Affirm (AFRM) 10-Q 6 Feb 25 2025 Q2 Quarterly report Financial data

Cover Page

Cover Page - shares	6 Months Ended
	Dec. 31, 2024	Feb. 03, 2025
Document Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Dec. 31, 2024
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	Q2
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		277,254,755
Class B common stock
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		40,801,695

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Dec. 31, 2024	Jun. 30, 2024
Cash and cash equivalents	$ 1,200,381	$ 1,013,106
Restricted cash	536,776	282,293
Securities available for sale at fair value	666,684	1,131,628
Loans held for sale	0	36
Loans held for investment	6,796,167	5,670,056
Allowance for credit losses	(363,831)	(309,097)
Loans held for investment, net	6,432,336	5,360,959
Accounts receivable, net	203,626	353,028
Property, equipment and software, net	506,334	427,686
Goodwill	521,699	533,439
Intangible assets	12,193	13,502
Commercial agreement assets	76,091	104,602
Other assets	324,957	299,340
Total assets	10,481,077	9,519,619
Liabilities and stockholders’ equity
Accounts payable	50,626	41,019
Payable to third-party loan owners	157,245	159,643
Accrued interest payable	25,357	24,327
Accrued expenses and other liabilities	155,568	147,429
Convertible senior notes, net	1,151,048	1,341,430
Notes issued by securitization trusts	3,988,887	3,236,873
Funding debt	2,166,806	1,836,909
Total liabilities	7,695,537	6,787,630
Commitments and contingencies (Note 7)
Stockholders’ equity:
Additional paid in capital	5,961,956	5,862,555
Accumulated deficit	(3,128,866)	(3,109,004)
Accumulated other comprehensive loss	(47,553)	(21,565)
Total stockholders’ equity	2,785,540	2,731,989
Total liabilities and stockholders’ equity	10,481,077	9,519,619
Assets of consolidated VIEs, included in total assets above
Cash and cash equivalents	1,200,381	1,013,106
Restricted cash	536,776	282,293
Securities available for sale at fair value	666,684	1,131,628
Loans held for sale	0	36
Loans held for investment	6,796,167	5,670,056
Allowance for credit losses	(363,831)	(309,097)
Loans held for investment, net	6,432,336	5,360,959
Accounts receivable, net	203,626	353,028
Property, equipment and software, net	506,334	427,686
Goodwill	521,699	533,439
Intangible assets	12,193	13,502
Commercial agreement assets	76,091	104,602
Other assets	324,957	299,340
Total assets	10,481,077	9,519,619
Liabilities of consolidated VIEs, included in total liabilities above
Accounts payable	50,626	41,019
Payable to third-party loan owners	157,245	159,643
Accrued interest payable	25,357	24,327
Accrued expenses and other liabilities	155,568	147,429
Convertible senior notes, net	1,151,048	1,341,430
Notes issued by securitization trusts	3,988,887	3,236,873
Funding debt	2,166,806	1,836,909
Total liabilities	7,695,537	6,787,630
Consolidated Variable Interest Entities
Restricted cash	223,798	145,829
Loans held for investment	6,628,228	5,461,660
Allowance for credit losses	(294,202)	(242,991)
Loans held for investment, net	6,334,026	5,218,669
Accounts receivable, net	2,969	2,961
Other assets	6,349	10,676
Total assets	6,567,142	5,378,135
Liabilities and stockholders’ equity
Accounts payable	2,695	2,830
Accrued interest payable	24,963	24,220
Accrued expenses and other liabilities	6,818	11,115
Notes issued by securitization trusts	3,988,887	3,236,873
Funding debt	2,115,772	1,794,984
Total liabilities	6,139,135	5,070,022
Assets of consolidated VIEs, included in total assets above
Restricted cash	223,798	145,829
Loans held for investment	6,628,228	5,461,660
Allowance for credit losses	(294,202)	(242,991)
Loans held for investment, net	6,334,026	5,218,669
Accounts receivable, net	2,969	2,961
Other assets	6,349	10,676
Total assets	6,567,142	5,378,135
Liabilities of consolidated VIEs, included in total liabilities above
Accounts payable	2,695	2,830
Accrued interest payable	24,963	24,220
Accrued expenses and other liabilities	6,818	11,115
Notes issued by securitization trusts	3,988,887	3,236,873
Funding debt	2,115,772	1,794,984
Total liabilities	6,139,135	5,070,022
Net Assets	428,007	308,113
Class A common stock
Stockholders’ equity:
Common stock	2	2
Class B common stock
Stockholders’ equity:
Common stock	$ 1	$ 1

CONDENSED CONSOLIDATED BALANC_2

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Dec. 31, 2024	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)	274,933,492	267,305,456
Common stock, outstanding (in shares)	274,933,492	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)	40,801,782	43,747,575
Common stock, outstanding (in shares)	40,801,782	43,747,575

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2024	Dec. 31, 2023
Revenue
Revenue	$ 303,037	$ 227,626	$ 534,856	$ 407,052
Interest income	409,367	288,346	786,431	551,025
Gain on sales of loans	125,287	52,702	188,900	86,987
Servicing income	28,690	22,436	54,674	42,593
Total revenue, net	866,381	591,110	1,564,861	1,087,657
Operating expenses
Loss on loan purchase commitment	70,278	53,630	124,515	88,496
Provision for credit losses	152,980	120,880	312,804	220,576
Funding costs	107,762	84,617	211,907	158,548
Processing and servicing	115,960	90,203	211,106	165,874
Technology and data analytics	148,213	119,833	282,503	252,798
Sales and marketing	136,038	161,265	281,271	308,131
General and administrative	139,412	132,777	277,894	273,111
Restructuring and other	60	56	(195)	1,721
Total operating expenses	870,703	763,261	1,701,805	1,469,255
Operating loss	(4,322)	(172,151)	(136,944)	(381,598)
Other income, net	87,181	4,549	121,483	43,256
Income (loss) before income taxes	82,859	(167,602)	(15,461)	(338,342)
Income tax expense (benefit)	2,499	(700)	4,401	343
Net income (loss)	80,360	(166,902)	(19,862)	(338,685)
Other comprehensive income (loss)
Foreign currency translation adjustments	(35,469)	13,824	(27,123)	1,926
Unrealized gain (loss) on securities available for sale, net	(2,873)	4,853	2,716	6,206
Gain (loss) on cash flow hedges	(89)	(614)	(1,581)	149
Net other comprehensive income (loss)	(38,431)	18,063	(25,988)	8,281
Comprehensive income (loss)	$ 41,929	$ (148,839)	$ (45,850)	$ (330,404)
Net income (loss) per share attributable to common stockholders for Class A and Class B
Basic (in USD per share)	$ 0.25	$ (0.54)	$ (0.06)	$ (1.11)
Diluted (in USD per share)	$ 0.23	$ (0.54)	$ (0.06)	$ (1.11)
Weighted average common shares outstanding
Basic (in shares)	322,282,334	307,571,602	320,258,445	305,705,637
Diluted (in shares)	345,196,568	307,571,602	320,258,445	305,705,637
Merchant network revenue
Revenue
Revenue	$ 244,895	$ 188,357	$ 429,234	$ 334,307
Card network revenue
Revenue
Revenue	$ 58,142	$ 39,269	$ 105,622	$ 72,745

CONDENSED CONSOLIDATED STATEM_2

CONDENSED CONSOLIDATED STATEMENT OF STOCKHOLDERS’ EQUITY - USD ($) $ in Thousands		Total	Common Stock 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		3,625
Vesting of restricted stock units (in shares)	[1]		3,740,320
Vesting of warrants for common stock		95,910		95,910
Stock-based compensation		151,162		151,162
Tax withholding on stock-based compensation		(36,515)		(36,515)
Foreign currency translation adjustments		(11,898)				(11,898)
Unrealized gain (loss) on securities available for sale		1,353				1,353
Gain (loss) on cash flow hedges		763				763
Net income (loss)		(171,783)			(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		1,926
Net income (loss)		(338,685)
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)
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		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		4,137
Vesting of restricted stock units (in shares)	[1]		2,195,991
Vesting of warrants for common stock		114,705		114,705
Stock-based compensation		119,821		119,821
Tax withholding on stock-based compensation		(39,159)		(39,159)
Foreign currency translation adjustments		13,824				13,824
Unrealized gain (loss) on securities available for sale		4,853				4,853
Gain (loss) on cash flow hedges		(614)				(614)
Net income (loss)		(166,902)			(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)
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		3,596
Vesting of restricted stock units (in shares)	[1]		2,492,095
Vesting of warrants for common stock		107,263		107,263
Stock-based compensation		143,711		143,711
Tax withholding on stock-based compensation		(63,208)		(63,208)
Foreign currency translation adjustments		8,346				8,346
Unrealized gain (loss) on securities available for sale		5,589				5,589
Gain (loss) on cash flow hedges		(1,492)				(1,492)
Net income (loss)		(100,222)			(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)		3,211,902
Foreign currency translation adjustments		$ (27,123)
Net income (loss)		(19,862)
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)
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		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		5,092
Repurchases of common stock (in shares)	[1]		(3,526,590)
Repurchases of common stock		(250,000)		(250,000)
Vesting of restricted stock units (in shares)	[1]		2,317,736
Vesting of warrants for common stock		86,776		86,776
Stock-based compensation		130,806		130,806
Tax withholding on stock-based compensation		(95,335)		(95,335)
Foreign currency translation adjustments		(35,469)				(35,469)
Unrealized gain (loss) on securities available for sale		(2,873)				(2,873)
Gain (loss) on cash flow hedges		(89)				(89)
Net income (loss)		80,360			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)
[1] The share amounts listed above combine Class A and Class B stock.

CONDENSED CONSOLIDATED STATEM_3

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	6 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Cash flows from operating activities
Net income (loss)	$ (19,862)	$ (338,685)
Adjustments to reconcile net loss to net cash used in operating activities:
Provision for losses	312,804	220,576
Amortization of premiums and discounts on loans	(111,297)	(87,979)
Gain on sales of loans	(188,900)	(86,987)
Gain on extinguishment of debt	(82,418)	0
Changes in fair value of assets and liabilities	4,622	(4,912)
Amortization of commercial agreement assets	28,511	43,114
Amortization of debt issuance costs	12,990	12,758
Amortization of discount on securities available for sale	(26,618)	(23,122)
Commercial agreement warrant expense	194,039	210,615
Stock-based compensation	180,331	202,523
Depreciation and amortization	101,614	66,643
Other	(2,151)	15,660
Change in operating assets and liabilities:
Purchases and origination of loans held for sale	(2,262,419)	(2,244,895)
Proceeds from the sale of loans held for sale	2,262,441	2,262,184
Accounts receivable, net	143,781	(116,487)
Other assets	(27,421)	(41,669)
Accounts payable	9,607	31,203
Payable to third-party loan buyers	(2,398)	80,715
Accrued interest payable	1,894	8,963
Accrued expenses and other liabilities	(20,266)	(36,995)
Net cash provided by operating activities	508,884	173,223
Cash flows from investing activities
Purchases and origination of loans held for investment	(15,051,906)	(10,333,489)
Proceeds from the sale of loans held for investment	5,264,335	2,976,941
Principal repayments and other loan servicing activity	8,661,493	6,536,313
Additions to property, equipment and software	(88,057)	(74,564)
Purchases of securities available for sale	(184,885)	(193,322)
Proceeds from maturities and repayments of securities available for sale	720,570	482,029
Other investing cash inflows	14,383	(34,669)
Net cash used in investing activities	(664,067)	(640,761)
Cash flows from financing activities
Proceeds from the issuance of convertible notes	920,000	0
Proceeds from the issuance of funding debt	7,893,354	6,439,713
Payment of debt issuance costs	(23,070)	(16,280)
Principal repayments of funding debt	(7,548,552)	(6,291,324)
Extinguishment of convertible debt	(1,012,856)	0
Proceeds from issuance of notes and certificates by securitization trust	750,000	1,101,828
Principal repayments of notes issued by securitization trust	0	(528,279)
Proceeds from exercise of common stock options and warrants and contributions to ESPP	39,388	25,167
Repurchase of common stock	(250,000)	0
Payments of tax withholding for stock-based compensation	(158,543)	(75,674)
Net cash provided by financing activities	609,721	655,151
Effect of exchange rate changes on cash, cash equivalents and restricted cash	(12,780)	421
Net increase in cash, cash equivalents and restricted cash	441,758	188,034
Cash, cash equivalents and restricted cash, beginning of period	1,295,399	1,259,944
Cash, cash equivalents and restricted cash, end of period	1,737,157	1,447,978
Reconciliation to amounts on consolidated balance sheets (as of period end)
Cash and cash equivalents	1,200,381	1,036,719
Restricted cash	536,776	411,259
Total cash, cash equivalents and restricted cash	1,737,157	1,447,978
Supplemental disclosures of cash flow information
Cash payments for interest expense	201,129	142,449
Cash paid for operating leases	8,322	8,251
Cash paid for income taxes	1,110	571
Supplemental disclosures of non-cash investing and financing activities
Stock-based compensation included in capitalized internal-use software	94,186	68,460
Securities retained under unconsolidated securitization transactions	$ 41,940	$ 0

Business Description

Business Description	6 Months Ended
	Dec. 31, 2024
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.

Summary of Significant Accounti

Summary of Significant Accounting Policies	6 Months Ended
	Dec. 31, 2024
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. 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 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.

Revenue

Revenue	6 Months Ended
	Dec. 31, 2024
Banking and Thrift, Interest [Abstract]
Revenue	Revenue The following table presents our revenue disaggregated by revenue source (in thousands): Three Months Ended December 31, Six Months Ended December 31, 2024 2023 2024 2023 Merchant network revenue $ 244,895 $ 188,357 $ 429,234 $ 334,307 Card network revenue 58,142 39,269 105,622 72,745 Interest income 409,367 288,346 786,431 551,025 Gain on sales of loans 125,287 52,702 188,900 86,987 Servicing income 28,690 22,436 54,674 42,593 Total revenue, net $ 866,381 $ 591,110 $ 1,564,861 $ 1,087,657 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 six months ended December 31, 2024 and 2023, 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 December 31, Six Months Ended December 31, 2024 2023 2024 2023 Contractual interest income on unpaid principal balance $ 375,906 $ 248,083 $ 713,070 $ 474,374 Amortization of discount on loans 64,115 51,024 120,812 96,142 Amortization of premiums on loans (4,882) (4,183) (9,515) (8,163) Interest receivable charged-off, net of recoveries (25,772) (6,578) (37,936) (11,328) Total interest income $ 409,367 $ 288,346 $ 786,431 $ 551,025 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 December 31, 2024 and June 30, 2024, the balance of loans held for investment on non-accrual status was $6.1 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.

Loans Held for Investment and A

Loans Held for Investment and Allowance for Credit Losses	6 Months Ended
	Dec. 31, 2024
Receivables [Abstract]
Loans Held for Investment and Allowance for Credit Losses	Loans Held for Investment and Allowance for Credit Losses 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 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 $8.1 billion and $14.5 billion during the three and six months ended December 31, 2024, respectively, and $5.9 billion and $10.5 billion during the three and six months ended December 31, 2023, respectively. We directly originated $1.7 billion and $3.0 billion of loans during the three and six months ended December 31, 2024, respectively, and $1.3 billion and $2.2 billion of loans during the three and six months ended December 31, 2023, 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 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) Loan receivables are defined as past due if either the principal or interest have not been received within four 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. 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 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 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 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. With respect to borrowers who received payment deferrals during the three and six months ended December 31, 2024 and 2023, the length of each deferral period was one month. With respect to borrowers who received a loan re-amortization during the three and six months ended December 31, 2024 and 2023, 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 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

Balance Sheet Components

Balance Sheet Components	6 Months Ended
	Dec. 31, 2024
Balance Sheet Related Disclosures [Abstract]
Balance Sheet Components	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 $17.8 million and $14.9 million as of December 31, 2024 and June 30, 2024, respectively. Property, Equipment and Software, net Property, equipment and software, net consisted of the following (in thousands): December 31, 2024 June 30, 2024 Internally developed software $ 804,651 $ 630,129 Leasehold improvements 21,085 21,023 Computer equipment 10,373 9,827 Furniture and equipment 9,001 8,913 Total property, equipment and software, at cost $ 845,111 $ 669,892 Less: Accumulated depreciation and amortization (338,777) (242,206) Total property, equipment and software, net $ 506,334 $ 427,686 Depreciation and amortization expense on property, equipment and software was $54.3 million and $100.4 million for the three and six months ended December 31, 2024, respectively, and $36.5 million and $62.5 million for the three and six months ended December 31, 2023, respectively. No impairment losses related to property, equipment and software were recorded during the three and six months ended December 31, 2024 and 2023. Goodwill and Intangible Assets The changes in the carrying amount of goodwill during the six months ended December 31, 2024 were as follows (in thousands): Balance as of June 30, 2024 $ 533,439 Adjustments (1) (11,740) Balance as of December 31, 2024 $ 521,699 (1) Adjustments to goodwill during the six months ended December 31, 2024 primarily pertained to foreign currency translation adjustments. No impairment losses related to goodwill were recorded during the three and six months ended December 31, 2024. During the three and six months ended December 31, 2023, 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): December 31, 2024 Gross Accumulated Amortization Net Weighted Average Remaining Useful Life Merchant relationships $ 37,417 $ (37,417) $ — 0.0 Developed technology 39,167 (39,064) 103 0.1 Assembled workforce 12,490 (12,490) — 0.0 Trademarks and domains, definite 1,404 (1,223) 181 0.7 Trademarks, licenses and domains, indefinite 11,559 — 11,559 Indefinite Other intangibles 350 — 350 Indefinite Total intangible assets $ 102,387 $ (90,194) $ 12,193 June 30, 2024 Gross Accumulated Amortization Net Weighted Average 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 $0.6 million and $1.2 million for t he three and six months ended December 31, 2024, respectively, and $2.9 million and $17.1 million for the three and six months ended December 31, 2023, respectively . No impairment losses related to intangible assets were recorded during the three and six months ended December 31, 2024 and 2023. The expected future amortization expense of these intangible assets as of December 31, 2024 is as follows, by fiscal year (in thousands): 2025 (remaining six months) $ 120 2026 149 2027 15 2028 — 2029 and thereafter — Total amortization expense $ 284 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 six months ended December 31, 2024, we recognized amortization expense of $5.2 million and $10.4 million, respectively, and $10.4 million and $20.9 million for the three and six months ended December 31, 2023, 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 December 31, 2024. During fiscal year 2022, the expected benefit period was extended from four Other Assets Other assets consisted of the following (in thousands): December 31, 2024 June 30, 2024 Processing reserves $ 92,550 $ 55,754 Risk sharing asset 44,969 33,884 Equity securities, at cost 41,927 37,806 Prepaid expenses 33,381 28,799 Prepaid payroll taxes for stock-based compensation 23,219 21,395 Fixed term deposit 22,028 35,203 Foreign deferred tax asset 17,881 21,206 Operating lease right-of-use assets 17,472 21,863 Other receivables 13,164 18,263 Derivative instruments 7,676 17,207 Other assets 10,690 7,960 Total other assets $ 324,957 $ 299,340 Accrued Expenses and Other Liabilities Accrued expenses and other liabilities consisted of the following (in thousands): December 31, 2024 June 30, 2024 Accrued expenses $ 74,200 $ 59,613 Operating lease liability 32,033 39,493 Collateral held for derivative instruments 8,174 17,643 Other liabilities 41,161 30,680 Total accrued expenses and other liabilities $ 155,568 $ 147,429

