three Months Ended March 31,				Nine Months Ended March 31,
	2025		2024		2025		2024
Fair value at beginning of period	$	237	$	2,531	$	743	$	1,392
Initial transfers of financial liabilities	—		1,085		—		4,176
Subsequent changes in fair value	(134)		(1,124)		(640)		(3,076)
Fair value at end of period	$	103	$	2,492	$	103	$	2,492


		March 31, 2025
	Unobservable Input	Minimum		Maximum		Weighted Average (3)
Servicing assets	Discount rate	30.00	%	30.00	%	30.00	%
	Adequate compensation (1)	2.00	%	2.00	%	2.00	%
	Gross default rate (2)	11.83	%	14.84	%	12.86	%
Servicing liabilities	Discount rate	30.00	%	30.00	%	30.00	%
	Adequate compensation (1)	2.00	%	2.00	%	2.00	%
	Gross default rate (2)	3.34	%	5.34	%	4.28	%


		June 30, 2024
	Unobservable Input	Minimum		Maximum		Weighted Average (3)
Servicing assets	Discount rate	30.00	%	30.00	%	30.00	%
	Adequate compensation (1)	2.00	%	2.00	%	2.00	%
	Gross default rate (2)	9.89	%	22.72	%	10.84	%
Servicing liabilities	Discount rate	30.00	%	30.00	%	30.00	%
	Adequate compensation (1)	2.00	%	2.00	%	2.00	%
	Gross default rate (2)	2.58	%	4.12	%	3.00	%

(1)Estimated annual cost of servicing a loan as a percentage of unpaid principal balance

(2)Annualized estimated gross charge-offs as a percentage of unpaid principal balance

(3)Unobservable inputs were weighted by relative fair value


	March 31, 2025		June 30, 2024
Servicing assets
Gross default rate assumption:
Gross default rate increase of 25%	$	1	$	1
Gross default rate increase of 50%	$	1	$	1
Adequate compensation assumption:
Adequate compensation increase of 10%	$	(923)	$	(980)
Adequate compensation increase of 20%	$	(1,846)	$	(1,961)
Discount rate assumption:
Discount rate increase of 25%	$	(22)	$	(23)
Discount rate increase of 50%	$	(43)	$	(44)
Servicing liabilities
Gross default rate assumption:
Gross default rate increase of 25%	$	—	$	(1)
Gross default rate increase of 50%	$	—	$	(1)
Adequate compensation assumption:
Adequate compensation increase of 10%	$	4,358	$	3,153
Adequate compensation increase of 20%	$	8,715	$	6,305
Discount rate assumption:
Discount rate increase of 25%	$	(2)	$	(19)
Discount rate increase of 50%	$	(3)	$	(37)

Performance Fee Liability

In accordance with our agreements with our originating bank partners, we pay a fee for each loan that is fully repaid by the consumer, due at the end of the period in which the loan is fully repaid. We recognize a liability upon the purchase of a loan for the expected future payment of the performance fee. This liability is measured using a discounted cash flow model and recorded at fair value and presented within accrued expenses and other liabilities in the interim condensed consolidated balance sheets. Any changes in the fair value of the liability are reflected in other income, net, in the interim condensed consolidated statements of operations and comprehensive income (loss).

The following table summarizes the activity related to the fair value of the performance fee liability (in thousands):


	Three Months Ended March 31,				Nine Months Ended March 31,
	2025		2024		2025		2024
Fair value at beginning of period	$	1,773	$	1,594	$	1,503	$	1,581
Purchases of loans	520		424		1,609		1,293
Settlements paid	(510)		(493)		(1,488)		(1,485)
Subsequent changes in fair value	(13)		(9)		146		127
Fair value at end of period	$	1,770	$	1,516	$	1,770	$	1,516

Significant unobservable inputs used for our Level 3 fair value measurement of the performance fee liability are the discount rate, refund rate, and default rate. Significant increases or decreases in any of the inputs in isolation could result in a significantly lower or higher fair value measurement.


	March 31, 2025
Unobservable Input	Minimum	Maximum	Weighted Average (1)
Discount rate	7.75%	10.00%	9.39%
Refund rate	1.50%	1.50%	1.50%
Default rate	0.92%	4.65%	3.04%


	June 30, 2024
Unobservable Input	Minimum	Maximum	Weighted Average (1)
Discount rate	8.50%	10.00%	9.81%
Refund rate	1.50%	1.50%	1.50%
Default rate	1.38%	4.65%	2.94%

(1)Unobservable inputs were weighted by remaining principal balances

Retained Beneficial Interests in Unconsolidated VIEs

As of March 31, 2025, we held notes receivable and residual trust certificates with an aggregate fair value of $50.9 million in connection with unconsolidated securitizations. The balances correspond to the 5% economic risk retention we are required to maintain as the securitization sponsor.

These assets are measured at fair value using a discounted cash flow model, and presented within securities available for sale at fair value in the interim condensed consolidated balance sheets. Changes in the fair value, other than declines in fair value due to credit recognized as an allowance, are reflected in other comprehensive income in the interim condensed consolidated statements of operations and comprehensive income (loss). Declines in fair value due to credit are reflected in other income, net in the interim condensed consolidated statements of operations and comprehensive income (loss).

The following table summarizes the activity related to the fair value of the notes and residual trust certificates (in thousands):


	Three Months Ended March 31,				Nine Months Ended March 31,
	2025		2024		2025		2024
Fair value at beginning of period	$	69,051	$	32,411	$	51,670	$	18,913
Additions	—		—		41,940		22,187
Cash received (due to payments)	(19,982)		(9,697)		(46,401)		(19,052)
Change in unrealized gain (loss)	454		360		(84)		625
Accrued interest	1,072		622		4,048		1,233
Reversal of (impairment on) securities available for sale	262		120		(316)		(90)
Fair value at end of period	$	50,857	$	23,816	$	50,857	$	23,816

Significant unobservable inputs used for our Level 3 fair value measurement of the notes and residual trust certificates are the discount rate, loss rate, and prepayment rate. Significant increases or decreases in any of the inputs in isolation could result in a significantly lower or higher fair value measurement.


	March 31, 2025
Unobservable Input	Minimum	Maximum	Weighted Average (1)
Discount rate	2.26%	30.29%	6.89%
Loss rate	0.90%	8.60%	7.20%
Prepayment rate	18.25%	23.00%	22.52%


	June 30, 2024
Unobservable Input	Minimum	Maximum	Weighted Average (1)
Discount rate	5.73%	41.41%	8.93%
Loss rate	0.95%	6.98%	6.17%
Prepayment rate	12.40%	27.70%	23.33%

(1)Unobservable inputs were weighted by relative fair value


	March 31, 2025		June 30, 2024
Discount rate assumption:
Discount rate increase of 25%	$	(482)	$	(623)
Discount rate increase of 50%	$	(948)	$	(1,223)
Loss rate assumption:
Loss rate increase of 25%	$	(2,238)	$	(705)
Loss rate increase of 50%	$	(2,846)	$	(1,321)
Prepayment rate assumption:
Prepayment rate decrease of 25%	$	75	$	58
Prepayment rate decrease of 50%	$	150	$	116

Profit Share Liability

On January 1, 2021, we entered into a commercial agreement with an enterprise partner, in which we are obligated to share in the profitability of transactions facilitated by our platform. Upon capture of a loan under this program, we record a liability associated with the estimated future profit to be shared over the life of the loan based on estimated program profitability levels. This liability is measured using a discounted cash flow model and recorded at fair value and presented within accrued expenses and other liabilities in the interim condensed consolidated balance sheets.

The following table summarizes the activity related to the fair value of the profit share liability (in thousands):


	Three Months Ended March 31,				Nine Months Ended March 31,
	2025		2024		2025		2024
Fair value at beginning of period	$	6,111	$	1,544	$	1,974	$	1,832
Facilitation of loans	2,487		521		7,952		2,609
Actual performance	(4,270)		(2,634)		(10,569)		(2,128)
Subsequent changes in fair value	1,097		1,705		6,068		(1,177)
Fair value at end of period	$	5,425	$	1,136	$	5,425	$	1,136

Significant unobservable inputs used for our Level 3 fair value measurement of the profit share liability are the discount rate and estimated program profitability. Significant increases or decreases in any of the inputs in isolation could result in a significantly lower or higher fair value measurement.


	March 31, 2025
Unobservable Input	Minimum	Maximum	Weighted Average (1)
Discount rate	30.00%	30.00%	30.00%
Program profitability	1.09%	2.19%	1.94%


	June 30, 2024
Unobservable Input	Minimum	Maximum	Weighted Average (1)
Discount rate	30.00%	30.00%	30.00%
Program profitability	0.32%	1.01%	0.96%

(1)Unobservable inputs were weighted by relative fair value

Risk Sharing Arrangements

In connection with certain capital funding arrangements with third party loan buyers, we have entered into risk sharing agreements where we may be required to make a payment to the loan buyer or are entitled to receive a payment from the loan buyer, depending on the actual versus expected loan performance as contractually agreed to with the counterparty, and subject to a cap based on a percentage of the principal balance of loans sold. Loan performance is evaluated at a cohort level based on the month loans were sold. As of March 31, 2025 and June 30, 2024, we have sold $7.8 billion and $4.2 billion, respectively, unpaid principal balance of loans under these risk sharing arrangements, of which our maximum exposure to losses is $94.3 million and $81.2 million, respectively. This amount includes our maximum potential loss with respect to risk sharing liabilities of $33.1 million and risk sharing assets of $61.2 million, as of March 31, 2025.

We account for these arrangements as derivatives measured at fair value with gains and losses recognized in gain on sales of loans in our interim condensed consolidated statements of operations and comprehensive income (loss). For each counterparty, we have recognized a net asset or net liability based on the estimated fair value of future payments we expect to receive from or make to the counterparty. As of March 31, 2025 and June 30, 2024, we held assets related to these arrangements of $43.7 million and $33.9 million, respectively, and liabilities of $0.4 million and $0.9 million, respectively.

As of March 31, 2025, we estimated the fair value of future settlements using a discounted cash flow model. Significant assumptions used in the valuation of our risk sharing assets and liabilities are as follows:

Discount Rate

We estimate future cash flows to be received or paid under the agreements are discounted as a part of determining the fair value of the risk sharing arrangements. The discount rate reflects the time value of money and a risk premium intended to reflect the amount of compensation market participants would require.

Loss Rate

We estimate the loss rate as the probability of loan defaults and write-offs, which are used to project future risk-sharing cash flows.

Prepayment Rate

We estimate the annualized prepayment rate as the expected excess loan payment received in a given month as a percentage of the outstanding principal balance at the beginning of the month minus the scheduled principal payment.

