Capital and Funding Update Funding Capacity increased to $16.8 billion at the end of each of our ABS transactions were completed at lower overall FQ1’25, up from $16.1 billion at the end of FQ4’24, marking pricing spreads and higher advance rates than prior the seventh consecutive quarter that funding capacity transactions. This transaction represents our lowest cost of increased. Overall, we continue to have healthy discussions funds since April 2022 and brings our cumulative issuance with both existing and prospective capital partners across all of since 2020 to $9B, the second highest among non-bank 3 our funding channels. consumer ûnance issuers. We were pleased to add Fitch as a rating agency on our We continued to deliver attractive returns to our loan buyer $750 million 2024-B revolving ABS transaction in September. partners driven by consistent credit discipline. This has led to This was our ûrst dual-rated issuance and 20th ABS issuance signiûcant upsize demand relative to the same period last overall, inclusive of reopening transactions. We believe the year. These upsizes, plus the addition of new loan buyers, addition of a major ratings agency will unlock new ABS buyers enabled us to increase capacity in the forward üow channel at as well as incremental capacity from existing buyers. a faster rate than our overall funding capacity on a quarter-on-quarter basis. Consistent with our other recent transactions, the issuance was upsized and signiûcantly oversubscribed. Since FQ3’23, 3 Based upon Finsight data as of FQ1’25. Capital Allocation and Liquidity At the end of September, we had $2.1 billion in total liquidity split between cash and securities available for sale, similar to our total liquidity at the end of June. Against this amount, we had $1.2 billion in convertible debt at the end of September, down from $1.3 billion at the end of June. On November 5, 2024, the Afûrm board of directors authorized the repurchase of up to $500 million in aggregate principal amount of our outstanding convertible debt during the period of January 1, 2025 through December 31, 2025. This authorization succeeds the $800 million December 2023 authorization, which expires on December 31, 2024. Subject to market conditions, we will continue to evaluate opportunities to optimize the debt capital structure and proactively manage long-term liabilities. We may consider various approaches to execute any future convertible note repurchases. This could include open market purchases, privately negotiated purchases, purchase plans under Rule 10b5-1, or through a combination thereof. Affirm FQ1’25 Shareholder Letter 12