Leases

Leases	6 Months Ended
	Dec. 31, 2024
Leases [Abstract]
Leases	Leases We lease facilities under operating leases with various expiration dates through 2030. 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 December 31, 2024, 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 six 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 December 31, 2024, the collateral totaled $5.9 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 six months ended December 31, 2024. No impairment charge was incurred related to leases during the three months ended December 31, 2023. During the six months ended December 31, 2023, 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 December 31, Six Months Ended December 31, 2024 2023 2024 2023 Operating lease expense (1) $2,865 $2,946 $5,718 $5,932 (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 $1.2 million and $2.5 million during the three and six months ended December 31, 2024, respectively, and $1.2 million and $2.1 million during the three and six months ended December 31, 2023, respectively. Lease term and discount rate information are summarized as follows: December 31, 2024 Weighted average remaining lease term (in years) 2.9 Weighted average discount rate 5.1% As of December 31, 2024, future minimum lease payments are as follows, by fiscal year (in thousands): 2025 (remaining six months) $ 8,399 2026 15,811 2027 3,046 2028 2,185 2029 2,240 Thereafter 3,273 Total lease payments 34,954 Less imputed interest (2,921) Present value of total lease liabilities $ 32,033

Commitments and Contingencies

Commitments and Contingencies	6 Months Ended
	Dec. 31, 2024
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 December 31, 2024, the aggregate outstanding balance of loans held by third-party investors or unconsolidated VIEs was $6.9 billion, of which we have recorded a repurchase liability of $4.0 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 December 31, 2024 were not material. The ultimate outcome of legal proceedings involves judgments, estimates and inherent uncertainties, and cannot be predicted with certainty.

Debt

Debt	6 Months Ended
	Dec. 31, 2024
Debt Disclosure [Abstract]
Debt	Debt Debt outstanding as of December 31, 2024 includes amounts classified on our 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 December 31, 2024. The following table summarizes the components and terms of our secured and unsecured debt as of December 31, 2024 (in thousands): Total Capital Capacity Interest Rate Spread (2) Unused Commitment Fees Maturity by Fiscal Year Pledged Collateral (3) Total Outstanding Min - Max Weighted Average Funding debt US warehouse facilities 4,731,418 1.65% - 2.05% 1.87% 0.00% - 0.75% 2025 - 2027 1,976,582 1,696,273 International warehouse facilities (1) 598,718 1.25% - 4.25% 1.70% 0.30% - 0.45% 2028 - 2030 453,846 372,147 Variable funding notes 350,000 1.50% 0.30% 2032 66,954 61,336 Sales and repurchase agreements 5.79% - 6.66% 2025 -2029 66,933 48,751 Notes issued by securitization trusts 4,000,000 4.62% - 11.32% 6.28% 2028 - 2030 4,217,842 4,000,000 Convertible senior notes: 2026 Notes —% 2027 248,704 2029 Notes 0.75% 2030 920,000 Revolving credit facility (4) 330,000 0.75% - 1.75% 0.20% 2027 — Total, before unamortized debt issuance costs, premiums and discounts $ 7,347,212 Less: unamortized debt issuance costs, premiums and discounts (5) (40,471) Total $ 7,306,741 (1) As of December 31, 2024, international facilities finance the origination of loan receivables in Canada and are denominated in CAD. (2) Reference rates as of December 31, 2024 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 December 31, 2024 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) As of December 31, 2024, represents the unpaid principal balance of loans, pledged as collateral for borrowings in our facilities, except for our sales and repurchase agreements which are collateralized by the retained securitization notes receivables and certificates. (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. (5) As of December 31, 2024, includes convertible senior notes debt issuance costs for the 2026 and 2029 Notes of $1.1 million and $16.5 million, respectively. 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 December 31, 2024, we were in compliance with all applicable covenants in the agreements. Variable Funding Note On October 29, 2024, we entered into a syndicated revolving loan agreement through a securitization master trust which will be 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 will periodically issue asset-backed securitization notes, where securitization note proceeds will affect 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 can have an initial term of either three months or a term equaling the contractual life of the securitization notes pledged. When applicable, we may enter into one or more repurchase date extensions, each for an additional three-month term or as mutually agreed upon with the counterparty at market interest rates on such extension date. 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 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 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 three and six months ended December 31, 2024, we paid $892.8 million and $1,012.9 million, respectively, in cash for the repurchase of $960.0 million and $1,100.5 million, respectively, aggregate principal amount of our 2026 Notes. The carrying amount of the extinguished 2026 Notes was approximately $955.6 million and $1,095.3 million resulting in a $62.8 million and $82.4 million gain on early extinguishment of debt for the three and six months ended December 31, 2024, respectively, 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. There were no repurchases of 2026 Notes during the three and six month periods ended December 31, 2023, respectively. 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. As of December 31, 2024, $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 December 31, Six Months Ended December 31, 2024 2023 2024 2023 Amortization of debt issuance costs (1) 2026 Notes $ 658 $ 872 $ 1,427 $ 1,745 2029 Notes 110 — 110 — Total amortization of debt issuance costs $ 768 $ 872 $ 1,537 $ 1,745 Coupon interest expense (1) (2) 227 — 227 — Total interest expenses related to the convertible notes $ 995 $ 872 $ 1,764 $ 1,745 (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 December 31, 2024, the remaining life of the 2026 Notes and 2029 Notes is approximately 23 months and 59 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 December 31, 2024, 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 December 31, 2024 2025 $ 340,152 2026 809,118 2027 (1) 502,373 2028 1,445,282 2029 2,409,177 Thereafter (1) 1,841,110 Total $ 7,347,212 Deferred debt issuance costs (40,471) Total funding debt, net of deferred debt issuance costs $ 7,306,741 (1)

Securitization and Variable Int

Securitization and Variable Interest Entities	6 Months Ended
	Dec. 31, 2024
Debt Disclosure [Abstract]
Securitization and Variable Interest Entities	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 and therefore have the power to direct the activities that most significantly affect the VIEs’ economic performance and a variable interest that could potentially be significant to the VIE. 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. 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. Management assesses whether we are the primary beneficiary of the VIEs on an ongoing basis. 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): December 31, 2024 Assets Liabilities Net Assets Warehouse credit facilities $ 2,399,906 $ 2,078,553 $ 321,353 Securitizations (1) 4,167,236 4,060,582 106,654 Total consolidated VIEs $ 6,567,142 $ 6,139,135 $ 428,007 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 December 31, 2024, liabilities include $60.3 million of VFN classified as funding debt and $4.0 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 December 31, 2024. The following information pertains to unconsolidated VIEs where we hold a variable interest but are not the primary beneficiary (in thousands): December 31, 2024 Assets Liabilities Net Assets Maximum Exposure to Losses Securitizations $ 1,300,463 $ 1,236,637 $ 63,826 $ 69,735 Total unconsolidated VIEs $ 1,300,463 $ 1,236,637 $ 63,826 $ 69,735 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 ex posure through our continuing involvement as servicer and through our retained interests. For unconsolidated VIEs, this includes $69.1 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 $0.7 million related to our net servicing assets disclosed within our interim condensed consolidated balance sheets as of December 31, 2024. 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 December 31, 2024. 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 December 31, 2024, we have pledged certain of our retained beneficial interests as collateral in a sale and repurchase agreement as described in Note 8. Debt .

Investments

Investments	6 Months Ended
	Dec. 31, 2024
Investments, All Other Investments [Abstract]
Investments	Investments Marketable Securities Marketable securities include certain investments classified as cash and cash equivalents and securities available for sale, at fair value, and consist of the following as of each date presented within the interim condensed consolidated balance sheets (in thousands): December 31, 2024 June 30, 2024 Cash and cash equivalents: Money market funds $ 115,063 $ 63,389 Commercial paper — 57,964 Government bonds - US — 3,492 Securities available for sale: Certificates of deposit 17,347 34,473 Corporate bonds 204,294 242,660 Commercial paper 51,293 239,882 Agency bonds 13,319 15,159 Municipal bonds 5,195 3,953 Government bonds Non-US 3,156 5,275 US (1) 303,029 538,556 Securitization notes receivable and certificates (2) 69,051 51,670 Total marketable securities: $ 781,747 $ 1,256,473 (1) As of December 31, 2024 and June 30, 2024, these securities include $73.8 million and $54.1 million, respectively, pledged as collateral in connection with our standby letters of credit for office leases and certain commercial agreements. (2) These securities include $66.9 million and $46.7 million as of December 31, 2024 and June 30, 2024, respectively, pledged as collateral in connection with sale and repurchase agreements as discussed within Note 8. Debt. Securities Available for Sale, at Fair Value The amortized cost, gross unrealized gains and losses, allowance for credit losses, and fair value of securities available for sale as of December 31, 2024 and June 30, 2024 were as follows (in thousands): December 31, 2024 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Allowance for Credit Losses Fair Value Certificates of deposit $ 17,327 $ 20 $ — $ — $ 17,347 Corporate bonds 203,942 613 (261) — 204,294 Commercial paper 51,248 45 — — 51,293 Agency bonds 13,324 13 (18) — 13,319 Municipal bonds 5,184 11 — — 5,195 Government bonds Non-US 3,161 — (5) — 3,156 US (2) 302,799 517 (287) — 303,029 Securitization notes receivable and certificates (3) 70,273 70 (49) (1,243) 69,051 Total securities available for sale $ 667,258 $ 1,289 $ (620) $ (1,243) $ 666,684 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) A s of June 30, 2024, Commercial paper and US government bonds include $61.5 million classified as cash and cash equivalents within the interim condensed consolidated balance sheets. (2) As of December 31, 2024 and June 30, 2024, these securities include $73.8 million and $54.1 million, respectively, pledged as collateral in connection with our standby letters of credit for office leases and certain commercial agreements. (3) Approximately $66.9 million and $46.7 million as of December 31, 2024 and June 30, 2024, respectively, of these securities have been pledged as collateral in connection with sale and repurchase agreements discussed within Note 8. Debt. As of December 31, 2024 and June 30, 2024, there were no material reversals of prior period allowance for credit losses recognized for available for sale securities. A summary of securities available for sale with unrealized losses for which an allowance for credit losses has not been recorded, aggregated by investment category and the length of time that individual securities have been in a continuous loss position as of December 31, 2024 and June 30, 2024, are as follows (in thousands): December 31, 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 Corporate bonds $ 15,319 $ (98) $ 44,094 $ (163) $ 59,413 $ (261) Agency bonds 4,881 (18) — — 4,881 (18) Government bonds Non-US 3,156 (5) — — 3,156 (5) US 36,301 (151) 49,344 (136) 85,645 (287) Total securities available for sale (1) $ 59,657 $ (272) $ 93,438 $ (299) $ 153,095 $ (571) 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 22 and 137 as of December 31, 2024 and June 30, 2024, respectively. The length of time to contractual maturities of securities available for sale as of December 31, 2024 and June 30, 2024 were as follows (in thousands): December 31, 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 $ 17,327 $ 17,347 $ — $ — $ 17,327 $ 17,347 Corporate bonds 114,636 114,625 89,306 89,669 203,942 204,294 Commercial paper 51,248 51,293 — — 51,248 51,293 Agency bonds 8,425 8,438 4,899 4,881 13,324 13,319 Municipal bonds 674 679 4,510 4,516 5,184 5,195 Government bonds Non-US 3,161 3,156 — — 3,161 3,156 US 218,711 218,753 84,088 84,276 302,799 303,029 Securitization notes receivable and certificates (2) — — 70,273 69,051 70,273 69,051 Total securities available for sale $ 414,182 $ 414,291 $ 253,076 $ 252,393 $ 667,258 $ 666,684 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 (1) A s of June 30, 2024, Commercial paper and US government bonds include $61.5 million classified as cash and cash equivalents within the interim condensed consolidated balance sheets. (2) Based on weighted average life of expected cash flows as of December 31, 2024 and June 30, 2024 . Gross proceeds from matured or redeemed securities were $403.1 million and $706.5 million for the three and six months ended December 31, 2024, respectively, and $344.2 million and $726.0 million for the three and six months ended December 31, 2023, respectively. For available for sale securities had realized gains of $0.3 million for both the three and six months ended December 31, 2024 and immaterial realized gains and losses for the three and six months ended December 31, 2023 . Non-marketable Equity Securities Equity investments without a readily determinable fair value held at cost were $41.9 million and $37.8 million as of December 31, 2024 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 December 31, 2024. We recognized an impairment of $3.0 million for the six months ended December 31, 2024 within other income, net For the three and six months ended December 31, 2024, we recognized an upward adjustment of $2.4 million within other income, net Fixed Term Deposits

Derivative Financial Instrument

Derivative Financial Instruments	6 Months Ended
	Dec. 31, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivative Financial Instruments	Derivative Financial Instruments The following table summarizes the total fair value, including interest accruals, and outstanding notional amounts of derivative instruments as of December 31, 2024 and June 30, 2024 (in thousands): December 31, 2024 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 572,441 7,676 186 854,589 17,203 38 Total gross derivative assets/liabilities $ 572,441 $ 7,676 $ 186 $ 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 December 31, Six Months Ended December 31, 2024 2023 2024 2023 Balance at beginning of period (85) 1,514 1,407 751 Changes in fair value (5) (103) (1,273) 911 Amounts reclassified into earnings (1) (84) (511) (308) (762) Balance at end of period (2) $ (174) $ 900 $ (174) $ 900 (1) The amounts reclassified into earnings are presented in the interim consolidated statements of income within funding costs. (2) As of December 31, 2024 , we estimated that $0.2 million of net derivative gains included in AOCI are expected to be reclassified into earnings within the next 12 months. 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 December 31, Six Months Ended December 31, 2024 2023 2024 2023 The effects of cash flow hedging Funding costs 84 511 308 762 The effects of derivatives not designated in hedging relationships Other income, net 2,705 (5,708) (1,248) (1,729)