The following table summarizes the activity related to the fair value of the risk sharing assets (in thousands):


	Three Months Ended March 31,				Nine Months Ended March 31,
	2025		2024		2025		2024
Fair value at beginning of period	$	44,969	$	16,690	$	33,884	$	—
Initial transfers of financial assets	3,605		6,317		19,173		20,880
Cash settlements	(7,665)		—		(13,489)		—
Subsequent changes in fair value	2,830		2,019		4,171		4,146
Fair value at end of period	$	43,739	$	25,026	$	43,739	$	25,026

The following table summarizes the activity related to the fair value of the risk sharing liabilities (in thousands):


	Three Months Ended March 31,				Nine Months Ended March 31,
	2025		2024		2025		2024
Fair value at beginning of period	$	1,498	$	512	$	918	$	—
Cash settlements	(909)		—		(1,354)		—
Subsequent changes in fair value	(176)		95		849		607
Fair value at end of period	$	413	$	607	$	413	$	607

The following tables present quantitative information about the significant unobservable inputs used for our Level 3 fair value measurement of the risk sharing arrangements as of March 31, 2025:


		March 31, 2025
	Unobservable Input	Minimum	Maximum	Weighted Average (1)
Risk sharing assets	Discount rate	20.00%	20.00%	20.00%
	Loss rate	3.31%	4.81%	4.06%
	Prepayment rate	20.38%	24.98%	22.85%
Risk sharing liabilities	Discount rate	20.00%	20.00%	20.00%
	Loss rate	3.46%	5.14%	4.37%


		June 30, 2024
	Unobservable Input	Minimum	Maximum	Weighted Average (1)
Risk sharing assets	Discount rate	20.00%	20.00%	20.00%
	Loss rate	3.00%	4.69%	3.66%
	Prepayment rate	23.36%	33.29%	28.48%
Risk sharing liabilities	Discount rate	20.00%	20.00%	20.00%
	Loss rate	3.25%	5.29%	4.28%

(1)Unobservable inputs were weighted by principal balance of loans sold under each cohort


	March 31, 2025		June 30, 2024
Risk sharing assets (1)
Prepayment rate assumption:
Prepayment rate increase of 25%	$	1,463	$	572
Prepayment rate increase of 50%	$	2,837	$	1,131
Loss rate assumption:
Loss rate increase of 25%	$	(12,917)	$	(7,315)
Loss rate increase of 50%	$	(25,791)	$	(14,528)
Discount rate assumption:
Discount rate increase of 25%	$	(1,038)	$	(1,211)
Discount rate increase of 50%	$	(2,001)	$	(2,323)
Risk sharing liabilities (1)
Loss rate assumption:
Loss rate increase of 25%	$	21,671	$	22,333
Loss rate increase of 50%	$	30,243	$	41,677
Discount rate assumption:
Discount rate increase of 25%	$	(2)	$	(19)
Discount rate increase of 50%	$	(3)	$	(37)

Financial Assets and Liabilities Not Recorded at Fair Value


	March 31, 2025
	Carrying Amount		Level 1		Level 2		Level 3		Balance at Fair Value
Assets:
Loans held for sale (1)	$	1	$	—	$	1	$	—	$	1
Loans held for investment, net	6,255,459		—		—		6,682,131		6,682,131
Other assets (1)	7,269		—		7,269		—		7,269
Total assets	$	6,262,729	$	—	$	7,270	$	6,682,131	$	6,689,401
Liabilities:
Convertible senior notes, net (2)	$	1,152,019	$	—	$	1,044,657	$	—	$	1,044,657
Notes issued by securitization trusts	4,084,934		—		—		4,113,689		4,113,689
Funding debt (3)	1,926,795		—		—		1,926,979		1,926,979
Total liabilities	$	7,163,748	$	—	$	1,044,657	$	6,040,669	$	7,085,326


	June 30, 2024
	Carrying Amount		Level 1		Level 2		Level 3		Balance at Fair Value
Assets:
Loans held for sale (1)	$	36	$	—	$	36	$	—	$	36
Loans held for investment, net	5,360,959		—		—		5,616,973		5,616,973
Other assets (1)	43,212		—		43,212		—		43,212
Total assets	$	5,404,207	$	—	$	43,248	$	5,616,973	$	5,660,221
Liabilities:
Convertible senior notes, net (2)	$	1,341,430	$	—	$	1,124,773	$	—	$	1,124,773
Notes issued by securitization trusts	3,236,873		—		—		2,506,929		2,506,929
Funding debt (3)	1,851,699		—		—		1,851,685		1,851,685
Total liabilities	$	6,430,002	$	—	$	1,124,773	$	4,358,614	$	5,483,387

(1)Amortized cost approximates fair value for loans held for sale and other assets.

(3)As of March 31, 2025 and June 30, 2024, debt issuance costs in the amount of $18.1 million and $14.8 million, respectively, was included within funding debt.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 107
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482078/820-10-55-107

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 100
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482078/820-10-55-100

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2E
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2E

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 940
-SubTopic 820
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478119/940-820-50-1

+ Details

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Mar. 31, 2025	Jun. 30, 2024
Cash and cash equivalents	$ 1,351,148	$ 1,013,106
Restricted cash	384,811	282,293
Securities available for sale at fair value	780,170	1,131,628
Loans held for sale	1	36
Loans held for investment	6,630,446	5,670,056
Allowance for credit losses	(374,987)	(309,097)
Loans held for investment, net	6,255,459	5,360,959
Accounts receivable, net	220,279	353,028
Property, equipment and software, net	543,327	427,686
Goodwill	522,346	533,439
Intangible assets	12,416	13,502
Commercial agreement assets	65,178	104,602
Other assets	301,052	299,340
Total assets	10,436,187	9,519,619
Liabilities and stockholders’ equity
Accounts payable	41,057	41,019
Payable to third-party loan owners	176,996	159,643
Accrued interest payable	23,944	24,327
Accrued expenses and other liabilities	173,629	147,429
Convertible senior notes, net	1,152,019	1,341,430
Notes issued by securitization trusts	4,084,934	3,236,873
Funding debt	1,908,693	1,836,909
Total liabilities	7,561,272	6,787,630
Commitments and contingencies (Note 7)
Stockholders’ equity:
Additional paid in capital	6,045,479	5,862,555
Accumulated deficit	(3,126,062)	(3,109,004)
Accumulated other comprehensive loss	(44,504)	(21,565)
Total stockholders’ equity	2,874,916	2,731,989
Total liabilities and stockholders’ equity	10,436,187	9,519,619
Consolidated Variable Interest Entities
Restricted cash	134,459	145,829
Loans held for investment	6,426,888	5,461,660
Allowance for credit losses	(327,258)	(242,991)
Loans held for investment, net	6,099,629	5,218,669
Accounts receivable, net	2,988	2,961
Other assets	3,808	10,676
Total assets	6,240,884	5,378,135
Liabilities and stockholders’ equity
Accounts payable	2,700	2,830
Accrued interest payable	21,847	24,220
Accrued expenses and other liabilities	4,300	11,115
Notes issued by securitization trusts	4,084,934	3,236,873
Funding debt	1,864,496	1,794,984
Total liabilities	5,978,278	5,070,022
Liabilities of consolidated VIEs, included in total liabilities above
Net Assets	262,606	308,113
Class A common stock
Stockholders’ equity:
Common stock	2	2
Class B common stock
Stockholders’ equity:
Common stock	$ 1	$ 1

Securitization and Variable Interest Entities (Tables)

9 Months Ended

Mar. 31, 2025

Debt Disclosure [Abstract]

Schedule of Aggregate Carrying Value of Financial Assets and Liabilities from VIEs

The following tables present the aggregate carrying value of financial assets and liabilities from our involvement with consolidated VIEs (in thousands):


	March 31, 2025
	Assets		Liabilities		Net Assets
Warehouse credit facilities	$	2,044,461	$	1,831,884	$	212,577
Securitizations (1)	4,196,423		4,146,394		50,029
Total consolidated VIEs	$	6,240,884	$	5,978,278	$	262,606


	June 30, 2024
	Assets		Liabilities		Net Assets
Warehouse credit facilities	$	2,052,881	$	1,823,794	$	229,087
Securitizations	3,325,254		3,246,228		79,026
Total consolidated VIEs	$	5,378,135	$	5,070,022	$	308,113

(1)As of March 31, 2025, liabilities include $47.8 million of VFN classified as funding debt and $4.1 billion of asset-backed notes classified as notes issued from securitization trusts.

Schedule of Variable Interest Entities

The following information pertains to unconsolidated VIEs where we hold a variable interest but are not the primary beneficiary (in thousands):


	March 31, 2025
	Assets		Liabilities		Net Assets		Maximum Exposure to Losses
Securitizations	$	952,709	$	914,730	$	37,979	$	51,394
Total unconsolidated VIEs	$	952,709	$	914,730	$	37,979	$	51,394


	June 30, 2024
	Assets		Liabilities		Net Assets		Maximum Exposure to Losses
Securitizations	$	967,256	$	920,004	$	47,252	$	51,861
Total unconsolidated VIEs	$	967,256	$	920,004	$	47,252	$	51,861

- Definition

Tabular disclosure of the significant judgments and assumptions made in determining whether a variable interest (as defined) held by the entity requires the variable interest entity (VIE) (as defined) to be consolidated and (or) disclose information about its involvement with the VIE, individually or in aggregate (as applicable); the nature of restrictions, if any, on the consolidated VIE's assets and on the settlement of its liabilities reported by an entity in its statement of financial position, including the carrying amounts of such assets and liabilities; the nature of, and changes in, the risks associated with involvement in the VIE; how involvement with the VIE affects the entity's financial position, financial performance, and cash flows; the lack of recourse if creditors (or beneficial interest holders) of the consolidated VIE have no recourse to the general credit of the primary beneficiary (if applicable); the terms of arrangements, giving consideration to both explicit arrangements and implicit variable interests, if any, that could require the entity to provide financial support to the VIE, including events or circumstances that could expose the entity to a loss; the methodology used by the entity for determining whether or not it is the primary beneficiary of the variable interest entity; the significant factors considered and judgments made in determining that the power to direct the activities of a VIE that most significantly impact the VIE's economic performance are shared (as defined); the carrying amounts and classification of assets and liabilities of the VIE included in the statement of financial position; the entity's maximum exposure to loss, if any, as a result of its involvement with the VIE, including how the maximum exposure is determined and significant sources of the entity's exposure to the VIE; a comparison of the carrying amounts of the assets and liabilities and the entity's maximum exposure to loss; information about any liquidity arrangements, guarantees, and (or) other commitments by third parties that may affect the fair value or risk of the entity's variable interest in the VIE; whether or not the entity has provided financial support or other support (explicitly or implicitly) to the VIE that it was not previously contractually required to provide or whether the entity intends to provide that support, including the type and amount of the support and the primary reasons for providing the support; and supplemental information the entity determines necessary to provide.

