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Affirm (NASDAQ: AFRM) expands $675M credit facility and appoints Ryan Schneider

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(High)
Filing Sentiment
(Neutral)
Form Type
8-K

Rhea-AI Filing Summary

Affirm Holdings, Inc. entered into an Amended Credit Agreement that expands its unsecured revolving credit facility and refreshes its board. The aggregate commitment increased from $330 million to $675 million, and the maturity was extended to June 18, 2029, subject to a springing maturity tied to its 0% convertible notes due 2026. Borrowings will bear interest at either a SOFR-based rate plus a 1.50% margin or a base rate plus a 0.50% margin, with a 0.15% commitment fee on unused commitments, and are guaranteed by the company and certain subsidiaries. The facility includes leverage and tangible net worth covenants, as well as performance triggers based on credit metrics. Affirm also appointed Ryan Schneider as a Class III director effective July 1, 2026, adding him to the Audit and Nominating and Governance Committees, with compensation consisting of RSU grants valued at $260,000 each and a $55,000 annual cash retainer.

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Item 1.01 Entry into a Material Definitive Agreement Business
The company signed a significant contract such as a merger agreement, credit facility, or major partnership.
Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers Governance
Key personnel changes including departures, elections, or appointments of directors and executive officers.
Item 9.01 Financial Statements and Exhibits Exhibits
Financial statements, pro forma financial information, and exhibit attachments filed with this report.
Amended credit commitment $675 million Aggregate commitment under Amended Credit Agreement
Prior credit commitment $330 million Aggregate commitment under prior Credit Agreement
Facility maturity date June 18, 2029 Stated maturity of Amended Credit Agreement
Convertible notes threshold $150 million Minimum outstanding principal of 0% notes due 2026 for springing maturity
SOFR margin 1.50% per annum Applicable margin over term SOFR borrowings
Base rate margin 0.50% per annum Applicable margin over base rate borrowings
Commitment fee 0.15% per annum Fee on unused commitments under the credit facility
Director RSU grant value $260,000 Value of initial and annual RSU grants to Ryan Schneider
Annual cash retainer $55,000 Board service cash retainer for Ryan Schneider
Amended Credit Agreement financial
"entered into Amendment No. 4 to the Revolving Credit Agreement (the “Amended Credit Agreement”)"
An amended credit agreement is a revised loan contract between a borrower and its lenders that changes the original rules—such as interest rate, repayment schedule, maturity date or financial covenants. Think of it as renegotiating the terms of a mortgage or car loan; the changes affect how much cash a company must pay, how flexible it is with spending, and how risky its debt looks to investors. Investors watch these amendments because they can signal improved breathing room or growing stress on a company’s finances.
Revolving Credit Agreement financial
"The Amended Credit Agreement amends the Revolving Credit Agreement, dated February 4, 2022"
A revolving credit agreement is a flexible loan arrangement where a borrower can borrow, repay, and borrow again up to a set limit, similar to a credit card. It matters because it gives businesses or individuals quick access to funds whenever needed, helping manage cash flow and cover expenses without applying for a new loan each time.
commitment fee financial
"the Amended Credit Agreement requires the Borrower to pay a commitment fee of 0.15% per annum"
A commitment fee is a charge a lender applies to a borrower for keeping a loan or line of credit available, even before any money is drawn. Think of it as a reservation fee for borrowing power; the borrower pays to ensure funds will be there when needed. Investors care because it adds to a company’s borrowing cost, affects cash flow and liquidity, and can signal lenders’ willingness to extend credit.
tangible net worth financial
"financial maintenance covenants which require the Company and its subsidiaries to not exceed a specified leverage ratio and to maintain a minimum level of tangible net worth"
change of control financial
"other customary events of default, including in the event of a change of control"
A change of control occurs when the ownership or management of a company shifts significantly, such as through a sale, merger, or acquisition, resulting in new leadership or ownership structure. This change can impact the company's direction and decision-making, which is important for investors because it may affect the company's stability, strategy, and future prospects.
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Understanding 8-K Material Events →
FALSE000182095300018209532026-06-182026-06-18

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of report (Date of earliest event reported): June 18, 2026
Affirm Holdings, Inc.
(Exact name of registrant as specified in charter)
Nevada 001-39888 84-2224323
(State or other jurisdiction
of incorporation)
 (Commission
File Number)		 
(IRS Employer
Identification No.)