Fair Value of Financial Assets

Fair Value of Financial Assets and Liabilities	6 Months Ended
	Dec. 31, 2024
Fair Value Disclosures [Abstract]
Fair Value of Financial Assets and Liabilities	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 December 31, 2024 and June 30, 2024 (in thousands): December 31, 2024 Level 1 Level 2 Level 3 Total Assets: Cash and cash equivalents: Money market funds $ 115,063 $ — $ — $ 115,063 Commercial paper — — — — Securities, available for sale: Certificates of deposit — 17,347 — 17,347 Corporate bonds — 204,294 — 204,294 Commercial paper — 51,293 — 51,293 Agency bonds — 13,319 — 13,319 Municipal bonds — 5,195 — 5,195 Government bonds: Non-US — 3,156 — 3,156 US — 303,029 — 303,029 Securitization notes receivable and residual trust certificates — — 69,051 69,051 Servicing assets — — 806 806 Derivative instruments — 7,676 — 7,676 Risk sharing asset — — 44,969 44,969 Total assets $ 115,063 $ 605,309 $ 114,826 $ 835,198 Liabilities: Servicing liabilities $ — $ — $ 237 $ 237 Performance fee liability — — 1,773 1,773 Profit share liability — — 6,111 6,111 Risk sharing liability — — 1,498 1,498 Derivative instruments — 186 — 186 Total liabilities $ — $ 186 $ 9,619 $ 9,805 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 December 31, 2024 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 December 31, 2024, 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 December 31, 2024 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 $4.6 billion and $7.4 billion for the three and six months ended December 31, 2024, respectively, $3.1 billion and $5.2 billion for the three and six months ended December 31, 2023, respectively, for which we retained servicing rights. As of December 31, 2024 and June 30, 2024, we serviced loans which we sold with a remaining unpaid principal balance of $6.9 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 $28.7 million and $54.7 million of servicing income for the three and six months ended December 31, 2024, respectively, and $22.4 million and $42.6 million for the three and six months ended December 31, 2023, respectively. As of December 31, 2024 and June 30, 2024, the aggregate fair value of the servicing assets was measured at $0.8 million and $0.6 million, respectively, and presented within other assets in the interim condensed consolidated balance sheets. As of December 31, 2024 and June 30, 2024, the aggregate fair value of the servicing liabilities was measured at $0.2 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 December 31, Six Months Ended December 31, 2024 2023 2024 2023 Fair value at beginning of period $ 435 $ 569 $ 574 $ 880 Initial transfers of financial assets 230 — 230 — Subsequent changes in fair value 141 (204) 2 (515) Fair value at end of period $ 806 $ 365 $ 806 $ 365 The following table summarizes the activity related to the aggregate fair value of our servicing liabilities (in thousands): Three Months Ended December 31, Six Months Ended December 31, 2024 2023 2024 2023 Fair value at beginning of period $ 438 $ 1,851 $ 743 $ 1,392 Initial transfers of financial liabilities — 1,702 — 3,091 Subsequent changes in fair value (201) (1,022) (506) (1,952) Fair value at end of period $ 237 $ 2,531 $ 237 $ 2,531 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 December 31, 2024 and June 30, 2024: December 31, 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) 9.20 % 15.20 % 11.32 % Servicing liabilities Discount rate 30.00 % 30.00 % 30.00 % Adequate compensation (1) 2.00 % 2.00 % 2.00 % Gross default rate (2) 3.22 % 4.65 % 3.89 % 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 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): December 31, 2024 June 30, 2024 Servicing assets Gross default rate assumption: Gross default rate increase of 25% $ 1 $ 1 Gross default rate increase of 50% $ 2 $ 1 Adequate compensation assumption: Adequate compensation increase of 10% $ (1,367) $ (980) Adequate compensation increase of 20% $ (2,734) $ (1,961) Discount rate assumption: Discount rate increase of 25% $ (32) $ (23) Discount rate increase of 50% $ (62) $ (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% $ 3,820 $ 3,153 Adequate compensation increase of 20% $ 7,639 $ 6,305 Discount rate assumption: Discount rate increase of 25% $ (5) $ (19) Discount rate increase of 50% $ (9) $ (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 The following table summarizes the activity related to the fair value of the performance fee liability (in thousands): Three Months Ended December 31, Six Months Ended December 31, 2024 2023 2024 2023 Fair value at beginning of period $ 1,541 $ 1,427 $ 1,503 $ 1,581 Purchases of loans 566 493 1,089 869 Settlements paid (501) (508) (978) (992) Subsequent changes in fair value 167 182 159 136 Fair value at end of period $ 1,773 $ 1,594 $ 1,773 $ 1,594 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. 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 December 31, 2024 and June 30, 2024: December 31, 2024 Unobservable Input Minimum Maximum Weighted Average (1) Discount rate 7.75% 10.00% 9.53% Refund rate 1.50% 1.50% 1.50% Default rate 1.18% 4.65% 3.02% 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 December 31, 2024, we held notes receivable and residual trust certificates with an aggregate fair value of $69.1 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 December 31, Six Months Ended December 31, 2024 2023 2024 2023 Fair value at beginning of period $ 38,926 $ 13,983 $ 51,670 $ 18,913 Additions 41,943 22,187 41,943 22,187 Cash received (due to payments) (12,036) (4,094) (26,419) (9,355) Change in unrealized gain (loss) (510) 80 (541) 265 Accrued interest 931 439 2,976 611 Reversal of (impairment on) securities available for sale (203) (184) (578) (210) Fair value at end of period $ 69,051 $ 32,411 $ 69,051 $ 32,411 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. 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 December 31, 2024 and June 30, 2024 : December 31, 2024 Unobservable Input Minimum Maximum Weighted Average (1) Discount rate 4.73% 30.29% 6.84% Loss rate 1.17% 9.47% 7.53% Prepayment rate 13.58% 23.00% 20.94% 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 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): December 31, 2024 June 30, 2024 Discount rate assumption: Discount rate increase of 25% $ (723) $ (623) Discount rate increase of 50% $ (1,421) $ (1,223) Loss rate assumption: Loss rate increase of 25% $ (1,761) $ (705) Loss rate increase of 50% $ (2,665) $ (1,321) Prepayment rate assumption: Prepayment rate decrease of 25% $ 124 $ 58 Prepayment rate decrease of 50% $ 249 $ 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 December 31, Six Months Ended December 31, 2024 2023 2024 2023 Fair value at beginning of period $ 2,015 $ 1,079 $ 1,974 $ 1,832 Facilitation of loans 4,238 1,160 5,465 2,088 Actual performance (3,271) (1,166) (6,299) 506 Subsequent changes in fair value 3,129 471 4,971 (2,882) Fair value at end of period $ 6,111 $ 1,544 $ 6,111 $ 1,544 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. 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 December 31, 2024 and June 30, 2024 : December 31, 2024 Unobservable Input Minimum Maximum Weighted Average (1) Discount rate 30.00% 30.00% 30.00% Program profitability 0.97% 2.02% 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 December 31, 2024 and June 30, 2024, we have sold $6.8 billion and $4.2 billion, respectively, unpaid principal balance of loans under these risk sharing arrangements, of which our maximum exposure to losses is $85.1 million and $81.2 million, respectively. This amount includes our maximum potential loss with respect to risk sharing liabilities of $40.1 million and the fair value of risk sharing assets of $45.0 million, as of December 31, 2024. 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 December 31, 2024 and June 30, 2024, we held assets related to these arrangements of $45.0 million and $33.9 million, respectively, and liabilities of $1.5 million and $0.9 million, respectively. As of December 31, 2024, 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 December 31, Six Months Ended December 31, 2024 2023 2024 2023 Fair value at beginning of period $ 45,330 $ 3,814 $ 33,884 $ — Initial transfers of financial assets 5,191 10,749 15,568 14,563 Cash settlements (5,824) — (5,824) — Subsequent changes in fair value 272 2,127 1,341 2,127 Fair value at end of period $ 44,969 $ 16,690 $ 44,969 $ 16,690 The following table summarizes the activity related to the fair value of the risk sharing liabilities (in thousands): Three Months Ended December 31, Six Months Ended December 31, 2024 2023 2024 2023 Fair value at beginning of period $ 1,801 $ 471 $ 918 $ — Cash settlements (445) — (445) — Subsequent changes in fair value 142 41 1,025 512 Fair value at end of period $ 1,498 $ 512 $ 1,498 $ 512 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 December 31, 2024: December 31, 2024 Unobservable Input Minimum Maximum Weighted Average (1) Risk sharing assets Discount rate 20.00% 20.00% 20.00% Loss rate 3.28% 4.87% 4.01% Prepayment rate 20.81% 27.21% 24.73% Risk sharing liabilities Discount rate 20.00% 20.00% 20.00% Loss rate 3.39% 5.17% 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): December 31, 2024 June 30, 2024 Risk sharing assets (1) Prepayment rate assumption: Prepayment rate increase of 25% $ 1,235 $ 572 Prepayment rate increase of 50% $ 2,364 $ 1,131 Loss rate assumption: Loss rate increase of 25% $ (11,331) $ (7,315) Loss rate increase of 50% $ (22,585) $ (14,528) Discount rate assumption: Discount rate increase of 25% $ (1,120) $ (1,211) Discount rate increase of 50% $ (2,156) $ (2,323) Risk sharing liabilities (1) Loss rate assumption: Loss rate increase of 25% $ 28,276 $ 22,333 Loss rate increase of 50% $ 40,334 $ 41,677 Discount rate assumption: Discount rate increase of 25% $ (7) $ (19) Discount rate increase of 50% $ (13) $ (37) Financial Assets and Liabilities Not Recorded at Fair Value 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 December 31, 2024 and June 30, 2024 (in thousands): December 31, 2024 Carrying Amount Level 1 Level 2 Level 3 Balance at Fair Value Assets: Loans held for investment, net 6,432,336 — — 6,828,132 6,828,132 Other assets (1) 29,582 — 29,582 — 29,582 Total assets $ 6,461,918 $ — $ 29,582 $ 6,828,132 $ 6,857,714 Liabilities: Convertible senior notes, net (2) $ 1,151,048 $ — $ 1,116,902 $ — $ 1,116,902 Notes issued by securitization trusts 3,988,887 — — 4,014,587 4,014,587 Funding debt (3) 2,178,508 — — 2,178,655 2,178,655 Total liabilities $ 7,318,443 $ — $ 1,116,902 $ 6,193,242 $ 7,310,144 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 December 31, 2024, includes convertible senior notes due 2026 with a carrying amount and fair value of $247.6 million and $224.6 million, respectively, and convertible senior notes due 2029 with a carrying amount and fair value of $903.5 million and $892.3 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)

Stockholders' Equity

Stockholders' Equity	6 Months Ended
	Dec. 31, 2024
Equity [Abstract]
Stockholders' Equity	Stockholders’ Equity Common Stock We had shares of common stock reserved for issuance as follows: December 31, 2024 June 30, 2024 Available outstanding under equity compensation plans 47,446,210 47,622,117 Available for future grant under equity compensation plans 51,199,581 43,492,755 Total 98,645,791 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 a term of 3.5 years. A portion of these warrants were fully vested at the grant date and the remainder have fully vested as of December 31, 2024. 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 six months ended December 31, 2024, a total of $92.0 million and $204.4 million, respectively, was recognized within sales and marketing expense, which included $5.2 million and $10.4 million, respectively, in amortization expense of the commercial agreement asset and $86.8 million and $194.0 million, respectively, in expense based upon the grant-date fair value of the warrant shares that vested. During the three and six months ended December 31, 2023, a total of $125.1 million and $231.5 million, respectively, was recognized within sales and marketing expense, which included $10.4 million and $20.9 million, respectively, in amortization expense of the commercial agreement asset and $114.7 million and $210.6 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 the 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.

Equity Incentive Plans

Equity Incentive Plans	6 Months Ended
	Dec. 31, 2024
Share-Based Payment Arrangement [Abstract]
Equity Incentive Plans	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 December 31, 2024, the maximum number of shares of common stock which may be issued under the Plan is 176,604,160 Class A shares. As of December 31, 2024 and June 30, 2024, there were 51,199,581 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 six months ended December 31, 2024: 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 (3,211,902) 10.73 Balance as of December 31, 2024 14,260,228 18.36 5.48 Vested and exercisable, December 31, 2024 11,263,423 $ 15.29 4.68 $ 516,017 Vested and exercisable, and expected to vest thereafter (1) December 31, 2024 14,142,936 $ 18.16 5.45 $ 607,187 (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 six months ended December 31, 2024 was $31.74. As of December 31, 2024, unrecognized compensation expense related to unvested stock options was approximately $49.4 million, which is expected to be recognized over a remaining weighted-average period of 2.5 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 $12.4 million and $24.7 million during the three and six months ended December 31, 2024, respectively, and $19.5 million and $39.1 million during the three and six months ended December 31, 2023, 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 December 31, 2024, unrecognized compensation expense related to the Value Creation Award was approximately $23.6 million, which is expected to be recognized over a remaining weighted-average period of 1.0 year. 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 The following table summarizes our RSU activity during the six months ended December 31, 2024: Number of Shares Weighted Average Grant Date Fair Value Non-vested at June 30, 2024 18,327,420 $ 27.68 Granted 11,171,205 32.95 Vested (7,622,286) 30.09 Forfeited, expired or cancelled (1,190,357) 27.39 Non-vested at December 31, 2024 20,685,982 $ 29.65 As of December 31, 2024, unrecognized compensation expense related to unvested RSUs was approximately $573.8 million, which is expected to be recognized over a remaining weighted-average period of 1.8 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 December 31, 2024. 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 December 31, Six Months Ended December 31, 2024 2023 2024 2023 General and administrative $ 57,719 $ 61,939 $ 120,524 $ 132,123 Technology and data analytics 23,677 22,567 49,648 57,703 Sales and marketing 4,482 4,305 9,677 9,770 Processing and servicing 220 1,353 482 2,927 Total stock-based compensation in operating expenses 86,098 90,164 180,331 202,523 Capitalized into property, equipment and software, net 44,708 29,657 94,186 68,460 Total stock-based compensation $ 130,806 $ 119,821 $ 274,517 $ 270,983

Restructuring and other

Restructuring and other	6 Months Ended
	Dec. 31, 2024
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 December 31, 2024, we had no outstanding liability related to previously accrued exit and disposal costs. For the three and six months ended December 31, 2023, exit and disposal costs were $0.1 million and $1.7 million, respectively.

Income Taxes

Income Taxes	6 Months Ended
	Dec. 31, 2024
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 six months ended December 31, 2024, we recorded income tax expense (benefit) of $2.5 million and $4.4 million, respectively, which was primarily attributable to various U.S state and foreign income taxes. For the three and six months ended December 31, 2023, we recorded income tax expense (benefit) of $(0.7) million and $0.3 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.

Net Income (Loss) per Share Att

Net Income (Loss) per Share Attributable to Common Stockholders	6 Months Ended
	Dec. 31, 2024
Earnings Per Share [Abstract]
Net Income (Loss) per Share Attributable to Common Stockholders	Net Income (Loss) per Share Attributable to Common Stockholders The following table presents basic and diluted net income (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 December 31, Six Months Ended December 31, 2024 2024 Class A Class B Class A Class B Numerator: Net income (loss) attributable to common stockholders - basic $ 69,983 $ 10,377 $ (17,227) $ (2,635) Net income (loss) attributable to common stockholders - diluted $ 70,672 $ 9,688 $ (17,227) $ (2,635) Denominator: Weighted average shares of common stock - basic 280,666,562 41,615,772 277,776,478 42,481,967 Dilutive effect of stock equivalents: Restricted stock units 11,983,390 — — — Stock options, including early exercise of options 10,241,926 — — — Value creation award vested shares 473,889 — — — Common stock warrants 215,029 — — — Weighted average shares of common stock - diluted 303,580,796 41,615,772 277,776,478 42,481,967 Net income (loss) per share: Basic $ 0.25 $ 0.25 $ (0.06) $ (0.06) Diluted $ 0.23 $ 0.23 $ (0.06) $ (0.06) Three Months Ended December 31, Six Months Ended December 31, 2023 2023 Class A Class B Class A Class B Numerator: Net loss attributable to common stockholders - basic $ (135,588) $ (31,314) $ (273,697) $ (64,988) Net income (loss) attributable to common stockholders - diluted $ (135,588) $ (31,314) $ (273,697) $ (64,988) Denominator: Weighted average shares of common stock - basic 249,866,191 57,705,411 247,045,485 58,660,152 Weighted average shares of common stock - diluted 249,866,191 57,705,411 247,045,485 58,660,152 Net loss per share: Basic $ (0.54) $ (0.54) $ (1.11) $ (1.11) Diluted $ (0.54) $ (0.54) $ (1.11) $ (1.11) 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 December 31, Six Months Ended December 31, 2024 2023 2024 2023 Common stock warrants 6,278,501 5,875,592 6,278,501 5,875,592 Restricted stock units 773,998 19,397,022 20,685,982 19,397,022 Stock options, including early exercise of options 906,767 17,173,007 14,260,228 17,173,007 Employee stock purchase plan shares 189,621 221,266 189,621 221,266 Value creation award — — 4,000,000 — Total 8,148,887 42,666,887 45,414,332 42,666,887

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended				6 Months Ended
	Dec. 31, 2024	Sep. 30, 2024	Dec. 31, 2023	Sep. 30, 2023	Dec. 31, 2024	Dec. 31, 2023
Pay vs Performance Disclosure
Net income (loss)	$ 80,360	$ (100,222)	$ (166,902)	$ (171,783)	$ (19,862)	$ (338,685)

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended	6 Months Ended
	Dec. 31, 2024 shares	Dec. 31, 2024 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
Katherine Adkins [Member]
Trading Arrangements, by Individual
Material Terms of Trading Arrangement		On December 6, 2024, Katherine Adkins, our Chief Legal Officer and Chief Compliance 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). Ms. Adkins’ Rule 10b5-1 Trading Plan provides for the exercise of up to 161,065 employee stock options and the sale of the underlying shares of our Class A common stock pursuant to one or more limit orders from March 7, 2025 until August 29, 2025, or earlier if all transactions under the trading arrangement are completed.
Name	Katherine Adkins
Title	Chief Legal Officer
Rule 10b5-1 Arrangement Adopted	true
Adoption Date	December 6, 2024
Expiration Date	August 29, 2025
Arrangement Duration	266 days
Aggregate Available	161,065	161,065
Rob O' Hare [Member]
Trading Arrangements, by Individual
Material Terms of Trading Arrangement		On December 6, 2024, Rob O’Hare, our Chief Financial Officer, adopted a Rule 10b5-1 Trading Plan. Mr. O’Hare’s Rule 10b5-1 Trading Plan provides for the exercise of up to 109,296 employee stock options and the sale of the underlying shares of our Class A common stock pursuant to one or more limit orders, plus a portion of any additional shares of our Class A common stock to be received upon the vesting of RSUs to occur on various dates within the duration of the trading arrangement, from March 7, 2025 until September 30, 2025, or earlier if all transactions under the trading arrangement are completed.
Name	Rob O’Hare
Title	Chief Financial Officer
Rule 10b5-1 Arrangement Adopted	true
Adoption Date	December 6, 2024
Expiration Date	September 30, 2025
Arrangement Duration	298 days
Aggregate Available	109,296	109,296
Libor Michalek [Member]
Trading Arrangements, by Individual
Material Terms of Trading Arrangement		On December 8, 2024, Libor Michalek, our President, adopted a Rule 10b5-1 Trading Plan. Mr. Michalek’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 from March 9,
Name	Libor Michalek
Title	President
Rule 10b5-1 Arrangement Adopted	true
Adoption Date	December 8, 2024
Expiration Date	March 31, 2026
Arrangement Duration	478 days
Aggregate Available	200,000	200,000
Siphelele Jiyane [Member]
Trading Arrangements, by Individual
Material Terms of Trading Arrangement		On December 8, 2024, Siphelele Jiyane, our Chief Accounting Officer, adopted a Rule 10b5-1 Trading Plan. Ms. Jiyane’s Rule 10b5-1 Trading Plan provides for the sale of up to 126,006 shares of our Class A common stock, including the sale of underlying shares upon the exercise of employee stock options, pursuant to one or more limit orders from March 9, 2025 until August 29, 2025, or earlier if all transactions under the trading arrangement are completed.
Name	Siphelele Jiyane
Title	Chief Accounting Officer
Rule 10b5-1 Arrangement Adopted	true
Adoption Date	December 8, 2024
Expiration Date	August 29, 2025
Arrangement Duration	264 days
Aggregate Available	126,006	126,006

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	6 Months Ended
	Dec. 31, 2024
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. 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.
Significant Accounting Policies	Significant Accounting Policies
Recent Accounting Pronouncements Not Yet Adopted	Recent Accounting Pronouncements Not Yet Adopted Segment Reporting In November 2023, the FASB issued 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.