+ References + Details

Investments - Schedule of Length of Contractual Maturities (Details) - USD ($) $ in Thousands	Mar. 31, 2025	Jun. 30, 2024
Debt Securities, Available-for-sale [Line Items]
Within 1 year, amortized cost	$ 618,603	$ 928,965
Within 1 year, fair value	618,931	927,222
Greater than 1 year, less than or equal to 5 years, amortized cost	242,872	266,830
Greater than 1 year, less than or equal to 5 years, fair value	243,011	265,862
Amortized Cost	861,475	1,195,795
Total, amortized cost	861,475	1,195,795
Fair Value	861,942	1,193,084
Certificates of deposit
Debt Securities, Available-for-sale [Line Items]
Within 1 year, amortized cost	8,741	34,468
Within 1 year, fair value	8,746	34,473
Greater than 1 year, less than or equal to 5 years, amortized cost	0	0
Greater than 1 year, less than or equal to 5 years, fair value	0	0
Amortized Cost	8,741	34,468
Fair Value	8,746	34,473
Corporate bonds
Debt Securities, Available-for-sale [Line Items]
Within 1 year, amortized cost	130,494	118,547
Within 1 year, fair value	130,651	118,039
Greater than 1 year, less than or equal to 5 years, amortized cost	111,755	125,092
Greater than 1 year, less than or equal to 5 years, fair value	112,149	124,621
Amortized Cost	242,249	243,639
Fair Value	242,800	242,660
Commercial paper
Debt Securities, Available-for-sale [Line Items]
Within 1 year, amortized cost	147,977	298,005
Within 1 year, fair value	147,971	297,846
Greater than 1 year, less than or equal to 5 years, amortized cost	0	0
Greater than 1 year, less than or equal to 5 years, fair value	0	0
Amortized Cost	147,977	298,005
Fair Value	147,971	297,846
Agency bonds
Debt Securities, Available-for-sale [Line Items]
Within 1 year, amortized cost	13,447	10,457
Within 1 year, fair value	13,444	10,416
Greater than 1 year, less than or equal to 5 years, amortized cost	0	4,826
Greater than 1 year, less than or equal to 5 years, fair value	0	4,743
Amortized Cost	13,447	15,283
Fair Value	13,444	15,159
Municipal bonds
Debt Securities, Available-for-sale [Line Items]
Within 1 year, amortized cost	3,908	0
Within 1 year, fair value	3,917	0
Greater than 1 year, less than or equal to 5 years, amortized cost	1,254	3,943
Greater than 1 year, less than or equal to 5 years, fair value	1,263	3,953
Amortized Cost	5,162	3,943
Fair Value	5,180	3,953
Non-US
Debt Securities, Available-for-sale [Line Items]
Within 1 year, amortized cost	3,130	2,150
Within 1 year, fair value	3,127	2,150
Greater than 1 year, less than or equal to 5 years, amortized cost	2,154	3,160
Greater than 1 year, less than or equal to 5 years, fair value	2,159	3,125
Amortized Cost	5,284	5,310
Fair Value	5,286	5,275
US
Debt Securities, Available-for-sale [Line Items]
Within 1 year, amortized cost	310,906	465,338
Within 1 year, fair value	311,075	464,298
Greater than 1 year, less than or equal to 5 years, amortized cost	76,361	78,083
Greater than 1 year, less than or equal to 5 years, fair value	76,583	77,750
Amortized Cost	387,267	543,421
Fair Value	387,658	542,048
Securitization notes receivable and certificates
Debt Securities, Available-for-sale [Line Items]
Within 1 year, amortized cost	0	0
Within 1 year, fair value	0	0
Greater than 1 year, less than or equal to 5 years, amortized cost	51,348	51,726
Greater than 1 year, less than or equal to 5 years, fair value	50,857	51,670
Amortized Cost	51,348	51,726
Total, amortized cost	51,348	51,726
Fair Value	$ 50,857	51,670
Commercial Paper & Agency Bonds \| Cash and cash equivalents:
Debt Securities, Available-for-sale [Line Items]
Fair Value		$ 61,500

Stockholders' Equity - Schedule of Common Stock Reserved for Issuance (Details) - shares	Mar. 31, 2025	Jun. 30, 2024
Class of Stock [Line Items]
Total common stock reserved for future issuance (in shares)	95,378,877	91,114,872
Available outstanding under equity compensation plans
Class of Stock [Line Items]
Total common stock reserved for future issuance (in shares)	42,923,080	47,622,117
Available for future grant under equity compensation plans
Class of Stock [Line Items]
Total common stock reserved for future issuance (in shares)	52,455,797	43,492,755

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 2: http://www.xbrl.org/2003/role/recommendedDisclosureRef
-Topic 272
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483014/272-10-45-3

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 272
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482987/272-10-50-1

Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(d))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-14

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 18
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-18

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(27)(b))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(28))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-2

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(29))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.6-03(i)(2))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479886/946-10-S99-3

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.6-03(i)(1))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479886/946-10-S99-3

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.6-03(i)(2)(i))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479886/946-10-S99-3

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.6-03(i)(2)(ii))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479886/946-10-S99-3

+ Details

Loans Held for Investment and Allowance for Credit Losses - Schedule of Amortized Cost Basis of Amortized Loans (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Mar. 31, 2025	Mar. 31, 2024	Mar. 31, 2025	Mar. 31, 2024
Financing Receivable, Past Due [Line Items]
Total	$ 5,865	$ 33,090	$ 13,360	$ 44,912
% of total loan receivables outstanding	0.09%	0.61%	0.20%	0.83%
Payment deferral
Financing Receivable, Past Due [Line Items]
Total	$ 5,749	$ 32,015	$ 13,110	$ 43,282
Loan re-amortization
Financing Receivable, Past Due [Line Items]
Total	$ 116	$ 1,075	$ 250	$ 1,630

Business Description	9 Months Ended
Business Description	Mar. 31, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Business Description	Business Description Affirm Holdings, Inc. (“Affirm,” the “Company,” “we,” “us,” or “our”), headquartered in San Francisco, California, provides consumers with a simpler, more transparent, and flexible alternative to traditional payment options. Our mission is to deliver honest financial products that improve lives. Through our next-generation commerce platform, agreements with originating banks, and capital markets partners, we enable consumers to confidently pay for a purchase over time. When a consumer applies for a loan through our platform, the loan is underwritten using our proprietary risk model, and once approved, the consumer selects their preferred repayment option. Loans are directly originated or funded and issued by our originating bank partners. Merchants partner with us to transform the consumer shopping experience and to acquire and convert consumers more effectively through our frictionless point-of-sale payment solutions. Consumers get the flexibility to buy now and make simple regular payments for their purchases and merchants see increased average order value, repeat purchase rates, and an overall more satisfied consumer base. Unlike legacy payment options and our competitors’ product offerings, which charge deferred or compounding interest and unexpected costs, we disclose up-front to consumers exactly what they will owe — no hidden fees, no deferred interest, no penalties.

Balance Sheet Components - Additional Information (Details) - USD ($)	1 Months Ended		3 Months Ended		9 Months Ended
	Nov. 30, 2021	Jul. 31, 2020	Mar. 31, 2025	Mar. 31, 2024	Mar. 31, 2025	Mar. 31, 2024	Jun. 30, 2024
Finite-Lived Intangible Assets [Line Items]
Allowance for accounts receivable			$ 18,200,000		$ 18,200,000		$ 14,900,000
Depreciation			59,400,000	$ 43,200,000	159,800,000	$ 105,700,000
Impairment expense on leasehold improvements			0	0	0	0
Goodwill impairment loss			0	0	0
Goodwill disposal losses						1,000,000.0
Amortization of intangible assets			100,000	2,000,000.0	1,300,000	19,000,000.0
Impairment of intangible assets			0	0	0	0
Vesting of warrants exercised	$ 133,500,000
Amortization of sales and marketing expense			5,100,000	6,900,000	$ 15,600,000	27,800,000
Remaining expected benefit period		6 years			9 years
Amortization of commercial agreement assets					$ 39,424,000	58,969,000
Commercial Agreement Asset, Shopify Inc, Warrants
Finite-Lived Intangible Assets [Line Items]
Asset amortization period	4 years
Commercial agreement asset, gross			270,600,000		270,600,000
Amortization of commercial agreement assets			$ 5,800,000	$ 8,900,000	$ 23,900,000	$ 27,000,000.0

Fair Value of Financial Assets and Liabilities - Schedule of Financial Assets and Liabilities Not Recorded at Fair Value (Details) - USD ($) $ in Thousands	Mar. 31, 2025	Jun. 30, 2024
Fair Value Disclosure, Asset and Liability, Not Measured at Fair Value [Line Items]
Debt issuance cost	$ 49,853
Revolving facilities \| Line of Credit \| Funding Debt
Fair Value Disclosure, Asset and Liability, Not Measured at Fair Value [Line Items]
Debt issuance cost	18,100	$ 14,800
Level 1
Fair Value Disclosure, Asset and Liability, Not Measured at Fair Value [Line Items]
Loans held for sale	0	0
Loans held for investment, net	0	0
Other assets	0	0
Total assets	0	0
Convertible senior notes, net	0	0
Notes issued by securitization trusts	0	0
Funding debt	0	0
Total liabilities	0	0
Level 2
Fair Value Disclosure, Asset and Liability, Not Measured at Fair Value [Line Items]
Loans held for sale	1	36
Loans held for investment, net	0	0
Other assets	7,269	43,212
Total assets	7,270	43,248
Convertible senior notes, net	1,044,657	1,124,773
Notes issued by securitization trusts	0	0
Funding debt	0	0
Total liabilities	1,044,657	1,124,773
Level 3
Fair Value Disclosure, Asset and Liability, Not Measured at Fair Value [Line Items]
Loans held for sale	0	0
Loans held for investment, net	6,682,131	5,616,973
Other assets	0	0
Total assets	6,682,131	5,616,973
Convertible senior notes, net	0	0
Notes issued by securitization trusts	4,113,689	2,506,929
Funding debt	1,926,979	1,851,685
Total liabilities	6,040,669	4,358,614
Carrying Amount
Fair Value Disclosure, Asset and Liability, Not Measured at Fair Value [Line Items]
Loans held for sale	1	36
Loans held for investment, net	6,255,459	5,360,959
Other assets	7,269	43,212
Total assets	6,262,729	5,404,207
Convertible senior notes, net	1,152,019	1,341,430
Notes issued by securitization trusts	4,084,934	3,236,873
Funding debt	1,926,795	1,851,699
Total liabilities	7,163,748	6,430,002
Carrying Amount \| 2026 Notes
Fair Value Disclosure, Asset and Liability, Not Measured at Fair Value [Line Items]
Convertible senior notes, net	247,700	1,300,000
Carrying Amount \| 2029 Notes
Fair Value Disclosure, Asset and Liability, Not Measured at Fair Value [Line Items]
Convertible senior notes, net	904,300
Balance at Fair Value
Fair Value Disclosure, Asset and Liability, Not Measured at Fair Value [Line Items]
Loans held for sale	1	36
Loans held for investment, net	6,682,131	5,616,973
Other assets	7,269	43,212
Total assets	6,689,401	5,660,221
Convertible senior notes, net	1,044,657	1,124,773
Notes issued by securitization trusts	4,113,689	2,506,929
Funding debt	1,926,979	1,851,685
Total liabilities	7,085,326	5,483,387
Balance at Fair Value \| 2026 Notes
Fair Value Disclosure, Asset and Liability, Not Measured at Fair Value [Line Items]
Convertible senior notes, net	230,500	$ 1,100,000
Balance at Fair Value \| 2029 Notes
Fair Value Disclosure, Asset and Liability, Not Measured at Fair Value [Line Items]
Convertible senior notes, net	$ 814,100

Equity Incentive Plans (Tables)

9 Months Ended

Mar. 31, 2025

Share-Based Payment Arrangement [Abstract]

Schedule of Stock Option Activity

The following table summarizes our stock option activity for the nine months ended March 31, 2025:


	Number of Options	Weighted Average Exercise Price		Weighted Average Remaining Contractual Term (Years)	Aggregate Intrinsic Value (in thousands)
Balance as of June 30, 2024	16,794,697	$	15.84	5.63
Granted	677,433	44.66
Exercised	(4,230,110)	10.65
Forfeited, expired or cancelled	(32,019)	34.21
Balance as of March 31, 2025	13,210,001	18.93		5.40
Vested and exercisable, March 31, 2025	10,562,612	$	16.23	4.66	$	315,906
Vested and exercisable, and expected to vest thereafter(1) March 31, 2025	13,129,573	$	18.79	5.37	$	358,087

(1)Options expected to vest reflect the application of an estimated forfeiture rate.