650 California Street
San Francisco, California
94108
(Address of principal executive offices)(Zip Code)

Registrant’s telephone number, including area code: (415) 960-1518
Not Applicable
(Former name or former address, if changed since last report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
☐    Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐    Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐    Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐    Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:
Title of each class:Trading symbol(s)Name of exchange on which registered
Class A common stock, $0.00001 par valueAFRMNasdaq Global Select Market
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐


Item 1.01. Entry into a Material Definitive Agreement.
On June 18, 2026, Affirm Holdings, Inc. (the “Company”), a Nevada corporation, and Affirm, Inc. (the “Borrower”), a Delaware corporation and wholly-owned subsidiary of the Company, as borrower, entered into Amendment No. 4 to the Revolving Credit Agreement (the “Amended Credit Agreement”) with the lenders party thereto and Barclays Bank PLC, as administrative agent (the “Lenders”) and the other parties party thereto. Under the Amended Credit Agreement, the aggregate commitment increased from $330 million to $675 million, and the maturity was extended two years to June 18, 2029, provided that, if on any day occurring on or after the 91st day before the maturity of the Company’s outstanding 0% convertible notes due 2026 (the “2026 Notes”), the aggregate outstanding principal amount of the 2026 Notes shall be greater than or equal to the greater of (i) $150 million and (ii) the Company’s liquidity level, the Amended Credit Agreement shall mature on such date. The Amended Credit Agreement amends the Revolving Credit Agreement, dated February 4, 2022 (as also amended on August 15, 2022, June 26, 2024 and December 16, 2024, the “Credit Agreement”). At closing, no amounts were outstanding under the Credit Agreement.

Proceeds of the borrowings under the Amended Credit Agreement will be used for general corporate purposes in the ordinary course of business. Borrowings under the Amended Credit Agreement are unsecured and will bear interest at a rate equal to, at the Borrower’s option, either (a) a SOFR rate determined by reference to the forward-looking term SOFR rate for the interest period, plus an applicable margin of 1.50% per annum or (b) 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 US prime rate and (iii) the one-month forward-looking term SOFR rate plus 1.0% per annum, in each case, plus an applicable margin of 0.50% per annum. In addition, the Amended Credit Agreement requires the Borrower to pay a commitment fee of 0.15% per annum in respect of the unused commitments under the Credit Agreement.

The obligations of the Borrower under the Amended Credit Agreement are presently guaranteed by the Company and certain domestic subsidiaries of the Borrower and are required to be guaranteed in the future by certain additional domestic subsidiaries of the Company.
The Amended Credit Agreement contains events of default if either the cumulative default ratio for a given period or the 3-month rolling average delinquent receivable ratio referred to therein exceeds certain thresholds, and other customary events of default, including in the event of a change of control. The Amended Credit Agreement also contains certain covenants and restrictions that limit the Company and its subsidiaries’ ability to, among other things, incur additional debt; create liens on certain assets; pay dividends on or make distributions in respect of their capital stock or make other restricted payments; consolidate, merge, sell, or otherwise dispose of all or substantially all of their assets; and enter into certain transactions with their affiliates.

The Amended Credit Agreement also contains certain financial maintenance covenants which require the Company and its subsidiaries to not exceed a specified leverage ratio and to maintain a minimum level of tangible net worth, in each case, as of the last day of each fiscal quarter.

If the Company or Borrower fail to perform their respective obligations under these and other covenants (after giving effect to any applicable grace period specified in the Amended Credit Agreement), or should any event of default occur, the revolving loan commitments under the Amended Credit Agreement may be terminated and any outstanding borrowings, together with accrued interest, under the Amended Credit Agreement could be declared immediately due and payable.

The foregoing is a summary description of certain terms of the Amended Credit Agreement and does not purport to be complete, and it is subject to and qualified in its entirety by reference to the full text of the Amended Credit Agreement, which is attached as Exhibit 10.1 to this Current Report on Form 8-K and incorporated herein by reference.
2


Item 5.02. Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
Appointment of Director

On June 24, 2026, the Board of Directors (the “Board”) of the Company increased the size of the Board from nine directors to ten directors and appointed Ryan Schneider to the Board as a Class III director, each effective July 1, 2026. In addition, Mr. Schneider was appointed as a member of the Audit Committee and Nominating and Governance Committee of the Board.

Mr. Schneider was the Chief Executive Officer for Anywhere Real Estate, a global leader in residential real estate franchising and brokerage, from 2018 to 2026. Prior to Anywhere Real Estate, he served as President, Card Business for Capital One Financial Corporation from 2007 to 2016, where he was responsible for U.S., U.K., and Canada credit card businesses, and also served as senior advisor from 2016 to 2017. Mr. Schneider previously served as a partner at McKinsey and Company with a focus on financial services clients. Mr. Schneider currently serves on the board of directors of Elevance Health, where he chairs the Audit Committee. He previously served on the board of directors of Anywhere Real Estate from 2017 to 2026 and Capital One Bank (USA) N.A. from 2008 to 2016.

