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Loans Held for Investment and Allowance for Credit Losses (Tables) | 6 Months Ended
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Dec. 31, 2024
Receivables [Abstract] |
Schedule of Loans Held for Investment and Allowance for Credit Loss | Loans held for investment consisted of the following (in thousands):
|  | December 31, 2024 |  | June 30, 2024
Unpaid principal balance |  | $ | 6,814,032 |  |  | $ | 5,697,965 |
Accrued interest receivable |  | 76,096 |  |  | 62,796 |
Premiums on loans held for investment |  | 9,472 |  |  | 7,822 |
Less: Discount due to loss on loan purchase commitment |  | (74,099) |  |  | (63,682) |
Less: Discount due to loss on directly originated loans |  | (29,326) |  |  | (34,829) |
Less: Fair value adjustment on loans acquired through business combination |  | (8) |  |  | (16) |
Total loans held for investment |  | $ | 6,796,167 |  |  | $ | 5,670,056 |
Schedule of Credit Quality by ITACs Score | 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 December 31, 2024 and June 30, 2024 (in thousands):
|  | December 31, 2024
|  | Amortized Costs Basis by Fiscal Year of Origination |  |
|  | 2025 |  | 2024 |  | 2023 |  | 2022 |  | 2021 |  | Prior |  | Total
96+ |  | $ | 3,468,048 |  |  | $ | 907,243 |  |  | $ | 85,925 |  |  | $ | 6,645 |  |  | $ | 203 |  |  | $ | 11 |  |  | $ | 4,468,075 |
94 – 96 |  | 1,381,171 |  |  | 366,485 |  |  | 5,615 |  |  | 475 |  |  | 7 |  |  | 5 |  |  | 1,753,758 |
90 – 94 |  | 329,415 |  |  | 59,203 |  |  | 891 |  |  | 289 |  |  | 4 |  |  | 1 |  |  | 389,803 |
<90 |  | 65,999 |  |  | 8,168 |  |  | 11 |  |  | 112 |  |  | 2 |  |  | 1 |  |  | 74,293 |
No score (1) |  | 2,114 |  |  | 5,707 |  |  | 22,509 |  |  | 3,675 |  |  | 110 |  |  | 27 |  |  | 34,142 |
Total amortized cost basis |  | $ | 5,246,747 |  |  | $ | 1,346,806 |  |  | $ | 114,951 |  |  | $ | 11,196 |  |  | $ | 326 |  |  | $ | 45 |  |  | $ | 6,720,071 |
|  | 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 December 31, 2024 (in thousands):
|  | December 31, 2024
|  | Net Charge-offs by Fiscal Year of Origination |  |
|  | 2025 |  | 2024 |  | 2023 |  | 2022 |  | 2021 |  | Prior |  | Total
Current period charge-offs |  | (14,524) |  |  | (231,104) |  |  | (17,470) |  |  | (951) |  |  | (171) |  |  | (140) |  |  | (264,360) |
Current period recoveries |  | 199 |  |  | 7,829 |  |  | 6,300 |  |  | 2,289 |  |  | 466 |  |  | 137 |  |  | 17,220 |
Current period net charge-offs |  | (14,325) |  |  | (223,275) |  |  | (11,170) |  |  | 1,338 |  |  | 295 |  |  | (3) |  |  | (247,140) |
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):
|  | December 31, 2024 |  | June 30, 2024
Non-delinquent loans |  | $ | 6,361,896 |  |  | $ | 5,331,462 |
4 – 29 calendar days past due |  | 175,272 |  |  | 134,434 |
30 – 59 calendar days past due |  | 73,513 |  |  | 55,021 |
60 – 89 calendar days past due |  | 56,471 |  |  | 47,764 |
90 – 119 calendar days past due(1) |  | 52,919 |  |  | 38,615 |
Total amortized cost basis |  | $ | 6,720,071 |  |  | $ | 5,607,296 |
(1)Includes $52.7 million and $38.6 million of loan receivables as of December 31, 2024 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 December 31, |  | Six Months Ended December 31,
|  | 2024 |  | 2023 |  | 2024 |  | 2023
Balance at beginning of period |  | $ | 350,606 |  |  | $ | 232,068 |  |  | $ | 309,097 |  |  | $ | 204,531 |