Revenue (Tables)

Revenue (Tables)	6 Months Ended
	Dec. 31, 2024
Banking and Thrift, Interest [Abstract]
Disaggregation of Revenue	The following table presents our revenue disaggregated by revenue source (in thousands): Three Months Ended December 31, Six Months Ended December 31, 2024 2023 2024 2023 Merchant network revenue $ 244,895 $ 188,357 $ 429,234 $ 334,307 Card network revenue 58,142 39,269 105,622 72,745 Interest income 409,367 288,346 786,431 551,025 Gain on sales of loans 125,287 52,702 188,900 86,987 Servicing income 28,690 22,436 54,674 42,593 Total revenue, net $ 866,381 $ 591,110 $ 1,564,861 $ 1,087,657
Schedule of Interest Income	Interest income consisted of the following components (in thousands): Three Months Ended December 31, Six Months Ended December 31, 2024 2023 2024 2023 Contractual interest income on unpaid principal balance $ 375,906 $ 248,083 $ 713,070 $ 474,374 Amortization of discount on loans 64,115 51,024 120,812 96,142 Amortization of premiums on loans (4,882) (4,183) (9,515) (8,163) Interest receivable charged-off, net of recoveries (25,772) (6,578) (37,936) (11,328) Total interest income $ 409,367 $ 288,346 $ 786,431 $ 551,025

Loans Held for Investment and_2

Loans Held for Investment and Allowance for Credit Losses (Tables)	6 Months Ended
	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)
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

Balance Sheet Components (Table

Balance Sheet Components (Tables)	6 Months Ended
	Dec. 31, 2024
Balance Sheet Related Disclosures [Abstract]
Schedule of Property, Equipment and Software, Net	Property, equipment and software, net consisted of the following (in thousands): December 31, 2024 June 30, 2024 Internally developed software $ 804,651 $ 630,129 Leasehold improvements 21,085 21,023 Computer equipment 10,373 9,827 Furniture and equipment 9,001 8,913 Total property, equipment and software, at cost $ 845,111 $ 669,892 Less: Accumulated depreciation and amortization (338,777) (242,206) Total property, equipment and software, net $ 506,334 $ 427,686
Schedule of Goodwill	The changes in the carrying amount of goodwill during the six months ended December 31, 2024 were as follows (in thousands): Balance as of June 30, 2024 $ 533,439 Adjustments (1) (11,740) Balance as of December 31, 2024 $ 521,699 (1) Adjustments to goodwill during the six months ended December 31, 2024 primarily pertained to foreign currency translation adjustments.
Schedule of Finite-Lived Intangible Assets	Intangible assets consisted of the following (in thousands): December 31, 2024 Gross Accumulated Amortization Net Weighted Average Remaining Useful Life Merchant relationships $ 37,417 $ (37,417) $ — 0.0 Developed technology 39,167 (39,064) 103 0.1 Assembled workforce 12,490 (12,490) — 0.0 Trademarks and domains, definite 1,404 (1,223) 181 0.7 Trademarks, licenses and domains, indefinite 11,559 — 11,559 Indefinite Other intangibles 350 — 350 Indefinite Total intangible assets $ 102,387 $ (90,194) $ 12,193 June 30, 2024 Gross Accumulated Amortization Net Weighted Average 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): December 31, 2024 Gross Accumulated Amortization Net Weighted Average Remaining Useful Life Merchant relationships $ 37,417 $ (37,417) $ — 0.0 Developed technology 39,167 (39,064) 103 0.1 Assembled workforce 12,490 (12,490) — 0.0 Trademarks and domains, definite 1,404 (1,223) 181 0.7 Trademarks, licenses and domains, indefinite 11,559 — 11,559 Indefinite Other intangibles 350 — 350 Indefinite Total intangible assets $ 102,387 $ (90,194) $ 12,193 June 30, 2024 Gross Accumulated Amortization Net Weighted Average 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 December 31, 2024 is as follows, by fiscal year (in thousands): 2025 (remaining six months) $ 120 2026 149 2027 15 2028 — 2029 and thereafter — Total amortization expense $ 284
Schedule of Other Assets	Other assets consisted of the following (in thousands): December 31, 2024 June 30, 2024 Processing reserves $ 92,550 $ 55,754 Risk sharing asset 44,969 33,884 Equity securities, at cost 41,927 37,806 Prepaid expenses 33,381 28,799 Prepaid payroll taxes for stock-based compensation 23,219 21,395 Fixed term deposit 22,028 35,203 Foreign deferred tax asset 17,881 21,206 Operating lease right-of-use assets 17,472 21,863 Other receivables 13,164 18,263 Derivative instruments 7,676 17,207 Other assets 10,690 7,960 Total other assets $ 324,957 $ 299,340
Schedule of Accrued Expenses and Other Liabilities	Accrued expenses and other liabilities consisted of the following (in thousands): December 31, 2024 June 30, 2024 Accrued expenses $ 74,200 $ 59,613 Operating lease liability 32,033 39,493 Collateral held for derivative instruments 8,174 17,643 Other liabilities 41,161 30,680 Total accrued expenses and other liabilities $ 155,568 $ 147,429

Leases (Tables)

Leases (Tables)	6 Months Ended
	Dec. 31, 2024
Leases [Abstract]
Schedule of Lease Term and Discount Rate	Operating lease expense is as follows (in thousands): Three Months Ended December 31, Six Months Ended December 31, 2024 2023 2024 2023 Operating lease expense (1) $2,865 $2,946 $5,718 $5,932 (1) Lease expenses for our short-term leases were immaterial for the periods presented. Lease term and discount rate information are summarized as follows: December 31, 2024 Weighted average remaining lease term (in years) 2.9 Weighted average discount rate 5.1%
Schedule of Maturities of Lease Liabilities	As of December 31, 2024, future minimum lease payments are as follows, by fiscal year (in thousands): 2025 (remaining six months) $ 8,399 2026 15,811 2027 3,046 2028 2,185 2029 2,240 Thereafter 3,273 Total lease payments 34,954 Less imputed interest (2,921) Present value of total lease liabilities $ 32,033

Debt (Tables)

Debt (Tables)	6 Months Ended
	Dec. 31, 2024
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 December 31, 2024 (in thousands): Total Capital Capacity Interest Rate Spread (2) Unused Commitment Fees Maturity by Fiscal Year Pledged Collateral (3) Total Outstanding Min - Max Weighted Average Funding debt US warehouse facilities 4,731,418 1.65% - 2.05% 1.87% 0.00% - 0.75% 2025 - 2027 1,976,582 1,696,273 International warehouse facilities (1) 598,718 1.25% - 4.25% 1.70% 0.30% - 0.45% 2028 - 2030 453,846 372,147 Variable funding notes 350,000 1.50% 0.30% 2032 66,954 61,336 Sales and repurchase agreements 5.79% - 6.66% 2025 -2029 66,933 48,751 Notes issued by securitization trusts 4,000,000 4.62% - 11.32% 6.28% 2028 - 2030 4,217,842 4,000,000 Convertible senior notes: 2026 Notes —% 2027 248,704 2029 Notes 0.75% 2030 920,000 Revolving credit facility (4) 330,000 0.75% - 1.75% 0.20% 2027 — Total, before unamortized debt issuance costs, premiums and discounts $ 7,347,212 Less: unamortized debt issuance costs, premiums and discounts (5) (40,471) Total $ 7,306,741 (1) As of December 31, 2024, international facilities finance the origination of loan receivables in Canada and are denominated in CAD. (2) Reference rates as of December 31, 2024 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 December 31, 2024 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) As of December 31, 2024, represents the unpaid principal balance of loans, pledged as collateral for borrowings in our facilities, except for our sales and repurchase agreements which are collateralized by the retained securitization notes receivables and certificates. (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. (5) As of December 31, 2024, includes convertible senior notes debt issuance costs for the 2026 and 2029 Notes of $1.1 million and $16.5 million, respectively.
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 December 31, Six Months Ended December 31, 2024 2023 2024 2023 Amortization of debt issuance costs (1) 2026 Notes $ 658 $ 872 $ 1,427 $ 1,745 2029 Notes 110 — 110 — Total amortization of debt issuance costs $ 768 $ 872 $ 1,537 $ 1,745 Coupon interest expense (1) (2) 227 — 227 — Total interest expenses related to the convertible notes $ 995 $ 872 $ 1,764 $ 1,745 (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 December 31, 2024 2025 $ 340,152 2026 809,118 2027 (1) 502,373 2028 1,445,282 2029 2,409,177 Thereafter (1) 1,841,110 Total $ 7,347,212 Deferred debt issuance costs (40,471) Total funding debt, net of deferred debt issuance costs $ 7,306,741 (1)

Securitization and Variable I_2

Securitization and Variable Interest Entities (Tables)	6 Months Ended
	Dec. 31, 2024
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): December 31, 2024 Assets Liabilities Net Assets Warehouse credit facilities $ 2,399,906 $ 2,078,553 $ 321,353 Securitizations (1) 4,167,236 4,060,582 106,654 Total consolidated VIEs $ 6,567,142 $ 6,139,135 $ 428,007 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 December 31, 2024, liabilities include $60.3 million of VFN classified as funding debt and $4.0 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): December 31, 2024 Assets Liabilities Net Assets Maximum Exposure to Losses Securitizations $ 1,300,463 $ 1,236,637 $ 63,826 $ 69,735 Total unconsolidated VIEs $ 1,300,463 $ 1,236,637 $ 63,826 $ 69,735 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

Investments (Tables)

Investments (Tables)	6 Months Ended
	Dec. 31, 2024
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): December 31, 2024 June 30, 2024 Cash and cash equivalents: Money market funds $ 115,063 $ 63,389 Commercial paper — 57,964 Government bonds - US — 3,492 Securities available for sale: Certificates of deposit 17,347 34,473 Corporate bonds 204,294 242,660 Commercial paper 51,293 239,882 Agency bonds 13,319 15,159 Municipal bonds 5,195 3,953 Government bonds Non-US 3,156 5,275 US (1) 303,029 538,556 Securitization notes receivable and certificates (2) 69,051 51,670 Total marketable securities: $ 781,747 $ 1,256,473 (1) As of December 31, 2024 and June 30, 2024, these securities include $73.8 million and $54.1 million, respectively, pledged as collateral in connection with our standby letters of credit for office leases and certain commercial agreements. (2) These securities include $66.9 million and $46.7 million as of December 31, 2024 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 December 31, 2024 and June 30, 2024 were as follows (in thousands): December 31, 2024 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Allowance for Credit Losses Fair Value Certificates of deposit $ 17,327 $ 20 $ — $ — $ 17,347 Corporate bonds 203,942 613 (261) — 204,294 Commercial paper 51,248 45 — — 51,293 Agency bonds 13,324 13 (18) — 13,319 Municipal bonds 5,184 11 — — 5,195 Government bonds Non-US 3,161 — (5) — 3,156 US (2) 302,799 517 (287) — 303,029 Securitization notes receivable and certificates (3) 70,273 70 (49) (1,243) 69,051 Total securities available for sale $ 667,258 $ 1,289 $ (620) $ (1,243) $ 666,684 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) A s of June 30, 2024, Commercial paper and US government bonds include $61.5 million classified as cash and cash equivalents within the interim condensed consolidated balance sheets. (2) As of December 31, 2024 and June 30, 2024, these securities include $73.8 million and $54.1 million, respectively, pledged as collateral in connection with our standby letters of credit for office leases and certain commercial agreements. (3) Approximately $66.9 million and $46.7 million as of December 31, 2024 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 December 31, 2024 and June 30, 2024, are as follows (in thousands): December 31, 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 Corporate bonds $ 15,319 $ (98) $ 44,094 $ (163) $ 59,413 $ (261) Agency bonds 4,881 (18) — — 4,881 (18) Government bonds Non-US 3,156 (5) — — 3,156 (5) US 36,301 (151) 49,344 (136) 85,645 (287) Total securities available for sale (1) $ 59,657 $ (272) $ 93,438 $ (299) $ 153,095 $ (571) 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 22 and 137 as of December 31, 2024 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 December 31, 2024 and June 30, 2024 were as follows (in thousands): December 31, 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 $ 17,327 $ 17,347 $ — $ — $ 17,327 $ 17,347 Corporate bonds 114,636 114,625 89,306 89,669 203,942 204,294 Commercial paper 51,248 51,293 — — 51,248 51,293 Agency bonds 8,425 8,438 4,899 4,881 13,324 13,319 Municipal bonds 674 679 4,510 4,516 5,184 5,195 Government bonds Non-US 3,161 3,156 — — 3,161 3,156 US 218,711 218,753 84,088 84,276 302,799 303,029 Securitization notes receivable and certificates (2) — — 70,273 69,051 70,273 69,051 Total securities available for sale $ 414,182 $ 414,291 $ 253,076 $ 252,393 $ 667,258 $ 666,684 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 (1) A s of June 30, 2024, Commercial paper and US government bonds include $61.5 million classified as cash and cash equivalents within the interim condensed consolidated balance sheets. (2) Based on weighted average life of expected cash flows as of December 31, 2024 and June 30, 2024 .

Derivative Financial Instrume_2

Derivative Financial Instruments (Tables)	6 Months Ended
	Dec. 31, 2024
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 December 31, 2024 and June 30, 2024 (in thousands): December 31, 2024 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 572,441 7,676 186 854,589 17,203 38 Total gross derivative assets/liabilities $ 572,441 $ 7,676 $ 186 $ 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 December 31, Six Months Ended December 31, 2024 2023 2024 2023 Balance at beginning of period (85) 1,514 1,407 751 Changes in fair value (5) (103) (1,273) 911 Amounts reclassified into earnings (1) (84) (511) (308) (762) Balance at end of period (2) $ (174) $ 900 $ (174) $ 900 (1) The amounts reclassified into earnings are presented in the interim consolidated statements of income within funding costs. (2) As of December 31, 2024 , we estimated that $0.2 million of net derivative gains included in AOCI are expected to be reclassified into earnings within the next 12 months.
Schedule of Gain (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 December 31, Six Months Ended December 31, 2024 2023 2024 2023 The effects of cash flow hedging Funding costs 84 511 308 762 The effects of derivatives not designated in hedging relationships Other income, net 2,705 (5,708) (1,248) (1,729)

Fair Value of Financial Asset_2

Fair Value of Financial Assets and Liabilities (Tables)	6 Months Ended
	Dec. 31, 2024
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 December 31, 2024 and June 30, 2024 (in thousands): December 31, 2024 Level 1 Level 2 Level 3 Total Assets: Cash and cash equivalents: Money market funds $ 115,063 $ — $ — $ 115,063 Commercial paper — — — — Securities, available for sale: Certificates of deposit — 17,347 — 17,347 Corporate bonds — 204,294 — 204,294 Commercial paper — 51,293 — 51,293 Agency bonds — 13,319 — 13,319 Municipal bonds — 5,195 — 5,195 Government bonds: Non-US — 3,156 — 3,156 US — 303,029 — 303,029 Securitization notes receivable and residual trust certificates — — 69,051 69,051 Servicing assets — — 806 806 Derivative instruments — 7,676 — 7,676 Risk sharing asset — — 44,969 44,969 Total assets $ 115,063 $ 605,309 $ 114,826 $ 835,198 Liabilities: Servicing liabilities $ — $ — $ 237 $ 237 Performance fee liability — — 1,773 1,773 Profit share liability — — 6,111 6,111 Risk sharing liability — — 1,498 1,498 Derivative instruments — 186 — 186 Total liabilities $ — $ 186 $ 9,619 $ 9,805 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 December 31, Six Months Ended December 31, 2024 2023 2024 2023 Fair value at beginning of period $ 435 $ 569 $ 574 $ 880 Initial transfers of financial assets 230 — 230 — Subsequent changes in fair value 141 (204) 2 (515) Fair value at end of period $ 806 $ 365 $ 806 $ 365
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 December 31, Six Months Ended December 31, 2024 2023 2024 2023 Fair value at beginning of period $ 438 $ 1,851 $ 743 $ 1,392 Initial transfers of financial liabilities — 1,702 — 3,091 Subsequent changes in fair value (201) (1,022) (506) (1,952) Fair value at end of period $ 237 $ 2,531 $ 237 $ 2,531
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 December 31, 2024 and June 30, 2024: December 31, 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) 9.20 % 15.20 % 11.32 % Servicing liabilities Discount rate 30.00 % 30.00 % 30.00 % Adequate compensation (1) 2.00 % 2.00 % 2.00 % Gross default rate (2) 3.22 % 4.65 % 3.89 % 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 December 31, 2024 and June 30, 2024: December 31, 2024 Unobservable Input Minimum Maximum Weighted Average (1) Discount rate 7.75% 10.00% 9.53% Refund rate 1.50% 1.50% 1.50% Default rate 1.18% 4.65% 3.02% 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 December 31, 2024 and June 30, 2024 : December 31, 2024 Unobservable Input Minimum Maximum Weighted Average (1) Discount rate 4.73% 30.29% 6.84% Loss rate 1.17% 9.47% 7.53% Prepayment rate 13.58% 23.00% 20.94% 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 December 31, 2024 and June 30, 2024 : December 31, 2024 Unobservable Input Minimum Maximum Weighted Average (1) Discount rate 30.00% 30.00% 30.00% Program profitability 0.97% 2.02% 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 December 31, 2024: December 31, 2024 Unobservable Input Minimum Maximum Weighted Average (1) Risk sharing assets Discount rate 20.00% 20.00% 20.00% Loss rate 3.28% 4.87% 4.01% Prepayment rate 20.81% 27.21% 24.73% Risk sharing liabilities Discount rate 20.00% 20.00% 20.00% Loss rate 3.39% 5.17% 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): December 31, 2024 June 30, 2024 Risk sharing assets (1) Prepayment rate assumption: Prepayment rate increase of 25% $ 1,235 $ 572 Prepayment rate increase of 50% $ 2,364 $ 1,131 Loss rate assumption: Loss rate increase of 25% $ (11,331) $ (7,315) Loss rate increase of 50% $ (22,585) $ (14,528) Discount rate assumption: Discount rate increase of 25% $ (1,120) $ (1,211) Discount rate increase of 50% $ (2,156) $ (2,323) Risk sharing liabilities (1) Loss rate assumption: Loss rate increase of 25% $ 28,276 $ 22,333 Loss rate increase of 50% $ 40,334 $ 41,677 Discount rate assumption: Discount rate increase of 25% $ (7) $ (19) Discount rate increase of 50% $ (13) $ (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): December 31, 2024 June 30, 2024 Servicing assets Gross default rate assumption: Gross default rate increase of 25% $ 1 $ 1 Gross default rate increase of 50% $ 2 $ 1 Adequate compensation assumption: Adequate compensation increase of 10% $ (1,367) $ (980) Adequate compensation increase of 20% $ (2,734) $ (1,961) Discount rate assumption: Discount rate increase of 25% $ (32) $ (23) Discount rate increase of 50% $ (62) $ (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% $ 3,820 $ 3,153 Adequate compensation increase of 20% $ 7,639 $ 6,305 Discount rate assumption: Discount rate increase of 25% $ (5) $ (19) Discount rate increase of 50% $ (9) $ (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 December 31, Six Months Ended December 31, 2024 2023 2024 2023 Fair value at beginning of period $ 1,541 $ 1,427 $ 1,503 $ 1,581 Purchases of loans 566 493 1,089 869 Settlements paid (501) (508) (978) (992) Subsequent changes in fair value 167 182 159 136 Fair value at end of period $ 1,773 $ 1,594 $ 1,773 $ 1,594 The following table summarizes the activity related to the fair value of the notes and residual trust certificates (in thousands): Three Months Ended December 31, Six Months Ended December 31, 2024 2023 2024 2023 Fair value at beginning of period $ 38,926 $ 13,983 $ 51,670 $ 18,913 Additions 41,943 22,187 41,943 22,187 Cash received (due to payments) (12,036) (4,094) (26,419) (9,355) Change in unrealized gain (loss) (510) 80 (541) 265 Accrued interest 931 439 2,976 611 Reversal of (impairment on) securities available for sale (203) (184) (578) (210) Fair value at end of period $ 69,051 $ 32,411 $ 69,051 $ 32,411 The following table summarizes the activity related to the fair value of the profit share liability (in thousands): Three Months Ended December 31, Six Months Ended December 31, 2024 2023 2024 2023 Fair value at beginning of period $ 2,015 $ 1,079 $ 1,974 $ 1,832 Facilitation of loans 4,238 1,160 5,465 2,088 Actual performance (3,271) (1,166) (6,299) 506 Subsequent changes in fair value 3,129 471 4,971 (2,882) Fair value at end of period $ 6,111 $ 1,544 $ 6,111 $ 1,544 The following table summarizes the activity related to the fair value of the risk sharing liabilities (in thousands): Three Months Ended December 31, Six Months Ended December 31, 2024 2023 2024 2023 Fair value at beginning of period $ 1,801 $ 471 $ 918 $ — Cash settlements (445) — (445) — Subsequent changes in fair value 142 41 1,025 512 Fair value at end of period $ 1,498 $ 512 $ 1,498 $ 512
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): December 31, 2024 June 30, 2024 Discount rate assumption: Discount rate increase of 25% $ (723) $ (623) Discount rate increase of 50% $ (1,421) $ (1,223) Loss rate assumption: Loss rate increase of 25% $ (1,761) $ (705) Loss rate increase of 50% $ (2,665) $ (1,321) Prepayment rate assumption: Prepayment rate decrease of 25% $ 124 $ 58 Prepayment rate decrease of 50% $ 249 $ 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 December 31, Six Months Ended December 31, 2024 2023 2024 2023 Fair value at beginning of period $ 45,330 $ 3,814 $ 33,884 $ — Initial transfers of financial assets 5,191 10,749 15,568 14,563 Cash settlements (5,824) — (5,824) — Subsequent changes in fair value 272 2,127 1,341 2,127 Fair value at end of period $ 44,969 $ 16,690 $ 44,969 $ 16,690
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 December 31, 2024 and June 30, 2024 (in thousands): December 31, 2024 Carrying Amount Level 1 Level 2 Level 3 Balance at Fair Value Assets: Loans held for investment, net 6,432,336 — — 6,828,132 6,828,132 Other assets (1) 29,582 — 29,582 — 29,582 Total assets $ 6,461,918 $ — $ 29,582 $ 6,828,132 $ 6,857,714 Liabilities: Convertible senior notes, net (2) $ 1,151,048 $ — $ 1,116,902 $ — $ 1,116,902 Notes issued by securitization trusts 3,988,887 — — 4,014,587 4,014,587 Funding debt (3) 2,178,508 — — 2,178,655 2,178,655 Total liabilities $ 7,318,443 $ — $ 1,116,902 $ 6,193,242 $ 7,310,144 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 December 31, 2024, includes convertible senior notes due 2026 with a carrying amount and fair value of $247.6 million and $224.6 million, respectively, and convertible senior notes due 2029 with a carrying amount and fair value of $903.5 million and $892.3 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)