Mr. Schneider was selected to serve on the Company’s Board due to his extensive executive leadership, his finance, marketing and consumer insights and technology experience, and his public company board of directors service.

For his service on the Company’s Board, Mr. Schneider will participate in the Company’s compensation program for non-employee directors, pursuant to which he will receive (i) a grant of restricted stock units (“RSUs”) with an aggregate value of $260,000, vesting annually over three years and subject to his continued service as a director, (ii) an annual grant of RSUs with an aggregate value of $260,000, vesting upon the earlier of (x) the date of the Company’s next annual meeting of its stockholders or (y) the first anniversary of the date of grant, and (iii) a $55,000 annual cash retainer (which he may elect to receive in RSUs rather than in cash). He is also entitled to a cash retainer in connection with his service on Board committees.

In connection with his appointment as a director, Mr. Schneider will enter into an indemnity agreement with the Company, a form of which was filed as an exhibit to the Company’s Annual Report on Form 10-K for the fiscal year ended June 30, 2025 filed with the Securities and Exchange Commission on August 28, 2025. Other than the foregoing, there are no arrangements or understandings between Mr. Schneider or any other persons pursuant to which Mr. Schneider was selected as a director, and there are no other transactions involving Mr. Schneider requiring disclosure under Item 404(a) of Regulation S-K.

Committee Composition

Effective July 1, 2026, the Board’s committees will be composed as follows:
Audit CommitteeCompensation CommitteeNominating and Governance Committee
Noel Watson (Chair)Jeremy Liew (Chair)Christa S. Quarles (Chair)
Brian D. HughesRichard GalantiRichard Galanti
Manolo SánchezBrian D. HughesJeremy Liew
Ryan SchneiderChrista S. QuarlesRyan Schneider
Manolo Sánchez



3


Item 9.01. Financial Statements and Exhibits.

(d) Exhibits.
Exhibit No.Description
10.1
Amendment No. 4 to Revolving Credit Agreement, dated June 18, 2026, between Affirm, Inc., Affirm Holdings, Inc., certain lenders identified therein, and Barclays Bank PLC.*
*Portions of the exhibit have been omitted as the Company has determined that: (i) the omitted information is not material; and (ii) the Company customarily and actually treats the omitted information as private or confidential.
4


SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
AFFIRM HOLDINGS, INC.
By:/s/ Rob O’Hare
Name: Rob O'Hare
Title: Chief Financial Officer


Date: June 25, 2026
5

Source: View Original Filing on SEC EDGAR

FAQ

How much did Affirm (AFRM) increase its revolving credit facility?

Affirm increased its unsecured revolving credit commitment from $330 million to $675 million. This larger facility provides more borrowing capacity for general corporate purposes while remaining subject to financial covenants and performance-based default triggers in the Amended Credit Agreement.

When does Affirm’s amended revolving credit facility mature?

The amended revolving credit facility currently matures on June 18, 2029. However, it can mature earlier if, near the 2026 convertible notes’ maturity, the principal outstanding on those notes meets a specified threshold relative to Affirm’s liquidity level.

What interest rates apply under Affirm’s Amended Credit Agreement?

Borrowings accrue interest at either a SOFR rate plus 1.50% per annum or a base rate plus 0.50% per annum. The base rate is determined by the highest of several benchmark measures, including the federal funds rate and the quoted U.S. prime rate.

What fees does Affirm pay on unused commitments under the credit facility?

Affirm must pay a 0.15% per annum commitment fee on unused commitments. This fee compensates lenders for keeping capital available even when no amounts are drawn, and it is calculated on the undrawn portion of the aggregate commitment.

Who is the new director appointed to Affirm’s board and what committees will he join?

Affirm appointed Ryan Schneider as a Class III director effective July 1, 2026. He will serve on the Audit Committee and the Nominating and Governance Committee, bringing executive, financial services, and public company board experience to Affirm’s governance structure.

How will Affirm compensate new director Ryan Schneider for his board service?

Ryan Schneider will receive an initial RSU grant valued at $260,000, vesting over three years, plus an annual RSU grant of $260,000 and a $55,000 annual cash retainer. He may elect to receive the cash retainer in RSUs instead.

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