[144] Affirm Holdings, Inc. SEC Filing

Rhea-AI Filing Summary

Affirm Holdings, Inc. (AFRM) filing of Form 144 notifies a proposed sale of 36,878 common shares with an aggregate market value of $2,949,871.22 to be sold on 08/29/2025 on NASDAQ through Morgan Stanley Smith Barney LLC.

The shares were acquired the same day by exercise of stock options and paid in cash. The filing also discloses multiple prior 10b5-1 sales by Katherine Adkins totaling ~122,987 shares between 07/07/2025 and 08/06/2025 for gross proceeds shown across entries (totaling several million dollars).

Positive

• Planned disposition disclosed with broker and exchange identified, supporting market transparency
• Use of Rule 10b5-1 for prior sales suggests prearranged trading plans to mitigate insider trading concerns
• Exercise and sale on same date indicates liquidity strategy rather than external funding or transfer

Negative

• Significant insider selling in July–August 2025 (totaling ~122,987 shares across listed trades) generated multi-million dollar proceeds
• Proposed sale value of $2.95 million could put downward pressure if market liquidity is limited

Insights

Financial Analyst

TL;DR: Insider-originated option exercise followed by planned sale; material in size but appears as scheduled disposition, not a corporate change.

The filing shows a named individual selling shares acquired by exercising stock options on the same date, with the broker listed as Morgan Stanley Smith Barney. Recent 10b5-1 sales by the same person over July–August 2025 indicate an ongoing, prearranged selling program that generated multi-million dollar proceeds. For investors, this signals scheduled insider liquidity rather than an operational disclosure; market impact depends on trading volume and market perception of insider timing.

Corporate Governance Expert

TL;DR: Disclosure is procedurally complete and references 10b5-1 plans, aligning with governance best practices for planned sales.

The notice includes representation language about absence of undisclosed material adverse information and cites Rule 10b5-1 sales in prior transactions, suggesting attempts to comply with insider trading frameworks. The contemporaneous exercise-and-sale pattern is common, but repeated sizable dispositions may attract investor attention regarding insider confidence; however, no governance breaches or undisclosed issues are evident in the filing text.

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
Common	Morgan Stanley Smith Barney LLC Executive Financial Services 1 New York Plaza 8th Floor New York NY 10004	36878	2949871.22	284917717	08/29/2025	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 *
Common	08/29/2025	Exercise of Stock Options	Issuer			36878	08/29/2025	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
10b5-1 Sales for KATHERINE ADKINS 650 California Street San Francisco CA 94108	Common	08/06/2025	6489	486675.00
10b5-1 Sales for KATHERINE ADKINS 650 California Street San Francisco CA 94108	Common	08/05/2025	1329	99676.06
10b5-1 Sales for KATHERINE ADKINS 650 California Street San Francisco CA 94108	Common	08/04/2025	59267	4446435.55
10b5-1 Sales for KATHERINE ADKINS 650 California Street San Francisco CA 94108	Common	07/07/2025	57102	4012608.87

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?

The form notifies a proposed sale of 36,878 AFRM common shares valued at $2,949,871.22 to be sold on 08/29/2025 on NASDAQ via Morgan Stanley Smith Barney LLC.

How were the 36,878 shares acquired according to the filing?

The filing states the shares were acquired on 08/29/2025 by exercise of stock options from the issuer, with cash used to pay for the exercise.

Does the filing show recent insider sales for AFRM?

Yes. It lists multiple 10b5-1 sales by Katherine Adkins on 07/07/2025, 08/04/2025, 08/05/2025, and 08/06/2025 totaling approximately 122,987 shares with aggregate gross proceeds shown across entries.

Which broker and exchange are involved in the proposed sale?

The broker is Morgan Stanley Smith Barney LLC and the sale is to occur on NASDAQ.

Does the filing indicate any undisclosed material information about the company?

By signing the notice the person represents they do not know any material adverse information about the issuer that has not been publicly disclosed; the filing itself contains no other operational disclosures.