Stockholders' Equity (Tables)

Stockholders' Equity (Tables)	6 Months Ended
	Dec. 31, 2024
Equity [Abstract]
Schedule of Common Stock, Reserved for Future Issuance	We had shares of common stock reserved for issuance as follows: December 31, 2024 June 30, 2024 Available outstanding under equity compensation plans 47,446,210 47,622,117 Available for future grant under equity compensation plans 51,199,581 43,492,755 Total 98,645,791 91,114,872

Equity Incentive Plans (Tables)

Equity Incentive Plans (Tables)	6 Months Ended
	Dec. 31, 2024
Share-Based Payment Arrangement [Abstract]
Schedule of Stock Option Activity	The following table summarizes our stock option activity for the six months ended December 31, 2024: 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 (3,211,902) 10.73 Balance as of December 31, 2024 14,260,228 18.36 5.48 Vested and exercisable, December 31, 2024 11,263,423 $ 15.29 4.68 $ 516,017 Vested and exercisable, and expected to vest thereafter (1) December 31, 2024 14,142,936 $ 18.16 5.45 $ 607,187 (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 six months ended December 31, 2024: Number of Shares Weighted Average Grant Date Fair Value Non-vested at June 30, 2024 18,327,420 $ 27.68 Granted 11,171,205 32.95 Vested (7,622,286) 30.09 Forfeited, expired or cancelled (1,190,357) 27.39 Non-vested at December 31, 2024 20,685,982 $ 29.65
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 December 31, Six Months Ended December 31, 2024 2023 2024 2023 General and administrative $ 57,719 $ 61,939 $ 120,524 $ 132,123 Technology and data analytics 23,677 22,567 49,648 57,703 Sales and marketing 4,482 4,305 9,677 9,770 Processing and servicing 220 1,353 482 2,927 Total stock-based compensation in operating expenses 86,098 90,164 180,331 202,523 Capitalized into property, equipment and software, net 44,708 29,657 94,186 68,460 Total stock-based compensation $ 130,806 $ 119,821 $ 274,517 $ 270,983

Net Income (Loss) per Share A_2

Net Income (Loss) per Share Attributable to Common Stockholders (Tables)	6 Months Ended
	Dec. 31, 2024
Earnings Per Share [Abstract]
Schedule of Basic and Diluted Net Loss Per Share	The following table presents basic and diluted net income (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 December 31, Six Months Ended December 31, 2024 2024 Class A Class B Class A Class B Numerator: Net income (loss) attributable to common stockholders - basic $ 69,983 $ 10,377 $ (17,227) $ (2,635) Net income (loss) attributable to common stockholders - diluted $ 70,672 $ 9,688 $ (17,227) $ (2,635) Denominator: Weighted average shares of common stock - basic 280,666,562 41,615,772 277,776,478 42,481,967 Dilutive effect of stock equivalents: Restricted stock units 11,983,390 — — — Stock options, including early exercise of options 10,241,926 — — — Value creation award vested shares 473,889 — — — Common stock warrants 215,029 — — — Weighted average shares of common stock - diluted 303,580,796 41,615,772 277,776,478 42,481,967 Net income (loss) per share: Basic $ 0.25 $ 0.25 $ (0.06) $ (0.06) Diluted $ 0.23 $ 0.23 $ (0.06) $ (0.06) Three Months Ended December 31, Six Months Ended December 31, 2023 2023 Class A Class B Class A Class B Numerator: Net loss attributable to common stockholders - basic $ (135,588) $ (31,314) $ (273,697) $ (64,988) Net income (loss) attributable to common stockholders - diluted $ (135,588) $ (31,314) $ (273,697) $ (64,988) Denominator: Weighted average shares of common stock - basic 249,866,191 57,705,411 247,045,485 58,660,152 Weighted average shares of common stock - diluted 249,866,191 57,705,411 247,045,485 58,660,152 Net loss per share: Basic $ (0.54) $ (0.54) $ (1.11) $ (1.11) Diluted $ (0.54) $ (0.54) $ (1.11) $ (1.11)
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 December 31, Six Months Ended December 31, 2024 2023 2024 2023 Common stock warrants 6,278,501 5,875,592 6,278,501 5,875,592 Restricted stock units 773,998 19,397,022 20,685,982 19,397,022 Stock options, including early exercise of options 906,767 17,173,007 14,260,228 17,173,007 Employee stock purchase plan shares 189,621 221,266 189,621 221,266 Value creation award — — 4,000,000 — Total 8,148,887 42,666,887 45,414,332 42,666,887

Revenue - Disaggregated Revenue

Revenue - Disaggregated Revenue (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2024	Dec. 31, 2023
Disaggregation of Revenue [Line Items]
Revenue	$ 303,037	$ 227,626	$ 534,856	$ 407,052
Interest income	409,367	288,346	786,431	551,025
Gain on sales of loans	125,287	52,702	188,900	86,987
Servicing income	28,690	22,436	54,674	42,593
Total revenue, net	866,381	591,110	1,564,861	1,087,657
Merchant network revenue
Disaggregation of Revenue [Line Items]
Revenue	244,895	188,357	429,234	334,307
Card network revenue
Disaggregation of Revenue [Line Items]
Revenue	$ 58,142	$ 39,269	$ 105,622	$ 72,745

Revenue - Schedule of Interest

Revenue - Schedule of Interest Income (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2024	Dec. 31, 2023
Banking and Thrift, Interest [Abstract]
Contractual interest income on unpaid principal balance	$ 375,906	$ 248,083	$ 713,070	$ 474,374
Amortization of discount on loans	64,115	51,024	120,812	96,142
Amortization of premiums on loans	(4,882)	(4,183)	(9,515)	(8,163)
Interest receivable charged-off, net of recoveries	(25,772)	(6,578)	(37,936)	(11,328)
Total interest income	$ 409,367	$ 288,346	$ 786,431	$ 551,025

Revenue - Additional Informatio

Revenue - Additional Information (Details) - USD ($) $ in Millions	6 Months Ended
	Dec. 31, 2024	Jun. 30, 2024
Banking and Thrift, Interest [Abstract]
Period of suspended accrued interest past due	120 days
Non-accrued loans held for investment	$ 6.1	$ 2.6

Loans Held for Investment and_3

Loans Held for Investment and Allowance for Credit Losses - Schedule of Loans Held for Investment (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Jun. 30, 2024
Receivables [Abstract]
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

Loans Held for Investment and_4

Loans Held for Investment and Allowance for Credit Losses - Additional Information (Details) $ in Millions	3 Months Ended		6 Months Ended
	Dec. 31, 2024 USD ($) deferral	Dec. 31, 2023 USD ($)	Dec. 31, 2024 USD ($) deferral	Dec. 31, 2023 USD ($)
Financing Receivable, Allowance for Credit Loss [Line Items]
Loans purchased	$ 8,100	$ 5,900	$ 14,500	$ 10,500
Loans originated	$ 1,700	$ 1,300	$ 3,000	$ 2,200
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			$ 17.1	$ 1.8
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

Loans Held for Investment and_5

Loans Held for Investment and Allowance for Credit Losses - Schedule of Credit Quality by ITACs Score (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2024	Dec. 31, 2023	Jun. 30, 2024
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year [Abstract]
Current fiscal year	$ 5,246,747		$ 5,246,747		$ 5,300,448
Fiscal year before current fiscal year	1,346,806		1,346,806		282,738
Two years before current fiscal year	114,951		114,951		23,452
Three years before current fiscal year	11,196		11,196		416
Four years before current fiscal year	326		326		108
Prior	45		45		134
Total	6,720,071		6,720,071		5,607,296
Charge-offs
2025			(14,524)
2024			(231,104)
2023			(17,470)
2022			(951)
2021			(171)
Prior			(140)
Total	(142,912)	$ (91,633)	(264,360)	$ (162,476)
Recoveries
2025			199
2024			7,829
2023			6,300
2022			2,289
2021			466
Prior			137
Total	9,068	$ 5,609	17,220	$ 11,161
Net charge-offs
2025			(14,325)
2024			(223,275)
2023			(11,170)
2022			1,338
2021			295
Prior			(3)
Total			(247,140)
96+
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year [Abstract]
Current fiscal year	3,468,048		3,468,048		3,438,135
Fiscal year before current fiscal year	907,243		907,243		183,210
Two years before current fiscal year	85,925		85,925		10,026
Three years before current fiscal year	6,645		6,645		186
Four years before current fiscal year	203		203		10
Prior	11		11		5
Total	4,468,075		4,468,075		3,631,572
94 – 96
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year [Abstract]
Current fiscal year	1,381,171		1,381,171		1,509,125
Fiscal year before current fiscal year	366,485		366,485		29,227
Two years before current fiscal year	5,615		5,615		463
Three years before current fiscal year	475		475		8
Four years before current fiscal year	7		7		2
Prior	5		5		4
Total	1,753,758		1,753,758		1,538,829
90 – 94
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year [Abstract]
Current fiscal year	329,415		329,415		287,499
Fiscal year before current fiscal year	59,203		59,203		3,575
Two years before current fiscal year	891		891		263
Three years before current fiscal year	289		289		3
Four years before current fiscal year	4		4		1
Prior	1		1		1
Total	389,803		389,803		291,342
Less than 90
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year [Abstract]
Current fiscal year	65,999		65,999		45,009
Fiscal year before current fiscal year	8,168		8,168		46
Two years before current fiscal year	11		11		309
Three years before current fiscal year	112		112		2
Four years before current fiscal year	2		2		1
Prior	1		1		0
Total	74,293		74,293		45,367
No score
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year [Abstract]
Current fiscal year	2,114		2,114		20,680
Fiscal year before current fiscal year	5,707		5,707		66,680
Two years before current fiscal year	22,509		22,509		12,391
Three years before current fiscal year	3,675		3,675		217
Four years before current fiscal year	110		110		94
Prior	27		27		124
Total	$ 34,142		$ 34,142		$ 100,186

Loans Held for Investment and_6

Loans Held for Investment and Allowance for Credit Losses - Schedule of Unpaid Principal Balance for Loans Held for Investment (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Jun. 30, 2024
Financing Receivable, Past Due [Line Items]
Loans held for investment	$ 6,720,071	$ 5,607,296
Loan receivable on nonaccrual status	52,700	38,600
Non-delinquent loans
Financing Receivable, Past Due [Line Items]
Loans held for investment	6,361,896	5,331,462
4 – 29 calendar days past due
Financing Receivable, Past Due [Line Items]
Loans held for investment	175,272	134,434
30 – 59 calendar days past due
Financing Receivable, Past Due [Line Items]
Loans held for investment	73,513	55,021
60 – 89 calendar days past due
Financing Receivable, Past Due [Line Items]
Loans held for investment	56,471	47,764
90 – 119 calendar days past due
Financing Receivable, Past Due [Line Items]
Loans held for investment	$ 52,919	$ 38,615

Loans Held for Investment and_7

Loans Held for Investment and Allowance for Credit Losses - Schedule of Allowance for Credit Loss (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2024	Dec. 31, 2023
Financing Receivable, Allowance for Credit Loss [Roll Forward]
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

Loans Held for Investment and_8

Loans Held for Investment and Allowance for Credit Losses - Schedule of Amortized Cost Basis of Amortized Loans (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2024	Dec. 31, 2023
Financing Receivable, Past Due [Line Items]
Total	$ 10,359	$ 21,561	$ 16,370	$ 30,092
% of total loan receivables outstanding	0.15%	0.42%	0.24%	0.58%
Payment deferral
Financing Receivable, Past Due [Line Items]
Total	$ 10,189	$ 20,899	$ 16,096	$ 28,960
Loan re-amortization
Financing Receivable, Past Due [Line Items]
Total	$ 170	$ 663	$ 274	$ 1,132

Loans Held for Investment and_9

Loans Held for Investment and Allowance for Credit Losses - Schedule of Aging Analysis of Modified Loans (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Financing Receivable, Past Due [Line Items]
Amortized cost basis	$ 19,787	$ 30,964
Payment Deferral
Financing Receivable, Past Due [Line Items]
Amortized cost basis	19,405	29,814
Loan Re-amortization
Financing Receivable, Past Due [Line Items]
Amortized cost basis	382	1,150
Non-delinquent loans
Financing Receivable, Past Due [Line Items]
Amortized cost basis	11,238	18,385
Non-delinquent loans | Payment Deferral
Financing Receivable, Past Due [Line Items]
Amortized cost basis	11,021	17,879
Non-delinquent loans | Loan Re-amortization
Financing Receivable, Past Due [Line Items]
Amortized cost basis	217	506
4 – 29 calendar days past due
Financing Receivable, Past Due [Line Items]
Amortized cost basis	3,152	5,798
4 – 29 calendar days past due | Payment Deferral
Financing Receivable, Past Due [Line Items]
Amortized cost basis	3,085	5,549
4 – 29 calendar days past due | Loan Re-amortization
Financing Receivable, Past Due [Line Items]
Amortized cost basis	67	249
30 – 59 calendar days past due
Financing Receivable, Past Due [Line Items]
Amortized cost basis	1,913	2,933
30 – 59 calendar days past due | Payment Deferral
Financing Receivable, Past Due [Line Items]
Amortized cost basis	1,878	2,775
30 – 59 calendar days past due | Loan Re-amortization
Financing Receivable, Past Due [Line Items]
Amortized cost basis	35	158
60 – 89 calendar days past due
Financing Receivable, Past Due [Line Items]
Amortized cost basis	1,664	2,097
60 – 89 calendar days past due | Payment Deferral
Financing Receivable, Past Due [Line Items]
Amortized cost basis	1,632	1,972
60 – 89 calendar days past due | Loan Re-amortization
Financing Receivable, Past Due [Line Items]
Amortized cost basis	32	125
90 – 119 calendar days past due
Financing Receivable, Past Due [Line Items]
Amortized cost basis	1,820	1,751
90 – 119 calendar days past due | Payment Deferral
Financing Receivable, Past Due [Line Items]
Amortized cost basis	1,789	1,639
90 – 119 calendar days past due | Loan Re-amortization
Financing Receivable, Past Due [Line Items]
Amortized cost basis	$ 31	$ 112

