Maksim Levchin Discloses Option Exercise and Planned Sale of 651,713 AFRM Shares

Rhea-AI Filing Summary

Form 144 notice reports a proposed sale of 651,713 shares of Class A Common Stock through J.P. Morgan Securities LLC on 09/22/2025 with an aggregate market value listed as 58,177,442. The filing shows those shares were acquired and paid for on 09/22/2025 via a stock option exercise with cash payment. The filing also discloses three sales during the past three months by Maksim Rafael Levchin: 14,953 shares on 08/18/2025 for 1,196,977; 167,443 shares on 08/22/2025 for 13,411,581.50; and 499,223 shares on 08/28/2025 for 40,024,256. The issuer name and several issuer contact fields in the form are not populated in the provided content.

Positive

• Clear transaction mechanics: shares were acquired by stock option exercise and paid in cash on the acquisition date.
• Use of a major broker (J.P. Morgan Securities LLC) for the proposed sale supports orderly execution and traceability.
• Historic sales disclosed with exact dates and gross proceeds, providing transparent prior transaction history.

Negative

• Issuer name and contact fields are not provided in the supplied content, reducing clarity about the affected company.
• Large insider dispositions in August 2025 (totaling 681,619 shares for ~54.6 million) may be viewed unfavorably by some investors, though motive is not stated.
• No Rule 10b5-1 plan date is indicated in the provided content, so it is unclear whether trades were preplanned.

Insights

Securities Analyst

TL;DR: Large insider sales recorded; proposed sale follows same-day option exercise and cash payment.

The filing documents a same-day stock option exercise and immediate planned sale of 651,713 Class A shares through a major broker, which is a routine mechanics for insiders realizing gains. The historical sale entries show cumulative disposals of 681,619 shares in August 2025 generating roughly 54.6 million in gross proceeds. These are material absolute amounts but the filing does not include the issuer name or context such as percentage ownership or trading plan adoption, so assessment of ownership dilution or market impact cannot be made from this document alone.

Corporate Governance Expert

TL;DR: Disclosure is procedurally compliant but missing issuer identification fields reduce clarity for stakeholders.

The notice identifies the seller for recent trades as Maksim Rafael Levchin and records use of a recognized broker, which supports traceability. However, the provided content omits the issuer name and several issuer contact details, limiting transparency about the transaction counterparty and complicating investor verification. The form includes the standard insider representation regarding material nonpublic information but does not indicate a Rule 10b5-1 trading plan date.

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	651713	58177442	281825613	09/22/2025	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	09/22/2025	Stock Option Exercise	Issuer			651713	09/22/2025	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
Maksim Rafael Levchin 650 California Street San Francisco CA 94108	Common	08/28/2025	499223	40024256

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 report?

The filing reports a proposed sale of 651,713 shares of Class A common stock via J.P. Morgan on 09/22/2025, acquired the same day by stock option exercise and paid in cash.

Who sold shares in the past three months according to the filing?

Maksim Rafael Levchin sold shares on 08/18/2025 (14,953 shares), 08/22/2025 (167,443 shares), and 08/28/2025 (499,223 shares) with listed gross proceeds.

How much gross proceeds were reported for the August 2025 sales?

The filing lists gross proceeds of 1,196,977, 13,411,581.50, and 40,024,256 for the three August 2025 sales respectively.

Was the proposed sale executed through a broker?

Yes. The proposed sale lists J.P. Morgan Securities LLC as the broker with an address in New York.

Does the filing state whether a Rule 10b5-1 trading plan was used?

No. The provided content does not indicate a plan adoption date or explicitly state reliance on a Rule 10b5-1 trading plan.

Is the issuer of the securities identified in this content?

No. The issuer name and issuer contact fields are not populated in the provided content.