Schedule of Restricted Stock Unit Activity

The following table summarizes our RSU activity during the nine months ended March 31, 2025:


	Number of Shares	Weighted Average Grant Date Fair Value
Non-vested at June 30, 2024	18,327,420	$	27.68
Granted	11,688,123	34.14
Vested	(11,166,064)	30.13
Forfeited, expired or cancelled	(1,636,400)	27.81
Non-vested at March 31, 2025	17,213,079	$	30.46

Schedule of Components and Classification of Stock-based Compensation

The following table presents the components and classification of stock-based compensation (in thousands):


	Three Months Ended March 31,				Nine Months Ended March 31,
	2025		2024		2025		2024
General and administrative	$	50,344	$	51,947	$	170,868	$	184,070
Technology and data analytics	21,309		21,105		70,957		78,808
Sales and marketing	3,749		3,858		13,426		13,628
Processing and servicing	205		165		687		3,092
Total stock-based compensation in operating expenses	75,607		77,075		255,938		279,598
Capitalized into property, equipment and software, net	44,369		30,981		138,555		99,441
Total stock-based compensation	$	119,976	$	108,056	$	394,493	$	379,039

Fair Value of Financial Assets and Liabilities - Schedule of Fair Value of Profit Share Liability (Details) - Commercial Agreement, Profit Share Liability - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Mar. 31, 2025	Mar. 31, 2024	Mar. 31, 2025	Mar. 31, 2024
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Fair value at beginning of period	$ 6,111	$ 1,544	$ 1,974	$ 1,832
Facilitation of loans	2,487	521	7,952	2,609
Actual performance	(4,270)	(2,634)	(10,569)	(2,128)
Subsequent changes in fair value	1,097	1,705	6,068	(1,177)
Fair value at end of period	$ 5,425	$ 1,136	$ 5,425	$ 1,136

Loans Held for Investment and Allowance for Credit Losses (Tables)

9 Months Ended

Mar. 31, 2025

Receivables [Abstract]

Schedule of Loans Held for Investment and Allowance for Credit Loss

Loans held for investment consisted of the following (in thousands):


	March 31, 2025		June 30, 2024
Unpaid principal balance	$	6,656,169	$	5,697,965
Accrued interest receivable	68,997		62,796
Premiums on loans held for investment	9,897		7,822
Less: Discount due to loss on loan purchase commitment	(77,000)		(63,682)
Less: Discount due to loss on directly originated loans	(27,612)		(34,829)
Less: Fair value adjustment on loans acquired through business combination	(5)		(16)
Total loans held for investment	$	6,630,446	$	5,670,056

Schedule of Credit Quality by ITACs Score


	March 31, 2025
	Amortized Costs Basis by Fiscal Year of Origination
	2025		2024		2023		2022		2021		Prior		Total
96+	$	3,953,857	$	471,228	$	61,195	$	5,628	$	111	$	10	$	4,492,029
94 – 96	1,609,232		144,301		2,469		483		7		5		1,756,497
90 – 94	221,523		21,598		485		276		3		1		243,886
<90	44,130		3,059		3		62		1		1		47,256
No score (1)	2,061		4,503		13,436		1,674		89		19		21,782
Total amortized cost basis	$	5,830,803	$	644,689	$	77,588	$	8,123	$	211	$	36	$	6,561,450


	June 30, 2024
	Amortized Costs Basis by Fiscal Year of Origination
	2024		2023		2022		2021		2020		Prior		Total
96+	$	3,438,135	$	183,210	$	10,026	$	186	$	10	$	5	$	3,631,572
94 – 96	1,509,125		29,227		463		8		2		4		1,538,829
90 – 94	287,499		3,575		263		3		1		1		291,342
<90	45,009		46		309		2		1		—		45,367
No score (1)	20,680		66,680		12,391		217		94		124		100,186
Total amortized cost basis	$	5,300,448	$	282,738	$	23,452	$	416	$	108	$	134	$	5,607,296

(1)This balance represents loan receivables without sufficient data available for use by the Affirm scoring methodology including new markets and certain developing products.

The following table presents net charge-offs by fiscal year of origination as of March 31, 2025 (in thousands):


	March 31, 2025
	Net Charge-offs by Fiscal Year of Origination
	2025	2024	2023	2022	2021	Prior	Total
Current period charge-offs	(92,359)	(295,661)	(19,445)	(1,312)	(214)	(161)	(409,152)
Current period recoveries	2,089	15,593	9,901	4,011	833	268	32,695
Current period net charge-offs	(90,270)	(280,068)	(9,544)	2,699	619	107	(376,457)

Schedule of Delinquent Financing Receivables

The following table presents an aging analysis of the amortized cost basis excluding accrued interest receivable of loans held for investment and loans held for sale by delinquency status (in thousands):


	March 31, 2025		June 30, 2024
Non-delinquent loans	$	6,234,157	$	5,331,462
4 – 29 calendar days past due	153,587		134,434
30 – 59 calendar days past due	66,927		55,021
60 – 89 calendar days past due	57,469		47,764
90 – 119 calendar days past due(1)	49,310		38,615
Total amortized cost basis	$	6,561,450	$	5,607,296

(1)Includes $49.1 million and $38.6 million of loan receivables as of March 31, 2025 and June 30, 2024, respectively, that are 90 days or more past due, but are not on non-accrual status.

Schedule of Loans Held for Investment and Allowance for Credit Loss

The following table details activity in the allowance for credit losses, including charge-offs, recoveries and provision for loan losses (in thousands):


	Three Months Ended March 31,				Nine Months Ended March 31,
	2025		2024		2025		2024
Balance at beginning of period	$	363,831	$	262,204	$	309,097	$	204,531
Provision for loan losses	142,001		117,271		445,313		325,914
Charge-offs	(144,792)		(99,181)		(409,152)		(261,657)
Recoveries of charged-off receivables	15,475		9,245		32,695		20,406
Other(1)	(1,528)		(451)		(2,966)		(106)
Balance at end of period	$	374,987	$	289,088	$	374,987	$	289,088

(1)Primarily represents foreign currency translation adjustments and the initial allowance for purchased credit-deteriorated (PCD) loans.

Schedule of Financing Receivable, Modified


	Three Months Ended March 31,						Nine Months Ended March 31,
	2025			2024 (1)			2025			2024 (1)
Payment deferral	$	5,749		$	32,015		$	13,110		$	43,282
Loan re-amortization	116			1,075			250			1,630
Total	$	5,865		$	33,090		$	13,360		$	44,912
% of total loan receivables outstanding	0.09		%	0.61		%	0.20		%	0.83		%

(1)Amounts previously disclosed excluded modifications made to borrowers where the loan was less than 30 days delinquent at the time of modification.


	March 31, 2025
	Payment Deferral		Loan Re-amortization		Total
Non-delinquent loans	$	7,761	$	154	$	7,915
4 – 29 calendar days past due	2,123		40		2,163
30 – 59 calendar days past due	1,398		20		1,418
60 – 89 calendar days past due	1,211		26		1,237
90 – 119 calendar days past due	1,224		20		1,244
Total amortized cost basis	$	13,717	$	260	$	13,977


	March 31, 2024 (1)
	Payment Deferral		Loan Re-amortization		Total
Non-delinquent loans	$	28,880	$	868	$	29,748
4 – 29 calendar days past due	7,178		396		7,574
30 – 59 calendar days past due	3,235		179		3,414
60 – 89 calendar days past due	2,171		100		2,271
90 – 119 calendar days past due	2,014		91		2,105
Total amortized cost basis	$	43,478	$	1,634	$	45,112

(1)Amounts previously disclosed excluded modifications made to borrowers where the loan was less than 30 days delinquent at the time of modification

Derivative Financial Instruments

9 Months Ended

Mar. 31, 2025

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Derivative Financial Instruments

The following table summarizes the total fair value, including interest accruals, and outstanding notional amounts of derivative instruments as of March 31, 2025 and June 30, 2024 (in thousands):


	March 31, 2025						June 30, 2024
	Notional Amount		Derivative Assets		Derivative Liabilities		Notional Amount		Derivative Assets		Derivative Liabilities
Derivatives designated as cash flow hedges
Interest rate contracts - cash flow hedges	$	—	$	—	$	—	$	150,000	$	4	$	—
Derivatives not designated as hedges
Interest rate contracts	412,489		3,808		86		854,589		17,203		38
Total gross derivative assets/liabilities	$	412,489	$	3,808	$	86	$	1,004,589	$	17,207	$	38

The following table summarizes the impact of the cash flow hedges on Accumulated Other Comprehensive Income (“AOCI”) (in thousands):


	Three Months Ended March 31,				Nine Months Ended March 31,
	2025		2024		2025		2024
Balance at beginning of period	$	(174)	$	900	$	1,407	$	751
Changes in fair value	(1,205)		1,085		(2,478)		1,996
Amounts reclassified into earnings (1)	(74)		(335)		(382)		(1,097)
Balance at end of period (2)	$	(1,453)	$	1,650	$	(1,453)	$	1,650

(1)The amounts reclassified into earnings are presented in the interim consolidated statements of income within funding costs.

(2)As of March 31, 2025, we estimated that $0.1 million of net derivative losses included in AOCI are expected to be reclassified into earnings within the next 12 months.


	Three Months Ended March 31,				Nine Months Ended March 31,
	2025		2024		2025		2024

The effects of cash flow hedging
Funding costs	$	74	$	335	$	382	$	1,097
The effects of derivatives not designated in hedging relationships
Other income, net	(2,154)		4,671		(3,403)		2,942

Investments

9 Months Ended

Mar. 31, 2025

Investments, All Other Investments [Abstract]

Investments

Marketable Securities


	March 31, 2025		June 30, 2024
Cash and cash equivalents:
Money market funds	$	69,419	$	63,389
Commercial paper	61,883		57,964
Government bonds - US	19,889		3,492
Securities available for sale:
Certificates of deposit	8,746		34,473
Corporate bonds	242,800		242,660
Commercial paper	86,088		239,882
Agency bonds	13,444		15,159
Municipal bonds	5,180		3,953
Government bonds
Non-US	5,286		5,275
US (1)	367,769		538,556
Securitization notes receivable and certificates (2)	50,857		51,670
Total marketable securities:	$	931,361	$	1,256,473

Securities Available for Sale, at Fair Value


	March 31, 2025
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Allowance for Credit Losses		Fair Value
Certificates of deposit	$	8,741	$	5	$	—	$	—	$	8,746
Corporate bonds	242,249		715		(164)		—		242,800
Commercial paper (1)	147,977		5		(11)		—		147,971
Agency bonds	13,447		5		(8)		—		13,444
Municipal bonds	5,162		18		—		—		5,180
Government bonds
Non-US	5,284		5		(3)		—		5,286
US (1) (2)	387,267		495		(104)		—		387,658
Securitization notes receivable and certificates (3)	51,348		545		(56)		(980)		50,857
Total securities available for sale	$	861,475	$	1,793	$	(346)	$	(980)	$	861,942


	June 30, 2024
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Allowance for Credit Losses		Fair Value
Certificates of deposit	$	34,468	$	9	$	(4)	$	—	$	34,473
Corporate bonds	243,639		95		(1,074)		—		242,660
Commercial paper (1)	298,005		7		(166)		—		297,846
Agency bonds	15,283		—		(124)		—		15,159
Municipal bonds	3,943		10		—		—		3,953
Government bonds
Non-US	5,310		—		(35)		—		5,275
US (1) (2)	543,421		33		(1,406)		—		542,048
Securitization notes receivable and certificates (3)	51,726		699		(91)		(664)		51,670

Total securities available for sale	$	1,195,795	$	853	$	(2,900)	$	(664)	$	1,193,084

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.