Balance Sheet Components - Addi

Balance Sheet Components - Additional Information (Details) - USD ($)	1 Months Ended	3 Months Ended		6 Months Ended		12 Months Ended
	Nov. 30, 2021	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2024	Dec. 31, 2023	Jun. 30, 2022	Jun. 30, 2024
Finite-Lived Intangible Assets [Line Items]
Allowance for accounts receivable		$ 17,800,000		$ 17,800,000			$ 14,900,000
Depreciation		54,300,000	$ 36,500,000	100,400,000	$ 62,500,000
Impairment expense on leasehold improvements		0	0	0	0
Goodwill impairment loss		0		0
Goodwill disposal losses			1,000,000		1,000,000
Amortization of intangible assets		600,000	2,900,000	1,200,000	17,100,000
Impairment of intangible assets		0	0	0	0
Vesting of warrants exercised	$ 133,500,000
Amortization of sales and marketing expense		5,200,000	10,400,000	10,400,000	20,900,000
Amortization of commercial agreement assets				28,511,000	43,114,000
Minimum
Finite-Lived Intangible Assets [Line Items]
Remaining expected benefit period						4 years
Maximum
Finite-Lived Intangible Assets [Line Items]
Remaining expected benefit period						6 years
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		$ 9,000,000	$ 18,100,000	$ 9,000,000	$ 18,100,000

Balance Sheet Components - Sche

Balance Sheet Components - Schedule of Property, Equipment and Software (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Jun. 30, 2024
Property, Plant and Equipment [Line Items]
Total property, equipment and software, at cost	$ 845,111	$ 669,892
Less: Accumulated depreciation and amortization	(338,777)	(242,206)
Total property, equipment and software, net	506,334	427,686
Internally developed software
Property, Plant and Equipment [Line Items]
Total property, equipment and software, at cost	804,651	630,129
Leasehold improvements
Property, Plant and Equipment [Line Items]
Total property, equipment and software, at cost	21,085	21,023
Computer equipment
Property, Plant and Equipment [Line Items]
Total property, equipment and software, at cost	10,373	9,827
Furniture and equipment
Property, Plant and Equipment [Line Items]
Total property, equipment and software, at cost	$ 9,001	$ 8,913

Balance Sheet Components - Sc_2

Balance Sheet Components - Schedule of Goodwill and Intangible Assets (Details) $ in Thousands	6 Months Ended
	Dec. 31, 2024 USD ($)
Goodwill [Roll Forward]
Balance as of June 30, 2024	$ 533,439
Adjustments	(11,740)
Balance as of December 31, 2024	$ 521,699

Balance Sheet Components - Sc_3

Balance Sheet Components - Schedule of Intangible Assets (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Jun. 30, 2024
Finite-Lived Intangible Assets [Line Items]
Accumulated Amortization	$ (90,194)	$ (89,707)
Total amortization expense	284
Total intangible assets, gross	102,387	103,209
Total intangible assets	12,193	13,502
Trademarks, licenses and domains, indefinite
Finite-Lived Intangible Assets [Line Items]
Indefinite-lived intangibles	11,559	11,628
Other intangibles
Finite-Lived Intangible Assets [Line Items]
Indefinite-lived intangibles	350	350
Merchant relationships
Finite-Lived Intangible Assets [Line Items]
Gross	37,417	37,847
Accumulated Amortization	(37,417)	(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	$ 39,167	$ 39,444
Accumulated Amortization	(39,064)	(39,311)
Total amortization expense	$ 103	$ 133
Weighted Average Remaining Useful Life (in years)	1 month 6 days	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	$ 1,404	$ 1,450
Accumulated Amortization	(1,223)	(1,165)
Total amortization expense	$ 181	$ 285
Weighted Average Remaining Useful Life (in years)	8 months 12 days	1 year

Balance Sheet Components - Sc_4

Balance Sheet Components - Schedule of Expected Future Amortization Expense (Details) $ in Thousands	Dec. 31, 2024 USD ($)
Balance Sheet Related Disclosures [Abstract]
2025 (remaining six months)	$ 120
2026	149
2027	15
2028	0
2029 and thereafter	0
Total amortization expense	$ 284

Balance Sheet Components - Sc_5

Balance Sheet Components - Schedule of Other Assets (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Jun. 30, 2024
Balance Sheet Related Disclosures [Abstract]
Processing reserves	$ 92,550	$ 55,754
Risk sharing asset	44,969	33,884
Equity securities, at cost	41,927	37,806
Prepaid expenses	33,381	28,799
Prepaid payroll taxes for stock-based compensation	23,219	21,395
Fixed term deposit	22,028	35,203
Foreign deferred tax asset	17,881	21,206
Operating lease right-of-use assets	17,472	21,863
Other receivables	13,164	18,263
Derivative instruments	7,676	17,207
Other assets	10,690	7,960
Total other assets	$ 324,957	$ 299,340

Balance Sheet Components - Sc_6

Balance Sheet Components - Schedule of Accrued Expenses and Other Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Jun. 30, 2024
Balance Sheet Related Disclosures [Abstract]
Accrued expenses	$ 74,200	$ 59,613
Operating lease liability	32,033	39,493
Collateral held for derivative instruments	8,174	17,643
Other liabilities	41,161	30,680
Total accrued expenses and other liabilities	$ 155,568	$ 147,429

Leases - Additional Information

Leases - Additional Information (Details) - USD ($)	3 Months Ended		6 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2024	Dec. 31, 2023	Jun. 30, 2024
Lessee, Lease, Description [Line Items]
Assets pledged as collateral	$ 5,900,000		$ 5,900,000		$ 8,800,000
Impairment expense	0	$ 0	0	$ 800,000
Sublease income	$ 1,200,000	$ 1,200,000	$ 2,500,000	$ 2,100,000
Restricted Cash
Lessee, Lease, Description [Line Items]
Assets pledged as collateral					2,000,000
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	6 years		6 years

Leases - Schedule of Components

Leases - Schedule of Components of Lease Expense (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2024	Dec. 31, 2023
Leases [Abstract]
Operating lease expense	$ 2,865	$ 2,946	$ 5,718	$ 5,932

Leases - Schedule of Lease Term

Leases - Schedule of Lease Term and Discount Rate (Details)	Dec. 31, 2024
Leases [Abstract]
Weighted average remaining lease term (in years)	2 years 10 months 24 days
Weighted average discount rate	5.10%

Leases - Schedule of Maturities

Leases - Schedule of Maturities of Lease Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Jun. 30, 2024
Leases [Abstract]
2025 (remaining six months)	$ 8,399
2026	15,811
2027	3,046
2028	2,185
2029	2,240
Thereafter	3,273
Total lease payments	34,954
Less imputed interest	(2,921)
Present value of total lease liabilities	$ 32,033	$ 39,493

Commitment and Contingencies (D

Commitment and Contingencies (Details) $ in Millions	Dec. 31, 2024 USD ($)
Commitments and Contingencies Disclosure [Abstract]
Loans held by third party investors or unconsolidated VIEs	$ 6,900
Repurchase liability	$ 4

Debt - Schedule of Components o

Debt - Schedule of Components of Debt (Details) - USD ($) $ in Thousands		6 Months Ended
	Jun. 26, 2024	Dec. 31, 2024	Dec. 20, 2024	Jun. 30, 2024	Nov. 23, 2021
Debt Instrument [Line Items]
Total		$ 7,347,212
Less: unamortized debt issuance costs, premiums and discounts		(40,471)
Total funding debt, net of deferred debt issuance costs		7,306,741
Debt issuance cost		$ 40,471
Convertible Debt | 2026 Notes
Debt Instrument [Line Items]
Debt instrument, face amount					$ 1,725,000
Fixed interest rate		0%			0%
Total		$ 248,704
Debt issuance cost		$ 1,100
Convertible Debt | 2029 Notes
Debt Instrument [Line Items]
Debt instrument, face amount			$ 920,000
Fixed interest rate		0.75%	0.75%
Total		$ 920,000
Debt issuance cost		16,500
Notes | Securitizations
Debt Instrument [Line Items]
Debt instrument, face amount		$ 4,000,000
Weighted Average		6.28%
Pledged securities		$ 4,217,842
Total		$ 4,000,000
Notes | Minimum | Securitizations
Debt Instrument [Line Items]
Fixed interest rate		4.62%
Notes | Maximum | Securitizations
Debt Instrument [Line Items]
Fixed interest rate		11.32%
US warehouse facilities | Line of Credit | Funding Debt
Debt Instrument [Line Items]
Line of credit facility, maximum borrowing capacity		$ 4,731,418
Weighted Average		1.87%
Pledged securities		$ 1,976,582
Total		$ 1,696,273
US warehouse facilities | Line of Credit | Minimum | Funding Debt
Debt Instrument [Line Items]
Fixed interest rate		1.65%
Unused Commitment Fees		0%
US warehouse facilities | Line of Credit | Maximum | Funding Debt
Debt Instrument [Line Items]
Fixed interest rate		2.05%
Unused Commitment Fees		0.75%
International warehouse facilities | Line of Credit | Funding Debt
Debt Instrument [Line Items]
Line of credit facility, maximum borrowing capacity		$ 598,718
Weighted Average		1.70%
Pledged securities		$ 453,846
Total		$ 372,147
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		4.25%
Unused Commitment Fees		0.45%
Variable funding notes | Line of Credit | Funding Debt
Debt Instrument [Line Items]
Line of credit facility, maximum borrowing capacity		$ 350,000
Fixed interest rate		1.50%
Unused Commitment Fees		0.30%
Pledged securities		$ 66,954
Total		61,336
Sales and repurchase agreements | Funding Debt
Debt Instrument [Line Items]
Pledged securities		66,933
Total		$ 48,751
Sales and repurchase agreements | Minimum | Funding Debt
Debt Instrument [Line Items]
Fixed interest rate		5.79%
Sales and repurchase agreements | Maximum | Funding Debt
Debt Instrument [Line Items]
Fixed interest rate		6.66%
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%
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%
Total		$ 0
Debt issuance cost		$ 11,700		$ 14,800
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%

Debt - Additional Information (

Debt - Additional Information (Details)				3 Months Ended		6 Months Ended
	Dec. 20, 2024 USD ($) day $ / shares	Jun. 26, 2024	Nov. 23, 2021 USD ($) day $ / shares	Dec. 31, 2024 USD ($) extension	Dec. 31, 2023 USD ($)	Dec. 31, 2024 USD ($) extension tradingDay	Dec. 31, 2023 USD ($)	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	$ 0
Long-term debt, gross				$ 7,347,212,000		$ 7,347,212,000
2029 Notes | Conversion Period One
Line of Credit Facility [Line Items]
Redemption price (as a percentage)	100%
2029 Notes | Convertible Debt
Line of Credit Facility [Line Items]
Debt instrument, face amount	$ 920,000,000
Fixed interest rate	0.75%			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		$ 920,000,000
Remaining life						59 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%
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%
2026 Notes
Line of Credit Facility [Line Items]
Conversion ratio			0.0046371
2026 Notes | Convertible Debt
Line of Credit Facility [Line Items]
Debt instrument, face amount			$ 1,725,000,000
Fixed interest rate			0%	0%		0%
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
Repurchased amount								$ 960,000,000
Debt repurchased during the period				$ 960,000,000		$ 1,100,500,000
Repurchased carrying amount				955,600,000		1,095,300,000
Gain on extinguishment of debt				62,800,000		82,400,000
Authorized repurchase amount									$ 500,000,000	$ 800,000,000
Repayments of convertible debt				892,800,000		1,012,900,000
Gain (loss) on repurchase of debt instrument					$ 0		$ 0
Long-term debt, gross				$ 248,704,000		$ 248,704,000
Remaining life						23 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%
Redemption price (as a percentage)			100%
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%
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%
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%
Sale and Repurchase Agreements | Funding Debt
Line of Credit Facility [Line Items]
Debt instrument, term						3 months
Number of term extensions | extension				1		1
Extension term						3 months
Long-term debt, gross				$ 48,751,000		$ 48,751,000
Sale and Repurchase Agreements | Minimum | Funding Debt
Line of Credit Facility [Line Items]
Fixed interest rate				5.79%		5.79%
Sale and Repurchase Agreements | Maximum | Funding Debt
Line of Credit Facility [Line Items]
Fixed interest rate				6.66%		6.66%
Revolving facilities
Line of Credit Facility [Line Items]
Unused Commitment Fees		0.20%
International warehouse facilities | Minimum
Line of Credit Facility [Line Items]
Debt instrument, advance rate percentage						67%
International warehouse facilities | Maximum
Line of Credit Facility [Line Items]
Debt instrument, advance rate percentage						88%

Debt - Schedule of the Interest

Debt - Schedule of the Interest Expense Recognized Related to the Convertible Senior Notes (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2024	Dec. 31, 2023
Line of Credit Facility [Line Items]
Total amortization of debt issuance costs			$ 12,990	$ 12,758
Total interest expenses related to the convertible notes	$ 107,762	$ 84,617	211,907	158,548
Convertible Debt
Line of Credit Facility [Line Items]
Total amortization of debt issuance costs	768	872	1,537	1,745
Coupon interest expense	227	0	227	0
Total interest expenses related to the convertible notes	995	872	1,764	1,745
Convertible Debt | 2026 Notes
Line of Credit Facility [Line Items]
Total amortization of debt issuance costs	658	872	1,427	1,745
Convertible Debt | 2029 Notes
Line of Credit Facility [Line Items]
Total amortization of debt issuance costs	$ 110	$ 0	$ 110	$ 0

Debt - Schedule of Aggregate Fu

Debt - Schedule of Aggregate Future Maturities of Funding Debt (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 20, 2024	Nov. 23, 2021
Line of Credit Facility [Line Items]
2025	$ 340,152
2026	809,118
2027	502,373
2028	1,445,282
2029	2,409,177
Thereafter	1,841,110
Total	7,347,212
Deferred debt issuance costs	(40,471)
Total funding debt, net of deferred debt issuance costs	7,306,741
Convertible Debt | 2026 Notes
Line of Credit Facility [Line Items]
Total	248,704
Deferred debt issuance costs	(1,100)
Debt instrument, face amount			$ 1,725,000
Convertible Debt | 2029 Notes
Line of Credit Facility [Line Items]
Total	920,000
Deferred debt issuance costs	$ (16,500)
Debt instrument, face amount		$ 920,000

Securitization and Variable I_3

Securitization and Variable Interest Entities - Schedule of Aggregate Carrying Value of Financial Assets and Liabilities from Consolidated VIEs (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Jun. 30, 2024
Debt Instrument [Line Items]
Assets	$ 10,481,077	$ 9,519,619
Liabilities	7,695,537	6,787,630
Funding debt	2,166,806	1,836,909
Consolidated Variable Interest Entities
Debt Instrument [Line Items]
Assets	6,567,142	5,378,135
Liabilities	6,139,135	5,070,022
Net Assets	428,007	308,113
Funding debt	2,115,772	1,794,984
Consolidated Variable Interest Entities | Warehouse credit facilities
Debt Instrument [Line Items]
Assets	2,399,906	2,052,881
Liabilities	2,078,553	1,823,794
Net Assets	321,353	229,087
Consolidated Variable Interest Entities | Securitizations
Debt Instrument [Line Items]
Assets	4,167,236	3,325,254
Liabilities	4,060,582	3,246,228
Net Assets	106,654	$ 79,026
Consolidated Variable Interest Entities | Securitizations | Funding Debt
Debt Instrument [Line Items]
Liabilities	60,300
Consolidated Variable Interest Entities | Securitizations | Notes
Debt Instrument [Line Items]
Liabilities	$ 4,000,000

Securitization and Variable I_4

Securitization and Variable Interest Entities - Schedule of Aggregate Carrying Value of Financial Assets and Liabilities from Unconsolidated VIEs (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Jun. 30, 2024
Debt Instrument [Line Items]
Assets	$ 10,481,077	$ 9,519,619
Liabilities	7,695,537	6,787,630
Variable Interest Entity, Not Primary Beneficiary
Debt Instrument [Line Items]
Assets	1,300,463	967,256
Liabilities	1,236,637	920,004
Net Assets	63,826	47,252
Maximum Exposure to Losses	69,735	51,861
Variable Interest Entity, Not Primary Beneficiary | Securitizations
Debt Instrument [Line Items]
Assets	1,300,463	967,256
Liabilities	1,236,637	920,004
Net Assets	63,826	47,252
Maximum Exposure to Losses	$ 69,735	$ 51,861

Securitization and Variable I_5

Securitization and Variable Interest Entities - Additional Information (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Jun. 30, 2024
Debt Instrument [Line Items]
Fair Value	$ 666,684	$ 1,193,084
Other Assets
Debt Instrument [Line Items]
Pledged securities	700
Securitization notes receivable and certificates
Debt Instrument [Line Items]
Fair Value	$ 69,051	$ 51,670

Investments - Schedule of Marke

Investments - Schedule of Marketable Securities (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Jun. 30, 2024
Marketable Securities [Line Items]
Marketable securities	$ 781,747	$ 1,256,473
Money market funds | Cash and cash equivalents:
Marketable Securities [Line Items]
Marketable securities	115,063	63,389
Commercial paper
Marketable Securities [Line Items]
Marketable securities	51,293	239,882
Commercial paper | Cash and cash equivalents:
Marketable Securities [Line Items]
Marketable securities	0	57,964
Government bonds - US
Marketable Securities [Line Items]
Marketable securities	303,029	538,556
Government bonds - US | Asset Pledged as Collateral
Marketable Securities [Line Items]
Marketable securities	73,800	54,100
Government bonds - US | Cash and cash equivalents:
Marketable Securities [Line Items]
Marketable securities	0	3,492
Certificates of deposit
Marketable Securities [Line Items]
Marketable securities	17,347	34,473
Corporate bonds
Marketable Securities [Line Items]
Marketable securities	204,294	242,660
Agency bonds
Marketable Securities [Line Items]
Marketable securities	13,319	15,159
Municipal bonds
Marketable Securities [Line Items]
Marketable securities	5,195	3,953
Non-US
Marketable Securities [Line Items]
Marketable securities	3,156	5,275
Securitization notes receivable and certificates
Marketable Securities [Line Items]
Marketable securities	69,051	51,670
Securitization notes receivable and certificates | Asset Pledged as Collateral
Marketable Securities [Line Items]
Marketable securities	$ 66,900	$ 46,700