Provision for loan losses |  | 147,069 |  |  | 116,160 |  |  | 301,874 |  |  | 208,988 |
Charge-offs |  | (142,912) |  |  | (91,633) |  |  | (264,360) |  |  | (162,476) |
Recoveries of charged-off receivables |  | 9,068 |  |  | 5,609 |  |  | 17,220 |  |  | 11,161 |
Balance at end of period |  | $ | 363,831 |  |  | $ | 262,204 |  |  | $ | 363,831 |  |  | $ | 262,204 |
Schedule of Financing Receivable, Modified | 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 six months ended December 31, 2024 and 2023, by type of modification (in thousands):
|  | Three Months Ended December 31,
|  | 2024 |  | 2023(1)
Payment deferral |  | $ | 10,189 |  |  | $ | 20,899 |
Loan re-amortization |  | 170 |  |  | 663 |
Total |  | $ | 10,359 |  |  | $ | 21,561 |
% of total loan receivables outstanding |  | 0.15 | % |  | 0.42 | %
|  | Six Months Ended December 31,
|  | 2024 |  | 2023(1)
Payment deferral |  | $ | 16,096 |  |  | $ | 28,960 |
Loan re-amortization |  | 274 |  |  | 1,132 |
Total |  | $ | 16,370 |  |  | $ | 30,092 |
% of total loan receivables outstanding |  | 0.24 | % |  | 0.58 | %
(1)Amounts previously disclosed excluded modifications made to borrowers where the loan was less than 30 days delinquent at the time of modification. The following tables present the delinquency status as of December 31, 2024 and 2023, 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):
|  | December 31, 2024
|  | Payment Deferral |  | Loan Re-amortization |  | Total
Non-delinquent loans |  | $ | 11,021 |  |  | $ | 217 |  |  | $ | 11,238 |
4 – 29 calendar days past due |  | 3,085 |  |  | 67 |  |  | 3,152 |
30 – 59 calendar days past due |  | 1,878 |  |  | 35 |  |  | 1,913 |
60 – 89 calendar days past due |  | 1,632 |  |  | 32 |  |  | 1,664 |
90 – 119 calendar days past due |  | 1,789 |  |  | 31 |  |  | 1,820 |
Total amortized cost basis |  | $ | 19,405 |  |  | $ | 382 |  |  | $ | 19,787 |
|  | December 31, 2023 (1)
|  | Payment Deferral |  | Loan Re-amortization |  | Total
Non-delinquent loans |  | $ | 17,879 |  |  | $ | 506 |  |  | $ | 18,385 |
4 – 29 calendar days past due |  | 5,549 |  |  | 249 |  |  | 5,798 |
30 – 59 calendar days past due |  | 2,775 |  |  | 158 |  |  | 2,933 |
60 – 89 calendar days past due |  | 1,972 |  |  | 125 |  |  | 2,097 |
90 – 119 calendar days past due |  | 1,639 |  |  | 112 |  |  | 1,751 |
Total amortized cost basis |  | $ | 29,814 |  |  | $ | 1,150 |  |  | $ | 30,964 |
(1)Amounts previously disclosed excluded modifications made to borrowers where the loan was less than 30 days delinquent at the time of modification

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- Definition Tabular disclosure of financing receivables by credit quality indicator. The credit quality indicator is a statistic about the credit quality of financing receivables. Examples include, but not limited to, consumer credit risk scores, credit-rating-agency ratings, an entity's internal credit risk grades, loan-to-value ratios, collateral, collection experience and other internal metrics. + References Reference 1: http://fasb.org/us-gaap/role/ref/otherTransitionRef -Topic 310 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 29 -Publisher FASB -URI https://asc.fasb.org/1943274/2147481962/310-10-50-29 Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 326 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 5 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479319/326-20-50-5 + Details
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