	March 31, 2025
	Less than or equal to 1 year				Greater than 1 year				Total
	Fair Value		Unrealized Losses		Fair Value		Unrealized Losses		Fair Value		Unrealized Losses

Corporate bonds	$	59,459	$	(74)	$	34,095	$	(90)	$	93,554	$	(164)
Commercial paper	92,109		(11)		—		—		92,109		(11)
Agency bonds	4,916		(8)		—		—		4,916		(8)
Government bonds
Non-US	3,127		(3)		—		—		3,127		(3)
US	126,929		(69)		31,157		(35)		158,086		(104)
Total securities available for sale (1)	$	286,540	$	(165)	$	65,252	$	(125)	$	351,792	$	(290)


	June 30, 2024
	Less than or equal to 1 year				Greater than 1 year				Total
	Fair Value		Unrealized Losses		Fair Value		Unrealized Losses		Fair Value		Unrealized Losses
Certificates of deposit	$	9,647	$	(4)	$	—	$	—	$	9,647	$	(4)
Corporate bonds	119,353		(252)		57,846		(822)		177,199		(1,074)
Commercial paper	245,536		(166)						245,536		(166)
Agency bonds	10,417		(41)		4,743		(83)		15,160		(124)
Government bonds
Non-US	—		—		5,275		(35)		5,275		(35)
US	251,113		(185)		123,633		(1,221)		374,746		(1,406)
Total securities available for sale (1)	$	636,066	$	(648)	$	191,497	$	(2,161)	$	827,563	$	(2,809)

(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):


	March 31, 2025
	Within 1 year				Greater than 1 year, less than or equal to 5 years				Total
	Amortized Cost		Fair Value		Amortized Cost		Fair Value		Amortized Cost		Fair Value
Certificates of deposit	$	8,741	$	8,746	$	—	$	—	$	8,741	$	8,746
Corporate bonds	130,494		130,651		111,755		112,149		242,249		242,800
Commercial paper (1)	147,977		147,971		—		—		147,977		147,971
Agency bonds	13,447		13,444		—		—		13,447		13,444
Municipal bonds	3,908		3,917		1,254		1,263		5,162		5,180
Government bonds
Non-US	3,130		3,127		2,154		2,159		5,284		5,286
US (1)	310,906		311,075		76,361		76,583		387,267		387,658
Securitization notes receivable and certificates (2)	—		—		51,348		50,857		51,348		50,857

Total securities available for sale	$	618,603	$	618,931	$	242,872	$	243,011	$	861,475	$	861,942


	June 30, 2024
	Within 1 year				Greater than 1 year, less than or equal to 5 years				Total
	Amortized Cost		Fair Value		Amortized Cost		Fair Value		Amortized Cost		Fair Value
Certificates of deposit	$	34,468	$	34,473	$	—	$	—	$	34,468	$	34,473
Corporate bonds	118,547		118,039		125,092		124,621		243,639		242,660
Commercial paper (1)	298,005		297,846		—		—		298,005		297,846
Agency bonds	10,457		10,416		4,826		4,743		15,283		15,159
Municipal bonds	—		—		3,943		3,953		3,943		3,953
Government bonds
Non-US	2,150		2,150		3,160		3,125		5,310		5,275
US (1)	465,338		464,298		78,083		77,750		543,421		542,048
Securitization notes receivable and certificates (2)	—		—		51,726		51,670		51,726		51,670

Total securities available for sale	$	928,965	$	927,222	$	266,830	$	265,862	$	1,195,795	$	1,193,084

(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 did not 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 were no 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.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Mar. 31, 2025	Mar. 31, 2024	Mar. 31, 2025	Mar. 31, 2024
Revenue
Revenue	$ 272,545	$ 194,968	$ 807,401	$ 602,020
Interest income	402,701	315,712	1,189,132	866,737
Gain on sales of loans	75,838	40,183	264,739	127,170
Servicing income	32,050	25,294	86,723	67,887
Total revenue, net	783,135	576,157	2,347,995	1,663,814
Operating expenses
Loss on loan purchase commitment	57,290	44,143	181,805	132,639
Provision for credit losses	147,252	122,443	460,056	343,019
Funding costs	107,631	90,449	319,539	248,997
Processing and servicing	118,398	88,209	329,504	254,083
Technology and data analytics	152,620	124,828	435,123	377,626
Sales and marketing	74,022	132,950	355,293	441,081
General and administrative	134,303	128,721	412,196	401,832
Restructuring and other	12	5,203	(184)	6,924
Total operating expenses	791,527	736,946	2,493,332	2,206,201
Operating loss	(8,393)	(160,789)	(145,337)	(542,387)
Other income, net	13,738	27,743	135,221	70,999
Income (loss) before income taxes	5,345	(133,046)	(10,116)	(471,388)
Income tax expense	2,541	890	6,942	1,233
Net income (loss)	2,804	(133,936)	(17,058)	(472,621)
Other comprehensive income (loss)
Foreign currency translation adjustments	3,550	(10,879)	(23,573)	(8,953)
Unrealized gain (loss) on securities available for sale, net	778	(30)	3,494	6,176
Gain (loss) on cash flow hedges	(1,279)	750	(2,860)	899
Net other comprehensive income (loss)	3,049	(10,159)	(22,939)	(1,878)
Comprehensive income (loss)	$ 5,853	$ (144,095)	$ (39,998)	$ (474,499)
Net income (loss) per share attributable to common stockholders for Class A and Class B
Basic (in USD per share)	$ 0.01	$ (0.43)	$ (0.05)	$ (1.53)
Diluted (in USD per share)	$ 0.01	$ (0.43)	$ (0.05)	$ (1.53)
Weighted average common shares outstanding
Basic (in shares)	324,053,967	312,626,728	321,505,149	307,995,889
Diluted (in shares)	344,224,332	312,626,728	321,505,149	307,995,889
Merchant network revenue
Revenue
Revenue	$ 213,973	$ 159,292	$ 643,207	$ 493,599
Card network revenue
Revenue
Revenue	$ 58,572	$ 35,676	$ 164,194	$ 108,421

Loans Held for Investment and Allowance for Credit Losses - Schedule of Allowance for Credit Loss (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Mar. 31, 2025	Mar. 31, 2024	Mar. 31, 2025	Mar. 31, 2024
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Balance at beginning of period	$ 363,831	$ 262,204	$ 309,097	$ 204,531
Provision for loan losses	142,001	117,271	445,313	325,914
Charge-offs	(144,792)	(99,181)	(409,152)	(261,657)
Recoveries of charged-off receivables	15,475	9,245	32,695	20,406
Other	(1,528)	(451)	(2,966)	(106)
Balance at end of period	$ 374,987	$ 289,088	$ 374,987	$ 289,088

Investments - Schedule of Available for Sale Securities with Unrealized Losses (Details) $ in Thousands	Mar. 31, 2025 USD ($) position	Jun. 30, 2024 USD ($) position
Debt Securities, Available-for-sale [Line Items]
Less than or equal to 1 year, fair value	$ 286,540	$ 636,066
Less than or equal to 1 year, unrealized losses	(165)	(648)
Greater than 1 year, fair value	65,252	191,497
Greater than 1 year, unrealized losses	(125)	(2,161)
Total, fair value	351,792	827,563
Total, unrealized losses	$ (290)	$ (2,809)
Number of positions with unrealized losses \| position	70	137
Certificates of deposit
Debt Securities, Available-for-sale [Line Items]
Less than or equal to 1 year, fair value		$ 9,647
Less than or equal to 1 year, unrealized losses		(4)
Greater than 1 year, fair value		0
Greater than 1 year, unrealized losses		0
Total, fair value		9,647
Total, unrealized losses		(4)
Corporate bonds
Debt Securities, Available-for-sale [Line Items]
Less than or equal to 1 year, fair value	$ 59,459	119,353
Less than or equal to 1 year, unrealized losses	(74)	(252)
Greater than 1 year, fair value	34,095	57,846
Greater than 1 year, unrealized losses	(90)	(822)
Total, fair value	93,554	177,199
Total, unrealized losses	(164)	(1,074)
Commercial paper
Debt Securities, Available-for-sale [Line Items]
Less than or equal to 1 year, fair value	92,109	245,536
Less than or equal to 1 year, unrealized losses	(11)	(166)
Greater than 1 year, fair value	0
Greater than 1 year, unrealized losses	0
Total, fair value	92,109	245,536
Total, unrealized losses	(11)	(166)
Agency bonds
Debt Securities, Available-for-sale [Line Items]
Less than or equal to 1 year, fair value	4,916	10,417
Less than or equal to 1 year, unrealized losses	(8)	(41)
Greater than 1 year, fair value	0	4,743
Greater than 1 year, unrealized losses	0	(83)
Total, fair value	4,916	15,160
Total, unrealized losses	(8)	(124)
Non-US
Debt Securities, Available-for-sale [Line Items]
Less than or equal to 1 year, fair value	3,127	0
Less than or equal to 1 year, unrealized losses	(3)	0
Greater than 1 year, fair value	0	5,275
Greater than 1 year, unrealized losses	0	(35)
Total, fair value	3,127	5,275
Total, unrealized losses	(3)	(35)
US
Debt Securities, Available-for-sale [Line Items]
Less than or equal to 1 year, fair value	126,929	251,113
Less than or equal to 1 year, unrealized losses	(69)	(185)
Greater than 1 year, fair value	31,157	123,633
Greater than 1 year, unrealized losses	(35)	(1,221)
Total, fair value	158,086	374,746
Total, unrealized losses	$ (104)	$ (1,406)

Balance Sheet Components - Schedule of Accrued Expenses and Other Liabilities (Details) - USD ($) $ in Thousands	Mar. 31, 2025	Jun. 30, 2024
Balance Sheet Related Disclosures [Abstract]
Accrued expenses	$ 78,927	$ 59,613
Operating lease liability	35,640	39,493
Collateral held for derivative instruments	4,290	17,643
Other liabilities	54,772	30,680
Total accrued expenses and other liabilities	$ 173,629	$ 147,429

- Definition

Amount of liabilities classified as other.