Investments - Schedule of Secur

Investments - Schedule of Securities Available for Sale (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Jun. 30, 2024
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	$ 667,258	$ 1,195,795
Gross Unrealized Gains	1,289	853
Gross Unrealized Losses	(620)	(2,900)
Allowance for Credit Losses	(1,243)	(664)
Fair Value	666,684	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	66,900	46,700
Certificates of deposit
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	17,327	34,468
Gross Unrealized Gains	20	9
Gross Unrealized Losses	0	(4)
Allowance for Credit Losses	0	0
Fair Value	17,347	34,473
Corporate bonds
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	203,942	243,639
Gross Unrealized Gains	613	95
Gross Unrealized Losses	(261)	(1,074)
Allowance for Credit Losses	0	0
Fair Value	204,294	242,660
Commercial paper
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	51,248	298,005
Gross Unrealized Gains	45	7
Gross Unrealized Losses	0	(166)
Allowance for Credit Losses	0	0
Fair Value	51,293	297,846
Agency bonds
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	13,324	15,283
Gross Unrealized Gains	13	0
Gross Unrealized Losses	(18)	(124)
Allowance for Credit Losses	0	0
Fair Value	13,319	15,159
Municipal bonds
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	5,184	3,943
Gross Unrealized Gains	11	10
Gross Unrealized Losses	0	0
Allowance for Credit Losses	0	0
Fair Value	5,195	3,953
Non-US
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	3,161	5,310
Gross Unrealized Gains	0	0
Gross Unrealized Losses	(5)	(35)
Allowance for Credit Losses	0	0
Fair Value	3,156	5,275
US
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	302,799	543,421
Gross Unrealized Gains	517	33
Gross Unrealized Losses	(287)	(1,406)
Allowance for Credit Losses	0	0
Fair Value	303,029	542,048
US | Asset Pledged as Collateral
Debt Securities, Available-for-sale [Line Items]
Fair Value	73,800	54,100
Securitization notes receivable and certificates
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	70,273	51,726
Gross Unrealized Gains	70	699
Gross Unrealized Losses	(49)	(91)
Allowance for Credit Losses	(1,243)	(664)
Fair Value	$ 69,051	51,670
Commercial Paper & Agency Bonds | Cash and Cash Equivalents
Debt Securities, Available-for-sale [Line Items]
Fair Value		$ 61,500

Investments - Schedule of Avail

Investments - Schedule of Available for Sale Securities with Unrealized Losses (Details) $ in Thousands	Dec. 31, 2024 USD ($) position	Jun. 30, 2024 USD ($) position
Debt Securities, Available-for-sale [Line Items]
Less than or equal to 1 year, fair value	$ 59,657	$ 636,066
Less than or equal to 1 year, unrealized losses	(272)	(648)
Greater than 1 year, fair value	93,438	191,497
Greater than 1 year, unrealized losses	(299)	(2,161)
Total, fair value	153,095	827,563
Total, unrealized losses	$ (571)	$ (2,809)
Number of positions with unrealized losses | position	22	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	$ 15,319	119,353
Less than or equal to 1 year, unrealized losses	(98)	(252)
Greater than 1 year, fair value	44,094	57,846
Greater than 1 year, unrealized losses	(163)	(822)
Total, fair value	59,413	177,199
Total, unrealized losses	(261)	(1,074)
Commercial paper
Debt Securities, Available-for-sale [Line Items]
Less than or equal to 1 year, fair value		245,536
Less than or equal to 1 year, unrealized losses		(166)
Greater than 1 year, fair value
Greater than 1 year, unrealized losses
Total, fair value		245,536
Total, unrealized losses		(166)
Agency bonds
Debt Securities, Available-for-sale [Line Items]
Less than or equal to 1 year, fair value	4,881	10,417
Less than or equal to 1 year, unrealized losses	(18)	(41)
Greater than 1 year, fair value	0	4,743
Greater than 1 year, unrealized losses	0	(83)
Total, fair value	4,881	15,160
Total, unrealized losses	(18)	(124)
Non-US
Debt Securities, Available-for-sale [Line Items]
Less than or equal to 1 year, fair value	3,156	0
Less than or equal to 1 year, unrealized losses	(5)	0
Greater than 1 year, fair value	0	5,275
Greater than 1 year, unrealized losses	0	(35)
Total, fair value	3,156	5,275
Total, unrealized losses	(5)	(35)
US
Debt Securities, Available-for-sale [Line Items]
Less than or equal to 1 year, fair value	36,301	251,113
Less than or equal to 1 year, unrealized losses	(151)	(185)
Greater than 1 year, fair value	49,344	123,633
Greater than 1 year, unrealized losses	(136)	(1,221)
Total, fair value	85,645	374,746
Total, unrealized losses	$ (287)	$ (1,406)

Investments - Schedule of Lengt

Investments - Schedule of Length of Contractual Maturities (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Jun. 30, 2024
Debt Securities, Available-for-sale [Line Items]
Within 1 year, amortized cost	$ 414,182	$ 928,965
Within 1 year, fair value	414,291	927,222
Greater than 1 year, less than or equal to 5 years, amortized cost	253,076	266,830
Greater than 1 year, less than or equal to 5 years, fair value	252,393	265,862
Amortized Cost	667,258	1,195,795
Total, amortized cost	667,258	1,195,795
Fair Value	666,684	1,193,084
Certificates of deposit
Debt Securities, Available-for-sale [Line Items]
Within 1 year, amortized cost	17,327	34,468
Within 1 year, fair value	17,347	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	17,327	34,468
Fair Value	17,347	34,473
Corporate bonds
Debt Securities, Available-for-sale [Line Items]
Within 1 year, amortized cost	114,636	118,547
Within 1 year, fair value	114,625	118,039
Greater than 1 year, less than or equal to 5 years, amortized cost	89,306	125,092
Greater than 1 year, less than or equal to 5 years, fair value	89,669	124,621
Amortized Cost	203,942	243,639
Fair Value	204,294	242,660
Commercial paper
Debt Securities, Available-for-sale [Line Items]
Within 1 year, amortized cost	51,248	298,005
Within 1 year, fair value	51,293	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	51,248	298,005
Fair Value	51,293	297,846
Agency bonds
Debt Securities, Available-for-sale [Line Items]
Within 1 year, amortized cost	8,425	10,457
Within 1 year, fair value	8,438	10,416
Greater than 1 year, less than or equal to 5 years, amortized cost	4,899	4,826
Greater than 1 year, less than or equal to 5 years, fair value	4,881	4,743
Amortized Cost	13,324	15,283
Fair Value	13,319	15,159
Municipal bonds
Debt Securities, Available-for-sale [Line Items]
Within 1 year, amortized cost	674	0
Within 1 year, fair value	679	0
Greater than 1 year, less than or equal to 5 years, amortized cost	4,510	3,943
Greater than 1 year, less than or equal to 5 years, fair value	4,516	3,953
Amortized Cost	5,184	3,943
Fair Value	5,195	3,953
Non-US
Debt Securities, Available-for-sale [Line Items]
Within 1 year, amortized cost	3,161	2,150
Within 1 year, fair value	3,156	2,150
Greater than 1 year, less than or equal to 5 years, amortized cost	0	3,160
Greater than 1 year, less than or equal to 5 years, fair value	0	3,125
Amortized Cost	3,161	5,310
Fair Value	3,156	5,275
US
Debt Securities, Available-for-sale [Line Items]
Within 1 year, amortized cost	218,711	465,338
Within 1 year, fair value	218,753	464,298
Greater than 1 year, less than or equal to 5 years, amortized cost	84,088	78,083
Greater than 1 year, less than or equal to 5 years, fair value	84,276	77,750
Amortized Cost	302,799	543,421
Fair Value	303,029	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	70,273	51,726
Greater than 1 year, less than or equal to 5 years, fair value	69,051	51,670
Amortized Cost	70,273	51,726
Total, amortized cost	70,273	51,726
Fair Value	$ 69,051	51,670
Commercial Paper & Agency Bonds | Cash and cash equivalents:
Debt Securities, Available-for-sale [Line Items]
Fair Value		$ 61,500

Investments - Additional Inform

Investments - Additional Information (Details) - USD ($)	3 Months Ended		6 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2024	Dec. 31, 2023	Jun. 30, 2024
Investments, All Other Investments [Abstract]
Gross proceeds from matured or redeemed securities	$ 403,100,000	$ 344,200,000	$ 706,500,000	$ 726,000,000
Equity securities, realized gain (loss)	300,000	0	300,000	0
Equity securities, at cost	41,927,000		41,927,000		$ 37,806,000
Equity securities, impairment loss	0	14,100,000	$ 3,000,000	14,100,000
Fair value, liability, recurring basis, unobservable input reconciliation, gain (loss), statement of income or comprehensive income			Other income, net
Equity securities, upward adjustment	2,400,000	0	$ 2,400,000	0
Equity securities, downward adjustment		$ 0		$ 0
Fixed term deposit	$ 22,028,000		$ 22,028,000		$ 35,203,000

Derivative Financial Instrume_3

Derivative Financial Instruments - Schedule of Fair Value of Derivative Instruments (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Jun. 30, 2024
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Notional Amount	$ 572,441	$ 1,004,589
Derivative Assets	7,676	17,207
Derivative Liabilities	186	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	572,441	854,589
Derivative Assets	7,676	17,203
Derivative Liabilities	$ 186	$ 38

Derivative Financial Instrume_4

Derivative Financial Instruments - Schedule of Impact of Cash Flow Hedges on AOCI (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2024	Dec. 31, 2023
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Expected reclassifications, gain (loss)			$ 200
Accumulated Gain (Loss), Net, Cash Flow Hedge, Parent
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Balance at beginning of period	$ (85)	$ 1,514	1,407	$ 751
Changes in fair value	(5)	(103)	(1,273)	911
Amounts reclassified into earnings	(84)	(511)	(308)	(762)
Balance at end of period	$ (174)	$ 900	$ (174)	$ 900

Derivative Financial Instrume_5

Derivative Financial Instruments - Schedule of Gain (Loss) on Derivative Instruments (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2024	Dec. 31, 2023
Derivatives designated as cash flow hedges | Funding costs
Derivative Instruments, Gain (Loss) [Line Items]
The effects of cash flow hedging	$ 84	$ 511	$ 308	$ 762
Derivatives not designated as hedges | Other income, net
Derivative Instruments, Gain (Loss) [Line Items]
The effects of derivatives not designated in hedging relationships	$ 2,705	$ (5,708)	$ (1,248)	$ (1,729)

Fair Value of Financial Asset_3

Fair Value of Financial Assets and Liabilities - Schedule of Assets and Liabilities Measured at Fair Value on Recurring Basis (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Sep. 30, 2024	Jun. 30, 2024	Dec. 31, 2023	Sep. 30, 2023	Jun. 30, 2023
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Servicing assets	$ 800		$ 600
Derivative instruments	7,676		17,207
Servicing liabilities	237	$ 438	743	$ 2,531	$ 1,851	$ 1,392
Derivative instruments	186		38
Risk Sharing Arrangement
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative instruments	1,500		900
Risk Sharing Arrangement
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative instruments	45,000		33,900
Money market funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents	115,063		63,389
Commercial paper
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents	0		57,964
Restricted cash	51,293		239,882
Government bonds - US
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents			3,492
Restricted cash	303,029		538,556
Certificates of deposit
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Restricted cash	17,347		34,473
Corporate bonds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Restricted cash	204,294		242,660
Agency bonds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Restricted cash	13,319		15,159
Municipal bonds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Restricted cash	5,195		3,953
Government bonds, Non-US
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Restricted cash	3,156		5,275
Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securitization notes receivable and residual trust certificates	69,051		51,670
Servicing assets	806		574
Derivative instruments	7,676		17,207
Total assets	835,198		1,308,138
Servicing liabilities	237		743
Performance fee liability	1,773		1,503
Profit share liability	6,111		1,974
Derivative instruments	186		38
Total liabilities	9,805		5,176
Recurring | Risk Sharing Arrangement
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative instruments	1,498		918
Recurring | Risk Sharing Arrangement
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative instruments	44,969		33,884
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	115,063		63,389
Level 1 | Commercial paper
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents	0		0
Restricted cash	0		0
Level 1 | Government bonds - US
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents			0
Restricted cash	0		0
Level 1 | Certificates of deposit
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Restricted cash	0		0
Level 1 | Corporate bonds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Restricted cash	0		0
Level 1 | Agency bonds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Restricted cash	0		0
Level 1 | Municipal bonds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Restricted cash	0		0
Level 1 | Government bonds, Non-US
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Restricted cash	0		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
Total assets	115,063		63,389
Servicing liabilities	0		0
Performance fee liability	0		0
Profit share liability	0		0
Derivative instruments	0		0
Total liabilities	0		0
Level 1 | Recurring | Risk Sharing Arrangement
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative instruments	0		0
Level 1 | Recurring | Risk Sharing Arrangement
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative instruments	0		0
Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total assets	29,582		43,248
Total liabilities	1,116,902		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		0
Level 2 | Commercial paper
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents	0		57,964
Restricted cash	51,293		239,882
Level 2 | Government bonds - US
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents			3,492
Restricted cash	303,029		538,556
Level 2 | Certificates of deposit
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Restricted cash	17,347		34,473
Level 2 | Corporate bonds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Restricted cash	204,294		242,660
Level 2 | Agency bonds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Restricted cash	13,319		15,159
Level 2 | Municipal bonds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Restricted cash	5,195		3,953
Level 2 | Government bonds, Non-US
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Restricted cash	3,156		5,275
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	7,676		17,207
Total assets	605,309		1,158,621
Servicing liabilities	0		0
Performance fee liability	0		0
Profit share liability	0		0
Derivative instruments	186		38
Total liabilities	186		38
Level 2 | Recurring | Risk Sharing Arrangement
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative instruments	0		0
Level 2 | Recurring | Risk Sharing Arrangement
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative instruments	0		0
Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total assets	6,828,132		5,616,973
Total liabilities	6,193,242		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		0
Level 3 | Commercial paper
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents	0		0
Restricted cash	0		0
Level 3 | Government bonds - US
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents			0
Restricted cash	0		0
Level 3 | Certificates of deposit
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Restricted cash	0		0
Level 3 | Corporate bonds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Restricted cash	0		0
Level 3 | Agency bonds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Restricted cash	0		0
Level 3 | Municipal bonds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Restricted cash	0		0
Level 3 | Government bonds, Non-US
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Restricted cash	0		0
Level 3 | Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securitization notes receivable and residual trust certificates	69,051		51,670
Servicing assets	806		574
Derivative instruments	0		0
Total assets	114,826		86,128
Servicing liabilities	237		743
Performance fee liability	1,773		1,503
Profit share liability	6,111		1,974
Derivative instruments	0		0
Total liabilities	9,619		5,138
Level 3 | Recurring | Risk Sharing Arrangement
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative instruments	1,498		918
Level 3 | Recurring | Risk Sharing Arrangement
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative instruments	$ 44,969		$ 33,884

Fair Value of Financial Asset_4

Fair Value of Financial Assets and Liabilities - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2024	Dec. 31, 2023	Sep. 30, 2024	Jun. 30, 2024	Sep. 30, 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	$ 4,600,000	$ 3,100,000	$ 7,400,000	$ 5,200,000
Unpaid principal balance on serviced sold loans	6,900,000		6,900,000			$ 5,100,000
Servicing income	28,690	22,436	54,674	42,593
Servicing assets	800		800			600
Servicing liabilities	$ 200		$ 200			700
Fair value, liability, recurring basis, unobservable input reconciliation, gain (loss), statement of income or comprehensive income			Other income, net
Economic risk retention	5%		5%
Notional Amount	$ 572,441		$ 572,441			1,004,589
Derivative instruments	7,676		7,676			17,207
Derivative Liabilities	186		186			38
Risk Sharing Arrangement
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative instruments	45,000		45,000			33,900
Credit Risk Contract
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Notional Amount	6,800,000		6,800,000			4,200,000
Loss sharing arrangement, maximum exposure to losses	85,100		85,100			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	40,100		40,100
Risk Sharing Assets
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Loss sharing arrangement, maximum exposure to losses	45,000		45,000
Senior Notes and Residual Trust Certificates
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Aggregate fair value	69,051	32,411	69,051	32,411	$ 38,926	51,670	$ 13,983	$ 18,913
Risk Sharing Arrangement
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Aggregate fair value	1,498	$ 512	1,498	$ 512	$ 1,801	918	$ 471	$ 0
Derivative Liabilities	$ 1,500		$ 1,500			$ 900

Fair Value of Financial Asset_5

Fair Value of Financial Assets and Liabilities - Schedule of Fair Value of Servicing Assets (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2024	Dec. 31, 2023
Servicing Asset at Fair Value, Amount [Roll Forward]
Fair value at beginning of period	$ 435	$ 569	$ 574	$ 880
Initial transfers of financial assets	230	0	230	0
Subsequent changes in fair value	141	(204)	2	(515)
Fair value at end of period	$ 806	$ 365	$ 806	$ 365

Fair Value of Financial Asset_6

Fair Value of Financial Assets and Liabilities - Schedule of Fair Value of Servicing Liabilities (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2024	Dec. 31, 2023
Servicing Liability at Fair Value, Amount [Roll Forward]
Fair value at beginning of period	$ 438	$ 1,851	$ 743	$ 1,392
Initial transfers of financial liabilities	0	1,702	0	3,091
Subsequent changes in fair value	(201)	(1,022)	(506)	(1,952)
Fair value at end of period	$ 237	$ 2,531	$ 237	$ 2,531

Fair Value of Financial Asset_7

Fair Value of Financial Assets and Liabilities - Schedule of Quantitative Information About Significant Unobservable Inputs for Servicing Assets and Liabilities (Details)	Dec. 31, 2024	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	0.0920	0.0989
Servicing liability, measurement input	0.0322	0.0258
Gross default rate | Maximum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Servicing asset, measurement input	0.1520	0.2272
Servicing liability, measurement input	0.0465	0.0412
Gross default rate | Weighted Average
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Servicing asset, measurement input	0.1132	0.1084
Servicing liability, measurement input	0.0389	0.0300

Fair Value of Financial Asset_8

Fair Value of Financial Assets and Liabilities - Schedule of Adverse Changes in Estimates for Servicing Assets and Liabilities Inputs (Details) - USD ($) $ in Thousands	Dec. 31, 2024	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	2	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	(1,367)	(980)
Servicing asset, effect of 20% increase in measurement input	(2,734)	(1,961)
Servicing liability, effect of 10% increase in measurement input	3,820	3,153
Servicing liability, effect of 20% increase in measurement input	7,639	6,305
Discount rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Servicing asset, effect of 25% increase in measurement input	(32)	(23)
Servicing asset, effect of 50% increase in measurement input	(62)	(44)
Servicing liability, effect of 25% increase in measurement input	(5)	(19)
Servicing liability, effect of 50% increase in measurement input	$ (9)	$ (37)

