RLTC RLTC grew 34% year over year to $285 million. RLTC as a percentage of GMV of 3.8% was unchanged on a year-over-year basis and within our 3 to 4% long-term target range. Average Asset Yield vs. Average Cost of Funds Average asset yield increased 1.5 percentage +1.5 p.p. points year over year and more than 5 percentage points over the past two years due to the impact of the pricing initiatives that we implemented in FY’23 and FY’24 as well as a mix shift towards interest-bearing loans. These +.4 p.p. pricing initiatives allowed us to offset the increase in average cost of funds during the same period. All comparisons on a year-over-year basis As a percentage of GMV, RLTC was unchanged on a Changes in the timing of loan sales in FQ1’25 compared to year-over-year basis as higher revenue was offset by higher FQ1’24 also increased provision expense on a year-over-year provision and, to a lesser extent, an increase in funding costs. basis. While the timing and mix of loan originations can The majority of the increase in provision expense was due to contribute to üuctuations in provision expense, our credit an increase in loans originated and retained on balance sheet outcomes continue to be in-line with expectations as during the quarter, which also contributed to the discussed in the Credit Quality section. aforementioned year-over-year growth in interest income. Affirm FQ1’25 Shareholder Letter 8