+ References + Details

Leases - Schedule of Maturities of Lease Liabilities (Details) - USD ($) $ in Thousands	Mar. 31, 2025	Jun. 30, 2024
Leases [Abstract]
2025 (remaining three months)	$ 4,209
2026	16,553
2027	4,425
2028	3,563
2029	3,618
Thereafter	8,185
Total lease payments	40,553
Less imputed interest	(4,913)
Present value of total lease liabilities	$ 35,640	$ 39,493

Leases - Additional Information (Details) - USD ($)	3 Months Ended		9 Months Ended
Leases - Additional Information (Details) - USD ($)	Mar. 31, 2025	Mar. 31, 2024	Mar. 31, 2025	Mar. 31, 2024	Jun. 30, 2024
Lessee, Lease, Description [Line Items]
Assets pledged as collateral	$ 5,700,000		$ 5,700,000		$ 8,800,000
Impairment expense	0	$ 0	0	$ 800,000
Sublease income	$ 900,000	$ 1,300,000	$ 3,400,000	$ 3,300,000
Restricted Cash
Lessee, Lease, Description [Line Items]
Assets pledged as collateral					2,000,000.0
Other Investments
Lessee, Lease, Description [Line Items]
Assets pledged as collateral					$ 6,800,000
Minimum
Lessee, Lease, Description [Line Items]
Lease termination notice period			9 months
Remaining lease term	1 year		1 year
Maximum
Lessee, Lease, Description [Line Items]
Lease termination notice period			1 year
Remaining lease term	8 years		8 years

Net Income (Loss) per Share Attributable to Common Stockholders - Schedule of Basic and Diluted Net Loss Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		9 Months Ended
	Mar. 31, 2025	Mar. 31, 2024	Mar. 31, 2025	Mar. 31, 2024
Denominator:
Weighted average shares of common stock - basic (in shares)	324,053,967	312,626,728	321,505,149	307,995,889
Diluted (in shares)	344,224,332	312,626,728	321,505,149	307,995,889
Net income (loss) per share:
Basic (in USD per share)	$ 0.01	$ (0.43)	$ (0.05)	$ (1.53)
Diluted (in USD per share)	$ 0.01	$ (0.43)	$ (0.05)	$ (1.53)
Class A common stock
Numerator:
Net income (loss) attributable to common stockholders - basic	$ 2,451	$ (114,116)	$ (14,834)	$ (388,902)
Net income (loss) attributable to common stockholders - diluted	$ 2,472	$ (114,116)	$ (14,834)	$ (388,902)
Denominator:
Weighted average shares of common stock - basic (in shares)	283,262,753	266,363,196	279,578,539	253,437,891
Diluted (in shares)	303,433,118	266,363,196	279,578,539	253,437,891
Net income (loss) per share:
Basic (in USD per share)	$ 0.01	$ (0.43)	$ (0.05)	$ (1.53)
Diluted (in USD per share)	$ 0.01	$ (0.43)	$ (0.05)	$ (1.53)
Class A common stock \| Restricted stock units
Denominator:
Dilutive effect of stock equivalents (in shares)	10,646,113		0
Class A common stock \| Stock options, including early exercise of options
Denominator:
Dilutive effect of stock equivalents (in shares)	8,801,161		0
Class A common stock \| Value creation award vested shares
Denominator:
Dilutive effect of stock equivalents (in shares)	691,983		0
Class A common stock \| Employee stock purchase plan shares
Denominator:
Dilutive effect of stock equivalents (in shares)	31,108		0
Class B common stock
Numerator:
Net income (loss) attributable to common stockholders - basic	$ 353	$ (19,820)	$ (2,224)	$ (83,719)
Net income (loss) attributable to common stockholders - diluted	$ 332	$ (19,820)	$ (2,224)	$ (83,719)
Denominator:
Weighted average shares of common stock - basic (in shares)	40,791,214	46,263,532	41,926,610	54,557,998
Diluted (in shares)	40,791,214	46,263,532	41,926,610	54,557,998
Net income (loss) per share:
Basic (in USD per share)	$ 0.01	$ (0.43)	$ (0.05)	$ (1.53)
Diluted (in USD per share)	$ 0.01	$ (0.43)	$ (0.05)	$ (1.53)
Class B common stock \| Restricted stock units
Denominator:
Dilutive effect of stock equivalents (in shares)	0		0
Class B common stock \| Stock options, including early exercise of options
Denominator:
Dilutive effect of stock equivalents (in shares)	0		0
Class B common stock \| Value creation award vested shares
Denominator:
Dilutive effect of stock equivalents (in shares)	0		0
Class B common stock \| Employee stock purchase plan shares
Denominator:
Dilutive effect of stock equivalents (in shares)	0		0

Securitization and Variable Interest Entities - Schedule of Aggregate Carrying Value of Financial Assets and Liabilities from Consolidated VIEs (Details) - USD ($) $ in Thousands	Mar. 31, 2025	Jun. 30, 2024
Debt Instrument [Line Items]
Assets	$ 10,436,187	$ 9,519,619
Liabilities	7,561,272	6,787,630
Consolidated Variable Interest Entities
Debt Instrument [Line Items]
Assets	6,240,884	5,378,135
Liabilities	5,978,278	5,070,022
Net Assets	262,606	308,113
Consolidated Variable Interest Entities \| Warehouse credit facilities
Debt Instrument [Line Items]
Assets	2,044,461	2,052,881
Liabilities	1,831,884	1,823,794
Net Assets	212,577	229,087
Consolidated Variable Interest Entities \| Securitizations
Debt Instrument [Line Items]
Assets	4,196,423	3,325,254
Liabilities	4,146,394	3,246,228
Net Assets	50,029	$ 79,026
Consolidated Variable Interest Entities \| Securitizations \| Funding Debt
Debt Instrument [Line Items]
Liabilities	47,800
Consolidated Variable Interest Entities \| Securitizations \| Notes
Debt Instrument [Line Items]
Liabilities	$ 4,100,000

- Definition

Amount of asset recognized for present right to economic benefit.

+ References

+ Details

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

- Definition

Amount of liability recognized for present obligation requiring transfer or otherwise providing economic benefit to others.

+ References

+ Details

Summary of Significant Accounting Policies	9 Months Ended
Summary of Significant Accounting Policies	Mar. 31, 2025
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	Summary of Significant Accounting Policies Basis of Presentation and Principles of Consolidation The accompanying interim condensed consolidated financial statements are prepared in accordance with accounting principles generally accepted in the United States (“U.S. GAAP”), as contained in the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”), disclosure requirements for interim financial information, and the requirements of Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by U.S. GAAP for complete financial statements. The unaudited interim condensed consolidated financial statements should be read in conjunction with the audited financial statements and notes thereto for the fiscal year ended June 30, 2024. The balance sheet as of June 30, 2024 has been derived from the audited financial statements at that date. Management believes these interim condensed consolidated financial statements reflect all adjustments, including those of a normal and recurring nature, which are necessary for a fair presentation of the results for the interim periods presented. Within the interim condensed consolidated financial statements and tables presented in the accompanying notes, certain columns and rows may not sum due to the use of rounded numbers for disclosure purposes. The results of operations for the interim periods are not necessarily indicative of the results that may be expected for the full year or any other interim period. Our interim condensed financial statements have been prepared on a consolidated basis. Under this basis of presentation, our financial statements consolidate all wholly owned subsidiaries and variable interest entities (“VIEs”), in which we have a controlling financial interest. These include various business trust entities and limited partnerships established to enter into warehouse credit agreements with certain lenders for funding debt facilities and certain asset-backed securitization transactions. All intercompany accounts and transactions have been eliminated in consolidation. Our variable interest arises from contractual, ownership, or other monetary interests in the entity, which changes with fluctuations in the fair value of the entity’s net assets. We consolidate a VIE when we are deemed to be the primary beneficiary. We assess whether or not we are the primary beneficiary of a VIE on an ongoing basis. Use of Estimates The preparation of interim condensed consolidated financial statements in conformity with U.S. GAAP requires the use of estimates, judgments and assumptions that affect the reported amounts in the interim condensed consolidated financial statements and the accompanying notes. Material estimates that are particularly susceptible to significant change relate to determination of the allowance for credit losses, capitalized internal-use software development costs, valuation allowance for deferred tax assets, loss on loan purchase commitment, discount on directly originated loans, the evaluation for impairment of intangible assets and goodwill, the fair value of available for sale debt securities including retained interests in our securitization trusts, the fair value of risk sharing arrangements, and stock-based compensation, including the fair value of warrants issued to nonemployees. We base our estimates on historical experience, current events, and other factors we believe to be reasonable under the circumstances. To the extent that there are material differences between these estimates and actual results, our financial condition or operating results will be materially affected. These estimates are based on information available as of the date of the interim condensed consolidated financial statements; therefore, actual results could differ materially from those estimates. Significant Accounting Policies There were no material changes to our significant accounting policies as disclosed in Note 2. Summary of Significant Accounting Policies of our Annual Report on Form 10-K for the fiscal year ended June 30, 2024, which was filed with the SEC on August 28, 2024. Recent Accounting Pronouncements Not Yet Adopted Segment Reporting In November 2023, the FASB issued Accounting Standards Update(“ASU”) 2023-07, “Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures”. The new guidance modifies the existing annual and interim segment reporting disclosures. The purpose of the update is to enable investors to better understand an entity’s overall performance and assess potential future cash flows, primarily through enhanced disclosure requirements on significant segment expenses. The ASU is effective for annual reporting periods beginning after December 15, 2023 and interim periods within fiscal years beginning after December 15, 2024, and should be applied retrospectively to all prior periods presented in the financial statements. Early adoption is permitted. We are in the process of evaluating the impact of adopting this accounting standard update on our consolidated financial statements and disclosures. Income Taxes In December 2023, the FASB issued ASU 2023-09, “Income Taxes (Topic 740): Improvements to Income Tax Disclosures”. The new guidance is expected to increase transparency and usefulness of income tax disclosures through improvements to the rate reconciliation, income taxes paid, and other disclosure requirements. The ASU is effective for fiscal years beginning after December 15, 2024 and should be applied on a prospective basis, although retrospective application is permitted. Early adoption is permitted for annual financial statements that have not yet been issued or made available for issuance. We are in the process of evaluating the impact of adopting this accounting standard update on our consolidated financial statements and disclosures. Reporting Comprehensive Income In November 2024, the FASB issued ASU 2024-03, “Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses”. Subsequent to the issuance of ASU 2024-03, the FASB issued ASU 2025-01 to clarify the effective date of ASU 2024-03. The new guidance requires disclosure, in the notes to the financial statements, specified information about certain income statement costs and expenses for each interim and annual reporting period. The ASU is effective for fiscal years beginning after December 15, 2026 and interim periods within fiscal years beginning after December 15, 2027, and should be applied on a prospective basis, although retrospective application is permitted. Early adoption is permitted. We are in the process of evaluating the impact of adopting this accounting standard update on our consolidated financial statements and disclosures. Debt with Conversion and Other Options In November 2024, the FASB issued ASU 2024-04, “Debt—Debt with Conversion and Other Options (Subtopic 470-20): Induced Conversions of Convertible Debt Instruments”. The new guidance clarifies the requirements for determining whether certain settlements of convertible debt should be accounted for as an induced conversion. The ASU is effective for fiscal years beginning after December 15, 2025 and interim periods within those annual reporting periods, and should be applied on a prospective basis, although retrospective application is permitted. Early adoption is permitted. We are in the process of evaluating the impact of adopting this accounting standard update on our consolidated financial statements and disclosures.

