Affirm (AFRM) Insider Files Form 144 for 348,286 Share Sale

Rhea-AI Filing Summary

Affirm Holdings, Inc. (AFRM) Form 144 filed by Maksim Rafael Levchin notifies intent to sell Class A common stock. The filing reports an intended sale of 348,286 shares through J.P. Morgan Securities on 08/28/2025 with an aggregate market value of $27,923,168. The shares were acquired the same day via a stock option exercise and paid in cash. The filer also disclosed two recent sales in August 2025 totaling 182,396 shares for gross proceeds of $14,608,558.50. The filing includes the standard representation that the seller is not aware of any material nonpublic information about the issuer.

Positive

• Regulatory compliance: The filer submitted a Form 144 and disclosed broker, dates, amounts, and acquisition details, indicating adherence to resale rules.
• Transparency on acquisition: The filing specifies the shares were acquired by stock option exercise and paid in cash on the same date as the intended sale.

Negative

• Insider monetization: The intended sale value of $27,923,168 and recent gross proceeds of $14,608,558.50 reflect significant insider sales in nominal terms.
• No issuer operational disclosure: The form contains no financial or operational updates about the company, offering no new positive company-specific information to investors.

Insights

Corporate Governance Expert

TL;DR: Routine insider sale disclosure, appears compliant with Rule 144; no new operational details disclosed.

The Form 144 documents a planned sale by a named insider executed through a licensed broker and reports prior recent sales. From a governance perspective, this is a standard Section 144 notice that signals transparency and compliance with resale rules for restricted or control securities. The filing does not provide any issuer operational metrics or new corporate events, so its primary governance implication is disclosure of insider liquidity rather than company performance.

Securities Analyst

TL;DR: Insider liquidity event of meaningful nominal size but small relative to outstanding shares; no direct financial impact shown.

The notice reports intended disposition of 348,286 Class A shares valued at about $27.9 million and prior August sales of 182,396 shares for about $14.6 million. Those figures reflect insider monetization but represent roughly 0.12% of the reported 281.8 million shares outstanding, indicating limited dilution or market supply impact. The filing contains no earnings, guidance, or material issuer developments to assess operational impact.

Form 144 Filer Information	UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Form 144 NOTICE OF PROPOSED SALE OF SECURITIES PURSUANT TO RULE 144 UNDER THE SECURITIES ACT OF 1933
FORM 144

144: Filer Information

Filer CIK
Filer CCC
Is this a LIVE or TEST Filing?	LIVE TEST
Submission Contact Information
Name
Phone
E-Mail Address

144: Issuer Information

Name of Issuer

SEC File Number

Address of Issuer

Phone

Name of Person for Whose Account the Securities are To Be Sold

See the definition of "person" in paragraph (a) of Rule 144. Information is to be given not only as to the person for whose account the securities are to be sold but also as to all other persons included in that definition. In addition, information shall be given as to sales by all persons whose sales are required by paragraph (e) of Rule 144 to be aggregated with sales for the account of the person filing this notice.

Relationship to Issuer

144: Securities Information

Title of the Class of Securities To Be Sold	Name and Address of the Broker	Number of Shares or Other Units To Be Sold	Aggregate Market Value	Number of Shares or Other Units Outstanding	Approximate Date of Sale	Name the Securities Exchange
Class A Commoon Stock	J.P. Morgan Securities LLC 390 Madison Avenue 6th Floor New York NY 10017	348286	27923168	281825613	08/28/2025	NASDAQ

Furnish the following information with respect to the acquisition of the securities to be sold and with respect to the payment of all or any part of the purchase price or other consideration therefor:

144: Securities To Be Sold

Title of the Class	Date you Acquired	Nature of Acquisition Transaction	Name of Person from Whom Acquired	Is this a Gift?	Date Donor Acquired	Amount of Securities Acquired	Date of Payment	Nature of Payment *
Class A Common Stock	08/28/2025	Stock Option Exercise	Issuer			348286	08/28/2025	Cash

* If the securities were purchased and full payment therefor was not made in cash at the time of purchase, explain in the table or in a note thereto the nature of the consideration given. If the consideration consisted of any note or other obligation, or if payment was made in installments describe the arrangement and state when the note or other obligation was discharged in full or the last installment paid.

Furnish the following information as to all securities of the issuer sold during the past 3 months by the person for whose account the securities are to be sold.

144: Securities Sold During The Past 3 Months

Name and Address of Seller	Title of Securities Sold	Date of Sale	Amount of Securities Sold	Gross Proceeds
Maksim Rafael Levchin 650 California Street San Francisco CA 94108	Common	08/18/2025	14953	1196977
Maksim Rafael Levchin 650 California Street San Francisco CA 94108	Common	08/22/2025	167443	13411581.5

144: Remarks and Signature

Remarks

Date of Notice

Date of Plan Adoption or Giving of Instruction, If Relying on Rule 10b5-1

ATTENTION:

The person for whose account the securities to which this notice relates are to be sold hereby represents by signing this notice that he does not know any material adverse information in regard to the current and prospective operations of the Issuer of the securities to be sold which has not been publicly disclosed. If such person has adopted a written trading plan or given trading instructions to satisfy Rule 10b5-1 under the Exchange Act, by signing the form and indicating the date that the plan was adopted or the instruction given, that person makes such representation as of the plan adoption or instruction date.

Signature

ATTENTION: Intentional misstatements or omission of facts constitute Federal Criminal Violations (See 18 U.S.C. 1001)

FAQ

What does the Form 144 filed for AFRM disclose?

It notifies intent to sell 348,286 Class A shares through J.P. Morgan on 08/28/2025, acquired via stock option exercise and paid in cash.

How much is the intended sale worth in the AFRM Form 144?

The aggregate market value is $27,923,168 for the 348,286 shares listed in the filing.

Has the insider sold AFRM shares recently before this notice?

Yes. The filing reports sales on 08/18/2025 of 14,953 shares for $1,196,977 and on 08/22/2025 of 167,443 shares for $13,411,581.50.

How many AFRM shares are outstanding per the filing?

281,825,613 shares outstanding are reported in the securities information table.

Did the filer claim any material nonpublic information about AFRM?

No. The filer represents by signing the notice that they do not know any material adverse information that has not been publicly disclosed.