Fair Value of Financial Asset_9

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		6 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2024	Dec. 31, 2023
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Fair value at beginning of period	$ 1,541	$ 1,427	$ 1,503	$ 1,581
Purchases of loans	566	493	1,089	869
Settlements paid	(501)	(508)	(978)	(992)
Subsequent changes in fair value	167	182	159	136
Fair value at end of period	$ 1,773	$ 1,594	$ 1,773	$ 1,594

Fair Value of Financial Asse_10

Fair Value of Financial Assets and Liabilities - Schedule of Quantitative Information About Significant Unobservable Inputs for Performance Fee Liability (Details)	Dec. 31, 2024	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	0.0118	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	0.0953	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	0.0302	0.0294

Fair Value of Financial Asse_11

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		6 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2024	Dec. 31, 2023
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Fair value at beginning of period	$ 38,926	$ 13,983	$ 51,670	$ 18,913
Additions	41,943	22,187	41,943	22,187
Cash received (due to payments)	(12,036)	(4,094)	(26,419)	(9,355)
Change in unrealized gain (loss)	(510)	80	(541)	265
Accrued interest	931	439	2,976	611
Reversal of (impairment on) securities available for sale	(203)	(184)	(578)	(210)
Fair value at end of period	$ 69,051	$ 32,411	$ 69,051	$ 32,411

Fair Value of Financial Asse_12

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	Dec. 31, 2024	Jun. 30, 2024
Minimum | Discount rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Residual trust certificates, measurement input	0.0473	0.0573
Minimum | Loss rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Residual trust certificates, measurement input	0.0117	0.0095
Minimum | Prepayment rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Residual trust certificates, measurement input	0.1358	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	0.0947	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	0.0684	0.0893
Weighted Average | Loss rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Residual trust certificates, measurement input	0.0753	0.0617
Weighted Average | Prepayment rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Residual trust certificates, measurement input	0.2094	0.2333

Fair Value of Financial Asse_13

Fair Value of Financial Assets and Liabilities - Schedule of Adverse Changes in Estimates for Securitization Notes and Residual Trust Certificates (Details) - USD ($) $ in Thousands	Dec. 31, 2024	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	$ (723)	$ (623)
Securitization notes and residual trust certificates, effect of 50% increase (decrease) in measurement input	(1,421)	(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	(1,761)	(705)
Securitization notes and residual trust certificates, effect of 50% increase (decrease) in measurement input	(2,665)	(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	124	58
Securitization notes and residual trust certificates, effect of 50% increase (decrease) in measurement input	$ 249	$ 116

Fair Value of Financial Asse_14

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		6 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2024	Dec. 31, 2023
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Fair value at beginning of period	$ 2,015	$ 1,079	$ 1,974	$ 1,832
Facilitation of loans	4,238	1,160	5,465	2,088
Actual performance	(3,271)	(1,166)	(6,299)	506
Subsequent changes in fair value	3,129	471	4,971	(2,882)
Fair value at end of period	$ 6,111	$ 1,544	$ 6,111	$ 1,544

Fair Value of Financial Asse_15

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	Dec. 31, 2024	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	0.0097	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	0.0202	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 Asse_16

Fair Value of Financial Assets and Liabilities - Schedule of Fair Value Activity for Risk Sharing Arrangements (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2024	Dec. 31, 2023
Risk Sharing Arrangement
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Fair value at beginning of period	$ 45,330	$ 3,814	$ 33,884	$ 0
Initial transfers of financial assets	5,191	10,749	15,568	14,563
Cash settlements	(5,824)	0	(5,824)	0
Subsequent changes in fair value	272	2,127	1,341	2,127
Fair value at end of period	44,969	16,690	44,969	16,690
Risk Sharing Arrangement
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Fair value at beginning of period	1,801	471	918	0
Settlements paid	(445)	0	(445)	0
Subsequent changes in fair value	142	41	1,025	512
Fair value at end of period	$ 1,498	$ 512	$ 1,498	$ 512

Fair Value of Financial Asse_17

Fair Value of Financial Assets and Liabilities - Schedule of Significant Unobservable Inputs Used in Risk Sharing Arrangement (Details)	Dec. 31, 2024	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	0.0339	0.0325
Minimum | Loss rate | Risk Sharing Arrangement
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Risk sharing assets	0.0328	0.0300
Minimum | Prepayment rate | Risk Sharing Arrangement
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Risk sharing assets	0.2081	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	0.0517	0.0529
Maximum | Loss rate | Risk Sharing Arrangement
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Risk sharing assets	0.0487	0.0469
Maximum | Prepayment rate | Risk Sharing Arrangement
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Risk sharing assets	0.2721	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	0.0401	0.0366
Weighted Average | Prepayment rate | Risk Sharing Arrangement
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Risk sharing assets	0.2473	0.2848

Fair Value of Financial Asse_18

Fair Value of Financial Assets and Liabilities -Schedule of Effect of Adverse Changes in Estimates on Risk Sharing Arrangements (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Jun. 30, 2024
Risk Sharing Arrangement
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Loss rate increase of 25%	$ 28,276	$ 22,333
Loss rate increase of 50%	40,334	41,677
Discount rate increase of 25%	(7)	(19)
Discount rate increase of 50%	(13)	(37)
Risk Sharing Arrangement
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Prepayment rate increase of 25%	1,235	572
Prepayment rate increase of 50%	2,364	1,131
Loss rate increase of 25%	(11,331)	(7,315)
Loss rate increase of 50%	(22,585)	(14,528)
Discount rate increase of 25%	(1,120)	(1,211)
Discount rate increase of 50%	$ (2,156)	$ (2,323)

Fair Value of Financial Asse_19

Fair Value of Financial Assets and Liabilities - Schedule of Financial Assets and Liabilities Not Recorded at Fair Value (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Jun. 30, 2024
Fair Value Disclosure, Asset and Liability, Not Measured at Fair Value [Line Items]
Debt issuance cost	$ 40,471
Revolving facilities | Line of Credit
Fair Value Disclosure, Asset and Liability, Not Measured at Fair Value [Line Items]
Debt issuance cost	11,700	$ 14,800
Level 1
Fair Value Disclosure, Asset and Liability, Not Measured at Fair Value [Line Items]
Loans held for sale		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		36
Loans held for investment, net	0	0
Other assets	29,582	43,212
Total assets	29,582	43,248
Convertible senior notes, net	1,116,902	1,124,773
Notes issued by securitization trusts	0	0
Funding debt	0	0
Total liabilities	1,116,902	1,124,773
Level 3
Fair Value Disclosure, Asset and Liability, Not Measured at Fair Value [Line Items]
Loans held for sale		0
Loans held for investment, net	6,828,132	5,616,973
Other assets	0	0
Total assets	6,828,132	5,616,973
Convertible senior notes, net	0	0
Notes issued by securitization trusts	4,014,587	2,506,929
Funding debt	2,178,655	1,851,685
Total liabilities	6,193,242	4,358,614
Carrying Amount
Fair Value Disclosure, Asset and Liability, Not Measured at Fair Value [Line Items]
Loans held for sale		36
Loans held for investment, net	6,432,336	5,360,959
Other assets	29,582	43,212
Total assets	6,461,918	5,404,207
Convertible senior notes, net	1,151,048	1,341,430
Notes issued by securitization trusts	3,988,887	3,236,873
Funding debt	2,178,508	1,851,699
Total liabilities	7,318,443	6,430,002
Carrying Amount | 2026 Notes
Fair Value Disclosure, Asset and Liability, Not Measured at Fair Value [Line Items]
Convertible senior notes, net	247,600	1,300,000
Carrying Amount | 2029 Notes
Fair Value Disclosure, Asset and Liability, Not Measured at Fair Value [Line Items]
Convertible senior notes, net	903,500
Balance at Fair Value
Fair Value Disclosure, Asset and Liability, Not Measured at Fair Value [Line Items]
Loans held for sale		36
Loans held for investment, net	6,828,132	5,616,973
Other assets	29,582	43,212
Total assets	6,857,714	5,660,221
Convertible senior notes, net	1,116,902	1,124,773
Notes issued by securitization trusts	4,014,587	2,506,929
Funding debt	2,178,655	1,851,685
Total liabilities	7,310,144	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	224,600	$ 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	$ 892,300

Stockholders' Equity - Schedule

Stockholders' Equity - Schedule of Common Stock Reserved for Issuance (Details) - shares	Dec. 31, 2024	Jun. 30, 2024
Class of Stock [Line Items]
Total common stock reserved for future issuance (in shares)	98,645,791	91,114,872
Available outstanding under equity compensation plans
Class of Stock [Line Items]
Total common stock reserved for future issuance (in shares)	47,446,210	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)	51,199,581	43,492,755

Stockholders' Equity - Addition

Stockholders' Equity - Additional Information (Details) $ / shares in Units, $ in Thousands	1 Months Ended		3 Months Ended		6 Months Ended
	Dec. 31, 2024 USD ($) vote class shares	Nov. 30, 2021 $ / shares shares	Dec. 31, 2024 USD ($) vote class	Dec. 31, 2023 USD ($)	Dec. 31, 2024 USD ($) vote class	Dec. 31, 2023 USD ($)
Class of Stock [Line Items]
Number of classes of common stock | class	2		2		2
Warrants granted for purchase (in shares) | shares		22,000,000
Sale of warrants recognized			$ 92,000	$ 125,100	$ 204,400	$ 231,500
Amortization expense of warrants sold			5,200	10,400	10,400	20,900
Expenses on sale of warrants			86,800	$ 114,700	194,000	$ 210,600
Share repurchase program, authorized, amount	$ 350,000		350,000		$ 350,000
Stock repurchased during period, value			$ 250,000
Minimum
Class of Stock [Line Items]
Warrants exercise term		3 years 6 months
Second Warrant Shares
Class of Stock [Line Items]
Shares purchased by warrants (in shares) | shares		15,000,000
Class A common stock
Class of Stock [Line Items]
Number of votes per share | vote	1		1		1
Common stock, conversion ratio (in shares)	1		1		1
Exercise price of warrants (in USD per share) | $ / shares		$ 100
Stock repurchased during period, shares (in shares) | shares	3,500,000
Stock repurchased during period, value	$ 250,000
Class A common stock | First Warrant Shares
Class of Stock [Line Items]
Shares purchased by warrants (in shares) | shares		7,000,000
Exercise price of warrants (in USD per share) | $ / shares		$ 0.01
Warrants exercise term		7 years 6 months
Class B common stock
Class of Stock [Line Items]
Number of votes per share | vote	15		15		15

Equity Incentive Plans - Additi

Equity Incentive Plans - Additional Information (Details) $ / shares in Units, $ in Thousands		3 Months Ended		6 Months Ended		49 Months Ended
	Nov. 18, 2020 shares	Dec. 31, 2024 USD ($) vestingCondition shares	Dec. 31, 2023 USD ($)	Dec. 31, 2024 USD ($) vestingCondition $ / shares shares	Dec. 31, 2023 USD ($)	Dec. 31, 2024 USD ($) vestingCondition 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)		98,645,791		98,645,791		98,645,791	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 | $		$ 86,098	$ 90,164	$ 180,331	$ 202,523
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)		47,446,210		47,446,210		47,446,210	47,622,117
Vesting period				4 years
Non-vested stock options, unrecognized compensation cost | $		$ 49,400		$ 49,400		$ 49,400
Weighted-average compensation expense recognition period				2 years 6 months
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%
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 [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Non-vested stock options, unrecognized compensation cost | $		23,600		$ 23,600		$ 23,600
Weighted-average compensation expense recognition period				1 year
Right to purchase shares (in shares)				12,500,000
Total stock-based compensation in operating expenses | $		$ 12,400	$ 19,500	$ 24,700	$ 39,100
Restricted stock units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Weighted-average compensation expense recognition period				1 year 9 months 18 days
Number of vesting conditions | vestingCondition		2		2		2
Non-vested RSUs, unrecognized compensation cost | $		$ 573,800		$ 573,800		$ 573,800
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)		51,199,581		51,199,581		51,199,581	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		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%
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

Equity Incentive Plans - Schedu

Equity Incentive Plans - Schedule of Stock Option Activity (Details) $ / shares in Units, $ in Thousands	6 Months Ended	12 Months Ended
	Dec. 31, 2024 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	(3,211,902)
Ending balance (in shares) | shares	14,260,228	16,794,697
Vested and exercisable (in shares) | shares	11,263,423
Vested and exercisable, and expected to vest thereafter (in shares) | shares	14,142,936
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	10.73
Ending balance (in USD per share) | $ / shares	18.36	$ 15.84
Vested and exercisable (in USD per share) | $ / shares	15.29
Vested and exercisable, and expected to vest thereafter (in USD per share) | $ / shares	$ 18.16
Weighted Average Remaining Contractual Term (Years)
Weighted Average Remaining Contractual Term (Years)	5 years 5 months 23 days	5 years 7 months 17 days
Vested and exercisable	4 years 8 months 4 days
Vested and exercisable, and expected to vest thereafter	5 years 5 months 12 days
Aggregate Intrinsic Value (in thousands)
Vested and exercisable | $	$ 516,017
Vested and exercisable, and expected to vest thereafter | $	$ 607,187

Equity Incentive Plans - Sche_2

Equity Incentive Plans - Schedule of RSU Activity (Details) - Restricted stock units	6 Months Ended
	Dec. 31, 2024 $ / shares shares
Number of Shares
Beginning balance, Non-vested (in shares) | shares	18,327,420
Granted (in shares) | shares	11,171,205
Vested (in shares) | shares	(7,622,286)
Forfeited, expired or cancelled (in shares) | shares	(1,190,357)
Ending balance, Non-vested (in shares) | shares	20,685,982
Weighted Average Grant Date Fair Value
Beginning balance, Non-vested (in USD per share) | $ / shares	$ 27.68
Granted (in USD per share) | $ / shares	32.95
Vested (in USD per share) | $ / shares	30.09
Forfeited, expired or cancelled (in USD per share) | $ / shares	27.39
Ending balance, Non-vested (in USD per share) | $ / shares	$ 29.65

Equity Incentive Plans - Sche_3

Equity Incentive Plans - Schedule of Components and Classification of Stock-based Compensation (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2024	Dec. 31, 2023
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation in operating expenses	$ 86,098	$ 90,164	$ 180,331	$ 202,523
Capitalized into property, equipment and software, net	44,708	29,657	94,186	68,460
Total stock-based compensation	130,806	119,821	274,517	270,983
General and administrative
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation in operating expenses	57,719	61,939	120,524	132,123
Technology and data analytics
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation in operating expenses	23,677	22,567	49,648	57,703
Sales and marketing
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation in operating expenses	4,482	4,305	9,677	9,770
Processing and servicing
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation in operating expenses	$ 220	$ 1,353	$ 482	$ 2,927

Restructuring and other (Detail

Restructuring and other (Details) - USD ($) $ in Millions	3 Months Ended	6 Months Ended
	Dec. 31, 2023	Dec. 31, 2023
Restructuring and Related Activities [Abstract]
Restructuring and other	$ 0.1	$ 1.7

Income Taxes (Details)

Income Taxes (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2024	Dec. 31, 2023
Income Tax Disclosure [Abstract]
Income tax expense (benefit)	$ 2,499	$ (700)	$ 4,401	$ 343

Net Income (Loss) per Share A_3

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		6 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2024	Dec. 31, 2023
Denominator:
Weighted average shares of common stock - basic (in shares)	322,282,334	307,571,602	320,258,445	305,705,637
Weighted average shares of common stock - diluted (in shares)	345,196,568	307,571,602	320,258,445	305,705,637
Net income (loss) per share:
Basic (in USD per share)	$ 0.25	$ (0.54)	$ (0.06)	$ (1.11)
Diluted (in USD per share)	$ 0.23	$ (0.54)	$ (0.06)	$ (1.11)
Class A common stock
Numerator:
Net income (loss) attributable to common stockholders, basic	$ 69,983	$ (135,588)	$ (17,227)	$ (273,697)
Net income (loss) attributable to common stockholders, diluted	$ 70,672	$ (135,588)	$ (17,227)	$ (273,697)
Denominator:
Weighted average shares of common stock - basic (in shares)	280,666,562	249,866,191	277,776,478	247,045,485
Weighted average shares of common stock - diluted (in shares)	303,580,796	249,866,191	277,776,478	247,045,485
Net income (loss) per share:
Basic (in USD per share)	$ 0.25	$ (0.54)	$ (0.06)	$ (1.11)
Diluted (in USD per share)	$ 0.23	$ (0.54)	$ (0.06)	$ (1.11)
Class A common stock | Restricted stock units
Denominator:
Dilutive effect of stock equivalents (in shares)	11,983,390		0
Class A common stock | Stock options, including early exercise of options
Denominator:
Dilutive effect of stock equivalents (in shares)	10,241,926		0
Class A common stock | Value creation award vested shares
Denominator:
Dilutive effect of stock equivalents (in shares)	473,889		0
Class A common stock | Common stock warrants
Denominator:
Dilutive effect of stock equivalents (in shares)	215,029		0
Class B common stock
Numerator:
Net income (loss) attributable to common stockholders, basic	$ 10,377	$ (31,314)	$ (2,635)	$ (64,988)
Net income (loss) attributable to common stockholders, diluted	$ 9,688	$ (31,314)	$ (2,635)	$ (64,988)
Denominator:
Weighted average shares of common stock - basic (in shares)	41,615,772	57,705,411	42,481,967	58,660,152
Weighted average shares of common stock - diluted (in shares)	41,615,772	57,705,411	42,481,967	58,660,152
Net income (loss) per share:
Basic (in USD per share)	$ 0.25	$ (0.54)	$ (0.06)	$ (1.11)
Diluted (in USD per share)	$ 0.23	$ (0.54)	$ (0.06)	$ (1.11)
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 | Common stock warrants
Denominator:
Dilutive effect of stock equivalents (in shares)	0		0

Net Income (Loss) per Share A_4

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		6 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2024	Dec. 31, 2023
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total (in shares)	8,148,887	42,666,887	45,414,332	42,666,887
Common stock warrants
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total (in shares)	6,278,501	5,875,592	6,278,501	5,875,592
Restricted stock units
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total (in shares)	773,998	19,397,022	20,685,982	19,397,022
Stock options, including early exercise of options
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total (in shares)	906,767	17,173,007	14,260,228	17,173,007
Employee stock purchase plan shares
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total (in shares)	189,621	221,266	189,621	221,266
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