Net Income (Loss) per Share Attributable to Common Stockholders

9 Months Ended

Mar. 31, 2025

Earnings Per Share [Abstract]

Net Income (Loss) per Share Attributable to Common Stockholders

The following table presents basic and diluted net loss per share attributable to common stockholders for Class A and Class B common stock (in thousands, except share and per share data):


	Three Months Ended March 31,				Nine Months Ended March 31,
	2025				2025
	Class A		Class B		Class A		Class B
Numerator:
Net income (loss) attributable to common stockholders - basic	$	2,451	$	353	$	(14,834)	$	(2,224)
Net income (loss) attributable to common stockholders - diluted	$	2,472	$	332	$	(14,834)	$	(2,224)
Denominator:
Weighted average shares of common stock - basic	283,262,753		40,791,214		279,578,539		41,926,610
Dilutive effect of stock equivalents:
Restricted stock units	10,646,113		—		—		—
Stock options, including early exercise of options	8,801,161		—		—		—
Value creation award vested shares	691,983		—		—		—
Employee stock purchase plan shares	31,108		—		—		—
Weighted average shares of common stock - diluted	303,433,118		40,791,214		279,578,539		41,926,610
Net income (loss) per share:
Basic	$	0.01	$	0.01	$	(0.05)	$	(0.05)
Diluted	$	0.01	$	0.01	$	(0.05)	$	(0.05)


	Three Months Ended March 31,				Nine Months Ended March 31,
	2024				2024
	Class A		Class B		Class A		Class B
Numerator:
Net loss attributable to common stockholders - basic	$	(114,116)	$	(19,820)	$	(388,902)	$	(83,719)
Net loss attributable to common stockholders - diluted	$	(114,116)	$	(19,820)	$	(388,902)	$	(83,719)
Denominator:
Weighted average shares of common stock - basic	266,363,196		46,263,532		253,437,891		54,557,998
Weighted average shares of common stock - diluted	266,363,196		46,263,532		253,437,891		54,557,998
Net loss per share:
Basic	$	(0.43)	$	(0.43)	$	(1.53)	$	(1.53)
Diluted	$	(0.43)	$	(0.43)	$	(1.53)	$	(1.53)


	Three Months Ended March 31,		Nine Months Ended March 31,
	2025	2024	2025	2024
Restricted stock units	677,495	17,660,162	17,213,079	17,660,162
Stock options, including early exercise of options	953,308	16,886,267	13,210,001	16,886,267
Common stock warrants	6,753,922	5,760,721	6,753,922	5,760,721
Value creation award	—	—	4,000,000	—
Employee stock purchase plan shares	—	214,364	223,996	214,364
Total	8,384,725	40,521,514	41,400,998	40,521,514

Fair Value of Financial Assets and Liabilities - Schedule of Fair Value of Performance Fee Liability (Details) - Performance Fee Liability - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Mar. 31, 2025	Mar. 31, 2024	Mar. 31, 2025	Mar. 31, 2024
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Fair value at beginning of period	$ 1,773	$ 1,594	$ 1,503	$ 1,581
Purchases of loans	520	424	1,609	1,293
Settlements paid	(510)	(493)	(1,488)	(1,485)
Subsequent changes in fair value	(13)	(9)	146	127
Fair value at end of period	$ 1,770	$ 1,516	$ 1,770	$ 1,516

Debt

9 Months Ended

Mar. 31, 2025

Debt Disclosure [Abstract]

Debt

Debt outstanding as of March 31, 2025 includes amounts classified on our interim condensed consolidated balance sheets as funding debt, notes issued by securitization trusts, and convertible senior notes. Secured debt includes borrowings from our warehouse facilities, variable funding notes, notes issued by securitization trusts and sale and repurchase agreements, unsecured debt includes outstanding convertible senior notes. Our unsecured revolving credit facility did not have any borrowings outstanding as of March 31, 2025.

The following table summarizes the components and terms of our secured and unsecured debt as of March 31, 2025 (in thousands):


	Borrowing Capacity		Interest Rate Spread (2)		Unused Commitment Fees	Maturity by Fiscal Year	Debt Outstanding			Debt Outstanding net of unamortized premiums and discount
			Min - Max	Weighted Average
Secured debt
Funding debt
US warehouse facilities	4,550,000		1.65% - 2.00%	1.66%	0.20% - 0.50%	2026 - 2032	1,467,383			1,453,698
International warehouse facilities (1)	588,110		1.25% - 1.75%	1.69%	0.30% - 0.45%	2028 - 2030	364,062			362,964
Variable funding notes	1,150,000		1.50%	—	0.30%	2032	51,131			47,813
Sales and repurchase agreements	—		5.82% - 8.89%	6.36%	—	2028 -2029	44,218			44,218
Notes issued by securitization trusts	4,100,000		4.62% - 11.32%	5.89%	—	2028 - 2033	4,100,000			4,084,934
	$	10,388,110					$	6,026,795	(3)	$	5,993,628
Unsecured debt
Convertible senior notes:
2026 Notes	—		—%	—	—	2027	248,704			247,730
2029 Notes	—		0.75%	—	—	2030	920,000			904,289
Revolving credit facility (4)	330,000		0.75% - 1.75%	—	0.20%	2027	—			—
	$	330,000					$	1,168,704		$	1,152,019
Total							$	7,195,499		$	7,145,646

(1)As of March 31, 2025, international facilities finance the origination of loan receivables in Canada and are denominated in CAD.

Funding Debt

Warehouse Credit Facilities

Through certain consolidated subsidiaries, which are typically trusts, we enter into secured borrowing arrangements with banks and other financial institutions. Through each of these subsidiaries we enter into a loan or credit and security agreement where we borrow against loans pledged as collateral. Financing terms, including the advance rate and financing spread, vary across these revolving facilities and generally depend on the types of collateral that may be pledged and respective concentration limits. The revolving period for each facility generally ends 4 - 12 months prior to the final maturity date, after which additional borrowings are not permitted. Advance rates range from 70% to 86% of the collateralized balance with respect to U.S. borrowing facilities and 67% to 88% of the collateralized balance with respect to facilities used to finance loans originated outside of the U.S., including Canada.

Borrowings under these agreements are classified as funding debt within our interim condensed consolidated balance sheets and proceeds from the borrowings can only be used for the purposes of facilitating loan funding and origination. These borrowing facilities are bankruptcy-remote special-purpose vehicles in which creditors do not have recourse against the general credit of Affirm.

Our funding debt agreements contain certain customary negative covenants and financial covenants including maintaining certain levels of minimum liquidity, maximum leverage, and minimum tangible net worth. As of March 31, 2025, we were in compliance with all applicable covenants in the agreements.

Variable Funding Note

We entered into a syndicated revolving loan agreement through a securitization master trust which is utilized to fund the purchase and origination of loans. In connection with the loan agreement, the master trust issued a variable funding note (“VFN”), where borrowings will be secured by loan collateral sold to the master trust. Throughout the reinvestment period of the VFN, the master trust periodically issues asset-backed securitization notes, where securitization note proceeds affects the level of utilization of the VFN. Outstanding borrowings under the VFN are classified as funding debt within our interim condensed consolidated balance sheets.

Sale and Repurchase Agreements

We entered into certain sale and repurchase agreements pursuant to our retained interests in our off-balance sheet securitizations where we have sold these securities to a counterparty with an obligation to repurchase at a future date and price. These repurchase agreements have a term equaling the contractual life of the securitization notes pledged. We record the debt outstanding under our sale and repurchase agreements within our funding debt in the interim condensed consolidated balance sheets.

Notes Issued by Securitization Trusts

We issue asset-backed notes through securitization trusts using a combination of term, amortizing and revolving structures. Each trust may issue one or more classes of notes, which will be repaid through collections on the loans in accordance with the trust priority of payments. For consolidated securitization trusts, asset-backed notes held by third-party investors are classified as notes issued by securitization trusts in the interim condensed consolidated balance sheets. Refer to Note 9 Securitization and Variable Interest Entities for additional information.

Convertible Senior Notes

2029 Notes

On December 20, 2024, we issued approximately $920 million in aggregate principal amount of 0.75% convertible senior notes due 2029 (the “2029 Notes”) in a private placement to qualified institutional buyers pursuant to Rule 144A under the Securities Act of 1933, as amended. The total net proceeds from this offering, after deducting debt issuance costs, were approximately $903 million. The 2029 Notes represent senior unsecured obligations of the Company. The 2029 Notes will bear interest at a fixed rate of 0.75% per year, payable semiannually in arrears on June 15 and December 15 of each year, beginning on June 15, 2025. The 2029 Notes mature on December 15, 2029, unless such Notes are earlier converted, redeemed or repurchased in accordance with their terms.

Each $1,000 of principal of the 2029 Notes will initially be convertible into 9.8992 shares of our common stock, which is equivalent to an initial conversion price of approximately $101.02 per share, subject to adjustment upon the occurrence of certain specified events set forth in the indenture governing the 2029 Notes (the “2029 Indenture”). Holders of the 2029 Notes may convert their 2029 Notes at their option at any time on or after September 15, 2029 until close of business on the second scheduled trading day immediately preceding the maturity date of December 15, 2029. Further, holders of the 2029 Notes may convert all or any portion of their 2029 Notes at their option prior to the close of business on the business day immediately preceding September 15, 2029, only under the following circumstances:

1) during any calendar quarter commencing after the calendar quarter ending on March 31, 2025 (and only during such calendar quarter), if the last reported sale price of the Class A common stock for at least 20 trading days (whether or not consecutive) during a period of 30 consecutive trading days ending on, and including, the last trading day of the immediately preceding calendar quarter is greater than or equal to 130% of the conversion price on each applicable trading day;

2) during the five business day period after any five consecutive trading day period (the measurement period) in which the trading price (as defined in the indenture governing the 2029 Notes) per $1,000 principal amount of the 2029 Notes for each trading day of the measurement period was less than 98% of the product of the last reported sale price of the Company’s Class A common stock and the conversion rate on each such trading day;

3) if the Company calls any or all of the notes for redemption, at any time prior to the close of business on the scheduled trading day immediately preceding the redemption date; or

4) upon the occurrence of certain specified corporate events.

Upon conversion of the 2029 Notes, the Company will pay cash up to the aggregate principal amount of the notes to be converted and pay or deliver, as the case may be, cash, shares of our common stock or a combination of cash and shares of our common stock, at the Company’s election, in respect of the remainder, if any, of the conversion obligation in excess of the aggregate principal amount of the notes being converted. If we satisfy our conversion obligation solely in cash or through payment and delivery, as the case may be, of a combination of cash and shares of our common stock, the amount of cash and shares of common stock, if any, due upon conversion will be based on a daily conversion value (as set forth in the “2029 Indenture”) calculated on a proportionate basis for each trading day in a 40 trading day observation period.

No sinking fund is provided for the 2029 Notes. We may redeem for cash all or part of the 2029 Notes on or after December 20, 2027 if the last reported sale price of our Class A common stock has been at least 130% of the conversion price then in effect for at least 20 trading days (whether or not consecutive) during any 30 consecutive trading day period (including the last trading day of such period) ending on, and including, the trading day

immediately preceding the date on which we provide notice of redemption at a redemption price equal to 100% of the principal amount of the notes to be redeemed, plus accrued and unpaid interest, if any.

If a fundamental change (as defined in the 2029 Indenture) occurs prior to the maturity date, holders of the 2029 Notes may require us to repurchase all or a portion of their notes for cash at a repurchase price equal to 100% of the principal amount of the 2029 Notes, plus any accrued and unpaid interest to, but excluding, the repurchase date. In addition, if specific corporate events occur prior to the maturity date of the 2029 Notes, we will be required to increase the conversion rate for holders who elect to convert their 2029 Notes in connection with such corporate events.

2026 Notes

On November 23, 2021, we issued $1,725 million in aggregate principal amount of 0% convertible senior notes due 2026 (the “2026 Notes”) in a private placement to qualified institutional buyers pursuant to Rule 144A under the Securities Act of 1933, as amended. The total net proceeds from this offering, after deducting debt issuance costs, were approximately $1,704 million. The 2026 Notes represent senior unsecured obligations of the Company. The 2026 Notes do not bear interest except in special circumstances described below, and the principal amount of the 2026 Notes does not accrete. The 2026 Notes mature on November 15, 2026.

Each $1,000 of principal of the 2026 Notes will initially be convertible into 4.6371 shares of our common stock, which is equivalent to an initial conversion price of approximately $215.65 per share, subject to adjustment upon the occurrence of certain specified events set forth in the indenture governing the 2026 Notes (the “2026 Indenture”). Holders of the 2026 Notes may convert their 2026 Notes at their option at any time on or after August 15, 2026 until close of business on the second scheduled trading day immediately preceding the maturity date of November 15, 2026. Further, holders of the 2026 Notes may convert all or any portion of their 2026 Notes at their option prior to the close of business on the business day immediately preceding August 15, 2026, only under the following circumstances:

1) during any calendar quarter commencing after March 31, 2022 (and only during such calendar quarter), if the last reported sale price of the Class A common stock for at least 20 trading days (whether or not consecutive) during a period of 30 consecutive trading days ending on, and including, the last trading day of the immediately preceding calendar quarter is greater than or equal to 130% of the conversion price on each applicable trading day;

2) during the five business day period after any five consecutive trading day period (the measurement period) in which the trading price (as defined in the indenture governing the 2026 Notes) per $1,000 principal amount of the 2026 Notes for each trading day of the measurement period was less than 98% of the product of the last reported sale price of the Company’s Class A common stock and the conversion rate on each such trading day;

3) if the Company calls any or all of the notes for redemption, at any time prior to the close of business on the scheduled trading day immediately preceding the redemption date; or

4) upon the occurrence of certain specified corporate events.

Upon conversion of the 2026 Notes, the Company will pay cash up to the aggregate principal amount of the notes to be converted and pay or deliver, as the case may be, cash, shares of our common stock or a combination of cash and shares of our common stock, at the Company’s election, in respect of the remainder, if any, of the conversion obligation in excess of the aggregate principal amount of the notes being converted. If we satisfy our conversion obligation solely in cash or through payment and delivery, as the case may be, of a combination of cash and shares of our common stock, the amount of cash and shares of common stock, if any, due upon conversion will be based on a daily conversion value (as set forth in the “2026 Indenture”) calculated on a proportionate basis for each trading day in a 40 trading day observation period.

No sinking fund is provided for the 2026 Notes. We may not redeem the notes prior to November 20, 2024. We may redeem for cash all or part of the notes on or after November 20, 2024 if the last reported sale price of our Class A common stock has been at least 130% of the conversion price then in effect for at least 20 trading days (whether or not consecutive) during any 30 consecutive trading day period (including the last trading day of such period) ending on, and including, the trading day immediately preceding the date on which we provide notice of redemption at a redemption price equal to 100% of the principal amount of the notes to be redeemed, plus accrued and unpaid special interest, if any.

If a fundamental change (as defined in the 2026 Indenture) occurs prior to the maturity date, holders of the 2026 Notes may require us to repurchase all or a portion of their notes for cash at a repurchase price equal to 100% of the principal amount of the 2026 Notes, plus any accrued and unpaid interest to, but excluding, the repurchase date. In addition, if specific corporate events occur prior to the maturity date of the 2026 Notes, we will be required to increase the conversion rate for holders who elect to convert their 2026 Notes in connection with such corporate events.

Repurchase of a Portion of the 2026 Notes

On December 6, 2023, the Board of Directors authorized the repurchase of up to $800 million in aggregate principal amount of the 2026 Notes through open market purchases, privately negotiated purchases, purchase plans under Rule 10b5-1 of the Securities Exchange Act of 1934, as amended (“Rule 10b5-1”), or through a combination thereof, through December 31, 2024. On December 13, 2024, the Board of Directors replaced the December 2023 authorization with an authorization to repurchase up to $960 million in aggregate principal amount of the 2026 Notes through December 31, 2024. In connection with these authorizations, during the nine months ended March 31, 2025, we paid $1.0 billion in cash for the repurchase of $1.1 billion aggregate principal amount of our 2026 Notes. The carrying amount of the extinguished 2026 Notes was approximately $1.1 billion resulting in a $82.4 million gain on early extinguishment of debt for the nine months ended March 31, 2025 which is reported as a component of other income, net within our interim consolidated statements of operations and comprehensive income (loss). The repurchased 2026 Notes were received and canceled. We utilized a combination of cash on hand and the net proceeds from the issuance of the 2029 Notes for these repurchases. During both the three and nine months ended March 31, 2024, we paid $25.5 million in cash for the repurchase of $31.1 million aggregate principal amount of our 2026 Notes under the December 2023 authorization. The carrying amount of the extinguished 2026 Notes was approximately $30.9 million resulting in a $5.4 million gain on early extinguishment of debt, which is reported as a component of other income, net within our interim consolidated statements of operations and comprehensive income (loss).

On November 5, 2024, the Board of Directors authorized the repurchase of up to $500 million in aggregate principal amount of the 2026 Notes. Note repurchases under the November 2024 authorization may be made from time to time during the period commencing January 1, 2025 through December 31, 2025 through open market purchases, privately negotiated purchases, purchase plans under Rule 10b5-1, or through a combination thereof. Repurchases are subject to available liquidity, general market and economic conditions, alternate uses for the capital, and other factors, and there is no minimum principal amount of 2026 Notes that the Company is obligated to repurchase. In connection with this authorization, there were no repurchases of 2026 Notes during the three months ended March 31, 2025. As of March 31, 2025, $248.7 million in aggregate principal amount of the 2026 Notes remains outstanding.

The following table summarizes the interest expense recognized related to the convertible senior notes (in thousands):


	Three Months Ended March 31,				Nine Months Ended March 31,
	2025		2024		2025		2024
Amortization of debt issuance costs (1)
2026 Notes	$	148	$	857	$	1,575	$	2,602
2029 Notes	823		—		932		—
Total amortization of debt issuance costs	$	970	$	857	$	2,507	$	2,602
Coupon interest expense (1) (2)	1,706		—		1,933		—
Total interest expenses related to the convertible notes	$	2,676	$	857	$	4,440	$	2,602

(1)Included in our interim condensed consolidated statement of operations and comprehensive income (loss) within other income, net.

(2)The coupon interest expense is related to the 2029 Notes.

As of March 31, 2025, the remaining life of the 2026 Notes and 2029 Notes is approximately 20 months and 56 months, respectively.

Revolving Credit Facility

On 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 March 31, 2025, 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 Year	March 31, 2025
2025	$	—
2026	674,875
2027 (1)	331,468
2028	555,996
2029	2,403,923
Thereafter (1)	3,229,237
Total	$	7,195,499
Deferred debt issuance costs	(49,853)
Total funding debt, net of deferred debt issuance costs	$	7,145,646

(1)As of March 31, 2025, includes convertible senior notes due 2026 and 2029 with a carrying amounts of $248.7 million and $920.0 million, respectively.

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481544/470-10-50-6

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481544/470-10-50-6

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477092/405-40-50-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477092/405-40-50-1

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477092/405-40-50-1

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477092/405-40-50-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477092/405-40-50-1

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(c))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 470
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/470/tableOfContent

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 835
-SubTopic 30
-Name Accounting Standards Codification
-Section 45
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482925/835-30-45-2

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1C
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1C

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1C
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1C

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1C
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1C

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1E
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1E

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1I

Reference 20: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1I

Reference 21: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1I

+ Details

Restructuring and other	9 Months Ended
Restructuring and other	Mar. 31, 2025
Restructuring and Related Activities [Abstract]
Restructuring and other	Restructuring and other In February 2023, we committed to a restructuring plan (the “February 2023 Plan”) that included reducing our workforce and vacating a portion of our San Francisco office. The February 2023 Plan was completed during fiscal 2024, and we do not expect future costs or payments related to the plan. As of March 31, 2025, we had no outstanding liability related to previously accrued exit and disposal costs. For the three and nine months ended March 31, 2024, exit and disposal costs were $5.2 million and $6.9 million, respectively.

Investments - Additional Information (Details) - USD ($)	3 Months Ended		9 Months Ended
	Mar. 31, 2025	Mar. 31, 2024	Mar. 31, 2025	Mar. 31, 2024	Jun. 30, 2024
Investments, All Other Investments [Abstract]
Gross proceeds from matured or redeemed securities	$ 283,900,000	$ 465,700,000	$ 990,400,000	$ 1,191,700,000
Equity securities, at cost	42,316,000		42,316,000		$ 37,806,000
Equity securities, impairment loss	0	0	3,000,000.0	14,100,000
Equity securities, upward adjustment	100,000	0	2,600,000	0
Equity securities, downward adjustment		$ 0		$ 0
Fixed term deposit	$ 0		$ 0		$ 35,203,000

Loans Held for Investment and Allowance for Credit Losses - Schedule of Aging Analysis of Modified Loans (Details) - USD ($) $ in Thousands	Mar. 31, 2025	Mar. 31, 2024
Financing Receivable, Past Due [Line Items]
Amortized cost basis	$ 13,977	$ 45,112
Payment Deferral
Financing Receivable, Past Due [Line Items]
Amortized cost basis	13,717	43,478
Loan Re-amortization
Financing Receivable, Past Due [Line Items]
Amortized cost basis	260	1,634
Non-delinquent loans
Financing Receivable, Past Due [Line Items]
Amortized cost basis	7,915	29,748
Non-delinquent loans \| Payment Deferral
Financing Receivable, Past Due [Line Items]
Amortized cost basis	7,761	28,880
Non-delinquent loans \| Loan Re-amortization
Financing Receivable, Past Due [Line Items]
Amortized cost basis	154	868
4 – 29 calendar days past due
Financing Receivable, Past Due [Line Items]
Amortized cost basis	2,163	7,574
4 – 29 calendar days past due \| Payment Deferral
Financing Receivable, Past Due [Line Items]
Amortized cost basis	2,123	7,178
4 – 29 calendar days past due \| Loan Re-amortization
Financing Receivable, Past Due [Line Items]
Amortized cost basis	40	396
30 – 59 calendar days past due
Financing Receivable, Past Due [Line Items]
Amortized cost basis	1,418	3,414
30 – 59 calendar days past due \| Payment Deferral
Financing Receivable, Past Due [Line Items]
Amortized cost basis	1,398	3,235
30 – 59 calendar days past due \| Loan Re-amortization
Financing Receivable, Past Due [Line Items]
Amortized cost basis	20	179
60 – 89 calendar days past due
Financing Receivable, Past Due [Line Items]
Amortized cost basis	1,237	2,271
60 – 89 calendar days past due \| Payment Deferral
Financing Receivable, Past Due [Line Items]
Amortized cost basis	1,211	2,171
60 – 89 calendar days past due \| Loan Re-amortization
Financing Receivable, Past Due [Line Items]
Amortized cost basis	26	100
90 – 119 calendar days past due
Financing Receivable, Past Due [Line Items]
Amortized cost basis	1,244	2,105
90 – 119 calendar days past due \| Payment Deferral
Financing Receivable, Past Due [Line Items]
Amortized cost basis	1,224	2,014
90 – 119 calendar days past due \| Loan Re-amortization
Financing Receivable, Past Due [Line Items]
Amortized cost basis	$ 20	$ 91

Equity Incentive Plans - Schedule of RSU Activity (Details) - Restricted stock units	9 Months Ended
	Mar. 31, 2025 $ / shares shares
Number of Shares
Beginning balance, Non-vested (in shares) \| shares	18,327,420
Granted (in shares) \| shares	11,688,123
Vested (in shares) \| shares	(11,166,064)
Forfeited, expired or cancelled (in shares) \| shares	(1,636,400)
Ending balance, Non-vested (in shares) \| shares	17,213,079
Weighted Average Grant Date Fair Value
Beginning balance, Non-vested (in USD per share) \| $ / shares	$ 27.68
Granted (in USD per share) \| $ / shares	34.14
Vested (in USD per share) \| $ / shares	30.13
Forfeited, expired or cancelled (in USD per share) \| $ / shares	27.81
Ending balance, Non-vested (in USD per share) \| $ / shares	$ 30.46